JPMorgan U.S. Value Fund (VGRIX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: October 31

Date of reporting period: November 1, 2014 through October 31, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Annual Report

J.P. Morgan Specialty Funds

October 31, 2015

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Opportunistic Equity Long/Short Fund	3
JPMorgan Research Equity Long/Short Fund	6
JPMorgan Research Market Neutral Fund	9
Schedules of Portfolio Investments	12
Financial Statements	30
Financial Highlights	40
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	56
Trustees	57
Officers	59
Schedule of Shareholder Expenses	60
Board Approval of Investment Advisory Agreement	62
Tax Letter	65
Privacy Notice — Located at the back of this Annual Report

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 objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.” George C.W. Gatch

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the

third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index dropped 3.9%, and equity markets in the Europe and Japan also fell. The sell-off also led to declines in emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index posted its largest monthly gain since April 2013 and leading European indexes had their best monthly performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

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2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	11.06%
Standard & Poor’s 500 Index	5.20%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.02%
Net Assets as of 10/31/2015 (In Thousands)	$147,457

INVESTMENT OBJECTIVE**

The JPMorgan Opportunistic Equity Long/Short Fund (the “Fund”) seeks capital appreciation.

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

The Fund (Select Class Shares) outperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the twelve months ended October 31, 2015. Overall, the Fund’s long positions and its short positions both contributed to performance relative to the Benchmark. Leading sector contributors to the Fund’s relative performance included long positions in the consumer staples and information technology sectors. Leading sector detractors from the Fund’s relative performance included its long positions in the health care and consumer discretionary sectors.

Leading individual contributors to relative performance included the Fund’s long positions Fiserv Inc., Mobileye NV and Reynolds American Inc. Shares of Fiserv, a provider of financial services technology, rose after the company raised its earnings forecast. Shares of Mobileye, a provider of technology for camera-assisted driving systems that was not held in the Benchmark, rose on a deepening partnership with General Motors Corp. Shares of Reynolds American, a tobacco company,

rose on strong growth in revenue and earnings and the sale of $5 billion in assets to Japan Tobacco Inc.

Leading individual detractors from relative performance included the Fund’s long positions in Marriott International Inc., Jarden Corp. and Dollar Tree Inc. Shares of Marriott, a hotel and vacation property company, fell on overall weakness in the lodging industry. Shares of Jarden, a consumer products company, declined as the company made multiple large acquisitions over a short period. Shares of Dollar Tree, a discount retail chain, declined on investor concerns about its acquisition of Family Dollar and pressure from large retail chains.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2015, the Fund invested at least 80% of its assets under management in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 and/or S&P 500 Index. The Fund’s manager sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the twelve month reporting period, the Fund’s average gross exposure was 106% and its average net exposure was 45%.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc.	8.8	%
	2.	Reynolds American, Inc.	6.6
	3.	Raytheon Co.	6.1
	4.	Thermo Fisher Scientific, Inc.	4.3
	5.	Fiserv, Inc.	4.1
	6.	Signet Jewelers Ltd.	2.8
	7.	Jarden Corp.	2.7
	8.	United Rentals, Inc.	2.6
	9.	Charter Communications, Inc., Class A	2.6
	10.	Gaming and Leisure Properties, Inc.	2.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	SPDR S&P 500 ETF Trust	22.3	%
	2.	Powershares QQQ Trust	10.1
	3.	Whole Foods Market, Inc.	3.3
	4.	Coty, Inc., Class A	3.1
	5.	Air Products & Chemicals, Inc.	2.6
	6.	Parker-Hannifin Corp.	2.0
	7.	Cummins, Inc.	1.7
	8.	Juniper Networks, Inc.	1.2
	9.	Target Corp.	1.2
	10.	Scripps Networks Interactive, Inc., Class A	1.2

LONG PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	27.2	%
Industrials	12.3
Consumer Staples	10.4
Information Technology	8.7
Health Care	4.3
Materials	3.9
Financials	2.5
Others (each less than 1.0%)	0.0	(a)
Short-Term Investment	30.7

SHORT PORTFOLIO COMPOSITION BY SECTOR****
Exchange Traded Funds	32.3	%
Financials	15.0
Industrials	11.1
Consumer Discretionary	9.4
Consumer Staples	8.8
Materials	5.9
Information Technology	5.4
Health Care	5.1
Energy	3.7
Utilities	3.3

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

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

*** Percentages indicated are based on total long investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

(a) Amount rounds to less than 0.1%.

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR		SINCE INCEPTION
CLASS A SHARES	August 29, 2014
Without Sales Charge			10.74		13.73
With Sales Charge*			4.95		8.62
CLASS C SHARES	August 29, 2014
Without CDSC			10.25		13.17
With CDSC**			9.25		13.17
CLASS R2 SHARES	August 29, 2014		10.49		13.45
CLASS R5 SHARES	August 29, 2014		11.31		14.28
CLASS R6 SHARES	August 29, 2014		11.37		14.34
SELECT CLASS SHARES	August 29, 2014		11.06		14.01

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 10/31/15)

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

The Fund commenced operations on August 29, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Long/Short Equity Funds Index from August 29, 2014 to October 31, 2015. 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 S&P 500 Index and BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity 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 S&P 500 Index is an

unmanaged index generally representative of the performance of large companies in the U.S. stock market. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The Lipper Alternative Long/Short Equity Funds Index represents the total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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.

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.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-3.21%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.02%
Standard & Poor’s 500 Index		5.20%
Net Assets as of 10/31/2015 (In Thousands)	$	101,220

INVESTMENT OBJECTIVE**

The JPMorgan Research Equity Long/Short Fund (the “Fund”) seeks to provide long term capital appreciation.

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

The Fund’s Class A Shares, without a sales charge, underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) and the Standard & Poor’s 500 Index for the twelve months ended October 31, 2015. The Fund held a wider range of asset classes than the Benchmark, which led to the Fund’s relative underperformance.

Leading detractors from the Fund’s absolute return included its security selection in the industrial cyclical sector and the pharmaceutical & health care sectors. The Fund’s security selection in the retail sector and the software & hardware sector was a leading positive contributor to absolute performance.

Leading individual detractors from absolute performance included the Fund’s short position in Netflix Inc. and its long positions in Canadian Pacific Railway Ltd. and Union Pacific Corp. Shares of Netflix, an Internet television network, rose on continued overseas expansion and solid quarterly revenue and earnings. Shares of Canadian Pacific and Union Pacific, both railway operators, fell on declining volume amid weakness in commodities prices, particularly for oil and coal.

Leading individual contributors to absolute performance included the Fund’s long positions in Avago Technologies Ltd., Facebook Inc. and Lowe’s Cos. Shares of Avago, a maker of

analog semiconductors, rose increased demand for its products for mobile devices. Shares of Facebook, an Internet social media provider, rose on continued growth of advertising revenue. Shares of Lowe’s, a home improvement retail chain, rose on continued strength in the U.S. housing sector.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used bottom-up fundamental research to construct a portfolio of long and short positions, researching companies in an attempt to determine their underlying value and potential for future earnings growth. Based on this research, the portfolio managers ranked stocks in the U.S. large-cap universe into five quintiles. The Fund’s portfolio managers looked to the top two quintiles for potential long positions in stocks that they believed were undervalued and looked to the bottom two quintiles for potential short positions in stocks that they believed were overvalued. The Fund’s portfolio managers attempted to limit the Fund’s overall market risk, holding long and short positions across a broad array of sectors. For the twelve month reporting period, the Fund’s average long exposure was 101% and its average short exposure was -67%.

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

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

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
Lowe’s Cos., Inc.	3.1	%
AvalonBay Communities, Inc.	2.9
Avago Technologies Ltd. (Singapore)	2.8
Humana, Inc.	2.8
Facebook, Inc., Class A	2.3
Alphabet, Inc., Class C	2.2
Union Pacific Corp.	2.1
Lam Research Corp.	1.8
Honeywell International, Inc.	1.8
Amazon.com, Inc.	1.8

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Verizon Communications, Inc.	3.1	%
	2.	Duke Energy Corp.	2.7
	3.	Intel Corp.	2.6
	4.	General Electric Co.	2.2
	5.	Kraft Heinz Co. (The)	1.6
	6.	Brown-Forman Corp., Class B	1.5
	7.	Amgen, Inc.	1.5
	8.	Air Products & Chemicals, Inc.	1.4
	9.	W.R. Berkley Corp.	1.4
	10.	Rockwell Automation, Inc.	1.4

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Consumer Discretionary	18.0	%
Information Technology	18.0
Financials	14.1
Health Care	12.5
Industrials	9.3
Consumer Staples	7.3
Utilities	4.2
Materials	3.4
Others (each less than 1.0%)	1.6
Short-Term Investment	11.6
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Consumer Discretionary	17.9	%
Financials	15.7
Industrials	14.5
Information Technology	14.0
Health Care	10.3
Consumer Staples	9.7
Utilities	5.5
Materials	5.3
Energy	3.6
Telecommunication Services	3.5

* Percentages indicated are based on total long investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR		SINCE INCEPTION
CLASS A SHARES	May 28, 2010
Without Sales Charge			(3.21	)		2.31		2.64
With Sales Charge*			(8.28	)		1.22		1.62
CLASS C SHARES	May 28, 2010
Without CDSC			(3.71	)		1.79		2.12
With CDSC**			(4.71	)		1.79		2.12
CLASS R5 SHARES	May 28, 2010		(2.74	)		2.77		3.10
SELECT CLASS SHARES	May 28, 2010		(2.94	)		2.56		2.89

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (5/28/10 TO 10/31/15)

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

The Fund commenced operations on May 28, 2010.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Research Equity Long/Short Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the S&P 500 Index and the Lipper Alternative Long/Short Equity Funds Index from May 28, 2010 to October 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Alternative Long/Short Equity Funds Index represents the total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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.

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 SPECIALTY FUNDS OCTOBER 31, 2015

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	-3.17%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.02%
Net Assets as of 10/31/2015 (In Thousands)	$657,029

INVESTMENT OBJECTIVE**

The JPMorgan Research Market Neutral Fund (the “Fund”) seeks to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

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

The Fund (Institutional Class Shares) underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the industrial cyclical and pharmaceutical & health care sectors was a leading detractor from performance relative to the Benchmark, while security selection in the retail sector and the software & hardware sector was a leading positive contributor to relative performance returns for the reporting period.

Leading individual detractors from relative performance included the Fund’s short position in Netflix.com Inc. and its long positions in Valeant Pharmaceuticals International Inc. and Canadian Pacific Railway Ltd. Shares of Netflix, an Internet television network, rose on continued overseas expansion and solid quarterly revenue and earnings. Shares of Valeant, a manufacture of drugs and medical devices, declined amid questions about revenue accounting in its dealings with a specialist pharmacy Philidor RX Services. Shares of Canadian Pacific, a railway operator, fell on declining volume amid weakness in commodities prices, particularly in oil and coal shipments.

Leading individual contributors to the Fund’s relative performance included its long position in Avago Technologies Inc. and its short positions in Seagate Technology PLC and Wal-Mart Stores Inc. Shares of Avago, a maker of analog semiconductors, rose amid increased demand for its products for mobile devices. Shares of Seagate Technology, a provider of data storage products, fell amid lower-than-expected demand for the company’s hard drive products. Shares of Wal-Mart, the world’s largest discount retail chain, declined on flat earnings growth, increasing competition and troubled relations with both suppliers and employees.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers aimed to construct a portfolio of long and short positions with a low correlation to traditional investments such as stocks and bonds. The Fund’s portfolio managers used fundamental research to estimate companies’ long-term earnings forecasts, ranking approximately 600 large and mid cap stocks into five quintiles. The Fund’s portfolio managers looked to the top two quintiles for potential long positions in stocks that they believed were undervalued and the bottom two quintiles for potential short positions in stocks that they believed were overvalued.

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

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Lowe’s Cos., Inc.	2.5	%
	2.	Avago Technologies Ltd., (Singapore)	2.5
	3.	Humana, Inc.	2.3
	4.	Union Pacific Corp.	2.1
	5.	AvalonBay Communities, Inc.	2.0
	6.	Facebook, Inc., Class A	1.9
	7.	Lam Research Corp.	1.8
	8.	Honeywell International, Inc.	1.8
	9.	ACE Ltd., (Switzerland)	1.7
	10.	Accenture plc, Class A (Ireland)	1.7

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Verizon Communications, Inc.	2.7	%
	2.	Intel Corp.	2.4
	3.	Johnson & Johnson	2.2
	4.	Duke Energy Corp.	1.9
	5.	Medtronic plc (Ireland)	1.7
	6.	Mattel, Inc.	1.7
	7.	International Business Machines Corp.	1.7
	8.	Merck & Co., Inc.	1.6
	9.	General Electric Co.	1.6
	10.	Kraft Heinz Co. (The)	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	15.0	%
Consumer Discretionary	14.2
Financials	12.2
Health Care	10.2
Industrials	9.4
Consumer Staples	6.4
Utilities	4.1
Materials	3.5
Energy	1.0
Others (each less than 1.0%)	0.4
Short-Term Investments	23.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Consumer Discretionary	18.2	%
Financials	16.8
Information Technology	16.0
Health Care	12.9
Industrials	11.5
Consumer Staples	10.2
Utilities	4.7
Materials	4.1
Telecommunication Services	3.0
Energy	2.6

* Percentages indicated are based on total long investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015

TOTAL RETURNS AS OF OCTOBER 31, 2015

	INCEPTION DATE  OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2002
Without Sales Charge				(3.59	)		(0.90	)		1.86
With Sales Charge*				(8.65	)		(1.96	)		1.31
CLASS C SHARES		November 2, 2009
Without CDSC				(4.12	)		(1.39	)		1.36
With CDSC**				(5.12	)		(1.39	)		1.36
INSTITUTIONAL CLASS SHARES		December 31, 1998		(3.17	)		(0.40	)		2.37
SELECT CLASS SHARES		November 2, 2009		(3.34	)		(0.65	)		2.22

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/05 to 10/31/15)

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

Returns for Select Class Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns for Select Class Shares would have been lower than shown because Select Class Shares have higher expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Research Market Neutral Fund, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Average from October 31, 2005 to October 31, 2015. 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill 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 Alternative

Equity Market Neutral Funds Average 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Equity Market Neutral Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Institutional Class Shares have a $3,000,000 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.

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.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 96.6% (j)
	Common Stocks — 66.9%
		Consumer Discretionary — 26.3%
		Hotels, Restaurants & Leisure — 4.4%
	84	Hilton Worldwide Holdings, Inc.		2,092
	27	Marriott International, Inc., Class A		2,098
	46	Penn National Gaming, Inc. (a)		828
	15	Royal Caribbean Cruises Ltd.		1,478
				6,496
		Household Durables — 11.1%
	86	Jarden Corp. (a)		3,863
	64	Mohawk Industries, Inc. (a)		12,517
				16,380
		Internet & Catalog Retail — 1.2%
	3	Amazon.com, Inc. (a)		1,849
		Media — 6.9%
	19	Charter Communications, Inc., Class A (a)		3,692
	53	DISH Network Corp., Class A (a)		3,325
	388	Sirius XM Holdings, Inc. (a)		1,584
	8	Time Warner Cable, Inc.		1,560
				10,161
		Specialty Retail — 2.7%
	26	Signet Jewelers Ltd.		3,925
		Total Consumer Discretionary		38,811
		Consumer Staples — 10.0%
		Beverages — 3.6%
	9	Anheuser-Busch InBev N.V., (Belgium), ADR		1,072
	14	Brown-Forman Corp., Class B		1,478
	67	Coca-Cola Co. (The)		2,823
				5,373
		Tobacco — 6.4%
	194	Reynolds American, Inc.		9,396
		Total Consumer Staples		14,769
		Financials — 2.5%
		Real Estate Investment Trusts (REITs) — 2.5%
	125	Gaming and Leisure Properties, Inc.		3,637
		Health Care — 4.1%
		Life Sciences Tools & Services — 4.1%
	47	Thermo Fisher Scientific, Inc.		6,097
		Industrials — 11.9%
		Aerospace & Defense — 7.9%
	28	Honeywell International, Inc.		2,913
	74	Raytheon Co.		8,707
				11,620
		Industrial Conglomerates — 1.5%
	73	General Electric Co.		2,125

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 2.5%
	50	United Rentals, Inc. (a)		3,736
		Total Industrials		17,481
		Information Technology — 8.4%
		Internet Software & Services — 2.1%
	4	Alphabet, Inc., Class A (a)		3,114
		IT Services — 6.3%
	7	Alliance Data Systems Corp. (a)		2,142
	61	Fiserv, Inc. (a)		5,840
	17	Visa, Inc., Class A		1,295
				9,277
		Total Information Technology		12,391
		Materials — 3.7%
		Chemicals — 1.9%
	24	Ecolab, Inc.		2,875
		Containers & Packaging — 1.8%
	54	Sealed Air Corp.		2,630
		Total Materials		5,505
		Total Common Stocks (Cost $91,813)		98,691
NUMBER OF CONTRACTS
	Option Purchased — 0.0% (g)
		Call Option Purchased — 0.0% (g)
	737	Coca-Cola Co. (The), Expiring 01/20/17 at 50.00 USD, American Style (a) (Cost $34)		29
SHARES
	Short-Term Investment — 29.7%
		Investment Company — 29.7%
	43,791	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $43,791)		43,791
		Total Investments — 96.6% (Cost $135,638)		142,511
		Other Assets in Excess of Liabilities — 3.4%		4,946
		NET ASSETS — 100.0%	$	147,457

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — 19.0%
	Common Stocks — 12.9%
		Consumer Discretionary — 1.8%
		Auto Components — 0.3%
	1	Autoliv, Inc., (Sweden)		173
	2	BorgWarner, Inc.		80
	1	Lear Corp.		186
				439
		Hotels, Restaurants & Leisure — 0.1%
	3	Darden Restaurants, Inc.		209
		Leisure Products — 0.1%
	8	Mattel, Inc.		198
		Media — 0.7%
	1	AMC Networks, Inc., Class A (a)		81
	6	Discovery Communications, Inc., Class A (a)		171
	9	Interpublic Group of Cos., Inc. (The)		210
	2	Omnicom Group, Inc.		169
	5	Scripps Networks Interactive, Inc., Class A		326
				957
		Multiline Retail — 0.4%
	5	Kohl’s Corp.		220
	4	Target Corp.		332
				552
		Specialty Retail — 0.2%
	5	Bed Bath & Beyond, Inc. (a)		281
		Total Consumer Discretionary		2,636
		Consumer Staples — 1.7%
		Food & Staples Retailing — 0.9%
	4	Sysco Corp.		164
	4	Wal-Mart Stores, Inc.		254
	31	Whole Foods Market, Inc.		914
				1,332
		Food Products — 0.2%
	3	General Mills, Inc.		168
	2	Kellogg Co.		110
				278
		Personal Products — 0.6%
	30	Coty, Inc., Class A		873
		Total Consumer Staples		2,483
		Energy — 0.7%
		Energy Equipment & Services — 0.3%
	11	Ensco plc, (United Kingdom), Class A		178
	4	FMC Technologies, Inc. (a)		127
	3	Helmerich & Payne, Inc.		188
				493

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 0.4%
	4	Enbridge, Inc., (Canada)		155
	2	Hess Corp.		88
	4	ONEOK, Inc.		145
	4	QEP Resources, Inc.		66
	3	Spectra Energy Corp.		97
				551
		Total Energy		1,044
		Financials — 2.9%
		Banks — 0.7%
	9	Associated Banc-Corp.		180
	8	Citizens Financial Group, Inc.		189
	14	First Horizon National Corp.		193
	12	People’s United Financial, Inc.		198
	2	PNC Financial Services Group, Inc. (The)		163
	4	U.S. Bancorp		152	��
				1,075
		Capital Markets — 0.1%
	2	Franklin Resources, Inc.		92
		Consumer Finance — 0.1%
	2	American Express Co.		154
		Diversified Financial Services — 0.1%
	2	CME Group, Inc.		166
		Insurance — 1.1%
	2	Aon plc, (United Kingdom)		158
	3	Arch Capital Group Ltd., (Bermuda) (a)		193
	2	Assurant, Inc.		179
	3	Hartford Financial Services Group, Inc. (The)		160
	3	Principal Financial Group, Inc.		166
	8	Progressive Corp. (The)		266
	4	Torchmark Corp.		211
	4	W.R. Berkley Corp.		223
				1,556
		Real Estate Investment Trusts (REITs) — 0.8%
	2	Camden Property Trust		168
	3	Digital Realty Trust, Inc.		188
	1	Federal Realty Investment Trust		173
	10	Host Hotels & Resorts, Inc.		172
	6	UDR, Inc.		215
	2	Ventas, Inc.		113
	2	Welltower, Inc.		148
				1,177
		Total Financials		4,220

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Health Care — 1.0%
		Biotechnology — 0.4%
	3	Alkermes plc, (Ireland) (a)		219
	1	Amgen, Inc.		178
	3	Isis Pharmaceuticals, Inc. (a)		151
				548
		Health Care Equipment & Supplies — 0.3%
	1	Baxter International, Inc.		50
	2	Medtronic plc, (Ireland)		153
	2	St. Jude Medical, Inc.		154
				357
		Health Care Providers & Services — 0.2%
	2	AmerisourceBergen Corp.		161
	2	Cardinal Health, Inc.		180
				341
		Pharmaceuticals — 0.1%
	3	Merck & Co., Inc.		174
		Total Health Care		1,420
		Industrials — 2.1%
		Airlines — 0.2%
	4	American Airlines Group, Inc.		181
	4	Southwest Airlines Co.		192
				373
		Electrical Equipment — 0.3%
	4	Emerson Electric Co.		167
	2	Rockwell Automation, Inc.		210
				377
		Machinery — 1.5%
	5	Cummins, Inc.		490
	2	Deere & Co.		139
	3	Donaldson Co., Inc.		98
	2	Dover Corp.		151
	2	Illinois Tool Works, Inc.		168
	17	Joy Global, Inc.		297
	5	Parker-Hannifin Corp.		554
	5	Pentair plc, (United Kingdom)		282
				2,179
		Trading Companies & Distributors — 0.1%
	5	Fastenal Co.		180
		Total Industrials		3,109
		Information Technology — 1.0%
		Communications Equipment — 0.3%
	6	Cisco Systems, Inc.		161
	11	Juniper Networks, Inc.		338
				499

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 0.2%
	1	International Business Machines Corp.		131
	6	VeriFone Systems, Inc. (a)		171
				302
		Semiconductors & Semiconductor Equipment — 0.3%
	4	Linear Technology Corp.		173
	11	Micron Technology, Inc. (a)		175
	3	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		71
				419
		Software — 0.1%
	3	salesforce.com, Inc. (a)		197
		Technology Hardware, Storage & Peripherals — 0.1%
	2	Seagate Technology plc		93
		Total Information Technology		1,510
		Materials — 1.1%
		Chemicals — 0.7%
	5	Air Products & Chemicals, Inc.		732
	7	Potash Corp. of Saskatchewan, Inc., (Canada)		135
	3	Westlake Chemical Corp.		175
				1,042
		Containers & Packaging — 0.4%
	3	AptarGroup, Inc.		229
	4	Bemis Co., Inc.		169
	4	Sonoco Products Co.		165
				563
		Metals & Mining — 0.0% (g)
	3	Freeport-McMoRan, Inc.		39
		Total Materials		1,644
		Utilities — 0.6%
		Electric Utilities — 0.2%
	3	Duke Energy Corp.		205
	3	Southern Co. (The)		154
				359
		Multi-Utilities — 0.2%
	3	Consolidated Edison, Inc.		166
	3	SCANA Corp.		182
				348

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Water Utilities — 0.2%
	8	Aqua America, Inc.		220
		Total Utilities		927
		Total Common Stocks (Proceeds $19,033)		18,993
	Exchange Traded Funds — 6.1%
		U.S. Equity — 6.1%
	25	Powershares QQQ Trust		2,831
	30	SPDR S&P 500 ETF Trust		6,247
		Total Exchange-Traded Funds (Proceeds $8,590)		9,078
		Total Securities Sold Short (Proceeds $27,623)	$	28,071

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.6% (j)
	Common Stocks — 88.0%
			Consumer Discretionary — 18.0%
			Hotels, Restaurants & Leisure — 3.4%
	10		Carnival Corp.		565
	1		Chipotle Mexican Grill, Inc. (a)		390
	20		Hilton Worldwide Holdings, Inc.		505
	14		Royal Caribbean Cruises Ltd.		1,385
	9		Starbucks Corp.		557
					3,402
			Household Durables — 2.3%
	31		D.R. Horton, Inc.		922
	27		PulteGroup, Inc.		496
	26		Toll Brothers, Inc. (a)		933
					2,351
			Internet & Catalog Retail — 1.8%
	3		Amazon.com, Inc. (a)		1,826
			Media — 5.2%
	19		CBS Corp. (Non-Voting), Class B		872
	1		Charter Communications, Inc., Class A (a)		249
	16		DISH Network Corp., Class A (a)		1,036
	175		Sirius XM Holdings, Inc. (a)		715
	2		Time Warner Cable, Inc.		422
	14		Time Warner, Inc.		1,077
	29		Twenty-First Century Fox, Inc., Class B		889
					5,260
			Multiline Retail — 0.2%
	3		Dollar General Corp.		205
			Specialty Retail — 4.4%
	–	(h)	AutoZone, Inc. (a)		161
	13		Best Buy Co., Inc.		455
	43		Lowe’s Cos., Inc.		3,176
	14		Ross Stores, Inc.		700
					4,492
			Textiles, Apparel & Luxury Goods — 0.7%
	5		NIKE, Inc., Class B		649
			Total Consumer Discretionary		18,185
			Consumer Staples — 7.2%
			Beverages — 2.7%
	1		Boston Beer Co., Inc. (The), Class A (a)		324
	4		Constellation Brands, Inc., Class A		500
	4		Dr. Pepper Snapple Group, Inc.		396
	10		Molson Coors Brewing Co., Class B		923
	5		PepsiCo, Inc.		557
					2,700

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.6%
	8	Costco Wholesale Corp.		1,188
	12	Kroger Co. (The)		472
				1,660
		Food Products — 1.7%
	2	JM Smucker Co. (The)		181
	18	Mondelez International, Inc., Class A		848
	11	Post Holdings, Inc. (a)		684
				1,713
		Household Products — 0.6%
	2	Colgate-Palmolive Co.		152
	3	Kimberly-Clark Corp.		416
				568
		Personal Products — 0.3%
	4	Estee Lauder Cos., Inc. (The), Class A		339
		Tobacco — 0.3%
	4	Philip Morris International, Inc.		348
		Total Consumer Staples		7,328
		Energy — 0.9%
		Oil, Gas & Consumable Fuels — 0.9%
	17	Columbia Pipeline Group, Inc.		343
	2	Concho Resources, Inc. (a)		251
	5	EQT Corp.		332
		Total Energy		926
		Financials — 14.0%
		Banks — 2.8%
	91	Bank of America Corp.		1,520
	5	Comerica, Inc.		206
	5	Prosperity Bancshares, Inc.		262
	4	SVB Financial Group (a)		511
	7	Wells Fargo & Co.		396
				2,895
		Capital Markets — 2.2%
	3	Ameriprise Financial, Inc.		340
	12	Bank of New York Mellon Corp. (The)		496
	19	Charles Schwab Corp. (The)		577
	26	Morgan Stanley		846
				2,259
		Consumer Finance — 0.7%
	16	Ally Financial, Inc. (a)		323
	2	Capital One Financial Corp.		159
	5	Santander Consumer USA Holdings, Inc. (a)		91
	3	Synchrony Financial (a)		97
				670

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Diversified Financial Services — 0.5%
	2	Intercontinental Exchange, Inc.		567
		Insurance — 3.8%
	15	ACE Ltd., (Switzerland)		1,697
	6	American International Group, Inc.		359
	10	Arthur J. Gallagher & Co.		417
	9	MetLife, Inc.		439
	11	Prudential Financial, Inc.		915
				3,827
		Real Estate Investment Trusts (REITs) — 4.0%
	17	AvalonBay Communities, Inc.		2,921
	12	Kimco Realty Corp.		314
	3	Simon Property Group, Inc.		531
	2	SL Green Realty Corp.		245
				4,011
		Total Financials		14,229
		Health Care — 12.5%
		Biotechnology — 3.3%
	4	Alexion Pharmaceuticals, Inc. (a)		680
	1	Biogen, Inc. (a)		212
	2	BioMarin Pharmaceutical, Inc. (a)		266
	7	Celgene Corp. (a)		858
	5	Gilead Sciences, Inc.		522
	2	Incyte Corp. (a)		220
	5	Vertex Pharmaceuticals, Inc. (a)		609
				3,367
		Health Care Equipment & Supplies — 1.0%
	53	Boston Scientific Corp. (a)		962
		Health Care Providers & Services — 5.2%
	14	Aetna, Inc.		1,605
	4	Cigna Corp.		529
	16	Humana, Inc.		2,802
	3	UnitedHealth Group, Inc.		329
				5,265
		Life Sciences Tools & Services — 0.3%
	2	Illumina, Inc. (a)		297
		Pharmaceuticals — 2.7%
	2	Allergan plc (a)		636
	9	Bristol-Myers Squibb Co.		587
	14	Eli Lilly & Co.		1,170
	4	Valeant Pharmaceuticals International, Inc. (a)		382
				2,775
		Total Health Care		12,666

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 9.2%
		Aerospace & Defense — 3.3%
	18	Honeywell International, Inc.		1,846
	3	Northrop Grumman Corp.		644
	3	Raytheon Co.		312
	6	United Technologies Corp.		553
				3,355
		Airlines — 1.2%
	7	Delta Air Lines, Inc.		331
	16	United Continental Holdings, Inc. (a)		937
				1,268
		Building Products — 0.3%
	9	Masco Corp.		265
		Commercial Services & Supplies — 0.5%
	12	Republic Services, Inc.		526
		Construction & Engineering — 0.1%
	3	Fluor Corp.		156
		Electrical Equipment — 0.2%
	3	Eaton Corp. plc		160
		Machinery — 0.5%
	9	PACCAR, Inc.		473
		Professional Services — 0.3%
	3	Equifax, Inc.		280
		Road & Rail — 2.8%
	5	Canadian Pacific Railway Ltd., (Canada)		718
	24	Union Pacific Corp.		2,164
				2,882
		Total Industrials		9,365
		Information Technology — 17.9%
		Electronic Equipment, Instruments & Components — 0.2%
	2	TE Connectivity Ltd., (Switzerland)		154
		Internet Software & Services — 4.4%
	3	Alphabet, Inc., Class C (a)		2,194
	22	Facebook, Inc., Class A (a)		2,288
				4,482
		IT Services — 4.3%
	16	Accenture plc, (Ireland), Class A		1,737
	9	Cognizant Technology Solutions Corp., Class A (a)		639
	13	Fidelity National Information Services, Inc.		969
	2	Global Payments, Inc.		255
	7	MasterCard, Inc., Class A		688
	2	Vantiv, Inc., Class A (a)		101
				4,389

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 6.7%
	23	Avago Technologies Ltd., (Singapore)		2,809
	14	Broadcom Corp., Class A		703
	10	Freescale Semiconductor Ltd. (a)		335
	24	Lam Research Corp.		1,850
	13	Marvell Technology Group Ltd., (Bermuda)		104
	13	NXP Semiconductors N.V., (Netherlands) (a)		1,001
				6,802
		Software — 1.1%
	6	Adobe Systems, Inc. (a)		576
	11	Microsoft Corp.		556
				1,132
		Technology Hardware, Storage & Peripherals — 1.2%
	10	Apple, Inc.		1,154
		Total Information Technology		18,113
		Materials — 3.4%
		Chemicals — 0.5%
	5	Eastman Chemical Co.		379
	4	Mosaic Co. (The)		147
				526
		Construction Materials — 1.7%
	4	Martin Marietta Materials, Inc.		653
	11	Vulcan Materials Co.		1,026
				1,679
		Containers & Packaging — 1.1%
	12	Crown Holdings, Inc. (a)		644
	4	Sealed Air Corp.		188
	5	WestRock Co.		270
				1,102
		Metals & Mining — 0.1%
	9	United States Steel Corp.		108
		Total Materials		3,415
		Telecommunication Services — 0.7%
		Wireless Telecommunication Services — 0.7%
	18	T-Mobile USA, Inc. (a)		680
		Utilities — 4.2%
		Electric Utilities — 3.4%
	19	Edison International		1,170
	4	NextEra Energy, Inc.		431
	23	PPL Corp.		785
	29	Xcel Energy, Inc.		1,016
				3,402

SHARES		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.1%
	1	AGL Resources, Inc.		92
		Multi-Utilities — 0.4%
	13	CMS Energy Corp.		453
		Water Utilities — 0.3%
	5	American Water Works Co., Inc.		270
		Total Utilities		4,217
		Total Common Stocks (Cost $72,703)		89,124
	Short-Term Investment — 11.6%
		Investment Company —11.6%
	11,718	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $11,718)		11,718
		Total Investments — 99.6% (Cost $84,421)		100,842
		Other Assets in Excess of Liabilities — 0.4%		378
		NET ASSETS — 100.0%	$	101,220
	Short Positions — 57.0%
	Common Stocks — 57.0%
		Consumer Discretionary — 10.2%
		Auto Components — 0.9%
	5	Autoliv, Inc., (Sweden)		593
	7	BorgWarner, Inc.		293
				886
		Automobiles — 0.3%
	13	Ford Motor Co.		192
	3	General Motors Co.		119
				311
		Hotels, Restaurants & Leisure — 1.7%
	2	Choice Hotels International, Inc.		127
	8	Darden Restaurants, Inc.		475
	8	Hyatt Hotels Corp., Class A (a)		403
	2	Marriott International, Inc., Class A		153
	3	McDonald’s Corp.		287
	3	Yum! Brands, Inc.		245
				1,690
		Household Durables — 0.2%
	5	Garmin Ltd., (Switzerland)		167
		Internet & Catalog Retail — 0.5%
	44	Groupon, Inc. (a)		164
	3	Netflix, Inc. (a)		303
	1	Shutterfly, Inc. (a)		52
				519

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Leisure Products — 1.0%
	3	Hasbro, Inc.		254
	30	Mattel, Inc.		748
				1,002
		Media — 3.7%
	6	AMC Networks, Inc., Class A (a)		438
	4	Cinemark Holdings, Inc.		156
	14	Discovery Communications, Inc., Class A (a)		405
	29	Interpublic Group of Cos., Inc. (The)		670
	23	News Corp., Class A		347
	8	Omnicom Group, Inc.		623
	5	Regal Entertainment Group, Class A		104
	7	Scripps Networks Interactive, Inc., Class A		431
	3	Viacom, Inc., Class B		152
	4	Walt Disney Co. (The)		479
				3,805
		Multiline Retail — 1.0%
	7	Dollar Tree, Inc. (a)		491
	11	Kohl’s Corp.		520
				1,011
		Specialty Retail — 0.8%
	6	Abercrombie & Fitch Co., Class A		135
	12	Bed Bath & Beyond, Inc. (a)		692
				827
		Textiles, Apparel & Luxury Goods — 0.1%
	1	Under Armour, Inc., Class A (a)		102
		Total Consumer Discretionary		10,320
		Consumer Staples — 5.5%
		Beverages — 0.9%
	8	Brown-Forman Corp., Class B		882
		Food & Staples Retailing — 1.5%
	15	Sysco Corp.		613
	5	Wal-Mart Stores, Inc.		280
	21	Whole Foods Market, Inc.		630
				1,523
		Food Products — 2.7%
	3	Campbell Soup Co.		154
	13	General Mills, Inc.		741
	1	Hershey Co. (The)		81
	11	Kellogg Co.		810
	12	Kraft Heinz Co. (The)		950
				2,736

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Products — 0.4%
	5	Church & Dwight Co., Inc.		458
		Total Consumer Staples		5,599
		Energy — 2.1%
		Energy Equipment & Services — 0.9%
	6	FMC Technologies, Inc. (a)		193
	5	Halliburton Co.		184
	4	Tenaris S.A., (Luxembourg), ADR		101
	40	Weatherford International plc, (Switzerland) (a)		405
				883
		Oil, Gas & Consumable Fuels — 1.2%
	3	ConocoPhillips		135
	3	Enbridge, Inc., (Canada)		134
	3	Hess Corp.		184
	4	Kinder Morgan, Inc.		101
	3	ONEOK, Inc.		91
	5	QEP Resources, Inc.		83
	16	Spectra Energy Corp.		463
				1,191
		Total Energy		2,074
		Financials — 8.9%
		Banks — 1.7%
	14	Citizens Financial Group, Inc.		345
	7	First Niagara Financial Group, Inc.		73
	6	FirstMerit Corp.		117
	8	People’s United Financial, Inc.		126
	3	PNC Financial Services Group, Inc. (The)		303
	7	U.S. Bancorp		294
	9	UMB Financial Corp.		437
				1,695
		Capital Markets — 0.9%
	17	Franklin Resources, Inc.		695
	2	T. Rowe Price Group, Inc.		184
				879
		Consumer Finance — 0.2%
	3	American Express Co.		193
		Diversified Financial Services — 0.1%
	2	CME Group, Inc.		161
		Insurance — 2.7%
	7	Aflac, Inc.		431
	1	Allstate Corp. (The)		82
	3	Aon plc, (United Kingdom)		305
	2	Arch Capital Group Ltd., (Bermuda) (a)		186
	5	Axis Capital Holdings Ltd., (Bermuda)		246
	12	Genworth Financial, Inc., Class A (a)		55

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Insurance — continued
	9	Progressive Corp. (The)		314
	3	Torchmark Corp.		156
	2	Travelers Cos., Inc. (The)		203
	15	W.R. Berkley Corp.		823
				2,801
		Real Estate Investment Trusts (REITs) — 3.3%
	4	Crown Castle International Corp.		327
	4	Digital Realty Trust, Inc.		326
	1	Federal Realty Investment Trust		159
	5	Healthcare Trust of America, Inc., Class A		123
	57	Medical Properties Trust, Inc.		639
	9	Tanger Factory Outlet Centers, Inc.		312
	14	Ventas, Inc.		748
	7	Welltower, Inc.		431
	9	Weyerhaeuser Co.		257
				3,322
		Total Financials		9,051
		Health Care — 5.9%
		Biotechnology — 1.4%
	3	Alkermes plc, (Ireland) (a)		248
	5	Amgen, Inc.		842
	7	Isis Pharmaceuticals, Inc. (a)		335
				1,425
		Health Care Equipment & Supplies — 2.0%
	9	Baxter International, Inc.		340
	4	Becton, Dickinson and Co.		503
	1	C.R. Bard, Inc.		201
	10	Medtronic plc, (Ireland)		707
	4	St. Jude Medical, Inc.		227
				1,978
		Health Care Providers & Services — 0.7%
	4	AmerisourceBergen Corp.		369
	1	DaVita HealthCare Partners, Inc. (a)		60
	1	HCA Holdings, Inc. (a)		102
	1	Laboratory Corp. of America Holdings (a)		132
	1	Quest Diagnostics, Inc.		66
				729
		Pharmaceuticals — 1.8%
	10	AbbVie, Inc.		598
	7	Johnson & Johnson		675
	9	Merck & Co., Inc.		500

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	1	Mylan N.V. (a)		54
				1,827
		Total Health Care		5,959
		Industrials — 8.3%
		Aerospace & Defense — 0.5%
	3	Boeing Co. (The)		492
		Airlines — 0.2%
	5	American Airlines Group, Inc.		214
		Commercial Services & Supplies — 0.9%
	22	ADT Corp. (The)		739
	5	Tyco International plc		198
				937
		Electrical Equipment — 0.8%
	8	Rockwell Automation, Inc.		820
		Industrial Conglomerates — 1.7%
	3	3M Co.		443
	45	General Electric Co.		1,295
				1,738
		Machinery — 1.7%
	4	Caterpillar, Inc.		270
	7	Deere & Co.		534
	9	Donaldson Co., Inc.		281
	6	Illinois Tool Works, Inc.		568
				1,653
		Professional Services — 0.1%
	3	Nielsen Holdings plc		124
		Road & Rail — 1.2%
	30	Heartland Express, Inc.		559
	9	Knight Transportation, Inc.		237
	14	Werner Enterprises, Inc.		377
				1,173
		Trading Companies & Distributors — 1.2%
	4	Air Lease Corp.		149
	20	Fastenal Co.		774
	1	W.W. Grainger, Inc.		302
				1,225
		Total Industrials		8,376
		Information Technology — 8.0%
		Communications Equipment — 0.5%
	16	Cisco Systems, Inc.		458

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Internet Software & Services — 0.8%
	25	eBay, Inc. (a)		708
	6	GrubHub, Inc. (a)		141
				849
		IT Services — 1.1%
	1	Automatic Data Processing, Inc.		98
	5	International Business Machines Corp.		763
	7	VeriFone Systems, Inc. (a)		200
				1,061
		Semiconductors & Semiconductor Equipment — 4.6%
	3	Altera Corp.		166
	38	Applied Materials, Inc.		630
	8	Atmel Corp.		59
	45	Intel Corp.		1,513
	15	Linear Technology Corp.		663
	3	Microchip Technology, Inc.		142
	10	Micron Technology, Inc. (a)		158
	18	NVIDIA Corp.		506
	27	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		583
	4	Texas Instruments, Inc.		240
				4,660
		Software — 0.8%
	1	Intuit, Inc.		135
	9	Oracle Corp.		354
	4	SAP SE, (Germany), ADR		308
				797
		Technology Hardware, Storage & Peripherals — 0.2%
	1	SanDisk Corp.		64
	5	Seagate Technology plc		185
				249
		Total Information Technology		8,074
		Materials — 3.0%
		Chemicals — 1.9%
	6	Air Products & Chemicals, Inc.		834
	2	FMC Corp.		86
	8	LyondellBasell Industries N.V., Class A		749
	4	Westlake Chemical Corp.		245
				1,914
		Containers & Packaging — 0.5%
	2	Ball Corp.		128
	4	Greif, Inc., Class A		118

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — continued
	3	Owens-Illinois, Inc. (a)		60
	1	Packaging Corp. of America		77
	3	Sonoco Products Co.		133
				516
		Metals & Mining — 0.4%
	38	Freeport-McMoRan, Inc.		447
		Paper & Forest Products — 0.2%
	2	Domtar Corp., (Canada)		73
	3	International Paper Co.		122
				195
		Total Materials		3,072
		Telecommunication Services — 2.0%
		Diversified Telecommunication Services — 2.0%
	6	AT&T, Inc.		199
	39	Verizon Communications, Inc.		1,806
		Total Telecommunication Services		2,005
		Utilities — 3.1%
		Electric Utilities — 2.0%
	21	Duke Energy Corp.		1,529
	10	Southern Co. (The)		473
				2,002
		Multi-Utilities — 1.0%
	6	Consolidated Edison, Inc.		369
	3	Dominion Resources, Inc.		202
	8	SCANA Corp.		482
				1,053
		Water Utilities — 0.1%
	4	Aqua America, Inc.		103
		Total Utilities		3,158
		Total Securities Sold Short (Proceeds $59,293)	$	57,688

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 21

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.4% (j)
	Common Stocks — 76.0%
		Consumer Discretionary — 14.1%
		Hotels, Restaurants & Leisure — 3.0%
	55	Carnival Corp.		2,964
	3	Chipotle Mexican Grill, Inc. (a)		2,108
	136	Hilton Worldwide Holdings, Inc.		3,386
	80	Royal Caribbean Cruises Ltd.		7,901
	54	Starbucks Corp.		3,382
				19,741
		Household Durables — 1.7%
	150	D.R. Horton, Inc.		4,425
	121	PulteGroup, Inc.		2,212
	124	Toll Brothers, Inc. (a)		4,469
				11,106
		Internet & Catalog Retail — 1.2%
	12	Amazon.com, Inc. (a)		7,512
		Media — 4.0%
	104	CBS Corp. (Non-Voting), Class B		4,845
	10	Charter Communications, Inc., Class A (a)		1,923
	64	DISH Network Corp., Class A (a)		4,047
	1,152	Sirius XM Holdings, Inc. (a)		4,700
	15	Time Warner Cable, Inc.		2,918
	59	Time Warner, Inc.		4,448
	117	Twenty-First Century Fox, Inc., Class B		3,628
				26,509
		Multiline Retail — 0.2%
	20	Dollar General Corp.		1,328
		Specialty Retail — 3.5%
	1	AutoZone, Inc. (a)		1,020
	67	Best Buy Co., Inc.		2,361
	221	Lowe’s Cos., Inc.		16,317
	69	Ross Stores, Inc.		3,470
				23,168
		Textiles, Apparel & Luxury Goods — 0.5%
	27	NIKE, Inc., Class B		3,472
		Total Consumer Discretionary		92,836
		Consumer Staples — 6.4%
		Beverages — 2.4%
	8	Boston Beer Co., Inc. (The), Class A (a)		1,779
	21	Constellation Brands, Inc., Class A		2,868
	25	Dr. Pepper Snapple Group, Inc.		2,244
	70	Molson Coors Brewing Co., Class B		6,123
	24	PepsiCo, Inc.		2,436
				15,450

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.5%
	44	Costco Wholesale Corp.		7,028
	76	Kroger Co. (The)		2,889
				9,917
		Food Products — 1.5%
	10	JM Smucker Co. (The)		1,186
	113	Mondelez International, Inc., Class A		5,234
	57	Post Holdings, Inc. (a)		3,689
				10,109
		Household Products — 0.4%
	22	Kimberly-Clark Corp.		2,682
		Personal Products — 0.2%
	16	Estee Lauder Cos., Inc. (The), Class A		1,279
		Tobacco — 0.4%
	26	Philip Morris International, Inc.		2,281
		Total Consumer Staples		41,718
		Energy — 1.0%
		Oil, Gas & Consumable Fuels — 1.0%
	96	Columbia Pipeline Group, Inc.		2,001
	15	Concho Resources, Inc. (a)		1,715
	8	EOG Resources, Inc.		652
	33	EQT Corp.		2,163
		Total Energy		6,531
		Financials — 12.1%
		Banks — 2.7%
	551	Bank of America Corp.		9,245
	31	Comerica, Inc.		1,340
	33	Prosperity Bancshares, Inc.		1,711
	27	SVB Financial Group (a)		3,342
	39	Wells Fargo & Co.		2,105
				17,743
		Capital Markets — 2.0%
	14	Ameriprise Financial, Inc.		1,650
	79	Bank of New York Mellon Corp. (The)		3,270
	82	Charles Schwab Corp. (The)		2,492
	166	Morgan Stanley		5,481
				12,893
		Consumer Finance — 0.6%
	91	Ally Financial, Inc. (a)		1,822
	13	Capital One Financial Corp.		1,041
	35	Santander Consumer USA Holdings, Inc. (a)		630
	21	Synchrony Financial (a)		637
				4,130
		Diversified Financial Services — 0.5%
	12	Intercontinental Exchange, Inc.		3,095

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Insurance — 3.5%
	97	ACE Ltd., (Switzerland)		10,958
	38	American International Group, Inc.		2,410
	56	Arthur J. Gallagher & Co.		2,471
	57	MetLife, Inc.		2,891
	54	Prudential Financial, Inc.		4,422
				23,152
		Real Estate Investment Trusts (REITs) — 2.8%
	74	AvalonBay Communities, Inc.		12,973
	65	Kimco Realty Corp.		1,740
	12	Simon Property Group, Inc.		2,317
	14	SL Green Realty Corp.		1,649
				18,679
		Total Financials		79,692
		Health Care — 10.1%
		Biotechnology — 3.4%
	14	Alexion Pharmaceuticals, Inc. (a)		2,542
	5	Biogen, Inc. (a)		1,394
	15	BioMarin Pharmaceutical, Inc. (a)		1,779
	51	Celgene Corp. (a)		6,266
	34	Gilead Sciences, Inc.		3,622
	12	Incyte Corp. (a)		1,422
	40	Vertex Pharmaceuticals, Inc. (a)		4,940
				21,965
		Health Care Providers & Services — 4.1%
	73	Aetna, Inc.		8,366
	20	Cigna Corp.		2,649
	82	Humana, Inc.		14,732
	10	UnitedHealth Group, Inc.		1,175
				26,922
		Life Sciences Tools & Services — 0.3%
	15	Illumina, Inc. (a)		2,121
		Pharmaceuticals — 2.3%
	11	Allergan plc (a)		3,296
	43	Bristol-Myers Squibb Co.		2,814
	81	Eli Lilly & Co.		6,583
	29	Valeant Pharmaceuticals International, Inc. (a)		2,672
				15,365
		Total Health Care		66,373
		Industrials — 9.4%
		Aerospace & Defense — 3.2%
	113	Honeywell International, Inc.		11,643
	22	Northrop Grumman Corp.		4,149

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	17	Raytheon Co.		2,031
	31	United Technologies Corp.		3,090
				20,913
		Airlines — 1.3%
	43	Delta Air Lines, Inc.		2,192
	108	United Continental Holdings, Inc. (a)		6,495
				8,687
		Building Products — 0.1%
	31	Masco Corp.		894
		Commercial Services & Supplies — 0.7%
	103	Republic Services, Inc.		4,495
		Construction & Engineering — 0.2%
	21	Fluor Corp.		1,009
		Electrical Equipment — 0.2%
	19	Eaton Corp. plc		1,045
		Machinery — 0.4%
	52	PACCAR, Inc.		2,747
		Professional Services — 0.2%
	10	Equifax, Inc.		1,034
		Road & Rail — 3.1%
	48	Canadian Pacific Railway Ltd., (Canada)		6,698
	156	Union Pacific Corp.		13,962
				20,660
		Total Industrials		61,484
		Information Technology — 14.9%
		Electronic Equipment, Instruments & Components — 0.3%
	26	TE Connectivity Ltd., (Switzerland)		1,695
		Internet Software & Services — 3.2%
	12	Alphabet, Inc., Class C (a)		8,419
	125	Facebook, Inc., Class A (a)		12,705
				21,124
		IT Services — 3.8%
	101	Accenture plc, (Ireland), Class A		10,878
	55	Cognizant Technology Solutions Corp., Class A (a)		3,757
	65	Fidelity National Information Services, Inc.		4,757
	12	Global Payments, Inc.		1,652
	31	MasterCard, Inc., Class A		3,059
	13	Vantiv, Inc., Class A (a)		658
				24,761
		Semiconductors & Semiconductor Equipment — 6.0%
	132	Avago Technologies Ltd., (Singapore)		16,200
	88	Broadcom Corp., Class A		4,507

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 23

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment —continued
	49	Freescale Semiconductor Ltd. (a)		1,635
	154	Lam Research Corp.		11,781
	82	Marvell Technology Group Ltd., (Bermuda)		676
	63	NXP Semiconductors N.V., (Netherlands) (a)		4,925
				39,724
		Software — 1.0%
	39	Adobe Systems, Inc. (a)		3,471
	52	Microsoft Corp.		2,760
				6,231
		Technology Hardware, Storage & Peripherals — 0.6%
	35	Apple, Inc.		4,149
		Total Information Technology		97,684
		Materials — 3.5%
		Chemicals — 0.5%
	37	Eastman Chemical Co.		2,663
	29	Mosaic Co. (The)		963
				3,626
		Construction Materials — 1.7%
	28	Martin Marietta Materials, Inc.		4,308
	71	Vulcan Materials Co.		6,876
				11,184
		Containers & Packaging — 1.2%
	80	Crown Holdings, Inc. (a)		4,234
	35	Sealed Air Corp.		1,715
	32	WestRock Co.		1,720
				7,669
		Metals & Mining — 0.1%
	60	United States Steel Corp.		704
		Total Materials		23,183
		Telecommunication Services — 0.4%
		Wireless Telecommunication Services — 0.4%
	76	T-Mobile USA, Inc. (a)		2,898
		Utilities — 4.1%
		Electric Utilities — 3.3%
	123	Edison International		7,446
	26	NextEra Energy, Inc.		2,635
	151	PPL Corp.		5,198
	187	Xcel Energy, Inc.		6,679
				21,958
		Gas Utilities — 0.1%
	11	AGL Resources, Inc.		662

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — 0.4%
	74	CMS Energy Corp.		2,656
		Water Utilities — 0.3%
	31	American Water Works Co., Inc.		1,755
		Total Utilities		27,031
		Total Common Stocks (Cost $406,689)		499,430
	Short-Term Investments — 23.4%
		Investment Company — 23.2%
	152,755	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l)		152,755
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.2%
	1,125	U.S. Treasury Bill, 0.191%, 04/28/16 (k) (n)		1,123
		Total Short-Term Investments (Cost $153,879)		153,878
		Total Investments — 99.4% (Cost $560,568)		653,308
		Other Assets in Excess of Liabilities — 0.6%		3,721
		NET ASSETS — 100.0%	$	657,029
SHARES
	Short Positions — 74.4%
	Common Stocks — 74.4%
		Consumer Discretionary — 13.6%
		Auto Components — 1.2%
	40	Autoliv, Inc., (Sweden)		4,808
	50	BorgWarner, Inc.		2,132
	27	Johnson Controls, Inc.		1,238
				8,178
		Automobiles — 0.4%
	85	Ford Motor Co.		1,265
	37	General Motors Co.		1,303
				2,568
		Hotels, Restaurants & Leisure — 2.4%
	40	Choice Hotels International, Inc.		2,083
	59	Darden Restaurants, Inc.		3,662
	69	Hyatt Hotels Corp., Class A (a)		3,477
	27	Marriott International, Inc., Class A		2,039
	27	McDonald’s Corp.		3,013
	21	Yum! Brands, Inc.		1,488
				15,762
		Household Durables — 0.2%
	30	Garmin Ltd., (Switzerland)		1,071
		Internet & Catalog Retail — 0.8%
	470	Groupon, Inc. (a)		1,743

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Internet & Catalog Retail —continued
	33	Netflix, Inc. (a)		3,525
	8	Shutterfly, Inc. (a)		338
				5,606
		Leisure Products — 1.5%
	18	Hasbro, Inc.		1,360
	339	Mattel, Inc.		8,334
				9,694
		Media — 4.4%
	45	AMC Networks, Inc., Class A (a)		3,313
	29	Cinemark Holdings, Inc.		1,028
	1	Clear Channel Outdoor Holdings, Inc., Class A (a)		10
	119	Discovery Communications, Inc., Class A (a)		3,514
	243	Interpublic Group of Cos., Inc. (The)		5,562
	219	News Corp., Class A		3,368
	58	Omnicom Group, Inc.		4,359
	35	Regal Entertainment Group, Class A		682
	53	Scripps Networks Interactive, Inc., Class A		3,206
	19	Viacom, Inc., Class B		917
	25	Walt Disney Co. (The)		2,832
				28,791
		Multiline Retail — 1.5%
	57	Dollar Tree, Inc. (a)		3,720
	112	Kohl’s Corp.		5,152
	21	Macy’s, Inc.		1,091
				9,963
		Specialty Retail — 1.0%
	109	Bed Bath & Beyond, Inc. (a)		6,479
		Textiles, Apparel & Luxury Goods — 0.2%
	11	Under Armour, Inc., Class A (a)		1,008
		Total Consumer Discretionary		89,120
		Consumer Staples — 7.6%
		Beverages — 0.9%
	53	Brown-Forman Corp., Class B		5,636
		Food & Staples Retailing — 2.9%
	43	CVS Health Corp.		4,279
	128	Sysco Corp.		5,300
	88	Wal-Mart Stores, Inc.		5,061
	158	Whole Foods Market, Inc.		4,745
				19,385
		Food Products — 3.1%
	20	Campbell Soup Co.		1,016

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	82	General Mills, Inc.		4,788
	7	Hershey Co. (The)		585
	88	Kellogg Co.		6,221
	96	Kraft Heinz Co. (The)		7,507
				20,117
		Household Products — 0.7%
	54	Church & Dwight Co., Inc.		4,616
		Total Consumer Staples		49,754
		Energy — 1.9%
		Energy Equipment & Services — 0.7%
	34	FMC Technologies, Inc. (a)		1,144
	35	Halliburton Co.		1,359
	19	Tenaris S.A., (Luxembourg), ADR		484
	189	Weatherford International plc, (Switzerland) (a)		1,937
				4,924
		Oil, Gas & Consumable Fuels — 1.2%
	30	ConocoPhillips		1,618
	20	Enbridge, Inc., (Canada)		862
	12	Hess Corp.		669
	24	Kinder Morgan, Inc.		665
	18	ONEOK, Inc.		607
	66	QEP Resources, Inc.		1,027
	88	Spectra Energy Corp.		2,521
				7,969
		Total Energy		12,893
		Financials — 12.5%
		Banks — 3.7%
	70	Associated Banc-Corp.		1,359
	31	Bank of Hawaii Corp.		1,997
	158	Citizens Financial Group, Inc.		3,839
	60	First Niagara Financial Group, Inc.		624
	124	FirstMerit Corp.		2,321
	120	People’s United Financial, Inc.		1,909
	41	PNC Financial Services Group, Inc. (The)		3,690
	124	U.S. Bancorp		5,251
	63	UMB Financial Corp.		3,107
				24,097
		Capital Markets — 1.5%
	54	Federated Investors, Inc., Class B		1,666
	129	Franklin Resources, Inc.		5,262
	41	T. Rowe Price Group, Inc.		3,138
				10,066

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 25

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Consumer Finance — 0.2%
	17	American Express Co.		1,275
		Diversified Financial Services — 0.1%
	11	CME Group, Inc.		1,058
		Insurance — 3.7%
	48	Aflac, Inc.		3,043
	9	Allstate Corp. (The)		560
	44	Aon plc, (United Kingdom)		4,150
	25	Arch Capital Group Ltd., (Bermuda) (a)		1,891
	41	Axis Capital Holdings Ltd., (Bermuda)		2,225
	78	Genworth Financial, Inc., Class A (a)		366
	105	Progressive Corp. (The)		3,493
	32	Torchmark Corp.		1,882
	7	Travelers Cos., Inc. (The)		790
	102	W.R. Berkley Corp.		5,705
				24,105
		Real Estate Investment Trusts (REITs) — 3.3%
	35	Crown Castle International Corp.		2,986
	29	Digital Realty Trust, Inc.		2,174
	8	Federal Realty Investment Trust		1,076
	50	Healthcare Trust of America, Inc., Class A		1,323
	274	Medical Properties Trust, Inc.		3,099
	52	Tanger Factory Outlet Centers, Inc.		1,800
	93	Ventas, Inc.		4,991
	42	Welltower, Inc.		2,746
	54	Weyerhaeuser Co.		1,596
				21,791
		Total Financials		82,392
		Health Care — 9.6%
		Biotechnology — 1.5%
	18	Alkermes plc, (Ireland) (a)		1,305
	38	Amgen, Inc.		6,027
	56	Isis Pharmaceuticals, Inc. (a)		2,696
				10,028
		Health Care Equipment & Supplies — 3.3%
	161	Baxter International, Inc.		6,019
	23	Becton, Dickinson and Co.		3,335
	7	C.R. Bard, Inc.		1,342
	116	Medtronic plc, (Ireland)		8,550
	29	St. Jude Medical, Inc.		1,818
	8	Zimmer Biomet Holdings, Inc.		826
				21,890
		Health Care Providers & Services — 1.0%
	26	AmerisourceBergen Corp.		2,509

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	15	DaVita HealthCare Partners, Inc. (a)		1,135
	13	HCA Holdings, Inc. (a)		894
	6	Laboratory Corp. of America Holdings (a)		786
	6	Quest Diagnostics, Inc.		394
	8	Tenet Healthcare Corp. (a)		254
	3	Universal Health Services, Inc., Class B		342
				6,314
		Pharmaceuticals — 3.8%
	94	AbbVie, Inc.		5,614
	107	Johnson & Johnson		10,854
	143	Merck & Co., Inc.		7,829
	8	Mylan N.V. (a)		366
				24,663
		Total Health Care		62,895
		Industrials — 8.6%
		Aerospace & Defense — 0.5%
	21	Boeing Co. (The)		3,077
		Airlines — 0.3%
	45	American Airlines Group, Inc.		2,075
		Commercial Services & Supplies — 1.0%
	149	ADT Corp. (The)		4,935
	36	Tyco International plc		1,308
				6,243
		Electrical Equipment — 0.9%
	51	Rockwell Automation, Inc.		5,532
		Industrial Conglomerates — 1.6%
	19	3M Co.		2,971
	268	General Electric Co.		7,751
				10,722
		Machinery — 1.5%
	26	Caterpillar, Inc.		1,869
	43	Deere & Co.		3,362
	52	Donaldson Co., Inc.		1,555
	35	Illinois Tool Works, Inc.		3,214
				10,000
		Professional Services — 0.1%
	19	Nielsen Holdings plc		912
		Road & Rail — 1.4%
	274	Heartland Express, Inc.		5,160
	71	Knight Transportation, Inc.		1,801
	86	Werner Enterprises, Inc.		2,283
				9,244

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Trading Companies & Distributors — 1.3%
	29	Air Lease Corp.		981
	145	Fastenal Co.		5,680
	9	W.W. Grainger, Inc.		1,932
				8,593
		Total Industrials		56,398
		Information Technology — 11.9%
		Communications Equipment — 0.9%
	190	Cisco Systems, Inc.		5,489
		Internet Software & Services — 1.4%
	250	eBay, Inc. (a)		6,981
	27	GrubHub, Inc. (a)		645
	5	LinkedIn Corp., Class A (a)		1,108
	22	Twitter, Inc. (a)		626
				9,360
		IT Services — 1.7%
	11	Automatic Data Processing, Inc.		966
	58	International Business Machines Corp.		8,175
	74	VeriFone Systems, Inc. (a)		2,223
				11,364
		Semiconductors & Semiconductor Equipment — 5.9%
	27	Altera Corp.		1,395
	207	Applied Materials, Inc.		3,470
	51	Atmel Corp.		389
	351	Intel Corp.		11,882
	134	Linear Technology Corp.		5,951
	22	Maxim Integrated Products, Inc.		885
	20	Microchip Technology, Inc.		951
	120	Micron Technology, Inc. (a)		1,991
	136	NVIDIA Corp.		3,857
	286	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		6,281
	12	Texas Instruments, Inc.		686
	20	Xilinx, Inc.		948
				38,686
		Software — 1.6%
	9	Intuit, Inc.		867
	115	Oracle Corp.		4,483
	66	SAP SE, (Germany), ADR		5,223
				10,573
		Technology Hardware, Storage & Peripherals — 0.4%
	9	SanDisk Corp.		696
	54	Seagate Technology plc		2,058
				2,754
		Total Information Technology		78,226

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 3.0%
		Chemicals — 1.7%
	27	Air Products & Chemicals, Inc.		3,683
	14	FMC Corp.		580
	58	LyondellBasell Industries N.V., Class A		5,408
	27	Westlake Chemical Corp.		1,639
				11,310
		Containers & Packaging — 0.7%
	18	Ball Corp.		1,199
	22	Greif, Inc., Class A		721
	53	Owens-Illinois, Inc. (a)		1,138
	7	Packaging Corp. of America		472
	19	Sonoco Products Co.		816
				4,346
		Metals & Mining — 0.4%
	38	Alcoa, Inc.		342
	225	Freeport-McMoRan, Inc.		2,647
				2,989
		Paper & Forest Products — 0.2%
	10	Domtar Corp., (Canada)		404
	19	International Paper Co.		794
				1,198
		Total Materials		19,843
		Telecommunication Services — 2.2%
		Diversified Telecommunication Services — 2.2%
	39	AT&T, Inc.		1,314
	286	Verizon Communications, Inc.		13,410
		Total Telecommunication Services		14,724
		Utilities — 3.5%
		Electric Utilities — 2.0%
	128	Duke Energy Corp.		9,156
	22	Exelon Corp.		603
	77	Southern Co. (The)		3,473
				13,232
		Multi-Utilities — 1.4%
	30	Consolidated Edison, Inc.		1,972
	55	Dominion Resources, Inc.		3,935
	51	SCANA Corp.		3,019
				8,926
		Water Utilities — 0.1%
	24	Aqua America, Inc.		689
		Total Utilities		22,847
		Total Securities Sold Short (Proceeds $497,140)	$	489,092
	Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 27

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	Short Futures Outstanding
(112)	E-mini S&P 500		12/18/15		USD	$	(11,613	)	$	(41	)

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

ADR	—  American Depositary Receipt
ETF	—  Exchange Traded Fund
SPDR	—  Standard & Poor’s Depositary Receipts
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(j)	—  All or a portion of these securities are segregated for short sales.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2015.
(n)	—  The rate shown is the effective yield at the date of purchase.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 �� J.P. MORGAN SPECIALTY FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	Opportunistic Equity Long/Short Fund			Research Equity Long/ Short Fund		Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	98,720		$	89,124	$	500,553
Investments in affiliates, at value		43,791			11,718		152,755
Total investment securities, at value		142,511			100,842		653,308
Cash		3			12		128
Deposits at broker for securities sold short		26,824			59,555		497,623
Receivables:
Investment securities sold		7,014			4,287		30,307
Fund shares sold		5,399			55		930
Dividends from non-affiliates		63			47		260
Dividends from affiliates		3			1		11
Variation margin on futures contracts		—			—		52
Total Assets		181,817			164,799		1,182,619
LIABILITIES:
Payables:
Securities sold short, at value		28,071			57,688		489,092
Dividend expense to non-affiliates on securities sold short		20			72		587
Investment securities purchased		6,048			5,499		34,610
Interest expense to non-affiliates on securities sold short		3			1		50
Fund shares redeemed		—			152		468
Accrued liabilities:
Investment advisory fees		103			43		340
Administration fees		1			—		—
Distribution fees		5			9		29
Shareholder servicing fees		27			19		114
Custodian and accounting fees		15			15		49
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—	(a)
Other		67			81		251
Total Liabilities		34,360			63,579		525,590
Net Assets	$	147,457		$	101,220	$	657,029

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

	Opportunistic Equity Long/Short Fund			Research Equity Long/ Short Fund			Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	141,595		$	92,479		$	677,287
Accumulated undistributed (distributions in excess of) net investment income		—	(c)		(2,028	)		(11,213	)
Accumulated net realized gains (losses)		(563	)		(7,257	)		(109,792	)
Net unrealized appreciation (depreciation)		6,425			18,026			100,747
Total Net Assets	$	147,457		$	101,220		$	657,029
Net Assets:
Class A	$	30,480		$	41,096		$	62,910
Class C		823			1,140			23,790
Class R2		21			—			—
Class R5		21			204			—
Class R6		21			—			—
Institutional Class		—			—			232,339
Select Class		116,091			58,780			337,990
Total	$	147,457		$	101,220		$	657,029
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,754			2,535			4,415
Class C		48			73			1,761
Class R2		1			—			—
Class R5		1			12			—
Class R6		1			—			—
Institutional Class		—			—			15,501
Select Class		6,664			3,576			22,901
Net Asset Value (a):
Class A — Redemption price per share	$	17.37		$	16.21		$	14.25
Class C — Offering price per share (b)		17.27			15.75			13.51
Class R2 — Offering and redemption price per share		17.32			—			—
Class R5 — Offering and redemption price per share		17.47			16.63			—
Class R6 — Offering and redemption price per share		17.48			—			—
Institutional Class — Offering and redemption price per share		—			—			14.99
Select Class — Offering and redemption price per share		17.42			16.44			14.76
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	18.33		$	17.11		$	15.04
Cost of investments in non-affiliates	$	91,847		$	72,703		$	407,813
Cost of investments in affiliates		43,791			11,718			152,755
Proceeds from securities sold short		27,623			59,293			497,140

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

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

(c) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund			Research Equity Long/Short Fund			Research Market Neutral Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	327		$	2,242		$	10,984
Dividend income from affiliates		8			2			61
Total investment income		335			2,244			11,045
EXPENSES:
Investment advisory fees		593			1,535			8,173
Administration fees		39			104			570
Distribution fees:
Class A		5			137			181
Class B (a)		—			—			2
Class C		2			7			117
Class R2		—	(b)		—			—
Shareholder servicing fees:
Class A		5			137			181
Class B (a)		—			—			—	(b)
Class C		1			2			39
Class R2		—	(b)		—			—
Class R5		—	(b)		—	(b)		—
Institutional Class		—			—			255
Select Class		114			178			879
Custodian and accounting fees		51			51			87
Interest expense to affiliates		—	(b)		—			9
Professional fees		89			60			71
Trustees’ and Chief Compliance Officer’s fees		—	(b)		1			6
Printing and mailing costs		19			16			60
Registration and filing fees		14			67			115
Transfer agent fees		6			7			21
Sub-transfer agent fees (See Note 2.G)		1			59			128
Offering costs		115	��		—			—
Other		10			6			41
Dividend expense to non-affiliates on securities sold short		259			2,195			14,242
Interest expense to non-affiliates on securities sold short		16			147			636
Total expenses		1,339			4,709			25,813
Less fees waived		(236	)		(374	)		(2,976	)
Less expense reimbursements		(22	)		—	(b)		(42	)
Net expenses		1,081			4,335			22,795
Net investment income (loss)		(746	)		(2,091	)		(11,750	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		46			11,632			93,981
Futures		124			—			193
Securities sold short		66			(15,277	)		(113,660	)
Net realized gain (loss)		236			(3,645	)		(19,486	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,593			(9,296	)		(78,666	)
Futures		—			—			177
Securities sold short		(448	)		11,218			86,781
Change in net unrealized appreciation/depreciation		6,145			1,922			8,292
Net realized/unrealized gains (losses)		6,381			(1,723	)		(11,194	)
Change in net assets resulting from operations	$	5,635		$	(3,814	)	$	(22,944	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Equity Long/Short Fund
	Year Ended October 31, 2015			Period Ended October 31, 2014 (a)			Year Ended October 31, 2015				Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:										��
Net investment income (loss)	$	(746	)	$	(16	)	$	(2,091	)		$	(1,993	)
Net realized gain (loss)		236			(13	)		(3,645	)			1,168
Distributions of capital gains received from investment company affiliates		—			—			—				—	(b)
Change in net unrealized appreciation/depreciation		6,145			280			1,922				8,721
Change in net assets resulting from operations		5,635			251			(3,814	)			7,896
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(1	)		—			(1,620	)			(1,630	)
Class C
From net realized gains		—	(b)		—			(22	)			(19	)
Class R2
From net realized gains		—	(b)		—			—				—
Class R5
From net realized gains		—	(b)		—			(2	)			(2	)
Class R6
From net realized gains		—	(b)		—			—				—
Select Class
From net realized gains		(23	)		—			(1,669	)			(1,619	)
Total distributions to shareholders		(24	)		—			(3,313	)			(3,270	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		136,595			5,000			(22,819	)			40,519
NET ASSETS:
Change in net assets		142,206			5,251			(29,946	)			45,145
Beginning of period		5,251			—			131,166				86,021
End of period	$	147,457		$	5,251		$	101,220			$	131,166
Accumulated undistributed (distributions in excess of) net investment income	$	—	(b)	$	—		$	(2,028	)		$	(1,731	)

(a) Commencement of operations was August 29, 2014.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Research Market Neutral Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(11,750	)	$	(14,061	)
Net realized gain (loss)		(19,486	)		17,092
Distributions of capital gains received from investment company affiliates		—			1
Change in net unrealized appreciation/depreciation		8,292			28,218
Change in net assets resulting from operations		(22,944	)		31,250
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(2,115	)		—
Class B (a)
From net realized gains		(9	)		—
Class C
From net realized gains		(293	)		—
Institutional Class
From net realized gains		(6,577	)		—
Select Class
From net realized gains		(8,645	)		—
Total distributions to shareholders		(17,639	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(16,248	)		(30,921	)
NET ASSETS:
Change in net assets		(56,831	)		329
Beginning of period		713,860			713,531
End of period	$	657,029		$	713,860
Accumulated undistributed (distributions in excess of) net investment income	$	(11,213	)	$	(11,815	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

	Opportunistic Equity Long/Short Fund					Research Equity Long/Short Fund
	Year Ended October 31, 2015			Period Ended October 31, 2014 (a)		Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	30,459		$	50	$	15,821		$	32,033
Distributions reinvested		1			—		1,614			1,626
Cost of shares redeemed		(523	)		—		(35,080	)		(20,430	)
Change in net assets resulting from Class A capital transactions	$	29,937		$	50	$	(17,645	)	$	13,229
Class C
Proceeds from shares issued	$	781		$	50	$	576		$	417
Distributions reinvested		—	(b)		—		22			19
Cost of shares redeemed		(37	)		—		(143	)		(282	)
Change in net assets resulting from Class C capital transactions	$	744		$	50	$	455		$	154
Class R2
Proceeds from shares issued	$	—		$	50	$	—		$	—
Distributions reinvested		—	(b)		—		—			—
Cost of shares redeemed		(35	)		—		—			—
Change in net assets resulting from Class R2 capital transactions	$	(35	)	$	50	$	—		$	—
Class R5
Proceeds from shares issued	$	—		$	50	$	200		$	—	(b)
Distributions reinvested		—	(b)		—		2			2
Cost of shares redeemed		(36	)		—		(52	)		—
Change in net assets resulting from Class R5 capital transactions	$	(36	)	$	50	$	150		$	2
Class R6
Proceeds from shares issued	$	—		$	50	$	—		$	—
Distributions reinvested		—	(b)		—		—			—
Cost of shares redeemed		(35	)		—		—			—
Change in net assets resulting from Class R6 capital transactions	$	(35	)	$	50	$	—		$	—
Select Class
Proceeds from shares issued	$	107,271		$	4,750	$	44,411		$	43,183
Distributions reinvested		23			—		1,059			912
Cost of shares redeemed		(1,274	)		—		(51,249	)		(16,961	)
Change in net assets resulting from Select Class capital transactions	$	106,020		$	4,750	$	(5,779	)	$	27,134
Total change in net assets resulting from capital transactions	$	136,595		$	5,000	$	(22,819	)	$	40,519

(a) Commencement of operations was August 29, 2014.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund					Research Equity Long/Short Fund
	Year Ended October 31, 2015			Period Ended October 31, 2014 (a)		Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		1,782			3		948			1,903
Reinvested		—	(b)		—		97			101
Redeemed		(31	)		—		(2,109	)		(1,219	)
Change in Class A Shares		1,751			3		(1,064	)		785
Class C
Issued		47			3		36			25
Reinvested		—	(b)		—		1			1
Redeemed		(2	)		—		(9	)		(17	)
Change in Class C Shares		45			3		28			9
Class R2
Issued		—			3		—			—
Reinvested		—	(b)		—		—			—
Redeemed		(2	)		—		—			—
Change in Class R2 Shares		(2	)		3		—			—
Class R5
Issued		—			3		12			—
Reinvested		—	(b)		—		—	(b)		—	(b)
Redeemed		(2	)		—		(3	)		—
Change in Class R5 Shares		(2	)		3		9			—	(b)
Class R6
Issued		—			3		—			—
Reinvested		—	(b)		—		—			—
Redeemed		(2	)		—		—			—
Change in Class R6 Shares		(2	)		3		—			—
Select Class
Issued		6,419			317		2,623			2,555
Reinvested		1			—		63			56
Redeemed		(73	)		—		(3,045	)		(1,009	)
Change in Select Class Shares		6,347			317		(359	)		1,602

(a) Commencement of operations was August 29, 2014.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

	Research Market Neutral Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,814		$	35,458
Net assets acquired in Fund reorganization (See Note 8)		20,677			—
Distributions reinvested		2,088			—
Cost of shares redeemed		(49,119	)		(45,543	)
Conversion to Class A Shares		255			1
Change in net assets resulting from Class A capital transactions	$	(12,285	)	$	(10,084	)
Class B (a)
Proceeds from shares issued	$	3		$	10
Distributions reinvested		7			—
Cost of shares redeemed		(70	)		(236	)
Conversion from Class B Shares		(255	)		(1	)
Change in net assets resulting from Class B capital transactions	$	(315	)	$	(227	)
Class C
Proceeds from shares issued	$	1,778		$	1,111
Net assets acquired in Fund reorganization (See Note 8)		15,527			—
Distributions reinvested		271			—
Cost of shares redeemed		(4,266	)		(4,809	)
Change in net assets resulting from Class C capital transactions	$	13,310		$	(3,698	)
Institutional Class
Proceeds from shares issued	$	69,664		$	125,384
Distributions reinvested		4,044			—
Cost of shares redeemed		(98,360	)		(184,116	)
Change in net assets resulting from Institutional Class capital transactions	$	(24,652	)	$	(58,732	)
Select Class
Proceeds from shares issued	$	26,592		$	111,145
Net assets acquired in Fund reorganization (See Note 8)		55,860			—
Distributions reinvested		8,531			—
Cost of shares redeemed		(83,289	)		(69,325	)
Change in net assets resulting from Select Class capital transactions	$	7,694		$	41,820
Total change in net assets resulting from capital transactions	$	(16,248	)	$	(30,921	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Research Market Neutral Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		761			2,374
Shares issued in connection with Fund reorganization (See Note 8)		1,428			—
Reinvested		141			—
Redeemed		(3,369	)		(3,037	)
Conversion to Class A Shares		18			—	(a)
Change in Class A Shares		(1,021	)		(663	)
Class B (b)
Issued		—	(a)		1
Reinvested		1			—
Redeemed		(6	)		(17	)
Conversion from Class B Shares		(18	)		—	(a)
Change in Class B Shares		(23	)		(16	)
Class C
Issued		183			78
Shares issued in connection with Fund reorganization (See Note 8)		1,113			—
Reinvested		19			—
Redeemed		(309	)		(339	)
Change in Class C Shares		1,006			(261	)
Institutional Class
Issued		4,541			8,077
Reinvested		261			—
Redeemed		(6,419	)		(11,840	)
Change in Institutional Class Shares		(1,617	)		(3,763	)
Select Class
Issued		1,852			7,249
Shares issued in connection with Fund reorganization (See Note 8)		3,780			—
Reinvested		559			—
Redeemed		(5,541	)		(4,510	)
Change in Select Class Shares		650			2,739

(a) Amount rounds to less than 1,000 shares.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

[THIS PAGE INTENTIONALLY LEFT BLANK]

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net realized gain			Net asset value, end of period
Opportunistic Equity Long/Short Fund
Class A
Year Ended October 31, 2015	$	15.75	$	(0.25	)(g)	$	1.93	$	1.68	$	(0.06	)	$	17.37
August 29, 2014(h) through October 31, 2014		15.00		(0.06	)(g)		0.81		0.75		—			15.75
Class C
Year Ended October 31, 2015		15.73		(0.37	)(g)		1.97		1.60		(0.06	)		17.27
August 29, 2014(h) through October 31, 2014		15.00		(0.07	)(g)		0.80		0.73		—			15.73
Class R2
Year Ended October 31, 2015		15.74		(0.35	)(g)		1.99		1.64		(0.06	)		17.32
August 29, 2014(h) through October 31, 2014		15.00		(0.06	)(g)		0.80		0.74		—			15.74
Class R5
Year Ended October 31, 2015		15.76		(0.23	)(g)		2.00		1.77		(0.06	)		17.47
August 29, 2014(h) through October 31, 2014		15.00		(0.04	)(g)		0.80		0.76		—			15.76
Class R6
Year Ended October 31, 2015		15.76		(0.23	)(g)		2.01		1.78		(0.06	)		17.48
August 29, 2014(h) through October 31, 2014		15.00		(0.04	)(g)		0.80		0.76		—			15.76
Class Select
Year Ended October 31, 2015		15.75		(0.26	)(g)		1.99		1.73		(0.06	)		17.42
August 29, 2014(h) through October 31, 2014		15.00		(0.05	)(g)		0.80		0.75		—			15.75

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.81% and 2.20% for the year ended October 31, 2015 and 2.00% and 11.67% for the period ended October 31, 2014; for Class C are 2.39% and 3.18% for the year ended October 31, 2015 and 2.50% and 12.17% for the period ended October 31, 2014; for Class R2 are 2.21% and 4.13% for the year ended October 31, 2015 and 2.25% and 11.92% for the period ended October 31, 2014; for Class R5 are 1.52% and 3.43% for the year ended October 31, 2015 and 1.55% and 11.22% for the period ended October 31, 2014; for Class R6 are 1.47% and 3.39% for the year ended October 31, 2015 and 1.50% and 11.17% for the period ended October 31, 2014; for Select Class are 1.66% and 2.20% for the year ended October 31, 2015 and 1.75% and 11.42% for the period ended October 31, 2014, respectively.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Calculated based upon average shares outstanding.

(h) Commencement of offering of class of shares.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2015 and period ended October 31, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (d)(e)	Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short) (b)(f)			Portfolio turnover rate (including securities sold short) (b)(f)
	10.74	%	$	30,480	2.38%(i)		(1.70	)%(i)		2.77	%(i)		347	%		734	%
	5.00			52	2.65(i)		(2.24	)(i)		12.33	(i)		94			178
	10.25			823	2.96(i)		(2.17	)(i)		3.75	(i)		347			734
	4.87			52	3.15(i)		(2.74	)(i)		12.82	(i)		94			178
	10.49			21	2.78(i)		(2.01	)(i)		4.70	(i)		347			734
	4.93			52	2.90(i)		(2.49	)(i)		12.57	(i)		94			178
	11.31			21	2.09(i)		(1.32	)(i)		4.00	(i)		347			734
	5.07			53	2.20(i)		(1.79	)(i)		11.88	(i)		94			178
	11.37			21	2.04(i)		(1.27	)(i)		3.96	(i)		347			734
	5.07			53	2.15(i)		(1.74	)(i)		11.82	(i)		94			178
	11.06			116,091	2.23(i)		(1.53	)(i)		2.77	(i)		347			734
	5.00			4,989	2.40(i)		(1.99	)(i)		12.07	(i)		94			178

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 41

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain			Net asset value, end of period
Research Equity Long/Short Fund
Class A
Year Ended October 31, 2015	$	17.20	$	(0.29	)(e)	$	(0.25	)	$	(0.54	)	$	(0.45	)	$	16.21
Year Ended October 31, 2014		16.53		(0.34	)(e)		1.59			1.25			(0.58	)		17.20
Year Ended October 31, 2013		15.39		(0.33	)(e)		1.47			1.14			—			16.53
Year Ended October 31, 2012		14.88		(0.27	)(e)		0.78			0.51			—			15.39
Year Ended October 31, 2011		15.41		(0.33	)(e)		(0.18	)		(0.51	)		(0.02	)		14.88
Class C
Year Ended October 31, 2015		16.81		(0.38	)(e)		(0.23	)		(0.61	)		(0.45	)		15.75
Year Ended October 31, 2014		16.24		(0.41	)(e)		1.56			1.15			(0.58	)		16.81
Year Ended October 31, 2013		15.20		(0.40	)(e)		1.44			1.04			—			16.24
Year Ended October 31, 2012		14.77		(0.34	)(e)		0.77			0.43			—			15.20
Year Ended October 31, 2011		15.38		(0.39	)(e)		(0.20	)		(0.59	)		(0.02	)		14.77
Class R5
Year Ended October 31, 2015		17.56		(0.25	)(e)		(0.23	)		(0.48	)		(0.45	)		16.63
Year Ended October 31, 2014		16.78		(0.26	)(e)		1.62			1.36			(0.58	)		17.56
Year Ended October 31, 2013		15.56		(0.26	)(e)		1.48			1.22			—			16.78
Year Ended October 31, 2012		14.98		(0.21	)(e)		0.79			0.58			—			15.56
Year Ended October 31, 2011		15.44		(0.27	)(e)		(0.17	)		(0.44	)		(0.02	)		14.98
Select Class
Year Ended October 31, 2015		17.39		(0.26	)(e)		(0.24	)		(0.50	)		(0.45	)		16.44
Year Ended October 31, 2014		16.66		(0.30	)(e)		1.61			1.31			(0.58	)		17.39
Year Ended October 31, 2013		15.48		(0.28	)(e)		1.46			1.18			—			16.66
Year Ended October 31, 2012		14.93		(0.24	)(e)		0.79			0.55			—			15.48
Year Ended October 31, 2011		15.43		(0.29	)(e)		(0.19	)		(0.48	)		(0.02	)		14.93

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.71% and 2.04% for the year ended October 31, 2015, 1.75% and 2.08% for 2014, 1.75% and 2.19% for 2013, 1.75% and 2.09% for 2012 and 1.75% and 2.29% for 2011; for Class C are 2.20% and 2.55% for the year ended October 31, 2015, 2.25% and 2.58% for 2014, 2.25% and 2.69% for 2013, 2.25% and 2.59% for 2012 and 2.25% and 2.73% for 2011; for Class R5 are 1.22% and 1.64% for the year ended October 31, 2015, 1.30% and 1.63% for 2014, 1.30% and 1.74% for 2013, 1.30% and 1.64% for 2012 and 1.30% and 1.83% for 2011; for Select Class are 1.45% and 1.72% for the year ended October 31, 2015, 1.50% and 1.83% for 2014, 1.50% and 1.93% for 2013, 1.50% and 1.83% for 2012 and 1.50% and 2.04% for 2011, respectively.

(d) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

			Ratios/Supplemental data
					Ratios to average net assets
Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (c)			Portfolio turnover rate (d)			Portfolio turnover rate (including short sales) (d)
	(3.21	)%	$	41,096		3.55	%		(1.74	)%		3.88	%		178	%		344	%
	7.82			61,909		3.75			(2.01	)		4.08			97			187
	7.41			46,503		3.98			(2.03	)		4.42			91			156
	3.43			40,031		3.97			(1.81	)		4.31			92			159
	(3.29	)		60,605		4.09			(2.19	)		4.63			151			255
	(3.71	)		1,140		4.04			(2.41	)		4.39			178			344
	7.33			752		4.25			(2.51	)		4.58			97			187
	6.84			579		4.48			(2.53	)		4.92			91			156
	2.91			578		4.47			(2.33	)		4.81			92			159
	(3.82	)		657		4.59			(2.62	)		5.07			151			255
	(2.79	)		204		3.06			(1.57	)		3.48			178			344
	8.38			61		3.30			(1.56	)		3.63			97			187
	7.84			56		3.53			(1.58	)		3.97			91			156
	3.87			52		3.50			(1.39	)		3.84			92			159
	(2.83	)		50		3.64			(1.75	)		4.17			151			255
	(2.94	)		58,780		3.29			(1.56	)		3.56			178			344
	8.13			68,444		3.50			(1.76	)		3.83			97			187
	7.62			38,883		3.73			(1.74	)		4.16			91			156
	3.68			15,806		3.68			(1.58	)		4.01			92			159
	(3.09	)		13,016		3.84			(1.89	)		4.38			151			255

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain			Net asset value, end of period
Research Market Neutral Fund
Class A
Year Ended October 31, 2015	$	15.17	$	(0.31	)(e)	$	(0.22	)	$	(0.53	)	$	(0.39	)	$	14.25
Year Ended October 31, 2014		14.58		(0.34	)(e)		0.93			0.59			—			15.17
Year Ended October 31, 2013		14.44		(0.35	)(e)		0.49			0.14			—			14.58
Year Ended October 31, 2012		14.71		(0.35	)(e)		0.08			(0.27	)		—			14.44
Year Ended October 31, 2011		15.30		(0.35	)(e)		(0.24	)		(0.59	)		—			14.71
Class C
Year Ended October 31, 2015		14.48		(0.35	)(e)		(0.23	)		(0.58	)		(0.39	)		13.51
Year Ended October 31, 2014		13.99		(0.39	)(e)		0.88			0.49			—			14.48
Year Ended October 31, 2013		13.91		(0.41	)(e)		0.49			0.08			—			13.99
Year Ended October 31, 2012		14.25		(0.41	)(e)		0.07			(0.34	)		—			13.91
Year Ended October 31, 2011		14.89		(0.40	)(e)		(0.24	)		(0.64	)		—			14.25
Institutional Class
Year Ended October 31, 2015		15.87		(0.23	)(e)		(0.26	)		(0.49	)		(0.39	)		14.99
Year Ended October 31, 2014		15.17		(0.27	)(e)		0.97			0.70			—			15.87
Year Ended October 31, 2013		14.95		(0.29	)(e)		0.51			0.22			—			15.17
Year Ended October 31, 2012		15.16		(0.29	)(e)		0.08			(0.21	)		—			14.95
Year Ended October 31, 2011		15.68		(0.27	)(e)		(0.25	)		(0.52	)		—			15.16
Select Class
Year Ended October 31, 2015		15.66		(0.26	)(e)		(0.25	)		(0.51	)		(0.39	)		14.76
Year Ended October 31, 2014		15.02		(0.31	)(e)		0.95			0.64			—			15.66
Year Ended October 31, 2013		14.83		(0.32	)(e)		0.51			0.19			—			15.02
Year Ended October 31, 2012		15.08		(0.32	)(e)		0.07			(0.25	)		—			14.83
Year Ended October 31, 2011		15.64		(0.31	)(e)		(0.25	)		(0.56	)		—			15.08

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.43% and 1.89% for the year ended October 31, 2015, 1.49% and 1.91% for 2014, 1.49% and 1.93% for 2013, 1.49% and 1.99% for 2012 and 1.48% and 1.93% for 2011; for Class C are 1.90% and 2.32% for the year ended October 31, 2015, 1.99% and 2.41% for 2014, 1.99% and 2.43% for 2013, 1.99% and 2.49% for 2012 and 1.98% and 2.43% for 2011; for Institutional Class are 0.95% and 1.44% for the year ended October 31, 2015, 0.99% and 1.51% for 2014, 0.99% and 1.53% for 2013, 0.99% and 1.59% for 2012 and 0.98% and 1.53% for 2011; for Select Class are 1.18% and 1.57% for the year ended October 31, 2015, 1.25% and 1.66% for 2014, 1.24% and 1.66% for 2013, 1.24% and 1.74% for 2012 and 1.23% and 1.68% for 2011, respectively.

(d) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

			Ratios/Supplemental data
					Ratios to average net assets
Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (b)(c)	Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (c)			Portfolio turnover rate (excluding securities sold short) (d)			Portfolio turnover rate (including short sales) (d)
	(3.59	)%	$	62,910	3.57%		(1.94	)%		4.03	%		163	%		370	%
	4.05			82,477	3.82		(2.26	)		4.24			90			192
	0.97			88,944	4.24		(2.42	)		4.68			75			149
	(1.84	)		116,146	4.46		(2.47	)		4.96			82			186
	(3.86	)		165,089	4.04		(2.32	)		4.49			105			231
	(4.12	)		23,790	4.04		(2.63	)		4.46			163			370
	3.50			10,933	4.32		(2.76	)		4.74			90			192
	0.58			14,209	4.74		(2.92	)		5.18			75			149
	(2.39	)		19,275	4.96		(2.97	)		5.46			82			186
	(4.30	)		27,566	4.54		(2.79	)		4.99			105			231
	(3.17	)		232,339	3.09		(1.48	)		3.58			163			370
	4.61			271,595	3.32		(1.76	)		3.84			90			192
	1.47			316,843	3.74		(1.91	)		4.28			75			149
	(1.39	)		337,565	3.99		(1.98	)		4.59			82			186
	(3.32	)		517,140	3.54		(1.79	)		4.09			105			231
	(3.34	)		337,990	3.32		(1.74	)		3.71			163			370
	4.26			348,525	3.57		(2.01	)		3.99			90			192
	1.28			292,993	3.99		(2.15	)		4.43			75			149
	(1.66	)		290,794	4.17		(2.19	)		4.67			82			186
	(3.58	)		341,976	3.79		(2.06	)		4.24			105			231

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 3 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Opportunistic Equity Long/Short Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified
Research Equity Long/Short Fund	Class A, Class C, Class R5 and Select Class	Diversified
Research Market Neutral Fund	Class A, Class C, Institutional Class and Select Class	Diversified

The investment objective of Opportunistic Equity Long/Short Fund is to seek capital appreciation.

The investment objective of Research Equity Long/Short Fund is to seek to provide long term capital appreciation.

The investment objective of Research Market Neutral Fund is to seek to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

Opportunistic Equity Long/Short Fund commenced operations on August 29, 2014. Prior to January 23, 2015, the Fund was not publicly offered for investment.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

On June 19, 2015, Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies excluding exchange traded funds (“ETFs) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures and options are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Opportunistic Equity Long/Short Fund

	Level 1 Quote prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	142,511		$	—	$	—	$	142,511
Total Liabilities for Securities Sold Short (a)	$	(28,071	)	$	—	$	—	$	(28,071	)
Research Equity Long/Short Fund
	Level 1 Quote prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	100,842		$	—	$	—	$	100,842
Total Liabilities for Securities Sold Short (a)	$	(57,688	)	$	—	$	—	$	(57,688	)
Research Market Neutral Fund
	Level 1 Quote prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	652,185		$	1,123	$	—	$	653,308
Total Liabilities for Securities Sold Short (a)	$	(489,092	)	$	—	$	—	$	(489,092	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(41	)	$	—	$	—	$	(41	)

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

(b) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Bill that is held for futures contracts collateral. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2015.

B. Options — Opportunistic Equity Long/Short Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The table below discloses the volume of the Fund’s options contracts activity during the year ended October 31, 2015:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		450
Ending Number of Contracts Purchased		737

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Short Sales — The Funds engage in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted in the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as interest income or interest expense, respectively, on securities sold short in the Statements of Operations.

The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

As of October 31, 2015, the Funds had outstanding short sales as listed on their SOIs.

D. Futures Contracts — Opportunistic Equity Long/Short Fund and Research Market Neutral Fund used index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The use of futures contracts exposes the Funds to equity price risk.

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

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

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2015 (amounts in thousands):

	Opportunistic Equity Long/ Short Fund			Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Long	$	11,462	(a)	$	—
Average Notional Balance Short		—			11,608
Ending Notional Balance Short		—			11,613

(a) Average for the period October 1, 2015 to October 31, 2015.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

E. Offering and Organizational Costs — Total offering costs of approximately $121,000 incurred in connection with the offering of shares of the Opportunistic Equity Long/Short Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statements of Operations. For the period ended October 31, 2015, total offering costs amortized were approximately $115,000.

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV 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.

Sub-transfer agent fees are class-specific expenses. The amount of the Sub-transfer agent fees charged to each class of the Funds for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A		Class C			Class R2		Class R5			Class R6		Institutional Class		Select Class			Total
Opportunistic Equity Long/Short Fund	$	1	$	—	(a)	$	—	$	—		$	—		n/a	$	—	(a)	$	1
Research Equity Long/Short Fund		43		1			n/a		—	(a)		n/a		n/a		15			59
Research Market Neutral Fund		51		7			n/a		n/a			n/a	$	55		15			128

(a) Amount rounds to less than $1,000.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2015 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually for the Opportunistic Equity Long/Short Fund, and Research Equity Long/Short Fund, and are generally declared and paid quarterly for the Research Market Neutral Fund 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.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net Investment income		Accumulated net realized gains (losses)
Opportunistic Equity Long/Short Fund	$	—	(a)	$	746	$	(746	)
Research Equity Long/Short Fund		(1,815	)		1,794		21
Research Market Neutral Fund		34,468			12,352		(46,820	)

(a) Amount rounds to less than $1,000.

The reclassifications for the Funds relate primarily to net operating losses and tax attributes acquired as the result of a merger.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of each Fund’s respective average daily net assets as follows:

Opportunistic Equity Long/Short Fund	1.20	%
Research Equity Long/Short Fund	0.95
Research Market Neutral Fund	0.80

Prior to September 1, 2015, the investment advisory fee was 1.25% for each fund.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned 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 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015 the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. 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:

	Class A			Class C	Class R2
Opportunistic Equity Long/Short Fund		0.25	%	0.75%		0.50	%
Research Equity Long/Short Fund		0.25		0.75		n/a
Research Market Neutral Fund		0.25		0.75		n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Opportunistic Equity Long/Short Fund	$	2	$	—
Research Equity Long/Short Fund		1		—
Research Market Neutral Fund		3		—

50 J.P.MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. 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:

	Class A			Class C			Class R2			Class R5			Institutional Class				Select Class
Opportunistic Equity Long/Short Fund		0.25	%		0.25	%		0.25	%		0.05	%		n/a		0.25%
Research Equity Long/Short Fund		0.25			0.25			n/a			0.05			n/a		0.25
Research Market Neutral Fund		0.25			0.25			n/a			n/a			0.10	%	0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expense. 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, if any, are presented separately in the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses and expenses related to the Board deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Opportunistic Equity Long/Short Fund*		1.85	%		2.35	%		2.10	%		1.40	%		1.35	%		n/a			1.60	%
Research Equity Long/Short Fund**		1.45			1.95			n/a			1.00			n/a			n/a			1.20
Research Market Neutral Fund***		1.25			1.75			n/a			n/a			n/a			0.85	%		0.99

* Prior to September 1, 2015, the contractual expense limitations for Opportunistic Equity Long/Short Fund were 2.00%, 2.50%, 2.25%, 1.55%, 1.50% and 1.75% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

** Prior to September 1, 2015, the contractual expense limitations for Research Equity Long/Short Fund were 1.75%, 2.25%, 1.30% and 1.50% for Class A, Class C, Class R5 and Select Class Shares, respectively.

*** Prior to September 1, 2015, the contractual expense limitations for Research Market Neutral Fund were 1.50%, 2.00%, 1.00% and 1.25% Class A, Class C, Institutional Class and Select Class Shares, respectively.

The expense limitation agreements were in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least August 31, 2016, except for Class B Shares which are no longer operating.

For the year ended October 31, 2015 the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Opportunistic Equity Long/Short Fund	$	190	$	27	$	2	$	219	$	22
Research Equity Long/Short Fund		227		104		40		371		—	(a)
Research Market Neutral Fund		1,942		569		276		2,787		42

(a) Amount rounds to less than $1,000.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	17
Research Equity Long/Short Fund		3
Research Market Neutral Fund		189

G. Other — Certain officers of the Trust are affiliated with the Adviser, 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 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 Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended October 31, 2015 the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2015 the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Opportunistic Equity Long/Short Fund	$	210,173	$	121,583	$	135,936	$	109,036
Research Equity Long/Short Fund		225,277		273,625		165,198		211,102
Research Market Neutral Fund		959,093		1,201,990		974,823		1,239,651

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	137,192	$	5,948	$	629	$	5,319
Research Equity Long/Short Fund		86,324		18,633		4,115		14,518
Research Market Neutral Fund		568,086		97,673		12,451		85,222

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	24	$	—	$	24
Research Equity Long/Short Fund		—		3,313		3,313
Research Market Neutral Fund		—		17,639		17,639

52 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

The tax character of distributions paid during the year ended October 31, 2014 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Research Equity Long/Short Fund	$	—	$	3,270	$	3,270

There were no distributions paid from Opportunistic Equity Long/Short Fund and Research Market Neutral Fund during the fiscal years ended October 31, 2014.

At October 31, 2015, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	1,677	$	81		$	4,104
Research Equity Long/Short Fund		—		(2,604	)		13,372
Research Market Neutral Fund		—		(76,304	)		67,261

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, loss deferrals on unsettled short sales, late year ordinary loss deferrals and straddle loss deferrals.

As of October 31, 2015, the following Funds had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Research Equity Long/Short Fund	$	2,604		$	—
Research Market Neutral Fund		76,304	*		—

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381-384.

Net capital losses and other late year losses incurred after October 31, 2015 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2015, the following Funds deferred to November 1, 2015 net capital losses and other late year loss of (amounts in thousands):

	Late Year Ordinary Loss Deferral
Research Equity Long/Short Fund	$	2,027
Research Market Neutral Fund		11,179

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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015 or at any time during the year then ended.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

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.

The J.P. Morgan Investor Funds, which are affiliated funds of funds, own in the aggregate, approximately 35.4% of the net assets of the Research Market Neutral Fund.

Additionally, Research Equity Long/Short Fund has several shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own significant portions of the Fund’s outstanding shares.

As of October 31, 2015 a 61% of the Opportunistic Equity Long/Short Fund’s outstanding shares were held by the Adviser.

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

Because Opportunistic Equity Long/Short Fund may invest a substantial portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Since Opportunistic Equity Long/Short Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

As of October 31, 2015, the Research Equity Long/Short Fund pledged a substantial portion of its assets to BNP Paribas for securities sold short and the Research Market Neutral Fund pledged substantially all of its assets to Citibank. for securities sold short. For the Research Equity Long/Short Fund and the Research Market Neutral Fund, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at BNP Paribas or Goldman Sachs & Co., respectively. The Opportunistic Equity Long/Short Fund pledged substantially all of its assets to Citigroup Global Markets, Inc. for securities sold short. Deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

8. Business Combinations

On February 19, 2015, the Board of Trustees of the Trust approved the reorganizations of JPMorgan Market Neutral Fund (the “Target Fund”) into JPMorgan Research Market Neutral Fund (the “Acquiring Fund”). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on June 19, 2015. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C and Select Class shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their respective holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $150,374,000 and identified cost of approximately $147,762,000, as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of June 19, 2015, the Target Fund had pre-enactment and post-enactment net capital loss carryforward of approximately $48,726,000 and $43,743,000, respectively.

54 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Market Neutral Fund							$	2,193
Class A		1,428	$	20,677	$	14.48
Class C		1,113		15,527		13.95
Select Class		3,780		55,860		14.78
Acquiring Fund
Research Market Neutral Fund								102,245
Class A		4,209		61,174		14.54
Class B		18		253		13.81
Class C		710		9,808		13.81
Institutional Class		16,048		244,983		15.27
Select Class		21,932		329,894		15.04
Post Reorganization
Research Market Neutral Fund								104,438
Class A		5,631		81,851		14.54
Class B		18		253		13.81
Class C		1,835		25,335		13.81
Institutional Class		16,048		244,983		15.27
Select Class		25,646		385,754		15.04

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on November 1, 2014, the beginning of the annual reporting period, the pro forma results of operations for the year ended October 31, 2015, are as follows (amounts in thousands):

Net investment income (loss)	$	(12,862	)
Net realized/unrealized gains (losses)		(11,921	)
Change in net assets resulting from operations	$	(24,782	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target fund that have been included on the Statements of Operations since June 19, 2015.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 55

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Equity Long/Short Fund and JPMorgan Research Market Neutral 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 Opportunistic Equity Long/Short Fund, JPMorgan Research Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (each a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015 and the results of each of their operations, the changes in each of their net assets 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

56 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 57

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

58 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 59

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,061.10	$	6.26		2.10	%
Hypothetical		1,000.00		1,019.13		6.13		2.10
Class C
Actual		1,000.00		1,058.90		7.66		2.88
Hypothetical		1,000.00		1,017.77		7.50		2.88
Class R2
Actual		1,000.00		1,060.00		8.70		2.84
Hypothetical		1,000.00		1,016.76		8.52		2.84
Class R5
Actual		1,000.00		1,064.60		6.74		2.14
Hypothetical		1,000.00		1,018.68		6.59		2.14
Class R6
Actual		1,000.00		1,064.60		5.36		2.09
Hypothetical		1,000.00		1,020.01		5.24		2.09
Class Select
Actual		1,000.00		1,062.90		5.75		2.21
Hypothetical		1,000.00		1,019.63		5.63		2.21
Research Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	981.80	$	8.52		3.39	%
Hypothetical		1,000.00		1,016.60		8.67		3.39
Class C
Actual		1,000.00		979.50		9.71		3.82
Hypothetical		1,000.00		1,015.40		9.89		3.82
Class R5
Actual		1,000.00		984.60		7.63		2.84
Hypothetical		1,000.00		1,017.51		7.76		2.84
Select Class
Actual		1,000.00		983.80		7.88		3.14
Hypothetical		1,000.00		1,017.26		8.01		3.14

60 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment (continued)

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Research Market Neutral Fund
Class A
Actual	$	1,000.00	$	986.80	$	8.62		3.69	%
Hypothetical		1,000.00		1,016.53		8.75		3.69
Class C
Actual		1,000.00		984.70		9.81		3.77
Hypothetical		1,000.00		1,015.32		9.96		3.77
Institutional Class
Actual		1,000.00		989.40		7.48		2.92
Hypothetical		1,000.00		1,017.69		7.58		2.92
Select Class
Actual		1,000.00		988.60		7.98		3.12
Hypothetical		1,000.00		1,017.18		8.09		3.12

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 61

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive

sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

62 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 63

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds which had at least one full year of performance at the time of review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds which had at least one full year of performance at the time of review within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted the performance of the Opportunistic Equity Long/Short Fund since its inception on August 29, 2014 as compared to that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Research Equity Long/Short Fund’s performance was in the second and third quintiles for both Class A and Select Class shares for the one- and three-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Research Market Neutral Fund’s performance was in the second, third and fourth quintiles for Class A shares, and in the second, second and fourth quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall

performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Opportunistic Equity Long/Short Fund’s net advisory fee and actual total expenses were in the first and fourth quintiles of the Universe Group, respectively, for both Class A and Select Class shares. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Research Equity Long/Short Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Research Market Neutral Fund’s net advisory fee for Class A and Select Class shares was in the third and second quintiles, and that the actual total expenses for Class A and Select Class Shares were in the third and first quintiles of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

64 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

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 October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2015:

	Dividend Received Deduction
Opportunistic Equity Long/Short Fund		100.00	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Long Term Capital Gain
Research Equity Long/Short Fund	$	3,313
Research Market Neutral Fund		17,639

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Qualified Dividend Income
Opportunistic Equity Long/Short Fund	$	24
Research Market Neutral Fund		12,171

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 65

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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 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 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015. All rights reserved. October 2015. AN-SPEC-1015

Annual Report

J.P. Morgan International Equity Funds

October 31, 2015

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Equity Income Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan Global Unconstrained Equity Fund

JPMorgan International Equity Fund

JPMorgan International Equity Income Fund

(formerly JPMorgan Global Equity Income Fund)

JPMorgan International Opportunities Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

JPMorgan Intrepid International Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Emerging Economies Fund	3
JPMorgan Emerging Markets Equity Fund	6
JPMorgan Emerging Markets Equity Income Fund	9
JPMorgan Global Research Enhanced Index Fund	12
JPMorgan Global Unconstrained Equity Fund	14
JPMorgan International Equity Fund	16
JPMorgan International Equity Income Fund (formerly JPMorgan Global Equity Income Fund)	19
JPMorgan International Opportunities Fund	23
JPMorgan International Research Enhanced Equity Fund	27
JPMorgan International Unconstrained Equity Fund	30
JPMorgan International Value Fund	33
JPMorgan Intrepid International Fund	37
Schedules of Portfolio Investments	40
Financial Statements	84
Financial Highlights	112
Notes to Financial Statements	136
Report of Independent Registered Public Accounting Firm	161
Trustees	162
Officers	164
Schedule of Shareholder Expenses	165
Board Approval of Investment Advisory Agreements	170
Tax Letter	175
Privacy Policy — Located at the back of this Annual Report

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 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared

to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index dropped 3.9%, and equity markets in Europe and Japan also fell. The sell-off also led to declines in the values of certain emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: the S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index posted its largest monthly gain since April 2013 and leading European indexes had their best monthly performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-14.45%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		-14.53%
Net Assets as of 10/31/2015 (In Thousands)	$	1,100,843

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.

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

The Fund’s Select Class Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the materials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s position in Netease Inc. and its overweight positions in China Merchants Bank Co. and Pegatron Corp. Shares of Netease, an Internet portal provider based in Beijing and not held in the Benchmark, rose on growth in earnings and revenue amid demand for its online games. Shares of China Merchants Bank, based in Shenzhen, China, rose on earnings growth. Shares of Pegatron, a Taiwan consumer electronics maker and the main assembler of Apple Inc. products, rose on strong earnings and sales growth.

Leading individual detractors from relative performance included the Fund’s underweight positions in Samsung Electronics Co. and Tencent Holdings Ltd. and its overweight position in Banco do Brasil SA. Shares of Samsung Electronics, a

Korean consumer electronics maker, rose on profit growth and strong sales of components. Shares of Tencent Holdings, a provider of Internet and mobile services in China, gained from continued growth in its online advertising businesses. Shares of Banco do Brasil, a Brazilian bank, declined as Brazil’s economy slid into recession.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest average positions during the twelve months ended October 31, 2015, were in China, South Korea and Taiwan and its smallest average positions in which the Fund invested were in Greece, Malaysia and Qatar. From a sector perspective, the Fund’s largest average positions were in the financials, information technology and consumer discretionary sectors, while its smallest average positions in which it was invested were in the health care, consumer staples and utilities.

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

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.0	%
	2.	Samsung Electronics Co., Ltd. (South Korea)	1.7
	3.	China Merchants Bank Co., Ltd., Class H (China)	1.4
	4.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	1.4
	5.	Bank of China Ltd., Class H (China)	1.3
	6.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	1.2
	7.	KT&G Corp. (South Korea)	1.2
	8.	NetEase, Inc., ADR (China)	1.2
	9.	Sberbank PAO, ADR (Russia)	1.1
	10.	Kia Motors Corp. (South Korea)	1.1

PORTFOLIO COMPOSITION BY COUNTRY*
China	25.1	%
Taiwan	18.1
South Korea	17.6
Turkey	6.9
Russia	6.5
India	5.2
Hong Kong	5.0
Brazil	3.1
South Africa	2.5
Indonesia	2.1
Poland	1.5
Others (each less than 1.0%)	3.0
Short-Term Investment	3.4

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 28, 2008
Without Sales Charge				(14.60	)%		(3.57	)%		(2.49	)%
With Sales Charge*				(19.10	)		(4.60	)		(3.17	)
CLASS C SHARES		February 28, 2008
Without CDSC				(15.02	)		(4.04	)		(2.98	)
With CDSC**				(16.02	)		(4.04	)		(2.98	)
CLASS R5 SHARES		February 28, 2008		(14.20	)		(3.12	)		(2.04	)
CLASS R6 SHARES		September 1, 2015		(14.28	)		(3.14	)		(2.05	)
SELECT CLASS SHARES		February 28, 2008		(14.45	)		(3.33	)		(2.25	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/15)

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

The Fund commenced operations on February 28, 2008.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to October 31, 2015. 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 MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets 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 MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets 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.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-16.60%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		-14.53%
Net Assets as of 10/31/2015 (In Thousands)	$	2,265,851

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities from emerging markets issuers.

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

The Fund’s Institutional Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

The Fund’s security selection in the industrials and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection and underweight position in the energy sector and its security selection in the financials sector were leading positive contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in CCR SA, and Copa Holdings SA and its underweight position in Samsung Electronics Ltd. Shares of CCR, a Brazilian operator of tolled highways, fell as Brazil’s economy retreated into recession. Shares of Copa Holdings, an airline holding company based in Panama, declined amid an economic recession in Brazil and weakening economic conditions throughout Latin America. Shares of Samsung Electronics, a Korean consumer electronics maker, rose on profit growth and strong sales of components.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lukoil PJSC and

HDFC Bank Ltd. and its position in AIA Group PLC. Shares of Lukoil, Russia’s largest integrated oil and gas company, rose amid perceived improvements in diplomatic relations between Russia and Western Europe and support for oil prices in October 2015. Shares of HDFC Bank, India’s second largest private sector lending company, rose on loan growth and strong quarterly earnings. Shares of AIA Group, a Hong Kong insurer and financial services company not held in the Benchmark, rose on continued growth in new business.

HOW WAS THE FUND POSITIONED?

The Fund employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, at the end of the reporting period the Fund’s largest average sector positions were the financials, information technology and consumer discretionary sectors, while the smallest average sector positions in which the Fund as invested were in the utilities, health care and telecommunication services sectors.

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

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

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Housing Development Finance Corp., Ltd. (India)	3.7	%
	2.	AIA Group Ltd. (Hong Kong)	3.7
	3.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.3
	4.	Tata Consultancy Services Ltd. (India)	3.2
	5.	Tencent Holdings Ltd. (China)	2.9
	6.	Bidvest Group Ltd. (The) (South Africa)	2.3
	7.	HDFC Bank Ltd., ADR (India)	2.3
	8.	ITC Ltd. (India)	2.1
	9.	Remgro Ltd. (South Africa)	2.1
	10.	Woolworths Holdings Ltd. (South Africa)	2.1

PORTFOLIO COMPOSITION BY COUNTRY*
India	19.6	%
South Africa	17.2
China	9.9
Brazil	7.9
Taiwan	7.3
Hong Kong	7.0
Russia	5.7
South Korea	4.2
Thailand	4.2
Indonesia	3.4
Turkey	2.4
United Kingdom	2.1
Mexico	2.1
Australia	1.2
Switzerland	1.1
Peru	1.0
Others (each less than 1.0%)	0.9
Short-Term Investment	2.8

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		September 28, 2001
Without Sales Charge				(16.95	)%		(3.24	)%		5.29	%
With Sales Charge*				(21.30	)		(4.28	)		4.72
CLASS C SHARES		February 28, 2006
Without CDSC				(17.34	)		(3.72	)		4.77
With CDSC**				(18.34	)		(3.72	)		4.77
CLASS R6 SHARES		December 23, 2013		(16.50	)		(2.82	)		5.74
INSTITUTIONAL CLASS SHARES		November 15, 1993		(16.60	)		(2.85	)		5.73
SELECT CLASS SHARES		September 10, 2001		(16.70	)		(2.99	)		5.56

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. 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.

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from October 31, 2005 to October 31, 2015. 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 MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation

treaties. The performance of the Lipper Emerging Markets 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 MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets 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.

Institutional Class Shares have a $3,000,000 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 12, 2014 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-13.77%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	-7.54%
Net Assets as of 10/31/2015 (In Thousands)	$2,693

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.

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

The Fund’s Select Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) from its inception on December 12, 2014 to October 31, 2015. The Fund’s security selection in the information technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and consumer staples sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Banco do Brasil SA and MediaTek Inc. and its underweight position in Tencent Holdings Ltd. Shares of Banco do Brasil, a Brazilian bank, declined as Brazil’s economy slid into recession. Shares of MediaTek, a Taiwan semiconductor maker, fell on weakening sales and concerns of spillover effects from slowing economic growth in China. Shares of Tencent Holdings, a provider of Internet and mobile services in China, gained from continued growth in its online advertising businesses.

Leading individual contributors to relative performance included the Fund’s overweight positions in KT&G Corp., OTP Bank Nyrt and Kimberly-Clark de Mexico SAB. Shares of KT&G Corp., a South Korean tobacco company, rose on quarterly earnings growth. Shares of OTP Bank, Hungary’s largest bank, rose on an increase in quarterly profit and the company’s forecast for lower risk costs. Shares of Kimberly-Clark de Mexico, a consumer products company, rose as revenue earned in U.S. dollars helped insulate the company from the impact of weakness in the Mexican peso.

HOW THE FUND WAS MANAGED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends.

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

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 12, 2014 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.0	%
	2.	Delta Electronics, Inc. (Taiwan)	2.6
	3.	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Mexico)	2.5
	4.	Banco Santander Chile, ADR (Chile)	2.4
	5.	KT&G Corp. (South Korea)	2.4
	6.	MediaTek, Inc. (Taiwan)	2.3
	7.	Bidvest Group Ltd. (The) (South Africa)	2.3
	8.	Life Healthcare Group Holdings Ltd. (South Africa)	2.3
	9.	Siliconware Precision Industries Co., Ltd. (Taiwan)	2.2
	10.	China Construction Bank Corp., Class H (China)	2.1

SUMMARY OF INVESTMENTS BY COUNTRY*
Taiwan	23.0	%
South Africa	14.8
China	9.6
Brazil	8.1
Hong Kong	8.1
Russia	6.7
South Korea	6.3
Thailand	4.0
Turkey	3.3
Mexico	2.5
Chile	2.4
Czech Republic	2.0
Poland	2.0
Saudi Arabia	1.8
Hungary	1.6
United Arab Emirates	1.5
Singapore	1.3
Indonesia	1.0

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS A SHARES	December 12, 2014
Without Sales Charge			(13.93	)%
With Sales Charge*			(18.44	)
CLASS C SHARES	December 12, 2014
Without CDSC			(14.33	)
With CDSC**			(15.33	)
CLASS R5 SHARES	December 12, 2014		(13.62	)
CLASS R6 SHARES	December 12, 2014		(13.51	)
SELECT CLASS SHARES	December 12, 2014		(13.77	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/12/14 TO 10/31/15)

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

The Fund commenced operations on December 12, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Equity Income Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from December 12, 2014 to October 31, 2015. 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 MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets 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 MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets 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.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	1.51%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)1	1.77%
Net Assets as of 10/31/2015 (In Thousands)	$7,415,278

INVESTMENT OBJECTIVE**

The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. By sector, the Fund’s security selection in the basic industries and health care sectors detracted from performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the technology-software and retail sectors made a positive contribution to relative performance. By region, the Fund’s security selection in Europe and North America, combined with an underweight position in the Pacific region (excluding Japan), contributed to relative performance. The Fund’s security selection in Japan detracted from relative performance.

Due to the Fund holding a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while being marginally underweight in or not holding securities in the Benchmark that they considered overvalued. During the reporting period, the Fund’s portfolio managers used exchange-traded funds and futures to help manage cash flows.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc. (United States)	2.1	%
	2.	Microsoft Corp. (United States)	1.5
	3.	Wells Fargo & Co. (United States)	1.0
	4.	Exxon Mobil Corp. (United States)	1.0
	5.	Nestle S.A. (Switzerland)	0.9
	6.	Amazon.com, Inc. (United States)	0.9
	7.	Facebook, Inc., Class A (United States)	0.8
	8.	Alphabet, Inc., Class C (United States)	0.8
	9.	Bank of America Corp. (United States)	0.8
	10.	Pfizer, Inc. (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	54.2	%
Japan	8.7
United Kingdom	7.6
Switzerland	4.4
France	3.8
Germany	3.4
Canada	2.9
Australia	2.4
Netherlands	1.7
Spain	1.2
Hong Kong	1.2
Italy	1.1
Ireland	1.0
Others (each less than 1.0%)	3.6
Short-Term Investment	2.8

¹  MSCI World Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund.

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2013
Without Sales Charge			1.28	%		9.85	%
With Sales Charge*			(4.04	)		7.66
CLASS C SHARES	February 28, 2013
Without CDSC			0.73			9.29
With CDSC**			(0.27	)		9.29
CLASS R2 SHARES	February 28, 2013		0.98			9.56
SELECT CLASS SHARES	February 28, 2013		1.51			10.13

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/13 TO 10/31/15)

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

The Fund commenced operations on February 28, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to October 31, 2015. 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 MSCI World 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 Global Large-Cap Core 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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutuals funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	5.20%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	-0.03%
Net Assets as of 10/31/2015 (In Thousands)	$1,641

INVESTMENT OBJECTIVE**

The JPMorgan Global Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares outperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

The Fund’s security selection and overweight positions in both the financials and information technology sectors were leading contributors to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the consumer discretionary sector and its underweight position in the consumer staples sectors were leading detractors from relative performance.

By region, the Fund’s security selection and underweight position in emerging markets and its security selection and overweight position in Continental Europe were leading contributors to relative performance, while the Fund’s underweight position in Japan and its security selection in the Pacific region (excluding Japan) were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included overweight positions in Amazon.com Inc., Google Inc. and Boston Scientific Corp. Shares of both Amazon.com, an online retailer, and Google, an Internet search and technology company, rose as both companies delivered higher-than-expected sales and earnings. Shares of Boston Scientific, a medical device manufacturer, rose after the company settled a long-running product litigation and continued to deliver accelerating revenue growth.

Leading individual detractors from the Fund’s relative performance included overweight positions in MEG Energy Corp. and Sands China Ltd. and its position in Valeant Pharmaceuticals International Ltd. Shares of MEG Energy, a Canadian energy company focused on the Alberta oils sands region, declined on global weakness in oil prices. Shares of Sands China, a Macau casino operator, fell as slowing economic growth in China and Chinese government efforts to curb corruption reduced casino traffic among wealthy customers. Shares of Valeant, a manufacture of drugs and medical devices, declined amid investor questions related to the company’s accounting methodology.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers combined a contrarian approach with bottom-up fundamental research to construct a global

portfolio of what they believed were undervalued companies, characterized by sustainability of earnings, strong free cash flow and the ability to increase earnings faster than their sector peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Twenty-First Century Fox, Inc., Class A (United States)	3.7	%
	2.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	3.4
	3.	Citigroup, Inc. (United States)	3.3
	4.	Baidu, Inc., ADR (China)	3.2
	5.	Fluor Corp. (United States)	2.5
	6.	MetLife, Inc. (United States)	2.4
	7.	Time, Inc. (United States)	2.4
	8.	Vodafone Group plc (United Kingdom)	2.4
	9.	Alphabet, Inc., Class C (United States)	2.3
	10.	Sanofi (France)	2.2

PORTFOLIO COMPOSITION BY COUNTRY***
United States	55.1	%
China	7.6
United Kingdom	7.1
France	6.9
Switzerland	5.3
Israel	3.4
Ireland	1.7
Canada	1.7
Finland	1.6
India	1.5
South Korea	1.4
Germany	1.3
Netherlands	1.3
Japan	1.2
Brazil	1.2
Others (each less than 1.0%)	1.7

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
Without Sales Charge				4.76	%		12.11	%		12.23	%
With Sales Charge*				(0.73	)		10.10			10.69
CLASS C SHARES		November 30, 2011
Without CDSC				4.26			11.54			11.67
With CDSC**				3.26			11.54			11.67
CLASS R2 SHARES		November 30, 2011		4.55			11.85			11.96
CLASS R5 SHARES		November 30, 2011		5.26			12.63			12.74
CLASS R6 SHARES		November 30, 2011		5.34			12.69			12.80
SELECT CLASS SHARES		November 30, 2011		5.20			12.45			12.55

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/15)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Unconstrained Equity Fund and the MSCI All Country World Index from November 30, 2011 to October 31, 2015. 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 MSCI All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through January 5, 2015, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-1.66%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	-0.07%
Net Assets as of 10/31/2015 (In Thousands)	$2,922,623

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.

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

The Fund’s Select Class Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from performance relative to the Benchmark during the twelve month reporting period. The Fund’s security selection in the financials and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Glencore PLC, Sands China Ltd. and Wynn Macau Ltd. Shares of Glencore, a mining and commodities trading company based in Switzerland, fell sharply as declining prices for commodities, particularly copper, reduced revenue and profit. Shares of Sands China and Wynn Macau, both resort casino operators in Macau, came under pressure as slower growth in China and Chinese government efforts to curb corruption reduced casino traffic among wealthy customers.

Leading individual contributors to the Fund’s relative performance included the Fund’s underweight position in Banco Santander SA and its overweight positions in Ping An Insurance Group Co. and WPP PLC. Shares of Banco Santander, a Spanish banking company that was not held in the Fund, declined as a recession in Brazil, combined with margin pressure in Spain, reduced revenue in the bank’s two largest markets. Shares of Ping An Insurance Group Co., a Chinese insurer not held in the Benchmark, rose as the company continued to take advantage of the underserved Chinese insurance market to expand. Shares of WPP, a U.K. advertising company, rose as improving economic conditions in the U.K. fueled sales growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they

believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Vodafone Group plc (United Kingdom)	2.3	%
	2.	Novartis AG (Switzerland)	2.2
	3.	Roche Holding AG (Switzerland)	2.1
	4.	HSBC Holdings plc (United Kingdom)	2.1
	5.	UBS Group AG (Switzerland)	2.0
	6.	Sumitomo Mitsui Financial Group, Inc. (Japan)	2.0
	7.	Prudential plc (United Kingdom)	2.0
	8.	BG Group plc (United Kingdom)	2.0
	9.	SAP SE (Germany)	2.0
	10.	Toyota Motor Corp. (Japan)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	22.1	%
Japan	21.8
Switzerland	13.2
France	11.7
Germany	8.8
Netherlands	4.2
Hong Kong	4.1
China	2.6
South Korea	1.9
Belgium	1.7
Taiwan	1.1
Australia	1.1
Israel	1.1
South Africa	1.0
Others (each less than 1.0%)	2.4
Short-Term Investment	1.2

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
Without Sales Charge			(1.89	)%		3.62	%		3.54	%
With Sales Charge*			(7.01	)		2.51			2.98
CLASS C SHARES	January 31, 2003
Without CDSC			(2.36	)		3.10			2.99
With CDSC**			(3.36	)		3.10			2.99
CLASS R2 SHARES	November 3, 2008		(2.14	)		3.36			3.34
CLASS R5 SHARES	May 15, 2006		(1.42	)		4.09			3.98
CLASS R6 SHARES	November 30, 2010		(1.44	)		4.12			4.00
SELECT CLASS SHARES	January 1, 1997		(1.66	)		3.86			3.79

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.

Returns for Class R5 Shares prior to its inception date are based on the performance of Select Class Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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 MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core 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 MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core 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.

Select Class Shares have a $1,000,000 minimum initial investment.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation

policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan International Equity Income Fund¹

(formerly JPMorgan Global Equity Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	0.66%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)2	-0.07%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	-0.03%
Net Assets as of 10/31/2015 (In Thousands)	$110,417

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.

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

The Fund’s Select Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

The Fund’s security selection in the banks and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care sector and its security selection and underweight position in the technology-software sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Bezeq Israel Telecommunication Corp., Direct Line Insurance Group PLC and Japan Airlines Co. Shares of Bezeq, an Israeli telecommunications provider, rose amid investor expectations that consolidation in the Israeli telecommunications sector would lead to improved earnings. Shares of Direct Line, a U.K. property insurer, rose on strong earnings growth. Shares of Japan Airlines rose as lower fuel costs and an increase in traffic — fueled partly by a weaker yen — boosted earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Suncorp Group Ltd., Johnson & Johnson and Centrica PLC. Shares of Suncorp Group, an Australian banking and insurance company, detracted from performance as the Australian dollar

depreciated sharply, undermining the value of the shares. Shares of Johnson & Johnson, a U.S. diversified health care products company, were weighed down by investor concerns that a strong U.S. dollar and increased competition for several of the company’s best selling drugs would hurt earnings. Shares of Centrica, a U.K. energy utility, fell as global weakness in energy prices weighed on its earnings and the company reduced its dividend to shareholders.

HOW THE FUND WAS MANAGED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends.

¹  Effective January 30, 2015, the Fund’s name was changed from JPMorgan Global Equity Income Fund and the Fund’s investment strategy was changed.

²  Effective January 30, 2015, the Fund’s primary benchmark changed from the MSCI All Country World Index (net of foreign withholding taxes) to the MSCI EAFE Index (net of foreign withholding taxes) to more closely align the Fund’s primary benchmark with its investment strategies.

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

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Equity Income Fund

(formerly JPMorgan Global Equity Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Bezeq The Israeli Telecommunication Corp., Ltd. (Israel)	3.2	%
	2.	Roche Holding AG (Switzerland)	3.2
	3.	TOTAL S.A. (France)	2.8
	4.	MMC Norilsk Nickel PJSC, ADR (Russia)	2.8
	5.	Nippon Telegraph & Telephone Corp. (Japan)	2.6
	6.	GlaxoSmithKline plc (United Kingdom)	2.6
	7.	Bayer AG (Germany)	2.4
	8.	Atlantia S.p.A. (Italy)	2.4
	9.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.2
	10.	UPM-Kymmene OYJ (Finland)	2.2

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	18.1	%
Japan	15.6
Germany	13.7
Switzerland	7.0
France	6.1
Italy	5.9
Australia	5.4
Israel	3.2
Netherlands	3.1
Hong Kong	2.8
Russia	2.7
Finland	2.2
Taiwan	2.1
Denmark	2.1
United States	2.1
Canada	2.0
Spain	1.5
Portugal	1.2
Short-Term Investment	3.2

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
Without Sales Charge			0.29	%		7.90	%		4.90	%
With Sales Charge*			(4.98	)		5.98			3.69
CLASS C SHARES	February 28, 2011
Without CDSC			(0.29	)		7.32			4.36
With CDSC**			(1.29	)		7.32			4.36
CLASS R2 SHARES	February 28, 2011		0.05			7.61			4.62
CLASS R5 SHARES	February 28, 2011		0.71			8.36			5.35
CLASS R6 SHARES	January 30, 2015		0.69			8.35			5.35
SELECT CLASS SHARES	February 28, 2011		0.66			8.20			5.18

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/15)

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

The Fund commenced operations on February 28, 2011.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index, the MSCI All Country World Index and the Lipper International Equity Income Funds Index from February 28, 2011 to October 31, 2015. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. 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 MSCI EAFE Index and the MSCI All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Equity Income 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 MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Lipper International Equity Income 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.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Equity Income Fund

(formerly JPMorgan Global Equity Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this

information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	0.33%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	-0.07%
Net Assets as of 10/31/2015 (In Thousands)	$2,240,370

INVESTMENT OBJECTIVE**

The JPMorgan International Opportunities Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

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

The Fund’s Institutional Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

By sector, the Fund’s security selection in the industrial cyclical and banks sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care and transportation services & construction cyclical sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in the U.K., Continental Europe and Japan, combined with an underweight position in the Pacific region (excluding Japan), made a positive contribution to relative performance. The Fund’s sole holding of a Canadian issuer, First Quantum Minerals Ltd., detracted from relative performance. Canada is not represented in the Benchmark.

Leading individual contributors to relative performance included the Fund’s overweight positions in Dentsu Inc., Daiwa House Industry Co. and Mitsubishi UFJ Financial Group Ltd. Shares of Dentsu, a Japanese advertising and communications company, rose on improved revenue growth. Shares of Daiwa House, a Japanese construction company, rose as an increase in domestic demand for housing boosted Daiwa’s earnings.

Shares of Mitsubishi UFJ, rose as the company moved to improve profitability and increase return to shareholders.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Sands China Ltd., Mazda Motor Corp. and Australia and New Zealand Banking Group Ltd. Shares of Sands China, a Macau casino resort operator, declined as slower economic growth in China and Chinese government efforts to curb corruption reduced casino traffic among wealthy customers. Shares of Mazda, a Japanese automaker, declined on disappointing earnings. Shares of Australia and New Zealand Banking Group, a financial services company, declined as weak commodities prices hurt Australian economic activity and undermined the value of the Australian dollar.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the security to realize its inherent value. In addition, the Fund employed futures and currency forwards to help manage cash flows and the Fund’s currency exposure.

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

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Nestle S.A. (Switzerland)	3.2	%
	2.	Roche Holding AG (Switzerland)	2.9
	3.	Bayer AG (Germany)	2.3
	4.	Vodafone Group plc (United Kingdom)	2.2
	5.	Royal Dutch Shell plc, Class A (Netherlands)	2.2
	6.	British American Tobacco plc (United Kingdom)	2.0
	7.	HSBC Holdings plc (United Kingdom)	1.9
	8.	Rio Tinto plc (United Kingdom)	1.9
	9.	Mitsubishi UFJ Financial Group, Inc. (Japan)	1.9
	10.	Dentsu, Inc. (Japan)	1.8

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	26.0	%
Japan	21.7
Switzerland	11.1
France	9.8
Germany	6.7
Netherlands	5.0
Australia	3.6
Italy	2.8
Finland	2.0
Hong Kong	2.0
Ireland	1.5
Sweden	1.4
Norway	1.0
Others (each less than 1.0%)	3.1
Short-Term Investment	2.3

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
Without Sales Charge			(0.15	)%		3.99	%		4.16	%
With Sales Charge*			(5.40	)		2.88			3.60
CLASS C SHARES	July 31, 2007
Without CDSC			(0.63	)		3.49			3.64
With CDSC**			(1.63	)		3.49			3.64
CLASS R6 SHARES	November 30, 2010		0.41			4.53			4.67
INSTITUTIONAL CLASS SHARES	February 26, 1997		0.33			4.44			4.62
SELECT CLASS SHARES	September 10, 2001		0.13			4.26			4.42

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. 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.

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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 MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core 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 MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core 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.

Institutional Class Shares have a $3,000,000 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.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	0.00%	†
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	-0.07%
Net Assets as of 10/31/2015 (In Thousands)	$884,329

INVESTMENT OBJECTIVE**

The JPMorgan International Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares marginally outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

By sector, the Fund’s security selection in the industrial cyclical and property sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the utilities and insurance sectors was a leading detractor from relative performance. By region, the Fund’s security selection in all major geographic regions contributed to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle S.A. (Switzerland)	2.3	%
	2.	Roche Holding AG (Switzerland)	2.1
	3.	Toyota Motor Corp. (Japan)	1.9
	4.	Novartis AG (Switzerland)	1.5
	5.	British American Tobacco plc (United Kingdom)	1.5
	6.	AstraZeneca plc (United Kingdom)	1.4
	7.	HSBC Holdings plc (United Kingdom)	1.3
	8.	Bayer AG (Germany)	1.3
	9.	Vodafone Group plc (United Kingdom)	1.2
	10.	SABMiller plc (United Kingdom)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.3	%
United Kingdom	19.8
Switzerland	10.3
France	10.1
Germany	8.6
Australia	5.4
Netherlands	4.4
Italy	2.9
Hong Kong	2.5
Spain	2.4
Sweden	2.3
Finland	2.1
Denmark	1.7
Ireland	1.5
Others (each less than 1.0%)	2.3
Short-Term Investment	1.4

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

† Amount rounds to less than 0.01%.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
Without Sales Charge			(0.29	)%		3.54	%		3.55	%
With Sales Charge*			(5.53	)		2.44			3.00
CLASS C SHARES	November 4, 1997
Without CDSC			(0.77	)		2.91			2.87
With CDSC**			(1.77	)		2.91			2.87
CLASS R2 SHARES	November 3, 2008		(0.50	)		3.29			3.29
SELECT CLASS SHARES	October 28, 1992		0.00			3.80			3.81

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

Returns for Class R2 Shares prior to its inception date are based on the performance of Select Class Shares. Class R2 Shares performance has been adjusted to reflect the difference in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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 MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Core 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 MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core 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.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI,

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.

Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	3.29%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)	-4.68%
Net Assets as of 10/31/2015 (In Thousands)	$74,496

INVESTMENT OBJECTIVE**

The JPMorgan International Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares outperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

By sector, the Fund’s security selection in the financials, consumer discretionary and health care sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the industrials and energy sectors and its underweight position to the consumer staples sector were leading detractors from relative performance.

By region, the Fund’s security selection in, and relative allocations to, emerging markets and Continental Europe were leading contributors to relative performance, while the Fund’s security selection in Canada detracted from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Ping An Insurance Group Co., Accor SA and Cheung Kong Holdings Ltd. Shares of Ping An Insurance Group Co., a Chinese insurer, rose as the company continued to take advantage of the underserved Chinese insurance market in order to expand. Shares of Accor, a French hotel operator that derives the bulk of its revenue from Europe, rose on expectations that the company would benefit from improving economic conditions in Europe as well as the company’s efforts to increase revenue. Shares of Cheung

Kong, a Hong Kong property developer and conglomerate, rose after the company, along with its Hutchison Whampoa affiliate, announced it was revamping its organizational structure to separate its Chinese real estate activities from the rest of the business.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Baidu Inc., Sands China Ltd. and MEG Energy Corp. Shares of Baidu, a Chinese Internet portal operator, fell as a pullback in Chinese equity prices raised concerns about the Chinese economy. Shares of Sands China, a developer-operator of resort casinos in Macau, fell as slower growth in China and Chinese government efforts to quell corruption reduced casino traffic among wealthy customers. Shares of MEG Energy, a Canadian energy company focused on the Alberta oil sands region, fell on weakness in global oil prices.

HOW WAS THE FUND POSITIONED?

By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and “change” companies, whose future prospects the managers believed were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on the share price.

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

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

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Continental AG (Germany)	3.3	%
	2.	Nokia OYJ (Finland)	3.3
	3.	Samsung Electronics Co., Ltd., Reg. S, GDR (South Korea)	3.2
	4.	Baidu, Inc., ADR (China)	3.1
	5.	Orange S.A. (France)	3.1
	6.	Lloyds Banking Group plc (United Kingdom)	3.0
	7.	Prudential plc (United Kingdom)	2.8
	8.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	2.8
	9.	ING Groep N.V., CVA (Netherlands)	2.8
	10.	Vodafone Group plc (United Kingdom)	2.8

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	20.0	%
Japan	13.3
France	11.0
China	8.4
Switzerland	8.1
Germany	5.3
Netherlands	4.9
Canada	3.5
Finland	3.3
India	3.3
South Korea	3.2
Hong Kong	2.8
Israel	2.8
Ireland	2.1
Italy	2.0
South Africa	1.7
Australia	1.6
Taiwan	1.4
Short-Term Investment	1.3

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
Without Sales Charge			2.98	%		7.08	%		9.24	%
With Sales Charge*			(2.43	)		5.16			7.75
CLASS C SHARES	November 30, 2011
Without CDSC			2.39			6.53			8.69
With CDSC**			1.39			6.53			8.69
CLASS R2 SHARES	November 30, 2011		2.67			6.80			8.96
CLASS R5 SHARES	November 30, 2011		3.43			7.56			9.73
CLASS R6 SHARES	November 30, 2011		3.48			7.61			9.79
SELECT CLASS SHARES	November 30, 2011		3.29			7.37			9.53

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 To 10/31/15)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S., and the Lipper International Large-Cap Core Funds Index from November 30, 2011 to October 31, 2015. 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 MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core 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 MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and

emerging markets, excluding the United States. The Lipper International Large-Cap Core 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.

Select Class Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	-4.23%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)	-4.23%
Net Assets as of 10/31/2015 (In Thousands)	$2,444,196

INVESTMENT OBJECTIVE**

The JPMorgan International Value Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities.

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

The Fund’s Institutional Class Shares performed in line with the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

By sector, the Fund’s security selection in the banks and technology-hardware sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care and consumer non-durable sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in the U.K. and Continental Europe was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in Japan and its exposure to emerging markets were leading detractors from relative performance. Emerging markets were not represented in the Benchmark.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Mitsubishi UFJ Financial Group Inc., Sony Corp. and Daiwa House Industry Co. Shares of Mitsubishi UFJ, a Japanese banking company, rose on moves to improve profitability and increase returns to shareholders. Shares of Daiwa House, a Japanese construction company, rose on improved earnings due to increased domestic demand for housing. Shares of Sony, an entertainment and

consumer electronics company not held in the Benchmark, rose as strong sales of its PlayStation 4 and cost cutting helped the company return to profitability.

Leading individual detractors from relative performance included the Fund’s overweight positions in Hitachi Ltd., ArcelorMittal SA and Engie SA. Shares of Hitachi, a Japanese industrial conglomerate, declined on disappointing earnings. Shares of ArcelorMittal, a steelmaker, fell on concerns about competition from Chinese steelmakers. Shares of Engie, a French state-owned energy company, fell amid weakness in energy prices and lower output from its Belgian nuclear operations.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive value investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the securities to realize their inherent value. In addition, the Fund employed futures and currency forwards to help manage cash flows and currency exposure.

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

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	TOTAL S.A. (France)	3.1	%
	2.	Toyota Motor Corp. (Japan)	3.1
	3.	Mitsubishi UFJ Financial Group, Inc. (Japan)	3.1
	4.	Vodafone Group plc (United Kingdom)	2.8
	5.	Nippon Telegraph & Telephone Corp. (Japan)	2.3
	6.	BNP Paribas S.A. (France)	2.2
	7.	Daimler AG (Germany)	2.0
	8.	AXA S.A. (France)	1.9
	9.	ING Groep N.V., CVA (Netherlands)	1.8
	10.	Roche Holding AG (Switzerland)	1.8

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	23.2	%
United Kingdom	22.1
France	12.3
Germany	6.9
Switzerland	6.2
Italy	5.3
Netherlands	4.9
Finland	3.3
Australia	3.0
Ireland	2.0
Hong Kong	1.7
Sweden	1.6
Norway	1.6
China	1.3
South Korea	1.0
Others (each less than 1.0%)	2.4
Short-Term Investment	1.2

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
Without Sales Charge			(4.63	)%		2.36	%		3.27	%
With Sales Charge*			(9.61	)		1.26			2.72
CLASS C SHARES	July 11, 2006
Without CDSC			(5.01	)		1.85			2.76
With CDSC**			(6.01	)		1.85			2.76
CLASS R2 SHARES	November 3, 2008		(4.84	)		2.11			3.09
CLASS R6 SHARES	November 30, 2010		(4.04	)		2.88			3.76
INSTITUTIONAL CLASS SHARES	November 4, 1993		(4.23	)		2.76			3.70
SELECT CLASS SHARES	September 10, 2001		(4.28	)		2.63			3.54

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. 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.

Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from October 31, 2005 to October 31, 2015. 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 MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Average 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 MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

Institutional Class Shares have a $3,000,000 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation

policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	0.93%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	-0.07%
Net Assets as of 10/31/2015 (In Thousands)	$2,081,916

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid International Fund (the “Fund”) seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

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

The Fund’s Institutional Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth and value characteristics) would be the primary drivers of returns.

During the reporting period, securities exhibiting the growth characteristics targeted by the Fund (high earnings momentum and high medium-term price momentum) generally outperformed the broader market. In contrast, securities exhibiting the value characteristics targeted by the Fund, (including low price-to-earnings and low price-to-book ratios) generally outperformed the broader market during the twelve month period. Price-to-earnings ratio is the price of a share divided by per share earnings for a twelve month period. Price-to-book ratio is the current closing price of a share divided by the book value per share for the most recent quarter.

The Fund’s security selection in the consumer discretionary and financials sector was a leading contributor to performance relative to the Benchmark for the twelve month period. The Fund’s security selection in the information technology sector was a detractor from relative performance.

The Fund targeted investments in companies that exhibited specific growth and/or value characteristics during the period. The Fund held a range of 150 to 250 securities during the period. Consequently, the impact of any individual security on the Fund’s overall performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund’s strategy was rooted in the notion that investor behavior is influenced by human emotion. This influence is believed to give rise to persistent growth and value anomalies within the market. During the reporting period, the Fund’s portfolio managers sought to exploit these anomalies by utilizing a series of style screens designed to identify securities with attractive growth, value and/or quality characteristics.

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

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Novartis AG (Switzerland)	2.0	%
	2.	Roche Holding AG (Switzerland)	1.7
	3.	Royal Dutch Shell plc, Class B (Netherlands)	1.6
	4.	Toyota Motor Corp. (Japan)	1.6
	5.	Nestle S.A. (Switzerland)	1.4
	6.	Sanofi (France)	1.3
	7.	Unilever N.V., CVA (United Kingdom)	1.3
	8.	British American Tobacco plc (United Kingdom)	1.2
	9.	TOTAL S.A. (France)	1.2
	10.	Bayer AG (Germany)	1.2

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	21.7	%
United Kingdom	18.6
France	11.2
Switzerland	8.6
Germany	8.6
Australia	5.4
Netherlands	4.3
Sweden	2.7
Denmark	2.6
Spain	2.6
Hong Kong	2.5
Italy	2.1
Ireland	1.6
Belgium	1.5
Others (each less than 1.0%)	4.7
Short-Term Investment	1.3

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
Without Sales Charge			0.45	%		4.45	%		3.32	%
With Sales Charge*			(4.82	)		3.33			2.76
CLASS C SHARES	February 28, 2006
Without CDSC			0.00			3.93			2.83
With CDSC**			(1.00	)		3.93			2.83
CLASS R2 SHARES	November 3, 2008		0.24			4.19			3.14
CLASS R6 SHARES	May 29, 2015		0.98			4.97			3.84
INSTITUTIONAL CLASS SHARES	April 30, 2001		0.93			4.96			3.83
SELECT CLASS SHARES	February 28, 2006		0.80			4.72			3.60

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

Returns for Class C and Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class C and Class R2 Shares would have been lower than those shown because Class C and Class R2 Shares have higher expenses than Class A Shares.

Returns for Select Class Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns for Select Class Shares would have been lower than those shown because Select Class Shares have higher expenses than Institutional Class Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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 MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities

included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Core 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 MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core 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.

Institutional Class Shares have a $3,000,000 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.1%
		Brazil — 3.0%
	2,292	Banco do Brasil S.A.		9,490
	2,134	Itau Unibanco Holding S.A. (Preference Shares), ADR		14,616
	1,543	JBS S.A.		5,702
	1,645	MRV Engenharia e Participacoes S.A.		3,166
				32,974
		Cayman Islands — 0.3%
	401	Chlitina Holding Ltd.		3,269
		China — 24.7%
	1,005	AAC Technologies Holdings, Inc.		6,374
	2,116	ANTA Sports Products Ltd.		5,919
	28,948	Bank of China Ltd., Class H		13,651
	8,913	Belle International Holdings Ltd.		8,651
	17,671	China CITIC Bank Corp., Ltd., Class H (a)		11,427
	16,502	China Everbright Bank Co., Ltd., Class H		8,087
	4,708	China Lesso Group Holdings Ltd.		3,806
	3,492	China Machinery Engineering Corp., Class H		3,031
	5,826	China Merchants Bank Co., Ltd., Class H		15,212
	9,639	China Minsheng Banking Corp., Ltd., Class H		9,686
	5,098	China Railway Construction Corp., Ltd., Class H		7,620
	14,982	China Telecom Corp., Ltd., Class H		7,815
	7,532	CNOOC Ltd.		8,507
	15,980	Geely Automobile Holdings Ltd.		8,522
	14,750	GOME Electrical Appliances Holdings Ltd.		2,695
	5,350	Great Wall Motor Co., Ltd., Class H		6,497
	7,436	Huadian Power International Corp., Ltd., Class H		5,437
	8,302	Huaneng Power International, Inc., Class H		8,988
	34,570	Industrial & Commercial Bank of China Ltd., Class H		21,928
	9,448	Jiangnan Group Ltd.		2,164
	10,484	Lenovo Group Ltd.		9,741
	88	NetEase, Inc., ADR		12,688
	5,312	PICC Property & Casualty Co., Ltd., Class H		12,053
	895	Ping An Insurance Group Co. of China Ltd., Class H		5,024
	3,278	Shanghai Electric Group Co., Ltd., Class H		2,046
	1,429	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		3,295
	4,264	Shenzhen Expressway Co., Ltd., Class H		3,286
	2,342	Sinopharm Group Co., Ltd., Class H		9,653
	2,892	Sunny Optical Technology Group Co., Ltd.		6,724
	633	Tencent Holdings Ltd.		11,937
	316	Trina Solar Ltd., ADR (a)		3,223
	282	Vipshop Holdings Ltd., ADR (a)		5,795

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	1,297	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		2,435
	8,154	Xinyi Solar Holdings Ltd.		3,242
	7,354	Zhejiang Expressway Co., Ltd., Class H		9,041
	2,272	ZTE Corp., Class H		5,472
				271,672
		Cyprus — 0.3%
	168	QIWI plc, ADR		2,896
		Egypt — 0.4%
	827	Commercial International Bank Egypt SAE, GDR		4,826
		Hong Kong — 4.9%
	881	China Mobile Ltd.		10,557
	3,354	China Overseas Land & Investment Ltd.		10,833
	3,060	China Resources Land Ltd.		7,952
	10,764	China Travel International Investment Hong Kong Ltd.		4,865
	34,875	REXLot Holdings Ltd.		1,327
	2,702	Shenzhen International Holdings Ltd.		4,104
	7,364	Sino Biopharmaceutical Ltd.		9,151
	6,702	Skyworth Digital Holdings Ltd.		4,960
				53,749
		India — 5.1%
	1,749	Apollo Tyres Ltd.		4,585
	559	Bharat Petroleum Corp., Ltd.		7,434
	286	Ceat Ltd.		4,712
	756	HCL Technologies Ltd.		10,071
	726	Hexaware Technologies Ltd.		2,657
	807	Hindustan Petroleum Corp., Ltd.		9,493
	533	Housing Development Finance Corp., Ltd.		10,209
	553	Jubilant Life Sciences Ltd.		3,452
	1,130	Power Finance Corp., Ltd.		4,126
				56,739
		Indonesia — 2.1%
	17,126	Astra International Tbk PT		7,362
	22,572	Bank Negara Indonesia Persero Tbk PT		7,803
	10,234	Bank Rakyat Indonesia Persero Tbk PT		7,833
				22,998
		Malaysia — 0.5%
	2,607	MISC Bhd		5,479
		Poland — 1.5%
	643	Polski Koncern Naftowy Orlen S.A.		10,426
	3,392	Polskie Gornictwo Naftowe i Gazownictwo S.A.		6,010
				16,436

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Russia — 5.6%
	3,247	Alrosa PAO		2,615
	250	Lukoil PJSC, ADR		9,069
	13,114	Magnitogorsk Iron & Steel Works OJSC		4,943
	701	MMC Norilsk Nickel PJSC, ADR		10,388
	811	Mobile TeleSystems PJSC, ADR		5,703
	2,524	Moscow Exchange MICEX-RTS PJSC		3,551
	2,002	Sberbank PAO, ADR		12,225
	552	Severstal PAO, Reg. S, GDR		6,480
	223	Tatneft PAO, ADR		6,869
				61,843
		South Africa — 2.4%
	3,428	Netcare Ltd.		9,748
	374	Spar Group Ltd. (The)		5,362
	1,935	Steinhoff International Holdings Ltd.		11,832
				26,942
		South Korea — 17.3%
	404	BNK Financial Group, Inc.		4,952
	126	Coway Co., Ltd.		9,395
	5	Crown Confectionery Co., Ltd.		2,665
	339	DGB Financial Group, Inc.		3,142
	23	GS Home Shopping, Inc.		3,452
	78	GS Retail Co., Ltd.		3,922
	32	Hana Tour Service, Inc.		3,534
	189	Hankook Tire Co., Ltd.		7,207
	70	Hyosung Corp.		7,161
	103	Hyundai Development Co-Engineering & Construction		4,146
	51	Hyundai Elevator Co., Ltd. (a)		2,322
	27	Hyundai Mobis Co., Ltd.		5,596
	727	Industrial Bank of Korea		8,895
	242	Kangwon Land, Inc.		8,990
	351	KB Financial Group, Inc.		11,107
	40	KEPCO Plant Service & Engineering Co., Ltd.		3,621
	139	KH Vatec Co., Ltd.		2,443
	249	Kia Motors Corp.		12,137
	128	Korea Electric Power Corp.		5,761
	12	Korea Zinc Co., Ltd.		4,842
	130	KT&G Corp.		13,030
	35	Lotte Chemical Corp.		7,419
	931	Meritz Securities Co., Ltd.		4,140
	53	NCSoft Corp.		8,811
	224	Partron Co., Ltd.		1,924
	16	Samsung Electronics Co., Ltd.		18,841
	110	Seah Besteel Corp.		2,760
	303	SK Hynix, Inc.		8,105
	161	S-Oil Corp.		9,625
				189,945

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — 17.8%
	9,213	Advanced Semiconductor Engineering, Inc.		10,636
	1,120	Casetek Holdings Ltd.		4,903
	978	Catcher Technology Co., Ltd.		9,598
	7,213	Cathay Financial Holding Co., Ltd.		10,274
	3,025	Chailease Holding Co., Ltd.		5,775
	1,566	Chicony Electronics Co., Ltd.		3,727
	1,947	Chipbond Technology Corp.		2,771
	5,501	Compeq Manufacturing Co., Ltd.		3,605
	8,948	E.Sun Financial Holding Co., Ltd.		5,378
	2,423	Elite Material Co., Ltd.		4,951
	902	Feng TAY Enterprise Co., Ltd.		5,171
	1,867	FLEXium Interconnect, Inc.		5,208
	5,872	Fubon Financial Holding Co., Ltd.		9,491
	1,319	Grape King Bio Ltd.		7,251
	3,240	Highwealth Construction Corp.		4,773
	4,161	Hon Hai Precision Industry Co., Ltd.		11,061
	1,551	Hota Industrial Manufacturing Co., Ltd.		5,142
	16,765	Innolux Corp.		5,624
	3,721	Inotera Memories, Inc. (a)		2,856
	59	Largan Precision Co., Ltd.		4,585
	13,833	Mega Financial Holding Co., Ltd.		10,079
	3,680	Pegatron Corp.		8,993
	5,337	Pou Chen Corp.		7,527
	1,614	Ruentex Industries Ltd.		2,974
	1,135	Shin Zu Shing Co., Ltd.		3,662
	2,101	Taiwan Paiho Ltd.		5,021
	597	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,117
	3,972	Vanguard International Semiconductor Corp.		5,105
	5,352	Wan Hai Lines Ltd.		3,536
	2,807	Win Semiconductors Corp.		3,809
	810	Yeong Guan Energy Technology Group Co., Ltd.		5,183
	1,376	Zhen Ding Technology Holding Ltd.		3,911
				195,697
		Thailand — 0.8%
	17,853	Krung Thai Bank PCL, NVDR		8,567
		Turkey — 6.7%
	1,106	Arcelik A.S.		6,026
	763	Dogus Otomotiv Servis ve Ticaret A.S.		2,764
	5,807	Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		5,626
	5,903	Eregli Demir ve Celik Fabrikalari TAS		8,366
	2,555	KOC Holding A.S.		11,541
	523	TAV Havalimanlari Holding A.S.		4,102
	735	Tofas Turk Otomobil Fabrikasi A.S.		4,846
	4,119	Turkiye Garanti Bankasi A.S.		10,667

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	2,735	Turkiye Halk Bankasi A.S.		10,247
	5,867	Turkiye Is Bankasi, Class C		9,999
				74,184
		United Arab Emirates — 0.7%
	10,631	Air Arabia PJSC		3,903
	1,908	Dubai Islamic Bank PJSC		3,352
				7,255
		Total Common Stocks (Cost $1,062,828)		1,035,471
	Preferred Stock — 0.8%
		Russia — 0.8%
	13,051	Surgutneftegas OAO		8,896
		Total Preferred Stocks (Cost $9,411)		8,896
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	36,465	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $36,465)		36,465
		Total Investments — 98.2% (Cost $1,108,704)		1,080,832
		Other Assets in Excess of Liabilities — 1.8% (c)		20,011
		NET ASSETS — 100.0%	$	1,100,843

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		20.6	%
Oil, Gas & Consumable Fuels		7.1
Electronic Equipment, Instruments & Components		5.2
Technology Hardware, Storage & Peripherals		5.2
Semiconductors & Semiconductor Equipment		4.9
Metals & Mining		4.2
Automobiles		3.6
Household Durables		3.3
Textiles, Apparel & Luxury Goods		3.3
Insurance		2.5
Auto Components		2.5
Internet Software & Services		2.3
Real Estate Management & Development		2.2
Diversified Financial Services		2.1
Health Care Providers & Services		2.1
Transportation Infrastructure		1.9
Hotels, Restaurants & Leisure		1.7
Wireless Telecommunication Services		1.5
IT Services		1.4
Construction & Engineering		1.4
Chemicals		1.3
Independent Power & Renewable Electricity Producers		1.3
Tobacco		1.2
Pharmaceuticals		1.2
Industrial Conglomerates		1.1
Personal Products		1.0
Others (each less than 1.0%)		10.5
Short-Term Investment		3.4

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	966	Mini MSCI Emerging Markets Index		12/18/15		USD	$	40,751	$	(979	)

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.2%
		Australia — 1.2%
	4,952	Oil Search Ltd.		27,597
		Brazil — 7.5%
	5,268	AMBEV S.A., ADR		25,655
	3,719	BB Seguridade Participacoes S.A.		25,652
	7,433	CCR S.A.		23,359
	1,866	Cielo S.A.		17,717
	3,330	Itau Unibanco Holding S.A. (Preference Shares), ADR		22,810
	3,692	Lojas Renner S.A.		17,710
	845	Marcopolo S.A.		408
	1,563	Ultrapar Participacoes S.A.		27,148
	2,265	WEG S.A.		8,457
				168,916
		China — 9.6%
	143	Alibaba Group Holding Ltd., ADR (a)		11,952
	149	Baidu, Inc., ADR (a)		27,997
	6,281	Chongqing Changan Automobile Co., Ltd., Class B		11,559
	16,843	CNOOC Ltd.		19,024
	28,040	Geely Automobile Holdings Ltd.		14,953
	1,082	JD.com, Inc., ADR (a)		29,896
	3,430	Tencent Holdings Ltd.		64,644
	1,434	Tsingtao Brewery Co., Ltd., Class H		6,845
	1,439	Vipshop Holdings Ltd., ADR (a)		29,522
				216,392
		Cyprus — 0.2%
	1,183	Globaltrans Investment plc, Reg. S, GDR (a)		4,966
		Hong Kong — 7.0%
	14,148	AIA Group Ltd.		82,953
	46	Jardine Matheson Holdings Ltd.		2,500
	379	Jardine Matheson Holdings Ltd. 1		20,593
	9,968	Sands China Ltd.		35,894
	20,496	Sun Art Retail Group Ltd.		16,753
				158,693
		India — 19.6%
	331	ACC Ltd.		6,969
	1,953	Ambuja Cements Ltd.		6,174
	1,442	Asian Paints Ltd.		18,286
	865	HDFC Bank Ltd.		17,378
	850	HDFC Bank Ltd., ADR		51,987
	4,355	Housing Development Finance Corp., Ltd.		83,468
	2,549	Infosys Ltd., ADR		46,283
	9,305	ITC Ltd.		47,551
	1,976	Kotak Mahindra Bank Ltd.		20,824

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — continued
	1,306	Lupin Ltd.		38,483
	859	Mahindra & Mahindra Ltd.		15,516
	1,917	Tata Consultancy Services Ltd.		73,067
	619	Tata Motors Ltd., ADR (a)		18,296
				444,282
		Indonesia — 3.4%
	58,797	Astra International Tbk PT		25,275
	23,219	Bank Central Asia Tbk PT		21,813
	38,909	Bank Rakyat Indonesia Persero Tbk PT		29,779
				76,867
		Mexico — 2.1%
	12,036	Fibra Uno Administracion S.A. de C.V.		26,435
	3,015	Infraestructura Energetica Nova S.A.B. de C.V.		14,538
	546	Promotora y Operadora de Infraestructura S.A.B. de C.V. (a)		6,847
				47,820
		Panama — 0.7%
	308	Copa Holdings S.A., Class A		15,540
		Peru — 1.0%
	202	Credicorp Ltd.		22,826
		Russia — 5.6%
	799	Lukoil PJSC, ADR		29,009
	159	Magnit PJSC		27,733
	366	Magnit PJSC, Reg. S, GDR		16,628
	650	Mail.Ru Group Ltd., Reg. S, GDR (a)		12,640
	29,575	Sberbank PAO		41,932
				127,942
		South Africa — 17.1%
	1,441	Aspen Pharmacare Holdings Ltd. (a)		32,296
	2,036	Bidvest Group Ltd. (The)		52,018
	380	Capitec Bank Holdings Ltd.		16,427
	8,252	FirstRand Ltd.		30,236
	398	Imperial Holdings Ltd.		5,179
	10,567	Life Healthcare Group Holdings Ltd.		29,453
	1,427	Mr Price Group Ltd.		21,918
	2,506	MTN Group Ltd.		28,526
	174	Naspers Ltd., Class N		25,410
	2,369	Remgro Ltd.		47,402
	6,677	Sanlam Ltd.		30,165
	2,145	Shoprite Holdings Ltd.		22,287
	6,337	Woolworths Holdings Ltd.		46,882
				388,199

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 4.2%
	178	Hyundai Motor Co.		24,373
	717	Kia Motors Corp.		35,004
	30	Samsung Electronics Co., Ltd.		35,605
				94,982
		Switzerland — 1.1%
	364	Luxoft Holding, Inc. (a)		24,229
		Taiwan — 7.2%
	4,949	Delta Electronics, Inc.		25,164
	1,738	MediaTek, Inc.		13,554
	4,184	President Chain Store Corp.		27,776
	17,474	Siliconware Precision Industries Co., Ltd.		23,087
	3,390	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		74,442
				164,023
		Thailand — 4.1%
	3,768	Advanced Info Service PCL, NVDR		24,653
	5,803	Kasikornbank PCL, NVDR		28,066
	1,480	Siam Cement PCL (The)		18,791
	341	Siam Cement PCL (The), NVDR		4,353
	4,836	Siam Commercial Bank PCL (The)		18,113
				93,976
		Turkey — 2.4%
	924	Ford Otomotiv Sanayi A.S.		10,858
	5,120	KOC Holding A.S.		23,122
	7,480	Turkiye Garanti Bankasi A.S.		19,368
				53,348
		United Kingdom — 2.2%
	929	Anglo American plc		7,798
	665	SABMiller plc		40,877
				48,675
		Total Common Stocks (Cost $2,124,791)		2,179,273
	Preferred Stocks — 0.4%
		Brazil — 0.4%
	1,049	Itau Unibanco Holding S.A.		7,201
	6,486	Marcopolo S.A.		3,279
		Total Preferred Stocks (Cost $18,521)		10,480

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — 0.4%
		China — 0.4%
		Low Exercise Cash Settled Call Warrants — 0.4%
		Chongqing Changan Automobile Co., Ltd.,
	859	expiring 10/13/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		2,084
	2,681	expiring 10/17/18 (Strike Price $0.00) (issued through UBS AG) (a)		6,501
		Total Structured Instruments (Cost $9,025)		8,585
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	62,382	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $62,382)		62,382
		Total Investments — 99.8% (Cost $2,214,719)		2,260,720
		Other Assets in Excess of Liabilities — 0.2%		5,131
		NET ASSETS — 100.0%	$	2,265,851

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		14.1	%
IT Services		7.3
Automobiles		7.1
Insurance		6.1
Internet Software & Services		5.2
Food & Staples Retailing		4.9
Semiconductors & Semiconductor Equipment		4.9
Oil, Gas & Consumable Fuels		4.5
Industrial Conglomerates		4.3
Thrifts & Mortgage Finance		3.7
Diversified Financial Services		3.4
Beverages		3.2
Pharmaceuticals		3.1
Multiline Retail		2.9

INDUSTRY	PERCENTAGE
Internet & Catalog Retail		2.6	%
Wireless Telecommunication Services		2.4
Tobacco		2.1
Construction Materials		1.6
Hotels, Restaurants & Leisure		1.6
Technology Hardware, Storage & Peripherals		1.6
Health Care Providers & Services		1.3
Real Estate Investment Trusts (REITs)		1.2
Media		1.1
Electronic Equipment, Instruments & Components		1.1
Transportation Infrastructure		1.0
Specialty Retail		1.0
Others (each less than 1.0%)		3.9
Short-Term Investment		2.8

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.0%
			Brazil — 8.1%
	11		AMBEV S.A., ADR		54
	5		Banco Bradesco S.A., ADR		26
	11		Banco do Brasil S.A.		45
	8		BB Seguridade Participacoes S.A.		54
	4		Tractebel Energia S.A.		38
					217
			Chile — 2.4%
	3		Banco Santander Chile, ADR		65
			China — 6.6%
	101		Bank of China Ltd., Class H		48
	78		China Construction Bank Corp., Class H		56
	83		Industrial & Commercial Bank of China Ltd., Class H		53
	14		MGM China Holdings Ltd.		20
					177
			Czech Republic — 2.0%
	–	(h)	Komercni Banka A.S.		54
			Hong Kong — 8.1%
	4		China Mobile Ltd.		48
	20		China Resources Power Holdings Co., Ltd.		45
	3		Hang Seng Bank Ltd.		46
	16		Sands China Ltd.		56
	2		VTech Holdings Ltd.		22
					217
			Hungary — 1.6%
	2		OTP Bank plc		44
			Indonesia — 1.0%
	9		Indo Tambangraya Megah Tbk PT		6
	109		Telekomunikasi Indonesia Persero Tbk PT		21
					27
			Mexico — 2.5%
	28		Kimberly-Clark de Mexico S.A.B. de C.V., Class A		68
			Poland — 1.9%
	1		Powszechny Zaklad Ubezpieczen S.A.		52
			Russia — 5.8%
	1		Lukoil PJSC, ADR		45
	1		MegaFon PJSC, Reg. S, GDR		19
	3		MMC Norilsk Nickel PJSC, ADR		43
	3		Mobile TeleSystems PJSC, ADR		23
	2		Severstal PAO, Reg. S, GDR		27
					157

SHARES			SECURITY DESCRIPTION	VALUE($)
			Singapore — 1.3%
	64		Hutchison Port Holdings Trust, Class U		36
			South Africa — 14.7%
	7		AVI Ltd.		42
	4		Barclays Africa Group Ltd.		54
	2		Bidvest Group Ltd. (The)		61
	11		FirstRand Ltd.		40
	4		Imperial Holdings Ltd.		45
	22		Life Healthcare Group Holdings Ltd.		61
	29		MMI Holdings Ltd.		52
	4		MTN Group Ltd.		41
					396
			South Korea — 6.3%
	1		Kangwon Land, Inc.		24
	1		KT&G Corp.		64
	–	(h)	Samsung Electronics Co., Ltd.		43
	2		SK Telecom Co., Ltd., ADR		38
					169
			Taiwan — 22.9%
	5		Asustek Computer, Inc.		45
	21		Cheng Shin Rubber Industry Co., Ltd.		38
	9		Chicony Electronics Co., Ltd.		22
	14		Delta Electronics, Inc.		71
	10		Far EasTone Telecommunications Co., Ltd.		22
	8		MediaTek, Inc.		63
	8		Novatek Microelectronics Corp.		27
	6		President Chain Store Corp.		40
	19		Quanta Computer, Inc.		32
	4		Radiant Opto-Electronics Corp.		12
	44		Siliconware Precision Industries Co., Ltd.		58
	4		Simplo Technology Co., Ltd.		14
	16		Taiwan Mobile Co., Ltd.		50
	4		Taiwan Semiconductor Manufacturing Co., Ltd., ADR		80
	2		Tripod Technology Corp.		3
	31		Vanguard International Semiconductor Corp.		40
					617
			Thailand — 4.0%
	9		Advanced Info Service PCL		55
	4		Siam Cement PCL (The)		51
					106
			Turkey — 3.3%
	12		Eregli Demir ve Celik Fabrikalari TAS		18
	6		Tofas Turk Otomobil Fabrikasi A.S.		42

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	7	Turkcell Iletisim Hizmetleri A.S.		29
				89
		United Arab Emirates — 1.5%
	12	First Gulf Bank PJSC		40
		Total Common Stocks (Cost $2,923)		2,531
	Preferred Stock — 0.8%
		Russia — 0.8%
	34	Surgutneftegas OAO (Cost $23)		23
	Structured Instruments — 3.0%
		China — 3.0%
		Low Exercise Cash Settled Call Warrants — 3.0%
	20	Fuyao Glass Industry Group Co., Ltd., expiring 09/23/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		42
	7	Midea Group Co., Ltd., expiring 06/20/16 (Strike Price $1.00) (issued through UBS AG) (a)		29
	2	Midea Group Co., Ltd., expiring 10/29/18 (Strike Price $0.00) (issued through BNP Paribas) (a)		9
		Total Structured Instruments (Cost $82)		80
NUMBER OF WARRANTS
	Warrants — 1.7%
		Saudi Arabia — 1.7%
	3	Al Rajhi Bank, expiring 08/22/16 (Strike Price $1.00) (a)		37
	1	Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a)		10
		Total Warrants (Cost $47)		47
		Total Investments — 99.5% (Cost $3,075)		2,681
		Other Assets in Excess of Liabilities — 0.5%		12
		NET ASSETS — 100.0%	$	2,693

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		23.1	%
Wireless Telecommunication Services		12.1
Semiconductors & Semiconductor Equipment		10.4
Insurance		5.9
Technology Hardware, Storage & Peripherals		5.3
Hotels, Restaurants & Leisure		3.7
Electronic Equipment, Instruments & Components		3.3
Metals & Mining		3.3
Independent Power & Renewable Electricity Producers		3.1
Oil, Gas & Consumable Fuels		2.7
Household Products		2.5
Tobacco		2.4
Industrial Conglomerates		2.3
Construction Materials		2.3
Health Care Providers & Services		2.3
Beverages		2.0
Distributors		1.7
Automobiles		1.6
Food Products		1.6
Diversified Financial Services		1.5
Food & Staples Retailing		1.5
Auto Components		1.4
Transportation Infrastructure		1.3
Household Durables		1.1
Others (each less than 1.0%)		1.6

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Australia — 2.4%
	247	AGL Energy Ltd.		2,926
	1,462	Alumina Ltd.		1,122
	356	Amcor Ltd.		3,438
	488	AMP Ltd.		1,978
	275	APA Group		1,789
	284	Asciano Ltd.		1,652
	534	Aurizon Holdings Ltd.		1,958
	642	Australia & New Zealand Banking Group Ltd.		12,423
	107	Bank of Queensland Ltd.		997
	38	Bendigo & Adelaide Bank Ltd.		291
	708	BHP Billiton Ltd.		11,611
	459	BHP Billiton plc		7,344
	144	Brambles Ltd.		1,059
	58	Caltex Australia Ltd.		1,296
	304	Coca-Cola Amatil Ltd.		1,968
	20	Cochlear Ltd.		1,252
	330	Commonwealth Bank of Australia		17,943
	190	Computershare Ltd.		1,460
	8	Crown Resorts Ltd.		61
	127	CSL Ltd.		8,469
	342	Dexus Property Group		1,877
	1,164	Federation Centres Ltd.		2,404
	663	Goodman Group		2,847
	606	Insurance Australia Group Ltd.		2,408
	267	Lend Lease Group		2,456
	84	Macquarie Group Ltd.		5,066
	1,170	Mirvac Group		1,495
	483	National Australia Bank Ltd.		10,317
	204	Newcrest Mining Ltd. (a)		1,774
	112	Orica Ltd.		1,313
	267	Origin Energy Ltd.		1,039
	446	Qantas Airways Ltd. (a)		1,256
	288	QBE Insurance Group Ltd.		2,698
	46	Ramsay Health Care Ltd.		2,031
	22	REA Group Ltd.		746
	179	Santos Ltd.		738
	879	Scentre Group		2,578
	7	SEEK Ltd.		64
	1,438	South32 Ltd. (a)		1,489
	182	Stockland		522
	452	Suncorp Group Ltd.		4,196
	287	Sydney Airport		1,313
	567	Tabcorp Holdings Ltd.		1,894
	929	Telstra Corp., Ltd.		3,558
	113	TPG Telecom Ltd.		886
	538	Transurban Group		3,989

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	184		Wesfarmers Ltd.		5,148
	266		Westfield Corp.		1,933
	708		Westpac Banking Corp.		15,776
	174		Woodside Petroleum Ltd.		3,653
	357		Woolworths Ltd.		6,111
					174,612
			Austria — 0.0% (g)
	–	(h)	Telekom Austria AG		–	(h)
			Belgium — 0.3%
	112		Anheuser-Busch InBev S.A.		13,416
	79		Delhaize Group		7,286
					20,702
			Canada — 2.9%
	34		Agrium, Inc.		3,199
	89		Alimentation Couche-Tard, Inc., Class B		3,811
	142		Bank of Montreal		8,235
	255		Bank of Nova Scotia (The)		12,008
	237		Barrick Gold Corp.		1,818
	49		BCE, Inc.		2,128
	184		Brookfield Asset Management, Inc., Class A		6,438
	88		Canadian Imperial Bank of Commerce		6,782
	189		Canadian National Railway Co.		11,527
	239		Canadian Natural Resources Ltd.		5,547
	129		Canadian Pacific Railway Ltd.		18,140
	24		Canadian Tire Corp., Ltd., Class A		2,102
	169		Cenovus Energy, Inc.		2,511
	70		CGI Group, Inc., Class A (a)		2,600
	6		Constellation Software, Inc.		2,522
	81		Crescent Point Energy Corp.		1,109
	38		Dollarama, Inc.		2,561
	173		Enbridge, Inc.		7,375
	169		Encana Corp.		1,285
	7		Fairfax Financial Holdings Ltd.		3,234
	163		First Quantum Minerals Ltd.		873
	60		Fortis, Inc.		1,737
	33		Franco-Nevada Corp.		1,684
	71		Gildan Activewear, Inc.		2,038
	183		Goldcorp, Inc.		2,338
	64		Great-West Lifeco, Inc.		1,687
	66		Imperial Oil Ltd.		2,195
	29		Intact Financial Corp.		2,077
	109		Inter Pipeline Ltd.		2,038
	56		Loblaw Cos. Ltd.		2,945
	36		lululemon athletica, Inc. (a)		1,755
	95		Magna International, Inc.		5,030

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Canada — continued
	407		Manulife Financial Corp.		6,752
	62		Metro, Inc.		1,771
	72		National Bank of Canada		2,369
	68		Pembina Pipeline Corp.		1,701
	187		Potash Corp. of Saskatchewan, Inc.		3,779
	77		Power Corp. of Canada		1,740
	54		Power Financial Corp.		1,326
	63		Restaurant Brands International, Inc.		2,520
	84		Rogers Communications, Inc., Class B		3,343
	319		Royal Bank of Canada		18,254
	85		Shaw Communications, Inc., Class B		1,758
	82		Silver Wheaton Corp.		1,116
	132		Sun Life Financial, Inc.		4,458
	342		Suncor Energy, Inc.		10,190
	404		Toronto-Dominion Bank (The)		16,601
	155		TransCanada Corp.		5,201
					214,208
			China — 0.0% (g)
	1,462		Yangzijiang Shipbuilding Holdings Ltd.		1,301
			Colombia — 0.0% (g)
	–	(h)	Pacific Exploration and Production Corp. (a)		–	(h)
			Denmark — 0.6%
	6		AP Moeller—Maersk A/S, Class B		9,240
	241		Danske Bank A/S		6,642
	422		Novo Nordisk A/S, Class B		22,391
	45		Pandora A/S		5,145
					43,418
			Finland — 0.6%
	2,661		Nokia OYJ		19,798
	–(h)		Nokian Renkaat OYJ		–	(h)
	727		UPM-Kymmene OYJ		13,611
	331		Wartsila OYJ Abp		14,137
					47,546
			France — 3.8%
	157		Air Liquide S.A.		20,272
	283		Airbus Group SE		19,738
	76		Arkema S.A.		5,571
	877		AXA S.A.		23,416
	395		BNP Paribas S.A.		23,932
	190		Bouygues S.A.		7,178
	74		Cap Gemini S.A.		6,602
	224		Cie de Saint-Gobain		9,373
	44		Cie Generale des Etablissements Michelin		4,399
	32		Danone S.A.		2,252

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	101	Engie S.A.		1,764
	57	L’Oreal S.A.		10,442
	13	LVMH Moet Hennessy Louis Vuitton SE		2,426
	1,113	Natixis S.A.		6,810
	166	Publicis Groupe S.A.		10,736
	162	Renault S.A.		15,286
	321	Sanofi		32,388
	74	Schneider Electric SE		4,442
	122	Societe Generale S.A.		5,689
	102	Sodexo S.A.		9,075
	177	Thales S.A.		12,806
	591	TOTAL S.A.		28,564
	25	Unibail-Rodamco SE		6,876
	425	Vivendi S.A. (a)		10,227
				280,264
		Germany — 3.2%
	122	Allianz SE		21,349
	97	BASF SE		7,933
	249	Bayer AG		33,210
	38	Bayerische Motoren Werke AG		3,890
	186	Brenntag AG		11,233
	47	Continental AG		11,397
	330	Daimler AG		28,595
	279	Deutsche Bank AG		7,822
	546	Deutsche Post AG		16,208
	641	Deutsche Telekom AG		12,013
	870	E.ON SE		9,179
	143	HeidelbergCement AG		10,646
	785	Infineon Technologies AG		9,665
	107	K+S AG		2,698
	26	Muenchener Rueckversicherungs-Gesellschaft AG		5,131
	279	SAP SE		22,010
	130	Siemens AG		13,046
	1,335	Telefonica Deutschland Holding AG		8,593
				234,618
		Hong Kong — 1.2%
	2,639	AIA Group Ltd.		15,476
	1,090	BOC Hong Kong Holdings Ltd.		3,484
	739	Cathay Pacific Airways Ltd.		1,466
	285	Cheung Kong Infrastructure Holdings Ltd.		2,644
	565	Cheung Kong Property Holdings Ltd.		3,955
	675	CK Hutchison Holdings Ltd.		9,240
	239	CLP Holdings Ltd.		2,078
	265	Galaxy Entertainment Group Ltd.		905
	80	Hang Lung Properties Ltd.		196

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	212	Hang Seng Bank Ltd.		3,880
	495	Henderson Land Development Co., Ltd.		3,164
	837	HKT Trust & HKT Ltd.		1,003
	1,720	Hong Kong & China Gas Co., Ltd.		3,488
	206	Hong Kong Exchanges and Clearing Ltd.		5,383
	504	Kerry Properties Ltd.		1,490
	2,030	Li & Fung Ltd.		1,646
	414	Link REIT		2,473
	582	MTR Corp., Ltd.		2,634
	2,129	New World Development Co., Ltd.		2,271
	183	NWS Holdings Ltd.		275
	249	Power Assets Holdings Ltd.		2,477
	774	Sands China Ltd.		2,789
	1,508	Sino Land Co., Ltd.		2,328
	363	Sun Hung Kai Properties Ltd.		4,849
	185	Swire Pacific Ltd., Class A		2,132
	60	Techtronic Industries Co., Ltd.		217
	528	Wharf Holdings Ltd. (The)		3,142
	121	Wheelock & Co., Ltd.		564
	174	Yue Yuen Industrial Holdings Ltd.		635
				86,284
		Ireland — 1.0%
	338	Accenture plc, Class A		36,188
	67	Allegion plc		4,395
	172	James Hardie Industries plc		2,221
	64	Medtronic plc		4,699
	29	Perrigo Co. plc		4,638
	213	Shire plc		16,121
	220	XL Group plc		8,371
				76,633
		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		9,160
		Italy — 1.1%
	588	Assicurazioni Generali S.p.A.		11,140
	319	Atlantia S.p.A.		8,841
	4,007	Enel S.p.A.		18,477
	166	Eni S.p.A.		2,713
	3,766	Intesa Sanpaolo S.p.A.		13,101
	984	Snam S.p.A.		5,093
	6,576	Telecom Italia S.p.A. (a)		9,175
	1,853	UniCredit S.p.A.		11,963
				80,503

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 8.7%
	328	Ajinomoto Co., Inc.		7,306
	4	Alfresa Holdings Corp.		77
	92	Alps Electric Co., Ltd.		2,856
	686	Amada Holdings Co., Ltd.		6,119
	1,534	ANA Holdings, Inc.		4,581
	200	Asahi Glass Co., Ltd.		1,145
	27	Asahi Group Holdings Ltd.		845
	579	Asahi Kasei Corp.		3,553
	521	Astellas Pharma, Inc.		7,559
	194	Bandai Namco Holdings, Inc.		4,774
	824	Bank of Yokohama Ltd. (The)		5,143
	205	Bridgestone Corp.		7,521
	214	Canon, Inc.		6,399
	53	Central Japan Railway Co.		9,595
	894	Chiba Bank Ltd. (The)		6,522
	107	Chubu Electric Power Co., Inc.		1,646
	42	Chugai Pharmaceutical Co., Ltd.		1,339
	354	Citizen Holdings Co., Ltd.		2,683
	82	COLOPL, Inc.		1,335
	203	Daicel Corp.		2,683
	420	Dai-ichi Life Insurance Co., Ltd. (The)		7,273
	102	Daikin Industries Ltd.		6,554
	111	Daiwa House Industry Co., Ltd.		2,901
	54	Denso Corp.		2,499
	101	Dentsu, Inc.		5,695
	140	East Japan Railway Co.		13,301
	50	Eisai Co., Ltd.		3,146
	40	FamilyMart Co., Ltd.		1,631
	25	FANUC Corp.		4,323
	23	Fast Retailing Co., Ltd.		8,219
	188	Fuji Heavy Industries Ltd.		7,278
	118	FUJIFILM Holdings Corp.		4,691
	24	Fukuoka Financial Group, Inc.		126
	770	Furukawa Electric Co., Ltd.		1,409
	1,709	Hitachi Ltd.		9,859
	402	Hokuhoku Financial Group, Inc.		893
	402	Honda Motor Co., Ltd.		13,288
	57	Hoya Corp.		2,348
	105	Hulic Co., Ltd.		982
	257	Ibiden Co., Ltd.		3,545
	15	Isetan Mitsukoshi Holdings Ltd.		245
	2	Japan Retail Fund Investment Corp.		4,005
	352	Japan Tobacco, Inc.		12,183
	87	JFE Holdings, Inc.		1,369
	471	Kansai Electric Power Co., Inc. (The) (a)		6,040

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	54		Kao Corp.		2,772
	1,120		Kawasaki Heavy Industries Ltd.		4,495
	619		KDDI Corp.		14,986
	18		Keyence Corp.		9,579
	288		Kirin Holdings Co., Ltd.		4,076
	409		Kobe Steel Ltd.		516
	67		Komatsu Ltd.		1,096
	148		Kubota Corp.		2,294
	33		Kyocera Corp.		1,511
	210		Kyowa Hakko Kirin Co., Ltd.		3,461
	336		Kyushu Electric Power Co., Inc. (a)		4,056
	54		Mabuchi Motor Co., Ltd.		2,667
	67		Makita Corp.		3,688
	339		Marubeni Corp.		1,959
	177		Marui Group Co., Ltd.		2,290
	335		Medipal Holdings Corp.		5,852
	40		MEIJI Holdings Co., Ltd.		3,144
	416		Mitsubishi Corp.		7,570
	844		Mitsubishi Electric Corp.		8,790
	143		Mitsubishi Estate Co., Ltd.		3,067
	300		Mitsubishi Heavy Industries Ltd.		1,512
	7		Mitsubishi Motors Corp.		65
	3,739		Mitsubishi UFJ Financial Group, Inc.		24,183
	726		Mitsui & Co., Ltd.		9,213
	913		Mitsui Chemicals, Inc.		3,452
	400		Mitsui Fudosan Co., Ltd.		10,885
	149		Mitsui OSK Lines Ltd.		398
	4,477		Mizuho Financial Group, Inc.		9,223
	31		Murata Manufacturing Co., Ltd.		4,427
	160		NGK Spark Plug Co., Ltd.		3,893
	157		NH Foods Ltd.		3,275
	92		Nidec Corp.		6,910
	23		Nintendo Co., Ltd.		3,677
	489		Nippon Electric Glass Co., Ltd.		2,393
	429		Nippon Express Co., Ltd.		2,210
	–	(h)	Nippon Prologis REIT, Inc.		264
	340		Nippon Steel & Sumitomo Metal Corp.		6,889
	308		Nippon Telegraph & Telephone Corp.		11,273
	1,133		Nissan Motor Co., Ltd.		11,742
	40		Nitori Holdings Co., Ltd.		3,150
	78		Nitto Denko Corp.		5,002
	1,458		Nomura Holdings, Inc.		9,173
	74		Nomura Real Estate Holdings, Inc.		1,586
	148		NTT DOCOMO, Inc.		2,890
	336		Obayashi Corp.		2,947
	75		Omron Corp.		2,487

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	20		Ono Pharmaceutical Co., Ltd.		2,671
	30		Oriental Land Co., Ltd.		1,798
	269		ORIX Corp.		3,930
	159		Otsuka Holdings Co., Ltd.		5,298
	459		Panasonic Corp.		5,389
	144		Rakuten, Inc.		1,989
	1,167		Resona Holdings, Inc.		6,175
	9		Santen Pharmaceutical Co., Ltd.		115
	310		Sanwa Holdings Corp.		2,507
	162		Seiko Epson Corp.		2,479
	427		Sekisui Chemical Co., Ltd.		5,038
	103		Seven & i Holdings Co., Ltd.		4,679
	148		Shimadzu Corp.		2,296
	408		Shimizu Corp.		3,572
	154		Shin-Etsu Chemical Co., Ltd.		9,170
	17		SMC Corp.		4,296
	160		SoftBank Group Corp.		8,981
	222		Sompo Japan Nipponkoa Holdings, Inc.		6,977
	346		Sony Corp.		9,835
	81		Sumitomo Corp.		888
	156		Sumitomo Electric Industries Ltd.		2,135
	–	(h)	Sumitomo Forestry Co., Ltd.		1
	349		Sumitomo Mitsui Financial Group, Inc.		13,903
	32		Sumitomo Realty & Development Co., Ltd.		1,054
	–	(h)	Sundrug Co., Ltd.		21
	76		Suntory Beverage & Food Ltd.		3,085
	158		Suzuken Co., Ltd.		6,028
	32		Suzuki Motor Corp.		1,058
	102		Sysmex Corp.		5,813
	98		T&D Holdings, Inc.		1,283
	771		Taiheiyo Cement Corp.		2,542
	498		Takashimaya Co., Ltd.		4,452
	74		Takeda Pharmaceutical Co., Ltd.		3,623
	312		Teijin Ltd.		1,101
	115		Terumo Corp.		3,415
	185		Tokio Marine Holdings, Inc.		7,140
	1,011		Tokyo Gas Co., Ltd.		5,003
	238		Toppan Printing Co., Ltd.		2,134
	170		Toshiba Corp. (a)		480
	682		Toyota Motor Corp.		41,795
	124		Unicharm Corp.		2,657
	39		West Japan Railway Co.		2,719
	201		Yamaha Motor Co., Ltd.		4,514
	184		Yamato Holdings Co., Ltd.		3,612
					646,123

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Luxembourg — 0.1%
	831	ArcelorMittal		4,642
		Netherlands — 1.7%
	1,340	Aegon N.V.		8,223
	131	ASML Holding N.V.		12,141
	196	Heineken Holding N.V.		15,682
	39	Heineken N.V.		3,537
	1,308	ING Groep N.V., CVA		19,036
	2,354	Koninklijke KPN N.V.		8,625
	241	NN Group N.V.		7,548
	66	NXP Semiconductors N.V. (a)		5,163
	1,183	Royal Dutch Shell plc, Class A		30,893
	617	Royal Dutch Shell plc, Class B		16,164
				127,012
		New Zealand — 0.1%
	500	Auckland International Airport Ltd.		1,778
	168	Contact Energy Ltd.		589
	444	Meridian Energy Ltd.		667
	72	Ryman Healthcare Ltd.		382
	800	Spark New Zealand Ltd.		1,815
				5,231
		Norway — 0.3%
	676	DNB ASA		8,602
	942	Norsk Hydro ASA		3,373
	411	Telenor ASA (a)		7,742
				19,717
		Portugal — 0.1%
	1,337	EDP—Energias de Portugal S.A.		4,943
	437	Galp Energia SGPS S.A.		4,722
				9,665
		Singapore — 0.7%
	215	Avago Technologies Ltd.		26,436
	1,053	CapitaLand Commercial Trust Ltd.		1,056
	260	ComfortDelGro Corp., Ltd.		563
	470	DBS Group Holdings Ltd.		5,779
	1,558	Global Logistic Properties Ltd.		2,492
	1,942	Hutchison Port Holdings Trust, Class U		1,076
	505	Keppel Corp., Ltd.		2,541
	789	Oversea-Chinese Banking Corp., Ltd.		5,073
	1,435	Singapore Telecommunications Ltd.		4,077
	320	United Overseas Bank Ltd.		4,639
	732	Wilmar International Ltd.		1,631
				55,363

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — 1.2%
	762	Banco Bilbao Vizcaya Argentaria S.A.		6,556
	3,673	Banco Santander S.A.		20,519
	6,437	Bankia S.A.		8,272
	1,157	Distribuidora Internacional de Alimentacion S.A. (a)		7,349
	1,621	Iberdrola S.A.		11,560
	420	Industria de Diseno Textil S.A.		15,739
	573	Repsol S.A.		7,212
	703	Telefonica S.A.		9,270
				86,477
		Sweden — 0.6%
	320	Assa Abloy AB, Class B		6,362
	62	Atlas Copco AB, Class A		1,619
	319	Electrolux AB, Series B		9,393
	509	Nordea Bank AB		5,615
	1,007	Sandvik AB		9,394
	310	SKF AB, Class B		5,454
	1,625	TeliaSonera AB		8,303
				46,140
		Switzerland — 4.4%
	186	ABB Ltd. (a)		3,507
	258	ACE Ltd.		29,295
	58	Actelion Ltd. (a)		8,103
	259	Cie Financiere Richemont S.A.		22,250
	517	Credit Suisse Group AG (a)		12,906
	241	LafargeHolcim Ltd. (a)		13,581
	874	Nestle S.A.		66,733
	480	Novartis AG		43,497
	193	Roche Holding AG		52,470
	43	Syngenta AG		14,342
	312	TE Connectivity Ltd.		20,076
	1,206	UBS Group AG		24,085
	224	Wolseley plc		13,144
	15	Zurich Insurance Group AG (a)		3,931
				327,920
		United Kingdom — 7.6%
	1,394	3i Group plc		10,741
	82	Anglo American plc		690
	101	ARM Holdings plc		1,593
	212	Associated British Foods plc		11,268
	436	AstraZeneca plc		27,782
	1,745	Aviva plc		13,041
	1,310	BAE Systems plc		8,860
	6,197	Barclays plc		22,080

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	895	BG Group plc		14,134
	4,062	BP plc		24,143
	621	British American Tobacco plc		36,901
	1,406	BT Group plc		10,039
	94	Bunzl plc		2,683
	516	Capita plc		10,114
	3,147	Centrica plc		10,949
	362	Compass Group plc		6,228
	34	Delphi Automotive plc		2,799
	408	Diageo plc		11,753
	1,492	Dixons Carphone plc		10,593
	1,358	GlaxoSmithKline plc		29,287
	399	Hammerson plc		3,912
	3,818	HSBC Holdings plc		29,827
	157	Imperial Tobacco Group plc		8,436
	3,114	ITV plc		12,090
	1,822	Kingfisher plc		9,903
	32	Liberty Global plc, Class A (a)		1,430
	123	Liberty Global plc, Series C (a)		5,256
	20,676	Lloyds Banking Group plc		23,468
	746	National Grid plc		10,632
	76	Next plc		9,364
	473	Persimmon plc (a)		14,497
	1,073	Prudential plc		25,059
	85	Randgold Resources Ltd.		5,689
	224	Reckitt Benckiser Group plc		21,890
	113	Rio Tinto Ltd.		4,036
	387	Rio Tinto plc		14,093
	649	RSA Insurance Group plc		4,199
	358	SABMiller plc		21,965
	291	Standard Chartered plc		3,232
	2,563	Tesco plc (a)		7,228
	460	Unilever N.V., CVA		20,803
	8,741	Vodafone Group plc		28,766
	144	Whitbread plc		10,978
	132	WPP plc		2,954
				565,385
		United States — 54.1%
	13	3M Co.		1,971
	531	Abbott Laboratories		23,781
	42	AbbVie, Inc.		2,500
	331	Adobe Systems, Inc. (a)		29,352
	178	Aetna, Inc.		20,460
	269	Alcoa, Inc.		2,401
	94	Alexion Pharmaceuticals, Inc. (a)		16,476

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	118	Allergan plc (a)		36,465
	41	Alliance Data Systems Corp. (a)		12,103
	71	Alphabet, Inc., Class A (a)		52,678
	83	Alphabet, Inc., Class C (a)		58,781
	142	Altria Group, Inc.		8,601
	102	Amazon.com, Inc. (a)		64,064
	439	American International Group, Inc.		27,709
	143	American Tower Corp.		14,631
	215	American Water Works Co., Inc.		12,325
	93	Ameriprise Financial, Inc.		10,717
	58	AMETEK, Inc.		3,163
	36	Amgen, Inc.		5,728
	150	Amphenol Corp., Class A		8,142
	191	Anadarko Petroleum Corp.		12,790
	1,317	Apple, Inc.		157,387
	670	Applied Materials, Inc.		11,243
	235	Archer-Daniels-Midland Co.		10,717
	21	Arrow Electronics, Inc. (a)		1,130
	151	Arthur J. Gallagher & Co.		6,622
	1,119	AT&T, Inc.		37,484
	103	Automatic Data Processing, Inc.		8,917
	81	AutoNation, Inc. (a)		5,127
	12	AutoZone, Inc. (a)		9,664
	91	AvalonBay Communities, Inc.		15,962
	28	Avnet, Inc.		1,254
	91	Axiall Corp.		1,846
	204	Baker Hughes, Inc.		10,757
	3,441	Bank of America Corp.		57,732
	129	BB&T Corp.		4,786
	18	Becton, Dickinson and Co.		2,583
	251	Berkshire Hathaway, Inc., Class B (a)		34,203
	229	Best Buy Co., Inc.		8,006
	92	Biogen, Inc. (a)		26,789
	79	BioMarin Pharmaceutical, Inc. (a)		9,264
	65	BlackRock, Inc.		22,825
	69	Boston Properties, Inc.		8,639
	1,266	Boston Scientific Corp. (a)		23,140
	575	Bristol-Myers Squibb Co.		37,913
	208	Broadcom Corp., Class A		10,712
	32	Bunge Ltd.		2,307
	301	Cabot Oil & Gas Corp.		6,530
	179	Capital One Financial Corp.		14,160
	218	Carnival Corp.		11,806
	23	Caterpillar, Inc.		1,669
	276	CBS Corp. (Non-Voting), Class B		12,818
	296	Celgene Corp. (a)		36,261

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	22	Centene Corp. (a)		1,321
	296	CenterPoint Energy, Inc.		5,494
	51	CF Industries Holdings, Inc.		2,567
	686	Charles Schwab Corp. (The)		20,935
	91	Charter Communications, Inc., Class A (a)		17,456
	426	Chevron Corp.		38,706
	54	Cigna Corp.		7,229
	841	Cisco Systems, Inc.		24,264
	1,006	Citigroup, Inc.		53,477
	309	CMS Energy Corp.		11,148
	618	Coca-Cola Co. (The)		26,176
	132	Coca-Cola Enterprises, Inc.		6,797
	363	Cognizant Technology Solutions Corp., Class A (a)		24,728
	113	Colgate-Palmolive Co.		7,489
	470	Columbia Pipeline Group, Inc.		9,755
	660	Comcast Corp., Class A		41,317
	76	Concho Resources, Inc. (a)		8,808
	76	ConocoPhillips		4,078
	140	Constellation Brands, Inc., Class A		18,906
	289	Corning, Inc.		5,375
	178	Costco Wholesale Corp.		28,144
	271	Crown Holdings, Inc. (a)		14,383
	234	CSX Corp.		6,308
	91	Cummins, Inc.		9,465
	151	CVS Health Corp.		14,944
	304	D.R. Horton, Inc.		8,945
	251	Delta Air Lines, Inc.		12,741
	31	DENTSPLY International, Inc.		1,914
	192	Discover Financial Services		10,788
	224	DISH Network Corp., Class A (a)		14,117
	168	Dollar General Corp.		11,366
	133	Douglas Emmett, Inc.		4,048
	374	Dow Chemical Co. (The)		19,303
	71	Dr. Pepper Snapple Group, Inc.		6,376
	88	DTE Energy Co.		7,216
	91	Dunkin’ Brands Group, Inc.		3,754
	327	E.I. du Pont de Nemours & Co.		20,760
	110	Eastman Chemical Co.		7,939
	366	Eaton Corp. plc		20,483
	238	Edison International		14,424
	402	Eli Lilly & Co.		32,819
	321	EMC Corp.		8,408
	225	EOG Resources, Inc.		19,340
	147	EQT Corp.		9,690
	115	Equifax, Inc.		12,275

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	16		Equinix, Inc.		4,836
	41		Essex Property Trust, Inc.		8,972
	105		Exelon Corp.		2,933
	168		Express Scripts Holding Co. (a)		14,512
	878		Exxon Mobil Corp.		72,615
	14		F5 Networks, Inc. (a)		1,557
	613		Facebook, Inc., Class A (a)		62,457
	56		FedEx Corp.		8,800
	263		Fidelity National Information Services, Inc.		19,160
	699		Fifth Third Bancorp		13,324
	31		Flowserve Corp.		1,456
	187		Fluor Corp.		8,953
	31		Foot Locker, Inc.		2,131
	631		Ford Motor Co.		9,351
	41		Fortune Brands Home & Security, Inc.		2,150
	109		Freescale Semiconductor Ltd. (a)		3,654
	47		General Dynamics Corp.		6,939
	1,882		General Electric Co.		54,431
	139		General Motors Co.		4,864
	398		Gilead Sciences, Inc.		43,022
	115		Goldman Sachs Group, Inc. (The)		21,573
	182		Halliburton Co.		6,981
	124		Harman International Industries, Inc.		13,685
	48		Hartford Financial Services Group, Inc. (The)		2,243
	141		Hershey Co. (The)		12,533
	146		Highwoods Properties, Inc.		6,329
	123		Hilton Worldwide Holdings, Inc.		3,084
	40		HollyFrontier Corp.		1,981
	41		Hologic, Inc. (a)		1,596
	395		Home Depot, Inc. (The)		48,799
	362	��	Honeywell International, Inc.		37,380
	488		HP, Inc.		13,160
	100		Humana, Inc.		17,886
	56		Illumina, Inc. (a)		7,952
	32		Incyte Corp. (a)		3,721
	239		Ingersoll-Rand plc		14,145
	386		Intel Corp.		13,081
	77		Intercontinental Exchange, Inc.		19,400
	81		International Business Machines Corp.		11,291
	448		Invesco Ltd.		14,867
	39		Jack Henry & Associates, Inc.		2,982
	407		Johnson & Johnson		41,081
	626		KeyCorp		7,773
	154		Kimberly-Clark Corp.		18,395
	151		Kinder Morgan, Inc.		4,131
	192		Kroger Co. (The)		7,252

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	120	L-3 Communications Holdings, Inc.		15,192
	296	Lam Research Corp.		22,708
	158	Liberty Property Trust		5,390
	81	Lincoln National Corp.		4,328
	428	Lowe’s Cos., Inc.		31,587
	16	ManpowerGroup, Inc.		1,472
	252	Marathon Petroleum Corp.		13,069
	49	Martin Marietta Materials, Inc.		7,567
	328	Masco Corp.		9,509
	37	MasterCard, Inc., Class A		3,698
	12	McDonald’s Corp.		1,383
	36	McGraw Hill Financial, Inc.		3,338
	138	McKesson Corp.		24,630
	44	Mead Johnson Nutrition Co.		3,574
	353	Merck & Co., Inc.		19,298
	577	MetLife, Inc.		29,046
	2,050	Microsoft Corp.		107,912
	227	Molson Coors Brewing Co., Class B		19,960
	758	Mondelez International, Inc., Class A		34,998
	15	Monsanto Co.		1,380
	21	Moody’s Corp.		2,039
	874	Morgan Stanley		28,831
	406	Mosaic Co. (The)		13,715
	92	Mylan N.V. (a)		4,053
	84	National Oilwell Varco, Inc.		3,167
	230	NextEra Energy, Inc.		23,659
	48	NIKE, Inc., Class B		6,271
	80	Northrop Grumman Corp.		14,999
	66	Nucor Corp.		2,786
	320	Occidental Petroleum Corp.		23,865
	506	Oracle Corp.		19,668
	337	PACCAR, Inc.		17,750
	84	Parker-Hannifin Corp.		8,762
	222	PayPal Holdings, Inc. (a)		8,010
	433	PepsiCo, Inc.		44,287
	1,692	Pfizer, Inc.		57,213
	162	PG&E Corp.		8,649
	431	Philip Morris International, Inc.		38,076
	1	Phillips 66		103
	444	PPL Corp.		15,282
	6	Priceline Group, Inc. (The) (a)		7,998
	680	Procter & Gamble Co. (The)		51,910
	344	Prologis, Inc.		14,711
	131	Prudential Financial, Inc.		10,806
	334	Public Service Enterprise Group, Inc.		13,783
	318	PulteGroup, Inc.		5,827

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	243	QUALCOMM, Inc.		14,419
	24	Quest Diagnostics, Inc.		1,614
	98	Questar Corp.		2,021
	83	Ralph Lauren Corp.		9,180
	68	Raytheon Co.		7,933
	42	Red Hat, Inc. (a)		3,352
	57	Regency Centers Corp.		3,894
	12	Regeneron Pharmaceuticals, Inc. (a)		6,767
	93	Republic Services, Inc.		4,077
	28	Robert Half International, Inc.		1,454
	204	Ross Stores, Inc.		10,304
	171	Royal Caribbean Cruises Ltd.		16,826
	326	Schlumberger Ltd.		25,470
	49	Sealed Air Corp.		2,427
	44	Sherwin-Williams Co. (The)		11,719
	102	Simon Property Group, Inc.		20,577
	540	Sirius XM Holdings, Inc. (a)		2,202
	108	SL Green Realty Corp.		12,787
	52	Snap-on, Inc.		8,573
	94	Stanley Black & Decker, Inc.		9,946
	441	Starbucks Corp.		27,621
	63	Stryker Corp.		6,062
	223	SunTrust Banks, Inc.		9,266
	61	SVB Financial Group (a)		7,426
	43	Symantec Corp.		885
	37	Synopsys, Inc. (a)		1,862
	230	Target Corp.		17,744
	221	TD Ameritrade Holding Corp.		7,604
	474	Texas Instruments, Inc.		26,867
	142	Thermo Fisher Scientific, Inc.		18,566
	82	Thomson Reuters Corp.		3,359
	52	Tiffany & Co.		4,276
	59	Time Warner Cable, Inc.		11,236
	344	Time Warner, Inc.		25,904
	354	TJX Cos., Inc. (The)		25,900
	124	T-Mobile USA, Inc. (a)		4,694
	211	Toll Brothers, Inc. (a)		7,578
	35	Total System Services, Inc.		1,829
	739	Twenty-First Century Fox, Inc., Class A		22,665
	93	Twenty-First Century Fox, Inc., Class B		2,877
	97	U.S. Bancorp		4,094
	377	Union Pacific Corp.		33,694
	227	United Continental Holdings, Inc. (a)		13,702
	362	United Technologies Corp.		35,648
	326	UnitedHealth Group, Inc.		38,354
	257	V.F. Corp.		17,372

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	117		Valeant Pharmaceuticals International, Inc. (a)		10,904
	238		Valero Energy Corp.		15,703
	35		Vantiv, Inc., Class A (a)		1,747
	–	(h)	Veritiv Corp. (a)		–	(h)
	587		Verizon Communications, Inc.		27,513
	120		Vertex Pharmaceuticals, Inc. (a)		14,956
	620		Visa, Inc., Class A		48,137
	49		Vulcan Materials Co.		4,770
	113		Walgreens Boots Alliance, Inc.		9,565
	301		Walt Disney Co. (The)		34,200
	1,380		Wells Fargo & Co.		74,726
	78		Western Union Co. (The)		1,498
	147		WestRock Co.		7,904
	388		Xcel Energy, Inc.		13,815
					4,014,809
			Total Common Stocks (Cost $6,756,444)		7,177,733
	NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Australia — 0.0% (g)
	31		Westpac Banking Corp., expiring 11/11/15 (a)		107
			Spain — 0.0% (g)
	3,673		Banco Santander S.A., expiring 11/03/15 (a)		202
			Total Rights (Cost $204)		309

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 0.2%
		Germany — 0.2%
	131	Henkel AG & Co. KGaA		14,184
	30	Volkswagen AG		3,605
				17,789
		Total Preferred Stocks (Cost $19,229)		17,789
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	207,057	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $207,057)		207,057
		Total Investments — 99.8% (Cost $6,982,934)		7,402,888
		Other Assets in Excess of Liabilities — 0.2% (c)		12,390
		NET ASSETS — 100.0%	$	7,415,278

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		8.9	%
Pharmaceuticals		7.3
Oil, Gas & Consumable Fuels		5.6
Insurance		4.2
Media		3.1
Beverages		2.7
Capital Markets		2.7
Specialty Retail		2.6
Software		2.6
Technology Hardware, Storage & Peripherals		2.6
IT Services		2.6
Biotechnology		2.4
Internet Software & Services		2.3
Diversified Telecommunication Services		2.3
Chemicals		2.2
Food Products		2.2
Aerospace & Defense		2.2
Real Estate Investment Trusts (REITs)		2.1
Automobiles		2.0

INDUSTRY	PERCENTAGE
Semiconductors & Semiconductor Equipment		1.9	%
Health Care Providers & Services		1.9
Machinery		1.8
Electric Utilities		1.7
Household Products		1.6
Food & Staples Retailing		1.5
Road & Rail		1.4
Tobacco		1.4
Hotels, Restaurants & Leisure		1.4
Industrial Conglomerates		1.1
Multi-Utilities		1.1
Household Durables		1.1
Metals & Mining		1.0
Electronic Equipment, Instruments & Components		1.0
Health Care Equipment & Supplies		1.0
Internet & Catalog Retail		1.0
Others (each less than 1.0%)		12.7
Short-Term Investment		2.8

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1,738	E-mini S&P 500		12/18/15		USD	$	180,205	$	10,589

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 101.0%
			Brazil — 1.2%
	3		Itau Unibanco Holding S.A. (Preference Shares), ADR		19
			Canada — 1.7%
	1		MEG Energy Corp. (a)		11
	–	(h)	Toronto-Dominion Bank (The)		16
					27
			China — 7.7%
	–	(h)	Baidu, Inc., ADR (a)		53
	–	(h)	Bitauto Holdings Ltd., ADR (a)		8
	–	(h)	CNOOC Ltd., ADR		18
	56		Industrial & Commercial Bank of China Ltd., Class H		35
	1		Vipshop Holdings Ltd., ADR (a)		12
					126
			Finland — 1.6%
	3		Nokia OYJ		19
	2		Outokumpu OYJ (a)		7
					26
			France — 7.0%
	–	(h)	Airbus Group SE		13
	1		AXA S.A.		29
	1		IPSOS		16
	1		Orange S.A.		19
	–	(h)	Sanofi		38
					115
			Germany — 1.3%
	–	(h)	Bayer AG		22
			India — 1.5%
	1		ICICI Bank Ltd., ADR		12
	–	(h)	Tata Motors Ltd., ADR (a)		13
					25
			Ireland — 1.7%
	–	(h)	Shire plc, ADR		29
			Israel — 3.5%
	1		Teva Pharmaceutical Industries Ltd., ADR		57
			Japan — 1.2%
	1		Sumitomo Mitsui Financial Group, Inc.		20
			Netherlands — 1.3%
	–	(h)	NXP Semiconductors N.V. (a)		21
			Norway — 1.0%
	1		DNB ASA		16

SHARES			SECURITY DESCRIPTION	VALUE($)
			South Korea — 1.4%
	–	(h)	Samsung Electronics Co., Ltd.		23
			Spain — 0.8%
	–	(h)	Grifols S.A., ADR		13
			Switzerland — 5.3%
	–	(h)	ACE Ltd.		26
	–	(h)	Novartis AG		27
	–	(h)	Roche Holding AG		17
	1		UBS Group AG		17
					87
			United Kingdom — 7.1%
	9		Barclays plc		31
	28		Lloyds Banking Group plc		31
	1		Standard Chartered plc		15
	12		Vodafone Group plc		40
					117
			United States — 55.7%
	–	(h)	Aetna, Inc.		18
	–	(h)	Alexion Pharmaceuticals, Inc. (a)		19
	–	(h)	Allergan plc (a)		27
	–	(h)	Alphabet, Inc., Class C (a)		38
	–	(h)	Amazon.com, Inc. (a)		33
	–	(h)	Anadarko Petroleum Corp.		22
	–	(h)	Apple, Inc.		25
	2		Bank of America Corp.		34
	–	(h)	Biogen, Inc. (a)		12
	–	(h)	CBS Corp. (Non-Voting), Class B		20
	–	(h)	Charter Communications, Inc., Class A (a)		23
	1		Citigroup, Inc.		55
	1		Columbia Pipeline Group, Inc.		14
	–	(h)	DISH Network Corp., Class A (a)		15
	–	(h)	Eaton Corp. plc		18
	1		Fairchild Semiconductor International, Inc. (a)		15
	1		Fluor Corp.		41
	2		Frontier Communications Corp.		10
	–	(h)	Harman International Industries, Inc.		24
	1		Horizon Pharma plc (a)		14
	–	(h)	Humana, Inc.		17
	1		Invesco Ltd.		19
	–	(h)	Johnson & Johnson		18
	–	(h)	Keurig Green Mountain, Inc.		8
	–	(h)	Lam Research Corp.		30
	–	(h)	McKesson Corp.		16

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	1		MetLife, Inc.		41
	1		Mosaic Co. (The)		23
	1		Navient Corp.		9
	–	(h)	Occidental Petroleum Corp.		27
	1		Pfizer, Inc.		28
	–	(h)	QUALCOMM, Inc.		24
	–	(h)	Ralph Lauren Corp.		22
	2		Time, Inc.		40
	2		Twenty-First Century Fox, Inc., Class A		61
	–	(h)	United Continental Holdings, Inc. (a)		22
	–	(h)	Valeant Pharmaceuticals International, Inc. (a)		20
	–	(h)	Vertex Pharmaceuticals, Inc. (a)		12
					914
			Total Common Stocks (Cost $1,550)		1,657
			Total Investments — 101.0% (Cost $1,550)		1,657
			Liabilities in Excess of Other Assets — (1.0)%		(16	)
			NET ASSETS — 100.0%	$	1,641

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Pharmaceuticals		17.9	%
Banks		17.3
Media		10.5
Internet Software & Services		6.0
Insurance		5.8
Oil, Gas & Consumable Fuels		5.5
Semiconductors & Semiconductor Equipment		4.0
Biotechnology		3.4
Health Care Providers & Services		3.1
Technology Hardware, Storage & Peripherals		2.9
Internet & Catalog Retail		2.7
Communications Equipment		2.6
Construction & Engineering		2.5
Wireless Telecommunication Services		2.4
Capital Markets		2.2
Diversified Telecommunication Services		1.8
Household Durables		1.5
Chemicals		1.4
Airlines		1.4
Textiles, Apparel & Luxury Goods		1.3
Electrical Equipment		1.1
Others (each less than 1.0%)		2.7

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Australia — 1.1%
	1,226	BHP Billiton Ltd.		20,105
	639	BHP Billiton plc		10,206
	1,794	South32 Ltd. (a)		1,858
				32,169
		Belgium — 1.7%
	418	Anheuser-Busch InBev S.A./N.V.		49,894
		China — 2.6%
	13,390	China Construction Bank Corp., Class H		9,705
	21,173	CNOOC Ltd.		23,915
	15,693	Industrial & Commercial Bank of China Ltd., Class H		9,954
	4,362	Ping An Insurance Group Co. of China Ltd., Class H		24,482
	5,737	Wynn Macau Ltd.		7,877
				75,933
		Denmark — 0.9%
	497	Novo Nordisk A/S, Class B		26,396
		France — 11.8%
	653	Accor S.A.		32,421
	1,506	AXA S.A.		40,185
	655	BNP Paribas S.A.		39,690
	188	Essilor International S.A.		24,670
	8	Hermes International		3,213
	240	Imerys S.A.		16,434
	92	Kering		16,940
	182	LVMH Moet Hennessy Louis Vuitton SE		33,927
	243	Pernod-Ricard S.A.		28,539
	509	Sanofi		51,340
	633	Schneider Electric SE		38,160
	358	Technip S.A.		18,656
				344,175
		Germany — 7.7%
	265	Allianz SE		46,469
	314	Bayer AG		41,906
	202	Continental AG		48,420
	330	Fresenius Medical Care AG & Co. KGaA		29,679
	734	SAP SE		57,835
				224,309
		Hong Kong — 4.1%
	3,610	Cheung Kong Property Holdings Ltd.		25,256
	6,322	China Overseas Land & Investment Ltd.		20,419
	2,902	CK Hutchison Holdings Ltd.		39,732
	6,606	Hang Lung Properties Ltd.		16,164
	5,482	Sands China Ltd.		19,739
				121,310

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 0.9%
	449	HDFC Bank Ltd., ADR		27,455
		Indonesia — 0.6%
	37,920	Astra International Tbk PT		16,301
		Israel — 1.1%
	533	Teva Pharmaceutical Industries Ltd., ADR		31,561
		Japan — 21.9%
	2,597	Astellas Pharma, Inc.		37,690
	347	Daikin Industries Ltd.		22,263
	255	East Japan Railway Co.		24,225
	154	FANUC Corp.		27,101
	1,384	Honda Motor Co., Ltd.		45,790
	2,491	Inpex Corp.		23,745
	1,515	Japan Tobacco, Inc.		52,419
	1,054	KDDI Corp.		25,498
	55	Keyence Corp.		28,842
	1,346	Komatsu Ltd.		22,117
	2,668	Kubota Corp.		41,358
	533	Makita Corp.		29,205
	847	Mitsui Fudosan Co., Ltd.		23,050
	302	Nidec Corp.		22,765
	235	Nitto Denko Corp.		15,050
	330	Shin-Etsu Chemical Co., Ltd.		19,649
	142	SMC Corp.		36,451
	1,493	Sumitomo Mitsui Financial Group, Inc.		59,557
	492	Tokyo Electron Ltd.		29,522
	869	Toyota Motor Corp.		53,226
				639,523
		Netherlands — 4.2%
	556	Akzo Nobel N.V.		39,317
	347	ASML Holding N.V.		32,195
	3,450	ING Groep N.V., CVA		50,207
				121,719
		South Africa — 1.0%
	200	Naspers Ltd., Class N		29,157
		South Korea — 1.8%
	57	Hyundai Mobis Co., Ltd.		11,951
	71	Samsung Electronics Co., Ltd., Reg. S, GDR		42,265
				54,216
		Switzerland — 13.3%
	375	Cie Financiere Richemont S.A.		32,181
	1,706	Credit Suisse Group AG (a)		42,556
	7,183	Glencore plc (a)		12,401
	546	LafargeHolcim Ltd. (a)		30,714
	545	Nestle S.A.		41,604
	714	Novartis AG		64,667

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	227	Roche Holding AG		61,732
	3,005	UBS Group AG		60,020
	161	Zurich Insurance Group AG (a)		42,396
				388,271
		Taiwan — 1.1%
	1,476	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		32,414
		United Kingdom — 22.2%
	600	Aggreko plc		8,459
	2,190	ARM Holdings plc		34,494
	12,804	Barclays plc		45,616
	3,704	BG Group plc		58,510
	706	British American Tobacco plc		41,968
	1,493	Burberry Group plc		30,500
	7,856	HSBC Holdings plc		61,428
	667	Imperial Tobacco Group plc		35,895
	38,392	Lloyds Banking Group plc		43,575
	2,908	Meggitt plc		15,839
	2,519	Prudential plc		58,828
	398	Rio Tinto Ltd.		14,222
	436	Rio Tinto plc		15,892
	3,014	Standard Chartered plc		33,458
	796	Tullow Oil plc (a)		2,485
	781	Unilever plc		34,771
	20,721	Vodafone Group plc		68,191
	1,992	WPP plc		44,653
				648,784
		Total Common Stocks (Cost $2,671,695)		2,863,587
	Preferred Stock — 1.2%
		Germany — 1.2%
	318	Henkel AG & Co. KGaA (Cost $28,342)		34,477
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	36,512	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $36,512)		36,512
		Total Investments — 100.4% (Cost $2,736,549)		2,934,576
		Liabilities in Excess of Other Assets — (0.4)%		(11,953	)
		NET ASSETS — 100.0%	$	2,922,623

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015 The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENTAGE
Banks		13.0	%
Pharmaceuticals		10.7
Insurance		7.2
Machinery		5.3
Tobacco		4.4
Semiconductors & Semiconductor Equipment		4.4
Textiles, Apparel & Luxury Goods		4.0
Automobiles		3.9
Oil, Gas & Consumable Fuels		3.7
Capital Markets		3.5
Wireless Telecommunication Services		3.2
Real Estate Management & Development		2.9
Beverages		2.7
Metals & Mining		2.5
Chemicals		2.5
Media		2.5
Electrical Equipment		2.1
Auto Components		2.1
Hotels, Restaurants & Leisure		2.0
Software		2.0
Construction Materials		1.6
Technology Hardware, Storage & Peripherals		1.4
Food Products		1.4
Industrial Conglomerates		1.4
Personal Products		1.2
Household Products		1.2
Health Care Providers & Services		1.0
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		4.0
Short-Term Investment		1.2

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
		Australia — 5.3%
	149	BHP Billiton plc		2,376
	86	Suncorp Group Ltd.		802
	148	Transurban Group		1,098
	223	Westfield Corp.		1,618
				5,894
		Canada — 2.0%
	46	Bank of Nova Scotia (The)		2,185
		Denmark — 2.1%
	84	Danske Bank A/S		2,308
		Finland — 2.2%
	128	UPM-Kymmene OYJ		2,393
		France — 6.0%
	21	Accor S.A.		1,025
	21	Thales S.A.		1,499
	63	TOTAL S.A.		3,043
	4	Unibail-Rodamco SE		1,098
				6,665
		Germany — 13.6%
	7	Allianz SE		1,300
	20	Bayer AG		2,603
	5	Continental AG		1,176
	58	Covestro AG (a) (e)		1,786
	26	Daimler AG		2,270
	24	Deutsche Boerse AG		2,228
	78	Deutsche Wohnen AG		2,211
	26	ProSiebenSat.1 Media SE		1,405
				14,979
		Hong Kong — 2.8%
	143	Cheung Kong Property Holdings Ltd.		1,001
	151	CK Hutchison Holdings Ltd.		2,063
				3,064
		Israel — 3.2%
	1,664	Bezeq The Israeli Telecommunication Corp., Ltd.		3,567
		Italy — 5.8%
	94	Atlantia S.p.A.		2,594
	660	Intesa Sanpaolo S.p.A.		2,296
	214	Poste Italiane S.p.A. (a) (e)		1,532
				6,422
		Japan — 15.5%
	116	Dai-ichi Life Insurance Co., Ltd. (The)		2,003
	87	Daiwa House Industry Co., Ltd.		2,279

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	20	Dentsu, Inc.		1,124
	60	Japan Airlines Co., Ltd.		2,264
	61	Japan Tobacco, Inc.		2,111
	377	Mitsubishi UFJ Financial Group, Inc.		2,438
	79	Nippon Telegraph & Telephone Corp.		2,889
	45	Seven & i Holdings Co., Ltd.		2,030
				17,138
		Netherlands — 3.1%
	112	ING Groep N.V., CVA		1,626
	58	NN Group N.V.		1,812
				3,438
		Portugal — 1.2%
	115	CTT-Correios de Portugal S.A.		1,301
		Russia — 2.7%
	204	MMC Norilsk Nickel PJSC, ADR		3,023
		Spain — 1.5%
	73	Endesa S.A.		1,614
		Switzerland — 6.9%
	22	Novartis AG		1,950
	13	Roche Holding AG		3,560
	37	Wolseley plc		2,171
				7,681
		Taiwan — 2.1%
	348	Siliconware Precision Industries Co., Ltd., ADR		2,327
		United Kingdom — 18.0%
	257	3i Group plc		1,983
	346	BAE Systems plc		2,341
	22	Berkeley Group Holdings plc		1,102
	365	Direct Line Insurance Group plc		2,217
	131	GlaxoSmithKline plc		2,822
	164	Hammerson plc		1,605
	35	InterContinental Hotels Group plc		1,402
	276	ITV plc		1,070
	283	Legal & General Group plc		1,142
	142	Meggitt plc		776
	65	Reed Elsevier N.V.		1,107
	84	RSA Insurance Group plc		546
	77	WPP plc		1,717
				19,830
		United States — 2.1%
	41	Carnival plc		2,272
		Total Common Stocks (Cost $103,332)		106,101

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	3,526	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $3,526)		3,526
		Total Investments — 99.3% (Cost $106,858)		109,627
		Other Assets in Excess of Liabilities — 0.7%		790
		NET ASSETS — 100.0%	$	110,417

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Insurance		10.4	%
Pharmaceuticals		10.0
Banks		9.9
Diversified Telecommunication Services		5.9
Media		5.8
Real Estate Management & Development		5.0
Metals & Mining		4.9
Hotels, Restaurants & Leisure		4.3
Aerospace & Defense		4.2
Real Estate Investment Trusts (REITs)		3.9
Transportation Infrastructure		3.4
Oil, Gas & Consumable Fuels		2.8
Paper & Forest Products		2.2
Semiconductors & Semiconductor Equipment		2.1
Automobiles		2.1
Airlines		2.1
Diversified Financial Services		2.0
Trading Companies & Distributors		2.0
Tobacco		1.9
Industrial Conglomerates		1.9
Food & Staples Retailing		1.8
Capital Markets		1.8
Chemicals		1.6
Electric Utilities		1.5
Air Freight & Logistics		1.2
Auto Components		1.1
Household Durables		1.0
Short-Term Investment		3.2

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Australia — 3.6%
	1,589	Australia & New Zealand Banking Group Ltd.		30,739
	4,539	Goodman Group		19,473
	2,121	Oil Search Ltd.		11,818
	2,603	Westfield Corp.		18,885
				80,915
		China — 0.9%
	3,382	ENN Energy Holdings Ltd.		19,374
		Denmark — 0.9%
	336	Chr Hansen Holding A/S		20,193
		Finland — 2.0%
	3,899	Nokia OYJ		29,005
	809	UPM-Kymmene OYJ		15,136
				44,141
		France — 9.8%
	278	Air Liquide S.A.		36,017
	419	Airbus Group SE		29,161
	725	AXA S.A.		19,347
	556	BNP Paribas S.A.		33,662
	537	Klepierre		25,430
	266	Renault S.A.		25,108
	377	Thales S.A.		27,249
	156	Valeo S.A.		24,116
				220,090
		Germany — 5.6%
	379	Bayer AG		50,524
	92	Continental AG		22,064
	320	Daimler AG		27,769
	2,130	Infineon Technologies AG		26,241
				126,598
		Hong Kong — 2.0%
	5,726	China Overseas Land & Investment Ltd.		18,494
	1,355	CK Hutchison Holdings Ltd.		18,549
	8,358	Sun Art Retail Group Ltd.		6,832
				43,875
		India — 0.9%
	320	HDFC Bank Ltd., ADR		19,556
		Ireland — 1.5%
	456	Shire plc		34,537
		Italy — 2.8%
	6,185	Enel S.p.A.		28,522
	9,590	Intesa Sanpaolo S.p.A.		33,365
				61,887

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 21.7%
	391	Daikin Industries Ltd.		25,109
	1,116	Daiwa House Industry Co., Ltd.		29,293
	725	Dentsu, Inc.		40,753
	1,136	DMG Mori Co., Ltd.		16,164
	952	Japan Airlines Co., Ltd.		35,846
	6,257	Kajima Corp.		35,806
	55	Keyence Corp.		28,738
	6,424	Mitsubishi UFJ Financial Group, Inc.		41,545
	1,037	Mitsui Fudosan Co., Ltd.		28,221
	645	NH Foods Ltd.		13,454
	1,132	Nippon Steel & Sumitomo Metal Corp.		22,953
	772	Nippon Telegraph & Telephone Corp.		28,306
	2,130	ORIX Corp.		31,107
	633	Seven & i Holdings Co., Ltd.		28,740
	679	Sompo Japan Nipponkoa Holdings, Inc.		21,329
	560	Sumitomo Mitsui Financial Group, Inc.		22,336
	350	Suntory Beverage & Food Ltd.		14,169
	1,155	Yamato Holdings Co., Ltd.		22,733
				486,602
		Netherlands — 4.9%
	288	ASML Holding N.V.		26,710
	2,417	ING Groep N.V., CVA		35,176
	1,869	Royal Dutch Shell plc, Class A		48,962
				110,848
		Norway — 1.0%
	6,449	Norsk Hydro ASA		23,098
		Spain — 0.5%
	1,770	Distribuidora Internacional de Alimentacion S.A. (a)		11,243
		Sweden — 1.4%
	1,069	Electrolux AB, Series B		31,451
		Switzerland — 11.1%
	935	Nestle S.A.		71,441
	430	Novartis AG		38,921
	242	Roche Holding AG		65,792
	1,991	UBS Group AG		39,761
	543	Wolseley plc		31,902
				247,817
		United Kingdom — 26.0%
	439	Associated British Foods plc		23,330
	495	AstraZeneca plc		31,574
	2,837	Aviva plc		21,202
	1,235	BG Group plc		19,510
	742	British American Tobacco plc		44,104

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	2,375	Dixons Carphone plc		16,861
	1,708	GlaxoSmithKline plc		36,824
	5,531	HSBC Holdings plc		43,215
	412	InterContinental Hotels Group plc		16,452
	4,696	Kingfisher plc		25,529
	31,268	Lloyds Banking Group plc		35,490
	1,760	National Grid plc		25,077
	1,054	Pennon Group plc		13,150
	1,364	Prudential plc		31,852
	377	Reckitt Benckiser Group plc		36,819
	1,156	Rio Tinto plc		42,121
	438	SABMiller plc		26,914
	1,509	Smith & Nephew plc		25,760
	2,086	UBM plc		16,434
	14,992	Vodafone Group plc		49,339
				581,557
		Total Common Stocks (Cost $2,023,870)		2,163,782
	Preferred Stock — 1.0%
		Germany — 1.0%
	208	Henkel AG & Co. KGaA (Cost $17,432)		22,519
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	52,566	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $52,566)		52,566
		Total Investments — 99.9% (Cost $2,093,868)		2,238,867
		Other Assets in Excess of Liabilities — 0.1%		1,503
		NET ASSETS — 100.0%	$	2,240,370

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		13.2	%
Pharmaceuticals		11.5
Food Products		4.8
Insurance		4.2
Metals & Mining		3.9
Oil, Gas & Consumable Fuels		3.6
Real Estate Management & Development		3.4
Real Estate Investment Trusts (REITs)		2.8
Household Products		2.7
Media		2.6
Aerospace & Defense		2.5
Chemicals		2.5
Semiconductors & Semiconductor Equipment		2.4
Automobiles		2.3
Wireless Telecommunication Services		2.2
Food & Staples Retailing		2.1
Auto Components		2.1
Tobacco		2.0
Specialty Retail		1.9
Beverages		1.8
Capital Markets		1.8
Airlines		1.6
Construction & Engineering		1.6
Trading Companies & Distributors		1.4
Household Durables		1.4
Diversified Financial Services		1.4
Communications Equipment		1.3
Electronic Equipment, Instruments & Components		1.3
Electric Utilities		1.3
Diversified Telecommunication Services		1.3
Health Care Equipment & Supplies		1.2
Building Products		1.1
Multi-Utilities		1.1
Air Freight & Logistics		1.0
Others (each less than 1.0%)		4.4
Short-Term Investment		2.3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,251	GBP
	9,945	for EUR	Societe Generale		11/09/15	$	10,936	#	$	11,177	#	$	241
	5,674	GBP
	1,032,691	for JPY	Standard Chartered Bank		11/09/15		8,559	#		8,747	#		188
	72,182	AUD	BNP Paribas		11/09/15		52,952			51,458			(1,494	)
	23,551	AUD	Standard Chartered Bank		11/09/15		17,089			16,789			(300	)
	22,573	CHF	Barclays Bank plc		11/09/15		23,059			22,841			(218	)
	27,252	CHF	Credit Suisse International		11/09/15		27,955			27,575			(380	)
	6,029	CHF	Goldman Sachs International		11/09/15		6,232			6,101			(131	)
	26,997	CHF	Royal Bank of Canada		11/09/15		27,986			27,317			(669	)
	139,967	DKK	Royal Bank of Canada		11/09/15		20,585			20,640			55
	5,771	EUR	Barclays Bank plc		11/09/15		6,451			6,347			(104	)
	46,599	EUR	Goldman Sachs International		11/09/15		52,053			51,247			(806	)
	8,833	EUR	HSBC Bank, N.A.		11/09/15		9,873			9,714			(159	)
	16,511	EUR	Morgan Stanley		11/09/15		18,582			18,158			(424	)
	62,104	EUR	Standard Chartered Bank		11/09/15		69,613			68,297			(1,316	)
	83,541	EUR	Union Bank of Switzerland AG		11/09/15		91,621			91,872			251
	25,481	GBP	Goldman Sachs International		11/09/15		38,913			39,280			367
	4,810	GBP	Merrill Lynch International		11/09/15		7,331			7,414			83
	664,940	JPY	BNP Paribas		11/09/15		5,343			5,511			168
	512,043	JPY	Goldman Sachs International		11/09/15		4,265			4,243			(22	)
	1,463,664	JPY	Merrill Lynch International		11/09/15		12,149			12,130			(19	)
	1,569,755	JPY	Morgan Stanley		11/09/15		13,060			13,009			(51	)
	7,520,938	JPY	Standard Chartered Bank		11/09/15		62,489			62,330			(159	)
	259,269	SEK	Societe Generale		11/09/15		29,637			30,350			713
	37,640	SGD	Standard Chartered Bank		11/09/15		27,045			26,862			(183	)
						$	643,778		$	639,409		$	(4,369	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,284	AUD	BNP Paribas		11/09/15	$	4,466		$	4,479		$	(13	)
	58,169	CHF	Credit Suisse International		11/09/15		59,250			58,859			391
	5,121	CHF	Goldman Sachs International		11/09/15		5,338			5,181			157
	6,881	CHF	Standard Chartered Bank		11/09/15		7,232			6,963			269
	10,576	CHF	State Street Corp.		11/09/15		10,958			10,702			256
	8,985	CHF	Union Bank of Switzerland AG		11/09/15		9,241			9,092			149
	19,052	EUR	Goldman Sachs International		11/09/15		21,284			20,952			332
	6,538	EUR	Merrill Lynch International		11/09/15		7,359			7,190			169
	9,404	EUR	Morgan Stanley		11/09/15		10,634			10,341			293
	75,781	EUR	Royal Bank of Canada		11/09/15		84,485			83,338			1,147
	10,589	EUR	Royal Bank of Scotland		11/09/15		11,806			11,646			160
	4,245	EUR	Standard Chartered Bank		11/09/15		4,826			4,669			157

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,544	GBP	Citibank, N.A.		11/09/15	$	21,240	$	20,879	$	361
	8,128	GBP	Goldman Sachs International		11/09/15		12,430		12,530		(100	)
	111,576	GBP	HSBC Bank, N.A.		11/09/15		172,137		171,999		138
	6,219	GBP	Morgan Stanley		11/09/15		9,629		9,587		42
	4,912	GBP	Royal Bank of Canada		11/09/15		7,707		7,571		136
	6,517	GBP	Royal Bank of Scotland		11/09/15		9,885		10,047		(162	)
	17,321	GBP	Standard Chartered Bank		11/09/15		26,314		26,701		(387	)
	1,116,513	JPY	Barclays Bank plc		11/09/15		9,299		9,253		46
	3,551,119	JPY	Goldman Sachs International		11/09/15		29,590		29,430		160
	582,546	JPY	Merrill Lynch International		11/09/15		4,837		4,827		10
	1,264,101	JPY	Royal Bank of Canada		11/09/15		10,559		10,476		83
	2,386,781	JPY	State Street Corp.		11/09/15		19,274		19,781		(507	)
	100,414	NOK	Barclays Bank plc		11/09/15		12,182		11,817		365
						$	581,962	$	578,310	$	3,652

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2015 of the currency being sold, and the value at October 31, 2015 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION		VALUE($)
	Common Stocks — 97.2%
		Australia — 5.4%
	674	AMP Ltd.			2,734
	387	Australia & New Zealand Banking Group Ltd.			7,492
	449	BGP Holdings plc (a)			–	(h)
	430	BHP Billiton Ltd.			7,046
	139	Commonwealth Bank of Australia			7,527
	580	Dexus Property Group			3,183
	983	Goodman Group			4,216
	72	Macquarie Group Ltd.			4,382
	40	National Australia Bank Ltd.			847
	992	Qantas Airways Ltd. (a)			2,794
	183	Wesfarmers Ltd.			5,122
	104	Westpac Banking Corp.			2,306
					47,649
		Denmark — 1.7%
	2	AP Moeller—Maersk A/S, Class B			2,624
	47	Chr Hansen Holding A/S			2,848
	139	Danske Bank A/S			3,823
	105	Novo Nordisk A/S, Class B			5,556
					14,851
		Finland — 2.1%
	1,000	Nokia OYJ			7,441
	389	Outokumpu OYJ (a)			1,322
	319	UPM-Kymmene OYJ			5,980
	78	Wartsila OYJ Abp	��		3,349
					18,092
		France — 10.1%
	70	Air Liquide S.A.			9,086
	134	Airbus Group SE			9,362
	44	Arkema S.A.			3,229
	390	AXA S.A.			10,395
	113	BNP Paribas S.A.			6,855
	51	Cap Gemini S.A.			4,567
	267	Engie S.A.			4,679
	8	L’Oreal S.A.			1,420
	78	Renault S.A.			7,360
	81	Sanofi			8,146
	49	Schneider Electric SE			2,952
	108	Societe Generale S.A.			5,022
	55	Thales S.A.			4,011
	139	TOTAL S.A.			6,720
	217	Vivendi S.A.			5,225
					89,029

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — 7.6%
	16	Allianz SE		2,811
	18	BASF SE		1,493
	85	Bayer AG		11,376
	82	Brenntag AG		4,934
	107	Daimler AG		9,237
	43	Deutsche Bank AG		1,209
	65	Deutsche Post AG		1,939
	347	Deutsche Telekom AG		6,496
	166	E.ON SE		1,746
	72	HeidelbergCement AG		5,353
	350	Infineon Technologies AG		4,312
	135	SAP SE		10,620
	57	Siemens AG		5,711
				67,237
		Hong Kong — 2.5%
	478	AIA Group Ltd.		2,804
	431	Cheung Kong Property Holdings Ltd.		3,013
	447	CK Hutchison Holdings Ltd.		6,123
	107	Hang Seng Bank Ltd.		1,956
	377	Power Assets Holdings Ltd.		3,755
	535	Sands China Ltd.		1,926
	471	Wharf Holdings Ltd. (The)		2,805
				22,382
		Ireland — 1.5%
	27	DCC plc		2,179
	54	Ryanair Holdings plc, ADR		4,215
	84	Shire plc		6,390
				12,784
		Israel — 0.3%
	45	Teva Pharmaceutical Industries Ltd., ADR		2,679
		Italy — 2.8%
	222	Assicurazioni Generali S.p.A.		4,208
	147	Atlantia S.p.A.		4,073
	1,446	Enel S.p.A.		6,666
	3,527	Telecom Italia S.p.A. (a)		4,921
	806	UniCredit S.p.A.		5,201
				25,069
		Japan — 22.1%
	338	Amada Holdings Co., Ltd.		3,015
	111	Bridgestone Corp.		4,056
	33	Central Japan Railway Co.		5,947
	32	Daicel Corp.		420
	70	Daikin Industries Ltd.		4,503
	109	Daiwa House Industry Co., Ltd.		2,851

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	57	Dentsu, Inc.		3,221
	142	DMG Mori Co., Ltd.		2,027
	60	East Japan Railway Co.		5,714
	78	Electric Power Development Co., Ltd.		2,572
	76	Fuji Heavy Industries Ltd.		2,924
	699	Fujitsu Ltd.		3,305
	915	Hitachi Ltd.		5,278
	55	Honda Motor Co., Ltd.		1,810
	51	Japan Tobacco, Inc.		1,751
	156	JFE Holdings, Inc.		2,451
	531	JX Holdings, Inc.		2,083
	733	Kajima Corp.		4,195
	124	KDDI Corp.		3,003
	9	Keyence Corp.		4,894
	243	Kirin Holdings Co., Ltd.		3,444
	225	Kyushu Electric Power Co., Inc. (a)		2,715
	103	LIXIL Group Corp.		2,201
	71	Mabuchi Motor Co., Ltd.		3,523
	136	Mazda Motor Corp.		2,674
	196	Medipal Holdings Corp.		3,417
	1,526	Mitsubishi UFJ Financial Group, Inc.		9,867
	94	Mitsui & Co., Ltd.		1,198
	191	Mitsui Fudosan Co., Ltd.		5,190
	109	MS&AD Insurance Group Holdings, Inc.		3,207
	48	NGK Spark Plug Co., Ltd.		1,161
	124	Nippon Steel & Sumitomo Metal Corp.		2,522
	215	Nippon Telegraph & Telephone Corp.		7,864
	688	Nishi-Nippon City Bank Ltd. (The)		2,010
	38	Nitori Holdings Co., Ltd.		3,001
	199	ORIX Corp.		2,912
	132	Otsuka Holdings Co., Ltd.		4,386
	273	Seiko Epson Corp.		4,166
	173	Seven & i Holdings Co., Ltd.		7,836
	78	Shin-Etsu Chemical Co., Ltd.		4,615
	196	Sony Corp.		5,574
	611	Sumitomo Bakelite Co., Ltd.		2,507
	195	Sumitomo Mitsui Financial Group, Inc.		7,783
	72	Suntory Beverage & Food Ltd.		2,903
	77	Suzuken Co., Ltd.		2,962
	50	Sysmex Corp.		2,858
	295	Takashimaya Co., Ltd.		2,637
	610	Tokyo Gas Co., Ltd.		3,018
	271	Toyota Motor Corp.		16,573
	113	Yamato Holdings Co., Ltd.		2,214
	149	Yamazaki Baking Co., Ltd.		2,870
				195,828

SHARES		SECURITY DESCRIPTION	VALUE($)
		Luxembourg — 0.2%
	367	ArcelorMittal		2,048
		Netherlands — 4.4%
	564	Aegon N.V.		3,460
	28	ASML Holding N.V.		2,560
	59	Heineken N.V.		5,379
	494	ING Groep N.V., CVA		7,189
	852	Koninklijke KPN N.V.		3,121
	91	NN Group N.V.		2,856
	342	Royal Dutch Shell plc, Class A		8,918
	207	Royal Dutch Shell plc, Class B		5,426
				38,909
		New Zealand — 0.3%
	1,298	Spark New Zealand Ltd.		2,944
		Norway — 0.4%
	148	DNB ASA		1,881
	96	Telenor ASA		1,805
				3,686
		Portugal — 0.3%
	268	Galp Energia SGPS S.A.		2,895
		Singapore — 0.8%
	439	DBS Group Holdings Ltd.		5,392
	259	Singapore Exchange Ltd.		1,363
				6,755
		Spain — 2.4%
	780	Banco Santander S.A.		4,358
	2,321	Bankia S.A.		2,983
	429	Distribuidora Internacional de Alimentacion S.A. (a)		2,723
	609	Iberdrola S.A.		4,345
	178	Repsol S.A.		2,236
	333	Telefonica S.A.		4,393
				21,038
		Sweden — 2.3%
	171	Assa Abloy AB, Class B		3,392
	161	Electrolux AB, Series B		4,733
	141	Hennes & Mauritz AB, Class B		5,493
	256	Nordea Bank AB		2,827
	436	Sandvik AB		4,063
				20,508
		Switzerland — 10.3%
	31	Actelion Ltd. (a)		4,279
	50	Cie Financiere Richemont S.A.		4,283
	104	Credit Suisse Group AG (a)		2,593

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	26	LafargeHolcim Ltd. (a)		1,461
	265	Nestle S.A.		20,202
	144	Novartis AG		13,050
	69	Roche Holding AG		18,844
	21	Syngenta AG		7,138
	522	UBS Group AG		10,435
	107	Wolseley plc		6,263
	9	Zurich Insurance Group AG (a)		2,382
				90,930
		United Kingdom — 19.7%
	403	3i Group plc		3,104
	92	Associated British Foods plc		4,883
	187	AstraZeneca plc		11,909
	663	Aviva plc		4,957
	2,696	Barclays plc		9,605
	508	Barratt Developments plc		4,783
	494	BG Group plc		7,800
	980	BP plc		5,824
	218	British American Tobacco plc		12,937
	1,291	Centrica plc		4,491
	1,198	Debenhams plc		1,647
	580	Dixons Carphone plc		4,117
	291	Domino’s Pizza Group plc		4,884
	411	GlaxoSmithKline plc		8,864
	1,509	HSBC Holdings plc		11,788
	105	InterContinental Hotels Group plc		4,192
	637	ITV plc		2,472
	6,975	Lloyds Banking Group plc		7,916
	782	Poundland Group plc		3,317
	137	Prudential plc		3,206
	67	Reckitt Benckiser Group plc		6,575
	59	Rio Tinto Ltd.		2,107
	53	Rio Tinto plc		1,921
	388	RSA Insurance Group plc		2,514
	175	SABMiller plc		10,726
	124	Standard Chartered plc		1,374
	996	Taylor Wimpey plc		3,034
	335	UBM plc		2,637
	132	Unilever N.V., CVA		5,985
	3,320	Vodafone Group plc		10,924
	53	Whitbread plc		4,016
				174,509
		Total Common Stocks (Cost $803,024)		859,822

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 0.9%
		Germany — 0.9%
	58	Henkel AG & Co. KGaA		6,261
	17	Volkswagen AG		2,021
		Total Preferred Stocks (Cost $7,204)		8,282
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Australia — 0.0% (g)
	5	Westpac Banking Corp., expiring 11/11/15 (a)		16
		Spain — 0.0% (g)
	780	Banco Santander S.A., expiring 11/03/15 (a)		43
		Total Rights (Cost $43)		59
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	12,046	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $12,046)		12,046
		Total Investments — 99.5% (Cost $822,317)		880,209
		Other Assets in Excess of Liabilities — 0.5% (c)		4,120
		NET ASSETS — 100.0%	$	884,329

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		13.2	%
Pharmaceuticals		10.4
Insurance		5.2
Automobiles		4.8
Oil, Gas & Consumable Fuels		4.8
Diversified Telecommunication Services		4.2
Chemicals		3.6
Food Products		3.2
Beverages		2.6
Capital Markets		2.5
Metals & Mining		2.2
Household Durables		2.1
Electric Utilities		2.0
Food & Staples Retailing		1.8
Hotels, Restaurants & Leisure		1.7
Tobacco		1.7

INDUSTRY	PERCENTAGE
Industrial Conglomerates		1.6	%
Wireless Telecommunication Services		1.6
Real Estate Management & Development		1.6
Aerospace & Defense		1.5
Household Products		1.5
Specialty Retail		1.4
Machinery		1.4
Trading Companies & Distributors		1.4
Road & Rail		1.3
Multi-Utilities		1.2
Software		1.2
Electronic Equipment, Instruments & Components		1.2
Building Products		1.1
Others (each less than 1.0%)		14.6
Short-Term Investment		1.4

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	166	Euro STOXX 50 Index		12/18/15		EUR	$	6,212	$	388

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.3%
		Australia — 1.6%
	1,159	South32 Ltd. (a)		1,192
		Canada — 3.5%
	28	Canadian National Railway Co.		1,708
	105	MEG Energy Corp. (a)		878
				2,586
		China — 8.4%
	12	Baidu, Inc., ADR (a)		2,330
	1,191	CNOOC Ltd.		1,345
	25	JD.com, Inc., ADR (a)		703
	338	Ping An Insurance Group Co. of China Ltd., Class H		1,895
				6,273
		Finland — 3.2%
	325	Nokia OYJ		2,419
		France — 11.0%
	26	Accor S.A.		1,306
	44	AXA S.A.		1,162
	132	Orange S.A.		2,326
	15	Pernod Ricard S.A.		1,777
	16	Sanofi		1,586
				8,157
		Germany — 5.3%
	10	Continental AG		2,476
	24	Covestro AG (a) (e)		745
	21	Zalando SE (a) (e)		734
				3,955
		Hong Kong — 2.8%
	148	Cheung Kong Property Holdings Ltd.		1,036
	78	CK Hutchison Holdings Ltd.		1,068
				2,104
		India — 3.2%
	19	HDFC Bank Ltd., ADR		1,140
	148	ICICI Bank Ltd., ADR		1,276
				2,416
		Ireland — 2.1%
	21	Shire plc		1,555
		Israel — 2.8%
	35	Teva Pharmaceutical Industries Ltd., ADR		2,081
		Italy — 2.0%
	432	Intesa Sanpaolo S.p.A.		1,502

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 13.2%
	44	Japan Tobacco, Inc.		1,512
	60	KDDI Corp.		1,445
	2	Keyence Corp.		1,041
	93	Kubota Corp.		1,442
	23	Makita Corp.		1,233
	41	Sumitomo Mitsui Financial Group, Inc.		1,628
	26	Tokyo Electron Ltd.		1,541
				9,842
		Netherlands — 4.9%
	22	Akzo Nobel N.V.		1,581
	142	ING Groep N.V., CVA		2,063
				3,644
		South Africa — 1.7%
	9	Naspers Ltd., Class N		1,301
		South Korea — 3.2%
	4	Samsung Electronics Co., Ltd., Reg. S, GDR		2,352
		Switzerland — 8.1%
	9	Actelion Ltd. (a)		1,254
	19	Cie Financiere Richemont S.A.		1,649
	7	Roche Holding AG		1,810
	66	UBS Group AG		1,325
				6,038
		Taiwan — 1.4%
	46	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,017
		United Kingdom — 19.9%
	69	ARM Holdings plc		1,079
	508	Barclays plc		1,810
	1,961	Lloyds Banking Group plc		2,226
	180	Meggitt plc		979
	89	Prudential plc		2,087
	80	RELX N.V.		1,363
	70	Smith & Nephew plc		1,198
	626	Vodafone Group plc		2,059
	238	Worldpay Group plc (a) (e)		1,022
	45	WPP plc		1,013
				14,836
		Total Common Stocks (Cost $74,986)		73,270

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	943	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $943)		943
		Total Investments — 99.6% (Cost $75,929)		74,213
		Other Assets in Excess of Liabilities — 0.4%		283
		NET ASSETS — 100.0%	$	74,496

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		15.7	%
Pharmaceuticals		9.6
Insurance		6.9
Media		5.0
Semiconductors & Semiconductor Equipment		4.9
Wireless Telecommunication Services		4.7
Machinery		3.6
Auto Components		3.3
Communications Equipment		3.3
Technology Hardware, Storage & Peripherals		3.2
Internet Software & Services		3.1
Chemicals		3.1
Diversified Telecommunication Services		3.1
Oil, Gas & Consumable Fuels		3.0
Beverages		2.4
Road & Rail		2.3
Textiles, Apparel & Luxury Goods		2.2
Tobacco		2.0
Internet & Catalog Retail		1.9
Capital Markets		1.8
Hotels, Restaurants & Leisure		1.8
Biotechnology		1.7
Health Care Equipment & Supplies		1.6
Metals & Mining		1.6
Industrial Conglomerates		1.4
Electronic Equipment, Instruments & Components		1.4
Real Estate Management & Development		1.4
IT Services		1.4
Aerospace & Defense		1.3
Short-Term Investment		1.3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Australia — 3.0%
	1,762	Australia & New Zealand Banking Group Ltd.		34,068
	4,504	Goodman Group		19,325
	3,517	Oil Search Ltd.		19,601
				72,994
		Brazil — 0.6%
	2,173	Itau Unibanco Holding S.A. (Preference Shares), ADR		14,886
		China — 1.3%
	15,211	CNOOC Ltd.		17,181
	22,806	Industrial & Commercial Bank of China Ltd., Class H		14,466
				31,647
		Finland — 3.3%
	5,876	Nokia OYJ		43,708
	1,951	UPM-Kymmene OYJ		36,517
				80,225
		France — 12.2%
	184	Airbus Group SE		12,819
	1,749	AXA S.A.		46,690
	869	BNP Paribas S.A.		52,688
	235	Cap Gemini S.A.		20,914
	341	Renault S.A.		32,094
	459	Societe Generale S.A.		21,313
	128	Sodexo S.A.		11,383
	337	Thales S.A.		24,389
	1,559	TOTAL S.A.		75,369
				297,659
		Germany — 6.8%
	242	Bayer AG		32,238
	355	Brenntag AG		21,411
	568	Daimler AG		49,227
	734	Deutsche Bank AG		20,531
	166	HeidelbergCement AG		12,342
	1,428	Infineon Technologies AG		17,587
	739	TUI AG		13,744
				167,080
		Hong Kong — 1.7%
	569	Cheung Kong Property Holdings Ltd.		3,982
	3,626	China Overseas Land & Investment Ltd.		11,711
	1,912	CK Hutchison Holdings Ltd.		26,184
				41,877

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 2.0%
	230	Ryanair Holdings plc, ADR		18,019
	416	Shire plc		31,485
				49,504
		Italy — 5.2%
	9,305	Enel S.p.A.		42,907
	10,099	Intesa Sanpaolo S.p.A.		35,136
	23,593	Telecom Italia S.p.A. (a)		32,915
	2,543	UniCredit S.p.A.		16,420
				127,378
		Japan — 23.0%
	1,173	Dai-ichi Life Insurance Co., Ltd. (The)		20,290
	368	Daikin Industries Ltd.		23,664
	1,148	Daiwa House Industry Co., Ltd.		30,128
	443	Dentsu, Inc.		24,888
	805	Japan Airlines Co., Ltd.		30,308
	329	Japan Tobacco, Inc.		11,370
	3,170	Kawasaki Heavy Industries Ltd.		12,724
	1,190	Mitsubishi Corp.		21,642
	11,432	Mitsubishi UFJ Financial Group, Inc.		73,935
	1,166	Mitsui Fudosan Co., Ltd.		31,731
	1,514	Nippon Telegraph & Telephone Corp.		55,505
	2,861	Nissan Motor Co., Ltd.		29,661
	488	Seven & i Holdings Co., Ltd.		22,163
	776	Sompo Japan Nipponkoa Holdings, Inc.		24,365
	1,279	Sony Corp.		36,342
	650	Sumitomo Mitsui Financial Group, Inc.		25,923
	1,222	Toyota Motor Corp.		74,865
	588	Yamato Holdings Co., Ltd.		11,572
				561,076
		Luxembourg — 0.7%
	2,936	ArcelorMittal		16,396
		Netherlands — 4.9%
	3,056	ING Groep N.V., CVA		44,479
	7,862	Koninklijke KPN N.V.		28,806
	936	Koninklijke Philips N.V.		25,236
	670	NN Group N.V.		21,004
				119,525
		Norway — 1.5%
	932	DNB ASA		11,861
	7,232	Norsk Hydro ASA		25,902
				37,763
		Singapore — 0.5%
	973	DBS Group Holdings Ltd.		11,968

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 1.0%
	21	Samsung Electronics Co., Ltd.		24,761
		Spain — 0.6%
	11,199	Bankia S.A.		14,392
		Sweden — 1.6%
	1,294	Electrolux AB, Series B		38,057
		Switzerland — 6.2%
	884	Credit Suisse Group AG (a)		22,043
	313	Nestle S.A.		23,895
	311	Novartis AG		28,149
	163	Roche Holding AG		44,389
	559	Wolseley plc		32,841
				151,317
		United Kingdom — 21.9%
	585	AstraZeneca plc		37,258
	3,086	Aviva plc		23,061
	10,775	Barclays plc		38,390
	1,454	Barratt Developments plc		13,694
	2,731	BG Group plc		43,151
	465	British American Tobacco plc		27,608
	949	British Land Co. plc (The)		12,717
	6,589	Centrica plc		22,928
	2,823	Dixons Carphone plc		20,041
	1,403	GlaxoSmithKline plc		30,258
	567	InterContinental Hotels Group plc		22,648
	36,018	Lloyds Banking Group plc		40,881
	2,648	National Grid plc		37,727
	1,892	Prudential plc		44,184
	1,048	Rio Tinto plc		38,209
	233	SABMiller plc		14,310
	20,693	Vodafone Group plc		68,100
				535,165
		Total Common Stocks (Cost $2,287,696)		2,393,670
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	28,020	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $28,020)		28,020
		Total Investments — 99.1% (Cost $2,315,716)		2,421,690
		Other Assets in Excess of Liabilities — 0.9%		22,506
		NET ASSETS — 100.0%	$	2,444,196

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		18.6	%
Pharmaceuticals		8.4
Automobiles		7.7
Insurance		7.4
Oil, Gas & Consumable Fuels		6.4
Diversified Telecommunication Services		4.8
Household Durables		3.6
Metals & Mining		3.3
Real Estate Management & Development		3.2
Trading Companies & Distributors		3.1
Wireless Telecommunication Services		2.8
Multi-Utilities		2.5
Industrial Conglomerates		2.1
Airlines		2.0
Hotels, Restaurants & Leisure		2.0
Communications Equipment		1.8
Electric Utilities		1.8
Capital Markets		1.8
Tobacco		1.6
Aerospace & Defense		1.5
Paper & Forest Products		1.5
Real Estate Investment Trusts (REITs)		1.3
Media		1.0
Technology Hardware, Storage & Peripherals		1.0
Food Products		1.0
Building Products		1.0
Others (each less than 1.0%)		5.6
Short-Term Investment		1.2

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	10,104	EUR
	7,502	for GBP	Goldman Sachs International		11/27/15	$	11,562	#	$	11,114	#	$	(448	)
	12,997	EUR
	124,355	for SEK	Credit Suisse International		11/27/15		14,564	#		14,297	#		(267	)
	6,181	GBP
	8,353	for EUR	Royal Bank of Canada		11/27/15		9,188	#		9,528	#		340
	122,166	AUD	BNP Paribas		11/27/15		87,851			87,008			(843	)
	10,747	CHF	Citibank, N.A.		11/27/15		10,984			10,880			(104	)
	5,584	CHF	Royal Bank of Canada		11/27/15		5,677			5,653			(24	)
	7,102	CHF	Standard Chartered Bank		11/27/15		7,384			7,190			(194	)
	9,278	CHF	State Street Corp.		11/27/15		9,650			9,394			(256	)
	24,610	CHF	Union Bank of Switzerland AG		11/27/15		25,649			24,916			(733	)
	105,927	DKK	Deutsche Bank AG		11/27/15		16,368			15,627			(741	)
	13,415	EUR	Citibank, N.A.		11/27/15		15,176			14,756			(420	)
	18,196	EUR	Goldman Sachs International		11/27/15		20,361			20,015			(346	)
	57,979	EUR	Standard Chartered Bank		11/27/15		65,043			63,775			(1,268	)
	48,515	GBP	BNP Paribas		11/27/15		76,474			74,780			(1,694	)
	205,669	HKD	BNP Paribas		11/27/15		26,524			26,538			14
	699,367	JPY	BNP Paribas		11/27/15		5,830			5,797			(33	)
	1,414,592	JPY	Deutsche Bank AG		11/27/15		11,771			11,725			(46	)
	1,007,289	JPY	Morgan Stanley		11/27/15		8,363			8,349			(14	)
	873,399	JPY	Royal Bank of Scotland		11/27/15		7,274			7,240			(34	)
	56,533	NOK	Goldman Sachs International		11/27/15		6,720			6,651			(69	)
	57,586	SEK	BNP Paribas		11/27/15		6,947			6,744			(203	)
	293,311	SEK	Deutsche Bank AG		11/27/15		35,333			34,349			(984	)
	15,694	SGD	BNP Paribas		11/27/15		11,186			11,193			7
	8,099	SGD	Royal Bank of Canada		11/27/15		5,766			5,777			11
	8,233	SGD	Royal Bank of Scotland		11/27/15		5,761			5,872			111
						$	507,406		$	499,168		$	(8,238	)

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	32,256	CHF		Deutsche Bank AG		11/27/15	$	34,392	$	32,656	$	1,736
	5,237	EUR		BNP Paribas		11/27/15		6,047		5,760		287
	11,430	EUR		Citibank, N.A.		11/27/15		12,618		12,574		44
	4,500	EUR		Goldman Sachs International		11/27/15		5,039		4,949		90
	5,150	EUR		Merrill Lynch International		11/27/15		5,903		5,664		239
	5,843	EUR		Morgan Stanley		11/27/15		6,610		6,427		183
	6,574	EUR		Royal Bank of Canada		11/27/15		7,469		7,232		237
	121,462	EUR		Standard Chartered Bank		11/27/15		139,958		133,605		6,353
	30,699	EUR		State Street Corp.		11/27/15		33,940		33,769		171
	22,381	GBP	��	BNP Paribas		11/27/15		34,037		34,497		(460	)
	6,769	GBP		Citibank, N.A.		11/27/15		10,467		10,433		34
	5,178	GBP		Deutsche Bank AG		11/27/15		8,119		7,982		137
	9,755	GBP		Goldman Sachs International		11/27/15		15,072		15,036		36
	3,490	GBP		Standard Chartered Bank		11/27/15		5,385		5,379		6
	19,317	GBP		State Street Corp.		11/27/15		29,732		29,775		(43	)
	8,283	GBP		Union Bank of Switzerland AG		11/27/15		12,652		12,768		(116	)
	40,187	HKD		HSBC Bank, N.A.		11/27/15		5,185		5,185		–	(h)
	63,164	HKD		Societe Generale		11/27/15		8,150		8,151		(1	)
	1,509,792	JPY		Goldman Sachs International		11/27/15		12,673		12,514		159
	1,996,548	JPY		Standard Chartered Bank		11/27/15		16,721		16,548		173
	1,420,520	JPY		State Street Corp.		11/27/15		11,474		11,775		(301	)
	214,054	NOK		Deutsche Bank AG		11/27/15		26,137		25,183		954
	46,235	SEK		Deutsche Bank AG		11/27/15		5,445		5,415		30
	49,342	SEK		Merrill Lynch International		11/27/15		5,804		5,778		26
							$	459,029	$	449,055	$	9,974

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2015 of the currency being sold, and the value at October 31, 2015 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Australia — 5.4%
	296	Australia & New Zealand Banking Group Ltd.		5,730
	678	Bank of Queensland Ltd.		6,289
	705	Bendigo & Adelaide Bank Ltd.		5,349
	898	BHP Billiton Ltd.		14,733
	2,022	Echo Entertainment Group Ltd.		7,306
	11,101	Fairfax Media Ltd.		7,425
	154	Flight Centre Travel Group Ltd.		4,154
	2,199	GPT Group (The)		7,448
	2,297	Harvey Norman Holdings Ltd.		6,452
	627	Lend Lease Group		5,766
	136	Macquarie Group Ltd.		8,221
	4,835	South32 Ltd. (a)		5,007
	1,040	Westfield Corp.		7,542
	657	Westpac Banking Corp.		14,638
	342	Woodside Petroleum Ltd.		7,167
				113,227
		Belgium — 1.5%
	95	Ageas		4,180
	55	Anheuser-Busch InBev S.A./N.V.		6,609
	231	bpost S.A.		5,784
	85	Delhaize Group		7,930
	216	Proximus SADP		7,474
				31,977
		China — 0.3%
	7,737	China Construction Bank Corp., Class H		5,607
		Denmark — 2.6%
	4	AP Moeller—Maersk A/S, Class B		6,526
	317	Danske Bank A/S		8,730
	451	Novo Nordisk A/S, Class B		23,939
	62	Pandora A/S		7,136
	142	Vestas Wind Systems A/S		8,287
				54,618
		Finland — 0.8%
	296	Tieto OYJ		7,593
	431	UPM-Kymmene OYJ		8,074
				15,667
		France — 11.3%
	508	Altran Technologies S.A.		6,339
	567	AXA S.A.		15,127
	254	BNP Paribas S.A.		15,383
	104	Cap Gemini S.A.		9,281
	584	Credit Agricole S.A.		7,374
	487	Engie S.A.		8,515

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	118	Faurecia		4,676
	67	Gaztransport Et Technigaz S.A.		3,332
	83	LVMH Moet Hennessy Louis Vuitton SE		15,464
	1,007	Natixis S.A.		6,165
	638	Orange S.A.		11,246
	106	Publicis Groupe S.A.		6,877
	75	Renault S.A.		7,078
	135	Safran S.A.		10,217
	270	Sanofi		27,217
	207	Societe Generale S.A.		9,633
	1,071	Technicolor S.A.		7,241
	96	Teleperformance		7,516
	94	Thales S.A.		6,772
	527	TOTAL S.A.		25,486
	48	Valeo S.A.		7,472
	218	Veolia Environnement S.A.		5,074
	160	Vinci S.A.		10,763
				234,248
		Germany — 8.2%
	118	Allianz SE		20,701
	112	Aurubis AG		7,477
	191	Bayer AG		25,410
	43	Continental AG		10,425
	225	Daimler AG		19,507
	198	Evonik Industries AG		7,184
	238	Freenet AG		8,017
	101	Fresenius Medical Care AG & Co. KGaA		9,095
	131	Fresenius SE & Co. KGaA		9,627
	77	Hannover Rueck SE		8,951
	113	HeidelbergCement AG		8,443
	92	KUKA AG		7,774
	84	Merck KGaA		8,174
	136	OSRAM Licht AG		8,019
	118	ProSiebenSat.1 Media SE		6,351
	62	Siemens AG		6,235
				171,390
		Hong Kong — 2.5%
	1,306	BOC Hong Kong Holdings Ltd.		4,176
	919	Cheung Kong Infrastructure Holdings Ltd.		8,525
	910	Cheung Kong Property Holdings Ltd.		6,367
	2,196	China Overseas Land & Investment Ltd.		7,093
	732	China Overseas Property Holdings Ltd. (a)		126
	864	CK Hutchison Holdings Ltd.		11,825
	6,039	New World Development Co., Ltd.		6,441

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Hong Kong — continued
	579	Swire Pacific Ltd., Class A		6,684
				51,237
		India — 0.4%
	126	HDFC Bank Ltd., ADR		7,686
		Ireland — 1.6%
	97	DCC plc		7,753
	93	Ryanair Holdings plc, ADR		7,234
	154	Shire plc		11,656
	103	Smurfit Kappa Group plc		2,924
	160	Smurfit Kappa Group plc 1		4,566
				34,133
		Israel — 0.6%
	224	Teva Pharmaceutical Industries Ltd., ADR		13,248
		Italy — 2.1%
	178	Atlantia S.p.A.		4,937
	2,252	Enel S.p.A.		10,387
	3,718	Intesa Sanpaolo S.p.A.		12,935
	708	Mediobanca S.p.A.		7,122
	6,512	Telecom Italia S.p.A. (a)		9,084
				44,465
		Japan — 21.8%
	171	Alps Electric Co., Ltd.		5,320
	1,111	Asahi Glass Co., Ltd.		6,361
	1,072	Asahi Kasei Corp.		6,578
	583	Astellas Pharma, Inc.		8,462
	296	Bandai Namco Holdings, Inc.		7,266
	1,230	Bank of Yokohama Ltd. (The)		7,677
	217	Bridgestone Corp.		7,972
	334	Canon, Inc.		9,977
	393	Casio Computer Co., Ltd.		7,400
	1,075	Citizen Holdings Co., Ltd.		8,150
	584	Daicel Corp.		7,721
	177	FamilyMart Co., Ltd.		7,239
	2,047	Fuji Electric Co., Ltd.		9,133
	228	Fuji Heavy Industries Ltd.		8,798
	211	FUJIFILM Holdings Corp.		8,405
	1,287	Fukuoka Financial Group, Inc.		6,772
	58	Hikari Tsushin, Inc.		4,376
	721	ITOCHU Corp.		9,017
	263	Japan Aviation Electronics Industry Ltd.		4,659
	312	Japan Tobacco, Inc.		10,802
	302	JFE Holdings, Inc.		4,740
	483	KDDI Corp.		11,681
	3,905	Kobe Steel Ltd.		4,931

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	75	Kose Corp.		7,285
	96	MEIJI Holdings Co., Ltd.		7,596
	453	Mitsubishi Corp.		8,239
	3,422	Mitsubishi UFJ Financial Group, Inc.		22,132
	2,112	Mitsui Chemicals, Inc.		7,986
	347	NH Foods Ltd.		7,238
	307	Nippon Telegraph & Telephone Corp.		11,259
	997	Nissan Motor Co., Ltd.		10,333
	77	Nitori Holdings Co., Ltd.		5,989
	77	Nitto Denko Corp.		4,931
	832	Obayashi Corp.		7,297
	609	ORIX Corp.		8,886
	158	Otsuka Holdings Co., Ltd.		5,252
	119	Rohm Co., Ltd.		5,882
	595	Sekisui Chemical Co., Ltd.		7,020
	476	Sekisui House Ltd.		7,920
	213	Shionogi & Co., Ltd.		8,749
	247	Sompo Japan Nipponkoa Holdings, Inc.		7,740
	338	Sony Corp.		9,605
	921	Sumitomo Chemical Co., Ltd.		5,276
	442	Sumitomo Electric Industries Ltd.		6,035
	1,202	Sumitomo Heavy Industries Ltd.		5,416
	361	Sumitomo Mitsui Financial Group, Inc.		14,390
	1,927	Sumitomo Mitsui Trust Holdings, Inc.		7,397
	481	T&D Holdings, Inc.		6,321
	1,251	Taisei Corp.		8,130
	588	Tohoku Electric Power Co., Inc.		8,250
	238	Tokio Marine Holdings, Inc.		9,182
	540	Toyota Motor Corp.		33,052
	119	West Japan Railway Co.		8,340
	330	Yamaha Corp.		8,195
				454,760
		Luxembourg — 0.3%
	182	APERAM S.A. (a)		5,609
		Netherlands — 4.3%
	1,144	Aegon N.V.		7,021
	114	Heineken N.V.		10,409
	1,113	ING Groep N.V., CVA		16,191
	384	Koninklijke Ahold N.V.		7,806
	237	NN Group N.V.		7,433
	130	Randstad Holding N.V.		7,731
	1,270	Royal Dutch Shell plc, Class B		33,261
				89,852

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Norway — 0.6%
	452	DNB ASA		5,761
	142	Yara International ASA		6,435
				12,196
		Portugal — 0.3%
	1,623	EDP—Energias de Portugal S.A.		5,997
		Singapore — 0.4%
	618	DBS Group Holdings Ltd.		7,600
		South Africa — 0.3%
	861	Investec plc		7,175
		South Korea — 0.4%
	6	Samsung Electronics Co., Ltd.		7,402
		Spain — 2.6%
	139	Amadeus IT Holding S.A., Class A		5,907
	1,457	Banco Santander S.A.		8,138
	313	Ferrovial S.A.		7,892
	327	Gas Natural SDG S.A.		7,076
	1,610	Iberdrola S.A.		11,482
	509	Repsol S.A.		6,411
	163	Tecnicas Reunidas S.A.		7,250
				54,156
		Sweden — 2.7%
	301	Boliden AB		5,759
	459	Castellum AB		6,867
	548	Securitas AB, Class B		7,153
	327	Svenska Cellulosa AB S.C.A., Class B		9,638
	464	Svenska Handelsbanken AB, Class A		6,303
	328	Swedbank AB, Class A		7,524
	230	Swedish Match AB		7,214
	362	Trelleborg AB, Class B,		6,092
				56,550
		Switzerland — 8.7%
	53	Actelion Ltd. (a)		7,389
	103	Adecco S.A. (a)		7,645
	10	Georg Fischer AG		6,204
	53	Lonza Group AG (a)		7,816
	388	Nestle S.A.		29,603
	458	Novartis AG		41,445
	135	Roche Holding AG		36,644
	21	Straumann Holding AG		5,815
	31	Swiss Life Holding AG (a)		7,378
	126	Swiss Re AG		11,695
	923	UBS Group AG		18,443
				180,077

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — 18.7%
	895	3i Group plc		6,897
	313	AstraZeneca plc		19,956
	1,048	Aviva plc		7,829
	4,285	Barclays plc		15,268
	763	Barratt Developments plc		7,189
	2,384	Booker Group plc		6,830
	3,922	BP plc		23,311
	440	British American Tobacco plc		26,111
	670	British Land Co. plc (The)		8,976
	2,121	BT Group plc		15,145
	1,164	Carillion plc		5,475
	1,257	Direct Line Insurance Group plc		7,626
	1,092	Dixons Carphone plc		7,755
	167	Hikma Pharmaceuticals plc		5,576
	2,196	HSBC Holdings plc		17,157
	273	Imperial Tobacco Group plc		14,712
	1,488	Indivior plc		4,701
	2,023	ITV plc		7,853
	589	John Wood Group plc		5,403
	13,961	Lloyds Banking Group plc		15,846
	942	Marks & Spencer Group plc		7,439
	422	Northgate plc		2,635
	254	Persimmon plc (a)		7,778
	507	Playtech plc		6,677
	670	Prudential plc		15,638
	174	Reckitt Benckiser Group plc		16,959
	418	Rio Tinto plc		15,230
	516	Sky plc		8,701
	2,509	Taylor Wimpey plc		7,644
	248	Travis Perkins plc		7,321
	802	UBM plc		6,315
	579	Unilever N.V., CVA		26,193
	6,458	Vodafone Group plc		21,252
	423	WPP plc		9,491
				388,889
		United States — 0.4%
	148	Carnival plc		8,211
		Total Common Stocks (Cost $2,003,011)		2,055,977
	Preferred Stock — 0.4%
		Germany — 0.4%
	76	Henkel AG & Co. KGaA (Cost $7,461)		8,227

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0% (g)
		Australia — 0.0% (g)
	29	Westpac Banking Corp., expiring 11/11/15 (a)		100
		France — 0.0% (g)
	1,071	Technicolor S.A., expiring 11/04/15 (a)		264
		Spain — 0.0% (g)
	1,457	Banco Santander S.A., expiring 11/03/15 (a)		80
		Total Rights (Cost $81)		444
SHARES
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	26,986	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $26,986)		26,986
		Total Investments — 100.5% (Cost $2,037,539)		2,091,634
		Liabilities in Excess of Other Assets — (0.5)%		(9,718	)
		NET ASSETS — 100.0%	$	2,081,916

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		12.8	%
Pharmaceuticals		11.5
Insurance		6.5
Oil, Gas & Consumable Fuels		4.7
Automobiles		3.8
Metals & Mining		3.0
Media		2.9
Tobacco		2.8
Household Durables		2.6
Diversified Telecommunication Services		2.6
Capital Markets		2.3
Chemicals		2.2
Electric Utilities		2.1
Food Products		2.1
Wireless Telecommunication Services		2.0	��
Construction & Engineering		1.9
Real Estate Management & Development		1.9
Auto Components		1.8
Household Products		1.7
Personal Products		1.6
Food & Staples Retailing		1.4
IT Services		1.4
Industrial Conglomerates		1.2
Technology Hardware, Storage & Peripherals		1.2
Machinery		1.2
Electrical Equipment		1.2
Trading Companies & Distributors		1.2
Real Estate Investment Trusts (REITs)		1.2
Professional Services		1.1
Textiles, Apparel & Luxury Goods		1.1
Others (each less than 1.0%)		13.7
Short-Term Investment		1.3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (Unaudited)

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
NOK	—  Norwegian Krone
NVDR	—  Non Voting Depositary Receipt
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.

(e) —  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration normally to qualified institutional buyers.

(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(l)	—  The rate shown is the current yield as of October 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are as follows (amounts in thousands):

Fund	Value		Percentage
Emerging Economies Fund	$	938,154		86.8	%
Emerging Markets Equity Fund		1,602,716		70.9
Emerging Markets Equity Income Fund		2,040		76.1
Global Research Enhanced Index Fund		2,808,909		37.9
Global Unconstrained Equity Fund		435		26.2
International Equity Fund		2,806,634		95.6
International Equity Income Fund		101,590		92.7
International Opportunities Fund		2,166,745		96.8
International Research Enhanced Equity Fund		861,269		97.8
International Unconstrained Equity Fund		62,136		83.7
International Value Fund		2,360,765		97.5
Intrepid International Fund		2,036,480		97.4

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,044,367		$	2,198,338		$	2,681		$	7,195,831
Investments in affiliates, at value		36,465			62,382			—			207,057
Total investment securities, at value		1,080,832			2,260,720			2,681			7,402,888
Cash		6,661			1,418			49			1,039
Foreign currency, at value		1,484			587			37			121
Deposits at broker for futures contracts		2,232			—			—			8,795
Receivables:
Investment securities sold		4,363			5,307			22			60,643
Fund shares sold		6,355			6,786			—			2,685
Dividends from non-affiliates		404			218			2			10,066
Dividends from affiliates		3			5			—			14
Tax reclaims		10			—			—			4,720
Variation margin on futures contracts		116			—			—			—
India tax refund		31			—			—			—
Due from Adviser		—			—			19			—
Deferred offering costs		—			—			14			—
Total Assets		1,102,491			2,275,041			2,824			7,490,971
LIABILITIES:
Payables:
Investment securities purchased		5			3,571			65			71,055
Fund shares redeemed		308			1,952			—			1,419
Variation margin on futures contracts		—			—			—			808
Accrued liabilities:
Investment advisory fees		773			1,704			—			284
Administration fees		34			114			—			—
Distribution fees		10			84			—	(a)		—	(a)
Shareholder servicing fees		74			116			1			1,543
Custodian and accounting fees		318			536			18			189
Trustees’ and Chief Compliance Officer’s fees		2			—	(a)		—	(a)		16
Deferred India capital gains tax		—			402			—			—
Audit fees		50			56			46			57
Registration fee		—	(a)		27			1			236
Sub-transfer agent fees		52			342			—	(a)		4
Other		22			286			—	(a)		82
Total Liabilities		1,648			9,190			131			75,693
Net Assets	$	1,100,843		$	2,265,851		$	2,693		$	7,415,278

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,304,709		$	2,244,573		$	3,203		$	6,974,515
Accumulated undistributed (distributions in excess of) net investment income		10,066			19,491			12			112,183
Accumulated net realized gains (losses)		(185,097	)		(43,803	)		(128	)		(101,620	)
Net unrealized appreciation (depreciation)		(28,835	)		45,590			(394	)		430,200
Total Net Assets	$	1,100,843		$	2,265,851		$	2,693		$	7,415,278
Net Assets:
Class A	$	43,220		$	274,710		$	86		$	20
Class C		3,614			43,387			32			20
Class R2		—			—			—			20
Class R5		81,516			—			17			—
Class R6		732,627			1,128,390			17			—
Institutional Class		—			316,635			—			—
Select Class		239,866			502,729			2,541			7,415,218
Total	$	1,100,843		$	2,265,851		$	2,693		$	7,415,278
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,920			14,063			7			1
Class C		332			2,288			3			1
Class R2		—			—			—			1
Class R5		7,339			—			1			—
Class R6		65,971			56,049			1			—
Institutional Class		—			15,716			—			—
Select Class		21,678			25,165			203			399,604
Net Asset Value (a):
Class A — Redemption price per share	$	11.03		$	19.53		$	12.50		$	18.52
Class C — Offering price per share (b)		10.86			18.96			12.51			18.43
Class R2 — Offering and redemption price per share		—			—			—			18.47
Class R5 — Offering and redemption price per share		11.11			—			12.53			—
Class R6 — Offering and redemption price per share		11.11			20.13			12.53			—
Institutional Class — Offering and redemption price per share		—			20.15			—			—
Select Class — Offering and redemption price per share		11.06			19.98			12.53			18.56
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	11.64		$	20.61		$	13.19		$	19.55
Cost of investments in non-affiliates	$	1,072,239		$	2,152,337		$	3,075		$	6,775,877
Cost of investments in affiliates		36,465			62,382			—			207,057
Cost of foreign currency		1,534			587			37			122

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands, except per share amounts)

	Global Unconstrained Equity Fund			International Equity Fund		International Equity Income Fund			International Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	1,657		$	2,898,064	$	106,101		$	2,186,301
Investments in affiliates, at value		—			36,512		3,526			52,566
Total investment securities, at value		1,657			2,934,576		109,627			2,238,867
Cash		80			446		20			46
Foreign currency, at value		—			91		12			17
Receivables:
Investment securities sold		31			—		—			4,086
Fund shares sold		—			880		748			1,843
Dividends from non-affiliates		—	(a)		6,016		233			4,341
Dividends from affiliates		—			4		—	(a)		4
Tax reclaims		4			5,089		81			3,085
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—			6,887
Total Assets		1,772			2,947,102		110,721			2,259,176
LIABILITIES:
Payables:
Investment securities purchased		18			—		—			13
Fund shares redeemed		—			22,050		78			9,584
Unrealized depreciation on forward foreign currency exchange contracts		—			—		—			7,604
Accrued liabilities:
Investment advisory fees		45			1,773		30			1,095
Administration fees		—			88		—	(a)		154
Distribution fees		—	(a)		67		19			35
Shareholder servicing fees		—	(a)		99		15			15
Custodian and accounting fees		15			131		24			112
Trustees’ and Chief Compliance Officer’s fees		—	(a)		5		—	(a)		4
Audit fees		51			27		55			57
Registration fee		1			37		59			27
Sub-transfer agent fees		—	(a)		134		17			75
Other		1			68		7			31
Total Liabilities		131			24,479		304			18,806
Net Assets	$	1,641		$	2,922,623	$	110,417		$	2,240,370

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	1,514		$	2,743,027		$	106,802		$	2,126,663
Accumulated undistributed (distributions in excess of) net investment income		12			6,664			30			11,104
Accumulated net realized gains (losses)		8			(24,670	)		823			(41,449	)
Net unrealized appreciation (depreciation)		107			197,602			2,762			144,052
Total Net Assets	$	1,641		$	2,922,623		$	110,417		$	2,240,370
Net Assets:
Class A	$	244		$	224,370		$	66,499		$	155,397
Class C		317			28,313			8,649			1,743
Class R2		20			1,203			52			—
Class R5		20			57,500			19			—
Class R6		20			2,088,835			21			2,003,409
Institutional Class		—			—			—			55,273
Select Class		1,020			522,402			35,177			24,548
Total	$	1,641		$	2,922,623		$	110,417		$	2,240,370
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		15			15,213			4,246			10,731
Class C		20			2,020			555			124
Class R2		2			82			4			—
Class R5		1			3,841			1			—
Class R6		1			139,581			1			135,794
Institutional Class		—			—			—			3,745
Select Class		63			34,932			2,241			1,672
Net Asset Value (a):
Class A — Redemption price per share	$	16.12		$	14.75		$	15.66		$	14.48
Class C — Offering price per share (b)		16.01			14.02			15.59			14.04
Class R2 — Offering and redemption price per share		16.11			14.69			15.65			—
Class R5 — Offering and redemption price per share		16.21			14.97			15.70			—
Class R6 — Offering and redemption price per share		16.22			14.97			15.69			14.75
Institutional Class — Offering and redemption price per share		—			—			—			14.76
Select Class — Offering and redemption price per share		16.18			14.95			15.70			14.68
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.01		$	15.57		$	16.53		$	15.28
Cost of investments in non-affiliates	$	1,550		$	2,700,037		$	103,332		$	2,041,302
Cost of investments in affiliates		—			36,512			3,526			52,566
Cost of foreign currency		—	(c)		94			12			19

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

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

(c) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands, except per share amounts)

	International Research Enhanced Equity Fund		International Unconstrained Equity Fund			International Value Fund		Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	868,163	$	73,270		$	2,393,670	$	2,064,648
Investments in affiliates, at value		12,046		943			28,020		26,986
Total investment securities, at value		880,209		74,213			2,421,690		2,091,634
Cash		49		172			48		47
Foreign currency, at value		427		11			167		79
Deposits at broker for futures contracts		840		—			—		—
Receivables:
Investment securities sold		176		—			10,621		—
Fund shares sold		151		133			16,576		639
Dividends from non-affiliates		2,139		86			6,462		5,150
Dividends from affiliates		1		—	(a)		2		3
Tax reclaims		1,859		14			4,609		1,994
Unrealized appreciation on forward foreign currency exchange contracts		—		—			11,378		—
Total Assets		885,851		74,629			2,471,553		2,099,546
LIABILITIES:
Payables:
Investment securities purchased		876		—			11,899		—
Fund shares redeemed		193		—			2,246		16,087
Variation margin on futures contracts		31		—			—		—
Unrealized depreciation on forward foreign currency exchange contracts		—		—			9,642		—
Accrued liabilities:
Investment advisory fees		—		2			1,214		1,037
Administration fees		—		—			167		147
Distribution fees		30		3			163		35
Shareholder servicing fees		161		9			264		4
Custodian and accounting fees		61		7			225		105
Trustees’ and Chief Compliance Officer’s fees		2		—	(a)		8		5
Audit fees		54		54			56		50
Registration fee		32		49			26		51
Sub-transfer agent fees		45		3			1,197		76
Other		37		6			250		33
Total Liabilities		1,522		133			27,357		17,630
Net Assets	$	884,329	$	74,496		$	2,444,196	$	2,081,916

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	805,510		$	76,813		$	2,676,902		$	2,560,105
Accumulated undistributed (distributions in excess of) net investment income		18,491			222			25,330			36,755
Accumulated net realized gains (losses)		2,270			(822	)		(365,314	)		(568,900	)
Net unrealized appreciation (depreciation)		58,058			(1,717	)		107,278			53,956
Total Net Assets	$	884,329		$	74,496		$	2,444,196		$	2,081,916
Net Assets:
Class A	$	82,667		$	5,824		$	695,251		$	152,834
Class C		18,423			3,439			31,296			2,789
Class R2		3,331			20			1,929			227
Class R5		—			20			—			—
Class R6		—			5,335			2,354			1,854,941
Institutional Class		—			—			1,480,321			51,833
Select Class		779,908			59,858			233,045			19,292
Total	$	884,329		$	74,496		$	2,444,196		$	2,081,916
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,998			331			53,380			7,893
Class C		1,162			197			2,475			143
Class R2		205			1			150			12
Class R5		—			1			—			—
Class R6		—			301			177			93,510
Institutional Class		—			—			111,377			2,614
Select Class		46,712			3,379			17,429			958
Net Asset Value (a):
Class A — Redemption price per share	$	16.54		$	17.61		$	13.02		$	19.36
Class C — Offering price per share (b)		15.85			17.45			12.65			19.52
Class R2 — Offering and redemption price per share		16.21			17.57			12.83			19.21
Class R5 — Offering and redemption price per share		—			17.75			—			—
Class R6 — Offering and redemption price per share		—			17.76			13.31			19.84
Institutional Class — Offering and redemption price per share		—			—			13.29			19.83
Select Class — Offering and redemption price per share		16.70			17.71			13.37			20.13
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.46		$	18.59		$	13.74		$	20.43
Cost of investments in non-affiliates	$	810,271		$	74,986		$	2,287,696		$	2,010,553
Cost of investments in affiliates		12,046			943			28,020			26,986
Cost of foreign currency		450			11			171			79

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2015

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund (a)			Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—		$	7
Interest income from affiliates		—	(b)		4			—	(b)		2
Dividend income from non-affiliates		28,575			50,471			150			153,215
Dividend income from affiliates		10			23			—	(b)		116
Foreign taxes withheld		(2,877	)		(3,594	)		(15	)		(6,559	)
Total investment income		25,708			46,904			135			146,781
EXPENSES:
Investment advisory fees		9,369			21,646			26			12,250
Administration fees		769			1,776			2			5,020
Distribution fees:
Class A		117			742			—	(b)		—	(b)
Class B (c)		—			10			—			—
Class C		33			388			—	(b)		1
Class R2		—			—			—			—	(b)
Shareholder servicing fees:
Class A		117			742			—	(b)		—	(b)
Class B (c)		—			4			—			—
Class C		11			129			—	(b)		—	(b)
Class R2		—			—			—			—
Class R5		305			—			—	(b)		—
Institutional Class		—			379			—			—
Select Class		640			1,350			6			15,313
Custodian and accounting fees		674			969			41			585
Interest expense to affiliates		70			11			—	(b)		4
Professional fees		132			141			71			138
Trustees’ and Chief Compliance Officer’s fees		10			18			—	(b)		62
Printing and mailing costs		41			288			4			145
Registration and filing fees		96			159			6			531
Transfer agent fees		42			111			2			49
Sub-transfer agent fees (See Note 2.J.)		180			1,240			—	(b)		16
Offering costs		—			—			107			—
Other		15			36			8			40
Total expenses		12,621			30,139			273			34,154
Less fees waived		(1,121	)		(2,431	)		(28	)		(13,753	)
Less expense reimbursements		(46	)		(134	)		(211	)		—	(b)
Net expenses		11,454			27,574			34			20,401
Net investment income (loss)		14,254			19,330			101			126,380
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(86,627	)(d)		(27,772	)		(128	)		(71,727	)
Futures		1,910			—			—			(17,615	)
Foreign currency transactions		377			199			(1	)		328
Net realized gain (loss)		(84,340	)		(27,573	)		(129	)		(89,014	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(70,063	)(e)		(380,742	)(f)		(394	)		98,283
Futures		(979	)		—			—			3,724
Foreign currency translations		(42	)		(18	)		—	(b)		(130	)
Change in net unrealized appreciation/depreciation		(71,084	)		(380,760	)		(394	)		101,877
Net realized/unrealized gains (losses)		(155,424	)		(408,333	)		(523	)		12,863
Change in net assets resulting from operations	$	(141,170	)	$	(389,003	)	$	(422	)	$	139,243

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than $1,000.

(c) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(d) Net of India capital gains tax of approximately $(200,000) for Emerging Economies Fund.

(e) Net of change in India capital gains tax of approximately $694,000 for Emerging Economies Fund.

(f) Net of change in India capital gains tax of approximately $(402,000) for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	1		$	—	(a)	$	—	(a)
Dividend income from non-affiliates		74			82,405			4,107			50,231
Dividend income from affiliates		—	(a)		40			1			24
Foreign taxes withheld		(3	)		(5,282	)		(246	)		(3,447	)
Total investment income		71			77,164			3,862			46,808
EXPENSES:
Investment advisory fees		26			21,714			725			11,334
Administration fees		3			2,225			84			1,549
Distribution fees:
Class A		—	(a)		517			160			299
Class B (b)		—			4			—			1
Class C		1			207			39			12
Class R2		—	(a)		6			2			—
Shareholder servicing fees:
Class A		—	(a)		517			160			299
Class B (b)		—			1			—			—	(a)
Class C		1			69			13			4
Class R2		—	(a)		3			1			—
Class R5		—	(a)		36			—	(a)		—
Institutional Class		—			—			—			49
Select Class		8			1,256			81			97
Custodian and accounting fees		44			344			42			270
Interest expense to affiliates		—			2			3			3
Professional fees		76			140			104			137
Trustees’ and Chief Compliance Officer’s fees		—	(a)		27			1			19
Printing and mailing costs		10			118			24			56
Registration and filing fees		97			178			128			140
Transfer agent fees		1			69			9			37
Sub-transfer agent fees (See Note 2.J.)		—	(a)		571			67			268
Other		9			37			8			21
Total expenses		276			28,041			1,651			14,595
Less fees waived		(33	)		(3,535	)		(460	)		(201	)
Less expense reimbursements		(210	)		(42	)		—	(a)		(27	)
Net expenses		33			24,464			1,191			14,367
Net investment income (loss)		38			52,700			2,671			32,441
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		556			(12,677	)		1,769			(31,011	)
Futures		(75	)		—			—			1,916
Foreign currency transactions		1			1,013			34			(20,090	)
Net realized gain (loss)		482			(11,664	)		1,803			(49,185	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(275	)		(93,800	)		(6,666	)		25,812
Futures		—			—			—			45
Foreign currency translations		—	(a)		(107	)		(1	)		1,549
Change in net unrealized appreciation/depreciation		(275	)		(93,907	)		(6,667	)		27,406
Net realized/unrealized gains (losses)		207			(105,571	)		(4,864	)		(21,779	)
Change in net assets resulting from operations	$	245		$	(52,871	)	$	(2,193	)	$	10,662

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015 (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	—	(a)	$	116		$	576
Interest income from affiliates		1			—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		26,221			567			84,940			61,334
Dividend income from affiliates		11			1			17			25
Foreign taxes withheld		(1,709	)		(45	)		(7,053	)		(4,325	)
Total investment income		24,526			523			78,020			57,610
EXPENSES:
Investment advisory fees		1,567			214			18,028			12,491
Administration fees		642			25			2,465			1,557
Distribution fees:
Class A		223			5			1,496			336
Class B (b)		7			—			6			—
Class C		147			7			233			14
Class R2		15			—	(a)		8			1
Shareholder servicing fees:
Class A		223			5			1,496			336
Class B (b)		2			—			2			—
Class C		49			2			77			5
Class R2		8			—	(a)		4			—	(a)
Class R5		—			—	(a)		—			—
Institutional Class		—			—			2,098			1,185
Select Class		1,676			68			653			44
Custodian and accounting fees		131			37			505			350
Interest expense to affiliates		1			—	(a)		9			1
Professional fees		150			80			168			144
Trustees’ and Chief Compliance Officer’s fees		9			—	(a)		32			19
Printing and mailing costs		68			5			495			75
Registration and filing fees		107			120			331			208
Transfer agent fees		61			10			71			17
Sub-transfer agent fees (See Note 2.J.)		193			2			4,738			299
Other		17			7			36			18
Total expenses		5,296			587			32,951			17,100
Less fees waived		(2,192	)		(208	)		(1,389	)		(931	)
Less expense reimbursements		(4	)		(91	)		(291	)		(17	)
Net expenses		3,100			288			31,271			16,152
Net investment income (loss)		21,426			235			46,749			41,458
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,858	(c)		(806	)		4,385			(23,820	)
Investments in affiliates		—			—	(a)		—			—
Futures		3,910			(17	)		4,479			—
Foreign currency transactions		13			(12	)		(8,028	)		(151	)
Net realized gain (loss)		5,781			(835	)		836			(23,971	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(31,545	)		(2,077	)		(131,408	)		(9,658	)
Futures		396			—			484			—
Foreign currency translations		(54	)		(1	)		(1,335	)		(19	)
Change in net unrealized appreciation/depreciation		(31,203	)		(2,078	)		(132,259	)		(9,677	)
Net realized/unrealized gains (losses)		(25,422	)		(2,913	)		(131,423	)		(33,648	)
Change in net assets resulting from operations	$	(3,996	)	$	(2,678	)	$	(84,674	)	$	7,810

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(c) Net of India capital gains tax of approximately $(2,000) for International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,254		$	22,372		$	19,330		$	28,370
Net realized gain (loss)		(84,340	)		(32,703	)		(27,573	)		80,394
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			1
Change in net unrealized appreciation/depreciation		(71,084	)		(12,476	)		(380,760	)		(77,244	)
Change in net assets resulting from operations		(141,170	)		(22,807	)		(389,003	)		31,521
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,309	)		(788	)		(2,876	)		(1,101	)
Class B (b)
From net investment income		—			—			(3	)		—
Class C
From net investment income		(54	)		(39	)		(188	)		—
Class R5
From net investment income		(17,780	)		(10,129	)		—			—
Class R6 (c)
From net investment income		—			—			(14,467	)		—
Institutional Class
From net investment income		—			—			(4,060	)		(17,566	)
Select Class
From net investment income		(4,910	)		(3,202	)		(5,672	)		(1,422	)
Total distributions to shareholders		(24,053	)		(14,158	)		(27,266	)		(20,089	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		39,393			234,052			147,146			(888,151	)
NET ASSETS:
Change in net assets		(125,830	)		197,087			(269,123	)		(876,719	)
Beginning of period		1,226,673			1,029,586			2,534,974			3,411,693
End of period	$	1,100,843		$	1,226,673		$	2,265,851		$	2,534,974
Accumulated undistributed (distributions in excess of) net investment income	$	10,066		$	19,133		$	19,491		$	27,228

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(c) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
	Period Ended October 31, 2015 (a)			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	101		$	126,380		$	61,329
Net realized gain (loss)		(129	)		(89,014	)		41,381
Distributions of capital gains received from investment company affiliates		—			—			1
Change in net unrealized appreciation/depreciation		(394	)		101,877			166,613
Change in net assets resulting from operations		(422	)		139,243			269,324
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2	)		(1	)		(1	)
From net realized gains		—			(1	)		—	(b)
Class C
From net investment income		(1	)		—	(b)		—	(b)
From net realized gains		—			(1	)		(1	)
Class R2
From net investment income		—			—	(b)		—	(b)
From net realized gains		—			(1	)		—	(b)
Class R5
From net investment income		—	(b)		—			—
Class R6
From net investment income		(1	)		—			—
Select Class
From net investment income		(84	)		(71,222	)		(20,542	)
From net realized gains		—			(47,876	)		(11,342	)
Total distributions to shareholders		(88	)		(119,102	)		(31,886	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,203			3,817,424			1,445,076
NET ASSETS:
Change in net assets		2,693			3,837,565			1,682,514
Beginning of period		—			3,577,713			1,895,199
End of period	$	2,693		$	7,415,278		$	3,577,713
Accumulated undistributed (distributions in excess of) net investment income	$	12		$	112,183		$	57,231

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Global Unconstrained Equity Fund						International Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	38		$	66		$	52,700		$	62,055
Net realized gain (loss)		482			535			(11,664	)		21,283
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			1
Change in net unrealized appreciation/depreciation		(275	)		(261	)		(93,907	)		(123,792	)
Change in net assets resulting from operations		245			340			(52,871	)		(40,453	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2	)		(1	)		(3,160	)		(4,391	)
From net realized gains		(24	)		(6	)		—			—
Class B (b)
From net investment income		—			—			(1	)		(22	)
Class C
From net investment income		(2	)		—	(a)		(332	)		(530	)
From net realized gains		(36	)		(6	)		—			—
Class R2
From net investment income		(1	)		(1	)		(13	)		(28	)
From net realized gains		(16	)		(6	)		—			—
Class R5
From net investment income		(2	)		(1	)		(1,256	)		(2,846	)
From net realized gains		(16	)		(6	)		—			—
Class R6
From net investment income		(2	)		(1	)		(36,053	)		(42,018	)
From net realized gains		(16	)		(6	)		—			—
Select Class
From net investment income		(89	)		(45	)		(8,468	)		(11,524	)
From net realized gains		(887	)		(341	)		—			—
Total distributions to shareholders		(1,093	)		(420	)		(49,283	)		(61,359	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,043	)		420			537,987			583,648
NET ASSETS:
Change in net assets		(2,891	)		340			435,833			481,836
Beginning of period		4,532			4,192			2,486,790			2,004,954
End of period	$	1,641		$	4,532		$	2,922,623		$	2,486,790
Accumulated undistributed (distributions in excess of) net investment income	$	12		$	63		$	6,664		$	2,234

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Income Fund						International Opportunities Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,671		$	6,461		$	32,441		$	46,795
Net realized gain (loss)		1,803			163			(49,185	)		56,651
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			1
Change in net unrealized appreciation/depreciation		(6,667	)		(3,023	)		27,406			(130,096	)
Change in net assets resulting from operations		(2,193	)		3,601			10,662			(26,649	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,802	)		(2,495	)		(1,196	)		(964	)
From net realized gains		(747	)		(419	)		—			—
Class B (b)
From net investment income		—			—			(3	)		—
Class C
From net investment income		(160	)		(109	)		(26	)		(6	)
From net realized gains		(30	)		(16	)		—			—
Class R2
From net investment income		(19	)		(21	)		—			—
From net realized gains		(5	)		(4	)		—			—
Class R5
From net investment income		(21	)		(26	)		—			—
From net realized gains		(6	)		(4	)		—			—
Class R6 (c)
From net investment income		(1	)		—			(43,134	)		(14,924	)
Institutional Class
From net investment income		—			—			(1,208	)		(670	)
Select Class
From net investment income		(1,460	)		(2,019	)		(1,161	)		(395	)
From net realized gains		(342	)		(434	)		—			—
Total distributions to shareholders		(5,593	)		(5,547	)		(46,728	)		(16,959	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,141			8,324			520,590			361,687
NET ASSETS:
Change in net assets		(3,645	)		6,378			484,524			318,079
Beginning of period		114,062			107,684			1,755,846			1,437,767
End of period	$	110,417		$	114,062		$	2,240,370		$	1,755,846
Accumulated undistributed (distributions in excess of) net investment income	$	30		$	1,110		$	11,104		$	45,420

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(c) Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	International Research  Enhanced Equity Fund						International Unconstrained Equity  Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	21,426		$	15,366		$	235		$	51
Net realized gain (loss)		5,781			118,095			(835	)		314
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			—
Change in net unrealized appreciation/depreciation		(31,203	)		(138,448	)		(2,078	)		(468	)
Change in net assets resulting from operations		(3,996	)		(4,987	)		(2,678	)		(103	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,144	)		(2,006	)		(3	)		(1	)
From net realized gains		(14,822	)		(1,739	)		(23	)		(6	)
Class B (b)
From net investment income		(30	)		(38	)		—			—
From net realized gains		(279	)		(46	)		—			—
Class C
From net investment income		(384	)		(316	)		(1	)		(1	)
From net realized gains		(3,366	)		(361	)		(9	)		(5	)
Class R2
From net investment income		(65	)		(31	)		(1	)		—	(a)
From net realized gains		(441	)		(30	)		(5	)		(4	)
Class R5
From net investment income		—			—			(1	)		(1	)
From net realized gains		—			—			(5	)		(4	)
Class R6
From net investment income		—			—			(1	)		(1	)
From net realized gains		—			—			(5	)		(5	)
Select Class
From net investment income		(14,339	)		(9,519	)		(44	)		(40	)
From net realized gains		(90,006	)		(7,401	)		(267	)		(251	)
Total distributions to shareholders		(125,876	)		(21,487	)		(365	)		(319	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		330,697			111,002			72,975			690
NET ASSETS:
Change in net assets		200,825			84,528			69,932			268
Beginning of period		683,504			598,976			4,564			4,296
End of period	$	884,329		$	683,504		$	74,496		$	4,564
Accumulated undistributed (distributions in excess of) net investment income	$	18,491		$	13,515		$	222		$	50

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	46,749		$	123,084		$	41,458		$	22,694
Net realized gain (loss)		836			129,378			(23,971	)		15,949
Distributions of capital gains received from investment company affiliates		—			1			—			—	(a)
Change in net unrealized appreciation/depreciation		(132,259	)		(403,321	)		(9,677	)		(71,955	)
Change in net assets resulting from operations		(84,674	)		(150,858	)		7,810			(33,312	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(17,828	)		(5,106	)		(1,178	)		(764	)
Class B (b)
From net investment income		(34	)		(26	)		—			—
Class C
From net investment income		(874	)		(395	)		(7	)		(7	)
Class R2
From net investment income		(54	)		(18	)		(1	)		(1	)
Class R6 (c)
From net investment income		(1,141	)		(2,279	)		—			—
Institutional Class
From net investment income		(104,543	)		(53,459	)		(23,132	)		(9,080	)
Select Class
From net investment income		(10,060	)		(2,160	)		(194	)		(181	)
Total distributions to shareholders		(134,534	)		(63,443	)		(24,512	)		(10,033	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,126,276	)		927,458			505,255			978,829
NET ASSETS:
Change in net assets		(1,345,484	)		713,157			488,553			935,484
Beginning of period		3,789,680			3,076,523			1,593,363			657,879
End of period	$	2,444,196		$	3,789,680		$	2,081,916		$	1,593,363
Accumulated undistributed (distributions in excess of) net investment income	$	25,330		$	111,876		$	36,755		$	19,658

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(c) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	39,047		$	47,826		$	141,966		$	145,040
Distributions reinvested		703			486			2,387			933
Cost of shares redeemed		(68,699	)		(34,401	)		(164,706	)		(129,933	)
Conversion to Class A Shares		—			—			1,651			127
Change in net assets resulting from Class A capital transactions	$	(28,949	)	$	13,911		$	(18,702	)	$	16,167
Class B (a)
Proceeds from shares issued	$	—		$	—		$	103		$	89
Distributions reinvested		—			—			3			—
Cost of shares redeemed		—			—			(954	)		(1,541	)
Conversion from Class B Shares		—			—			(1,651	)		(127	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(2,499	)	$	(1,579	)
Class C
Proceeds from shares issued	$	694		$	1,870		$	10,799		$	15,814
Distributions reinvested		54			39			176			—
Cost of shares redeemed		(1,667	)		(1,443	)		(14,202	)		(16,476	)
Change in net assets resulting from Class C capital transactions	$	(919	)	$	466		$	(3,227	)	$	(662	)
Class R5
Proceeds from shares issued	$	514,420		$	310,191		$	—		$	—
Distributions reinvested		17,780			10,129			—			—
Cost of shares redeemed		(1,200,435	)		(118,184	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(668,235	)	$	202,136		$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	743,085		$	—		$	600,665		$	1,092,999
Distributions reinvested		—			—			14,467			—
Cost of shares redeemed		(150	)		—			(448,676	)		(58,952	)
Change in net assets resulting from Class R6 capital transactions	$	742,935		$	—		$	166,456		$	1,034,047
Institutional Class
Proceeds from shares issued	$	—		$	—		$	154,149		$	1,560,275
Distributions reinvested		—			—			2,196			14,367
Cost of shares redeemed		—			—			(175,383	)		(2,227,333	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	(19,038	)	$	(652,691	)
Select Class
Proceeds from shares issued	$	39,198		$	70,981		$	169,818		$	187,126
Distributions reinvested		4,292			3,170			5,148			1,240
Cost of shares redeemed		(48,929	)		(56,612	)		(150,810	)		(1,471,799	)
Change in net assets resulting from Select Class capital transactions	$	(5,439	)	$	17,539		$	24,156		$	(1,283,433	)
Total change in net assets resulting from capital transactions	$	39,393		$	234,052		$	147,146		$	(888,151	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000.

(c) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015		��	Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		3,271			3,659			6,573			6,374
Reinvested		58			37			110			43
Redeemed		(5,564	)		(2,653	)		(7,475	)		(5,838	)
Conversion to Class A Shares		—			—			76			6
Change in Class A Shares		(2,235	)		1,043			(716	)		585
Class B (a)
Issued		—			—			5			5
Reinvested		—			—			—	(b)		—
Redeemed		—			—			(43	)		(70	)
Conversion from Class B Shares		—			—			(78	)		(6	)
Change in Class B Shares		—			—			(116	)		(71	)
Class C
Issued		56			143			507			714
Reinvested		5			3			8			—
Redeemed		(141	)		(113	)		(691	)		(755	)
Change in Class C Shares		(80	)		33			(176	)		(41	)
Class R5
Issued		44,196			23,523			—			—
Reinvested		1,470			781			—			—
Redeemed		(102,824	)		(9,179	)		—			—
Change in Class R5 Shares		(57,158	)		15,125			—			—
Class R6 (c)
Issued		65,993			—			28,601			48,796
Reinvested		—			—			646			—
Redeemed		(22	)		—			(19,445	)		(2,549	)
Change in Class R6 Shares		65,971			—			9,802			46,247
Institutional Class
Issued		—			—			6,950			68,256
Reinvested		—			—			98			642
Redeemed		—			—			(8,181	)		(99,390	)
Change in Institutional Class Shares		—			—			(1,133	)		(30,492	)
Select Class
Issued		3,352			5,554			7,719			8,139
Reinvested		355			245			231			56
Redeemed		(3,905	)		(4,249	)		(6,853	)		(65,118	)
Change in Select Class Shares		(198	)		1,550			1,097			(56,923	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

(c) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
	Period Ended October 31, 2015 (a)			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	95		$	—		$	—
Distributions reinvested		2			2			1
Cost of shares redeemed		—	(b)		(45	)		—
Change in net assets resulting from Class A capital transactions	$	97		$	(43	)	$	1
Class C
Proceeds from shares issued	$	37		$	—		$	—
Distributions reinvested		1			1			1
Cost of shares redeemed		—			(45	)		—
Change in net assets resulting from Class C capital transactions	$	38		$	(44	)	$	1
Class R2
Distributions reinvested	$	—		$	1		$	—	(b)
Cost of shares redeemed		—			(45	)		—
Change in net assets resulting from Class R2 capital transactions	$	—		$	(44	)	$	—	(b)
Class R5
Proceeds from shares issued	$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—
Change in net assets resulting from Class R5 capital transactions	$	20		$	—		$	—
Class R6
Proceeds from shares issued	$	20		$	—		$	—
Distributions reinvested		1			—			—
Change in net assets resulting from Class R6 capital transactions	$	21		$	—		$	—
Select Class
Proceeds from shares issued	$	2,943		$	4,477,297		$	1,641,002
Distributions reinvested		84			12,872			5,200
Cost of shares redeemed		—			(672,614	)		(201,128	)
Change in net assets resulting from Select Class capital transactions	$	3,027		$	3,817,555		$	1,445,074
Total change in net assets resulting from capital transactions	$	3,203		$	3,817,424		$	1,445,076

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than 1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
	Period Ended October 31, 2015 (a)			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		7			—			—
Reinvested		—	(b)		—	(b)		—	(b)
Redeemed		—	(b)		(2	)		—
Change in Class A Shares		7			(2	)		—	(b)
Class C
Issued		3			—			—
Reinvested		—	(b)		—	(b)		—	(b)
Redeemed		—			(2	)		—
Change in Class C Shares		3			(2	)		—	(b)
Class R2
Reinvested		—			—	(b)		—	(b)
Redeemed		—			(2	)		—
Change in Class R2 Shares		—			(2	)		—	(b)
Class R5
Issued		1			—			—
Reinvested		—	(b)		—			—
Change in Class R5 Shares		1			—			—
Class R6
Issued		1			—			—
Reinvested		—	(b)		—			—
Change in Class R6 Shares		1			—			—
Select Class
Issued		196			245,025			91,856
Reinvested		7			703			299
Redeemed		—			(36,321	)		(11,083	)
Change in Select Class Shares		203			209,407			81,072

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Global Unconstrained Equity Fund					International Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014		Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	237		$	—	$	132,476		$	109,685
Distributions reinvested		18			7		1,943			2,850
Cost of shares redeemed		(64	)		—		(86,116	)		(107,650	)
Conversion to Class A Shares		—			—		650			27
Change in net assets resulting from Class A capital transactions	$	191		$	7	$	48,953		$	4,912
Class B (a)
Proceeds from shares issued	$	—		$	—	$	16		$	21
Distributions reinvested		—			—		1			18
Cost of shares redeemed		—			—		(370	)		(714	)
Conversion from Class B Shares		—			—		(650	)		(27	)
Change in net assets resulting from Class B capital transactions	$	—		$	—	$	(1,003	)	$	(702	)
Class C
Proceeds from shares issued	$	311		$	—	$	8,119		$	8,687
Distributions reinvested		31			6		271			408
Cost of shares redeemed		(59	)		—		(5,118	)		(5,189	)
Change in net assets resulting from Class C capital transactions	$	283		$	6	$	3,272		$	3,906
Class R2
Proceeds from shares issued	$	7		$	—	$	437		$	461
Distributions reinvested		10			7		6			18
Cost of shares redeemed		(58	)		—		(606	)		(237	)
Change in net assets resulting from Class R2 capital transactions	$	(41	)	$	7	$	(163	)	$	242
Class R5
Proceeds from shares issued	$	8		$	—	$	12,066		$	20,589
Distributions reinvested		10			7		1,256			2,846
Cost of shares redeemed		(60	)		—		(49,835	)		(30,870	)
Change in net assets resulting from Class R5 capital transactions	$	(42	)	$	7	$	(36,513	)	$	(7,435	)
Class R6
Proceeds from shares issued	$	8		$	—	$	643,342		$	512,142
Distributions reinvested		11			7		36,053			42,018
Cost of shares redeemed		(61	)		—		(200,977	)		(54,301	)
Change in net assets resulting from Class R6 capital transactions	$	(42	)	$	7	$	478,418		$	499,859
Select Class
Proceeds from shares issued	$	915		$	—	$	190,845		$	146,738
Distributions reinvested		565			386		7,832			10,417
Cost of shares redeemed		(3,872	)		—		(153,654	)		(74,289	)
Change in net assets resulting from Select Class capital transactions	$	(2,392	)	$	386	$	45,023		$	82,866
Total change in net assets resulting from capital transactions	$	(2,043	)	$	420	$	537,987		$	583,648

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Unconstrained Equity Fund						International Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		14			—			8,553			6,900
Reinvested		1			—	(a)		124			177
Redeemed		(4	)		—			(5,716	)		(6,712	)
Conversion to Class A Shares		—			—			40			2
Change in Class A Shares		11			—	(a)		3,001			367
Class B (b)
Issued		—			—			2			1
Reinvested		—			—			—	(a)		1
Redeemed		—			—			(25	)		(46	)
Conversion from Class B Shares		—			—			(42	)		(2	)
Change in Class B Shares		—			—			(65	)		(46	)
Class C
Issued		18			—			544			572
Reinvested		2			—	(a)		18			27
Redeemed		(4	)		—			(353	)		(344	)
Change in Class C Shares		16			—	(a)		209			255
Class R2
Issued		—	(a)		—			30			28
Reinvested		—	(a)		—	(a)		—	(a)		1
Redeemed		(2	)		—			(40	)		(15	)
Change in Class R2 Shares		(2	)		—	(a)		(10	)		14
Class R5
Issued		—	(a)		—			767			1,286
Reinvested		1			1			79			174
Redeemed		(4	)		—			(3,196	)		(1,900	)
Change in Class R5 Shares		(3	)		1			(2,350	)		(440	)
Class R6
Issued		1			—			41,655			32,114
Reinvested		1			1			2,277			2,576
Redeemed		(5	)		—			(13,127	)		(3,336	)
Change in Class R6 Shares		(3	)		1			30,805			31,354
Select Class
Issued		56			—			12,232			9,057
Reinvested		33			21			491			638
Redeemed		(238	)		—			(9,778	)		(4,642	)
Change in Select Class Shares		(149	)		21			2,945			5,053

(a) Amount rounds to less than 1,000 shares.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	International Equity Income Fund						International Opportunities Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	58,461		$	46,956		$	136,311		$	67,660
Distributions reinvested		1,987			1,278			667			470
Cost of shares redeemed		(63,685	)		(21,768	)		(88,624	)		(79,052	)
Conversion to Class A Shares		—			—			98			10
Change in net assets resulting from Class A capital transactions	$	(3,237	)	$	26,466		$	48,452		$	(10,912	)
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—	(b)	$	10
Distributions reinvested		—			—			3			—
Cost of shares redeemed		—			—			(103	)		(284	)
Conversion from Class B Shares		—			—			(98	)		(10	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(198	)	$	(284	)
Class C
Proceeds from shares issued	$	6,733		$	1,873		$	815		$	830
Distributions reinvested		188			122			23			5
Cost of shares redeemed		(1,399	)		(360	)		(485	)		(449	)
Change in net assets resulting from Class C capital transactions	$	5,522		$	1,635		$	353		$	386
Class R2
Proceeds from shares issued	$	245		$	—		$	—		$	—
Distributions reinvested		24			25			—			—
Cost of shares redeemed		(798	)		—			—			—
Change in net assets resulting from Class R2 capital transactions	$	(529	)	$	25		$	—		$	—
Class R5
Proceeds from shares issued	$	1		$	—		$	—		$	—
Distributions reinvested		27			30			—			—
Cost of shares redeemed		(600	)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	(572	)	$	30		$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	20		$	—		$	566,773		$	400,224
Distributions reinvested		1			—			43,134			14,924
Cost of shares redeemed		—	(b)		—			(114,856	)		(41,399	)
Change in net assets resulting from Class R6 capital transactions	$	21		$	—		$	495,051		$	373,749
Institutional Class
Proceeds from shares issued	$	—	��	$	—		$	16,816		$	16,360
Distributions reinvested		—			—			832			435
Cost of shares redeemed		—			—			(17,121	)		(19,108	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	527		$	(2,313	)
Select Class
Proceeds from shares issued	$	32,401		$	21,191		$	11,466		$	17,796
Distributions reinvested		1,227			1,790			899			325
Cost of shares redeemed		(30,692	)		(42,813	)		(35,960	)		(17,060	)
Change in net assets resulting from Select Class capital transactions	$	2,936		$	(19,832	)	$	(23,595	)	$	1,061
Total change in net assets resulting from capital transactions	$	4,141		$	8,324		$	520,590		$	361,687

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000.

(c) Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Income Fund						International Opportunities Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		3,583			2,826			9,264			4,460
Reinvested		123			77			47			31
Redeemed		(4,009	)		(1,300	)		(6,062	)		(5,136	)
Conversion to Class A Shares		—			—			6			1
Change in Class A Shares		(303	)		1,603			3,255			(644	)
Class B (a)
Issued		—			—			1			—	(b)
Reinvested		—			—			��	(b)		—
Redeemed		—			—			(8	)		(18	)
Conversion from Class B Shares		—			—			(6	)		(1	)
Change in Class B Shares		—			—			(13	)		(19	)
Class C
Issued		413			113			56			56
Reinvested		12			7			2			1
Redeemed		(86	)		(22	)		(34	)		(31	)
Change in Class C Shares		339			98			24			26
Class R2
Issued		16			—			—			—
Reinvested		1			2			—			—
Redeemed		(48	)		—			—			—
Change in Class R2 Shares		(31	)		2			—			—
Class R5
Reinvested		2			2			—			—
Redeemed		(37	)		—			—			—
Change in Class R5 Shares		(35	)		2			—			—
Class R6 (c)
Issued		1			—			38,682			26,049
Reinvested		—	(b)		—			2,979			972
Redeemed		—			—			(7,635	)		(2,625	)
Change in Class R6 Shares		1			—			34,026			24,396
Institutional Class
Issued		—			—			1,107			1,053
Reinvested		—			—			57			28
Redeemed		—			—			(1,144	)		(1,230	)
Change in Institutional Class Shares		—			—			20			(149	)
Select Class
Issued		1,976			1,276			778			1,159
Reinvested		76			107			62			21
Redeemed		(1,921	)		(2,594	)		(2,328	)		(1,101	)
Change in Select Class Shares		131			(1,211	)		(1,488	)		79

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

(c) Commencement of offering of class shares effective January 30, 2015 for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	11,729		$	19,402		$	6,956		$	343
Distributions reinvested		16,487			3,637			26			7
Cost of shares redeemed		(25,950	)		(30,904	)		(1,313	)		(66	)
Conversion to Class A Shares		1,210			90			—			—
Change in net assets resulting from Class A capital transactions	$	3,476		$	(7,775	)	$	5,669		$	284
Class B (a)
Proceeds from shares issued	$	4		$	33		$	—		$	—
Distributions reinvested		305			83			—			—
Cost of shares redeemed		(612	)		(941	)		—			—
Conversion from Class B Shares		(1,210	)		(90	)		—			—
Change in net assets resulting from Class B capital transactions	$	(1,513	)	$	(915	)	$	—		$	—
Class C
Proceeds from shares issued	$	3,206		$	4,045		$	3,688		$	64
Distributions reinvested		3,601			650			10			5
Cost of shares redeemed		(5,182	)		(4,908	)		(334	)		—	(b)
Change in net assets resulting from Class C capital transactions	$	1,625		$	(213	)	$	3,364		$	69
Class R2
Proceeds from shares issued	$	2,346		$	2,020		$	—	(b)	$	—	(b)
Distributions reinvested		130			18			6			4
Cost of shares redeemed		(1,185	)		(1,369	)		(52	)		—
Change in net assets resulting from Class R2 capital transactions	$	1,291		$	669		$	(46	)	$	4
Class R5
Proceeds from shares issued	$	—		$	—		$	—	(b)	$	—	(b)
Distributions reinvested		—			—			6			5
Cost of shares redeemed		—			—			(53	)		—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(47	)	$	5
Class R6
Proceeds from shares issued	$	—		$	—		$	5,150		$	—	(b)
Distributions reinvested		—			—			6			6
Cost of shares redeemed		—			—			(53	)		—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	5,103		$	6
Select Class
Proceeds from shares issued	$	282,422		$	141,311		$	63,186		$	53
Distributions reinvested		93,786			14,567			311			290
Cost of shares redeemed		(50,390	)		(36,642	)		(4,565	)		(21	)
Change in net assets resulting from Select Class capital transactions	$	325,818		$	119,236		$	58,932		$	322
Total change in net assets resulting from capital transactions	$	330,697		$	111,002		$	72,975		$	690

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		687			922			387			18
Reinvested		1,007			179			2			1
Redeemed		(1,492	)		(1,481	)		(77	)		(4	)
Conversion to Class A Shares		69			4			—			—
Change in Class A Shares		271			(376	)		312			15
Class B (a)
Issued		—	(b)		2			—			—
Reinvested		21			4			—			—
Redeemed		(38	)		(48	)		—			—
Conversion from Class B Shares		(76	)		(5	)		—			—
Change in Class B Shares		(93	)		(47	)		—			—
Class C
Issued		196			199			208			3
Reinvested		229			33			1			—	(b)
Redeemed		(316	)		(242	)		(19	)		—	(b)
Change in Class C Shares		109			(10	)		190			3
Class R2
Issued		141			96			—			—
Reinvested		8			1			—	(b)		—	(b)
Redeemed		(70	)		(65	)		(2	)		—
Change in Class R2 Shares		79			32			(2	)		—	(b)
Class R5
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(2	)		—
Change in Class R5 Shares		—			—			(2	)		—	(b)
Class R6
Issued		—			—			301			—
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(3	)		—
Change in Class R6 Shares		—			—			298			—	(b)
Select Class
Issued		16,621			6,662			3,408			2
Reinvested		5,675			711			19			16
Redeemed		(2,957	)		(1,734	)		(255	)		(1	)
Change in Select Class Shares		19,339			5,639			3,172			17

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	371,930		$	400,838		$	95,968		$	90,342
Distributions reinvested		17,402			4,863			490			357
Cost of shares redeemed		(138,921	)		(111,037	)		(42,454	)		(46,032	)
Conversion to Class A Shares		971			84			—			—
Change in net assets resulting from Class A capital transactions	$	251,382		$	294,748		$	54,004		$	44,667
Class B (a)
Proceeds from shares issued	$	25		$	51		$	—		$	—
Distributions reinvested		30			22			—			—
Cost of shares redeemed		(679	)		(758	)		—			—
Conversion from Class B Shares		(971	)		(84	)		—			—
Change in net assets resulting from Class B capital transactions	$	(1,595	)	$	(769	)	$	—		$	—
Class C
Proceeds from shares issued	$	11,310		$	17,441		$	1,873		$	346
Distributions reinvested		726			310			6			6
Cost of shares redeemed		(9,151	)		(7,324	)		(324	)		(137	)
Change in net assets resulting from Class C capital transactions	$	2,885		$	10,427		$	1,555		$	215
Class R2
Proceeds from shares issued	$	867		$	1,108		$	215		$	6
Distributions reinvested		19			9			1			1
Cost of shares redeemed		(577	)		(491	)		(81	)		(6	)
Change in net assets resulting from Class R2 capital transactions	$	309		$	626		$	135		$	1
Class R6 (b)
Proceeds from shares issued	$	2,297		$	766		$	1,949,477		$	—
Distributions reinvested		36			36			—			—
Cost of shares redeemed		(29,993	)		(73,309	)		(16,332	)		—
Change in net assets resulting from Class R6 capital transactions	$	(27,660	)	$	(72,507	)	$	1,933,145		$	—
Institutional Class
Proceeds from shares issued	$	578,308		$	2,501,197		$	387,580		$	956,719
Distributions reinvested		74,288			35,770			22,528			8,462
Cost of shares redeemed		(1,957,791	)		(518,984	)		(1,897,256	)		(33,648	)
Change in net assets resulting from Institutional Class capital transactions	$	(1,305,195	)	$	2,017,983		$	(1,487,148	)	$	931,533
Select Class
Proceeds from shares issued	$	63,280		$	159,987		$	8,368		$	7,397
Distributions reinvested		4,957			992			105			78
Cost of shares redeemed		(114,639	)		(1,484,029	)		(4,909	)		(5,062	)
Change in net assets resulting from Select Class capital transactions	$	(46,402	)	$	(1,323,050	)	$	3,564		$	2,413
Total change in net assets resulting from capital transactions	$	(1,126,276	)	$	927,458		$	505,255		$	978,829

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		27,494			27,171			4,850			4,442
Reinvested		1,313			330			26			18
Redeemed		(10,221	)		(7,499	)		(2,172	)		(2,309	)
Conversion to Class A Shares		69			6			—			—
Change in Class A Shares		18,655			20,008			2,704			2,151
Class B (a)
Issued		2			4			—			—
Reinvested		2			1			—			—
Redeemed		(49	)		(51	)		—			—
Conversion from Class B Shares		(69	)		(6	)		—			—
Change in Class B Shares		(114	)		(52	)		—			—
Class C
Issued		847			1,212			92			17
Reinvested		56			22			—	(b)		—	(b)
Redeemed		(700	)		(515	)		(16	)		(7	)
Change in Class C Shares		203			719			76			10
Class R2
Issued		65			76			11			—	(b)
Reinvested		2			1			—	(b)		—	(b)
Redeemed		(44	)		(34	)		(4	)		—	(b)
Change in Class R2 Shares		23			43			7			—	(b)
Class R6 (c)
Issued		163			50			94,346			—
Reinvested		3			2			—			—
Redeemed		(2,138	)		(4,922	)		(836	)		—
Change in Class R6 Shares		(1,972	)		(4,870	)		93,510			—
Institutional Class
Issued		41,907			164,839			19,195			46,347
Reinvested		5,511			2,393			1,164			421
Redeemed		(139,563	)		(34,844	)		(91,679	)		(1,633	)
Change in Institutional Class Shares		(92,145	)		132,388			(71,320	)		45,135
Select Class
Issued		4,565			10,593			405			354
Reinvested		365			66			5			4
Redeemed		(8,265	)		(97,497	)		(241	)		(247	)
Change in Select Class Shares		(3,335	)		(86,838	)		169			111

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

(c) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Economies Fund
Class A
Year Ended October 31, 2015	$	13.13	$	0.13	(f)(g)	$	(2.03	)	$	(1.90	)	$	(0.20	)	$	—
Year Ended October 31, 2014		13.63		0.22	(f)		(0.57	)		(0.35	)		(0.15	)		—
Year Ended October 31, 2013		12.88		0.19	(f)		0.67			0.86			(0.11	)		—
Year Ended October 31, 2012		12.65		0.17	(f)		0.21			0.38			(0.15	)		—
Year Ended October 31, 2011		13.91		0.20	(f)		(1.44	)		(1.24	)		(0.02	)		—	(h)
Class C
Year Ended October 31, 2015		12.92		0.10	(f)(g)		(2.03	)		(1.93	)		(0.13	)		—
Year Ended October 31, 2014		13.44		0.15	(f)		(0.57	)		(0.42	)		(0.10	)		—
Year Ended October 31, 2013		12.72		0.13	(f)		0.66			0.79			(0.07	)		—
Year Ended October 31, 2012		12.58		0.15	(f)		0.15			0.30			(0.16	)		—
Year Ended October 31, 2011		13.87		0.08	(f)		(1.37	)		(1.29	)		—			—	(h)
Class R5
Year Ended October 31, 2015		13.22		0.20	(f)(g)		(2.06	)		(1.86	)		(0.25	)		—
Year Ended October 31, 2014		13.71		0.29	(f)		(0.58	)		(0.29	)		(0.20	)		—
Year Ended October 31, 2013		12.94		0.25	(f)		0.68			0.93			(0.16	)		—
Year Ended October 31, 2012		12.71		0.25	(f)		0.18			0.43			(0.20	)		—
Year Ended October 31, 2011		13.93		0.30	(f)		(1.47	)		(1.17	)		(0.05	)		—	(h)
Class R6
September 1, 2015 (i) through October 31, 2015		10.46		(0.02	)(f)(g)		0.67			0.65			—			—
Select Class
Year Ended October 31, 2015		13.17		0.18	(f)(g)		(2.06	)		(1.88	)		(0.23	)		—
Year Ended October 31, 2014		13.67		0.26	(f)		(0.58	)		(0.32	)		(0.18	)		—
Year Ended October 31, 2013		12.91		0.21	(f)		0.70			0.91			(0.15	)		—
Year Ended October 31, 2012		12.68		0.22	(f)		0.18			0.40			(0.17	)		—
Year Ended October 31, 2011		13.92		0.25	(f)		(1.45	)		(1.20	)		(0.04	)		—	(h)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and  reimbursements			Portfolio turnover rate (b)(e)
$	11.03		(14.60	)%	$	43,220		1.58	%		1.06	%(g)		1.99	%		118	%
	13.13		(2.56	)		80,806		1.60			1.71			1.73			79
	13.63		6.67			69,690		1.60			1.45			1.72			43
	12.88		3.15			30,356		1.65			1.37			1.76			72
	12.65		(8.93	)		43,519		1.75			1.50			1.75			84
	10.86		(15.02	)		3,614		2.09			0.80	(g)		2.36			118
	12.92		(3.12	)		5,331		2.10			1.13			2.23			79
	13.44		6.25			5,089		2.10			1.02			2.22			43
	12.72		2.54			2,088		2.12			1.21			2.27			72
	12.58		(9.30	)		516		2.28			0.57			2.32			84
	11.11		(14.20	)		81,516		1.14			1.65	(g)		1.25			118
	13.22		(2.12	)		852,477		1.15			2.19			1.28			79
	13.71		7.21			676,985		1.15			1.84			1.27			43
	12.94		3.53			331,032		1.19			1.99			1.31			72
	12.71		(8.45	)		228,411		1.31			2.14			1.32			84
	11.11		6.21			732,627		1.07			(0.92	)(g)		1.17			118
	11.06		(14.45	)		239,866		1.34			1.51	(g)		1.46			118
	13.17		(2.35	)		288,059		1.35			1.96			1.48			79
	13.67		7.04			277,822		1.35			1.61			1.47			43
	12.91		3.34			82,457		1.39			1.70			1.51			72
	12.68		(8.65	)		73,787		1.52			1.76			1.55			84

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Markets Equity Fund
Class A
Year Ended October 31, 2015	$	23.72	$	0.12	(f)(g)	$	(4.12	)	$	(4.00	)	$	(0.19	)	$	—
Year Ended October 31, 2014		23.05		0.16	(f)(g)		0.59			0.75			(0.08	)		—
Year Ended October 31, 2013		22.01		0.10	(f)		1.02			1.12			(0.08	)		—
Year Ended October 31, 2012		21.09		0.07	(f)		0.85			0.92			—			—
Year Ended October 31, 2011		23.45		0.06	(f)		(2.33	)		(2.27	)		(0.09	)		—	(h)
Class C
Year Ended October 31, 2015		23.03		0.03	(f)(g)		(4.02	)		(3.99	)		(0.08	)		—
Year Ended October 31, 2014		22.41		0.05	(f)(g)		0.57			0.62			—			—
Year Ended October 31, 2013		21.44		(0.01	)(f)		0.99			0.98			(0.01	)		—
Year Ended October 31, 2012		20.65		(0.04	)(f)		0.83			0.79			—			—
Year Ended October 31, 2011		23.01		(0.05	)(f)		(2.29	)		(2.34	)		(0.02	)		—	(h)
Class R6
Year Ended October 31, 2015		24.44		0.22	(f)(g)		(4.23	)		(4.01	)		(0.30	)		—
December 23, 2013 (i) through October 31, 2014		22.47		0.38	(f)(g)		1.59			1.97			—			—
Institutional Class
Year Ended October 31, 2015		24.42		0.23	(f)(g)		(4.26	)		(4.03	)		(0.24	)		—
Year Ended October 31, 2014		23.73		0.17	(f)(g)		0.70			0.87			(0.18	)		—
Year Ended October 31, 2013		22.65		0.20	(f)		1.04			1.24			(0.16	)		—
Year Ended October 31, 2012		21.66		0.16	(f)		0.87			1.03			(0.04	)		—
Year Ended October 31, 2011		24.04		0.16	(f)		(2.40	)		(2.24	)		(0.14	)		—	(h)
Select Class
Year Ended October 31, 2015		24.24		0.19	(f)(g)		(4.21	)		(4.02	)		(0.24	)		—
Year Ended October 31, 2014		23.47		0.18	(f)(g)		0.64			0.82			(0.05	)		—
Year Ended October 31, 2013		22.40		0.17	(f)		1.03			1.20			(0.13	)		—
Year Ended October 31, 2012		21.42		0.13	(f)		0.86			0.99			(0.01	)		—
Year Ended October 31, 2011		23.80		0.13	(f)		(2.38	)		(2.25	)		(0.13	)		—	(h)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and  reimbursements			Portfolio turnover rate (b)(e)
$	19.53		(16.95	)%	$	274,710		1.61	%		0.57	%(g)		1.88	%		35	%
	23.72		3.26			350,555		1.70			0.72	(g)		1.81			33
	23.05		5.08			327,090		1.76			0.46			1.79			34
	22.01		4.36			281,194		1.82			0.33			1.82			20
	21.09		(9.73	)		265,458		1.79			0.28			1.80			9
	18.96		(17.38	)		43,387		2.10			0.13	(g)		2.33			35
	23.03		2.77			56,732		2.20			0.22	(g)		2.31			33
	22.41		4.56			56,119		2.26			(0.06	)		2.29			34
	21.44		3.83			44,643		2.32			(0.17	)		2.32			20
	20.65		(10.18	)		43,437		2.29			(0.23	)		2.30			9
	20.13		(16.54	)		1,128,390		1.10			0.99	(g)		1.16			35
	24.44		8.77			1,130,050		1.20			1.85	(g)		1.33			33
	20.15		(16.60	)		316,635		1.21			1.05	(g)		1.31			35
	24.42		3.72			411,449		1.30			0.72	(g)		1.40			33
	23.73		5.47			1,123,600		1.36			0.88			1.39			34
	22.65		4.80			629,223		1.41			0.73			1.42			20
	21.66		(9.37	)		596,147		1.38			0.68			1.41			9
	19.98		(16.70	)		502,729		1.35			0.88	(g)		1.48			35
	24.24		3.51			583,501		1.45			0.78	(g)		1.56			33
	23.47		5.34			1,900,639		1.51			0.74			1.54			34
	22.40		4.65			1,291,326		1.57			0.60			1.57			20
	21.42		(9.51	)		1,251,152		1.55			0.56			1.56			9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Emerging Markets Equity Income Fund
Class A
December 12, 2014 (g) through October 31, 2015	$	15.00	$	0.45	(h)	$	(2.52	)	$	(2.07	)	$	(0.43	)
Class C
December 12, 2014 (g) through October 31, 2015		15.00		0.42	(h)		(2.55	)		(2.13	)		(0.36	)
Class R5
December 12, 2014 (g) through October 31, 2015		15.00		0.51	(h)		(2.53	)		(2.02	)		(0.45	)
Class R6
December 12, 2014 (g) through October 31, 2015		15.00		0.52	(h)		(2.53	)		(2.01	)		(0.46	)
Select Class
December 12, 2014 (g) through October 31, 2015		15.00		0.49	(h)		(2.53	)		(2.04	)		(0.43	)

(a) Annualized.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2015.

(f) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Commencement of operations.

(h) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss) (e)			Expenses without waivers and reimbursements (e)			Portfolio turnover rate (b)(f)
	$12.50		(13.93	)%	$	86		1.57	%		3.72	%		10.55	%		25	%
	12.51		(14.26	)		32		2.08			3.32			12.02			25
	12.53		(13.55	)		17		1.14			4.05			10.84			25
	12.53		(13.51	)		17		1.08			4.10			10.82			25
	12.53		(13.70	)		2,541		1.33			3.85			10.36			25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Research Enhanced Index Fund
Class A
Year Ended October 31, 2015	$	18.77	$	0.37	(f)	$	(0.15	)	$	0.22	$	(0.22	)	$	(0.25	)	$	(0.47	)
Year Ended October 31, 2014		17.33		0.34	(f)		1.35			1.69		(0.15	)		(0.10	)		(0.25	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19	(f)		2.14			2.33		—			—			—
Class C
Year Ended October 31, 2015		18.68		0.28	(f)		(0.15	)		0.13		(0.13	)		(0.25	)		(0.38	)
Year Ended October 31, 2014		17.28		0.25	(f)		1.33			1.58		(0.08	)		(0.10	)		(0.18	)
February 28, 2013 (g) through October 31, 2013		15.00		0.14	(f)		2.14			2.28		—			—			—
Class R2
Year Ended October 31, 2015		18.72		0.32	(f)		(0.15	)		0.17		(0.17	)		(0.25	)		(0.42	)
Year Ended October 31, 2014		17.30		0.29	(f)		1.35			1.64		(0.12	)		(0.10	)		(0.22	)
February 28, 2013 (g) through October 31, 2013		15.00		0.17	(f)		2.13			2.30		—			—			—
Select Class
Year Ended October 31, 2015		18.81		0.39	(f)		(0.12	)		0.27		(0.27	)		(0.25	)		(0.52	)
Year Ended October 31, 2014		17.37		0.39	(f)		1.33			1.72		(0.18	)		(0.10	)		(0.28	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19	(f)		2.18			2.37		—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

(i) Ratios are disproportionate among classes due to the size of net assets and fixed expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	18.52		1.22	%	$	20		0.58	%		1.98	%		0.99	%		44	%
	18.77		9.90			64		0.58			1.87			0.81			40
	17.33		15.53			58		0.58	(h)		1.79	(h)		1.62	(h)(i)		25
	18.43		0.73			20		1.08			1.48			1.50			44
	18.68		9.27			63		1.08			1.37			1.31			40
	17.28		15.20			58		1.08	(h)		1.29	(h)		2.12	(h)(i)		25
	18.47		0.98			20		0.83			1.73			1.25			44
	18.72		9.58			63		0.83			1.62			1.06			40
	17.30		15.33			58		0.83	(h)		1.54	(h)		1.87	(h)(i)		25
	18.56		1.51			7,415,218		0.33			2.06			0.56			44
	18.81		10.09			3,577,523		0.33			2.16			0.56			40
	17.37		15.80			1,895,025		0.33	(h)		1.73	(h)		0.60	(h)(i)		25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Unconstrained Equity Fund
Class A
Year Ended October 31, 2015	$	19.55	$	0.11	(f)	$	0.66	$	0.77	$	(0.31	)	$	(3.89	)	$	(4.20	)
Year Ended October 31, 2014		20.11		0.23			1.17		1.40		(0.17	)		(1.79	)		(1.96	)
Year Ended October 31, 2013		16.73		0.24			3.77		4.01		(0.22	)		(0.41	)		(0.63	)
November 30, 2011 (h) through October 31, 2012		15.00		0.17			1.56		1.73		—	(i)		—			—	(i)
Class C
Year Ended October 31, 2015		19.43		0.04	(f)		0.64		0.68		(0.21	)		(3.89	)		(4.10	)
Year Ended October 31, 2014		20.01		0.14			1.16		1.30		(0.09	)		(1.79	)		(1.88	)
Year Ended October 31, 2013		16.65		0.16			3.76		3.92		(0.15	)		(0.41	)		(0.56	)
November 30, 2011 (h) through October 31, 2012		15.00		0.09			1.56		1.65		—			—			—
Class R2
Year Ended October 31, 2015		19.49		0.08	(f)		0.65		0.73		(0.22	)		(3.89	)		(4.11	)
Year Ended October 31, 2014		20.06		0.18			1.17		1.35		(0.13	)		(1.79	)		(1.92	)
Year Ended October 31, 2013		16.69		0.20			3.77		3.97		(0.19	)		(0.41	)		(0.60	)
November 30, 2011 (i) through October 31, 2012		15.00		0.13			1.56		1.69		—			—			—
Class R5
Year Ended October 31, 2015		19.65		0.21	(f)		0.64		0.85		(0.40	)		(3.89	)		(4.29	)
Year Ended October 31, 2014		20.19		0.31			1.19		1.50		(0.25	)		(1.79	)		(2.04	)
Year Ended October 31, 2013		16.79		0.32			3.79		4.11		(0.30	)		(0.41	)		(0.71	)
November 30, 2011 (h) through October 31, 2012		15.00		0.23			1.57		1.80		(0.01	)		—			(0.01	)
Class R6
Year Ended October 31, 2015		19.66		0.21	(f)		0.66		0.87		(0.42	)		(3.89	)		(4.31	)
Year Ended October 31, 2014		20.20		0.32			1.19		1.51		(0.26	)		(1.79	)		(2.05	)
Year Ended October 31, 2013		16.80		0.33			3.78		4.11		(0.30	)		(0.41	)		(0.71	)
November 30, 2011 (h) through October 31, 2012		15.00		0.24			1.57		1.81		(0.01	)		—			(0.01	)
Select Class
Year Ended October 31, 2015		19.60		0.19	(f)		0.64		0.83		(0.36	)		(3.89	)		(4.25	)
Year Ended October 31, 2014		20.15		0.27			1.19		1.46		(0.22	)		(1.79	)		(2.01	)
Year Ended October 31, 2013		16.76		0.29			3.77		4.06		(0.26	)		(0.41	)		(0.67	)
November 30, 2011 (h) through October 31, 2012		15.00		0.20			1.57		1.77		(0.01	)		—			(0.01	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013 and for the period ended October 31, 2012.

(h) Commencement of operations.

(i) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	16.12		4.76	%	$	244		1.00	%		0.67	%		7.57	%		132	%
	19.55		7.83			75		1.35			1.27			4.32			97
	20.11		24.74			70		1.35	(g)		1.37	(g)		5.36	(g)		71
	16.73		11.55			56		1.35	(g)		1.14	(g)		6.89	(g)		49
	16.01		4.26			317		1.48			0.21			9.92			132
	19.43		7.28			74		1.85			0.77			4.82			97
	20.01		24.16			69		1.85	(g)		0.87	(g)		5.85	(g)		71
	16.65		11.00			56		1.85	(g)		0.65	(g)		7.38	(g)		49
	16.11		4.55			20		1.46			0.45			8.67			132
	19.49		7.55			75		1.60			1.02			4.56			97
	20.06		24.45			69		1.60	(g)		1.12	(g)		5.60	(g)		71
	16.69		11.27			56		1.60	(g)		0.90	(g)		7.14	(g)		49
	16.21		5.26			20		0.76			1.15			7.97			132
	19.65		8.34			76		0.90			1.72			3.86			97
	20.19		25.29			70		0.90	(g)		1.82	(g)		4.89	(g)		71
	16.79		11.99			56		0.90	(g)		1.60	(g)		6.45	(g)		49
	16.22		5.34			20		0.71			1.20			7.91			132
	19.66		8.39			76		0.85			1.77			3.81			97
	20.20		25.33			70		0.85	(g)		1.87	(g)		4.85	(g)		71
	16.80		12.06			56		0.85	(g)		1.65	(g)		6.40	(g)		49
	16.18		5.13			1,020		0.88			1.06			7.34			132
	19.60		8.11			4,156		1.10			1.52			4.06			97
	20.15		25.04			3,844		1.10	(g)		1.62	(g)		5.10	(g)		71
	16.76		11.77			3,075		1.10	(g)		1.40	(g)		6.64	(g)		49

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Equity Fund
Class A
Year Ended October 31, 2015	$	15.25	$	0.23	(f)	$	(0.50	)	$	(0.27	)	$	(0.23	)	$	—
Year Ended October 31, 2014		15.92		0.37	(f)(g)		(0.68	)		(0.31	)		(0.36	)		—
Year Ended October 31, 2013		13.36		0.20	(f)		2.56			2.76			(0.20	)		—
Year Ended October 31, 2012		12.61		0.22	(f)		0.74			0.96			(0.21	)		—
Year Ended October 31, 2011		13.40		0.22	(f)		(0.80	)		(0.58	)		(0.21	)		—	(h)
Class C
Year Ended October 31, 2015		14.52		0.15	(f)		(0.48	)		(0.33	)		(0.17	)		—
Year Ended October 31, 2014		15.20		0.26	(f)(g)		(0.64	)		(0.38	)		(0.30	)		—
Year Ended October 31, 2013		12.78		0.12	(f)		2.45			2.57			(0.15	)		—
Year Ended October 31, 2012		12.08		0.16	(f)		0.69			0.85			(0.15	)		—
Year Ended October 31, 2011		12.85		0.14	(f)		(0.76	)		(0.62	)		(0.15	)		—	(h)
Class R2
Year Ended October 31, 2015		15.19		0.20	(f)		(0.51	)		(0.31	)		(0.19	)		—
Year Ended October 31, 2014		15.87		0.30	(f)(g)		(0.65	)		(0.35	)		(0.33	)		—
Year Ended October 31, 2013		13.31		0.11	(f)		2.61			2.72			(0.16	)		—
Year Ended October 31, 2012		12.58		0.15	(f)		0.77			0.92			(0.19	)		—
Year Ended October 31, 2011		13.37		0.18	(f)		(0.79	)		(0.61	)		(0.18	)		—	(h)
Class R5
Year Ended October 31, 2015		15.46		0.29	(f)		(0.49	)		(0.20	)		(0.29	)		—
Year Ended October 31, 2014		16.13		0.44	(f)(g)		(0.69	)		(0.25	)		(0.42	)		—
Year Ended October 31, 2013		13.52		0.27	(f)		2.60			2.87			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—
Year Ended October 31, 2011		13.55		0.23	(f)		(0.76	)		(0.53	)		(0.27	)		—	(h)
Class R6
Year Ended October 31, 2015		15.46		0.32	(f)		(0.52	)		(0.20	)		(0.29	)		—
Year Ended October 31, 2014		16.13		0.45	(f)(g)		(0.69	)		(0.24	)		(0.43	)		—
Year Ended October 31, 2013		13.52		0.28	(f)		2.59			2.87			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—
November 30, 2010 (i) through October 31, 2011		12.85		0.28	(f)		(0.10	)		0.18			(0.28	)		—	(h)
Select Class
Year Ended October 31, 2015		15.45		0.29	(f)		(0.53	)		(0.24	)		(0.26	)		—
Year Ended October 31, 2014		16.13		0.39	(f)(g)		(0.67	)		(0.28	)		(0.40	)		—
Year Ended October 31, 2013		13.52		0.23	(f)		2.61			2.84			(0.23	)		—
Year Ended October 31, 2012		12.76		0.26	(f)		0.74			1.00			(0.24	)		—
Year Ended October 31, 2011		13.56		0.24	(f)		(0.80	)		(0.56	)		(0.24	)		—	(h)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.21, $0.25, $0.39, $0.40 and $0.34 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 1.59%, 2.40%, 2.48% and 2.08% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	14.75		(1.89	)%	$	224,370		1.31	%		1.50	%		1.59	%		13	%
	15.25		(2.06	)		186,242		1.31			2.34	(g)		1.45			6
	15.92		20.85			188,590		1.30			1.33			1.47			8
	13.36		7.70			98,274		1.30			1.72			1.51			5
	12.61		(4.49	)		102,866		1.31			1.63			1.52			18
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	14.52		(2.59	)		26,299		1.81			1.73	(g)		1.95			6
	15.20		20.25			23,655		1.80			0.83			1.97			8
	12.78		7.16			17,873		1.80			1.31			2.01			5
	12.08		(4.93	)		20,193		1.81			1.09			2.02			18
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	15.19		(2.33	)		1,405		1.56			1.92	(g)		1.70			6
	15.87		20.58			1,230		1.55			0.78			1.72			8
	13.31		7.45			721		1.55			1.16			1.74			5
	12.58		(4.73	)		67		1.56			1.33			1.77			18
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	15.46		(1.65	)		95,749		0.86			2.73	(g)		1.00			6
	16.13		21.42			106,963		0.85			1.79			1.02			8
	13.52		8.19			63,767		0.85			2.24			1.05			5
	12.75		(4.07	)		45,680		0.86			1.69			1.08			18
	14.97		(1.37	)		2,088,835		0.80			2.03			0.91			13
	15.46		(1.60	)		1,681,788		0.81			2.81	(g)		0.95			6
	16.13		21.47			1,248,489		0.80			1.85			0.97			8
	13.52		8.23			682,861		0.80			2.26			1.00			5
	12.75		1.20			347,040		0.81			2.23			1.01			18
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	15.45		(1.88	)		494,344		1.06			2.41	(g)		1.20			6
	16.13		21.23			434,316		1.05			1.51			1.22			8
	13.52		7.91			210,375		1.05			2.02			1.25			5
	12.76		(4.26	)		186,425		1.06			1.76			1.27			18

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Equity Income Fund
Class A
Year Ended October 31, 2015	$	16.41	$	0.39	(f)(g)	$	(0.33	)	$	0.06		$	(0.65	)	$	(0.16	)	$	(0.81	)
Year Ended October 31, 2014		16.67		0.91	(f)(h)		(0.38	)		0.53			(0.66	)		(0.13	)		(0.79	)
Year Ended October 31, 2013		14.12		0.43	(f)		2.55			2.98			(0.41	)		(0.02	)		(0.43	)
Year Ended October 31, 2012		13.37		0.31	(f)		0.88			1.19			(0.44	)		—			(0.44	)
February 28, 2011 (i) through October 31, 2011		15.00		0.33	(f)		(1.64	)		(1.31	)		(0.32	)		—			(0.32	)
Class C
Year Ended October 31, 2015		16.36		0.39	(f)(g)		(0.42	)		(0.03	)		(0.58	)		(0.16	)		(0.74	)
Year Ended October 31, 2014		16.63		0.84	(f)(h)		(0.40	)		0.44			(0.58	)		(0.13	)		(0.71	)
Year Ended October 31, 2013		14.11		0.34	(f)		2.55			2.89			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2012		13.35		0.36	(f)		0.77			1.13			(0.37	)		—			(0.37	)
February 28, 2011 (i) through October 31, 2011		15.00		0.30	(f)		(1.66	)		(1.36	)		(0.29	)		—			(0.29	)
Class R2
Year Ended October 31, 2015		16.41		0.61	(f)(g)		(0.60	)		0.01			(0.61	)		(0.16	)		(0.77	)
Year Ended October 31, 2014		16.67		0.87	(f)(h)		(0.39	)		0.48			(0.61	)		(0.13	)		(0.74	)
Year Ended October 31, 2013		14.12		0.40	(f)		2.54			2.94			(0.37	)		(0.02	)		(0.39	)
Year Ended October 31, 2012		13.36		0.40	(f)		0.76			1.16			(0.40	)		—			(0.40	)
February 28, 2011 (i) through October 31, 2011		15.00		0.32	(f)		(1.66	)		(1.34	)		(0.30	)		—			(0.30	)
Class R5
Year Ended October 31, 2015		16.46		0.76	(f)(g)		(0.63	)		0.13			(0.73	)		(0.16	)		(0.89	)
Year Ended October 31, 2014		16.72		0.99	(f)(h)		(0.39	)		0.60			(0.73	)		(0.13	)		(0.86	)
Year Ended October 31, 2013		14.15		0.51	(f)		2.54			3.05			(0.46	)		(0.02	)		(0.48	)
Year Ended October 31, 2012		13.38		0.50	(f)		0.76			1.26			(0.49	)		—			(0.49	)
February 28, 2011 (i) through October 31, 2011		15.00		0.38	(f)		(1.65	)		(1.27	)		(0.35	)		—			(0.35	)
Class R6
January 30, 2015 (l) through October 31, 2015		15.82		0.69	(f)(g)		(0.41	)		0.28			(0.41	)		—			(0.41	)
Select Class
Year Ended October 31, 2015		16.45		0.49	(f)(g)		(0.37	)		0.12			(0.71	)		(0.16	)		(0.87	)
Year Ended October 31, 2014		16.71		0.96	(f)(h)		(0.40	)		0.56			(0.69	)		(0.13	)		(0.82	)
Year Ended October 31, 2013		14.14		0.47	(f)		2.55			3.02			(0.43	)		(0.02	)		(0.45	)
Year Ended October 31, 2012		13.37		0.47	(f)		0.76			1.23			(0.46	)		—			(0.46	)
February 28, 2011 (i) through October 31, 2011		15.00		0.37	(f)		(1.66	)		(1.29	)		(0.34	)		—			(0.34	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.62, $0.74 and $0.71 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 3.74%, 4.44% and 4.25% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(i) Commencement of operations.

(j) Ratios are disproportionate among classes due to the size of net assets and fixed expenses.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	15.66		0.29	%	$	66,499		1.25	%		2.42	%(g)		1.67	%		238	%
	16.41		3.18			74,652		1.25			5.44	(h)		1.67			138
	16.67		21.40			49,118		1.24			2.77			1.82			63
	14.12		9.09			9,003		1.25			2.21			2.31			52
	13.37		(8.77	)		127		1.25	(j)		3.53	(j)		10.16	(j)(k)		40
	15.59		(0.23	)		8,649		1.75			2.45	(g)		2.20			238
	16.36		2.67			3,530		1.75			5.03	(h)		2.17			138
	16.63		20.74			1,957		1.74			2.16			2.32			63
	14.11		8.66			646		1.75			2.69			2.95			52
	13.35		(9.12	)		60		1.75	(j)		3.17	(j)		10.82	(j)(k)		40
	15.65		(0.01	)		52		1.50			3.74	(g)		1.89			238
	16.41		2.90			574		1.50			5.24	(h)		1.92			138
	16.67		21.12			558		1.49			2.60			2.11			63
	14.12		8.87			461		1.50			2.95			2.70			52
	13.36		(8.97	)		45		1.50	(j)		3.36	(j)		10.72	(j)(k)		40
	15.70		0.71			19		0.80			4.59	(g)		1.16			238
	16.46		3.60			587		0.80			5.94	(h)		1.22			138
	16.72		21.94			566		0.79			3.31			1.41			63
	14.15		9.62			465		0.80			3.65			2.00			52
	13.38		(8.52	)		46		0.80	(j)		4.05	(j)		10.05	(j)(k)		40
	15.69		1.66			21		0.75			5.70	(g)		1.15			238
	15.70		0.66			35,177		0.91			3.00	(g)		1.41			238
	16.45		3.39			34,719		1.00			5.75	(h)		1.42			138
	16.71		21.73			55,485		0.99			3.04			1.59			63
	14.14		9.43			27,292		1.00			3.44			2.20			52
	13.37		(8.68	)		2,666		1.00	(j)		3.85	(j)		10.23	(j)(k)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Opportunities Fund
Class A
Year Ended October 31, 2015	$	14.80	$	0.20	(f)	$	(0.23	)	$	(0.03	)	$	(0.29	)	$	—
Year Ended October 31, 2014		15.25		0.36	(f)		(0.69	)		(0.33	)		(0.12	)		—
Year Ended October 31, 2013		12.45		0.25	(f)		2.83			3.08			(0.28	)		—
Year Ended October 31, 2012		12.00		0.23	(f)		0.56			0.79			(0.34	)		—
Year Ended October 31, 2011		13.20		0.19	(f)		(1.08	)		(0.89	)		(0.31	)		—	(g)
Class C
Year Ended October 31, 2015		14.41		0.10	(f)		(0.19	)		(0.09	)		(0.28	)		—
Year Ended October 31, 2014		14.88		0.27	(f)		(0.66	)		(0.39	)		(0.08	)		—
Year Ended October 31, 2013		12.15		0.16	(f)		2.77			2.93			(0.20	)		—
Year Ended October 31, 2012		11.65		0.18	(f)		0.55			0.73			(0.23	)		—
Year Ended October 31, 2011		12.84		0.15	(f)		(1.07	)		(0.92	)		(0.27	)		—	(g)
Class R6
Year Ended October 31, 2015		15.13		0.26	(f)		(0.21	)		0.05			(0.43	)		—
Year Ended October 31, 2014		15.57		0.44	(f)		(0.70	)		(0.26	)		(0.18	)		—
Year Ended October 31, 2013		12.69		0.32	(f)		2.88			3.20			(0.32	)		—
Year Ended October 31, 2012		12.20		0.31	(f)		0.56			0.87			(0.38	)		—
November 30, 2010 (h) through October 31, 2011		12.78		0.27	(f)		(0.48	)		(0.21	)		(0.37	)		—	(g)
Institutional Class
Year Ended October 31, 2015		15.13		0.24	(f)		(0.20	)		0.04			(0.41	)		—
Year Ended October 31, 2014		15.57		0.42	(f)		(0.69	)		(0.27	)		(0.17	)		—
Year Ended October 31, 2013		12.69		0.31	(f)		2.88			3.19			(0.31	)		—
Year Ended October 31, 2012		12.20		0.30	(f)		0.56			0.86			(0.37	)		—
Year Ended October 31, 2011		13.42		0.23	(f)		(1.09	)		(0.86	)		(0.36	)		—	(g)
Select Class
Year Ended October 31, 2015		15.06		0.25	(f)		(0.24	)		0.01			(0.39	)		—
Year Ended October 31, 2014		15.50		0.40	(f)		(0.69	)		(0.29	)		(0.15	)		—
Year Ended October 31, 2013		12.64		0.29	(f)		2.87			3.16			(0.30	)		—
Year Ended October 31, 2012		12.15		0.28	(f)		0.56			0.84			(0.35	)		—
Year Ended October 31, 2011		13.37		0.26	(f)		(1.14	)		(0.88	)		(0.34	)		—	(g)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	14.48		(0.15	)%	$	155,397		1.31	%		1.34	%		1.43	%		43	%
	14.80		(2.18	)		110,667		1.23			2.39			1.24			55
	15.25		25.09			123,807		1.25			1.78			1.26			36
	12.45		6.95			67,472		1.29			1.91			1.30			45
	12.00		(6.91	)		47,855		1.28			1.45			1.28			76
	14.04		(0.63	)		1,743		1.83			0.70			1.83			43
	14.41		(2.65	)		1,441		1.73			1.80			1.74			55
	14.88		24.41			1,109		1.75			1.19			1.76			36
	12.15		6.47			531		1.79			1.55			1.80			45
	11.65		(7.37	)		576		1.78			1.14			1.79			76
	14.75		0.41			2,003,409		0.71			1.75			0.72			43
	15.13		(1.67	)		1,539,613		0.73			2.82			0.74			55
	15.57		25.71			1,204,314		0.75			2.27			0.76			36
	12.69		7.59			692,117		0.79			2.58			0.79			45
	12.20		(1.85	)		373,613		0.78			2.27			0.78			76
	14.76		0.33			55,273		0.82			1.61			0.83			43
	15.13		(1.76	)		56,348		0.83			2.71			0.84			55
	15.57		25.60			60,310		0.85			2.18			0.86			36
	12.69		7.45			41,574		0.89			2.47			0.90			45
	12.20		(6.59	)		39,362		0.89			1.73			0.90			76
	14.68		0.13			24,548		1.00			1.71			1.01			43
	15.06		(1.91	)		47,581		0.98			2.55			0.99			55
	15.50		25.38			47,743		0.99			2.04			1.01			36
	12.64		7.28			33,029		1.04			2.35			1.05			45
	12.15		(6.77	)		28,476		1.03			1.97			1.04			76

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Research Enhanced Equity Fund
Class A
Year Ended October 31, 2015	$	20.38	$	0.43	(d)	$	(0.60	)	$	(0.17	)	$	(0.40	)	$	(3.27	)	$	(3.67	)	$	—
Year Ended October 31, 2014		21.20		0.47	(d)		(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)		—
Year Ended October 31, 2013		17.24		0.38	(d)		4.00			4.38			(0.42	)		—			(0.42	)		—
Year Ended October 31, 2012		16.83		0.37	(d)		0.45			0.82			(0.41	)		—			(0.41	)		—
Year Ended October 31, 2011		19.03		0.40	(d)		(2.16	)		(1.76	)		(0.44	)		—			(0.44	)		—	(e)
Class C
Year Ended October 31, 2015		19.68		0.33	(d)		(0.58	)		(0.25	)		(0.31	)		(3.27	)		(3.58	)		—
Year Ended October 31, 2014		20.51		0.36	(d)		(0.56	)		(0.20	)		(0.29	)		(0.34	)		(0.63	)		—
Year Ended October 31, 2013		16.68		0.27	(d)		3.86			4.13			(0.30	)		—			(0.30	)		—
Year Ended October 31, 2012		16.27		0.25	(d)		0.44			0.69			(0.28	)		—			(0.28	)		—
Year Ended October 31, 2011		18.41		0.26	(d)		(2.09	)		(1.83	)		(0.31	)		—			(0.31	)		—	(e)
Class R2
Year Ended October 31, 2015		20.07		0.37	(d)		(0.58	)		(0.21	)		(0.38	)		(3.27	)		(3.65	)		—
Year Ended October 31, 2014		20.91		0.40	(d)		(0.54	)		(0.14	)		(0.36	)		(0.34	)		(0.70	)		—
Year Ended October 31, 2013		17.03		0.35	(d)		3.92			4.27			(0.39	)		—			(0.39	)		—
Year Ended October 31, 2012		16.66		0.32	(d)		0.45			0.77			(0.40	)		—			(0.40	)		—
Year Ended October 31, 2011		18.86		0.32	(d)		(2.12	)		(1.80	)		(0.40	)		—			(0.40	)		—	(e)
Select Class
Year Ended October 31, 2015		20.54		0.48	(d)		(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)		—
Year Ended October 31, 2014		21.36		0.52	(d)		(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)		—
Year Ended October 31, 2013		17.36		0.40	(d)		4.06			4.46			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2012		16.96		0.41	(d)		0.45			0.86			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2011		19.17		0.45	(d)		(2.17	)		(1.72	)		(0.49	)		—			(0.49	)		—	(e)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

(f) Amount rounds to less than 0.01%

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	16.54		(0.29	)%	$	82,667		0.60	%		2.51	%		0.99	%		39	%
	20.38		(0.40	)		96,325		0.59			2.23			1.10			63
	21.20		25.84			108,193		0.75			2.04			1.35			51
	17.24		5.16			96,191		1.07			2.27			1.31			19
	16.83		(9.45	)		99,046		1.07			2.16			1.31			40
	15.85		(0.77	)		18,423		1.10			2.01			1.52			39
	19.68		(0.93	)		20,724		1.09			1.75			1.60			63
	20.51		25.09			21,802		1.30			1.49			1.85			51
	16.68		4.43			16,291		1.79			1.57			1.81			19
	16.27		(10.08	)		15,428		1.78			1.46			1.81			40
	16.21		(0.50	)		3,331		0.85			2.22			1.41			39
	20.07		(0.66	)		2,521		0.84			1.95			1.33			63
	20.91		25.52			1,957		0.95			1.88			1.61			51
	17.03		4.94			786		1.32			1.97			1.56			19
	16.66		(9.72	)		463		1.32			1.77			1.55			40
	16.70		0.00	(f)		779,908		0.35			2.79			0.60			39
	20.54		(0.16	)		562,180		0.34			2.45			0.84			63
	21.36		26.18			464,273		0.53			2.10			1.09			51
	17.36		5.40			469,065		0.82			2.51			1.06			19
	16.96		(9.21	)		502,764		0.82			2.40			1.05			40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Unconstrained Equity Fund
Class A
Year Ended October 31, 2015	$	18.59	$	0.09	(f)(g)	$	0.39		$	0.48		$	(0.17	)	$	(1.29	)	$	(1.46	)
Year Ended October 31, 2014		20.59		0.13	(h)		(0.65	)		(0.52	)		(0.17	)		(1.31	)		(1.48	)
Year Ended October 31, 2013		17.28		0.15			3.62			3.77			(0.11	)		(0.35	)		(0.46	)
November 30, 2011 (j) through October 31, 2012		15.00		0.17			2.11			2.28			—			—			—
Class C
Year Ended October 31, 2015		18.44		(0.02	)(f)(g)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(h)		(0.69	)		(0.60	)		(0.12	)		(1.31	)		(1.43	)
Year Ended October 31, 2013		17.20		0.07			3.59			3.66			(0.04	)		(0.35	)		(0.39	)
November 30, 2011 (j) through October 31, 2012		15.00		0.10			2.10			2.20			—			—			—
Class R2
Year Ended October 31, 2015		18.55		0.03	(f)(g)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(h)		(0.68	)		(0.56	)		(0.11	)		(1.31	)		(1.42	)
Year Ended October 31, 2013		17.24		0.12			3.59			3.71			(0.07	)		(0.35	)		(0.42	)
November 30, 2011 (j) through October 31, 2012		15.00		0.14			2.10			2.24			—			—			—
Class R5
Year Ended October 31, 2015		18.72		0.16	(f)(g)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(h)		(0.67	)		(0.43	)		(0.23	)		(1.31	)		(1.54	)
Year Ended October 31, 2013		17.35		0.25			3.61			3.86			(0.17	)		(0.35	)		(0.52	)
November 30, 2011 (j) through October 31, 2012		15.00		0.24			2.11			2.35			—			—			—
Class R6
Year Ended October 31, 2015		18.73		(0.01	)(f)(g)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(h)		(0.67	)		(0.42	)		(0.24	)		(1.31	)		(1.55	)
Year Ended October 31, 2013		17.36		0.26			3.61			3.87			(0.18	)		(0.35	)		(0.53	)
November 30, 2011 (j) through October 31, 2012		15.00		0.25			2.11			2.36			—			—			—
Select Class
Year Ended October 31, 2015		18.67		0.15	(f)(g)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(h)		(0.67	)		(0.46	)		(0.20	)		(1.31	)		(1.51	)
Year Ended October 31, 2013		17.32		0.21			3.60			3.81			(0.14	)		(0.35	)		(0.49	)
November 30, 2011 (j) through October 31, 2012		15.00		0.21			2.11			2.32			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.08, $0.20, $0.22 and $0.17 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.48%, 1.18%, 1.23% and 0.99% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013 and for the period ended October 31, 2012.

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	17.61		3.04	%	$	5,824		1.24	%		0.49	%(g)		2.31	%		42	%
	18.59		(2.47	)		351		1.32			0.98	(h)		5.09			63
	20.59		22.23			83		1.32	(i)		0.89	(i)		7.99	(i)		65
	17.28		15.20			58		1.32	(i)		1.17	(i)		6.99	(i)		40
	17.45		2.39			3,439		1.74			(0.12	)(g)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(h)		6.19			63
	20.47		21.61			76		1.82	(i)		0.40	(i)		8.35	(i)		65
	17.20		14.67			57		1.82	(i)		0.67	(i)		7.47	(i)		40
	17.57		2.67			20		1.51			0.19	(g)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(h)		6.05			63
	20.53		21.92			70		1.57	(i)		0.67	(i)		8.01	(i)		65
	17.24		14.93			57		1.57	(i)		0.92	(i)		7.23	(i)		40
	17.75		3.43			20		0.81			0.89	(g)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(h)		5.34			63
	20.69		22.76			71		0.87	(i)		1.37	(i)		7.31	(i)		65
	17.35		15.67			58		0.87	(i)		1.62	(i)		6.54	(i)		40
	17.76		3.48			5,335		0.74			(0.05	)(g)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(h)		5.29			63
	20.70		22.80			71		0.82	(i)		1.42	(i)		7.26	(i)		65
	17.36		15.73			58		0.82	(i)		1.67	(i)		6.49	(i)		40
	17.71		3.29			59,858		0.89			0.83	(g)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(h)		5.55			63
	20.64		22.49			3,925		1.07	(i)		1.17	(i)		7.52	(i)		65
	17.32		15.47			3,175		1.07	(i)		1.42	(i)		6.74	(i)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Value Fund
Class A
Year Ended October 31, 2015	$	14.14	$	0.18	(f)(g)	$	(0.83	)	$	(0.65	)	$	(0.47	)	$	—
Year Ended October 31, 2014		15.02		0.47	(f)(g)(h)		(1.07	)		(0.60	)		(0.28	)		—
Year Ended October 31, 2013		12.18		0.22	(f)		2.91			3.13			(0.29	)		—
Year Ended October 31, 2012		12.05		0.31	(f)		0.21			0.52			(0.39	)		—
Year Ended October 31, 2011		13.36		0.28	(f)		(1.17	)		(0.89	)		(0.42	)		—	(i)
Class C
Year Ended October 31, 2015		13.72		0.10	(f)(g)		(0.78	)		(0.68	)		(0.39	)		—
Year Ended October 31, 2014		14.61		0.38	(f)(g)(h)		(1.05	)		(0.67	)		(0.22	)		—
Year Ended October 31, 2013		11.84		0.16	(f)		2.83			2.99			(0.22	)		—
Year Ended October 31, 2012		11.72		0.25	(f)		0.19			0.44			(0.32	)		—
Year Ended October 31, 2011		13.01		0.21	(f)		(1.14	)		(0.93	)		(0.36	)		—	(i)
Class R2
Year Ended October 31, 2015		13.93		0.14	(f)(g)		(0.81	)		(0.67	)		(0.43	)		—
Year Ended October 31, 2014		14.78		0.42	(f)(g)(h)		(1.05	)		(0.63	)		(0.22	)		—
Year Ended October 31, 2013		11.99		0.18	(f)		2.88			3.06			(0.27	)		—
Year Ended October 31, 2012		11.86		0.28	(f)		0.19			0.47			(0.34	)		—
Year Ended October 31, 2011		13.21		0.24	(f)		(1.15	)		(0.91	)		(0.44	)		—	(i)
Class R6
Year Ended October 31, 2015		14.42		0.18	(f)(g)		(0.76	)		(0.58	)		(0.53	)		—
Year Ended October 31, 2014		15.29		0.54	(f)(g)(h)		(1.09	)		(0.55	)		(0.32	)		—
Year Ended October 31, 2013		12.38		0.30	(f)		2.96			3.26			(0.35	)		—
Year Ended October 31, 2012		12.26		0.37	(f)		0.21			0.58			(0.46	)		—
November 30, 2010 (j) through October 31, 2011		12.72		0.32	(f)		(0.30	)		0.02			(0.48	)		—	(i)
Institutional Class
Year Ended October 31, 2015		14.41		0.23	(f)(g)		(0.83	)		(0.60	)		(0.52	)		—
Year Ended October 31, 2014		15.29		0.53	(f)(g)(h)		(1.09	)		(0.56	)		(0.32	)		—
Year Ended October 31, 2013		12.38		0.29	(f)		2.95			3.24			(0.33	)		—
Year Ended October 31, 2012		12.26		0.36	(f)		0.20			0.56			(0.44	)		—
Year Ended October 31, 2011		13.59		0.33	(f)		(1.19	)		(0.86	)		(0.47	)		—	(i)
Select Class
Year Ended October 31, 2015		14.48		0.23	(f)(g)		(0.84	)		(0.61	)		(0.50	)		—
Year Ended October 31, 2014		15.19		0.45	(f)(g)(h)		(1.04	)		(0.59	)		(0.12	)		—
Year Ended October 31, 2013		12.31		0.27	(f)		2.93			3.20			(0.32	)		—
Year Ended October 31, 2012		12.19		0.34	(f)		0.21			0.55			(0.43	)		—
Year Ended October 31, 2011		13.50		0.31	(f)		(1.18	)		(0.87	)		(0.44	)		—	(i)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.30, $0.34, $0.46, $0.45 and $0.37 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 2.67%, 2.13%, 2.39%, 3.06%, 2.99% and 2.44% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	13.02		(4.63	)%	$	695,251		1.35	%		1.31	%(g)		1.45	%		74	%
	14.14		(4.09	)		491,010		1.33			3.19	(g)(h)		1.36			59
	15.02		26.13			221,077		1.33			1.66			1.35			66
	12.18		4.64			124,691		1.35			2.66			1.37			62
	12.05		(6.91	)		113,976		1.34			2.15			1.36			60
	12.65		(5.01	)		31,296		1.85			0.79	(g)		1.90			74
	13.72		(4.64	)		31,176		1.83			2.65	(g)(h)		1.86			59
	14.61		25.58			22,682		1.83			1.19			1.85			66
	11.84		4.04			14,311		1.85			2.23			1.87			62
	11.72		(7.38	)		16,510		1.84			1.60			1.86			60
	12.83		(4.84	)		1,929		1.60			1.01	(g)		2.01			74
	13.93		(4.33	)		1,768		1.58			2.91	(g)(h)		1.61			59
	14.78		25.91			1,249		1.59			1.39			1.60			66
	11.99		4.27			881		1.60			2.43			1.62			62
	11.86		(7.12	)		694		1.59			1.84			1.61			60
	13.31		(4.04	)		2,354		0.73			1.32	(g)		0.73			74
	14.42		(3.64	)		30,992		0.83			3.58	(g)(h)		0.84			59
	15.29		26.84			107,313		0.84			2.12			0.85			66
	12.38		5.11			25,945		0.84			3.06			0.87			62
	12.26		(0.10	)		50		0.84			2.57			0.86			60
	13.29		(4.23	)		1,480,321		0.95			1.63	(g)		0.99			74
	14.41		(3.75	)		2,932,420		0.93			3.51	(g)(h)		0.96			59
	15.29		26.72			1,087,334		0.94			2.08			0.95			66
	12.38		5.00			639,798		0.94			3.03			0.97			62
	12.26		(6.56	)		545,034		0.94			2.48			0.96			60
	13.37		(4.28	)		233,045		1.03			1.62	(g)		1.03			74
	14.48		(3.90	)		300,712		1.08			2.96	(g)(h)		1.10			59
	15.19		26.46			1,634,392		1.09			1.99			1.10			66
	12.31		4.87			1,458,864		1.10			2.92			1.12			62
	12.19		(6.65	)		1,413,804		1.09			2.37			1.12			60

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Intrepid International Fund
Class A
Year Ended October 31, 2015	$	19.49	$	0.34	(f)(g)	$	(0.26	)	$	0.08		$	(0.21	)	$	—
Year Ended October 31, 2014		19.79		0.39	(f)(g)		(0.45	)		(0.06	)		(0.24	)		—
Year Ended October 31, 2013		15.90		0.25	(f)		3.88			4.13			(0.24	)		—
Year Ended October 31, 2012		15.32		0.25	(f)		0.49			0.74			(0.16	)		—
Year Ended October 31, 2011		16.59		0.24	(f)		(1.27	)		(1.03	)		(0.24	)		—	(h)
Class C
Year Ended October 31, 2015		19.63		0.23	(f)(g)		(0.24	)		(0.01	)		(0.10	)		—
Year Ended October 31, 2014		19.92		0.36	(f)(g)		(0.52	)		(0.16	)		(0.13	)		—
Year Ended October 31, 2013		16.00		0.17	(f)		3.90			4.07			(0.15	)		—
Year Ended October 31, 2012		15.36		0.18	(f)		0.50			0.68			(0.04	)		—
Year Ended October 31, 2011		16.61		0.15	(f)		(1.26	)		(1.11	)		(0.14	)		—	(h)
Class R2
Year Ended October 31, 2015		19.31		0.38	(f)(g)		(0.34	)		0.04			(0.14	)		—
Year Ended October 31, 2014		19.61		0.40	(f)(g)		(0.53	)		(0.13	)		(0.17	)		—
Year Ended October 31, 2013		15.74		0.20	(f)		3.86			4.06			(0.19	)		—
Year Ended October 31, 2012		15.21		0.19	(f)		0.50			0.69			(0.16	)		—
Year Ended October 31, 2011		16.46		0.17	(f)		(1.22	)		(1.05	)		(0.20	)		—	(h)
Class R6
May 29, 2015(i) through October 31, 2015		21.08		0.12	(f)(g)		(1.36	)		(1.24	)		—			—
Institutional Class
Year Ended October 31, 2015		19.95		0.52	(f)(g)		(0.34	)		0.18			(0.30	)		—
Year Ended October 31, 2014		20.23		0.49	(f)(g)		(0.46	)		0.03			(0.31	)		—
Year Ended October 31, 2013		16.24		0.34	(f)		3.97			4.31			(0.32	)		—
Year Ended October 31, 2012		15.66		0.33	(f)		0.50			0.83			(0.25	)		—
Year Ended October 31, 2011		16.94		0.32	(f)		(1.29	)		(0.97	)		(0.31	)		—	(h)
Select Class
Year Ended October 31, 2015		20.22		0.42	(f)(g)		(0.26	)		0.16			(0.25	)		—
Year Ended October 31, 2014		20.51		0.51	(f)(g)		(0.53	)		(0.02	)		(0.27	)		—
Year Ended October 31, 2013		16.46		0.31	(f)		4.01			4.32			(0.27	)		—
Year Ended October 31, 2012		15.85		0.30	(f)		0.51			0.81			(0.20	)		—
Year Ended October 31, 2011		16.99		0.26	(f)		(1.28	)		(1.02	)		(0.12	)		—	(h)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements		Portfolio turnover rate (b)(e)
$	19.36		0.45	%	$	152,834		1.29	%		1.75	%(g)		1.49		33	%
	19.49		(0.33	)		101,114		1.39			1.96	(g)		1.46		48
	19.79		26.25			60,135		1.47			1.42			1.54		49
	15.90		4.97			32,231		1.50			1.65			1.62		46
	15.32		(6.30	)		31,942		1.50			1.42			1.61		79
	19.52		(0.05	)		2,789		1.78			1.17	(g)		1.91		33
	19.63		(0.84	)		1,318		1.89			1.79	(g)		1.96		48
	19.92		25.60			1,131		1.98			0.94			2.04		49
	16.00		4.45			875		2.00			1.18			2.12		46
	15.36		(6.75	)		1,018		2.00			0.91			2.11		79
	19.21		0.24			227		1.52			1.91	(g)		1.69		33
	19.31		(0.66	)		98		1.64			2.03	(g)		1.71		48
	19.61		26.02			98		1.72			1.16			1.79		49
	15.74		4.64			81		1.75			1.29			1.87		46
	15.21		(6.48	)		106		1.75			1.04			1.85		79
	19.84		(5.88	)		1,854,941		0.73			1.47	(g)		0.74		33
	19.83		0.93			51,833		0.85			2.57	(g)		0.91		33
	19.95		0.13			1,474,870		0.89			2.39	(g)		1.05		48
	20.23		26.90			582,599		0.97			1.88			1.14		49
	16.24		5.50			303,575		1.00			2.16			1.21		46
	15.66		(5.85	)		178,258		1.00			1.88			1.20		79
	20.13		0.80			19,292		0.97			2.04	(g)		1.12		33
	20.22		(0.13	)		15,963		1.14			2.47	(g)		1.21		48
	20.51		26.56			13,916		1.23			1.68			1.29		49
	16.46		5.24			9,467		1.25			1.94			1.37		46
	15.85		(6.08	)		12,225		1.25			1.51			1.37		79

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 12 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Emerging Economies Fund	Class A, Class C, Class R5, Class R6* and Select Class	JPM I	Diversified
Emerging Markets Equity Fund	Class A, Class C, Class R6**, Institutional Class and Select Class	JPM I	Diversified
Emerging Markets Equity Income Fund	Class A, Class C, Class R5, Class R6 and Select Class	JPM I	Diversified
Global Research Enhanced Index Fund	Class A, Class C, Class R2, and Select Class	JPM I	Diversified
Global Unconstrained Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
International Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
International Equity Income Fund	Class A, Class C, Class R2, Class R5, Class R6*** and Select Class	JPM I	Diversified
International Opportunities Fund	Class A, Class C, Class R6, Institutional Class and Select Class	JPM I	Diversified
International Research Enhanced Equity Fund	Class A, Class C, Class R2 and Select Class	JPM II	Diversified
International Unconstrained Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
International Value Fund	Class A, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM I	Diversified
Intrepid International Fund	Class A, Class C, Class R2, Class R6****, Institutional Class and Select Class	JPM I	Diversified

Emerging Markets Equity Income Fund commenced operations on December 12, 2014. Prior to March 27, 2015, the Fund was not publicly offered for investment.

As of October 31, 2015, Class A, Class C and Class R2 Shares of Global Research Enhanced Index Fund were not publicly offered for investment.

Prior to January 5, 2015, Class A, Class C, Class R5, Class R6 and Select Class Shares of Global Unconstrained Equity Fund were not publicly offered for investment.

      * Class R6 Shares commenced operations on September 1, 2015, for Emerging Economies Fund.

    ** Class R6 Shares commenced operations on December 23, 2013, for Emerging Markets Equity Fund.

  *** Class R6 Shares commenced operations on January 30, 2015, for International Equity Income Fund.

**** Class R6 Shares commenced operations on May 29, 2015, for Intrepid International Fund.

Effective January 30, 2015, Global Equity Income Fund changed its name to International Equity Income Fund.

The investment objective of Emerging Economies Fund is to seek long-term capital growth.

The investment objective of Emerging Markets Equity Fund is to seek to provide high total return from a portfolio of equity securities from emerging markets issuers.

The investment objective of Emerging Markets Equity Income Fund and the International Equity Income Fund is to seek to provide both current income and long-term capital appreciation.

The investment objective of Global Research Enhanced Index Fund, International Research Enhanced Equity Fund and International Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

The investment objective of Global Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

The investment objective of International Equity Fund is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.

The investment objective of International Opportunities Fund is to seek to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

The investment objective of International Value Fund is to seek to provide high total return from a portfolio of foreign company equity securities.

The investment objective of Intrepid International Fund is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

On June 19, 2015, all Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015 Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Emerging Economies Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	32,974		$	—	$	—	$	32,974
Cayman Islands		—			3,269		—		3,269
China		21,706			247,920		2,046		271,672
Cyprus		2,896			—		—		2,896
Egypt		—			4,826		—		4,826
Hong Kong		—			52,422		1,327		53,749
India		9,493			47,246		—		56,739
Indonesia		—			22,998		—		22,998
Malaysia		5,479			—		—		5,479
Poland		—			16,436		—		16,436
Russia		26,559			35,284		—		61,843
South Africa		—			26,942		—		26,942
South Korea		25,641			164,304		—		189,945
Taiwan		13,117			182,580		—		195,697
Thailand		—			8,567		—		8,567
Turkey		—			74,184		—		74,184
United Arab Emirates		—			7,255		—		7,255
Total Common Stocks		137,865			894,233		3,373		1,035,471
Preferred Stocks
Russia		5,587			3,309		—		8,896
Short-Term Investment
Investment Company		36,465			—		—		36,465
Total Investments in Securities	$	179,917		$	897,542	$	3,373	$	1,080,832
Depreciation in Other Financial Instruments
Futures Contracts	$	(979	)	$	—	$	—	$	(979	)

Emerging Markets Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	27,597	$	—	$	27,597
Brazil		168,916			—		—		168,916
China		99,367			117,025		—		216,392
Cyprus		—			4,966		—		4,966
Hong Kong		2,500	��		156,193		—		158,693
India		116,566			327,716		—		444,282
Indonesia		—			76,867		—		76,867
Mexico		47,820			—		—		47,820
Panama		15,540			—		—		15,540
Peru		22,826			—		—		22,826
Russia		—			127,942		—		127,942
South Africa		21,918			366,281		—		388,199
South Korea		—			94,982		—		94,982
Switzerland		24,229			—		—		24,229
Taiwan		74,442			89,581		—		164,023
Thailand		22,466			71,510		—		93,976
Turkey		—			53,348		—		53,348
United Kingdom		—			48,675		—		48,675
Total Common Stocks		616,590			1,562,683		—		2,179,273

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

Emerging Markets Equity Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
Brazil	$	10,480	$	—	$	—	$	10,480
Structured Instruments
China		—		8,585		—		8,585
Short-Term Investment
Investment Company		62,382		—		—		62,382
Total Investments in Securities	$	689,452	$	1,571,268	$	—	$	2,260,720

Emerging Markets Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	217	$	—	$	—	$	217
Chile		65		—		—		65
China		—		177		—		177
Czech Republic		—		54		—		54
Hong Kong		—		217		—		217
Hungary		—		44		—		44
Indonesia		—		27		—		27
Mexico		68		—		—		68
Poland		—		52		—		52
Russia		23		134		—		157
Singapore		—		36		—		36
South Africa		—		396		—		396
South Korea		126		43		—		169
Taiwan		80		537		—		617
Thailand		55		51		—		106
Turkey		—		89		—		89
United Arab Emirates		—		40		—		40
Total Common Stocks		634		1,897		—		2,531
Preferred Stocks
Russia		23		—		—		23
Structured Instruments
China		—		80		—		80
Warrants
Saudi Arabia		—		47		—		47
Total Investments in Securities	$	657	$	2,024	$	—	$	2,681

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Global Research Enhanced Index Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	1,256		$	173,356	$	—	$	174,612
Austria		—	(a)		—		—		—	(a)
Belgium		—			20,702		—		20,702
Canada		214,208			—		—		214,208
China		—			1,301		—		1,301
Colombia		—	(a)		—		—		—	(a)
Denmark		—			43,418		—		43,418
Finland		—			47,546		—		47,546
France		—			280,264		—		280,264
Germany		—			234,618		—		234,618
Hong Kong		1,003			85,281		—		86,284
Ireland		58,291			18,342		—		76,633
Israel		9,160			—		—		9,160
Italy		—			80,503		—		80,503
Japan		—			646,123		—		646,123
Luxembourg		—			4,642		—		4,642
Netherlands		24,199			102,813		—		127,012
New Zealand		—			5,231		—		5,231
Norway		—			19,717		—		19,717
Portugal		—			9,665		—		9,665
Singapore		26,436			28,927		—		55,363
Spain		—			86,477		—		86,477
Sweden		—			46,140		—		46,140
Switzerland		49,371			278,549		—		327,920
United Kingdom		30,288			535,097		—		565,385
United States		4,014,809			—		—		4,014,809
Total Common Stocks		4,429,021			2,748,712		—		7,177,733
Preferred Stocks
Germany		—			17,789		—		17,789
Rights
Australia		107			—		—		107
Spain		202			—		—		202
Total Rights		309			—		—		309
Short-Term Investment
Investment Company		207,057			—		—		207,057
Total Investments in Securities	$	4,636,387		$	2,766,501	$	—	$	7,402,888
Appreciation in Other Financial Instruments
Futures Contracts	$	10,589		$	—	$	—	$	10,589

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan Global Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	19	$	—	$	—	$	19
Canada		27		—		—		27
China		91		35		—		126
Finland		—		26		—		26
France		—		115		—		115
Germany		—		22		—		22
India		25		—		—		25
Ireland		29		—		—		29
Israel		57		—		—		57
Japan		—		20		—		20
Netherlands		21		—		—		21
Norway		—		16		—		16
South Korea		—		23		—		23
Spain		13		—		—		13
Switzerland		26		61		—		87
United Kingdom		—		117		—		117
United States		914		—		—		914
Total Common Stocks		1,222		435		—		1,657
Total Investments in Securities	$	1,222	$	435	$	—	$	1,657

JPMorgan International Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	32,169	$	—	$	32,169
Belgium		—		49,894		—		49,894
China		—		75,933		—		75,933
Denmark		—		26,396		—		26,396
France		—		344,175		—		344,175
Germany		—		224,309		—		224,309
Hong Kong		—		121,310		—		121,310
India		27,455		—		—		27,455
Indonesia		—		16,301		—		16,301
Israel		31,561		—		—		31,561
Japan		—		639,523		—		639,523
Netherlands		50,207		71,512		—		121,719
South Africa		—		29,157		—		29,157
South Korea		—		54,216		—		54,216
Switzerland		—		388,271		—		388,271
Taiwan		32,414		—		—		32,414
United Kingdom		—		648,784		—		648,784
Total Common Stocks		141,637		2,721,950		—		2,863,587
Preferred Stocks
Germany		—		34,477		—		34,477
Short-Term Investment
Investment Company		36,512		—		—		36,512
Total Investments in Securities	$	178,149	$	2,756,427	$	—	$	2,934,576

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

International Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	5,894	$	—	$	5,894
Canada		2,185		—		—		2,185
Denmark		—		2,308		—		2,308
Finland		—		2,393		—		2,393
France		—		6,665		—		6,665
Germany		1,786		13,193		—		14,979
Hong Kong		—		3,064		—		3,064
Israel		—		3,567		—		3,567
Italy		1,532		4,890		—		6,422
Japan		—		17,138		—		17,138
Netherlands		1,626		1,812		—		3,438
Portugal		—		1,301		—		1,301
Russia		—		3,023		—		3,023
Spain		—		1,614		—		1,614
Switzerland		—		7,681		—		7,681
Taiwan		2,327		—		—		2,327
United Kingdom		—		19,830		—		19,830
United States		—		2,272		—		2,272
Total Common Stocks		9,456		96,645		—		106,101
Short-Term Investment
Investment Company		3,526		—		—		3,526
Total Investments in Securities	$	12,982	$	96,645	$	—	$	109,627

International Opportunities Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	80,915	$	—	$	80,915
China		—		19,374		—		19,374
Denmark		—		20,193		—		20,193
Finland		—		44,141		—		44,141
France		—		220,090		—		220,090
Germany		—		126,598		—		126,598
Hong Kong		—		43,875		—		43,875
India		19,556		—		—		19,556
Ireland		—		34,537		—		34,537
Italy		—		61,887		—		61,887
Japan		—		486,602		—		486,602
Netherlands		35,176		75,672		—		110,848
Norway		—		23,098		—		23,098
Spain		—		11,243		—		11,243
Sweden		—		31,451		—		31,451
Switzerland		—		247,817		—		247,817
United Kingdom		—		581,557		—		581,557
Total Common Stocks		54,732		2,109,050		—		2,163,782

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

International Opportunities Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Preferred Stock
Germany	$	—	$	22,519		$	—	$	22,519
Short-Term Investment
Investment Company		52,566		—			—		52,566
Total Investments in Securities	$	107,298	$	2,131,569		$	—	$	2,238,867
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	6,887		$	—	$	6,887
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(7,604	)	$	—	$	(7,604	)

International Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	2,794	$	44,855	$	—	(a)	$	47,649
Denmark		—		14,851		—			14,851
Finland		—		18,092		—			18,092
France		—		89,029		—			89,029
Germany		—		67,237		—			67,237
Hong Kong		—		22,382		—			22,382
Ireland		4,215		8,569		—			12,784
Israel		2,679		—		—			2,679
Italy		—		25,069		—			25,069
Japan		—		195,828		—			195,828
Luxembourg		—		2,048		—			2,048
Netherlands		7,189		31,720		—			38,909
New Zealand		—		2,944		—			2,944
Norway		—		3,686		—			3,686
Portugal		—		2,895		—			2,895
Singapore		—		6,755		—			6,755
Spain		—		21,038		—			21,038
Sweden		—		20,508		—			20,508
Switzerland		—		90,930		—			90,930
United Kingdom		9,302		165,207		—			174,509
Total Common Stocks		26,179		833,643		—	(a)		859,822
Preferred Stocks
Germany		—		8,282		—			8,282
Rights
Australia		16		—		—			16
Spain		43		—		—			43
Total Rights		59		—		—			59
Short-Term Investment
Investment Company		12,046		—		—			12,046
Total Investments in Securities	$	38,284	$	841,925	$	—	(a)	$	880,209
Appreciation in Other Financial Instruments
Futures Contracts	$	388	$	—	$	—		$	388

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

JPMorgan International Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	1,192	$	—	$	1,192
Canada		2,586		—		—		2,586
China		3,033		3,240		—		6,273
Finland		—		2,419		—		2,419
France		—		8,157		—		8,157
Germany		745		3,210		—		3,955
Hong Kong		—		2,104		—		2,104
India		2,416		—		—		2,416
Ireland		—		1,555		—		1,555
Israel		2,081		—		—		2,081
Italy		—		1,502		—		1,502
Japan		—		9,842		—		9,842
Netherlands		2,063		1,581		—		3,644
South Africa		—		1,301		—		1,301
South Korea		—		2,352		—		2,352
Switzerland		—		6,038		—		6,038
Taiwan		1,017		—		—		1,017
United Kingdom		1,022		13,814		—		14,836
Total Common Stocks		14,963		58,307		—		73,270
Short-Term Investment
Investment Company		943		—		—		943
Total Investments in Securities	$	15,906	$	58,307	$	—	$	74,213

JPMorgan International Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	72,994	$	—	$	72,994
Brazil		14,886		—		—		14,886
China		—		31,647		—		31,647
Finland		—		80,225		—		80,225
France		—		297,659		—		297,659
Germany		—		167,080		—		167,080
Hong Kong		—		41,877		—		41,877
Ireland		18,019		31,485		—		49,504
Italy		—		127,378		—		127,378
Japan		—		561,076		—		561,076
Luxembourg		—		16,396		—		16,396
Netherlands		44,479		75,046		—		119,525
Norway		—		37,763		—		37,763
Singapore		—		11,968		—		11,968
South Korea		—		24,761		—		24,761
Spain		—		14,392		—		14,392
Sweden		—		38,057		—		38,057
Switzerland		—		151,317		—		151,317
United Kingdom		—		535,165		—		535,165
Total Common Stocks		77,384		2,316,286		—		2,393,670

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

JPMorgan International Value Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	28,020	$	—		$	—	$	28,020
Total Investments in Securities	$	105,404	$	2,316,286		$	—	$	2,421,690
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	11,378		$	—	$	11,378
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(9,642	)	$	—	$	(9,642	)

JPMorgan Intrepid International Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	113,227	$	—	$	113,227
Belgium		—		31,977		—		31,977
China		—		5,607		—		5,607
Denmark		—		54,618		—		54,618
Finland		—		15,667		—		15,667
France		—		234,248		—		234,248
Germany		—		171,390		—		171,390
Hong Kong		126		51,111		—		51,237
India		7,686		—		—		7,686
Ireland		7,234		26,899		—		34,133
Israel		13,248		—		—		13,248
Italy		—		44,465		—		44,465
Japan		—		454,760		—		454,760
Luxembourg		—		5,609		—		5,609
Netherlands		16,191		73,661		—		89,852
Norway		—		12,196		—		12,196
Portugal		—		5,997		—		5,997
Singapore		—		7,600		—		7,600
South Africa		—		7,175		—		7,175
South Korea		—		7,402		—		7,402
Spain		—		54,156		—		54,156
Sweden		—		56,550		—		56,550
Switzerland		—		180,077		—		180,077
United Kingdom		26,193		362,696		—		388,889
United States		—		8,211		—		8,211
Total Common Stocks		70,678		1,985,299		—		2,055,977
Preferred Stock
Germany		—		8,227		—		8,227
Rights
Australia		100		—		—		100
France		264		—		—		264
Spain		80		—		—		80
Total Rights		444		—		—		444
Short-Term Investment
Investment Company		26,986		—		—		26,986
Total Investments in Securities	$	98,108	$	1,993,526	$	—	$	2,091,634

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

(a) Amount rounds to less than $1,000.

For the Emerging Economies Fund the transfers from Level 2 to Level 1 in the amount of approximately $25,660,000 are due to not applying the fair value factors to certain securities as of October 31, 2015. Transfers from Level 2 to Level 3 in the amount of approximately $9,767,000 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine price.

For the Emerging Markets Equity Fund the transfers from Level 1 to Level 2 in the amount of approximately $86,162,000 are due to applying the fair value factors to certain securities as of October 31, 2015. The transfers from Level 2 to Level 1 in the amount of approximately $29,517,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.

For the Emerging Markets Equity Income Fund and International Equity Income Fund there were no transfers among any levels during the year ended October 31, 2015.

For the Global Research Enhanced Index Fund and International Unconstrained Equity Fund there were no significant transfers among any levels during the year ended October 31, 2015.

For the Global Unconstrained Equity Fund the transfers from Level 1 to Level 2 in the amount of approximately $45,000 are due to applying the fair value factors to certain securities as of October 31, 2015.

For the International Equity Fund the transfers from Level 2 to Level 1 in the amount of approximately $36,011,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.

For the International Opportunities Fund the transfers from Level 2 to Level 1 in the amount of approximately $20,403,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.

For the International Research Enhanced Equity Fund the transfers from Level 2 to Level 1 in the amount of approximately $6,074,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.

For the International Value Fund the transfers from Level 2 to Level 1 in the amount of approximately $53,069,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.

For the Intrepid International Fund the transfers from Level 2 to Level 1 in the amount of approximately $10,716,000 are due to not applying the fair value factors to certain securities as of October 31, 2015. There were no significant transfers from Level 1 to Level 2 for the year ended October 31, 2015.

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of October 31, 2015, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

C. Futures Contracts — Emerging Economies Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Opportunities Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2015 (amounts in thousands):

	Emerging Economies Fund			Global Research Enhanced Index Fund			Global Unconstrained Equity Fund			International Opportunities Fund		International Research Enhanced Equity Fund		International Unconstrained Equity Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	40,751	(a)	$	194,391	(b)	$	858	(c)	$	8,867	$	20,104	$	369	$	8,425
Ending Notional Balance Long		40,751			180,205			—			—		6,212		—		—

(a) For the period from October 1, 2015 to October 31, 2015.

(b) For the periods November 1, 2014 through June 30, 2015 and August 1, 2015 through October 31, 2015.

(c) For the period from July 1, 2015 to July 31, 2015.

D. Forward Foreign Currency Exchange Contracts — International Equity Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also bought forward currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

As of October 31, 2015, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended October 31, 2015 (amounts in thousands):

	International Equity Fund			International Opportunities Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	4,252	(a)	$	405,825	$	565,329
Average Settlement Value Sold		—			360,274		499,380
Ending Settlement Value Purchased		—			643,778		507,406
Ending Settlement Value Sold		—			581,962		459,029

(a) For the period from April 1, 2015 to April 30, 2015.

The Funds’ forward foreign currency contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Emerging Economies Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(979	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Research Enhanced Index Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	10,589

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Opportunities Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	6,887
Gross Liabilities:
Foreign exchange contracts	Payables	$	(7,604	)

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Research Enhanced Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	388

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Value Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	11,378
Gross Liabilities:
Foreign exchange contracts	Payables	$	(9,642	)

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2015, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,910

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(979	)

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(17,615	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,724

Global Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(75	)

International Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(108	)

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	1,916	$	—		$	1,916
Foreign exchange contracts		—		(18,683	)		(18,683	)
Total	$	1,916	$	(18,683	)	$	(16,767	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	45	$	—	$	45
Foreign exchange contracts		—		1,568		1,568
Total	$	45	$	1,568	$	1,613

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,910

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	396

International Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(17	)

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	4,479	$	—		$	4,479
Foreign exchange contracts		—		(5,266	)		(5,266	)
Total	$	4,479	$	(5,266	)	$	(787	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	484	$	—		$	484
Foreign exchange contracts		—		(1,460	)		(1,460	)
Total	$	484	$	(1,460	)	$	(976	)

The Funds’ derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

F. Structured Instruments — Emerging Markets Equity Fund and Emerging Markets Equity Income Fund invested in structured instruments that have similar economic characteristics to equity securities. These instruments often seek to replicate the performance of an underlying reference asset such as an equity security or market (“reference asset”). The value of these instruments is generally derived from the price movements of the reference asset. On maturity date of each instrument, the Funds will receive a payment from the instrument’s issuing entity based on the value of the reference asset and record a realized gain or loss. The instrument may receive dividends paid in connection with the reference asset which are reported as Net realized gain (loss) on investment transactions on the Statements of Operations.

Structured instruments may be issued by banks, broker dealers or their affiliates and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments.

The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Funds to counterparty risk.

G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

H. Offering and Organizational Costs — Total offering costs of approximately $121,000 incurred in connection with the offering of shares of Emerging Markets Equity Income Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statements of Operations. For the period ended October 31, 2015, total offering costs amortized were approximately $107,000.

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

J. 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 NAV 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.

Sub-transfer agent fees are class-specific expenses. The amount of the Sub-transfer agent fees charged to each class of the Funds for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A			Class B			Class C			Class R2			Class R5		Institutional Class		Select Class			Total
Emerging Economies Fund	$	145			n/a		$	6			n/a		$	3		n/a	$	26		$	180
Emerging Markets Equity Fund		629		$	3			80			n/a			n/a	$	178		350			1,240
Emerging Markets Equity Income Fund		—	(a)		n/a			—	(a)		n/a			—		n/a		—			—	(a)
Global Research Enhanced Index Fund		—			n/a			—			—			n/a		n/a		16			16
Global Unconstrained Equity Fund		—	(a)		n/a			—	(a)		—			—		n/a		—	(a)		—	(a)
International Equity Fund		347			1			33		$	3			65		n/a		122			571
International Equity Income Fund		44			n/a			4			—	(a)		—		n/a		19			67
International Opportunities Fund		251			—	(a)		1			n/a			n/a		5		11			268
International Research Enhanced Equity Fund		104			3			32			9			n/a		n/a		45			193
International Unconstrained Equity Fund		—	(a)		n/a			—	(a)		—			—		n/a		2			2
International Value Fund		1,259			2			49			8			n/a		3,318		102			4,738
Intrepid International Fund		282			n/a			2			—	(a)		n/a		1		14			299

(a) Amount rounds to less than $1,000.

K. 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2015, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

L. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has enacted rules imposing a tax on the indirect transfers of Indian shares. Based upon current guidance from the Indian tax authorities, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

M. Distributions to Shareholders — Distributions from net investment income if any, are generally declared and paid annually, except for International Equity Income Fund, which are declared and paid monthly and for International Equity Fund, which are declared and paid quarterly. Distributions 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.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Economies Fund	$	—		$	732		$	(732	)
Emerging Markets Equity Fund		—			199			(199	)
Emerging Markets Equity Income Fund		—	(a)		(1	)		1
Global Research Enhanced Index Fund		—	(a)		(205	)		205
Global Unconstrained Equity Fund		—			9			(9	)
International Equity Fund		—			1,013			(1,013	)
International Equity Income Fund		—			712			(712	)
International Opportunities Fund		—			(20,029	)		20,029
International Research Enhanced Equity Fund		—	(a)		512			(512	)
International Unconstrained Equity Fund		—			(12	)		12
International Value Fund		—			1,239			(1,239	)
Intrepid International Fund		—	(a)		151			(151	)

(a) Amount rounds to less than $1,000.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, non-deductible expenses and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:

Emerging Economies Fund	1.00	%
Emerging Markets Equity Fund	1.00
Emerging Markets Equity Income Fund	1.00
Global Research Enhanced Index Fund	0.20
Global Unconstrained Equity Fund	0.70	(a)
International Equity Fund	0.80
International Equity Income Fund	0.70	(a)
International Opportunities Fund	0.60
International Research Enhanced Equity Fund	0.20
International Unconstrained Equity Fund	0.70	(a)
International Value Fund	0.60
Intrepid International Fund	0.60	(b)

(a) Prior to December 1, 2014, the investment advisory fee was 0.80% for Global Unconstrained Equity Fund, International Equity Income Fund and International Unconstrained Equity Fund.

(b) Prior to March 1, 2015, the investment advisory fee was 0.80% for Intrepid International Fund.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator, an indirect, wholly-owned 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 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

C. Distribution Fees — Pursuant to Distribution Agreements, 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 has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. 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:

	Class A			Class B			Class C			Class R2
Emerging Economies Fund		0.25	%		n/a			0.75	%		n/a
Emerging Markets Equity Fund		0.25			0.75	%		0.75			n/a
Emerging Markets Equity Income Fund		0.25			n/a			0.75			n/a
Global Research Enhanced Index Fund		0.25			n/a			0.75			0.50	%
Global Unconstrained Equity Fund		0.25			n/a			0.75			0.50
International Equity Fund		0.25			0.75			0.75			0.50
International Equity Income Fund		0.25			n/a			0.75			0.50
International Opportunities Fund		0.25			0.75			0.75			n/a
International Research Enhanced Equity Fund		0.25			0.75			0.75			0.50
International Unconstrained Equity Fund		0.25			n/a			0.75			0.50
International Value Fund		0.25			0.75			0.75			0.50
Intrepid International Fund		0.25			n/a			0.75			0.50

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	6		$	—	(a)
Emerging Markets Equity Fund		65			—	(a)
Emerging Markets Equity Income Fund		—	(a)		—
Global Unconstrained Equity Fund		—	(a)		—
International Equity Fund		29			—	(a)
International Equity Income Fund		37			—	(a)
International Opportunities Fund		4			—
International Research Enhanced Equity Fund		12			—	(a)
International Unconstrained Equity Fund		8			—	(a)
International Value Fund		429			—	(a)
Intrepid International Fund		5			—	(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. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. 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:

	Class A			Class B			Class C			Class R2			Class R5			Institutional Class			Select Class
Emerging Economies Fund		0.25	%		n/a			0.25	%		n/a			0.05	%		n/a			0.25	%
Emerging Markets Equity Fund		0.25			0.25	%		0.25			n/a			n/a			0.10	%		0.25
Emerging Markets Equity Income Fund		0.25			n/a			0.25			n/a			0.05			n/a			0.25
Global Research Enhanced Index Fund		0.25			n/a			0.25			0.25	%		n/a			n/a			0.25
Global Unconstrained Equity Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Equity Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
International Equity Income Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Opportunities Fund		0.25			0.25			0.25			n/a			n/a			0.10			0.25
International Research Enhanced Equity Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.25
International Unconstrained Equity Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Value Fund		0.25			0.25			0.25			0.25			n/a			0.10			0.25
Intrepid International Fund		0.25			n/a			0.25			0.25			n/a			0.10			0.25

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

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 and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included as Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class B			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Emerging Economies Fund*		1.55	%		n/a			2.05	%		n/a			1.10	%		1.05	%		n/a			1.30	%
Emerging Markets Equity Fund**		1.55			2.05	%		2.05			n/a			n/a			1.05			1.15	%		1.30
Emerging Markets Equity Income Fund***		1.55			n/a			2.05			n/a			1.10			1.05			n/a			1.30
Global Research Enhanced Index Fund		0.59			n/a			1.09			0.84	%		n/a			n/a			n/a			0.34
Global Unconstrained Equity Fund****		0.75			n/a			1.25			1.00			0.30			0.25			n/a			0.40
International Equity Fund		1.31			1.81			1.81			1.56			0.86			0.81			n/a			1.06
International Equity Income Fund		1.25			n/a			1.75			1.50			0.80			0.75			n/a			0.90^
International Opportunities Fund		1.31			1.92			1.92			n/a			n/a			0.81			0.91			1.06
International Research Enhanced Equity Fund		0.60			1.10			1.10			0.85			n/a			n/a			n/a			0.35
International Unconstrained Equity Fund^^		1.25			n/a			1.75			1.50			0.80			0.75			n/a			0.90
International Value Fund		1.35			1.85			1.85			1.60			n/a			0.85			0.95			1.10
Intrepid International Fund^^^		1.25			n/a			1.75			1.50			n/a			0.75			0.85			0.90

* Prior to July 1, 2015, the contractual expense limitations for Emerging Economies Fund were 1.60%, 2.10%, 1.15% and 1.35% for Class A, Class C, Class R5 and Select Class Shares, respectively.

** Prior to March 1, 2015, the contractual expense limitations for Emerging Markets Equity Fund were 1.70%, 2.20%, 2.20%, 1.20%, 1.30% and 1.45% for Class A, Class B, Class C, Class R6, Institutional Class and Select Class Shares, respectively.

*** Prior to July 1, 2015, the contractual expense limitations for Emerging Markets Equity Income Fund were 1.60%, 2.10%, 1.15%, 1.10% and 1.35% for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively.

**** During the period December 1, 2014 through July 9, 2015, the contractual expense limitations for Global Unconstrained Equity Fund were 1.25%, 1.75%, 1.50%, 0.80%, 0.75% and 0.90% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. Prior to December 1, 2014, the contractual expense limitations for Global Unconstrained Equity Fund were 1.35%, 1.85%, 1.60%, 0.90%, 0.85% and 1.10% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. Effective July 2, 2016 the contractual expense limitations will revert to 1.25%, 1.75%, 1.50%, 0.80%, 0.75% and 0.90% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

^ Prior to December 1, 2014, the contractual expense limitation for the Select Class Shares of International Equity Income Fund was 1.00%.

^^ Prior to December 1, 2014, the contractual expense limitations for International Unconstrained Equity Fund were 1.32%, 1.82%, 1.57%, 0.87%, 0.82% and 1.07% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

^^^ Prior to March 1, 2015, the contractual expense limitations for Intrepid International Fund were 1.40%, 1.90%, 1.65%, 0.90% and 1.15% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2015 and are in place until February 29, 2016, except for class B Shares which are no longer operating.

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

For the year ended October 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing			Total		Contractual Reimbursements
Emerging Economies Fund	$	575	$	384	$	137		$	1,096	$	46
Emerging Markets Equity Fund		774		521		1,061			2,356		134
Emerging Markets Equity Income Fund		26		2		—	(a)		28		211
Global Research Enhanced Index Fund		8,302		5,020		2			13,324		—	(a)
Global Unconstrained Equity Fund		24		3		4			31		210
International Equity Fund		1,708		1,130		556			3,394		42
International Equity Income Fund		289		84		82			455		—	(a)
International Opportunities Fund		—		—		123			123		27
International Research Enhanced Equity Fund		1,346		642		167			2,155		4
International Unconstrained Equity Fund		156		25		25			206		91
International Value Fund		8		1		1,325			1,334		291
Intrepid International Fund		258		172		409			839		17

(a) Amount rounds to less than $1,000.

	Voluntary Waivers
	Investment Advisory		Total
Global Unconstrained Equity Fund	$	2	$	2

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 were as follows (amounts in thousands):

Emerging Economies Fund	$	25
Emerging Markets Equity Fund		75
Global Research Enhanced Index Fund		429
International Equity Fund		141
International Equity Income Fund		5
International Opportunities Fund		78
International Research Enhanced Equity Fund		37
International Unconstrained Equity Fund		2
International Value Fund		55
Intrepid International Fund		92

G. Other — Certain officers of the Trusts are affiliated with the Adviser, 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 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 on the Statements of Operations.

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

During the year ended October 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The Funds may use related party broker-dealers. For the year ended October 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Emerging Economics Fund	$	13
Emerging Markets Equity Fund		22
Emerging Markets Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		68
Global Unconstrained Equity Fund		—	(a)
International Equity Fund		18
International Equity Income Fund		4
International Opportunities Fund		24
International Research Enhanced Equity Fund		10
International Unconstrained Equity Fund		1
International Value Fund		49
Intrepid International Fund		34

(a) Amount rounds to less than $1,000.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Economies Fund	$	1,100,634	$	1,109,281
Emerging Markets Equity Fund		872,834		752,474
Emerging Markets Equity Income Fund		3,840		712
Global Research Enhanced Index Fund		6,349,299		2,545,165
Global Unconstrained Equity Fund		4,771		7,822
International Equity Fund		999,125		339,696
International Equity Income Fund		237,085		237,088
International Opportunities Fund		1,268,679		787,700
International Research Enhanced Equity Fund		538,235		293,680
International Unconstrained Equity Fund		84,131		12,536
International Value Fund		2,206,128		3,406,055
Intrepid International Fund		1,272,554		605,232

During the year ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,117,883	$	68,328	$	105,379	$	(37,051	)
Emerging Markets Equity Fund		2,228,297		330,239		297,816		32,423
Equity Markets Equity Income Fund		3,075		65		459		(394	)
Global Research Enhanced Index Fund		7,054,288		652,987		304,387		348,600
Global Unconstrained Equity Fund		1,596		145		84		61
International Equity Fund		2,740,915		468,324		274,663		193,661
International Equity Income Fund		108,076		4,910		3,359		1,551
International Opportunities Fund		2,102,689		237,904		101,726		136,178
International Research Enhanced Equity Fund		828,808		119,921		68,520		51,401
International Unconstrained Equity Fund		75,997		2,653		4,437		(1,784	)
International Value Fund		2,326,092		238,502		142,904		95,598
Intrepid International Fund		2,051,534		189,764		149,664		40,100

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in PFICs and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Economies Fund	$	24,053	$	—	$	24,053
Emerging Markets Equity Fund		27,266		—		27,266
Emerging Markets Equity Income Fund		88		—		88
Global Research Enhanced Index Fund		101,093		18,009		119,102
Global Unconstrained Equity Fund		414		679		1,093
International Equity Fund		49,283		—		49,283
International Equity Income Fund		4,463		1,130		5,593
International Opportunities Fund		46,728		—		46,728
International Research Enhanced Equity Fund		21,518		104,358		125,876
International Unconstrained Equity Fund		135		230		365
International Value Fund		134,534		—		134,534
Intrepid International Fund		24,512		—		24,512

The tax character of distributions paid during the year ended October 31, 2014 was as follows (amounts in thousands):

	Ordinary Income			Net Long-Term Capital Gains		Total Distributions Paid
Emerging Economies Fund	$	14,158		$	—	$	14,158
Emerging Markets Equity Fund		20,089	��		—		20,089
Global Research Enhanced Index Fund		29,275			2,611		31,886
Global Unconstrained Equity Fund		142			278		420
International Equity Fund		61,359			—		61,359
International Equity Income Fund		4,670			877		5,547
International Opportunities Fund		16,959			—		16,959
International Research Enhanced Equity Fund		11,910			9,577		21,487
International Unconstrained Equity Fund		115			204		319
International Value Fund		63,443			—		63,443
Intrepid International Fund		10,033			—		10,033

At October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	10,454	$	(177,283	)	$	(37,030	)
Emerging Markets Equity Fund		19,537		(30,227	)		32,009
Emerging Markets Equity Income Fund		10		(126	)		(394	)
Global Research Enhanced Index Fund		116,545		(24,001	)		348,240
Global Unconstrained Equity Fund		59		8			61
International Equity Fund		6,915		(20,476	)		193,237
International Equity Income Fund		331		1,742			1,544
International Opportunities Fund		12,033		(34,125	)		135,819
International Research Enhanced Equity Fund		19,710		7,959			51,179
International Unconstrained Equity Fund		223		(754	)		(1,785	)
International Value Fund		27,755		(354,987	)		94,566
Intrepid International Fund		39,300		(557,434	)		39,961

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, investments in PFICs, trustee deferred compensation, mark to market of futures contracts and mark to market of forward foreign currency contracts.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are 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.

At October 31, 2015, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Economies Fund	$	101,060	$	57,603
Emerging Markets Equity Fund		9,367		15,957
Emerging Markets Equity Income Fund		126		—
Global Research Enhanced Index Fund		13,051		10,950
International Equity Fund		1,547		11,085
International Opportunities Fund		28,676		—
International Unconstrained Equity Fund		754		—
International Value Fund		13,872		—
Intrepid International Fund		25,306		—

At October 31, 2015, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains as follows (amounts in thousands):

	2016		2017		2018		2019		Total
Emerging Economies Fund	$	—	$	1,890	$	—	$	16,730	$	18,620
Emerging Markets Equity Fund		—		4,903		—		—		4,903
International Equity Fund		—		—		4,532		3,312		7,844
International Opportunities Fund		—		—		—		5,449		5,449
International Value Fund		35,803		241,545		63,767		—		341,115
Intrepid International Fund		281,157		250,971		—		—		532,128

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	60,897		0.23	%		27	$	10
Emerging Markets Equity Fund		86,600		0.23			20		11
International Equity Income Fund		12,624		0.23			2		—	(a)
International Opportunities Fund		31,722		0.21			4		1
International Value Fund		83,581		0.24			11		6

(a) Amount rounds to less than $1,000.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

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 Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets for Global Research Enhanced Index Fund.

As of October 31, 2015, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own, in the aggregate, more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		16.8	%		65.5	%
Emerging Markets Equity Fund		n/a			42.5
International Equity Fund		13.2			61.4
International Opportunities Fund		n/a			76.0
International Research Enhanced Equity Fund		77.3			n/a
International Unconstrained Equity Fund		68.5			n/a
Intrepid International Fund		n/a			84.8

Additionally, the Adviser owns 96.1% and 12.7% of the outstanding shares of Emerging Markets Equity Income Fund and Global Unconstrained Equity Fund, respectively.

International Value Fund has shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own a significant portion of the Fund’s outstanding shares.

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2015, a significant portion of each Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2015, the Funds had the following country allocations representing greater than 10% of total investments:

	China			France			Germany			India			Japan
Emerging Economies Fund		25.1	%		—	%		—	%		—	%		—	%
Emerging Markets Equity Fund		—			—			—			19.6			—
Emerging Markets Equity Income Fund		—			—			—			—			—
Global Research Enhanced Index Fund		—			—			—			—			—
Global Unconstrained Equity Fund		—			—			—			—			—
International Equity Fund		—			11.7			—			—			21.8
International Equity Income Fund		—			—			13.7			—			15.6
International Opportunities Fund		—			—			—			—			21.7
International Research Enhanced Equity Fund		—			10.1			—			—			22.3
International Unconstrained Equity Fund		—			11.0			—			—			13.3
International Value Fund		—			12.3			—			—			23.2
Intrepid International Fund		—			11.2			—			—			21.7

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

	South Africa			South Korea			Switzerland			Taiwan			United Kingdom			United States
Emerging Economies Fund		—	%		17.6	%		—	%		18.1	%		—	%		—	%
Emerging Markets Equity Fund		17.2			—			—			—			—			—
Emerging Markets Equity Income Fund		14.8			—			—			23.0			—			—
Global Research Enhanced Index Fund		—			—			—			—			—			54.2
Global Unconstrained Equity Fund		—			—			—			—			—			55.1
International Equity Fund		—			—			13.2			—			22.1			—
International Equity Income Fund		—			—			—			—			18.1			—
International Opportunities Fund		—			—			11.1			—			26.0			—
International Research Enhanced Equity Fund		—			—			10.3			—			19.8			—
International Unconstrained Equity Fund		—			—			—			—			20.0			—
International Value Fund		—			—			—			—			22.1			—
Intrepid International Fund		—			—			—			—			18.6			—

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Equity Income Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund (formerly JPMorgan Global Equity Income Fund), JPMorgan International Opportunities Fund, JPMorgan International Research Enhanced Equity Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International 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 Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund (formerly JPMorgan Global Equity Income Fund), JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate Fund of JPMorgan Trust I), and JPMorgan International Research Enhanced Equity Fund (a separate Fund of JPMorgan Trust II) at October 31, 2015, 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, and the financial position of JPMorgan Emerging Markets Equity Income Fund (a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015, and the results of its operations, the changes in its net assets and the financial highlights for the period December 12, 2014 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter collectively 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 161

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal 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
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

162 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

⁽¹⁾ The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

⁽²⁾ A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 163

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

164 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees 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, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

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 Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015			Ending Account Value October 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual*	$	1,000.00		$	822.50	$	7.26		1.58	%
Hypothetical*		1,000.00			1,017.24		8.03		1.58
Class C
Actual*		1,000.00			820.20		9.54		2.08
Hypothetical*		1,000.00			1,014.72		10.56		2.08
Class R5
Actual*		1,000.00			824.20		5.20		1.13
Hypothetical*		1,000.00			1,019.51		5.75		1.13
Class R6
Actual**		1,000.00			1,062.10		1.81		1.07
Hypothetical*		1,000.00			1,019.81		5.45		1.07
Select Class
Actual*		1,000.00			822.90		6.11		1.33
Hypothetical*		1,000.00			1,018.50		6.77		1.33
Emerging Markets Equity Fund
Class A
Actual*		1,000.00			857.70		7.26		1.55
Hypothetical*		1,000.00			1,017.39		7.88		1.55
Class C
Actual*		1,000.00			855.60		9.59		2.05
Hypothetical*		1,000.00			1,014.87		10.41		2.05
Class R6			��
Actual*		1,000.00			859.90		4.92		1.05
Hypothetical*		1,000.00			1,019.91		5.35		1.05

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 165

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	859.60	$	5.48		1.17	%
Hypothetical*		1,000.00		1,019.31		5.96		1.17
Select Class
Actual*		1,000.00		859.00		6.09		1.30
Hypothetical*		1,000.00		1,018.65		6.61		1.30
Emerging Markets Equity Income Fund
Class A
Actual*		1,000.00		821.10		7.16		1.56
Hypothetical*		1,000.00		1,017.34		7.93		1.56
Class C
Actual*		1,000.00		819.50		9.49		2.07
Hypothetical*		1,000.00		1,014.77		10.51		2.07
Class R5
Actual*		1,000.00		823.00		5.15		1.12
Hypothetical*		1,000.00		1,019.56		5.70		1.12
Class R6
Actual*		1,000.00		823.40		4.92		1.07
Hypothetical*		1,000.00		1,019.81		5.45		1.07
Select Class
Actual*		1,000.00		822.20		6.06		1.32
Hypothetical*		1,000.00		1,018.55		6.72		1.32
Global Research Enhanced Index Fund
Class A
Actual*		1,000.00		970.60		2.88		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class C
Actual*		1,000.00		968.50		5.36		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08
Class R2
Actual*		1,000.00		969.00		4.17		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Select Class
Actual*		1,000.00		972.20		1.64		0.33
Hypothetical*		1,000.00		1,023.54		1.68		0.33
Global Unconstrained Equity Fund
Class A
Actual*		1,000.00		977.70		4.39		0.88
Hypothetical*		1,000.00		1,020.77		4.48		0.88
Class C
Actual*		1,000.00		975.20		6.87		1.38
Hypothetical*		1,000.00		1,018.25		7.02		1.38
Class R2
Actual*		1,000.00		976.80		6.78		1.36
Hypothetical*		1,000.00		1,018.35		6.92		1.36
Class R5
Actual*		1,000.00		980.10		3.29		0.66
Hypothetical*		1,000.00		1,021.88		3.36		0.66
Class R6
Actual*		1,000.00		980.40		3.04		0.61
Hypothetical*		1,000.00		1,022.13		3.11		0.61

166 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Global Unconstrained Equity Fund (continued)
Select Class
Actual*	$	1,000.00	$	979.50	$	3.94		0.79	%
Hypothetical*		1,000.00		1,021.22		4.02		0.79
International Equity Fund
Class A
Actual*		1,000.00		914.90		6.32		1.31
Hypothetical*		1,000.00		1,018.60		6.67		1.31
Class C
Actual*		1,000.00		912.70		8.73		1.81
Hypothetical*		1,000.00		1,016.08		9.20		1.81
Class R2
Actual*		1,000.00		914.00		7.53		1.56
Hypothetical*		1,000.00		1,017.34		7.93		1.56
Class R5
Actual*		1,000.00		917.10		4.16		0.86
Hypothetical*		1,000.00		1,020.87		4.38		0.86
Class R6
Actual*		1,000.00		917.30		3.87		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Select Class
Actual*		1,000.00		915.90		5.07		1.05
Hypothetical*		1,000.00		1,019.91		5.35		1.05
International Equity Income Fund
Class A
Actual*		1,000.00		946.10		6.13		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class C
Actual*		1,000.00		944.00		8.57		1.75
Hypothetical*		1,000.00		1,016.38		8.89		1.75
Class R2
Actual*		1,000.00		945.10		7.31		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R5
Actual*		1,000.00		947.90		3.88		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		948.70		3.63		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		948.00		4.42		0.90
Hypothetical*		1,000.00		1,020.67		4.58		0.90
International Opportunities Fund
Class A
Actual*		1,000.00		947.60		6.43		1.31
Hypothetical*		1,000.00		1,018.60		6.67		1.31
Class C
Actual*		1,000.00		945.50		9.02		1.84
Hypothetical*		1,000.00		1,015.93		9.35		1.84
Class R6
Actual*		1,000.00		950.40		3.49		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 167

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
International Opportunities Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	949.80	$	4.03		0.82	%
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Select Class
Actual*		1,000.00		948.90		4.96		1.01
Hypothetical*		1,000.00		1,020.11		5.14		1.01
International Research Enhanced Equity Fund
Class A
Actual*		1,000.00		939.80		2.93		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class C
Actual*		1,000.00		937.30		5.37		1.10
Hypothetical*		1,000.00		1,019.66		5.60		1.10
Class R2
Actual*		1,000.00		938.60		4.15		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Select Class
Actual*		1,000.00		941.40		1.71		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
International Unconstrained Equity Fund
Class A
Actual*		1,000.00		940.70		6.07		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		937.70		8.50		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class R2
Actual*		1,000.00		938.60		7.28		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R5
Actual*		1,000.00		942.10		3.92		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Class R6
Actual*		1,000.00		942.70		3.62		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		941.50		4.36		0.89
Hypothetical*		1,000.00		1,020.72		4.53		0.89
International Value Fund
Class A
Actual*		1,000.00		921.40		6.54		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class C
Actual*		1,000.00		920.00		8.95		1.85
Hypothetical*		1,000.00		1,015.88		9.40		1.85
Class R2
Actual*		1,000.00		921.00		7.75		1.60
Hypothetical*		1,000.00		1,017.14		8.13		1.60
Class R6
Actual*		1,000.00		924.30		3.73		0.77
Hypothetical*		1,000.00		1,021.32		3.92		0.77

168 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
International Value Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	923.60	$	4.56		0.94	%
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Select Class
Actual*		1,000.00		923.30		5.04		1.04
Hypothetical*		1,000.00		1,019.96		5.30		1.04
Intrepid International Fund
Class A
Actual*		1,000.00		944.90		6.13		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class C
Actual*		1,000.00		942.50		8.57		1.75
Hypothetical*		1,000.00		1,016.38		8.89		1.75
Class R2
Actual*		1,000.00		944.00		7.35		1.50
Hypothetical*		1,000.00		1,017.64		7.63		1.50
Class R6
Actual***		1,000.00		941.20		3.58		0.88
Hypothetical*		1,000.00		1,020.77		4.48		0.88
Institutional Class
Actual*		1,000.00		947.00		4.07		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Select Class
Actual*		1,000.00		946.80		4.42		0.90
Hypothetical*		1,000.00		1,020.67		4.58		0.90

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

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 60/365 (to reflect the actual period.) Commencement of operations was September 1, 2015.

*** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 155/365 (to reflect the actual period.) Commencement of operations was May 29, 2015.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 169

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive

sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

170 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the Senior Officer’s report in determining whether to continue the Advisory Agreements.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Emerging Markets Equity Income Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Equity Income Fund, International Opportunities Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 171

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds which had at least one full year of performance at the time of review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds which had at least one full year of performance at the time of review within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s performance was in the fourth, fourth and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Emerging Markets Equity Fund’s performance was in the second, third, and third quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted the performance of the Emerging Markets Equity Income Fund since its inception on December 12, 2014 as compared with that of a broad-based securities market index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Global Research Enhanced Index Fund’s performance was in the second quintile for the Select Class shares for the one-year period ended December 31, 2014, and that the Trustees’ independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Global Unconstrained Equity Fund’s performance was in the second and third quintiles for Class A shares and in the second quintile for Select Class shares for the one- and three-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Equity Fund’s performance was in the fourth quintile for Class A shares and in the fourth, fourth, and third quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Equity Income Fund’s performance was in the fourth and third quintiles for Class A shares and in the third quintile for Select Class shares for the

172 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

one- and three-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and various other factors, including changes to the Fund’s name and investment strategy effective January 30, 2015, concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Opportunities Fund’s performance was in the fifth, fourth, and fourth quintiles for Class A shares and in the fifth, third, and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Research Enhanced Equity Fund’s performance was in the third, third, and fifth quintiles for Class A shares and in the third, second, and fifth quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Unconstrained Equity Fund’s performance was in the fourth and second quintiles for Class A shares and in the third and second quintiles for Select Class shares for the one- and three-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Value Fund’s performance was in the fifth, fourth, and third quintiles for both Class A and Select Class shares for the one-, three- and five- year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the

performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Intrepid International Fund’s performance was in the fourth, second, and third quintiles for Class A shares and in the fourth, second, and second quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s net advisory fee for both Class A and Select Class shares was in the fourth quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. The Trustees also noted that Fund’s expense caps were reduced effective July 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. The Trustees also noted that Fund’s expense caps were reduced effective March 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 173

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the Emerging Markets Equity Income Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. The Trustees also noted that Fund’s expense caps were reduced effective July 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Global Research Enhanced Index Fund’s net advisory fee and actual total expenses for Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Global Unconstrained Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the second and first quintiles, respectively, of the Universe Group. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective December 1, 2014. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Equity Fund’s net advisory fee for Class A and Select Class shares was in the second and third quintiles, respectively, and that actual total expenses for both Class A and Select Class shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Income Fund’s net advisory fee for Class A and Select Class shares was in the second and first quintiles, and that the actual total expenses for Class A and Select Class shares were in the second and first quintiles, respectively, of the Universe Group. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective December 1, 2014. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. . After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Opportunities Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. The Trustees also noted that the Fund’s expense caps were reduced effective December 1, 2014. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Value Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Intrepid International Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective March 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

174 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2015

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 October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2015:

	Dividends Received Deduction
Global Research Enhanced Index Fund		49.73	%
Global Unconstrained Equity Fund		15.15
International Equity Income Fund		12.48

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Long- Term Capital Gain Distribution
Global Research Enhanced Index Fund	$	18,009
Global Unconstrained Equity Fund		679
International Equity Income Fund		1,130
International Research Enhanced Equity Fund		104,358
International Unconstrained Equity Fund		230

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Qualified Dividend Income
Emerging Economies Fund	$	27,494
Emerging Markets Equity Fund		31,535
Emerging Markets Equity Income Fund		106
Global Research Enhanced Index Fund		101,093
Global Unconstrained Equity Fund		74
International Equity Fund		55,051
International Equity Income Fund		4,107
International Opportunities Fund		50,503
International Research Enhanced Equity Fund		23,235
International Unconstrained Equity Fund		182
International Value Fund		85,034
Intrepid International Fund		28,839

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2015, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Emerging Economies Fund	$	28,476	$	3,441
Emerging Markets Equity Fund		50,569		4,269
Emerging Markets Equity Income Fund		148		18
International Equity Fund		82,797		5,768
International Equity Income Fund		3,695		287
International Opportunities Fund		50,559		3,775
International Research Enhanced Equity Fund		26,228		1,718
International Unconstrained Equity Fund		567		47
International Value Fund		85,034		7,147
Intrepid International Fund		61,683		4,327

OCTOBER 31, 2015 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 175

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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 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 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-INTEQ-1015

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2015

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

CONTENTS

CEO’s Letter	1
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	2
JPMorgan Tax Aware Real Return Fund	6
Schedules of Portfolio Investments	10
Financial Statements	28
Financial Highlights	34
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	46
Trustees	47
Officers	49
Schedule of Shareholder Expenses	50
Board Approval of Investment Advisory Agreements	51
Tax Letter	54
Privacy Notice — Located at the back of this Annual Report

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 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared

to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 1

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		6.16%
S&P 500 Index		5.20%
Net Assets as of 10/31/2015 (In Thousands)	$	1,367,067

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware Equity Fund (the “Fund”) seeks to provide high after-tax total return from a portfolio of selected equity securities.

HOW DID THE MARKET PERFORM?

Global financial markets experienced increased volatility through the second half of the twelve months ended October 31, 2015, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index dropped 3.9%, and equity markets in the Europe and Japan also fell. The sell-off also led to declines in many emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 Index turned in its best one-month performance since October 2011, and for the twelve months ended October 31, 2015, it returned 5.20%.

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

The Fund (Institutional Class Shares) outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 2015.

The Fund’s security selection in the semiconductors & hardware sector and the retail sector was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology and media sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Avago Technologies Ltd. and Masco Corp. and its underweight position in Wal-Mart Stores Inc. Shares of Avago, a maker of analog semiconductors, rose on increased demand for its products for mobile devices. Shares of Masco, a U.S. maker of home improvement and building products, rose on growth in the U.S. housing market. Shares of Wal-Mart, the world’s largest discount retail chain, declined on flat earnings growth, increasing competition and troubled relations with both suppliers and employees.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Time Warner Inc., Johnson & Johnson and Columbia Pipeline Group Inc. Shares of Time Warner, a media and entertainment company, declined on investor concerns about U.S. consumers switching to Internet television services from cable and broadcast television programming. Shares of Johnson & Johnson, a maker of consumer health care products, sank on disappointing earnings and the negative impact of the U.S. dollar’s strength relative to other currencies. Shares of Columbia Pipeline, an operator of pipelines and storage for natural gas, fell amid investor concerns that declines in natural gas production will decrease pipeline volumes.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.4	%
	2.	Avago Technologies Ltd., (Singapore)	3.0
	3.	Microsoft Corp.	2.8
	4.	Wells Fargo & Co.	2.8
	5.	Allergan plc	2.3
	6.	Time Warner, Inc.	2.3
	7.	Bank of America Corp.	2.1
	8.	Honeywell International, Inc.	2.0
	9.	Lowe’s Cos., Inc.	2.0
	10.	Amazon.com, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.0	%
Financials	15.9
Consumer Discretionary	15.9
Health Care	15.6
Industrials	10.0
Consumer Staples	7.3
Energy	6.3
Materials	2.5
Utilities	1.4
Telecommunication Services	0.6
Short-Term Investment	0.5

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
Without Sales Charge			5.71	%		4.83	%		3.90	%		13.87	%		13.51	%		11.13	%		7.91	%		7.61	%		6.43	%
With Sales Charge*			0.16			(0.68	)		0.72			12.64			12.29			10.11			7.33			7.03			5.93
CLASS C SHARES	March 22, 2011
Without CDSC			5.18			4.39			3.52			13.35			13.07			10.71			7.66			7.40			6.22
With CDSC**			4.18			3.39			2.96			13.35			13.07			10.71			7.66			7.40			6.22
INSTITUTIONAL CLASS SHARES	January 30, 1997		6.16			5.18			4.23			14.32			13.88			11.50			8.12			7.79			6.61
SELECT CLASS SHARES	March 22, 2011		6.00			5.06			4.11			14.14			13.74			11.36			8.04			7.72			6.54

* Sales Charge for Class A Shares is 5.25%.

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

TEN YEAR FUND PERFORMANCE (10/31/05 to 10/31/15)

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

Returns for Class A, Class C and Select Class Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns of Class A, Class C and Select Class Shares would have been lower than those shown because Class A, Class C and Select Class Shares have higher expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Tax Aware Equity Fund, the S&P 500

Index and the Lipper Large-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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 S&P 500 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 Large-Cap Core 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

4 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

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, with the exception of returns noted above as after taxes.

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.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-2.39%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	2.46%
Composite Benchmark**	-1.73%
Net Assets as of 10/31/2015 (In Thousands)	$1,730,304

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

HOW DID THE MARKET PERFORM?

For the twelve months ended October 31, 2015, inflation swap indexes declined across all parts of the bond yield curve as declining global oil and gas prices drove down inflationary pressure. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds.

The municipal bond sector ended 13 straight months of positive returns and turned negative in February and early March as interest rates in the U.S. began to rise. During the twelve month period, lower rated municipal bonds outperformed higher rated bonds as investors sought higher yields in what was still a low interest rate environment.

HOW DID THE FUND PERFORM?

The Fund’s Select Class Shares underperformed both the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Composite Benchmark for the twelve months ended October 31, 2015.

The Fund’s hedge against inflation detracted from performance relative to the Benchmark as inflation swaps declined during the period due to lower inflation expectations, driven by declining oil prices and lower consumer prices. The Benchmark is not protected against inflation.

The Fund’s bias to higher quality rated debt securities also detracted from relative performance as lower rated bonds generally outperformed higher rated bonds. The Fund’s underweight position in the hospital and transportation sectors also detracted from relative performance.

Relative to the Benchmark, the Fund’s longer duration position in the local general obligation and electric sectors helped performance. Duration measures 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 fall or rise, respectively, versus bonds with shorter duration.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed 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. The Fund maintained its quality bias, as the Fund’s portfolio managers preferred higher-quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero-coupon inflation-linked swaps to purchase protection against inflation along the yield curve.

During the period, the portfolio managers increased the Fund’s longer-dated inflation exposure in response to what they believed were attractive valuations and a more favorable near-term inflation profile.

INVESTMENT APPROACH

The Fund uses zero-coupon inflation-linked swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. 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 portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results

6 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

PORTFOLIO COMPOSITION****
Municipal Bonds	91.5	%
Short-Term Investment	8.5

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

** The Fund’s Composite Benchmark is determined by adding the return of the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
Without Sales Charge			(2.59	)%		(2.59	)%		(0.32	)%		1.29	%		1.29	%		1.58	%		1.29	%		1.29	%		1.58	%
With Sales Charge*			(6.25	)		(6.25	)		(2.43	)		0.52			0.52			0.98			0.52			0.52			0.98
CLASS C SHARES	August 31, 2005
Without CDSC			(3.16	)		(3.16	)		(0.94	)		0.65			0.65			0.94			0.65			0.65			0.94
With CDSC**			(4.16	)		(4.16	)		(1.50	)		0.65			0.65			0.94			0.65			0.65			0.94
CLASS R6 SHARES	August 16, 2013		(2.24	)		(2.24	)		0.02			1.61			1.61			1.90			2.47			2.47			2.59
INSTITUTIONAL CLASS SHARES	August 31, 2005		(2.33	)		(2.33	)		(0.07	)		1.56			1.56			1.85			2.44			2.44			2.56
SELECT CLASS SHARES	August 31, 2005		(2.39	)		(2.39	)		(0.16	)		1.41			1.41			1.70			1.41			1.41			1.70

* Sales Charge for Class A Shares is 3.75%.

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

TEN YEAR FUND PERFORMANCE (10/31/05 to 10/31/15)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Tax Aware Real Return Fund, the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from October 31, 2005 to October 31, 2015. 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. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark 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 benchmarks, 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.

8 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment. For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

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, with the exception of returns noted above as after taxes.

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.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Consumer Discretionary — 15.8%
		Automobiles — 0.9%
	353	General Motors Co.		12,321
		Hotels, Restaurants & Leisure — 0.6%
	162	Carnival Corp.		8,750
		Household Durables — 0.9%
	100	Harman International Industries, Inc.		11,010
	64	TopBuild Corp. (a)		1,812
				12,822
		Internet & Catalog Retail — 1.9%
	42	Amazon.com, Inc. (a)		26,328
		Media — 6.2%
	198	CBS Corp. (Non-Voting), Class B		9,197
	235	Comcast Corp., Class A		14,692
	132	DISH Network Corp., Class A (a)		8,290
	408	Time Warner, Inc.		30,729
	89	Twenty-First Century Fox, Inc., Class B		2,745
	87	Viacom, Inc., Class B		4,290
	124	Walt Disney Co. (The)		14,084
				84,027
		Specialty Retail — 4.7%
	15	AutoZone, Inc. (a)		11,900
	195	Home Depot, Inc. (The)		24,139
	374	Lowe’s Cos., Inc.		27,576
				63,615
		Textiles, Apparel & Luxury Goods — 0.6%
	87	lululemon athletica, Inc., (Canada) (a)		4,285
	63	V.F. Corp.		4,236
				8,521
		Total Consumer Discretionary		216,384
		Consumer Staples — 7.3%
		Beverages — 3.0%
	220	Coca-Cola Co. (The)		9,313
	79	Constellation Brands, Inc., Class A		10,663
	102	Molson Coors Brewing Co., Class B		9,029
	112	PepsiCo, Inc.		11,442
				40,447
		Food & Staples Retailing — 1.5%
	70	Costco Wholesale Corp.		11,034
	91	CVS Health Corp.		9,030
				20,064

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.2%
	149	Archer-Daniels-Midland Co.		6,809
	220	Mondelez International, Inc., Class A		10,170
				16,979
		Household Products — 1.6%
	119	Colgate-Palmolive Co.		7,905
	178	Procter & Gamble Co. (The)		13,562
				21,467
		Total Consumer Staples		98,957
		Energy — 6.3%
		Energy Equipment & Services — 0.7%
	115	Schlumberger Ltd.		9,022
		Oil, Gas & Consumable Fuels — 5.6%
	150	Anadarko Petroleum Corp.		10,009
	145	Chevron Corp.		13,141
	235	Columbia Pipeline Group, Inc.		4,888
	77	Concho Resources, Inc. (a)		8,925
	90	Energen Corp.		5,204
	75	EOG Resources, Inc.		6,452
	61	EQT Corp.		4,011
	134	Occidental Petroleum Corp.		9,959
	83	Phillips 66		7,415
	52	Pioneer Natural Resources Co.		7,063
				77,067
		Total Energy		86,089
		Financials — 15.9%
		Banks — 6.7%
	1,742	Bank of America Corp.		29,233
	345	Citigroup, Inc.		18,366
	53	SVB Financial Group (a)		6,439
	702	Wells Fargo & Co.		38,010
				92,048
		Capital Markets — 3.6%
	29	BlackRock, Inc.		10,142
	296	Charles Schwab Corp. (The)		9,043
	99	Invesco Ltd.		3,274
	636	Morgan Stanley		20,978
	86	State Street Corp.		5,934
				49,371
		Consumer Finance — 1.1%
	53	Capital One Financial Corp.		4,143
	190	Discover Financial Services		10,687
				14,830

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Financial Services — 0.9%
	47	Intercontinental Exchange, Inc.		11,828
		Insurance — 3.6%
	158	ACE Ltd., (Switzerland)		17,969
	90	Arthur J. Gallagher & Co.		3,949
	107	Hartford Financial Services Group, Inc. (The)		4,969
	199	Marsh & McLennan Cos., Inc.		11,098
	228	MetLife, Inc.		11,502
				49,487
		Total Financials		217,564
		Health Care — 15.6%
		Biotechnology — 5.5%
	60	Alexion Pharmaceuticals, Inc. (a)		10,512
	46	Biogen, Inc. (a)		13,238
	203	Celgene Corp. (a)		24,918
	72	Gilead Sciences, Inc.		7,783
	34	Incyte Corp. (a)		3,973
	122	Vertex Pharmaceuticals, Inc. (a)		15,178
				75,602
		Health Care Providers & Services — 3.7%
	71	Aetna, Inc.		8,203
	106	Humana, Inc.		18,850
	194	UnitedHealth Group, Inc.		22,817
				49,870
		Life Sciences Tools & Services — 0.5%
	51	Illumina, Inc. (a)		7,236
		Pharmaceuticals — 5.9%
	102	Allergan plc (a)		31,362
	396	Bristol-Myers Squibb Co.		26,118
	122	Eli Lilly & Co.		9,976
	393	Pfizer, Inc.		13,288
				80,744
		Total Health Care		213,452
		Industrials — 10.0%
		Aerospace & Defense — 3.1%
	268	Honeywell International, Inc.		27,714
	151	United Technologies Corp.		14,855
				42,569
		Airlines — 1.1%
	249	United Continental Holdings, Inc. (a)		15,037
		Building Products — 2.1%
	31	Allegion plc, (Ireland)		1,988
	71	Lennox International, Inc.		9,429
	580	Masco Corp.		16,815
				28,232

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — 1.8%
	40	Danaher Corp.		3,751
	728	General Electric Co.		21,042
				24,793
		Machinery — 1.1%
	176	PACCAR, Inc.		9,264
	50	WABCO Holdings, Inc. (a)		5,667
				14,931
		Road & Rail — 0.8%
	110	CSX Corp.		2,979
	82	Union Pacific Corp.		7,345
				10,324
		Total Industrials		135,886
		Information Technology — 23.9%
		Electronic Equipment, Instruments & Components — 0.7%
	148	TE Connectivity Ltd., (Switzerland)		9,556
		Internet Software & Services — 4.6%
	25	Alphabet, Inc., Class A (a)		18,605
	33	Alphabet, Inc., Class C (a)		23,632
	203	Facebook, Inc., Class A (a)		20,675
				62,912
		IT Services — 4.6%
	114	Accenture plc, (Ireland), Class A		12,203
	15	Alliance Data Systems Corp. (a)		4,569
	150	Fidelity National Information Services, Inc.		10,922
	199	MasterCard, Inc., Class A		19,747
	193	Visa, Inc., Class A		14,950
				62,391
		Semiconductors & Semiconductor Equipment — 5.3%
	334	Applied Materials, Inc.		5,600
	337	Avago Technologies Ltd., (Singapore)		41,505
	166	Broadcom Corp., Class A		8,543
	230	Lam Research Corp.		17,639
				73,287
		Software — 4.3%
	166	Adobe Systems, Inc. (a)		14,739
	731	Microsoft Corp.		38,475
	146	Oracle Corp.		5,667
				58,881
		Technology Hardware, Storage & Peripherals — 4.4%
	503	Apple, Inc.		60,156
		Total Information Technology		327,183

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 2.5%
		Chemicals — 1.7%
	275	Dow Chemical Co. (The)		14,222
	149	E.I. du Pont de Nemours & Co.		9,441
				23,663
		Construction Materials — 0.8%
	65	Martin Marietta Materials, Inc.		10,086
		Total Materials		33,749
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	171	Verizon Communications, Inc.		8,010
		Utilities — 1.4%
		Electric Utilities — 1.0%
	135	NextEra Energy, Inc.		13,815
		Multi-Utilities — 0.4%
	302	NiSource, Inc.		5,780
		Total Utilities		19,595
		Total Common Stocks (Cost $842,985)		1,356,869

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	7,033	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $7,033)		7,033
		Total Investments — 99.8% (Cost $850,018)		1,363,902
		Other Assets in Excess of Liabilities — 0.2%		3,165
		NET ASSETS — 100.0%	$	1,367,067

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 98.0% (t)
		Alaska — 0.9%
		Other Revenue — 0.9%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		16,033
		Arizona — 2.8%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,590
	275	Maricopa County Unified School District No. 48, Scottsdale, Unrefunded Balance, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/16		277
				1,867
		Other Revenue — 2.4%
		Arizona State Transportation Board,
	16,705	Series A, Rev., GAN, 5.250%, 07/01/25		19,462
	17,135	Series A, Rev., GAN, 5.250%, 07/01/26		19,930
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,270
	1,000	Series C, Rev., 5.000%, 07/01/24		1,174
				41,836
		Prerefunded — 0.2%
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,513
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,683
		Total Arizona		48,899
		Arkansas — 0.1%
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		2,012
		California — 15.1%
		Certificate Of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		90
		Education — 0.7%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,205
	3,000	California State University, Series A, Rev., 5.000%, 11/01/24		3,734
	6,045	University of California Regents Medical Center, Series A, Rev., NATL-RE, 4.750%, 05/15/22		6,128
				12,067

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 7.6%
		Carlsbad Unified School District,
	2,500	Series B, GO, Zero Coupon, 05/01/16		2,497
	2,000	Series B, GO, Zero Coupon, 05/01/17		1,979
	1,490	Series B, GO, Zero Coupon, 05/01/19		1,419
	3,445	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		2,183
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,541
	1,000	GO, 5.000%, 08/01/22		1,187
	1,000	GO, 5.000%, 08/01/24		1,180
	1,090	Evergreen Elementary School District, Series A, GO, AGM, 6.000%, 08/01/16		1,137
	145	Los Altos School District, Unrefunded Balance, GO, AMBAC, 5.000%, 08/01/21		150
	7,500	Los Angeles Community College District, Series A, GO, 4.000%, 08/01/32		7,996
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		150
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,074
	2,750	Series B, GO, FGIC, 4.750%, 07/01/21		2,830
	9,000	Series C, GO, 5.000%, 07/01/26		10,971
	5,000	Series D, GO, 5.250%, 07/01/24		5,750
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		662
	725	GO, AGM, 5.000%, 09/01/23		875
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,805
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,263
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,199
		State of California, Various Purpose,
	1,000	GO, 5.000%, 08/01/16		1,036
	310	GO, 5.000%, 04/01/17		330
	5,000	GO, 5.000%, 04/01/20		5,669
	10,010	GO, 5.000%, 03/01/25		12,332
	2,000	GO, 5.000%, 09/01/26		2,228
	12,705	GO, 5.000%, 03/01/28		15,197
	10,370	GO, 5.000%, 08/01/30		12,199
	10,000	GO, 5.500%, 04/01/18		11,144
	5,000	GO, 5.500%, 04/01/21		5,751
	5,000	GO, 5.625%, 04/01/26		5,774
	6,600	GO, 6.500%, 04/01/33		7,820
				131,328

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.1%
	1,000	University of California, Unrefunded Balance, UCLA Medical Center, Series B, Rev., AMBAC, 5.500%, 05/15/20		1,003
		Other Revenue — 4.7%
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/32		10,031
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,039
	1,025	Series A, Rev., 5.000%, 07/01/30		1,182
	25,385	Series B, Rev., 5.000%, 07/01/28		29,944
	2,100	Series B, Rev., 5.000%, 07/01/31		2,440
	1,925	Series B, Rev., 5.000%, 07/01/32		2,229
	3,300	Series D, Rev., 5.000%, 07/01/32		3,850
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		515
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,585
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,938
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		3,086
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,025
		San Francisco Bay Area Rapid Transit, District Sales Tax Refunding,
	175	Series A, Rev., 5.000%, 07/01/24		218
	395	Series A, Rev., 5.000%, 07/01/25		495
	225	Series A, Rev., 5.000%, 07/01/26		279
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,405
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,928
				82,189
		Prerefunded — 1.2%
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		4,053
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		414

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,926
	1,000	California State Public Works Board, University of California Research Project, Series E, Rev., 5.250%, 10/01/16 (p)		1,045
	105	Los Altos School District, GO, AMBAC, 5.000%, 08/01/16 (p)		109
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		12,004
				20,551
		Utility — 0.5%
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/21		2,291
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,818
				8,109
		Water & Sewer — 0.3%
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,835
	1,370	City of Vallejo, Water Revenue, Rev., NATL-RE, 5.000%, 05/01/21		1,395
				5,230
		Total California		260,567
		Colorado — 2.2%
		General Obligation — 1.4%
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,576
	2,345	GO, 5.250%, 12/15/25		2,963
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		12,126
				23,665
		Prerefunded — 0.7%
	8,000	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		9,081
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,738
				12,819
		Utility — 0.1%
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/22		1,387
		Total Colorado		37,871

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Connecticut — 1.1%
		General Obligation — 0.9%
	200	City of Greenwich, GO, 5.000%, 06/01/20		221
		State of Connecticut,
	4,980	Series B, GO, AMBAC, 5.250%, 06/01/20		5,833
	8,200	Series E, GO, 5.000%, 08/15/30		9,442
				15,496
		Prerefunded — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/26 (p)		1,074
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		287
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,516
				1,803
		Total Connecticut		18,373
		Delaware — 0.1%
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,192
		Other Revenue — 0.0% (g)
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,142
		Total Delaware		2,334
		District of Columbia — 1.2%
		Other Revenue — 1.2%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,921
	5,000	Series C, Rev., 5.000%, 10/01/29		5,773
		District of Columbia, Income Tax,
	6,000	Series A, Rev., 5.000%, 12/01/19		6,945
	2,000	Series A, Rev., 5.000%, 12/01/20		2,367
		Total District of Columbia		21,006
		Florida — 2.5%
		General Obligation — 2.5%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,969
	32,375	Series D, GO, 5.000%, 06/01/25		38,119
		Total Florida		44,088

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Georgia — 2.4%
		General Obligation — 0.7%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		353
	1,000	Series B, GO, 5.750%, 08/01/17		1,092
	9,790	Series F, GO, 5.000%, 12/01/19		11,360
				12,805
		Other Revenue — 0.8%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		7,034
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,816
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		142
				12,992
		Transportation — 0.1%
	2,000	Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds, Rev., GAN, NATL-RE, 5.000%, 06/01/18		2,056
		Utility — 0.4%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		6,085
		Water & Sewer — 0.4%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,793
		Total Georgia		41,731
		Hawaii — 0.9%
		Prerefunded — 0.7%
	11,395	City & County of Honolulu, Wastewater System, Second Bond Resolution, Series A, Rev., AGM, 5.000%, 07/01/18 (p)		12,656
				12,656
		Water & Sewer — 0.2%
	2,945	City & County of Honolulu, Wastewater System, Senior First Bond Resolution, Series A, Rev., 5.000%, 07/01/32		3,458
		Total Hawaii		16,114
		Idaho — 0.5%
		Prerefunded — 0.5%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		9,248

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — 1.0%
		General Obligation — 0.3%
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series F, GO, AGM-CR, FGIC, 6.250%, 12/30/21		177
	3,205	Kane, Cook & DuPage Counties, School District No. 46, Elgin, Series A, GO, 5.000%, 01/01/33		3,558
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		704
				4,439
		Other Revenue — 0.3%
		City of Chicago, Motor Fuel Tax,
	150	Rev., 5.000%, 01/01/20		160
	200	Rev., 5.000%, 01/01/21		214
	150	Rev., 5.000%, 01/01/22		160
	1,000	City of Chicago, Water Revenue, Second Lien Project, Rev., 5.000%, 11/01/29		1,083
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,582
				5,199
		Prerefunded — 0.0% (g)
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		641
		Special Tax — 0.2%
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,053
		Transportation — 0.0% (g)
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		925
		Water & Sewer — 0.2%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., 5.250%, 01/01/30		1,204
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,116
	400	Rev., 5.000%, 11/01/22		448
				2,768
		Total Illinois		17,025
		Indiana — 1.6%
		Education — 0.3%
	3,570	Purdue University, Student Facilities Systems, Series A, Rev., 5.250%, 07/01/20		4,217

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 1.3%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		384
	375	Series B, Rev., 5.000%, 01/01/23		438
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,307
	160	Indiana Bond Bank, Special Program, Series D, Rev., AGM, 5.000%, 08/01/19		162
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,624
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		2,014
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,716
		South Bend Community School Corp., First Mortgage,
	855	Rev., AGM, 5.000%, 01/05/16		862
	1,030	Rev., AGM, 5.000%, 07/05/17		1,105
				22,612
		Total Indiana		26,829
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,394
		Kansas — 1.7%
		Prerefunded — 1.7%
	21,045	City of Olathe & County of Labette, Capital Accumulator, Series A, Rev., Zero Coupon, 02/01/16 (p)		21,033
	9,015	Counties of Reno, Sedgwick & Finney , Single Family Mortgage, Capital Accumulator, Series A, Rev., NATL-RE, Zero Coupon, 04/01/16 (p)		9,005
		Total Kansas		30,038
		Kentucky — 0.8%
		Other Revenue — 0.8%
		Kentucky State Property & Buildings Commission, Project No. 89,
	6,145	Rev., AGM, 5.000%, 11/01/22		6,825
	1,000	Rev., AGM, 5.000%, 11/01/24		1,109
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		6,024
		Total Kentucky		13,958

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — 0.7%
		Education — 0.2%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,396
		Other Revenue — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,362
		Prerefunded — 0.4%
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,172
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,106
				7,278
		Total Louisiana		12,036
		Maryland — 0.3%
		General Obligation — 0.3%
	4,785	Harford County, Series B, GO, 5.000%, 07/01/23		5,879
		Massachusetts — 3.7%
		General Obligation — 2.5%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		10,409
	200	Series C, GO, AGM, 5.500%, 12/01/22		251
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,316
	2,500	Series C, GO, 5.000%, 07/01/23		3,017
	6,875	Series F, GO, 5.000%, 11/01/26		8,255
	13,300	Series F, GO, 5.000%, 11/01/27		15,874
				43,122
		Other Revenue — 1.2%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		12,664
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,743
				21,407
		Total Massachusetts		64,529
		Michigan — 1.2%
		Education — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/21		4,665

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.1%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,317
		Other Revenue — 0.7%
	10,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., BHAC-CR, AGM-CR, FGIC, 5.500%, 01/01/22		11,512
		Transportation — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,443
		Total Michigan		19,937
		Minnesota — 1.3%
		General Obligation — 0.6%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		921
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,737
				10,658
		Other Revenue — 0.7%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,495
		Total Minnesota		22,153
		Mississippi — 0.9%
		Prerefunded — 0.9%
	15,750	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		15,692
		Missouri — 3.9%
		Other Revenue — 3.2%
		Kansas City Industrial Development Authority, Downtown Redevelopment District,
	7,640	Series A, Rev., 5.000%, 09/01/20		8,767
	6,620	Series A, Rev., 5.000%, 09/01/21		7,680
		Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds,
	10,805	Series A, Rev., 5.000%, 01/01/19		12,211
	20,915	Series A, Rev., 5.000%, 01/01/21		24,064
	2,355	Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series B, Rev., 5.000%, 07/01/25		2,758
				55,480

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.7%
	4,060	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,608
	7,000	Missouri Highways & Transportation Commission, Senior Lien, Rev., 5.000%, 02/01/21		7,392
				12,000
		Total Missouri		67,480
		Nebraska — 0.4%
		Other Revenue — 0.3%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,268
		Prerefunded — 0.0% (g)
	155	Nebraska Public Power District, Series B, Rev., 5.000%, 07/01/17 (p)		167
		Utility — 0.1%
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		263
	445	Series B, Rev., 5.000%, 01/01/18		478
				741
		Total Nebraska		6,176
		Nevada — 0.1%
		Other Revenue — 0.1%
		Nevada System of Higher Education University, Unrefunded Balance,
	640	Series B, Rev., AMBAC, 5.000%, 07/01/21		645
	675	Series B, Rev., AMBAC, 5.000%, 07/01/22		681
				1,326
		Prerefunded — 0.0% (g)
	45	State of Nevada, Projects R9-A-R13-F, Series F, GO, AGM, 5.000%, 11/16/15 (p)		45
		Total Nevada		1,371
		New Hampshire — 0.3%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
		New Hampshire Municipal Bond Bank,
	1,025	Series E, Rev., 5.000%, 01/15/23		1,172
	1,035	Series E, Rev., 5.000%, 01/15/24		1,180
	1,195	Series E, Rev., 5.000%, 01/15/26		1,359
	1,250	Series E, Rev., 5.000%, 01/15/27		1,417
		Total New Hampshire		5,128

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Jersey — 2.6%
		Education — 0.6%
		New Jersey Economic Development Authority, School Facilities Construction,
	140	Series XX, Rev., 4.250%, 06/15/26		139
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,772
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,578
				9,489
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		988
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,273
	1,200	GO, 5.000%, 07/15/23		1,385
				3,646
		Other Revenue — 1.4%
		New Jersey Economic Development Authority, School Facilities Construction,
	1,500	Series NN, Rev., 5.000%, 03/01/23		1,623
	5,000	Series NN, Rev., 5.000%, 03/01/29		5,192
	10,000	Series PP, Rev., 5.000%, 06/15/29		10,441
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		5,101
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,826
				24,183
		Transportation — 0.4%
	1,750	New Jersey State Turnpike Authority, Rev., 3.375%, 01/01/31		1,736
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,530
				7,266
		Total New Jersey		44,584
		New Mexico — 0.8%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,784
	1,690	Series B, Rev., 5.000%, 06/01/23		1,853
	1,820	Series B, Rev., 5.000%, 06/01/25		1,990
	1,965	Series B, Rev., 5.000%, 06/01/27		2,144

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	4,200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		5,004
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,618
		Total New Mexico		14,393
		New York — 23.9%
		Education — 1.0%
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, FGIC, 5.000%, 01/15/22		7,102
	4,000	New York State Dormitory Authority, Education, Series A, Rev., 5.000%, 03/15/23		4,510
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/22		4,850
				16,462
		General Obligation — 1.0%
		City of New York,
	6,085	Series D, GO, 5.000%, 08/01/28		7,115
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,686
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,666
				17,467
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		538
		Other Revenue — 15.9%
	1,500	Metropolitan Transportation Authority, Series A, Rev., 5.000%, 11/15/41		1,684
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/24		18,900
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	3,000	Series FF, Rev., 5.000%, 06/15/31		3,526
	2,000	Series FF, Rev., 5.000%, 06/15/32		2,337
	400	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/16		413

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	3,500	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/40		3,931
	9,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series D, Sub Series D-1, Rev., 5.000%, 11/01/31		10,535
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,520
	9,475	New York Liberty Development Corp., World Trade Center Projects, Rev., 5.000%, 09/15/30		11,020
		New York State Dormitory Authority,
	3,000	Series A, Rev., 5.000%, 03/15/28		3,582
	4,225	Series A, Rev., 5.000%, 03/15/34		4,880
	10,000	Series A, Rev., 5.000%, 03/15/44		11,305
	12,500	Series C, Rev., 5.000%, 03/15/33		14,339
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,603
	3,500	New York State Dormitory Authority, General Purpose, Series C, Rev., 5.000%, 03/15/41		3,982
		New York State Dormitory Authority, State Sales Tax,
	13,700	Series A, Rev., 5.000%, 03/15/21		16,325
	5,000	Series A, Rev., 5.000%, 03/15/29		5,910
	14,500	Series A, Rev., 5.000%, 03/15/31		16,949
	7,985	Series A, Rev., 5.000%, 03/15/32		9,288
	7,425	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B, Rev., 5.000%, 04/01/23		8,025
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		16,676
	5,000	Series D, Rev., 5.500%, 01/01/19		5,715
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,374
	2,000	Rev., 5.000%, 05/01/35		2,269
	7,500	Rev., 5.000%, 10/15/41		8,568
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	4,500	Series A, Rev., 5.000%, 10/15/25		5,564
	1,800	Series A, Rev., 5.000%, 10/15/28		2,172
	7,500	Series A, Rev., 5.000%, 10/15/29		8,996
	1,850	Series A, Rev., 5.000%, 10/15/31		2,195

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		29,284
	4,970	Series A-2, Rev., 5.000%, 11/15/28		5,542
	1,250	Series B, Rev., 5.000%, 11/15/31		1,462
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,797
	5,000	Series TE, Rev., 5.000%, 12/15/29		5,963
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,842
				275,473
		Prerefunded — 0.4%
	3,000	Erie County Industrial Development Agency, City of Buffalo School District Project, Series A, Rev., AGM, 5.750%, 05/01/18 (p)		3,374
	395	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2006, Series A, Sub Series A-2, Rev., 5.000%, 12/07/15 (p)		397
	1,360	New York State Dormitory Authority, School Districts, Building Finance Program, Series A, Rev., NATL-RE, 5.000%, 10/01/16 (p)		1,418
	20	New York State Dormitory Authority, State Personal Income Tax, Education, Series C, Rev., 5.000%, 12/15/21 (p)		21
	1,000	New York State Environmental Facilities Corp., Series A, Rev., 5.000%, 12/15/17 (p)		1,092
				6,302
		Special Tax — 3.0%
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,323
	5,805	New York Local Government Assistance Corp., Senior Lien, Series B-C/D, Rev., 5.500%, 04/01/19		6,702
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5, Rev., 5.500%, 04/01/19		9,092
		New York State Dormitory Authority,
	1,000	Series A, Rev., 5.000%, 03/15/33		1,159
	7,250	Series C, Rev., 5.000%, 03/15/31		8,392
	10,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/21		11,005
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,666
				52,339

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.4%
		Metropolitan Transportation Authority,
	1,000	Series C, Rev., 6.500%, 11/15/28		1,167
	5,000	Subseries C-1, Rev., 5.250%, 11/15/28		6,054
				7,221
		Utility — 1.4%
		Utility Debt Securitization Authority,
	9,675	Rev., 5.000%, 12/15/35		11,390
	5,250	Rev., 5.000%, 12/15/36		6,166
	5,000	Rev., 5.000%, 12/15/37		5,848
				23,404
		Water & Sewer — 0.8%
	2,500	New York City Municipal Water Finance Authority, Series CC, Rev., 5.000%, 06/15/29		2,752
	380	New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/17 (p)		408
	10,225	New York State Environmental Facilities Corp., New York City Municipal Project, Revolving Funds, Series C, Rev., 5.000%, 06/15/21		10,955
				14,115
		Total New York		413,321
		North Carolina — 1.1%
		Other Revenue — 0.8%
		City of High Point, Combined Water & Sewer System Revenue,
	1,000	Rev., AGM, 5.000%, 11/01/25		1,116
	1,170	Rev., AGM, 5.000%, 11/01/26		1,305
		Wake County, Hammond Road Detention Center, Limited Obligation,
	3,905	Rev., 5.000%, 06/01/20		4,467
	5,950	Rev., 5.000%, 06/01/21		6,779
				13,667
		Prerefunded — 0.3%
	4,155	State of North Carolina, Annual Appropriation, Series A, Rev., 5.000%, 05/01/19 (p)		4,730
		Total North Carolina		18,397
		Ohio — 1.1%
		General Obligation — 0.7%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,654
	5,725	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		6,431
				12,085

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		619
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,541
				3,160
		Prerefunded — 0.0% (g)
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, 5.000%, 11/01/17 (p)		728
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		678
	1,500	Rev., 5.000%, 11/15/27		1,794
				2,472
		Total Ohio		18,445
		Oklahoma — 0.4%
		Other Revenue — 0.4%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,637
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,542
	2,000	Series A, Rev., 5.000%, 01/01/24		2,337
		Total Oklahoma		7,516
		Oregon — 2.0%
		Certificate Of Participation/Lease — 0.2%
	3,425	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/20		3,867
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		125
		Other Revenue — 0.9%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,263
		Oregon State Department of Administrative Services, Lottery,
	1,500	Series A, Rev., 5.000%, 04/01/27		1,769
	8,975	Series C, Rev., 5.000%, 04/01/25		10,922
				14,954
		Prerefunded — 0.5%
	6,965	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/19 (p)		7,923

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.4%
	6,560	City of Portland, Sewer Systems, First Lien, Series A, Rev., 5.000%, 06/15/18		7,297
		Total Oregon		34,166
		Pennsylvania — 1.7%
		Education — 0.2%
		Pennsylvania State University,
	1,225	Series A, Rev., 5.000%, 03/01/22		1,365
	2,000	Series A, Rev., 5.000%, 03/01/23		2,219
				3,584
		General Obligation — 1.3%
	14,865	Commonwealth of Pennsylvania, First Series, GO, 5.000%, 05/15/18		16,393
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		5,014
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/20		2,043
				23,450
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 0.997%, 12/01/24		2,928
		Total Pennsylvania		29,962
		Rhode Island — 0.1%
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/24		1,211
		Other Revenue — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.000%, 09/01/25		769
		Total Rhode Island		1,980
		South Carolina — 1.0%
		General Obligation — 0.3%
	4,740	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/22		5,361
		Other Revenue — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,735
		Utility — 0.4%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,621
		Water & Sewer — 0.2%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/22		2,475
		Total South Carolina		17,192

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Tennessee — 0.1%
		General Obligation — 0.1%
	1,030	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		1,229
		Texas — 9.2%
		Education — 1.0%
		Southwest Higher Education Authority, Inc., Southern Methodist University Project,
	2,000	Rev., 5.000%, 10/01/20		2,292
	3,000	Rev., 5.000%, 10/01/21		3,431
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,414
	2,500	Series A, Rev., 5.000%, 04/15/22		2,818
		University of Texas, Financing System,
	2,500	Series B, Rev., 5.250%, 08/15/17		2,711
	500	Series C, Rev., 5.000%, 08/15/18		558
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,481
	1,215	Series C, Rev., 5.000%, 03/01/22		1,323
				17,028
		General Obligation — 4.3%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,123
	945	Series C, GO, 5.000%, 02/15/22		1,057
	325	Series C, GO, 5.000%, 02/15/23		364
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,889
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,644
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,805
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		813
		City of San Antonio,
	2,000	GO, 5.000%, 08/01/24		2,352
	4,735	GO, 5.000%, 08/01/26		5,503
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		828
	1,500	GO, 5.000%, 08/01/24		1,764
	2,735	GO, 5.000%, 08/01/27		3,158
	2,280	City of Wylie, GO, 5.000%, 02/15/26		2,721
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,682
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		882

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,583
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,526
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,441
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,209
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		2,040
		Hays County,
	1,000	GO, 5.000%, 02/15/23		1,145
	1,785	GO, 5.000%, 02/15/24		2,034
	2,410	GO, 5.000%, 02/15/25		2,731
	1,500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		1,717
		San Jacinto Community College District,
	1,330	GO, AMBAC, 5.000%, 02/15/19		1,404
	390	GO, AMBAC, 5.000%, 02/15/20		412
	5,000	GO, 5.000%, 02/15/34		5,551
	2,600	San Jacinto Community College District, Limited Tax, GO, 5.000%, 02/15/40		2,871
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,785
	4,340	Series A, GO, 5.000%, 08/01/21		4,829
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/20		1,997
				74,860
		Other Revenue — 1.0%
	1,250	City of San Antonio, Water System Junior Lien, Rev., 5.000%, 05/15/24		1,511
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		109
	3,315	Rev., 5.000%, 12/15/23		3,839
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,565
	3,000	Houston Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,439
				17,463
		Prerefunded — 1.0%
	1,075	Bexar County, GO, 5.250%, 06/15/17 (p)		1,157
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,752

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	4,620	Dallas Area Rapid Transit, Senior Lien, Rev., 5.000%, 12/01/18 (p)		5,200
	2,000	Deer Park Independent School District, Limited Tax, GO, AGM, 5.250%, 02/15/17 (p)		2,124
	665	La Joya Independent School District, GO, PSF-GTD, 5.000%, 02/15/16 (p)		674
				16,907
		Transportation — 0.8%
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/48		3,314
	7,660	Series A, Rev., 5.000%, 12/01/21		8,679
	2,000	Dallas-Fort Worth International Airport, Series A, Rev., 5.000%, 11/01/21		2,096
				14,089
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,737
		Water & Sewer — 0.9%
		North Texas Municipal Water District,
	2,695	Rev., 5.000%, 06/01/21		2,967
	2,955	Rev., 5.000%, 06/01/23		3,253
	3,405	Rev., 5.000%, 06/01/26		3,744
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,389
				14,353
		Total Texas		158,437
		Utah — 0.7%
		Education — 0.2%
		Utah State University of Agriculture & Applied Science,
	1,000	Rev., 5.000%, 12/01/19		1,136
	1,050	Rev., 5.000%, 12/01/20		1,189
	1,150	Rev., 5.000%, 12/01/22		1,296
				3,621
		Water & Sewer — 0.5%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/26		8,386
		Total Utah		12,007
		Vermont — 0.4%
		Other Revenue — 0.4%
		University of Vermont & State Agricultural College,

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	4,230	Rev., AMBAC, 5.000%, 10/01/21		4,565
	2,355	Rev., AMBAC, 5.000%, 10/01/22		2,537
		Total Vermont		7,102
		Virginia — 2.3%
		Education — 0.7%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		11,535
		General Obligation — 1.2%
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		237
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		20,113
				20,350
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		28
	490	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		558
				586
		Prerefunded — 0.4%
	6,495	Fairfax County, Public Improvement, Series A, GO, 5.000%, 04/01/18 (p)		7,157
	475	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		548
				7,705
		Total Virginia		40,176
		Washington — 2.5%
		General Obligation — 2.0%
	1,100	County of Snohomish, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,259
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		11,254
	2,000	Series D, GO, 5.000%, 02/01/24		2,399
	12,400	Series R-2010A, GO, 5.000%, 01/01/22		14,006
	4,690	Yakima County School District No. 7, GO, 5.500%, 12/01/23		5,427
				34,345

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.1%
	1,225	Washington Health Care Facilities Authority, Multicare Health Care System, Series A, Rev., AGM, 5.250%, 08/15/18 (p)		1,373
		Transportation — 0.3%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,247
	1,000	Series B, Rev., 5.000%, 03/01/34		1,132
				5,379
		Utility — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,557
		Total Washington		42,654
		Total Municipal Bonds (Cost $1,589,458)		1,694,462

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 9.1%
		Investment Company — 9.1%
	158,110	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% † (b) (l) (Cost $158,110)		158,110
		Total Investments — 107.1% (Cost $1,747,568)		1,852,572
		Liabilities in Excess of Other Assets — (7.1)%		(122,268	)
		NET ASSETS — 100.0%	$	1,730,304

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

Inflation-Linked Swaps (Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.998% at termination	CPI-U at termination	01/15/2016	$	25,000	$	(3,689	)
Barclays Bank plc	2.943% at termination	CPI-U at termination	06/14/2016		5,000		(726	)
Barclays Bank plc	2.930% at termination	CPI-U at termination	06/15/2016		3,000		(431	)
Barclays Bank plc	2.680% at termination	CPI-U at termination	07/15/2016		25,000		(2,952	)
Barclays Bank plc	2.812% at termination	CPI-U at termination	10/12/2019		25,000		(4,462	)
Barclays Bank plc	2.590% at termination	CPI-U at termination	12/31/2019		35,000		(3,541	)
Barclays Bank plc	2.439% at termination	CPI-U at termination	05/15/2024		18,000		(1,660	)
Barclays Bank plc	2.700% at termination	CPI-U at termination	09/03/2044		5,000		(1,154	)
BNP Paribas	2.395% at termination	CPI-U at termination	05/31/2016		25,000		(1,454	)
BNP Paribas	2.100% at termination	CPI-U at termination	08/26/2018		25,000		(1,211	)
BNP Paribas	2.105% at termination	CPI-U at termination	08/26/2018		12,000		(584	)
BNP Paribas	2.098% at termination	CPI-U at termination	09/09/2018		39,000		(1,891	)
BNP Paribas	2.190% at termination	CPI-U at termination	09/03/2019		13,000		(740	)
BNP Paribas	2.350% at termination	CPI-U at termination	07/06/2020		25,000		(2,158	)
BNP Paribas	2.693% at termination	CPI-U at termination	09/03/2044		4,000		(913	)
BNP Paribas	2.695% at termination	CPI-U at termination	09/03/2044		4,000		(917	)
Citibank, N.A.	2.275% at termination	CPI-U at termination	07/02/2018		50,000		(3,211	)
Citibank, N.A.	2.220% at termination	CPI-U at termination	07/06/2018		50,000		(2,952	)
Citibank, N.A.	2.190% at termination	CPI-U at termination	09/02/2019		9,000		(512	)
Citibank, N.A.	2.420% at termination	CPI-U at termination	05/24/2020		25,000		(2,418	)
Citibank, N.A.	2.420% at termination	CPI-U at termination	06/30/2020		50,000		(4,741	)
Citibank, N.A.	2.410% at termination	CPI-U at termination	07/01/2020		50,000		(4,679	)
Citibank, N.A.	2.330% at termination	CPI-U at termination	07/06/2020		50,000		(4,201	)
Citibank, N.A.	2.480% at termination	CPI-U at termination	07/01/2022		50,000		(5,741	)
Citibank, N.A.	2.458% at termination	CPI-U at termination	05/21/2024		10,000		(945	)
Citibank, N.A.	2.492% at termination	CPI-U at termination	08/27/2024		22,000		(2,176	)
Citibank, N.A.	2.477% at termination	CPI-U at termination	09/02/2024		15,000		(1,459	)
Citibank, N.A.	2.357% at termination	CPI-U at termination	09/23/2024		27,000		(2,253	)
Citibank, N.A.	2.623% at termination	CPI-U at termination	10/07/2024		14,000		(417	)
Credit Suisse International	2.250% at termination	CPI-U at termination	05/09/2017		50,000		(2,944	)
Credit Suisse International	2.178% at termination	CPI-U at termination	05/28/2018		65,000		(3,658	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	02/25/2018		50,000		(3,523	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination	09/10/2019		55,000		(2,972	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination	06/30/2020		100,000		(9,365	)
Deutsche Bank AG, New York	1.525% at termination	CPI-U at termination	10/13/2020		25,000		(106	)
Deutsche Bank AG, New York	2.505% at termination	CPI-U at termination	01/28/2024		17,000		(1,667	)
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination	02/21/2024		40,000		(3,814	)
Deutsche Bank AG, New York	2.423% at termination	CPI-U at termination	09/12/2024		27,000		(2,456	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination	12/15/2024		54,000		(1,022	)
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination	02/25/2044		5,000		(1,164	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination	10/10/2044		13,000		(2,128	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination	10/13/2045		5,000		(15	)
Goldman Sachs International	2.211% at termination	CPI-U at termination	08/29/2019		20,000		(1,162	)
Goldman Sachs International	2.185% at termination	CPI-U at termination	09/02/2019		12,000		(680	)
Goldman Sachs International	2.194% at termination	CPI-U at termination	09/02/2019		19,000		(1,085	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination	10/01/2018		20,000		(1,049	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination	06/23/2019		20,000		(1,238	)
Morgan Stanley Capital Services	1.442% at termination	CPI-U at termination	09/17/2020		32,000		(45	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination	01/27/2024		30,000		(3,011	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination	02/04/2024		34,000		(3,311	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination	09/12/2044		3,000		(664	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination	06/28/2020		25,000		(2,402	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination	06/30/2020		75,000		(7,141	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination	03/17/2024		7,000		(668	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination	07/31/2029		49,000		(20,514	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination	02/10/2044		9,000		(2,167	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination	04/22/2018		50,000		(2,794	)
						$	(146,953	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 25

JPMorgan Tax Aware Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
COP	—  Certificate of Participation
CPI-U	—  Consumer Price Index for All Urban Consumers
CR	—  Custodial Receipts
FGIC	—  Insured by Financial Guaranty Insurance Co.
GAN	—  Grant Anticipation Notes
GO	—  General Obligation
GTD	—  Guaranteed
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PSF	—  Permanent School Fund
Q-SBLF	—  Qualified School Bond Loan Fund
RE	—  Reinsured
Rev.	—  Revenue

SCSDE	—  South Carolina School District Enhancement
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2015.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(l)	—  The rate shown is the current yield as of October 31, 2015.
(p)	—  Security is prerefunded or escrowed to maturity.
(r)	—  Rates shown are per annum and payments are as described.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
†	—  Approximately $147,670,000 of this investment is restricted as collateral for swaps to various brokers.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	Tax Aware Equity Fund		Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,356,869	$	1,694,462
Investments in affiliates, at value		7,033		10,440
Investments in affiliates — restricted, at value		—		147,670
Total investment securities, at value		1,363,902		1,852,572
Restricted cash		—		2,960
Receivables:
Investment securities sold		4,356		7,656
Fund shares sold		212		758
Interest and dividends from non-affiliates		1,034		20,276
Dividends from affiliates		1		1
Total Assets		1,369,505		1,884,223
LIABILITIES:
Payables:
Investment securities purchased		1,003		2,956
Fund shares redeemed		722		3,117
Outstanding swap contracts, at value		—		146,953
Accrued liabilities:
Investment advisory fees		392		435
Administration fees		92		61
Distribution fees		5		40
Shareholder servicing fees		119		147
Custodian and accounting fees		17		49
Collateral management fees		—		34
Trustees’ and Chief Compliance Officer’s fees		3		3
Other		85		124
Total Liabilities		2,438		153,919
Net Assets	$	1,367,067	$	1,730,304

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

	Tax Aware Equity Fund			Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	803,057		$	1,819,339
Accumulated undistributed (distributions in excess of) net investment income		1,134			343
Accumulated net realized gains (losses)		48,992			(47,429	)
Net unrealized appreciation (depreciation)		513,884			(41,949	)
Total Net Assets	$	1,367,067		$	1,730,304
Net Assets:
Class A	$	12,164		$	56,660
Class C		4,680			42,843
Class R6		—			183,464
Institutional Class		1,265,581			1,302,381
Select Class		84,642			144,956
Total	$	1,367,067		$	1,730,304
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		411			5,968
Class C		159			4,525
Class R6		—			19,286
Institutional Class		42,616			136,973
Select Class		2,852			15,252
Net Asset Value (a):
Class A — Redemption price per share	$	29.60		$	9.49
Class C — Offering price per share (b)		29.43			9.47
Class R6 — Offering and redemption price per share		—			9.51
Institutional Class — Offering and redemption price per share		29.70			9.51
Select Class — Offering and redemption price per share		29.68			9.50
Class A maximum sales charge		5.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.24		$	9.86
Cost of investments in non-affiliates	$	842,985		$	1,589,458
Cost of investments in affiliates		7,033			10,440
Cost of investments in affiliates — restricted		—			147,670

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 29

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

(Amounts in thousands)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	66,764
Interest income from affiliates		—			12
Dividend income from non-affiliates		23,528			—
Dividend income from affiliates		4			5
Total investment income		23,532			66,781
EXPENSES:
Investment advisory fees		4,830			7,029
Administration fees		1,132			1,647
Distribution fees:
Class A		31			174
Class C		26			373
Shareholder servicing fees:
Class A		31			174
Class C		9			124
Institutional Class		1,280			1,495
Select Class		211			430
Custodian and accounting fees		44			88
Interest expense to affiliates		—	(a)		—
Professional fees		68			114
Collateral management fees		—			34
Trustees’ and Chief Compliance Officer’s fees		14			22
Printing and mailing costs		47			30
Registration and filing fees		76			136
Transfer agent fees		22			28
Sub-transfer agent fees (See Note 2.E.)		34			122
Other		19			22
Total expenses		7,874			12,042
Less fees waived		(73	)		(1,358	)
Less earnings credits		—			—	(a)
Net expenses		7,801			10,684
Net investment income (loss)		15,731			56,097
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		56,837			30,054
Swaps		—			(26,007	)
Net realized gain (loss)		56,837			4,047
Distributions of capital gains received from investment company affiliates		—			1
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		10,846			(52,204	)
Swaps		—			(62,168	)
Change in net unrealized appreciation/depreciation		10,846			(114,372	)
Net realized/unrealized gains (losses)		67,683			(110,324	)
Change in net assets resulting from operations	$	83,414		$	(54,227	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,731		$	13,692		$	56,097		$	66,652
Net realized gain (loss)		56,837			41,175			4,047			(2,773	)
Distributions of capital gains received from investment company affiliates		—			—	(a)		1			2
Change in net unrealized appreciation/depreciation		10,846			148,970			(114,372	)		(11,008	)
Change in net assets resulting from operations		83,414			203,837			(54,227	)		52,873
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(84	)		(68	)		(1,839	)		(2,955	)
From net realized gains		(303	)		—			—			—
Class C
From net investment income		(9	)		(7	)		(990	)		(1,329	)
From net realized gains		(80	)		—			—			—
Class R6
From net investment income		—			—			(6,644	)		(6,978	)
Institutional Class
From net investment income		(14,056	)		(12,561	)		(43,614	)		(50,616	)
From net realized gains		(35,725	)		—			—			—
Select Class
From net investment income		(803	)		(654	)		(4,759	)		(5,017	)
From net realized gains		(2,330	)		—			—			—
Total distributions to shareholders		(53,390	)		(13,290	)		(57,846	)		(66,895	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(53,542	)		94,016			(426,662	)		(561,620	)
NET ASSETS:
Change in net assets		(23,518	)		284,563			(538,735	)		(575,642	)
Beginning of period		1,390,585			1,106,022			2,269,039			2,844,681
End of period	$	1,367,067		$	1,390,585		$	1,730,304		$	2,269,039
Accumulated undistributed (distributions in excess of) net investment income	$	1,134		$	923		$	343		$	2,092

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,098		$	1,589		$	13,317		$	21,914
Distributions reinvested		294			50			1,615			2,621
Cost of shares redeemed		(3,071	)		(330	)		(49,348	)		(82,590	)
Change in net assets resulting from Class A capital transactions	$	1,321		$	1,309		$	(34,416	)	$	(58,055	)
Class C
Proceeds from shares issued	$	2,763		$	604		$	2,320		$	3,063
Distributions reinvested		79			7			708			967
Cost of shares redeemed		(949	)		(208	)		(17,235	)		(27,498	)
Change in net assets resulting from Class C capital transactions	$	1,893		$	403		$	(14,207	)	$	(23,468	)
Class R6
Proceeds from shares issued	$	—		$	—		$	2,543		$	253,436
Distributions reinvested		—			—			3,138			3,117
Cost of shares redeemed		—			—			(63,715	)		(103,490	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	(58,034	)	$	153,063
Institutional Class
Proceeds from shares issued	$	192,338		$	1,179,414		$	405,663		$	1,671,383
Distributions reinvested		2,264			411			7,420			6,078
Cost of shares redeemed		(250,487	)		(159,237	)		(710,114	)		(948,495	)
Change in net assets resulting from Institutional Class capital transactions	$	(55,885	)	$	1,020,588		$	(297,031	)	$	728,966
Select Class
Proceeds from shares issued	$	13,376		$	25,464		$	67,605		$	49,488
Distributions reinvested		971			205			1,682			1,564
Cost of shares redeemed		(15,218	)		(953,953	)		(92,261	)		(1,413,178	)
Change in net assets resulting from Select Class capital transactions	$	(871	)	$	(928,284	)	$	(22,974	)	$	(1,362,126	)
Total change in net assets resulting from capital transactions	$	(53,542	)	$	94,016		$	(426,662	)	$	(561,620	)

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		140			59			1,371			2,169
Reinvested		10			2			167			260
Redeemed		(107	)		(12	)		(5,075	)		(8,211	)
Change in Class A Shares		43			49			(3,537	)		(5,782	)
Class C
Issued		96			22			238			305
Reinvested		3			—	(a)		74			96
Redeemed		(33	)		(8	)		(1,783	)		(2,742	)
Change in Class C Shares		66			14			(1,471	)		(2,341	)
Class R6
Issued		—			—			264			25,072
Reinvested		—			—			325			308
Redeemed		—			—			(6,623	)		(10,242	)
Change in Class R6 Shares		—			—			(6,034	)		15,138
Institutional Class
Issued		6,574			45,472			41,759			165,997
Reinvested		80			15			770			602
Redeemed		(8,493	)		(5,859	)		(73,359	)		(94,089	)
Change in Institutional Class Shares		(1,839	)		39,628			(30,830	)		72,510
Select Class
Issued		456			977			6,911			4,898
Reinvested		34			7			174			155
Redeemed		(515	)		(37,322	)		(9,552	)		(140,778	)
Change in Select Class Shares		(25	)		(36,338	)		(2,467	)		(135,725	)

(a) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Aware Equity Fund
Class A
Year Ended October 31, 2015	$	29.01	$	0.20	(f)	$	1.41		$	1.61		$	(0.21	)	$	(0.81	)	$	(1.02	)
Year Ended October 31, 2014		24.87		0.19	(f)		4.15			4.34			(0.20	)		—			(0.20	)
Year Ended October 31, 2013		19.60		0.23	(f)(g)		5.33			5.56			(0.29	)		—			(0.29	)
Year Ended October 31, 2012		17.43		0.18	(f)		2.18			2.36			(0.19	)		—			(0.19	)
March 22, 2011 (h) through October 31, 2011		18.15		0.10			(0.74	)		(0.64	)		(0.08	)		—			(0.08	)
Class C
Year Ended October 31, 2015		28.88		0.05	(f)		1.40			1.45			(0.09	)		(0.81	)		(0.90	)
Year Ended October 31, 2014		24.78		0.06	(f)		4.12			4.18			(0.08	)		—			(0.08	)
Year Ended October 31, 2013		19.54		0.12	(f)(g)		5.32			5.44			(0.20	)		—			(0.20	)
Year Ended October 31, 2012		17.42		0.08	(f)		2.19			2.27			(0.15	)		—			(0.15	)
March 22, 2011 (h) through October 31, 2011		18.15		0.04			(0.74	)		(0.70	)		(0.03	)		—			(0.03	)
Institutional Class
Year Ended October 31, 2015		29.10		0.34	(f)		1.39			1.73			(0.32	)		(0.81	)		(1.13	)
Year Ended October 31, 2014		24.92		0.30	(f)		4.18			4.48			(0.30	)		—			(0.30	)
Year Ended October 31, 2013		19.63		0.34	(f)(g)		5.32			5.66			(0.37	)		—			(0.37	)
Year Ended October 31, 2012		17.43		0.28	(f)		2.17			2.45			(0.25	)		—			(0.25	)
Year Ended October 31, 2011		16.71		0.23			0.71			0.94			(0.22	)		—			(0.22	)
Select Class
Year Ended October 31, 2015		29.08		0.29	(f)		1.40			1.69			(0.28	)		(0.81	)		(1.09	)
Year Ended October 31, 2014		24.88		0.29	(f)(i)		4.13			4.42			(0.22	)(i)		—			(0.22	)
Year Ended October 31, 2013		19.60		0.29	(f)(g)		5.33			5.62			(0.34	)		—			(0.34	)
Year Ended October 31, 2012		17.43		0.21	(f)		2.20			2.41			(0.24	)		—			(0.24	)
March 22, 2011 (h) through October 31, 2011		18.15		0.11			(0.73	)		(0.62	)		(0.10	)		—			(0.10	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.20,$0.09,$0.31 and $0.25 for Class A,Class C,Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.88%,0.41%,1.41% and 1.15% for Class A,Class C,Institutional Class and Select Class Shares, respectively.

(h) Commencement of offering of class of shares.

(i) Net investment income (loss) per share and distributions from investment income may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	29.60		5.71	%	$	12,164		0.99	%		0.70	%		0.99	%		59	%
	29.01		17.50			10,667		0.96			0.71			0.96			59
	24.87		28.65			7,944		0.96			1.03	(g)		0.96			67
	19.60		13.64			4,902		0.96			0.95			0.96			55
	17.43		(3.53	)		4,766		0.97	(j)		0.89	(j)		0.97	(j)		60
	29.43		5.18			4,680		1.50			0.16			1.50			59
	28.88		16.92			2,700		1.46			0.21			1.46			59
	24.78		28.03			1,950		1.46			0.56	(g)		1.46			67
	19.54		13.10			1,432		1.46			0.43			1.46			55
	17.42		(3.85	)		1,097		1.46	(j)		0.39	(j)		1.47	(j)		60
	29.70		6.16			1,265,581		0.55			1.16			0.55			59
	29.10		18.04			1,293,555		0.55			1.10			0.56			59
	24.92		29.13			120,302		0.55			1.56	(g)		0.56			67
	19.63		14.19			148,369		0.55			1.53			0.56			55
	17.43		5.66			486,833		0.55			1.30			0.61			60
	29.68		6.00			84,642		0.71			0.99			0.71			59
	29.08		17.82			83,663		0.71			1.10			0.71			59
	24.88		28.96			975,826		0.71			1.29	(g)		0.71			67
	19.60		13.93			713,205		0.71			1.12			0.71			55
	17.43		(3.39	)		245,896		0.72	(j)		1.14	(j)		0.72	(j)		60

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (b)(c)
Tax Aware Real Return Fund
Class A
Year Ended October 31, 2015	$	10.01	$	0.25	(f)	$	(0.51	)	$	(0.26	)	$	(0.26	)	$	9.49		(2.59	)%
Year Ended October 31, 2014		10.06		0.26	(f)		(0.04	)		0.22			(0.27	)		10.01		2.15
Year Ended October 31, 2013		10.51		0.25			(0.48	)		(0.23	)		(0.22	)		10.06		(2.22	)
Year Ended October 31, 2012		10.19		0.24			0.32			0.56			(0.24	)		10.51		5.55
Year Ended October 31, 2011		10.07		0.26			0.12			0.38			(0.26	)		10.19		3.80
Class C
Year Ended October 31, 2015		9.98		0.19	(f)		(0.50	)		(0.31	)		(0.20	)		9.47		(3.16	)
Year Ended October 31, 2014		10.03		0.19	(f)		(0.04	)		0.15			(0.20	)		9.98		1.48
Year Ended October 31, 2013		10.48		0.17			(0.47	)		(0.30	)		(0.15	)		10.03		(2.85	)
Year Ended October 31, 2012		10.16		0.18			0.32			0.50			(0.18	)		10.48		4.92
Year Ended October 31, 2011		10.04		0.19			0.12			0.31			(0.19	)		10.16		3.13
Class R6
Year Ended October 31, 2015		10.03		0.28	(f)		(0.50	)		(0.22	)		(0.30	)		9.51		(2.24	)
Year Ended October 31, 2014		10.08		0.30	(f)		(0.05	)		0.25			(0.30	)		10.03		2.52
August 16, 2013 (g) through October 31, 2013		9.92		0.05			0.18			0.23			(0.07	)		10.08		2.33
Institutional Class
Year Ended October 31, 2015		10.03		0.27	(f)		(0.50	)		(0.23	)		(0.29	)		9.51		(2.33	)
Year Ended October 31, 2014		10.08		0.29	(f)		(0.05	)		0.24			(0.29	)		10.03		2.41
Year Ended October 31, 2013		10.53		0.27			(0.48	)		(0.21	)		(0.24	)		10.08		(1.97	)
Year Ended October 31, 2012		10.20		0.27			0.33			0.60			(0.27	)		10.53		5.91
Year Ended October 31, 2011		10.08		0.28			0.12			0.40			(0.28	)		10.20		4.05
Select Class
Year Ended October 31, 2015		10.02		0.26	(f)		(0.51	)		(0.25	)		(0.27	)		9.50		(2.49	)
Year Ended October 31, 2014		10.06		0.27	(f)		(0.04	)		0.23			(0.27	)		10.02		2.25
Year Ended October 31, 2013		10.51		0.25			(0.47	)		(0.22	)		(0.23	)		10.06		(2.11	)
Year Ended October 31, 2012		10.19		0.26			0.31			0.57			(0.25	)		10.51		5.66
Year Ended October 31, 2011		10.07		0.27			0.12			0.39			(0.27	)		10.19		3.91

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

	Ratios/Supplemental data
	Ratios to average net assets (a)
Net assets, end of period (000’s)	Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$56,660		0.75	%		2.58	%		0.97	%		18	%
95,153		0.75			2.58			0.97			11
153,819		0.75			2.31			0.97			16
222,694		0.75			2.34			0.97			8
183,105		0.75			2.53			0.97			14
42,843		1.40			1.93			1.49			18
59,850		1.40			1.93			1.46			11
83,639		1.40			1.67			1.47			16
108,755		1.40			1.70			1.47			8
100,908		1.40			1.88			1.48			14
183,464		0.40			2.93			0.45			18
253,993		0.40			2.94			0.46			11
102,671		0.38			2.69			0.47			16
1,302,381		0.50			2.83			0.56			18
1,682,468		0.50			2.83			0.56			11
960,451		0.50			2.57			0.57			16
944,652		0.50			2.58			0.57			8
740,738		0.50			2.78			0.58			14
144,956		0.65			2.68			0.73			18
177,575		0.65			2.67			0.72			11
1,544,101		0.65			2.42			0.72			16
1,979,923		0.65			2.46			0.72			8
2,012,662		0.65			2.63			0.73			14

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Tax Aware Equity Fund	Class A, Class C, Institutional Class and Select Class	Diversified
Tax Aware Real Return Fund	Class A, Class C, Class R6, Institutional Class and Select Class	Diversified

The investment objective of Tax Aware Equity Fund is to seek to provide high after-tax total return from a portfolio of selected equity securities.

The investment objective of Tax Aware Real Return Fund is to seek to maximize after-tax inflation protected return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Swaps are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Tax Aware Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,363,902	$	—	$	—	$	1,363,902

Tax Aware Real Return Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	158,110	$	1,694,462		$	—	$	1,852,572
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(146,953	)	$	—	$	(146,953	)

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for the industry specifics of portfolio holdings.

(b) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the SOIs for state specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2015.

B. Swaps — Tax Aware Real Return Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are negotiated contracts over the counter(“OTC swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.) and is reported on the Statements of Assets and Liabilities as Investments in affiliates — restricted, except for amounts posted to Goldman Sachs International, which are included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2015 are as follows (amounts in thousands):

Counterparty		Value of swap contracts			Collateral amount
Barclays Bank plc	Collateral Posted	$	(18,615	)	$	19,080
BNP Paribas			(9,868	)		9,770
Citibank, N.A.			(35,705	)		36,300
Credit Suisse International			(6,602	)		6,980
Deutsche Bank AG, New York			(28,232	)		29,520
Goldman Sachs International			(2,927	)		2,960
Morgan Stanley Capital Services			(9,318	)		9,310
Royal Bank of Scotland			(32,892	)		33,640
Union Bank of Switzerland AG			(2,794	)		3,070

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

Tax Aware Real Return Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

The Fund’s swap contracts are subject to master netting arrangements.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2015 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,878,923
Ending Notional Balance — Pays Fixed Rate		1,621,000

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2015 (amounts in thousands):

Tax Aware Real Return Fund

Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement  of Assets and Liabilities (a)		Derivatives Available for offset		Collateral Posted (b)			Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	18,615	$	—	$	(18,615	)	$	—
BNP Paribas		9,868		—		(9,868	)		—
Citibank, N.A.		35,705		—		(35,705	)		—
Credit Suisse International		6,602		—		(6,602	)		—
Deutsche Bank AG, New York		28,232		—		(28,232	)		—
Goldman Sachs International		2,927		—		(2,927	)		—
Morgan Stanley Capital Services		9,318		—		(9,310	)		8	*
Royal Bank of Scotland		32,892		—		(32,892	)		—
Union Bank of Switzerland AG		2,794		—		(2,794	)		—
	$	146,953	$	—	$	(146,945	)	$	8	*

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B. for actual swap collateral received or posted.

* Subsequent to October 31, 2015, additional collateral posted by the Fund.

The Fund’s derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

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

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 Trust are allocated among the respective funds. In calculating the NAV 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.

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Funds for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Institutional Class		Select Class
Tax Aware Equity Fund	$	3	$	2	$	22	$	7
Tax Aware Real Return Fund		9		17		48		48

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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2015, 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 Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Tax Aware Equity Fund generally declares and pays distributions from net investment income quarterly. Tax Aware Real Return Fund generally declares and pays distributions from net investment income monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	—	(a)	$	(568	)	$	568

(a) Amount rounds to less than $1,000.

The reclassifications for the Fund relates primarily to non-taxable dividends.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned 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 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. 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:

	Class A			Class C
Tax Aware Equity Fund		0.25	%		0.75	%
Tax Aware Real Return Fund		0.25			0.75

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge
Tax Aware Equity Fund	$	4
Tax Aware Real Return Fund		3

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. 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:

	Class A			Class C			Institutional Class			Select Class
Tax Aware Equity Fund		0.25	%		0.25	%		0.10	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.10			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. 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, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R6			Institutional Class			Select Class
Tax Aware Equity Fund		1.05	%		1.55	%		n/a			0.55	%		0.80	%
Tax Aware Real Return Fund		0.75			1.40			0.40	%		0.50			0.65

The expense limitation agreements were in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the year ended October 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Tax Aware Equity Fund	$	—	$	—	$	57	$	57
Tax Aware Real Return Fund		666		444		232		1,342

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	16
Tax Aware Real Return Fund		16

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

H. Other — Certain officers of the Trust are affiliated with the Adviser, 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 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 on the Statements of Operations.

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

During the year ended October 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2015, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware Equity Fund	$	800,812	$	893,193
Tax Aware Real Return Fund		343,709		811,512

During the year ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	857,165	$	511,277	$	4,540	$	506,737
Tax Aware Real Return Fund		1,747,568		107,521		2,517		105,004

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	14,952	$	—	$	38,438	$	53,390
Tax Aware Real Return Fund		40		57,806		—		57,846

The tax character of distributions paid during the year ended October 31, 2014 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income		Tax Exempt Income		Total Distributions Paid
Tax Aware Equity Fund	$	13,290	$	—	$	13,290
Tax Aware Real Return Fund		94		66,801		66,895

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	1,175	$	—	$	56,142		$	506,737
Tax Aware Real Return Fund		—		388		(47,428	)		(41,949	)

The cumulative timing differences primarily consist of wash sale loss deferrals and trustee deferred compensation.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are 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 October 31, 2015, the following Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	18,243	$	—

As of October 31, 2015, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
Tax Aware Real Return Fund	$	26,211	$	2,850	$	124	$	29,185

During the year ended October 31, 2015, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Post-Enactment Capital Loss Carryforwards Utilized
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	4,046	$	—

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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility as of October 31, 2015, or at any time during the year ended October 31, 2015.

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 Adviser have investment discretion with respect to their clients’ holdings in the Funds, which represents 89.9% and 66.4% of Tax Aware Equity Fund’s and Tax Aware Real Return Fund’s assets, respectively. Significant shareholder transactions by these shareholders may impact the Funds’ performance.

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return 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 Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (each a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015, 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 five years in the period then ended, 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 47

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 49

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,006.20	$	5.06		1.00	%
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class C
Actual		1,000.00		1,003.60		7.63		1.51
Hypothetical		1,000.00		1,017.59		7.68		1.51
Institutional Class
Actual		1,000.00		1,008.50		2.78		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Select Class
Actual		1,000.00		1,007.90		3.59		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Tax Aware Real Return Fund
Class A
Actual		1,000.00		993.10		3.77		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		990.70		7.02		1.40
Hypothetical		1,000.00		1,018.15		7.12		1.40
Class R6
Actual		1,000.00		994.90		2.01		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40
Institutional Class
Actual		1,000.00		995.50		2.51		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Select Class
Actual		1,000.00		993.70		3.27		0.65
Hypothetical		1,000.00		1,021.93		3.31	��	0.65

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

50 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of the Tax Aware Real Return Fund as compared to the Fund’s objectives and peers, in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The

Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

52 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For the Tax Aware Real Return Fund, the Trustees and Adviser determined that the Universe Group is less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance was in the second and first quintiles for Class A shares for the one- and three-year periods, and in the first, first and second quintiles for Institutional Class shares for the one-, three, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s performance was in the fifth quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014. The Trustees discussed the

performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s net advisory fee for Class A and Institutional Class shares was in the first and second quintiles, respectively, and that the actual total expenses for both Class A and Institutional Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class Shares were in the third and fifth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2015 J.P. MORGAN TAX AWARE FUNDS 53

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 October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2015:

	Dividend Received Deduction
Tax Aware Equity Fund		100.00%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Long term Capital Gain
Tax Aware Equity Fund	$	38,438

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Qualified Dividend Income
Tax Aware Equity Fund	$	14,952

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2015:

	Exempt Distributions Paid
Tax Aware Real Return Fund		100.00	%

54 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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 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 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-TA-1015

Annual Report

J.P. Morgan Country/Region Funds

October 31, 2015

JPMorgan Asia Pacific Fund

JPMorgan China Region Fund

JPMorgan Intrepid European Fund

JPMorgan Latin America Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Asia Pacific Fund	3
JPMorgan China Region Fund	5
JPMorgan Intrepid European Fund	7
JPMorgan Latin America Fund	9
Schedules of Portfolio Investments	11
Financial Statements	22
Financial Highlights	30
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	50
Trustees	51
Officers	53
Schedule of Shareholder Expenses	54
Board Approval of Investment Advisory Agreements	56
Tax Letter	60
Privacy Policy — Located at the back of this Annual Report

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 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’s LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in

both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 1

J.P. Morgan Country/Region Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August.

Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index (the “S&P 500”) dropped 3.9%, and equity markets in Europe and Japan also fell. The sell-off also led to declines in the values of certain emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index rose the most since April 2013 and leading European indexes had their best performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

While increasing financial market volatility drove some investors to the safe haven of fixed income assets, large sectors of the bond market remained under pressure from historically low interest rates. U.S. Treasury bond yields, which typically move in the opposite direction of prices, declined on bonds of shorter maturities and remained essentially flat on bonds of longer maturities.

2 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

JPMorgan Asia Pacific Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-8.48%
Morgan Stanley Capital International (“MSCI”) All Country Asia Pacific ex-Japan Index (net of foreign withholding taxes)	-10.46%
Net Assets as of 10/31/2015 (In Thousands)	$3,922

INVESTMENT OBJECTIVE**

The JPMorgan Asia Pacific Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Select Class Shares outperformed the MSCI All Country Asia Pacific ex-Japan Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection and its underweight allocation in Malaysia and Australia and its overweight position in China were leading contributors to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection and underweight allocation in Indonesia were the largest detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included its lack of a position in Woolworths Ltd. and its overweight positions in ANTA Sports Products Ltd. and Air New Zealand Ltd. Shares of Woolworths, Australia’s largest grocery chain, fell after the company forecast a decline in profit on weak quarterly sales. Shares of ANTA Sports Products, a sporting goods and apparel retailer based in China, rose on better-than-expected earnings and strong margin growth. Shares of Air New Zealand, an air carrier not held in the Benchmark, rose on record annual profit.

Leading individual detractors from relative performance included the Fund’s overweight positions in Slater & Gordon Ltd. and Samsung Life & Science Co. and its lack of a position in China Life Insurance Co. Shares of Slater & Gordon, an Australian law firm, declined after the company disclosed it was being investigated by regulators regarding accounting errors tied to its U.K. operations. Shares of Samsung Life & Science, a South Korean packaging materials company, declined amid slowing economic growth in China. Shares of China Life rose on Chinese government stimulus that reduced funding costs.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed bottom-up security selection based on a systematic approach of finding what the Fund’s portfolio managers believed were securities that had attractive momentum characteristics, as well as secu-

rities that they believed were attractively valued and fundamentally strong. During the reporting period, the Fund’s largest overweight positions versus the Benchmark were in China, the Philippines and India. The Fund’s largest underweight positions were in Singapore, Australia and Malaysia.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Samsung Electronics Co., Ltd. (South Korea)	5.3	%
	2.	Tencent Holdings Ltd. (China)	4.0
	3.	Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	3.7
	4.	AIA Group Ltd. (Hong Kong)	3.1
	5.	Commonwealth Bank of Australia (Australia)	2.8
	6.	China Mobile Ltd. (Hong Kong)	2.4
	7.	Westpac Banking Corp. (Australia)	2.2
	8.	China Construction Bank Corp., Class H (China)	2.0
	9.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.9
	10.	CK Hutchison Holdings Ltd. (Hong Kong)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
China	20.2	%
Hong Kong	18.8
Australia	18.0
South Korea	16.3
India	10.4
Taiwan	8.6
Thailand	2.1
Philippines	1.8
Indonesia	1.4
New Zealand	1.1
Others (each less than 1.0%)	1.3

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 3

JPMorgan Asia Pacific Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
Without Sales Charge			(8.69	)%		3.34	%		4.61	%
With Sales Charge*			(13.48	)		1.49			3.18
CLASS C SHARES	November 30, 2011
Without CDSC			(9.12	)		2.82			4.09
With CDSC**			(10.12	)		2.82			4.09
SELECT CLASS SHARES	November 30, 2011		(8.48	)		3.58			4.87

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/15)

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

The Fund commenced operations on November 30, 2011.

Effective June 29, 2012 and June 10, 2014, the Fund’s investment strategy changed and performance would have been different if the Fund were managed using its current strategy.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Asia Pacific Fund, the MSCI All Country Asia Pacific ex-Japan Index and the Lipper Pacific ex-Japan Funds Index from November 30, 2011 to October 31, 2015. 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 MSCI All Country Asia Pacific ex-Japan Index does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Pacific ex-Japan 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 MSCI All Country Asia Pacific ex-Japan Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance in the Asia Pacific region, excluding Japan. The Lipper Pacific ex-Japan 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.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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 COUNTRY/REGION FUNDS OCTOBER 31, 2015

JPMorgan China Region Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-1.77%
Morgan Stanley Capital International (“MSCI”) Golden Dragon Index (net of foreign withholding taxes)	-3.32%
Net Assets as of 10/31/2015 (In Thousands)	$35,189

INVESTMENT OBJECTIVE**

The JPMorgan China Region Fund (the “Fund”) will seek long-term capital growth.

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

The Fund’s Select Class Shares outperformed the MSCI Golden Dragon Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in China and Taiwan were leading contributors to performance relative to the Benchmark during the twelve month reporting period. The Fund’s security selection in Hong Kong was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ping An Insurance Group Co. of China Ltd., China Merchants Bank Co. Ltd. and China Vanke Co. Shares of both Ping An Insurance Group, a Chinese insurer, and China Merchants Bank, a Chinese commercial bank, rose as Chinese government stimulus reduced their funding costs. Shares of China Vanke, a Chinese property developer, rose on a sharp increase in quarterly profit.

Leading individual detractors from relative performance included the Fund’s overweight positions in MGM China Holdings Ltd. and China Telecom Corp. Ltd. and its lack of a position in China Life Insurance Co. Shares of MGM China Holdings, a Macau casino operator, fell as the Chinese government’s efforts to curb corruption reduced casino traffic among wealthy customers. Shares of China Telecom declined after the company posted a sharp drop in year-to-date profit. Shares of China Life Insurance rose as Chinese government stimulus efforts reduced their funding costs.

HOW WAS THE FUND POSITIONED?

The Fund targets quality and growth in securities and its portfolio managers seek to invest in high-conviction investment ideas that they believe have attractive prospects. The portfolio managers employed a bottom-up fundamental approach to

security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future earnings growth. During the period, the portfolio managers sought to invest in opportunities in the environmental, health care and technology sectors, as well as in nascent consumer sectors and Chinese financial companies that they believed could benefit from government stimulus efforts.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	8.6	%
	2.	China Construction Bank Corp., Class H (China)	6.7
	3.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	5.7
	4.	AIA Group Ltd. (Hong Kong)	5.2
	5.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.9
	6.	China Merchants Bank Co., Ltd., Class H (China)	3.2
	7.	China Vanke Co., Ltd., Class H (China)	2.7
	8.	Hong Kong Exchanges and Clearing Ltd. (Hong Kong)	2.6
	9.	Cheung Kong Property Holdings Ltd. (Hong Kong)	2.6
	10.	China Petroleum & Chemical Corp., Class H (China)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	53.5	%
Hong Kong	27.7
Taiwan	18.8

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 5

JPMorgan China Region Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2007
Without Sales Charge			(2.04	)%		2.08	%		4.60	%
With Sales Charge*			(7.18	)		0.99			3.95
CLASS C SHARES	February 28, 2007
Without CDSC			(2.49	)		1.57			4.08
With CDSC**			(3.49	)		1.57			4.08
SELECT CLASS SHARES	February 28, 2007		(1.77	)		2.33			4.86

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/07 TO 10/31/15)

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

The Fund commenced operations on February 28, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan China Region Fund, the MSCI Golden Dragon Index and the Lipper China Region Funds Index from February 28, 2007 to October 31, 2015. 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 MSCI Golden Dragon Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper China Region 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 MSCI Golden Dragon

Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the China region. The Lipper China Region 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.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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 COUNTRY/REGION FUNDS OCTOBER 31, 2015

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		2.78%
Morgan Stanley Capital International (“MSCI”) Europe Index (net of foreign withholding taxes)		-0.20%
Net Assets as of 10/31/2015 (In Thousands)	$	1,069,012

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid European Fund (the “Fund”) seeks total return from long-term capital growth. Total return consists of capital growth and current income.

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

The Fund’s Class A Shares, without a sales charge, outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the consumer staples sector and its security selection in the telecommunication services sector were leading detractors from relative performance.

Leading individual contributors to relative performance include the Fund’s overweight positions in Nordex SE, Cap Gemini SA and Ryanair Holdings plc. Shares of Nordex, a German wind power turbine maker, rose on strong new orders and sales growth. Shares of Cap Gemini, a French provider of technology services and consulting, rose as the company reaffirmed its earnings forecast for 2015. Shares of Ryanair, an Irish airline, rose on growth in earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Rio Tinto plc and Azimut Holding S.p.A, and its underweight position in Unilever plc. Shares of Rio Tinto, the British-Australian metals and mining company, fell on investor concerns over weakness in global commodities prices. Shares of Azimut, an Italian financial asset management company, declined on investor concerns that its performance fee structure may be affected by potential regulatory changes in its domestic market. Shares of Unilever, a British-Dutch maker of food, home and health products, rose on strong earnings and sales in the third quarter of 2015.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities

that they believed had these style characteristics. Portfolio positions were based on bottom-up security selection rather than top-down asset allocation decisions.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	BT Group plc (United Kingdom)	2.5	%
	2.	Novo Nordisk A/S, Class B (Denmark)	2.4
	3.	Rio Tinto plc (United Kingdom)	2.3
	4.	BNP Paribas S.A. (France)	2.2
	5.	Land Securities Group plc (United Kingdom)	2.2
	6.	TOTAL S.A. (France)	2.1
	7.	ING Groep N.V., CVA (Netherlands)	2.0
	8.	Reckitt Benckiser Group plc (United Kingdom)	2.0
	9.	Imperial Tobacco Group plc (United Kingdom)	1.9
	10.	AXA S.A. (France)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	32.9	%
France	18.4
Germany	13.5
Denmark	5.8
Switzerland	5.4
Netherlands	5.2
Italy	4.5
Spain	3.4
Ireland	2.1
Finland	1.9
Others (each less than 1.0%)	1.8
Short-Term Investment	5.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 7

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
Without Sales Charge			2.78	%		8.01	%		5.91	%
With Sales Charge*			(2.61	)		6.86			5.34
CLASS C SHARES	November 1, 1998
Without CDSC			2.27			7.48			5.38
With CDSC**			1.27			7.48			5.38
INSTITUTIONAL CLASS SHARES	September 10, 2001		3.32			8.54			6.41
SELECT CLASS SHARES	September 10, 2001		3.18			8.30			6.18

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Intrepid European Fund, the MSCI Europe Index and the Lipper European Region Funds Index from October 31, 2005 to October 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper European Region 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 MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market

performance of the developed markets in Europe. The Lipper European Region 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.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

8 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

JPMorgan Latin America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	–34.97%
Morgan Stanley Capital International (“MSCI”) Emerging Markets (“EM”) Latin America Index (net of foreign withholding taxes)	–34.83%
Net Assets as of 10/31/2015 (In Thousands)	$64,070

INVESTMENT OBJECTIVE**

The JPMorgan Latin America Fund (the “Fund”) will seek long-term capital growth.

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EM Latin America Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the consumer discretionary sector and its underweight position in the consumer staples sector detracted from performance relative to the Benchmark, while the Fund’s underweight position and security selection in the energy sector and its security selection in the information technology sector were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its lack of a position in Wal-Mart de Mexico SA, its overweight position in Cemex Latam Holdings S.A. and its out-of-Benchmark position in Copa Holdings S.A. Shares of Wal-Mart de Mexico, Mexico’s largest retail chain, rose on an increase in quarterly profit and a jump in sales. Shares of Cemex Latam, a cement maker, fell on declining sales and currency depreciation. Shares of Copa Holdings, an airline holding company based in Panama, declined amid an economic recession in Brazil and weakening economic conditions throughout Latin America.

Leading individual contributors to the Fund’s relative performance included its lack of a position in both Petroleo Brasileiro SA (Petrobras) and Vale SA and its overweight position in Gruma S.A.B de C.V. Shares of Petrobras, a Brazilian integrated oil and gas company, fell on weakness in global oil prices and an ongoing corruption scandal. Shares of Vale, a Brazilian metals and mining company, fell on weakness in global prices for iron ore. Shares of Gruma S.A.B, a Mexican agricultural and food products company, rose on healthy earnings as a large portion of its sales are priced in U.S. dollars, which helped insulate the company from a drop in the value of the Mexican peso.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed a strategy in which portfolio construction was focused on the opportunities at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s

security weightings, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. As a result of this process, the Fund’s largest average overweight positions versus the Benchmark were in the financials and industrials sectors and the Fund’s largest average underweight positions were in the energy and telecommunication services sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	5.9	%
	2.	AMBEV S.A., ADR (Brazil)	5.9
	3.	Fomento Economico Mexicano S.A.B. de C.V., ADR (Mexico)	4.8
	4.	Credicorp Ltd. (Peru)	3.9
	5.	Gentera S.A.B. de C.V. (Mexico)	3.4
	6.	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR (Mexico)	3.1
	7.	Raia Drogasil S.A. (Brazil)	2.9
	8.	Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico)	2.9
	9.	Suzano Papel e Celulose S.A. (Brazil)	2.7
	10.	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. (Brazil)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
Brazil	44.8	%
Mexico	36.8
Peru	5.3
Chile	4.1
United States	2.5
Panama	1.7
Luxembourg	1.4
Others (each less than 1.0%)	1.2
Short-Term Investment	2.2

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 9

JPMorgan Latin America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2007
Without Sales Charge			(34.97	)%		(11.77	)%		(1.92	)%
With Sales Charge*			(38.40	)		(12.72	)		(2.52	)
CLASS C SHARES	February 28, 2007
Without CDSC			(35.30	)		(12.22	)		(2.41	)
With CDSC**			(36.30	)		(12.22	)		(2.41	)
SELECT CLASS SHARES	February 28, 2007		(34.80	)		(11.56	)		(1.68	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/07 TO 10/31/2015)

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

The Fund commenced operations on February 28, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Latin America Fund, the MSCI EM Latin America Index and the Lipper Latin American Funds Average from February 28, 2007 to October 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI EM Latin America Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Latin American Funds Average 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 MSCI EM Latin America Index is a free float-adjusted market capitalization index that is designed to measure equity

market performance of emerging markets in Latin America. Investors cannot invest directly in an index. The Lipper Latin American Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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 COUNTRY/REGION FUNDS OCTOBER 31, 2015

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.8%
		Australia — 18.4%
	3	Amcor Ltd.		27
	3	Aristocrat Leisure Ltd.		23
	1	Australia & New Zealand Banking Group Ltd.		29
	1	BHP Billiton Ltd.		18
	1	Caltex Australia Ltd.		19
	4	Challenger Ltd.		26
	1	CIMIC Group Ltd.		22
	2	Commonwealth Bank of Australia		113
	1	CSL Ltd.		54
	6	Echo Entertainment Group Ltd.		21
	8	Incitec Pivot Ltd.		22
	1	Macquarie Group Ltd.		62
	10	Medibank Private Ltd.		17
	1	National Australia Bank Ltd.		14
	6	Oil Search Ltd.		31
	10	Qantas Airways Ltd. (a)		29
	4	QBE Insurance Group Ltd.		36
	1	Ramsay Health Care Ltd.		39
	18	Spotless Group Holdings Ltd.		27
	4	Westpac Banking Corp. (a)		94
				723
		China — 20.7%
	12	ANTA Sports Products Ltd.		34
	120	Bank of China Ltd., Class H		57
	26	Beijing Capital International Airport Co., Ltd., Class H		28
	8	CAR, Inc. (a)		14
	16	China Communications Construction Co., Ltd., Class H		22
	113	China Construction Bank Corp., Class H		82
	24	China Lesso Group Holdings Ltd.		19
	15	China Railway Construction Corp., Ltd., Class H		22
	12	China Vanke Co., Ltd., Class H		29
	10	Chongqing Changan Automobile Co., Ltd., Class B		19
	31	CNOOC Ltd.		35
	26	Huadian Power International Corp., Ltd., Class H		19
	110	Industrial & Commercial Bank of China Ltd., Class H		70
	16	PICC Property & Casualty Co., Ltd., Class H		36
	14	Ping An Insurance Group Co. of China Ltd., Class H		76
	184	Semiconductor Manufacturing International Corp. (a)		17
	9	Tencent Holdings Ltd.		160
	1	Vipshop Holdings Ltd., ADR (a)		21
	64	Xinyi Solar Holdings Ltd.		25

SHARES			SECURITY DESCRIPTION	VALUE($)
			China — continued
	4		Zhuzhou CSR Times Electric Co., Ltd., Class H		26
					811
			Hong Kong — 19.3%
	22		AIA Group Ltd.		127
	28		Beijing Enterprises Water Group Ltd. (a)		22
	10		BOC Hong Kong Holdings Ltd.		30
	5		Cheung Kong Infrastructure Holdings Ltd.		47
	7		Cheung Kong Property Holdings Ltd.		49
	14		China Gas Holdings Ltd.		22
	8		China Mobile Ltd.		96
	22		China Overseas Land & Investment Ltd.		71
	19		China Resources Land Ltd.		50
	13		China Taiping Insurance Holdings Co., Ltd. (a)		40
	6		CK Hutchison Holdings Ltd.		75
	18		Dah Sing Banking Group Ltd.		34
	6		Kerry Properties Ltd.		16
	19		New World Development Co., Ltd.		20
	25		Pacific Textiles Holdings Ltd.		36
	5		Wheelock & Co., Ltd.		23
					758
			India — 2.9%
	1		Axis Bank Ltd., Reg. S, GDR		26
	1		HDFC Bank Ltd., ADR		41
	3		Infosys Ltd., ADR		47
					114
			Indonesia — 1.4%
	42		Bank Central Asia Tbk PT		39
	13		United Tractors Tbk PT		18
					57
			New Zealand — 1.2%
	23		Air New Zealand Ltd.		45
			Philippines — 1.9%
	168		Megaworld Corp.		17
	8		Metropolitan Bank & Trust Co.		15
	6		Security Bank Corp.		19
	5		Universal Robina Corp.		23
					74
			Singapore — 0.9%
	3		DBS Group Holdings Ltd.		37
			South Korea — 16.7%
	—	(h)	Amorepacific Corp.		34
	—	(h)	Hyundai Development Co-Engineering & Construction		17

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 11

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			South Korea — continued
	1		Hyundai Marine & Fire Insurance Co., Ltd.		25
	—	(h)	Hyundai Motor Co.		31
	1		Kia Motors Corp.		38
	1		Korea Electric Power Corp.		45
	3		Korean Reinsurance Co.		37
	—	(h)	LG Chem Ltd.		56
	—	(h)	Lotte Chemical Corp.		24
	—	(h)	Samsung Electronics Co., Ltd.		214
	—	(h)	Samsung Life Insurance Co., Ltd.		27
	1		Shinhan Financial Group Co., Ltd.		35
	—	(h)	SK Innovation Co., Ltd. (a)		34
	—	(h)	SK Telecom Co., Ltd.		12
	—	(h)	S-Oil Corp.		26
					655
			Taiwan — 8.8%
	5		Catcher Technology Co., Ltd.		45
	30		E.Sun Financial Holding Co., Ltd.		18
	17		Fubon Financial Holding Co., Ltd.		27
	22		Hon Hai Precision Industry Co., Ltd.		58
	—	(h)	Largan Precision Co., Ltd.		15
	13		Pegatron Corp.		32
	35		Taiwan Semiconductor Manufacturing Co., Ltd.		148
	10		Yuanta Financial Holding Co., Ltd.		4
					347
			Thailand — 2.2%
	3		Airports of Thailand PCL		26
	5		Kasikornbank PCL		22
	12		PTT Global Chemical PCL		19
	1		Siam Cement PCL (The)		18
					85
			United Kingdom — 0.4%
	—	(h)	Rio Tinto Ltd.		14
			Total Common Stocks (Cost $3,211)		3,720
	Structured Instruments — 7.8%
			India — 7.8%
			Low Exercise Cash Settled Call Warrants — 7.8%
	5		Bank of Baroda, expiring 08/17/2016 (Strike Price $0.00) (issued through UBS AG) (a)		13
	2		Bharat Petroleum Corp. Ltd., expiring 05/27/2016 (Strike Price $0.00) (issued through BNP Paribas) (a)		23
	3		Hindustan Petroleum Corp. Ltd., expiring 09/04/2018 (Strike Price $0.00) (issued through BNP Paribas) (a)		33

SHARES			SECURITY DESCRIPTION	VALUE($)
			Low Exercise Cash Settled Call Warrants — continued
	2		Housing Development Finance Corp., Ltd., expiring 07/08/2016 (Strike Price $0.00) (issued through BNP Paribas) (a)		44
	10		IDFC Ltd., expiring 07/08/16 (Strike Price $0.00) (issued through UBS AG) (a)		19
	3		IndusInd Bank Ltd., expiring 06/25/2017 (Strike Price $0.00) (issued through UBS AG) (a)		44
	—	(h)	Maruti Suzuki India Ltd., expiring 06/05/2018 (Strike Price $0.00) (issued through UBS AG) (a)		30
	—	(h)	Maruti Suzuki India Ltd., expiring 07/03/2017 (Strike Price $0.00) (issued through UBS AG) (a)		11
	1		Sun Pharmaceutical Industries Ltd., expiring 06/05/2018 (Strike Price $0.00) (issued through UBS AG) (a)		16
	—	(h)	Sun Pharmaceutical Industries Ltd., expiring 06/05/18 (Strike Price $0.00) (issued through UBS AG) (a)		11
	1		Tata Consultancy Services Ltd., expiring 08/31/2018 (Strike Price $0.00) (issued through BNP Paribas) (a)		48
	2		UPL Ltd., expiring 03/11/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		13
			Total Structured Instruments (Cost $308)		305
			Total Investments — 102.6% (Cost $3,519)		4,025
			Liabilities in Excess of Other Assets — (2.6)%		(103	)
			NET ASSETS — 100.0%	$	3,922

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		23.2	%
Insurance		10.5
Technology Hardware, Storage & Peripherals		7.2
Real Estate Management & Development		6.8
Capital Markets		4.8
Semiconductors & Semiconductor Equipment		4.7
Internet Software & Services		4.0
Oil, Gas & Consumable Fuels		3.6
Chemicals		3.0
Wireless Telecommunication Services		2.7
Electric Utilities		2.3
Automobiles		2.2

INDUSTRY	PERCENTAGE
Construction & Engineering		2.1	%
Industrial Conglomerates		1.9
Airlines		1.8
Electronic Equipment, Instruments & Components		1.8
Diversified Financial Services		1.8
Textiles, Apparel & Luxury Goods		1.7
Biotechnology		1.3
Transportation Infrastructure		1.3
IT Services		1.2
Hotels, Restaurants & Leisure		1.1
Health Care Providers & Services		1.0
Others (each less than 1.0%)		8.0

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 13

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.2%
		China — 49.2%
	118	AAC Technologies Holdings, Inc.		745
	287	CAR, Inc. (a)		502
	888	China CITIC Bank Corp., Ltd., Class H (a)		574
	282	China Communications Construction Co., Ltd., Class H		389
	172	China Conch Venture Holdings Ltd.		392
	3,288	China Construction Bank Corp., Class H		2,383
	299	China Harmony New Energy Auto Holding Ltd.		199
	357	China Longyuan Power Group Corp., Ltd., Class H		326
	321	China Machinery Engineering Corp., Class H		279
	441	China Merchants Bank Co., Ltd., Class H		1,151
	1,160	China Petroleum & Chemical Corp., Class H		836
	135	China Shenhua Energy Co., Ltd., Class H		227
	1,592	China Telecom Corp., Ltd., Class H		830
	417	China Vanke Co., Ltd., Class H		972
	175	Chongqing Changan Automobile Co., Ltd., Class B		322
	168	CNOOC Ltd.		190
	482	CSPC Pharmaceutical Group Ltd.		449
	103	Fuyao Glass Industry Group Co., Ltd., Class H (a) (e)		221
	17	iKang Healthcare Group, Inc., ADR (a)		255
	264	MGM China Holdings Ltd.		385
	294	Phoenix Healthcare Group Co., Ltd.		444
	218	PICC Property & Casualty Co., Ltd., Class H		495
	250	Ping An Insurance Group Co. of China Ltd., Class H		1,403
	162	Tencent Holdings Ltd.		3,056
	14	Vipshop Holdings Ltd., ADR (a)		287
				17,312
		Hong Kong — 28.0%
	318	AIA Group Ltd.		1,863
	408	Beijing Enterprises Water Group Ltd. (a)		323
	134	BOC Hong Kong Holdings Ltd.		429
	132	Cheung Kong Property Holdings Ltd.		925
	340	China Everbright International Ltd.		548
	67	China Mobile Ltd.		803
	206	China Resources Gas Group Ltd.		565
	169	China Taiping Insurance Holdings Co., Ltd. (a)		529
	38	CK Hutchison Holdings Ltd.		515
	36	Hong Kong Exchanges and Clearing Ltd.		937
	68	Hongkong Land Holdings Ltd.		508
	43	IMAX China Holding, Inc. (a) (e)		236
	223	Nexteer Automotive Group Ltd.		237
	48	Orient Overseas International Ltd.		229
	258	Regina Miracle International Holdings Ltd. (a) (e)		235

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	576	Sino Biopharmaceutical Ltd.		716
	57	Wheelock & Co., Ltd.		265
				9,863
		Taiwan — 19.0%
	638	Advanced Semiconductor Engineering, Inc.		737
	74	Catcher Technology Co., Ltd.		726
	164	Chipbond Technology Corp.		234
	99	Delta Electronics, Inc.		503
	917	E.Sun Financial Holding Co., Ltd.		551
	406	Fubon Financial Holding Co., Ltd.		656
	7	Largan Precision Co., Ltd.		544
	60	President Chain Store Corp.		398
	10	Silicon Motion Technology Corp., ADR		329
	92	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,011
				6,689
		Total Common Stocks (Cost $25,602)		33,864
	Structured Instruments — 4.9%
		China — 4.9%
		Low Exercise Cash Settled Call Warrants — 4.9%
	73	China South Publishing & Media Group Co., Ltd., expiring 06/03/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		250
	90	Hangzhou Hikvision Digital Technology Co., Ltd., expiring 09/07/18 (Strike Price $0.00) (issued through UBS AG) (a)		491
	24	Jiangsu Hengrui Medicine Co., Ltd., expiring 07/01/16 (Strike Price $0.00) (issued through UBS AG) (a)		197
	54	Spring Airlines Co., Ltd., expiring 06/16/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		530
	61	Zhejiang Huace Film & TV Co., Ltd., expiring 06/03/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		240
		Total Structured Instruments (Cost $1,609)		1,708
		Total Investments — 101.1% (Cost $27,211)		35,572
		Liabilities in Excess of Other Assets — (1.1)%		(383	)
		NET ASSETS — 100.0%	$	35,189

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		17.2	%
Insurance		12.1
Semiconductors & Semiconductor Equipment		9.3
Internet Software & Services		8.6
Real Estate Management & Development		7.5
Electronic Equipment, Instruments & Components		5.0
Diversified Financial Services		4.5
Oil, Gas & Consumable Fuels		3.5
Pharmaceuticals		3.3
Diversified Telecommunication Services		2.3
Wireless Telecommunication Services		2.3
Technology Hardware, Storage & Peripherals		2.0

INDUSTRY	PERCENTAGE
Health Care Providers & Services		2.0	%
Capital Markets		1.9
Construction & Engineering		1.9
Gas Utilities		1.6
Commercial Services & Supplies		1.5
Industrial Conglomerates		1.4
Road & Rail		1.4
Auto Components		1.3
Food & Staples Retailing		1.1
Machinery		1.1
Hotels, Restaurants & Leisure		1.1
Others (each less than 1.0%)		6.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 15

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.7%
		Australia — 0.9%
	591	BHP Billiton plc		9,442
		Belgium — 0.5%
	146	Proximus SADP		5,049
		Denmark — 5.8%
	293	ISS A/S		10,296
	493	Novo Nordisk A/S, Class B		26,154
	101	Pandora A/S		11,685
	245	Vestas Wind Systems A/S		14,310
				62,445
		Finland — 1.9%
	1,590	Nokia OYJ		11,825
	444	UPM-Kymmene OYJ		8,307
				20,132
		France — 18.6%
	160	Airbus Group SE		11,122
	775	AXA S.A.		20,684
	394	BNP Paribas S.A.		23,866
	5	Dassault Aviation S.A.		6,273
	808	Orange S.A.		14,245
	509	Peugeot S.A. (a)		8,939
	103	Renault S.A.		9,726
	128	Safran S.A.		9,725
	205	Sanofi		20,638
	211	Societe Generale S.A.		9,784
	194	Thales S.A.		13,989
	476	TOTAL S.A.		23,011
	479	Veolia Environnement S.A.		11,121
	231	Vinci S.A.		15,539
				198,662
		Germany — 13.6%
	61	Allianz SE		10,595
	99	BASF SE		8,117
	65	Continental AG		15,579
	502	E.ON SE		5,296
	151	Fresenius SE & Co. KGaA		11,113
	63	Hannover Rueck SE		7,312
	101	HeidelbergCement AG		7,513
	67	Muenchener Rueckversicherungs-Gesellschaft AG		13,414
	528	Nordex SE (a)		17,261
	253	OSRAM Licht AG		14,856
	373	RWE AG		5,189
	310	Scout24 AG (a) (e)		10,408
	99	Siemens AG		9,932

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — continued
	487	Suedzucker AG		9,093
				145,678
		Ireland — 2.1%
	34,180	Bank of Ireland (a)		12,709
	130	Ryanair Holdings plc, ADR		10,143
				22,852
		Italy — 4.6%
	562	Atlantia S.p.A.		15,577
	460	Azimut Holding S.p.A.		11,056
	3,047	Enel S.p.A.		14,051
	2,403	Intesa Sanpaolo S.p.A.		8,362
				49,046
		Luxembourg — 0.5%
	161	APERAM S.A. (a)		4,966
		Netherlands — 5.2%
	1,500	ING Groep N.V., CVA		21,826
	649	Koninklijke Ahold N.V.		13,208
	1,313	PostNL N.V. (a)		5,408
	78	Randstad Holding N.V.		4,667
	406	Royal Dutch Shell plc, Class A		10,642
				55,751
		Spain — 3.4%
	897	Banco Santander S.A.		5,010
	745	Endesa S.A.		16,561
	626	Gamesa Corp. Tecnologica S.A.		9,886
	107	Tecnicas Reunidas S.A.		4,771
				36,228
		Switzerland — 5.5%
	200	Adecco S.A. (a)		14,877
	666	Logitech International S.A.		9,785
	77	Lonza Group AG (a)		11,250
	26	Swiss Life Holding AG (a)		6,214
	819	UBS Group AG		16,349
				58,475
		United Kingdom — 33.1%
	1,981	Auto Trader Group plc (a) (e)		11,845
	1,570	Aviva plc		11,736
	1,308	Barratt Developments plc		12,325
	191	Berkeley Group Holdings plc		9,742
	2,280	BP plc		13,552
	149	British American Tobacco plc		8,854
	1,495	British Land Co. plc (The)		20,023

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	3,813	BT Group plc		27,231
	287	easyJet plc		7,738
	389	Imperial Tobacco Group plc		20,940
	1,728	International Consolidated Airlines Group S.A. (a)		15,454
	3,935	ITV plc		15,275
	1,147	Land Securities Group plc		23,623
	2,695	Legal & General Group plc		10,852
	12,054	Lloyds Banking Group plc		13,682
	97	Next plc		11,894
	303	Persimmon plc (a)		9,295
	655	Prudential plc		15,291
	215	Reckitt Benckiser Group plc		21,022
	701	RELX plc		12,543
	676	Rio Tinto plc		24,641
	119	SABMiller plc		7,295
	4,084	Taylor Wimpey plc		12,440

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	370	Unilever N.V., CVA		16,749
				354,042
		Total Common Stocks (Cost $999,985)		1,022,768
	Short-Term Investment — 5.1%
		Investment Company — 5.1%
	54,982	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $54,982)		54,982
		Total Investments — 100.8% (Cost $1,054,967)		1,077,750
		Liabilities in Excess of Other Assets — (0.8)% (c)		(8,738	)
		NET ASSETS — 100.0%	$	1,069,012

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Insurance		8.9	%
Banks		8.8
Electrical Equipment		5.2
Oil, Gas & Consumable Fuels		4.4
Pharmaceuticals		4.3
Diversified Telecommunication Services		4.3
Household Durables		4.1
Real Estate Investment Trusts (REITs)		4.0
Aerospace & Defense		3.8
Metals & Mining		3.6
Airlines		3.1
Electric Utilities		2.8
Tobacco		2.8
Media		2.6
Capital Markets		2.5
Internet Software & Services		2.1
Multi-Utilities		2.0

INDUSTRY	PERCENTAGE
Household Products		2.0	%
Professional Services		1.8
Automobiles		1.7
Personal Products		1.6
Auto Components		1.5
Transportation Infrastructure		1.5
Construction & Engineering		1.4
Food & Staples Retailing		1.2
Multiline Retail		1.1
Communications Equipment		1.1
Textiles, Apparel & Luxury Goods		1.1
Life Sciences Tools & Services		1.0
Health Care Providers & Services		1.0
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		6.6
Short-Term Investment		5.1

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	471	Euro STOXX 50 Index		12/18/15		EUR	$	17,625	$	384
	90	FTSE 100 Index		12/18/15		GBP		8,769		(58	)
									$	326

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 17

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.2%
		Bermuda — 0.5%
	34	Wilson Sons Ltd., BDR		295
		Brazil — 39.1%
	756	AMBEV S.A., ADR		3,682
	82	Arezzo Industria e Comercio S.A.		446
	108	Banco Bradesco S.A., ADR		587
	187	BB Seguridade Participacoes S.A.		1,288
	409	BM&FBovespa S.A.—Bolsa de Valores Mercadorias e Futuros		1,210
	110	CCR S.A.		344
	179	Embraer S.A.		1,310
	151	Estacio Participacoes S.A.		606
	99	Ez Tec Empreendimentos e Participacoes S.A.		325
	121	Iochpe Maxion S.A.		500
	538	Itau Unibanco Holding S.A. (Preference Shares), ADR		3,686
	50	Linx S.A.		606
	319	Lojas Renner S.A.		1,530
	1	LPS Brasil Consultoria de Imoveis S.A.		1
	38	Multiplus S.A.		334
	261	Odontoprev S.A.		668
	119	Qualicorp S.A.		502
	179	Raia Drogasil S.A.		1,854
	37	TOTVS S.A.		326
	69	Tractebel Energia S.A.		602
	133	Transmissora Alianca de Energia Eletrica S.A.		684
	62	Ultrapar Participacoes S.A.		1,080
	145	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.		1,651
	326	WEG S.A.		1,218
				25,040
		Chile — 4.1%
	25,174	Banco Santander Chile		1,195
	211	S.A.C.I. Falabella		1,414
				2,609
		Luxembourg — 1.3%
	25	Globant S.A. (a)		865
		Mexico — 36.2%
	471	Alfa S.A.B. de C.V., Class A		981
	81	America Movil S.A.B. de C.V., Class L, ADR		1,435
	699	Bolsa Mexicana de Valores S.A.B. de C.V.		1,166
	173	Cemex S.A.B. de C.V., ADR (a)		1,091
	481	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		471
	585	Corp. Inmobiliaria Vesta S.A.B. de C.V.		960
	49	El Puerto de Liverpool S.A.B de C.V., Class C1		682
	313	Fibra Uno Administracion S.A. de C.V.		688
	31	Fomento Economico Mexicano S.A.B. de C.V., ADR		3,031

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — continued
	1,151	Gentera S.A.B. de C.V.		2,120
	103	Gruma S.A.B. de C.V., Class B		1,593
	195	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (a)		1,004
	128	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,152
	13	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		1,968
	133	Grupo Financiero Banorte S.A.B. de C.V., Class O		716
	283	Grupo Financiero Santander Mexico S.A.B. de C.V., Class B		520
	294	Infraestructura Energetica Nova S.A.B. de C.V.		1,418
	144	Promotora y Operadora de Infraestructura S.A.B. de C.V. (a)		1,804
	311	Qualitas Controladora S.A.B. de C.V. (a)		387
				23,187
		Panama — 1.7%
	21	Copa Holdings S.A., Class A		1,079
		Peru — 5.2%
	22	Credicorp Ltd.		2,470
	44	Grana y Montero S.A., ADR		179
	28	Intercorp Financial Services, Inc., Series INC		710
				3,359
		Spain — 0.7%
	125	Cemex Latam Holdings S.A. (a)		435
		United States — 2.4%
	40	First Cash Financial Services, Inc. (a)		1,541
		Total Common Stocks (Cost $69,312)		58,410
	Preferred Stocks — 5.0%
		Brazil — 5.0%
	703	Itausa—Investimentos Itau S.A.		1,312
	315	Marcopolo S.A.		159
	400	Suzano Papel e Celulose S.A.		1,717
		Total Preferred Stocks (Cost $5,428)		3,188
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	1,354	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $1,354)		1,354
		Total Investments — 98.3% (Cost $76,094)		62,952
		Other Assets in Excess of Liabilities — 1.7%		1,118
		NET ASSETS — 100.0%	$	64,070

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		17.8	%
Beverages		10.7
Transportation Infrastructure		7.6
Consumer Finance		5.8
Multiline Retail		5.8
Diversified Financial Services		3.8
Construction & Engineering		3.1
Machinery		3.0
Food & Staples Retailing		2.9
Software		2.9
Paper & Forest Products		2.7
Insurance		2.7
Commercial Services & Supplies		2.6
Food Products		2.5
Construction Materials		2.4

INDUSTRY	PERCENTAGE
Wireless Telecommunication Services		2.2	%
Gas Utilities		2.2
Aerospace & Defense		2.0
Health Care Providers & Services		1.9
Real Estate Investment Trusts (REITs)		1.8
Oil, Gas & Consumable Fuels		1.7
Airlines		1.7
Industrial Conglomerates		1.6
Real Estate Management & Development		1.5
Electric Utilities		1.1
Diversified Consumer Services		1.0
Independent Power & Renewable Electricity Producers		1.0
Others (each less than 1.0%)		1.8
Short-Term Investment		2.2

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 19

J.P. Morgan Country/Region Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

ADR	—  American Depositary Receipt
BDR	—  Brazilian Depositary Receipt
CVA	—  Dutch Certification
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.

(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—  Amount rounds to less than 1,000 (shares or dollars).
(l)	—  The rate shown is the current yield as of October 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are as follows (amounts in thousands):

Fund	Value		Percentage
Asia Pacific Fund	$	3,611		89.7	%
China Region Fund		30,982		87.1
Intrepid European Fund		1,012,625		94.0

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	Asia Pacific Fund			China Region Fund			Intrepid European Fund			Latin America Fund
ASSETS:
Investments in non-affiliates, at value	$	4,025		$	35,572		$	1,022,768		$	61,598
Investments in affiliates, at value		—			—			54,982			1,354
Total investment securities, at value		4,025			35,572			1,077,750			62,952
Cash		79			262			98			333
Foreign currency, at value		51			209			2,268			—
Deposits at broker for futures contracts		—			—			2,966			—
Receivables:
Investment securities sold		15			89			7,789			1,088
Fund shares sold		—	(a)		17			1,919			218
Dividends from non-affiliates		2			—			1,264			68
Dividends from affiliates		—			—			2			—	(a)
Tax reclaims		—			—			1,766			—
Due from Adviser		43			—			—			—
Total Assets		4,215			36,149			1,095,822			64,659
LIABILITIES:
Payables:
Investment securities purchased		—			80			24,990			401
Fund shares redeemed		200			652			386			26
Variation margin on futures contracts		—			—			230			—
Accrued liabilities:
Investment advisory fees		—			10			572			37
Administration fees		—			1			73			—
Distribution fees		1			3			93			4
Shareholder servicing fees		—			8			198			11
Custodian and accounting fees		35			108			67			36
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		—	(a)		—	(a)
Audit fees		52			57			55			53
Other		5			41			146			21
Total Liabilities		293			960			26,810			589
Net Assets	$	3,922		$	35,189		$	1,069,012		$	64,070

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

	Asia Pacific Fund			China Region Fund			Intrepid European Fund			Latin America Fund
NET ASSETS:
Paid-in-Capital	$	3,585		$	26,214		$	1,276,486		$	118,793
Accumulated undistributed (distributions in excess of) net investment income		60			1,845			14,778			755
Accumulated net realized gains (losses)		(229	)		(1,231	)		(245,176	)		(42,327	)
Net unrealized appreciation (depreciation)		506			8,361			22,924			(13,151	)
Total Net Assets	$	3,922		$	35,189		$	1,069,012		$	64,070
Net Assets:
Class A	$	1,099		$	5,651		$	219,548		$	12,044
Class C		243			2,610			75,145			2,108
Institutional Class		—			—			194,930			—
Select Class		2,580			26,928			579,389			49,918
Total	$	3,922		$	35,189		$	1,069,012		$	64,070
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		65			318			8,994			1,065
Class C		14			152			3,452			190
Institutional Class		—			—			7,756			—
Select Class		152			1,507			23,338			4,379
Net Asset Value (a):
Class A — Redemption price per share	$	16.90		$	17.73		$	24.41		$	11.31
Class C — Offering price per share (b)		16.83			17.20			21.77			11.06
Institutional Class — Offering and redemption price per share		—			—			25.13			—
Select Class — Offering and redemption price per share		16.97			17.87			24.83			11.40
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.84		$	18.71		$	25.76		$	11.94
Cost of investments in non-affiliates	$	3,519		$	27,211		$	999,985		$	74,740
Cost of investments in affiliates		—			—			54,982			1,354
Cost of foreign currency		51			210			2,268			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 23

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

(Amounts in thousands)

	Asia Pacific Fund			China Region Fund			Intrepid European Fund			Latin America Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	187		$	6,851		$	32,047		$	2,192
Dividend income from affiliates		—			—			16			—	(a)
Foreign taxes withheld		(12	)		(521	)		(2,413	)		(30	)
Total investment income		175			6,330			29,650			2,162
EXPENSES:
Investment advisory fees		59			3,384			6,577			825
Administration fees		5			229			830			68
Distribution fees:
Class A		3			17			493			45
Class B (b)		—			—			12			—
Class C		2			18			488			20
Shareholder servicing fees:
Class A		3			17			493			45
Class B (b)		—			—			4			—
Class C		1			6			163			7
Institutional Class		—			—			273			—
Select Class		12			675			1,188			154
Custodian and accounting fees		114			179			207			79
Interest expense to affiliates		2			5			6			—	(a)
Professional fees		75			94			111			83
Trustees’ and Chief Compliance Officer’s fees		—	(a)		3			10			1
Printing and mailing costs		8			27			81			6
Registration and filing fees		44			66			204			69
Transfer agent fees		4			15			59			10
Sub-transfer agent fees (See Note 2.I.)		1			9			430			42
Other		5			10			14			6
Total expenses		338			4,754			11,643			1,460
Less fees waived		(80	)		(372	)		(56	)		(233	)
Less expense reimbursements		(166	)		—			—			(2	)
Net expenses		92			4,382			11,587			1,225
Net investment income (loss)		83			1,948			18,063			937
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(206	)		58,058			(5,583	)		(13,573	)
Futures		—			—			(523	)		—
Foreign currency transactions		(20	)		(154	)		(1	)		(40	)
Net realized gain (loss)		(226	)		57,904			(6,107	)		(13,613	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(383	)		(56,141	)		14,096			(23,507	)
Futures		—			—			226			—
Foreign currency translations		—	(a)		1			(109	)		(11	)
Change in net unrealized appreciation/depreciation		(383	)		(56,140	)		14,213			(23,518	)
Net realized/unrealized gains (losses)		(609	)		1,764			8,106			(37,131	)
Change in net assets resulting from operations	$	(526	)	$	3,712		$	26,169		$	(36,194	)

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Asia Pacific Fund						China Region Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	83		$	115		$	1,948		$	1,936
Net realized gain (loss)		(226	)		266			57,904			27,804
Change in net unrealized appreciation/depreciation		(383	)		(65	)		(56,140	)		(4,874	)
Change in net assets resulting from operations		(526	)		316			3,712			24,866
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(12	)		(9	)		(17	)		(19	)
From net realized gains		(17	)		—			(1,561	)		—
Class C
From net investment income		(3	)		(2	)		(1	)		—
From net realized gains		(6	)		—			(524	)		—
Select Class
From net investment income		(90	)		(60	)		(2,062	)		(3,313	)
From net realized gains		(101	)		—			(56,611	)		—
Total distributions to shareholders		(229	)		(71	)		(60,776	)		(3,332	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,201	)		882			(245,912	)		(331,509	)
NET ASSETS:
Change in net assets		(2,956	)		1,127			(302,976	)		(309,975	)
Beginning of period		6,878			5,751			338,165			648,140
End of period	$	3,922		$	6,878		$	35,189		$	338,165
Accumulated undistributed (distributions in excess of) net investment income	$	60		$	96		$	1,845		$	1,899

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 25

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid European Fund						Latin America Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	18,063		$	35,364		$	937		$	870
Net realized gain (loss)		(6,107	)		(40,262	)		(13,613	)		(9,232	)
Change in net unrealized appreciation/depreciation		14,213			(54,442	)		(23,518	)		920
Change in net assets resulting from operations		26,169			(59,340	)		(36,194	)		(7,442	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,957	)		(74	)		(46	)		(167	)
Class B (a)
From net investment income		(83	)		(1	)		—			—
Class C
From net investment income		(1,910	)		(8	)		(3	)		(7	)
Institutional Class
From net investment income		(15,040	)		(2,045	)		—			—
Select Class
From net investment income		(13,713	)		(415	)		(366	)		(843	)
Total distributions to shareholders		(36,703	)		(2,543	)		(415	)		(1,017	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		36,262			401,277			(9,057	)		(20,119	)
NET ASSETS:
Change in net assets		25,728			339,394			(45,666	)		(28,578	)
Beginning of period		1,043,284			703,890			109,736			138,314
End of period	$	1,069,012		$	1,043,284		$	64,070		$	109,736
Accumulated undistributed (distributions in excess of) net investment income	$	14,778		$	33,419		$	755		$	273

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

	Asia Pacific Fund						China Region Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,899		$	539		$	9,418		$	3,873
Distributions reinvested		29			9			1,558			19
Cost of shares redeemed		(1,502	)		(390	)		(7,025	)		(5,897	)
Change in net assets resulting from Class A capital transactions	$	426		$	158		$	3,951		$	(2,005	)
Class C
Proceeds from shares issued	$	121		$	64		$	2,203		$	883
Distributions reinvested		9			2			403			—
Cost of shares redeemed		(143	)		(95	)		(1,062	)		(655	)
Change in net assets resulting from Class C capital transactions	$	(13	)	$	(29	)	$	1,544		$	228
Select Class
Proceeds from shares issued	$	2,277		$	1,477		$	51,374		$	88,795
Distributions reinvested		137			48			1,507			40
Cost of shares redeemed		(5,028	)		(772	)		(304,288	)		(418,567	)
Change in net assets resulting from Select Class capital transactions	$	(2,614	)	$	753		$	(251,407	)	$	(329,732	)
Total change in net assets resulting from capital transactions	$	(2,201	)	$	882		$	(245,912	)	$	(331,509	)
SHARE TRANSACTIONS:
Class A
Issued		97			29			394			174
Reinvested		2			—	(a)		84			1
Redeemed		(85	)		(21	)		(352	)		(278	)
Change in Class A Shares		14			8			126			(103	)
Class C
Issued		7			4			96			42
Reinvested		—	(a)		—	(a)		23
Redeemed		(8	)		(6	)		(53	)		(33	)
Change in Class C Shares		(1	)		(2	)		66			9
Select Class
Issued		120			80			2,264			4,264
Reinvested		8			3			80			2
Redeemed		(268	)		(40	)		(15,818	)		(20,152	)
Change in Select Class Shares		(140	)		43			(13,474	)		(15,886	)

(a) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid European Fund						Latin America Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	101,001		$	229,589		$	4,301		$	21,282
Distributions reinvested		5,618			72			46			162
Cost of shares redeemed		(79,205	)		(124,537	)		(10,703	)		(17,503	)
Conversion from Class B Shares		1,748			132			—			—
Change in net assets resulting from Class A capital transactions	$	29,162		$	105,256		$	(6,358	)	$	3,941
Class B (a)
Proceeds from shares issued	$	21		$	157		$	—		$	—
Distributions reinvested		78			1			—			—
Cost of shares redeemed		(1,646	)		(2,147	)		—			—
Conversion to Class A Shares		(1,748	)		(132	)		—			—
Change in net assets resulting from Class B capital transactions	$	(3,295	)	$	(2,121	)	$	—		$	—
Class C
Proceeds from shares issued	$	35,114		$	60,330		$	697		$	1,182
Distributions reinvested		1,620			6			3			6
Cost of shares redeemed		(22,267	)		(16,131	)		(1,189	)		(1,430	)
Change in net assets resulting from Class C capital transactions	$	14,467		$	44,205		$	(489	)	$	(242	)
Institutional Class
Proceeds from shares issued	$	211,567		$	532,908		$	—		$	—
Distributions reinvested		1,521			53			—			—
Cost of shares redeemed		(389,848	)		(384,212	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	(176,760	)	$	148,749		$	—		$	—
Select Class
Proceeds from shares issued	$	311,755		$	512,017		$	8,351		$	19,549
Distributions reinvested		8,848			92			351			646
Cost of shares redeemed		(147,915	)		(406,921	)		(10,912	)		(44,013	)
Change in net assets resulting from Select Class capital transactions	$	172,688		$	105,188		$	(2,210	)	$	(23,818	)
Total change in net assets resulting from capital transactions	$	36,262		$	401,277		$	(9,057	)	$	(20,119	)

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

	Intrepid European Fund						Latin America Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		4,087			8,729			296			1,192
Reinvested		237			3			3			10
Redeemed		(3,257	)		(4,840	)		(760	)		(1,013	)
Conversion from Class B Shares		69			5			—			—
Change in Class A Shares		1,136			3,897			(461	)		189
Class B (a)
Issued		—	(b)		7			—			—
Reinvested		4			—	(b)		—			—
Redeemed		(74	)		(91	)		—			—
Conversion to Class A Shares		(77	)		(5	)		—			—
Change in Class B Shares		(147	)		(89	)		—			—
Class C
Issued		1,587			2,553			53			67
Reinvested		76			—	(b)		—	(b)		—	(b)
Redeemed		(1,022	)		(713	)		(84	)		(83	)
Change in Class C Shares		641			1,840			(31	)		(16	)
Institutional Class
Issued		8,326			20,431			—			—
Reinvested		62			2			—			—
Redeemed		(15,520	)		(15,356	)		—			—
Change in Institutional Class Shares		(7,132	)		5,077			—			—
Select Class
Issued		12,569			19,344			576			1,104
Reinvested		367			4			23			37
Redeemed		(6,018	)		(15,993	)		(734	)		(2,495	)
Change in Select Class Shares		6,918			3,355			(135	)		(1,354	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Asia Pacific Fund
Class A
Year Ended October 31, 2015	$	19.14	$	0.29	(f)(g)	$	(1.92	)	$	(1.63	)	$	(0.26	)	$	(0.35	)	$	(0.61	)
Year Ended October 31, 2014		18.54		0.28	(f)		0.52			0.80			(0.20	)		—			(0.20	)
Year Ended October 31, 2013		16.22		0.24			2.30			2.54			(0.22	)		—			(0.22	)
November 30, 2011 (j) through October 31, 2012		15.00		0.13			1.09			1.22			—			—			—
Class C
Year Ended October 31, 2015		19.07		0.11	(f)(g)		(1.82	)		(1.71	)		(0.18	)		(0.35	)		(0.53	)
Year Ended October 31, 2014		18.47		0.19	(f)		0.51			0.70			(0.10	)		—			(0.10	)
Year Ended October 31, 2013		16.15		0.16			2.28			2.44			(0.12	)		—			(0.12	)
November 30, 2011 (j) through October 31, 2012		15.00		0.05			1.10			1.15			—			—			—
Select Class
Year Ended October 31, 2015		19.22		0.23	(f)(g)		(1.83	)		(1.60	)		(0.30	)		(0.35	)		(0.65	)
Year Ended October 31, 2014		18.61		0.36	(f)		0.49			0.85			(0.24	)		—			(0.24	)
Year Ended October 31, 2013		16.26		0.25			2.34			2.59			(0.24	)		—			(0.24	)
November 30, 2011 (j) through October 31, 2012		15.00		0.16			1.10			1.26			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Includes interest expense of 0.02%.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the periods ended October 31, 2013 and October 31, 2012.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	16.90		(8.69	)%	$	1,099		1.57	%(h)		1.57	%(g)		5.78	%		113	%
	19.14		4.37			968		1.55			1.50			4.50			73
	18.54		15.79			792		1.55	(i)		1.44	(i)		6.50	(i)		89
	16.22		8.13			233		1.62	(i)		1.81	(i)		13.29	(i)		215
	16.83		(9.12	)		243		2.07	%(h)		0.61	(g)		6.06			113
	19.07		3.83			288		2.05			1.02			5.09			73
	18.47		15.20			315		2.05	(i)		0.71	(i)		7.07	(i)		89
	16.15		7.67			55		2.21	(i)		0.38	(i)		11.03	(i)		215
	16.97		(8.48	)		2,580		1.32	%(h)		1.23	(g)		4.95			113
	19.22		4.64			5,622		1.30			1.91			4.28			73
	18.61		16.06			4,644		1.30	(i)		1.55	(i)		6.59	(i)		89
	16.26		8.40			3,177		1.46	(i)		1.13	(i)		10.30	(i)		215

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
China Region Fund
Class A
Year Ended October 31, 2015	$	22.02	$	0.25	(d)(e)	$	(0.57	)(f)	$	(0.32	)	$	(0.08	)	$	(3.89	)	$	(3.97	)	$	—
Year Ended October 31, 2014		20.62		0.09	(d)(g)		1.37			1.46			(0.06	)		—			(0.06	)		—
Year Ended October 31, 2013		17.73		0.08	(d)		2.81			2.89			—			—			—			—
Year Ended October 31, 2012		16.64		0.10	(d)		1.13			1.23			(0.14	)		—			(0.14	)		—
Year Ended October 31, 2011		19.73		0.12	(d)		(3.18	)		(3.06	)		(0.03	)		—			(0.03	)		—	(h)
Class C
Year Ended October 31, 2015		21.50		0.08	(d)(e)		(0.48	)(f)		(0.40	)		(0.01	)		(3.89	)		(3.90	)		—
Year Ended October 31, 2014		20.18		0.03	(d)(g)		1.29			1.32			—			—			—			—
Year Ended October 31, 2013		17.43		0.01	(d)		2.74			2.75			—			—			—			—
Year Ended October 31, 2012		16.31		—	(d)(h)		1.13			1.13			(0.01	)		—			(0.01	)		—
Year Ended October 31, 2011		19.41		0.01	(d)		(3.11	)		(3.10	)		—			—			—			—	(h)
Select Class
Year Ended October 31, 2015		22.17		0.16	(d)(e)		(0.43	)(f)		(0.27	)		(0.14	)		(3.89	)		(4.03	)		—
Year Ended October 31, 2014		20.75		0.09	(d)(g)		1.44			1.53			(0.11	)		—			(0.11	)		—
Year Ended October 31, 2013		17.84		0.22	(d)		2.74			2.96			(0.05	)		—			(0.05	)		—
Year Ended October 31, 2012		16.75		0.12	(d)		1.15			1.27			(0.18	)		—			(0.18	)		—
Year Ended October 31, 2011		19.87		0.15	(d)		(3.19	)		(3.04	)		(0.08	)		—			(0.08	)		—	(h)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(f) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.04, $(0.02) and $0.04 for Class A, Class C and Select Class, respectively, and the net investment income (loss) ratio would have been 0.19%, (0.08)% and 0.21% for Class A, Class C and Select Class Shares, respectively.

(h) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	17.73		(2.04	)%	$	5,651		1.75	%		1.15	%(e)		2.10	%		176	%
	22.02		7.12			4,237		1.85			0.42	(g)		2.02			72
	20.62		16.30			6,079		1.85			0.44			2.29			72
	17.73		7.51			3,138		1.98			0.61			5.40			85
	16.64		(15.52	)		3,590		2.00			0.59			3.55			83
	17.20		(2.49	)		2,610		2.24			0.37	(e)		2.62			176
	21.50		6.54			1,857		2.35			0.15	(g)		2.52			72
	20.18		15.78			1,550		2.35			0.03			2.82			72
	17.43		6.97			1,441		2.48			(0.01	)		5.89			85
	16.31		(15.97	)		1,875		2.50			0.06			4.05			83
	17.87		(1.81	)		26,928		1.56			0.69	(e)		1.69			176
	22.17		7.39			332,071		1.60			0.43	(g)		1.76			72
	20.75		16.62			640,511		1.60			1.13			1.82			72
	17.84		7.78			4,483		1.73			0.70			5.15			85
	16.75		(15.35	)		4,369		1.75			0.76			3.32			83

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Intrepid European Fund
Class A
Year Ended October 31, 2015	$	24.54	$	0.36	(d)	$	0.32		$	0.68		$	(0.81	)	$	—
Year Ended October 31, 2014		24.79		0.66	(d)		(0.90	)		(0.24	)		(0.01	)		—
Year Ended October 31, 2013		17.89		0.27	(d)		6.87			7.14			(0.24	)		—
Year Ended October 31, 2012		16.98		0.26	(d)(e)		1.19			1.45			(0.54	)		—
Year Ended October 31, 2011		18.28		0.27	(d)		(1.28	)		(1.01	)		(0.29	)		—	(f)
Class C
Year Ended October 31, 2015		21.99		0.21	(d)		0.29			0.50			(0.72	)		—
Year Ended October 31, 2014		22.32		0.47	(d)		(0.79	)		(0.32	)		(0.01	)		—
Year Ended October 31, 2013		16.11		0.18	(d)		6.16			6.34			(0.13	)		—
Year Ended October 31, 2012		15.33		0.22	(d)(e)		1.01			1.23			(0.45	)		—
Year Ended October 31, 2011		16.53		0.16	(d)		(1.16	)		(1.00	)		(0.20	)		—	(f)
Institutional Class
Year Ended October 31, 2015		25.23		0.54	(d)		0.28			0.82			(0.92	)		—
Year Ended October 31, 2014		25.46		0.79	(d)		(0.93	)		(0.14	)		(0.09	)		—
Year Ended October 31, 2013		18.35		0.22	(d)		7.20			7.42			(0.31	)		—
Year Ended October 31, 2012		17.42		0.40	(d)(e)		1.17			1.57			(0.64	)		—
Year Ended October 31, 2011		18.75		0.37	(d)		(1.32	)		(0.95	)		(0.38	)		—	(f)
Select Class
Year Ended October 31, 2015		24.95		0.45	(d)		0.32			0.77			(0.89	)		—
Year Ended October 31, 2014		25.18		0.71	(d)		(0.88	)		(0.17	)		(0.06	)		—
Year Ended October 31, 2013		18.15		0.22	(d)		7.07			7.29			(0.26	)		—
Year Ended October 31, 2012		17.24		0.38	(d)(e)		1.12			1.50			(0.59	)		—
Year Ended October 31, 2011		18.54		0.32	(d)		(1.30	)		(0.98	)		(0.32	)		—	(f)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.24, $0.21, $0.39 and $0.37 for Class A, Class C, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.44%, 1.39%, 2.28% and 2.20% for Class A, Class C, Institutional Class and Select Class Shares, respectively.

(f) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	24.41		2.86	%	$	219,548		1.41	%		1.48	%		1.41	%		167	%
	24.54		(0.95	)		192,865		1.30			2.55			1.31			197
	24.79		40.30			98,202		1.47			1.30			1.76			253
	17.89		9.04			94,840		1.50			1.54	(e)		1.74			297
	16.98		(5.67	)		61,113		1.49			1.45			1.66			360
	21.77		2.37			75,145		1.91			0.98			1.91			167
	21.99		(1.46	)		61,814		1.80			2.00			1.81			197
	22.32		39.62			21,663		1.95			0.94			2.27			253
	16.11		8.47			8,953		2.00			1.48	(e)		2.26			297
	15.33		(6.13	)		11,605		1.99			0.93			2.16			360
	25.13		3.36			194,930		0.90			2.16			0.91			167
	25.23		(0.56	)		375,683		0.90			2.93			0.91			197
	25.46		40.95			249,744		0.98			0.96			1.18			253
	18.35		9.63			16,151		1.00			2.37	(e)		1.35			297
	17.42		(5.20	)		11,913		1.00			1.96			1.25			360
	24.83		3.22			579,389		1.07			1.81			1.07			167
	24.95		(0.68	)		409,675		1.05			2.69			1.06			197
	25.18		40.63			328,979		1.18			0.94			1.33			253
	18.15		9.27			15,469		1.25			2.29	(e)		1.51			297
	17.24		(5.43	)		17,629		1.23			1.71			1.40			360

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Latin America Fund
Class A
Year Ended October 31, 2015	$	17.43	$	0.14	(d)	$	(6.23	)	$	(6.09	)	$	(0.03	)	$	—
Year Ended October 31, 2014		18.47		0.10	(d)		(1.02	)		(0.92	)		(0.12	)		—
Year Ended October 31, 2013		18.46		0.10	(d)		(0.05	)		0.05			(0.04	)		—
Year Ended October 31, 2012		18.88		0.10	(d)		(0.49	)		(0.39	)		(0.03	)		—
Year Ended October 31, 2011		21.43		0.14	(d)		(2.71	)		(2.57	)		—			0.02
Class C
Year Ended October 31, 2015		17.11		0.06	(d)		(6.10	)		(6.04	)		(0.01	)		—
Year Ended October 31, 2014		18.12		0.02	(d)		(1.00	)		(0.98	)		(0.03	)		—
Year Ended October 31, 2013		18.21		0.01	(d)		(0.06	)		(0.05	)		(0.04	)		—
Year Ended October 31, 2012		18.72		0.01	(d)		(0.49	)		(0.48	)		(0.03	)		—
Year Ended October 31, 2011		21.35		0.04	(d)		(2.69	)		(2.65	)		—			0.02
Select Class
Year Ended October 31, 2015		17.58		0.17	(d)		(6.27	)		(6.10	)		(0.08	)		—
Year Ended October 31, 2014		18.63		0.16	(d)		(1.04	)		(0.88	)		(0.17	)		—
Year Ended October 31, 2013		18.59		0.15	(d)		(0.05	)		0.10			(0.06	)		—
Year Ended October 31, 2012		18.98		0.13	(d)		(0.48	)		(0.35	)		(0.04	)		—
Year Ended October 31, 2011		21.48		0.20	(d)		(2.71	)		(2.51	)		—			0.01

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	11.31		(34.97	)%	$	12,044		1.66	%		0.97	%		2.08	%		25	%
	17.43		(4.98	)		26,591		1.70			0.55			1.89			58
	18.47		0.25			24,688		1.70			0.54			1.91			37
	18.46		(2.04	)		17,490		1.86			0.52			2.03			49
	18.88		(11.90	)		11,297		1.89			0.71			2.00			53
	11.06		(35.30	)		2,108		2.16			0.45			2.58			25
	17.11		(5.42	)		3,778		2.20			0.11			2.39			58
	18.12		(0.30	)		4,292		2.20			0.07			2.42			37
	18.21		(2.54	)		3,370		2.37			0.05			2.52			49
	18.72		(12.32	)		3,522		2.39			0.22			2.50			53
	11.40		(34.80	)		49,918		1.41			1.22			1.65			25
	17.58		(4.72	)		79,367		1.45			0.88			1.64			58
	18.63		0.50			109,334		1.45			0.79			1.67			37
	18.59		(1.85	)		60,487		1.61			0.69			1.78			49
	18.98		(11.64	)		59,416		1.64			0.97			1.76			53

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 4 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Asia Pacific Fund	Class A, Class C and Select Class	Diversified
China Region Fund	Class A, Class C and Select Class	Non-Diversified
Intrepid European Fund	Class A, Class C, Institutional Class and Select Class	Diversified
Latin America Fund	Class A, Class C, Class R6* and Select Class	Non-Diversified

* Class R6 Shares commenced operations on November 2, 2015 for Latin America Fund.

The investment objectives of the Funds are as follows:

The Asia Pacific Fund seeks to provide long-term capital growth.

The China Region Fund and Latin America Fund will seek long-term capital growth.

The Intrepid European Fund seeks total return from long-term capital growth. Total return consists of capital growth and current income.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 —Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall

38 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable for inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Asia Pacific Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	33	$	690	$	—		$	723
China		21		790		—			811
Hong Kong		—		758		—			758
India		88		26		—			114
Indonesia		—		57		—			57
New Zealand		—		45		—			45
Philippines		—		74		—			74
Singapore		—		37		—			37
South Korea		—		655		—			655
Taiwan		—		347		—			347
Thailand		26		59		—			85
United Kingdom		—		14		—			14
Total Common Stocks		168		3,552		—			3,720
Structured Instruments
India		—		286		19			305
Total Investments in Securities	$	168	$	3,838	$	19	*	$	4,025

* Level 3 investments that are valued by brokers and pricing services. At October 31, 2015, the value of these investments was approximately $19,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

China Region Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	542	$	16,770	$	—	$	17,312
Hong Kong		471		9,392		—		9,863
Taiwan		2,340		4,349		—		6,689
Total Common Stocks		3,353		30,511		—		33,864
Structured Instruments
China		—		1,708		—		1,708
Total Investments in Securities	$	3,353	$	32,219	$	—	$	35,572

Intrepid European Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	9,442	$	—	$	9,442
Belgium		—			5,049		—		5,049
Denmark		—			62,445		—		62,445
Finland		—			20,132		—		20,132
France		6,273			192,389		—		198,662
Germany		10,408			135,270		—		145,678
Ireland		10,143			12,709		—		22,852
Italy		—			49,046		—		49,046
Luxembourg		—			4,966		—		4,966
Netherlands		21,826			33,925		—		55,751
Spain		—			36,228		—		36,228
Switzerland		—			58,475		—		58,475
United Kingdom		16,749			337,293		—		354,042
Total Common Stocks		65,399			957,369		—		1,022,768
Short-Term Investment
Investment Company		54,982			—		—		54,982
Total Investments in Securities	$	120,381		$	957,369	$	—	$	1,077,750
Appreciation in Other Financial Instruments
Futures Contracts	$	384		$	—	$	—	$	384
Depreciation in Other Financial Instruments
Futures Contracts	$	(58	)	$	—	$	—	$	(58	)

Latin America Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	62,952	$	—	$	—	$	62,952

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for the country specifics of portfolio holdings.

For Asia Pacific Fund transfers from Level 1 to Level 2 in the amount of approximately $47,000 are due to applying the fair value factors to certain securities as of October 31, 2015.

For China Region Fund transfers from Level 1 to Level 2 in the amount of approximately $2,923,000 are due to applying the fair value factors to certain securities as of October 31, 2015.

40 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

For Intrepid European Fund transfers from Level 2 to Level 1 in the amount of approximately $22,993,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.

For Latin America Fund there were no transfers among any levels during the year ended October 31, 2015.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

Asia Pacific Fund	Balance as of October 31, 2014		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of October 31, 2015
Structured Instruments — India	$	—	$	1	$	(9	)	$	—	$	7	$	(21	)	$	41	$	—	$	19

(1) Purchases include all purchases of securities and securities received in corporate actions.

(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

Transfers between fair value levels are valued utilizing values as of the beginning of the year.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2015, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(9,000). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of October 31, 2015, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Futures Contracts — Intrepid European Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Fund to equity price risk.

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2015 (amounts in thousands):

	Intrepid European Fund
Futures Contracts:
Average Notional Balance Long	$	16,297
Ending Notional Balance Long		26,394

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

D. Forward Foreign Currency Exchange Contracts — The Asia Pacific Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

As of October 31, 2015, the Fund did not hold any forward foreign currency exchange contracts.

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the year ended October 31, 2015 (amounts in thousands):

	Asia Pacific Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	10	(a)
Ending Settlement Value Purchased		—

(a) For the period January 1, 2015 through January 31, 2015.

The Funds’ forward foreign currency contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Intrepid European Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	384
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(58	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

42 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2015, by primary underlying risk exposure (amounts in thousands):

Asia Pacific Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	—	(a)

(a) Amount rounds to less than $1,000.

Intrepid European Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(523	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contracts	Futures Contracts
Equity contracts	$	226

The Funds’ derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

F. Structured Instruments — Asia Pacific Fund and China Region Fund invested in structured instruments that have similar economic characteristics to equity securities. These instruments often seek to replicate the performance of an underlying reference asset such as an equity security or market (“reference asset”). The value of these instruments is generally derived from the price movements of the reference asset. On maturity date of each instrument, the Funds will receive a payment from the instrument’s issuing entity based on the value of the reference asset and record a realized gain or loss. The instrument may receive dividends paid in connection with the reference asset which are reported as Net realized gain (loss) on investment transactions on the Statements of Operations.

Structured instruments may be issued by banks, broker dealers or their affiliates and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments. The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Funds to counterparty risk.

G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain or loss on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

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.

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Funds for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A		Class B		Class C			Institutional Class		Select Class			Total
Asia Pacific Fund	$	1		n/a	$	—	(a)		n/a	$	—	(a)	$	1
China Region Fund		3		n/a		1			n/a		5			9
Intrepid European Fund		217	$	3		71		$	28		111			430
Latin America Fund		32		n/a		5			n/a		5			42

(a) Amount rounds to less than $1,000.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2015, no liability for income tax is required on 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

L. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Asia Pacific Fund	$	—	$	(14	)	$	14
China Region Fund		—		78			(78	)
Intrepid European Fund		—		(1	)		1
Latin America Fund		—		(40	)		40

The reclassifications for the Funds relate primarily to foreign currency gains or losses, redesignation of distributions and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Asia Pacific Fund	0.90	%
China Region Fund	1.00	*
Intrepid European Fund	0.65
Latin America Fund	1.00

* Prior to July 1, 2015 the investment advisory fee was 1.25% for China Region Fund.

The Adviser, on behalf of Asia Pacific Fund and China Region Fund, has entered into investment sub-advisory agreements with JF International Management, Inc. (“JFIMI”), a wholly-owned subsidiary of JPMorgan Asset Management (Asia) Inc., which is wholly-owned by J.P. Morgan Asset Management Holdings Inc. For its services as sub-adviser, JFIMI receives a portion of the fees payable to the Adviser.

44 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Asia Pacific Fund	0.40	%
China Region Fund	0.48	*

* Prior to July 1, 2015 the sub-advisory fee was 0.60% for China Region Fund.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned 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 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B and Class C Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. 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:

	Class A			Class B			Class C
Asia Pacific Fund		0.25	%		n/a			0.75	%
China Region Fund		0.25			n/a			0.75
Intrepid European Fund		0.25			0.75	%		0.75
Latin America Fund		0.25			n/a			0.75

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Asia Pacific Fund	$	2		$ —	(a)
China Region Fund		7		—
Intrepid European Fund		133		3
Latin America Fund		1		—	(a)

(a) Amount rounds to less than $1,000.

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has 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:

	Class A			Class B			Class C			Institutional Class			Select Class
Asia Pacific Fund		0.25	%		n/a			0.25	%		n/a			0.25	%
China Region Fund		0.25			n/a			0.25			n/a			0.25
Intrepid European Fund		0.25			0.25	%		0.25			0.10	%		0.25
Latin America Fund		0.25			n/a			0.25			n/a			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class B			Class C			Institutional Class			Select Class
Asia Pacific Fund		1.55	%		n/a			2.05	%		n/a			1.30	%
China Region Fund*		1.55			n/a			2.05			n/a			1.30
Intrepid European Fund		1.50			2.00	%		2.00			1.00	%		1.25
Latin America Fund**		1.55			n/a			2.05			n/a			1.30

* Prior to July 1, 2015, the contractual expense limitations for China Region Fund were 1.85%, 2.35% and 1.60% for Class A, Class C and Select Class Shares, respectively.

** Prior to July 1, 2015, the contractual expense limitations for Latin America Fund were 1.70%, 2.20% and 1.45% for Class A, Class C and Select Class Shares, respectively.

The expense limitation agreements were in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016 for Asia Pacific Fund and Intrepid European Fund and June 30, 2016 for China Region Fund and Latin America Fund, except Class B Shares which are no longer operating.

For the year ended October 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Asia Pacific Fund	$	59	$	5	$	16	$	80	$	166
China Region Fund		246		117		9		372		—
Intrepid European Fund		—		—		1		1		—
Latin America Fund		134		63		34		231		2

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 were as follows (amounts in thousands):

Intrepid European Fund	$	55
Latin America Fund		2

G. Other — Certain officers of the Trust are affiliated with the Adviser, 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 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 on the Statements of Operations.

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

During the year ended October 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

46 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

The Funds may use related party broker-dealers. For the year ended October 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Asia Pacific Fund	$	—	(a)
Intrepid European Fund		105
Latin America Fund		1

(a) Amount rounds to less than $1,000.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Asia Pacific Fund	$	6,990	$	9,001
China Region Fund		483,244		787,782
Intrepid European Fund		1,642,640		1,630,126
Latin America Fund		20,258		29,340

During the year ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Asia Pacific Fund	$	3,570	$	581	$	126	$	455
China Region Fund		28,443		7,695		566		7,129
Intrepid European Fund		1,061,426		55,289		38,965		16,324
Latin America Fund		76,476		7,258		20,782		(13,524	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are 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.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Asia Pacific Fund	$	105	$	124	$	229
China Region Fund		3,145		57,631		60,776
Intrepid European Fund		36,703		—		36,703
Latin America Fund		415		—		415

The tax character of distributions paid during the year ended October 31, 2014 was as follows (amounts in thousands):

	Ordinary Income		Total Distributions Paid
Asia Pacific Fund	$	71	$	71
China Region Fund		3,332		3,332
Intrepid European Fund		2,543		2,543
Latin America Fund		1,017		1,017

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Asia Pacific Fund	$	60	$	(179	)	$	455
China Region Fund		1,849		—			7,129
Intrepid European Fund		14,792		(238,392	)		16,139
Latin America Fund		760		(41,947	)		(13,535	)

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of October 31, 2015, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short- Term		Long- Term
Asia Pacific Fund	$	179	$	—
Intrepid European Fund		42,293		—
Latin America Fund		15,691		19,043

As of October 31, 2015, 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):

	2016		2017		2019		Total
Intrepid European Fund	$	97,190	$	98,909	$	—	$	196,099
Latin America Fund		1,454		2,277		3,482		7,213

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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015. Average borrowings from the Facility for the year ended October 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Intrepid European Fund	$	78,290		0.23	%		4	$	2

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on 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 Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represents 40.2%, 63.2% and 15.3% of the respective Fund’s net assets for each of the Asia Pacific Fund, China Region Fund and Intrepid European Fund, respectively.

48 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

In addition, the J.P. Morgan Investor Funds, which are affiliated funds of funds, own in the aggregate, more than 10% of the net assets of certain of the Funds as follows:

	J.P. Morgan Investor Funds
Intrepid European Fund		29.8	%
Latin America Fund		65.6

As of October 31, 2015, the Adviser owns 23.7% of the Asia Pacific Fund’s outstanding shares.

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2015, substantially all of the Funds’ net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Asia Pacific Fund invests in securities of foreign companies located throughout the Asia Pacific Region. The China Region Fund invests primarily in equity securities of companies in the China Region. In general, China Region companies are those that are organized under the laws of, or have a principal office in, the People’s Republic of China (including Hong Kong and Macau) (“China”), or Taiwan; or the principal securities market for which is China or Taiwan. The Latin America Fund invests primarily in equity securities of Latin America issuers or other investments economically tied to Latin America.

A company of a specific country or region is one that is organized under the laws of, or has a principal office in that country or region; the principal securities market for which is that country or region; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in that country or region; or at least 50% of the assets of which are located in that country or region.

Because these Funds may invest a significant portion of their assets in these markets, they are subject to greater risks of adverse events that occur in those markets and may experience greater volatility than a Fund that is more broadly diversified geographically.

As of October 31, 2015, the Funds had the following country allocations representing greater than 10% of total investments:

	Australia			Brazil			China			France			Germany			Hong Kong			India			Mexico			South Korea			Taiwan			United Kingdom
Asia Pacific Fund		18.0	%		—			20.2	%		—			—			18.8	%		10.4	%		—			16.3	%		—			—
China Region Fund		—			—			53.5			—			—			27.7			—			—			—			18.8	%		—
Intrepid European Fund		—			—			—			18.4	%		13.5	%		—			—			—			—			—			32.9	%
Latin America Fund		—			44.8	%		—			—			—			—			—			36.8	%		—			—			—

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 49

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Asia Pacific Fund, JPMorgan China Region Fund, JPMorgan Intrepid European Fund and JPMorgan Latin America 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 Asia Pacific Fund, JPMorgan China Region Fund, JPMorgan Intrepid European Fund and JPMorgan Latin America Fund (each a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015, 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

50 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 51

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

52 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 53

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments and redemption fees 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, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Asia Pacific Fund
Class A
Actual	$	1,000.00	$	849.20	$	7.41		1.59	%
Hypothetical		1,000.00		1,017.19		8.08		1.59
Class C
Actual		1,000.00		847.40		9.78		2.10
Hypothetical		1,000.00		1,014.62		10.66		2.10
Select Class
Actual		1,000.00		850.20		6.34		1.36
Hypothetical		1,000.00		1,018.35		6.92		1.36
China Region Fund
Class A
Actual		1,000.00		825.70		7.78		1.69
Hypothetical		1,000.00		1,016.69		8.59		1.69
Class C
Actual		1,000.00		823.80		9.98		2.17
Hypothetical		1,000.00		1,014.27		11.02		2.17
Select Class
Actual		1,000.00		827.00		6.91		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Intrepid European Fund
Class A
Actual		1,000.00		974.10		6.92		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class C
Actual		1,000.00		971.40		9.44		1.90
Hypothetical		1,000.00		1,015.63		9.65		1.90

54 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid European Fund (continued)
Institutional Class
Actual	$	1,000.00	$	975.90	$	4.53		0.91	%
Hypothetical		1,000.00		1,020.62		4.63		0.91
Select Class
Actual		1,000.00		975.60		5.28		1.06
Hypothetical		1,000.00		1,019.86		5.40		1.06
Latin America Fund
Class A
Actual		1,000.00		764.20		7.16		1.61
Hypothetical		1,000.00		1,017.09		8.19		1.61
Class C
Actual		1,000.00		761.70		9.37		2.11
Hypothetical		1,000.00		1,014.57		10.71		2.11
Select Class
Actual		1,000.00		765.10		6.05		1.36
Hypothetical		1,000.00		1,018.35		6.92		1.36

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

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein, and sub-advisory agreements for the Asia Pacific Fund and China Region Fund, (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The

Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Funds and by the sub-adviser from the Adviser, as applicable, under the applicable Advisory Agreements was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s and sub-adviser’s, as applicable, senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser and sub-adviser, as applicable. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s and sub-adviser’s, as applicable, risk governance model and reports showing the Adviser’s and sub-adviser’s, as applicable, compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser and sub-adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates, and sub-adviser, as applicable, to the Funds, gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser, sub-adviser, as applicable, and their affiliates, the

56 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

commitment of the Adviser and sub-adviser, as applicable, to provide high quality service to the Funds, their overall confidence in the Adviser’s and sub-adviser’s, as applicable, integrity and the Adviser’s and sub-adviser’s, as applicable, responsiveness to questions or concerns raised by them, including the Adviser’s and sub-adviser’s, as applicable, willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund. In addition, with respect to Asia Pacific Fund and China Region Fund, the Trustees considered the different roles and responsibilities performed by the Adviser and sub-adviser under the Advisory Agreements, including the Adviser’s monitoring and evaluating of the sub-adviser to help ensure that the sub-adviser is managing the Fund consistently with its investment objective and restrictions.

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and sub-adviser, as applicable, and their affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser or sub-adviser, as applicable.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser and sub-adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 57

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Asia Pacific Fund’s performance was in the fourth quintile for Class A shares and in the fourth and third quintiles for Select Class shares for the one- and three-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be

reviewed with members of the equity committee at each of their regular scheduled meetings over the course of the next year.

The Trustees noted that the China Region Fund’s performance was in the second quintile for Class A shares and in the second, first, and second quintiles for the Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Intrepid European Fund’s performance was in the third, first and second quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Latin America Fund’s performance was in the second, second and first quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees also considered the fee paid by the Adviser to the sub-adviser, as applicable, out of the advisory fee. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory

58 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Asia Pacific Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee paid by the Fund to the Adviser and by the Adviser to the sub-adviser was reasonable.

The Trustees noted that the China Region Fund’s net advisory fee for Class A and Select Class shares was in the fourth and fifth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth quintile of the Universe Group. The Trustees also noted that, effective July 1, 2015, the Fund’s contractual advisory fee, contractual sub-advisory fee, and expense caps were reduced. After considering the factors identified above, in light of this

information, the Trustees concluded that the advisorys fee paid by the Fund to the Adviser and by the Adviser to the sub-adviser were reasonable.

The Trustees noted that the Intrepid European Fund’s net advisory fee for Class A and Select Class shares was in the second and first quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Latin America Fund’s net advisory fee and actual total expenses for Class A shares were in the fourth and third quintiles of the Universe Group, respectively. The Trustees also noted that, effective July 1, 2015, the Fund’s expense caps were reduced. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2015 J.P. MORGAN COUNTRY/REGION FUNDS 59

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 October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Long- Term Capital Gain Distribution
Asia Pacific Fund	$	124
China Region Fund		57,631

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Qualified Dividend Income
Asia Pacific Fund	$	117
China Region Fund		3,649
Intrepid European Fund		34,678
Latin America Fund		461

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2015, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Asia Pacific Fund	$	183	$	12
China Region Fund		6,590		641
Intrepid European Fund		32,122		2,522
Latin America Fund		2,199		46

60 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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 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 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-INTEQ-CO-1015

Annual Report

J.P. Morgan SMA Funds

October 31, 2015

JPMorgan International Value SMA Fund

JPMorgan Tax Aware Real Return SMA Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan International Value SMA Fund	3
JPMorgan Tax Aware Real Return SMA Fund	6
Schedules of Portfolio Investments	8
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	32
Trustees	33
Officers	35
Schedule of Shareholder Expenses	36
Board Approval of Investment Advisory Agreements	37
Tax Letter	40
Privacy Notice — Located at the back of this Annual Report

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 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared

to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index (“S&P 500”) dropped 3.9%, and equity markets in the Europe and Japan also fell. The sell-off also led to declines in emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index posted its biggest one month gain since April 2013 and leading European indexes had their best monthly performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

While increasing financial market volatility drove some investors to the safe haven of fixed income assets, large sectors of the bond market remained under pressure from historically low interest rates. U.S. Treasury bond yields, which generally move in the opposite direction of prices, declined on bonds of shorter maturities and remained essentially flat on bonds of longer maturities.

2 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

Reporting Period Return:
Fund (Institutional Class Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		–3.42%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes) . . . . . . . . . . . . . ..		–4.23%
Net Assets as of 10/31/2015 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	106,057

INVESTMENT OBJECTIVE**

The JPMorgan International Value SMA Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities. The Fund was established to implement the International Value separately managed account strategy, and to hold common shares of companies that were deemed attractive by the Fund’s portfolio managers but were not accessible as American Depositary Receipts (ADRs).

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

The Fund’s Institutional Class Shares outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.

By sector, the Fund’s security selection in the industrial cyclical sector and its underweight position in the energy sector were leading contributors to performance relative to the Benchmark. The Fund’s underweight position and security selection in the health care sectors and its security selection in the consumer non-discretionary sector were leading detractors from relative performance.

By region, the Fund’s security selection in Continental Europe and its underweight position and security selection in the U.K. were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in Japan and its sole holding in Canada, First Quantum Minerals Ltd., were leading detractors from relative performance. Canada is not represented in the Benchmark.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Daiwa House Industry Co., UPM-Kymmene Oyj and Japan Airlines Inc. Shares of Daiwa House, a Japanese construction company, rose on improved earnings due to increased domestic demand for

housing. Shares of UPM-Kymmene, a Finnish paper, lumber and wood products company, rose as cost cutting and corporate restructuring lifted profit margins and improved earnings and cash flow. Shares of Japan Airlines rose as lower fuel costs and an increase in passenger traffic, partly due to a weaker yen, drove earnings growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Sands China Ltd., DNB ASA and Mazda Motor Corp. Share of Sands China, a Macau casino operator, fell on slower economic growth in China and Chinese government efforts to curb corruption, which reduced casino traffic among wealthy customers. Shares of DNB, Norway’s largest bank, were weighed down by a weak kroner and by stricter capital requirements, which prompted the bank to delay normalization of its dividend policy. Shares of Mazda Motor, a Japanese auto manufacturer, fell on disappointing earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive value investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the securities to realize their inherent value.

The Fund is a component of separately managed accounts that also invest, at the direction of JPMorgan Investment Management Inc. (JPMIM) or in accordance with a JPMIM model investment portfolio, in individual securities and other investments. The Fund is managed in a manner consistent with its role in separately managed accounts.

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

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

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
1.	Daimler AG (Germany)	6.9	%
2.	Electrolux AB, Series B (Sweden)	5.2
3.	UPM-Kymmene OYJ (Finland)	5.0
4.	Renault S.A. (France)	4.6
5.	Japan Airlines Co., Ltd. (Japan)	4.5
6.	Daiwa House Industry Co., Ltd. (Japan)	4.4
7.	Mitsui Fudosan Co., Ltd. (Japan)	4.3
8.	Samsung Electronics Co., Ltd. (South Korea)	3.7
9.	Thales S.A. (France)	3.6
10.	Sompo Japan Nipponkoa Holdings, Inc. (Japan)	3.6

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	33.3	%
Germany	13.9
France	12.8
United Kingdom	8.8
Australia	5.8
Sweden	5.2
Finland	5.0
South Korea	3.7
Netherlands	3.1
Italy	2.4
Hong Kong	2.2
Spain	2.1
Norway	1.7

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF FUND		1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
INTERNATIONAL VALUE SMA FUND		August 17, 2007		(3.42	)%		4.94	%		2.35	%		(0.44	)%

LIFE OF FUND PERFORMANCE (8/17/07 TO 10/31/15)

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

The Fund commenced operations on August 17, 2007.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan International Value SMA Fund, the MSCI EAFE Value Index and the Lipper International Multi-Cap Value Funds Index from August 17, 2007 to October 31, 2015. 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 Lipper International Multi-Cap Value Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Value 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 MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

Reporting Period Return:
Fund*		–2.27%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		2.46%
Tax Aware Real Return Composite Benchmark**		–1.73%
Net Assets as of 10/31/2015 (In Thousands)	$	11,083

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return SMA Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute return and underperformed both the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Composite Benchmark for the twelve months ended October 31, 2015.

The Fund’s hedge against inflation detracted from absolute performance as inflation swaps declined during the period due to negative inflation driven by weak oil and gas prices and softness in consumer prices. However, the Fund’s position of being less than fully hedged helped its absolute performance. The Benchmark is not protected against inflation. Relative to the Benchmark, the Fund’s bias to higher quality rated debt securities detracted from performance as lower rated bonds generally outperformed higher rated bonds. The Fund’s underweight positions in general obligation bonds and revenue bonds also detracted from relative performance.

The Fund’s overweight to the 6-to-12 year maturity sector of the bond market made a positive contribution to performance.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed 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. The Fund maintained its quality bias, as the Fund’s portfolio managers preferred higher-quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero-coupon inflation-linked swaps to purchase protection against inflation along the yield curve.

The Fund is a component of separately managed accounts that also invest, at the direction of JPMorgan Investment Management Inc. (JPMIM) or in accordance with a JPMIM model investment portfolio, in individual securities and other investments. The Fund is managed in a manner consistent with its role in separately managed accounts.

During the period, the portfolio managers increased the Fund’s longer-dated inflation exposure in response to what they believed were attractive valuations and a more favorable near-term inflation profile.

INVESTMENT APPROACH

The Fund was established to implement the Tax Aware Real Return separately managed account strategy. The Fund uses

zero-coupon inflation-linked swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. 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 portfolio managers believe that matching the duration, which measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates, of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

PORTFOLIO COMPOSITION****
Municipal Bonds	91.0	%
Short-Term Investment	9.0

* 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 return of the Fund’s Composite Benchmark is determined by adding the return of the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF FUND		1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
TAX AWARE REAL RETURN SMA FUND		May 31, 2007
Before Taxes				(2.27	)%		(0.75	)%		1.69	%		3.08	%
After Taxes on Distributions				(2.27	)		(0.75	)		1.69			3.08
After Taxes on Distributions and Sale of Fund Shares				0.10			0.12			1.97			3.12

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

LIFE OF FUND PERFORMANCE (5/31/07 TO 10/31/15)

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

The Fund commenced operations on May 31, 2007.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan Tax Aware Real Return SMA Fund, the Tax Aware Real Return Composite Benchmark, the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from May 31, 2007 to October 31, 2015. 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 Tax Aware Real Return Composite Benchmark and the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses 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 benchmarks, 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 Tax Aware Real Return Composite Benchmark is determined by adding the Barclays U.S. 1-15 Year Blend

(1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index. The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate tax liability.

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, with the exception of returns noted above as after taxes.

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.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 7

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.6%
		Australia — 5.5%
	673	Goodman Group		2,887
	525	Oil Search Ltd.		2,928
				5,815
		Finland — 4.8%
	272	UPM-Kymmene OYJ		5,099
		France — 12.3%
	35	Cap Gemini S.A.		3,119
	49	Renault S.A.		4,649
	18	Sodexo S.A.		1,604
	50	Thales S.A.		3,638
				13,010
		Germany — 13.3%
	53	Brenntag AG		3,208
	81	Daimler AG		7,046
	24	HeidelbergCement AG		1,820
	107	TUI AG		1,990
				14,064
		Hong Kong — 2.1%
	83	Cheung Kong Property Holdings Ltd.		577
	522	China Overseas Land & Investment Ltd.		1,686
				2,263
		Italy — 2.3%
	379	UniCredit S.p.A.		2,449
		Japan — 31.8%
	175	Dai-ichi Life Insurance Co., Ltd. (The)		3,020
	52	Daikin Industries Ltd.		3,360
	171	Daiwa House Industry Co., Ltd.		4,484
	63	Dentsu, Inc.		3,547
	120	Japan Airlines Co., Ltd.		4,513
	470	Kawasaki Heavy Industries Ltd.		1,887

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	176	Mitsubishi Corp.		3,207
	162	Mitsui Fudosan Co., Ltd.		4,409
	116	Sompo Japan Nipponkoa Holdings, Inc.		3,627
	84	Yamato Holdings Co., Ltd.		1,657
				33,711
		Netherlands — 3.0%
	100	NN Group N.V.		3,133
		Norway — 1.6%
	136	DNB ASA		1,733
		South Korea — 3.5%
	3	Samsung Electronics Co., Ltd.		3,716
		Spain — 2.0%
	1,670	Bankia S.A.		2,147
		Sweden — 5.0%
	179	Electrolux AB, Series B		5,275
		United Kingdom — 8.4%
	209	Barratt Developments plc		1,973
	141	British Land Co. plc (The)		1,895
	421	Dixons Carphone plc		2,986
	34	SABMiller plc		2,069
				8,923
		Total Common Stocks (Cost $95,572)		101,338
		Total Investments — 95.6% (Cost $95,572)		101,338
		Other Assets in Excess of Liabilities — 4.4%		4,719
		NET ASSETS — 100.0%	$	106,057

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Automobiles		11.5	%
Real Estate Management & Development		11.0
Insurance		9.7
Household Durables		7.2
Trading Companies & Distributors		6.3
Banks		6.3
Paper & Forest Products		5.0
Real Estate Investment Trusts (REITs)		4.7
Airlines		4.5
Technology Hardware, Storage & Peripherals		3.7
Aerospace & Defense		3.6

INDUSTRY	PERCENTAGE
Hotels, Restaurants & Leisure		3.5
Media		3.5
Building Products		3.3
IT Services		3.1
Specialty Retail		2.9
Oil, Gas & Consumable Fuels		2.9
Beverages		2.0
Machinery		1.9
Construction Materials		1.8
Air Freight & Logistics		1.6

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	24	Euro STOXX 50 Index		12/18/15		EUR	$	898	$	2
	9	FTSE 100 Index		12/18/15		GBP		877		(2	)
									$	–	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 9

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 101.9% (t)
		Arizona — 0.8%
		General Obligation — 0.8%
	85	Maricopa County Madison Elementary School District No. 38, School Improvement, Project of 2004, Series B, GO, NATL-RE, 5.000%, 07/01/16		88
		California — 1.7%
		Education — 0.6%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		66
		Other Revenue — 1.1%
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		87
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		31
				118
		Total California		184
		Colorado — 3.3%
		General Obligation — 3.3%
	305	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		370
		Connecticut — 4.4%
		General Obligation — 0.4%
	50	State of Connecticut, Series E, GO, 5.000%, 12/15/16		52
		Utility — 4.0%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		123
	150	Series A, Rev., 6.000%, 08/15/21		189
	100	Series A, Rev., 6.000%, 08/15/22		129
				441
		Total Connecticut		493
		District of Columbia — 1.4%
		Other Revenue — 1.4%
	135	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/18		150

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — 5.3%
		General Obligation — 5.3%
	500	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		589
		Georgia — 3.5%
		Water & Sewer — 3.5%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		315
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		68
		Total Georgia		383
		Hawaii — 3.0%
		General Obligation — 3.0%
	300	State of Hawaii, Unrefunded Balance, Series DR, GO, 5.000%, 06/01/18		333
		Illinois — 3.7%
		General Obligation — 2.2%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		65
	165	Cook County Forest Preserve District, Limited Tax Project and Refunding, Series B, GO, 5.000%, 12/15/24		182
				247
		Prerefunded — 1.5%
	150	Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Series A-2002, Rev., FGIC, 5.500%, 06/15/18 (p)		168
		Total Illinois		415
		Indiana — 1.1%
		Education — 1.1%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		120
		Louisiana — 2.1%
		Prerefunded — 2.1%
	200	Terrebonne Parish, Public Improvement, Series ST, Rev., 5.875%, 03/01/19 (p)		232
		Massachusetts — 6.8%
		Other Revenue — 6.8%
		Massachusetts Bay Transportation Authority,
	350	Series A, Rev., 5.250%, 07/01/27		443
	250	Series B, Rev., 5.250%, 07/01/23		310
		Total Massachusetts		753

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Missouri — 1.7%
		General Obligation — 1.7%
	175	Clay County, North Kansas City School District No. 74, Direct Deposit of State Aid Program, GO, 5.000%, 03/01/20		192
		New Jersey — 1.4%
		Transportation — 1.4%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		88
	60	Series A, Rev., 5.500%, 12/15/21		67
		Total New Jersey		155
		New Mexico — 11.3%
		Other Revenue — 11.3%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		405
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		287
		New Mexico Finance Authority, State Transportation, Sub Lien,
	200	Series A-2, Rev., NATL-RE, 5.000%, 12/15/20		236
	250	Series A-2, Rev., NATL-RE, 5.000%, 12/15/21		292
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Class B, Rev., NATL-RE, 5.000%, 06/15/17		32
		Total New Mexico		1,252
		New York — 12.7%
		General Obligation — 0.3%
	10	City of New York, Series E-1, GO, 6.250%, 10/15/28		11
	20	County of Tompkins, Public Improvement, Series A, GO, 4.000%, 03/01/21		23
				34
		Other Revenue — 11.5%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		124
	400	New York State Dormitory Authority, Series C, Rev., 5.000%, 03/15/33		459
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	500	Series A, Rev., 5.000%, 01/01/26		586
	100	Series D, Rev., 5.000%, 11/15/18		112
				1,281

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.9%
	85	City of New York, Series E-1, GO, 6.250%, 10/15/18 (p)		98
		Total New York		1,413
		Ohio — 6.0%
		General Obligation — 4.7%
	100	Cincinnati City School District, Classroom Facilities Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/19		116
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		298
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		112
				526
		Other Revenue — 1.3%
	125	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Rev., 5.250%, 12/01/18		142
		Total Ohio		668
		Oregon — 4.3%
		General Obligation — 2.5%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		273
		Prerefunded — 1.8%
	175	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/19 (p)		199
		Total Oregon		472
		Pennsylvania — 0.2%
		General Obligation — 0.2%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		18
		South Carolina — 3.2%
		General Obligation — 3.2%
	300	State of South Carolina, Series C, Class C, GO, 5.000%, 03/01/22		354
		Tennessee — 2.9%
		Other Revenue — 2.4%
	250	City of Memphis, Electric System, Rev., 5.000%, 12/01/17		272
		Prerefunded — 0.5%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		55

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
		Total Tennessee		327
		Texas — 9.6%
		General Obligation — 2.6%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		286
		Other Revenue — 2.2%
	210	Harris County, Series C, Rev., 5.000%, 08/15/22		240
		Water & Sewer — 4.8%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/24		423
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/20		74
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		36
				533
		Total Texas		1,059
		Virginia — 0.5%
		Other Revenue — 0.5%
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Class E, Rev., 5.000%, 02/01/23		61
		Washington — 4.9%
		General Obligation — 3.1%
	25	Snohomish County, Everett School District No. 2, GO, NATL-RE, FGIC, 5.000%, 12/01/16		26
	280	State of Washington, Various Purpose, Series 2010A, GO, 5.000%, 08/01/19		321
				347

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 1.6%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		177
		Utility — 0.2%
	20	Energy Northwest Project 1, Electric, Series D, Rev., 5.000%, 07/01/16		21
		Total Washington		545
		Wisconsin — 6.1%
		Other Revenue — 3.1%
	290	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/20		339
		Prerefunded — 3.0%
	300	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/18 (p)		333
		Total Wisconsin		672
		Total Municipal Bonds (Cost $10,421)		11,298
SHARES
	Short-Term Investment — 10.1%
		Investment Company — 10.1%
	1,117	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.050% † (b) (l) (Cost $1,117)		1,117
		Total Investments — 112.0% (Cost $11,538)		12,415
		Liabilities in Excess of Other Assets — (12.0)%		(1,332	)
		NET ASSETS — 100.0%	$	11,083

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
BNP Paribas	2.720% at termination		CPI-U at termination		04/01/2021	$	6,000	$	(790	)
Deutsche Bank AG, New York	1.930% at termination		CPI-U at termination		01/03/2017		3,000		(112	)
Royal Bank of Scotland	2.328% at termination		CPI-U at termination		01/31/2021		1,000		(69	)
Royal Bank of Scotland	2.620% at termination		CPI-U at termination		06/28/2025		1,000		(149	)
								$	(1,120	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 13

JPMorgan SMA Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

AGM	—  Insured by Assured Guaranty Municipal Corp.
CPI-U	—  Consumer Price Index for All Urban Consumers
EUR	—  Euro
FGIC	—  Insured by Financial Guaranty Insurance Co.
GBP	—  Great British Pounds
GO	—  General Obligation
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
RE	—  Reinsured
Rev.	—  Revenue
XLCA	—  Insured by XL Capital Assurance
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(h)	—  Amount rounds to less than $1,000.
(l)	—  The rate shown is the current yield as of October 31, 2015.
(p)	—  Security is prerefunded or escrowed to maturity.
(r)	—  Rates shown are per annum and payments are as described.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
†	—  Approximately $1,060,000 of this investment is restricted as collateral for swaps to various brokers.

For JPMorgan International Value SMA Fund, the value and percentage based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements, are approximately $101,338,000 and 100.0%, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	101,338		$	11,298
Investments in affiliates, at value		—			57
Investments in affiliates — restricted, at value		—			1,060
Total investment securities, at value		101,338			12,415
Cash		4,473			—
Foreign currency, at value		41			—
Receivables:
Investment securities sold		1,262			—
Fund shares sold		268			—
Interest and dividends from non-affiliates		280			154
Dividends from affiliates		—			—	(a)
Tax reclaims		358			—
Due from Adviser		39			24
Total Assets		108,059			12,593
LIABILITIES:
Payables:
Investment securities purchased		1,712			—
Fund shares redeemed		187			314
Variation margin on futures contracts		—	(a)		—
Outstanding swap contracts, at value		—			1,120
Accrued liabilities:
Custodian and accounting fees		25			20
Collateral management fees		—			12
Trustees’ and Chief Compliance Officer’s fees		1			—	(a)
Other		77			44
Total Liabilities		2,002			1,510
Net Assets	$	106,057		$	11,083
NET ASSETS:
Paid-in-Capital	$	108,181		$	11,640
Accumulated undistributed (distributions in excess of) net investment income		3,247			2
Accumulated net realized gains (losses)		(11,100	)		(316	)
Net unrealized appreciation (depreciation)		5,729			(243	)
Total Net Assets	$	106,057		$	11,083
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		8,822			1,114
Net asset value, offering and redemption price per share (b)	$	12.02		$	9.95
Cost of investments in non-affiliates	$	95,572		$	10,421
Cost of investments in affiliates		—			57
Cost of investments in affiliates — restricted		—			1,060
Cost of foreign currency		40			—

(a) Amount rounds to less than $1,000.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

(Amounts in thousands)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	468
Dividend income from non-affiliates		4,805			—
Dividend income from affiliates		—			—	(a)
Foreign taxes withheld		(577	)		—
Total investment income		4,228			468
EXPENSES:
Administration fees		165			13
Custodian and accounting fees		59			29
Interest expense to affiliates		—	(a)		—
Professional fees		100			77
Collateral management fees		—			12
Trustees’ and Chief Compliance Officer’s fees		2			—	(a)
Printing and mailing costs		16			3
Registration and filing fees		38			15
Transfer agent fees		3			1
Sub-transfer agent fees		9			1
Other		5			3
Total expenses		397			154
Less fees waived		(165	)		(13	)
Less expense reimbursements		(232	)		(141	)
Net expenses		—			—
Net investment income (loss)		4,228			468
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,440			415
Futures		(16	)		—
Foreign currency transactions		(177	)		—
Swaps		—			(719	)
Net realized gain (loss)		7,247			(304	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(8,610	)		(551	)
Futures		44			—
Foreign currency translations		12			—
Swaps		—			(88	)
Change in net unrealized appreciation/depreciation		(8,554	)		(639	)
Net realized/unrealized gains (losses)		(1,307	)		(943	)
Change in net assets resulting from operations	$	2,921		$	(475	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	International Value SMA Fund						Tax Aware Real Return SMA Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,228		$	7,429		$	468		$	718
Net realized gain (loss)		7,247			15,202			(304	)		50
Change in net unrealized appreciation/depreciation		(8,554	)		(43,815	)		(639	)		(216	)
Change in net assets resulting from operations		2,921			(21,184	)		(475	)		552
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(7,972	)		(6,436	)		(486	)		(723	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		43,621			106,484			2,728			2,688
Distributions reinvested		6,549			4,909			—			—
Cost of shares redeemed		(256,024	)		(91,969	)		(11,631	)		(8,814	)
Change in net assets resulting from capital transactions		(205,854	)		19,424			(8,903	)		(6,126	)
NET ASSETS:
Change in net assets		(210,905	)		(8,196	)		(9,864	)		(6,297	)
Beginning of period		316,962			325,158			20,947			27,244
End of period	$	106,057		$	316,962		$	11,083		$	20,947
Accumulated undistributed (distributions in excess of) net investment income	$	3,247		$	6,844		$	2		$	20
SHARE TRANSACTIONS:
Issued		3,544			7,860			268			253
Reinvested		541			363			—			—
Redeemed		(20,060	)		(6,867	)		(1,146	)		(835	)
Change in Shares		(15,975	)		1,356			(878	)		(582	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 17

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Value SMA Fund
Year Ended October 31, 2015	$	12.78	$	0.26	(e)	$	(0.69	)	$	(0.43	)	$	(0.33	)
Year Ended October 31, 2014		13.87		0.30			(1.12	)		(0.82	)		(0.27	)
Year Ended October 31, 2013		11.31		0.31			2.69			3.00			(0.44	)
Year Ended October 31, 2012		11.47		0.43			(0.21	)		0.22			(0.38	)
Year Ended October 31, 2011		12.30		0.41	(e)		(1.00	)		(0.59	)		(0.24	)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(c) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers, some of which are unaffiliated with the Funds and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program.

(d) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements			Portfolio turnover rate (d)
$	12.02		(3.42	)%	$	106,057		—	%		2.11	%		0.20	%		113	%
	12.78		(6.04	)		316,962		—			2.22			0.17			85
	13.87		27.33			325,158		—			2.66			0.22			72
	11.31		2.28			201,942		—			3.58			0.21			81
	11.47		(4.95	)		228,650		—			3.27			0.21			65

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 19

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
	Net asset value, beginning of period		Investment operations									Distributions
			Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Tax Aware Real Return SMA Fund
Year Ended October 31, 2015	$	10.52	$	0.31	(e)	$	(0.55	)	$	(0.24	)	$	(0.33	)
Year Ended October 31, 2014		10.58		0.30			(0.05	)		0.25			(0.31	)
Year Ended October 31, 2013		11.11		0.29			(0.54	)		(0.25	)		(0.28	)
Year Ended October 31, 2012		10.71		0.27			0.39			0.66			(0.26	)
Year Ended October 31, 2011		10.50		0.28			0.21			0.49			(0.28	)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers, some of which are unaffiliated with the Funds and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than 1%.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
Net asset value, end of period							Ratios to average net assets
		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	9.95		(2.27	)%	$	11,083		—	%		3.07	%		1.01	%		—	%(f)
	10.52		2.38			20,947		—			2.85			0.78			6
	10.58		(2.29	)		27,244		—			2.58			0.60			16
	11.11		6.24			39,681		—			2.45			0.51			4
	10.71		4.72			35,736		—			2.65			0.62			17

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
International Value SMA Fund	Diversified
Tax Aware Real Return SMA Fund	Diversified

The investment objective of International Value SMA Fund is to seek to provide high total return from a portfolio of foreign company equity securities.

The investment objective of Tax Aware Real Return SMA Fund is to seek to maximize after-tax inflation protected return.

Shares of the Funds may be purchased only by or on behalf of separately managed accounts where J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), serves as the investment adviser or sub-adviser to the account with the separately managed account sponsor or directly with the client. The Funds’ shares may not be purchased directly by individuals.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

22 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

International Value SMA Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—		$	101,338	$	—	$	101,338
Appreciation in Other Financial Instruments
Futures Contracts	$	2		$	—	$	—	$	2
Depreciation in Other Financial Instruments
Futures Contracts	$	(2	)	$	—	$	—	$	(2	)

Tax Aware Real Return SMA Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	1,117	$	11,298		$	—	$	12,415
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(1,120	)	$	—	$	(1,120	)

(a) All portfolio holdings designated as Level 2 are disclosed individually on the SOIs. Please refer to the SOIs for country specifics of portfolio holdings.

(b) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the SOIs for state specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2015.

B. Restricted Securities — Certain securities held by International Value SMA Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2015, International Value SMA Fund had no investments in restricted securities under the Securities Act.

C. Derivatives — The Funds used instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 23

counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds. Notes C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — International Value SMA Fund used index futures contracts to gain or reduce exposure to the market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Fund to equity price risk.

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

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — International Value SMA Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

As of October 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Swaps — Tax Aware Real Return SMA Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund and is reported on the Statements of Assets and Liabilities as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated

24 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2015 are as follows (amounts in thousands):

Fund		Counterparty		Value of swap contracts			Collateral amount
Tax Aware Real Return SMA Fund	Collateral Posted		BNP Paribas	$	(790	)	$	1,060

The Fund’s swap contracts are subject to master netting agreements.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

(4). Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Value SMA Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(2	)

(a) A portion of this amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Tax Aware Real Return SMA Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Swaps
Interest rate contracts		$	(1,120	)

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2015 (amounts in thousands):

Tax Aware Real Return SMA Fund

Counterparty	Gross Amount of Derivative Liabilities Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for Offset		Collateral Posted			Net Amount Due To Counterparty (not less than zero)
BNP Paribas	$	790	$	—	$	(790	)(b)	$	—
Deutsche Bank AG, New York		112		—		—			112
Royal Bank of Scotland		218		—		—			218
	$	1,120	$	—	$	(790	)	$	330

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 25

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.C. for actual swap collateral received or posted.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2015, by primary underlying risk exposure (amounts in thousands):

International Value SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(16	)	$	—	$	(16	)
Foreign exchange contracts		—			61		61
Total	$	(16	)	$	61	$	45

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Equity contracts	$	44	$	—	$	44

Tax Aware Real Return SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(719	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(88	)

The Funds’ derivative contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 2015 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	International Value SMA Fund			Tax Aware Real Return SMA Fund
Futures Contracts
Average Notional Balance Long	$	1,564		$	—
Ending Notional Balance Long		1,775			—
Forward Foreign Currency Exchange Contracts
Average Settlement Value Sold		12,767	(a)		—
Ending Value Sold		—			—
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed Rate		—			14,846
Ending Notional Balance — Pays Fixed Rate		—			11,000

(a) For the period April 1, 2015 through April 30, 2015.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

26 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

F. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2015, 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 Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. Foreign Taxes — International Value SMA Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually for International Value SMA Fund and monthly for Tax Aware Real Return SMA Fund. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
International Value SMA Fund	$	—	$	147	$	(147	)

The reclassifications for the Fund relates primarily to foreign currency gains or losses and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, does not charge an advisory fee to the Funds. It should be understood, however, that the Funds are an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated directly or indirectly by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned 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 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.E.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 27

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Funds’ shares. The Distributor receives no compensation in its capacity as the Funds’ underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. International Value SMA Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statements of Operations. For Tax Aware Real Return SMA Fund, payments to the custodian may be reduced by credits earned, if any, by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

E. Waivers and Reimbursements — No expenses or fees (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’s Deferred Compensation Plan) are borne by the Funds pursuant to contractual arrangements with the Adviser through February 29, 2016.

For the year ended October 31, 2015, the Funds’ Adviser and the Administrator 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		Contractual Reimbursements
International Value SMA Fund	$	165	$	232
Tax Aware Real Return SMA Fund		13		141

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return SMA Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

G. Other — The Funds may invest in affiliated J.P. Morgan money market funds. The Funds’ Adviser and its affiliates provide services to and receive fees from the J.P. Morgan money market funds; therefore, the Adviser and its affiliates may indirectly receive fees, including advisory fees, from the Funds.

Certain officers of the Trust are affiliated with the Adviser, 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 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 on the Statements of Operations.

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

During the year ended October 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2015, International Value SMA Fund incurred brokerage commissions with broker-dealers affiliated with the Adviser of approximately $9,000.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
International Value SMA Fund	$	217,238	$	422,287
Tax Aware Real Return SMA Fund		59		9,238

During the year ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

28 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	96,515	$	9,960	$	5,137		$	4,823
Tax Aware Real Return SMA Fund		11,538		877		—	(a)		877

(a) Amount rounds to less than $1,000.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributable to wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income			Tax-Exempt Distributions		Total Distributions Paid
International Value SMA Fund	$	7,972		$	—	$	7,972
Tax Aware Real Return SMA Fund		—	(a)		486		486

(a) Amount rounds to less than $1,000.

The tax character of distributions paid during the year ended October 31, 2014 was as follows (amounts in thousands):

	Ordinary Income		Tax-Exempt Distributions		Total Distributions Paid
International Value SMA Fund	$	6,436	$	—	$	6,436
Tax Aware Real Return SMA Fund		1		722		723

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	3,259	$	—	$	(10,162	)	$	4,786
Tax Aware Real Return SMA Fund		—		2		(315	)		(243	)

For the Funds, the cumulative timing differences primarily consist of trustee deferred compensation and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 are 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 October 31, 2015, the following Fund had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return SMA Fund	$	302	$	—

As of October 31, 2015, the Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
International Value SMA Fund	$	10,162	$	—	$	—	$	10,162
Tax Aware Real Return SMA Fund		—		9		4		13

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 29

During the year ended October 31, 2015, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Pre-Enactment Capital Loss Carryforwards Utilized
International Value SMA Fund	$	3,785

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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
International Value SMA Fund	$	20,775		0.22	%		2	$	—	(a)

(a) Amount rounds to less than $1,000.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on 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.

International Value SMA Fund has several shareholders, which are accounts maintained by separately managed account sponsors on behalf of their clients, that own significant portions of the Fund’s outstanding shares. Tax Aware Real Return SMA Fund has a shareholder, which is an account maintained by a separately managed account sponsor on behalf of its clients, that owns all of the Fund’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Funds’ performance.

International Value SMA Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws, or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2015, substantially all of the International Value SMA Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2015, International Value SMA Fund had the following country allocations representing greater than 10% of total investments.

France	Germany			Japan
12.8%		13.9	%		33.3	%

Tax Aware Real Return SMA Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

30 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Tax Aware Real Return SMA Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 31

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan International Value SMA Fund and JPMorgan Tax Aware Real Return SMA 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 International Value SMA Fund and JPMorgan Tax Aware Real Return SMA Fund (each a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015, 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 five years in the period then ended, 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

32 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 33

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

34 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 35

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including administration 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 Fund at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October, 31 2015.

Actual Expenses

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

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period†*		Annualized Expense Ratio†
International Value SMA Fund
Actual	$	1,000.00	$	938.30	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.21		0.00		0.00
Tax Aware Real Return SMA Fund
Actual		1,000.00		995.80		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

† Reflects the fact that no fees or expenses are borne by the Funds. The Funds are an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Funds and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

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

36 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the overall arrangement between the Funds and the Adviser, as provided in each Advisory Agreement, was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 37

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

The Trustees noted that there was no advisory fee charged to the Funds. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM did not earn fees from the Funds for providing administrative services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of, and/or investors in, separately managed accounts that are invested in the Funds.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that there was not an investment advisory fee charged to the Funds. The Trustees

also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the Advisory Agreement or management fees including administrative fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total

38 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted that the International Value SMA Fund’s performance was in the fifth, fifth and third quintiles for the one-, three-, and five-year periods ended December 31, 2014, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s analysis and various other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Tax Aware Real Return SMA Fund’s performance was in the fifth quintile for each of the one-, three-, and five-year periods ended December 31, 2014. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, based upon this discussion, the Adviser’s analysis and various other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Funds are not charged a separate investment advisory fee by the Adviser because the Funds are used only by managed-

account strategies advised or sub-advised by the Adviser, or to which the Adviser provides a model portfolio. The Trustees considered each Fund’s contractual advisory fee rate and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the expenses of each Fund after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s expense ratios are summarized below:

The Trustees noted that the International Value SMA Fund’s contractual advisory fee was 0.00% and that the actual total expenses were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Tax Aware Real Return SMA Fund’s contractual advisory fee was 0.00% and that the actual total expenses were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2015 J.P. MORGAN SMA FUNDS 39

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 October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Qualified Dividend Income
International Value SMA Fund	$	4,814

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2015, the Fund intends to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
International Value SMA Fund	$	4,814	$	577

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2015:

	Exempt Distributions Paid
Tax Aware Real Return SMA Fund		99.98	%

40 J.P. MORGAN SMA FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. 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.

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 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-SMA-1015

Annual Report

J.P. Morgan Specialty Funds

October 31, 2015

JPMorgan Global Natural Resources Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	22
Trustees	23
Officers	25
Schedule of Shareholder Expenses	26
Board Approval of Investment Advisory Agreement	27
Tax Letter	30
Privacy Notice — Located at the back of this Annual Report

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 the 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 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

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared

to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 1

JPMorgan Global Natural Resources Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-30.82%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		1.77%
Euromoney Global Gold, Mining & Energy Index (net of foreign withholding taxes) (formerly HSBC Mining, Gold and Energy Index		-24.98%
Net Assets as of 10/31/2015 (In Thousands)	$	32,717

INVESTMENT OBJECTIVE**

The JPMorgan Global Natural Resources Fund (the “Fund”) seeks to provide long-term capital appreciation.

HOW DID THE MARKET PERFORM?

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August.

Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that did not halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index (the “S&P 500”) dropped 3.9%, and equity markets in Europe and Japan also fell. The sell-off also led to declines in emerging market currencies.

However, many equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one month performance since October 2011, Japan’s Nikkei Index had its biggest monthly gain since April 2013 and certain leading European indexes had their best monthly performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

Commodities prices generally remained under pressure during the twelve month reporting period. Prices for energy and many base metals hit lows not seen since the depths of the 2008 global financial crisis amid concerns about slower Chinese growth and excess supplies.

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

For the twelve months ended October 31, 2015, the Fund (Select Class Shares) underperformed both the MSCI World

Index (net of foreign withholding taxes) (the “Benchmark”) and the Euromoney Global Gold, Mining & Energy Index (net of foreign withholding taxes).

The Fund’s investments in the base metal and diversified sector and the energy sector were leading detractors from absolute performance during the twelve month reporting period, while the Fund’s investments in the diamonds and gold and precious metals sectors were the smallest detractors from absolute performance.

Leading individual detractors from the Fund’s performance relative to the Benchmark included Glencore PLC, First Quantum Minerals Ltd. and Freeport-McMoRan Inc. All three companies operate in the metals and mining sector, and their shares fell sharply amid declining global prices for metals, particularly copper.

Leading individual contributors to the Fund’s relative performance included Chevron Corp., Northern Star Resources Ltd. and Randgold Resources Ltd. The Fund purchased shares of Chevron, an integrated oil and gas company, late in the reporting period after the shares had fallen due to overall weakness in energy prices. The shares rose after the company reported

better-than-expected results and job cuts. Both Northern Star Resources and Randgold Resources are primarily engaged in gold mining and benefitted from gold prices, which held up relatively well compared with energy prices and prices for base metals during the twelve month.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers invested in the equity securities of natural resource companies operating primarily in the gold and precious metals, energy and base metals sub-sectors. They used bottom-up fundamental research in an attempt to identify what they believed were attractively priced securities of companies that appeared positioned to grow their long-term earnings by increasing production and reserves. The Fund was invested across various sub-sectors within natural resources as well as across regions and market-capitalizations.

INFORMATION ABOUT YOUR FUND

At a November 11, 2015 Meeting, the Board of Trustees of the Fund approved the liquidation of the Fund, which occurred on December 16, 2015.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Rio Tinto plc (United Kingdom)	5.8	%
	2.	BHP Billiton plc (Australia)	5.8
	3.	Lundin Mining Corp (Canada).	5.3
	4.	Goldcorp, Inc. (Canada)	4.9
	5.	Anadarko Petroleum Corp. (United States)	3.7
	6.	Lundin Petroleum AB (Sweden)	3.6
	7.	Agnico-Eagle Mines Ltd. (Canada)	3.6
	8.	EOG Resources, Inc. (United States)	3.4
	9.	Chevron Corp. (United States)	3.3
	10.	BG Group plc (United Kingdom)	3.1

PORTFOLIO COMPOSITION BY COUNTRY***
Canada	31.4	%
United States	21.1
United Kingdom	13.9
Australia	7.5
Sweden	6.0
Netherlands	3.6
France	2.2
Russia	2.2
Switzerland	1.9
South Africa	1.5
Others (each less than 1.0%)	1.4
Short-Term Investment	7.3

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Global Natural Resources Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2010
Without Sales Charge				(30.99	)%		(20.83	)%		(17.49	)%
With Sales Charge*				(34.65	)		(22.25	)		(18.39	)
CLASS C SHARES		November 30, 2010
Without CDSC				(31.33	)		(21.25	)		(17.91	)
With CDSC**				(32.33	)		(21.25	)		(17.91	)
CLASS R2 SHARES		November 30, 2010		(31.14	)		(21.04	)		(17.70	)
CLASS R5 SHARES		November 30, 2010		(30.58	)		(20.45	)		(17.11	)
CLASS R6 SHARES		November 30, 2011		(30.56	)		(20.41	)		(17.07	)
SELECT CLASS SHARES		November 30, 2010		(30.82	)		(20.64	)		(17.29	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/10 TO 10/31/15)

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

The Fund commenced operations on November 30, 2010.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R5 Shares have different expenses than Class R6 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Natural Resources Fund, the MSCI World Index, the Euromoney Global Gold, Mining and Energy Index and the Lipper Global Natural Resources Funds Index from November 30, 2010 to October 31, 2015. 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 MSCI World Index and the Euromoney Global Gold, Mining and Energy Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. For the MSCI World Index, the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Global Natural Resources 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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed

to measure the equity market performance of developed markets. The Euromoney Global Gold, Mining and Energy Index is comprised of three natural resources sector components which are each equally weighted to reflect 1/3 of the index: 1) the Mining component, consisting of the Euromoney Global Mining Index, excluding Gold, Coal and Uranium, 2) the Gold component, consisting of all gold producers found in the Euromoney Mining Gold and Energy Index, and 3) the Energy component, comprised of the Energy sector within the Euromoney Global Equities Index plus any Coal or Uranium companies in the Global Mining Index. The three components are rebalanced quarterly at the end of each March, June, September and December and the index is net of withholding taxes. The Lipper Global Natural Resources Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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 SPECIALTY FUNDS OCTOBER 31, 2015

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.1%
		Australia — 7.5%
	202	Alumina Ltd.		155
	182	Base Resources Ltd. (a)		8
	118	BHP Billiton plc		1,889
	202	Gascoyne Resources Ltd. (a)		14
	447	Marengo Mining Ltd. (a)		1
	154	OceanaGold Corp., CDI		278
	163	Sarama Resources Ltd. (a)		10
	49	Western Areas Ltd.		83
	531	World Titanium Resources Ltd. (a)		13
				2,451
		Canada — 31.6%
	64	Africa Oil Corp. (a)		80
	42	Agnico-Eagle Mines Ltd.		1,175
	5	ALX Uranium Corp. (a)		—	(h)
	32	B2Gold Corp. (a)		35
	74	Barrick Gold Corp.		569
	158	Denison Mines Corp. (a)		64
	125	Dundee Precious Metals, Inc. (a)		165
	142	First Quantum Minerals Ltd.		758
	468	Fission Uranium Corp. (a)		215
	18	Franco-Nevada Corp.		902
	125	Goldcorp, Inc.		1,602
	71	Gran Tierra Energy, Inc. (a)		172
	66	Ivanhoe Mines Ltd., Class A (a)		35
	23	Kennady Diamonds, Inc. (a)		52
	63	Loncor Resources, Inc. (a)		2
	45	Lucara Diamond Corp.		56
	514	Lundin Mining Corp. (a)		1,735
	28	MEG Energy Corp. (a)		235
	32	Mountain Province Diamonds, Inc. (a)		88
	125	New Gold, Inc. (a)		308
	115	North Arrow Minerals, Inc. (a)		22
	138	Panoro Minerals Ltd. (a)		12
	106	Parex Resources, Inc. (a)		796
	126	Platinum Group Metals Ltd. (a)		30
	71	Reservoir Minerals, Inc. (a)		241
	19	Seven Generations Energy Ltd., Class A (a)		205
	8	Silver Wheaton Corp.		105
	454	Trevali Mining Corp. (a)		180
	46	WesternZagros Resources Ltd. (a)		4
	44	Whitecap Resources, Inc.		390
	39	Yamana Gold, Inc.		86
				10,319
		Chile — 0.3%
	12	Antofagasta plc		96

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — 2.2%
	15	TOTAL S.A.		731
		Ireland — 0.1%
	807	Kenmare Resources plc (a)		18
		Netherlands — 3.6%
	44	Nostrum Oil & Gas plc		291
	34	Royal Dutch Shell plc, Class B		896
				1,187
		Norway — 0.6%
	195	DNO ASA (a)		197
		Russia — 2.2%
	49	MMC Norilsk Nickel PJSC, ADR		725
		Singapore — 0.5%
	4	InterOil Corp. (a)		165
		South Africa — 1.5%
	304	Petra Diamonds Ltd.		350
	408	Sierra Rutile Ltd. (a)		130
				480
		Sweden — 6.0%
	41	Boliden AB		786
	81	Lundin Petroleum AB (a)		1,178
				1,964
		Switzerland — 1.9%
	161	Ferrexpo plc		84
	313	Glencore plc (a)		540
				624
		United Kingdom — 13.9%
	96	Acacia Mining plc		285
	743	Amara Mining plc (a)		104
	830	Amerisur Resources plc (a)		357
	65	BG Group plc		1,025
	250	Firestone Diamonds plc (a)		78
	11	Gem Diamonds Ltd.		17
	139	President Energy plc (a)		15
	11	Randgold Resources Ltd., ADR		742
	53	Rio Tinto plc		1,919
	345	Tethys Petroleum Ltd. (a)		16
				4,558
		United States — 21.2%
	64	Alcoa, Inc.		573
	18	Anadarko Petroleum Corp.		1,218
	87	BNK Petroleum, Inc. (a)		26
	7	Cabot Oil & Gas Corp.		144

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — Continued
	12	Chevron Corp.		1,092
	13	EOG Resources, Inc.		1,114
	83	Freeport-McMoRan, Inc.		979
	18	Newmont Mining Corp.		343
	13	Occidental Petroleum Corp.		984
	50	Stillwater Mining Co. (a)		467
				6,940
		Total Common Stocks (Cost $46,406)		30,455
	Short-Term Investment — 7.3%
		Investment Company — 7.3%
	2,405	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $2,405)		2,405
		Total Investments — 100.4% (Cost $48,811)		32,860
		Liabilities in Excess of Other Assets — (0.4)%		(143	)
		NET ASSETS — 100.0%	$	32,717

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Diversified Metals & Mining		30.9	%
Gold Mining		19.6
Oil & Gas Exploration & Production		19.6
Oil, Gas & Consumable Fuels		15.7
Precious Metals & Minerals		6.6
Others (each less than 1.0%)		0.3
Short-Term Investment		7.3

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—  American Depositary Receipt
CDI	—  CHESS Depositary Interest
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—  Amount rounds to less than $1,000.
(l)	—  The rate shown is the current yield as of October 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are approximately $12,343,000 and 37.6%, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	Global Natural Resources Fund
ASSETS:
Investments in non-affiliates, at value	$	30,455
Investments in affiliates, at value		2,405
Total investment securities, at value		32,860
Cash		93
Foreign currency, at value		19
Receivables:
Investment securities sold		17
Fund shares sold		7
Dividends from non-affiliates		15
Dividends from affiliates		—	(a)
Tax reclaims		23
Due from Adviser		7
Other assets		19
Total Assets		33,060
LIABILITIES:
Payables:
Investment securities purchased		251
Accrued liabilities:
Distribution fees		1
Shareholder servicing fees		7
Custodian and accounting fees		21
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Audit fees		52
Other		11
Total Liabilities		343
Net Assets	$	32,717

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

	Global Natural Resources Fund
NET ASSETS:
Paid-in-Capital	$	84,118
Accumulated undistributed (distributions in excess of) net investment income		431
Accumulated net realized gains (losses)		(35,880	)
Net unrealized appreciation (depreciation)		(15,952	)
Total Net Assets	$	32,717
Net Assets:
Class A	$	2,476
Class C		804
Class R2		17
Class R5		16
Class R6		16
Select Class		29,388
Total	$	32,717
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		436
Class C		144
Class R2		3
Class R5		3
Class R6		3
Select Class		5,171
Net Asset Value (a):
Class A — Redemption price per share	$	5.67
Class C — Offering price per share (b)		5.59
Class R2 — Offering and redemption price per share		5.66
Class R5 — Offering and redemption price per share		5.82
Class R6 — Offering and redemption price per share		5.70
Select Class — Offering and redemption price per share		5.68
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	5.98
Cost of investments in non-affiliates	$	46,406
Cost of investments in affiliates		2,405
Cost of foreign currency		19

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 9

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

(Amounts in thousands)

	Global Natural Resources Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)
Dividend income from non-affiliates		1,004
Dividend income from affiliates		2
Foreign taxes withheld		(16	)
Total investment income		990
EXPENSES:
Investment advisory fees		315
Administration fees		32
Distribution fees:
Class A		7
Class C		6
Class R2		—	(a)
Shareholder servicing fees:
Class A		7
Class C		2
Class R2		—	(a)
Class R5		—	(a)
Select Class		89
Custodian and accounting fees		41
Interest expense to affiliates		—	(a)
Professional fees		73
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Printing and mailing costs		14
Registration and filing fees		78
Transfer agent fees		9
Sub-transfer agent fees (See Note 2.D)		4
Other		7
Total expenses		684
Less fees waived		(258	)
Less expense reimbursements		(7	)
Net expenses		419
Net investment income (loss)		571
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(8,292	)
Foreign currency transactions		(9	)
Net realized gain (loss)		(8,301	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(6,458	)
Foreign currency translations		(1	)
Change in net unrealized appreciation/depreciation		(6,459	)
Net realized/unrealized gains (losses)		(14,760	)
Change in net assets resulting from operations	$	(14,189	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Natural Resources Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	571		$	311
Net realized gain (loss)		(8,301	)		(1,187	)
Change in net unrealized appreciation/depreciation		(6,459	)		(6,516	)
Change in net assets resulting from operations		(14,189	)		(7,392	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		(13	)
Class C
From net investment income		—			(1	)
Class R2
From net investment income		—			—	(a)
Class R5
From net investment income		—	(a)		—	(a)
Class R6
From net investment income		(1	)		(1	)
Select Class
From net investment income		(180	)		(221	)
Total distributions to shareholders		(182	)		(236	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,164			11,123
NET ASSETS:
Change in net assets		(8,207	)		3,495
Beginning of period		40,924			37,429
End of period	$	32,717		$	40,924
Accumulated undistributed (distributions in excess of) net investment income	$	431		$	(130	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Natural Resources Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,446		$	2,202
Distributions reinvested		1			13
Cost of shares redeemed		(1,361	)		(2,370	)
Change in net assets resulting from Class A capital transactions	$	1,086		$	(155	)
Class C
Proceeds from shares issued	$	798		$	481
Distributions reinvested		—			1
Cost of shares redeemed		(400	)		(337	)
Change in net assets resulting from Class C capital transactions	$	398		$	145
Class R2
Proceeds from shares issued	$	—	(a)	$	—	(a)
Distributions reinvested		—			—	(a)
Cost of shares redeemed		(4	)		—
Change in net assets resulting from Class R2 capital transactions	$	(4	)	$	—	(a)
Class R5
Proceeds from shares issued	$	—	(a)	$	1
Distributions reinvested		—	(a)		—	(a)
Cost of shares redeemed		(5	)		(4	)
Change in net assets resulting from Class R5 capital transactions	$	(5	)	$	(3	)
Class R6
Distributions reinvested	$	—	(a)	$	—	(a)
Cost of shares redeemed		(8	)		—
Change in net assets resulting from Class R6 capital transactions	$	(8	)	$	—	(a)
Select Class
Proceeds from shares issued	$	4,891		$	11,391
Distributions reinvested		180			219
Cost of shares redeemed		(374	)		(474	)
Change in net assets resulting from Select Class capital transactions	$	4,697		$	11,136
Total change in net assets resulting from capital transactions	$	6,164		$	11,123

(a) Amount rounds to less than 1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

	Global Natural Resources Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		330			223
Reinvested		—	(a)		1
Redeemed		(202	)		(241	)
Change in Class A Shares		128			(17	)
Class C
Issued		120			49
Reinvested		—			—	(a)
Redeemed		(62	)		(35	)
Change in Class C Shares		58			14
Class R2
Issued		—	(a)		—	(a)
Reinvested		—			—	(a)
Redeemed		—	(a)		—
Change in Class R2 Shares		—	(a)		—	(a)
Class R5
Issued		—	(a)		—	(a)
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)
Change in Class R5 Shares		—	(a)		(1	)
Class R6
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—
Change in Class R6 Shares		(1	)		—	(a)
Select Class
Issued		644			1,117
Reinvested		23			24
Redeemed		(53	)		(50	)
Change in Select Class Shares		614			1,091

(a) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 13

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Global Natural Resources Fund
Class A
Year Ended October 31, 2015	$	8.22	$	0.09	(f)	$	(2.64	)	$	(2.55	)	$	—	(h)	$	—
Year Ended October 31, 2014		9.63		0.05	(f)		(1.42	)		(1.37	)		(0.04	)		—
Year Ended October 31, 2013		11.68		0.03	(f)		(1.89	)		(1.86	)		(0.19	)		—
Year Ended October 31, 2012		13.57		0.02	(f)		(1.84	)		(1.82	)		(0.07	)		—
November 30, 2010 (g) through October 31, 2011		15.00		(0.02	)(f)		(1.41	)		(1.43	)		—			—	(h)
Class C
Year Ended October 31, 2015		8.14		0.06	(f)		(2.61	)		(2.55	)		—			—
Year Ended October 31, 2014		9.55		—	(f)(h)		(1.40	)		(1.40	)		(0.01	)		—
Year Ended October 31, 2013		11.58		(0.01	)(f)		(1.90	)		(1.91	)		(0.12	)		—
Year Ended October 31, 2012		13.51		(0.04	)(f)		(1.83	)		(1.87	)		(0.06	)		—
November 30, 2010 (g) through October 31, 2011		15.00		(0.09	)(f)		(1.40	)		(1.49	)		—			—	(h)
Class R2
Year Ended October 31, 2015		8.22		0.07	(f)		(2.63	)		(2.56	)		—			—
Year Ended October 31, 2014		9.63		0.02	(f)		(1.41	)		(1.39	)		(0.02	)		—
Year Ended October 31, 2013		11.68		0.02	(f)		(1.92	)		(1.90	)		(0.15	)		—
Year Ended October 31, 2012		13.54		(0.02	)(f)		(1.83	)		(1.85	)		(0.01	)		—
November 30, 2010 (g) through October 31, 2011		15.00		(0.06	)(f)		(1.40	)		(1.46	)		—			—	(h)
Class R5
Year Ended October 31, 2015		8.44		0.12	(f)		(2.69	)		(2.57	)		(0.05	)		—
Year Ended October 31, 2014		9.89		0.09	(f)		(1.46	)		(1.37	)		(0.08	)		—
Year Ended October 31, 2013		11.74		0.09	(f)		(1.94	)		(1.85	)		—			—
Year Ended October 31, 2012		13.63		0.07	(f)		(1.85	)		(1.78	)		(0.11	)		—
November 30, 2010 (g) through October 31, 2011		15.00		0.04	(f)		(1.41	)		(1.37	)		—			—	(h)
Class R6
Year Ended October 31, 2015		8.27		0.12	(f)		(2.63	)		(2.51	)		(0.06	)		—
Year Ended October 31, 2014		9.69		0.10	(f)		(1.43	)		(1.33	)		(0.09	)		—
Year Ended October 31, 2013		11.75		(0.01	)(f)		(1.81	)		(1.82	)		(0.24	)		—
November 30, 2011 (k) through October 31, 2012		13.49		0.08	(f)		(1.71	)		(1.63	)		(0.11	)		—
Select Class
Year Ended October 31, 2015		8.25		0.10	(f)		(2.63	)		(2.53	)		(0.04	)		—
Year Ended October 31, 2014		9.67		0.07	(f)		(1.43	)		(1.36	)		(0.06	)		—
Year Ended October 31, 2013		11.72		0.07	(f)		(1.90	)		(1.83	)		(0.22	)		—
Year Ended October 31, 2012		13.60		0.05	(f)		(1.85	)		(1.80	)		(0.08	)		—
November 30, 2010 (g) through October 31, 2011		15.00		0.02	(f)		(1.42	)		(1.40	)		—			—	(h)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

(h) Amount rounds to less than $0.01.

(i) Due to the size of net assets and fixed expense, ratios are disproportionate with other classes.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000's)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (d)			Portfolio turnover rate (b)(e)
$	5.67		(30.99	)%	$	2,476		1.29	%		1.29	%		2.11	%		39	%
	8.22		(14.26	)		2,529		1.29			0.51			2.00			30
	9.63		(16.14	)		3,126		1.29			0.33			2.00			26
	11.68		(13.45	)		4,519		1.30			0.16			1.88			38
	13.57		(9.53	)		3,377		1.29	(j)		(0.15	)(j)		2.00	(i)(j)		23
	5.59		(31.33	)		804		1.79			0.83			2.59			39
	8.14		(14.69	)		701		1.79			0.01			2.49			30
	9.55		(16.63	)		690		1.80			(0.07	)		2.54			26
	11.58		(13.88	)		768		1.80			(0.36	)		2.38			38
	13.51		(9.93	)		607		1.79	(j)		(0.63	)(j)		2.60	(i)(j)		23
	5.66		(31.14	)		17		1.54			0.95			2.73			39
	8.22		(14.46	)		30		1.54			0.24			2.25			30
	9.63		(16.43	)		35		1.55			0.20			2.29			26
	11.68		(13.68	)		39		1.55			(0.13	)		2.12			38
	13.54		(9.73	)		45		1.54	(j)		(0.46	)(j)		3.90	(i)(j)		23
	5.82		(30.58	)		16		0.84			1.65			2.03			39
	8.44		(13.90	)		29		0.84			0.94			1.56			30
	9.89		(15.76	)		36		0.85			0.89			1.59			26
	11.74		(13.11	)		40		0.85			0.53			1.43			38
	13.63		(9.13	)		22,816		0.84	(j)		0.34	(j)		1.26	(i)(j)		23
	5.70		(30.56	)		16		0.79			1.70			1.86			39
	8.27		(13.84	)		32		0.79			0.99			1.50			30
	9.69		(15.75	)		37		0.80			(0.06	)		1.25			26
	11.75		(12.14	)		29,103		0.79			0.74			1.37			38
	5.68		(30.82	)		29,388		1.04			1.47			1.70			39
	8.25		(14.09	)		37,603		1.04			0.77			1.73			30
	9.67		(15.90	)		33,505		1.05			0.66			1.78			26
	11.72		(13.27	)		41,778		1.05			0.43			1.62			38
	13.60		(9.33	)		43,081		1.05	(j)		0.12	(j)		1.83	(i)(j)		23

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 15

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered (See Note 8)	Diversified/Non-Diversified
Global Natural Resources Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified

The investment objective of the Fund is to seek to provide long-term capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	2,451	$	—	$	2,451
Canada		9,976		343		—		10,319
Chile		—		96		—		96
France		—		731		—		731
Ireland		18		—		—		18
Netherlands		291		896		—		1,187
Norway		—		197		—		197
Russia		—		725		—		725
Singapore		165		—		—		165
South Africa		130		350		—		480
Sweden		—		1,964		—		1,964
Switzerland		84		540		—		624
United Kingdom		774		3,784		—		4,558
United States		6,940		—		—		6,940
Total Common Stocks		18,378		12,077		—		30,455
Short-Term Investment
Investment Company		2,405		—		—		2,405
Total Investments in Securities	$	20,783	$	12,077	$	—	$	32,860

Transfers from Level 1 to Level 2 in the amount of approximately $2,093,000 are due to applying the fair value factors to certain securities as of October 31, 2015.

Transfers from Level 1 to Level 2 in the amount of approximately $343,000 are due to decreased trading volume in certain securities as of October 31, 2015.

There were no significant transfers between Level 2 and Level 1.

Transfers between fair value levels are valued utilizing values as of the beginning of the year.

B. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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

D. 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 Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

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.

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Fund for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5			Select Class			Total
Sub-transfer agent fees	$	3	$	1	$	—	(a)	$	—	(a)	$	—	(a)	$	4

(a) Amount rounds to less than $1,000.

E. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2015, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually 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 at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net  investment income		Accumulated net realized gains (losses)
$	—	$	172	$	(172	)

The reclassifications for the Fund relate primarily to investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at the annual rate of 0.80% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25%, 0.75% and 0.50% of the average daily net assets of Class A, Class C, and Class R2 Shares, respectively.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following (amounts in thousands):

Front-End Sales Charge		CDSC
$	2	$	—

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. 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:

Class A			Class C			Class R2			Class R5			Select Class
	0.25	%		0.25	%		0.25	%		0.05	%		0.25	%

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 Fund 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 Fund. For these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates in the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses of the Fund (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’s deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Class R6			Select Class
	1.30	%		1.80	%		1.55	%		0.85	%		0.80	%		1.05	%

The expense limitation agreement was in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the year ended October 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursement
$	215	$	32	$	6	$	253	$	7

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2015 were approximately $5,000.

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

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 Statement of Operations.

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

During the year ended October 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2015, the Fund incurred less than $1,000 of brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	19,092	$	13,927

During the year ended October 31, 2015, there were no purchases or sales of U.S. Government Securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
$	49,487	$	749	$	(17,376	)	$	(16,627	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals and mark to market of passive foreign investment companies (“PFICs”).

The tax character of distributions paid during the year ended October 31, 2015, was as follows (amounts in thousands):

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	182	$	—	$	182

The tax character of distributions paid during the year ended October 31, 2014, was as follows (amounts in thousands):

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	236	$	—	$	236

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain  or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
$	493	$	(35,265	)	$	(16,629	)

The cumulative timing differences primarily consist of wash sale loss deferrals and mark to market of PFICs.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 2011 are 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 Fund 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.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

At October 31, 2015, the Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	8,426	$	25,036

At October 31, 2015, the Fund 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):

2019		Total
$	1,802	$	1,802

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015, or at any time during the year then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2015 the J.P. Morgan Investor Funds, which are affiliated funds of funds, own, in the aggregate, 71.9% of the net assets of the Fund.

Significant shareholder transactions by these shareholders, if any, may impact the Fund’s performance.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2015, the Fund had the following country allocations representing greater than 10% of the Fund’s total investments:

Canada			United Kingdom			United States
	31.4	%		13.9	%		21.1	%

As of October 31, 2015, the Fund invested approximately 30.9% of its total investments in the Diversified Metals & Mining industry.

Because the Fund invests a substantial portion of its assets in the natural resources sector, events that affect natural resources will have a greater effect on the Fund than they would on a fund that is more widely diversified among a number of unrelated industries. In addition, certain natural resources sub-sectors are subject to greater governmental regulation than are other industries; therefore, changes in tax and other government regulations may be more likely to adversely affect the Fund.

8. Subsequent Event

At their meeting on November 11, 2015, the Board of the Fund approved the liquidation of the Fund, which occurred on December 16, 2015. Effective November 16, 2015, the Fund no longer accepted purchase orders from new investors.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Global Natural Resources Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule 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 Global Natural Resources Fund (a separate Fund of JPMorgan Trust I) (the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its 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 Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 audit, which included confirmation of securities at October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provides a reasonable basis for our opinion.

As discussed in Note 8 to the financial statements, on November 11, 2015, the Board of Trustees approved the liquidation of the Fund, which occurred on December 16, 2015.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 23

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 25

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading 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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Global Natural Resources Fund
Class A
Actual	$	1,000.00	$	720.50	$	5.59		1.29	%
Hypothetical		1,000.00		1,018.70		6.56		1.29
Class C
Actual		1,000.00		717.60		7.75		1.79
Hypothetical		1,000.00		1,016.18		9.10		1.79
Class R2
Actual		1,000.00		719.20		6.67		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class R5
Actual		1,000.00		722.10		3.65		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R6
Actual		1,000.00		722.40		3.43		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Select Class
Actual		1,000.00		720.80		4.51		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04

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

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 19, 2015. Subsequent to this approval, at a meeting held on November 11, 2015, the Trustees approved the liquidation of the Fund on or about December 16, 2015.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer group. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreement. The Trustees also

discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

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

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the fifth quintile for both Class A and Select Class shares for each of the one- and three-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and various other

factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide

additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year. At their meeting held on November 11, 2015, the Trustees approved the liquidation of the Fund on or about December 16, 2015.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2015 J.P. MORGAN SPECIALTY FUNDS 29

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund had 15.92 %, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2015.

Qualified Dividend Income (QDI)

The Fund had approximately $182,000 or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015.

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s 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 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the 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 and on the Fund’s 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 Fund to the Adviser. A copy of the Fund’s 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 Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-SPEC2-1015

Annual Report

J.P. Morgan Funds

October 31, 2015

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	6
Schedules of Portfolio Investments	9
Financial Statements	83
Financial Highlights	88
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	112
Trustees	113
Officers	115
Schedule of Shareholder Expenses	116
Board Approval of Investment Advisory Agreements	117
Tax Letter	120
Privacy Policy — Located at the back of this Annual Report

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 the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the 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 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

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in

both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

Twelve Months Ended October 31, 2015 (Unaudited)

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index (the “S&P 500”) dropped 3.9%, and equity markets in Europe and Japan also fell. The sell-off also led to declines in emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index rose the most since April 2013 and leading European indexes had their best performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

While increasing financial market volatility drove some investors to the safe haven of fixed income assets, large sectors of the bond market remained under pressure from historically low interest rates. U.S. Treasury bond yields, which generally move in the opposite direction of prices, declined on bonds of shorter maturities and remained essentially flat on bonds of longer maturities.

2 J.P. MORGAN FUNDS OCTOBER 31, 2015

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.56%
Morgan Stanley Capital International (“MSCI”)
World Index (net of foreign withholding taxes)		1.77%
Barclays U.S. Aggregate Index		1.96%
Global Allocation Composite Benchmark		2.09%
Net Assets as of 10/31/2015 (In Thousands)	$	774,417

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the twelve months ended October 31, 2015, the Fund’s Select Class Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”), the Barclays U.S. Aggregate Index and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Barclays U.S. Aggregate Index.

The Fund’s allocation to high yield debt securities (also known as “junk bonds”) was the main detractor relative to the Benchmark for the twelve month reporting period. High yield bonds underperformed both developed market equities as measured by the Benchmark as well as the Composite Benchmark.

The Fund’s holdings in developed market equity securities and its bias away from emerging market equities and currencies were positive contributors to relative performance amid weakness in global oil prices and uncertainty around monetary policy from the U.S. Federal Reserve.

The Fund managers’ decision to hedge exposure to the Euro, the British pound and the Japanese yen also helped relative performance as the U.S. dollar rose against other developed market currencies

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to maintain a constructive view on developed market equities and extended credit. The Fund’s developed market equity exposure increased given the portfolio managers’ views on the strength of developed economies. Japanese equity exposure increased after Japan’s central bank stimulus plans were announced in the second half of the year, which provided support to asset prices. The managers also reduced the Fund’s emerging market exposure given what they viewed as historical vulnerabilities to a stronger dollar as well as the potential for rising U.S. interest rates. In fixed income assets, the Fund managers maintained a positive view on credit as expressed through high yield bonds and non-agency mortgages. Within core fixed income, the Fund was underweight in shorter maturities that may be vulnerable to changes in interest rates and overweight in longer maturities that may be subject to foreign demand and inflation expectations.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	France Government Bond OAT, (France), 1.750%, 11/25/24	2.4	%
	2.	Italy Buoni Poliennali Del Tesoro, (Italy), 3.500%, 11/01/17	1.8
	3.	Italy Buoni Poliennali Del Tesoro, (Italy), 5.500%, 11/01/22	1.7
	4.	Bundesrepublik Deutschland, (Germany), 0.500%, 02/15/25	1.5
	5.	U.S. Treasury Notes, (United States), 0.375%, 01/31/16	1.2
	6.	U.S. Treasury Notes ((United States), 2.125%, 06/30/22	1.0
	7.	Kingdom of Spain, (Spain), 4.000%, 04/30/20	0.9
	8.	United Kingdom Gilt, (United Kingdom), 2.000%, 01/22/16	0.8
	9.	United Kingdom Gilt, (United Kingdom), 4.000%, 09/07/16	0.8
	10.	United Kingdom Gilt, (United Kingdom), 8.000%, 12/07/15	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	47.3	%
United Kingdom	7.1
France	4.8
Italy	4.5
Japan	4.4
Germany	3.2
Switzerland	2.1
Spain	1.4
Netherlands	1.3
Australia	1.1
India	1.1
Canada	1.0
South Africa	1.0
Hong Kong	1.0
Others (each less than 1.0%)	7.1
Short-Term Investment	11.6

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS OCTOBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2011
Without Sales Charge				1.33	%		8.27	%		5.46	%
With Sales Charge**				(3.24	)		6.63			4.36
CLASS C SHARES		May 31, 2011
Without CDSC				0.84			7.71			4.93
With CDSC***				(0.16	)		7.71			4.93
CLASS R2 SHARES		May 31, 2011		1.08			7.99			5.19
SELECT CLASS SHARES		May 31, 2011		1.56			8.53			5.72

** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/11 TO 10/31/15)

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

The Fund commenced operations on May 31, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Allocation Fund, the MSCI World Index, the Global Allocation Composite Benchmark and the Lipper Global Flexible Portfolio Funds Index from May 31, 2011 to October 31, 2015 . 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 MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Global Allocation Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Global Flexible Portfolio 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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged

indexes that includes 60% MSCI World Index and 40% Barclays U.S. Aggregate Index. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Global Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

Subsequent to the inception date of the Fund through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 5

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(0.03)%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		1.77%
Barclays U.S. Aggregate Index		1.96%
Income Builder Composite Benchmark		2.09%
Net Assets as of 10/31/2015 (In Thousands)	$	12,521,350

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

J.P. Morgan’s Multi-Asset Solutions team (the “Team”) combined capital markets research and asset allocation with the insights of specialist asset class teams to construct a broadly diversified portfolio of income producing securities that the Team believed would perform well given the Team’s market views. The underlying specialist teams built portfolios of their highest conviction securities with what they believed to be the best opportunities for yield and total return on a risk-adjusted basis.

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

For the twelve months ended October 31, 2015, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net of foreign withholding taxes) and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is composed of 60% MSCI World Index (net of foreign withholding taxes) and 40% Barclays U.S. Aggregate Index.

The Fund’s Class A Shares, without a sales charge, underperformed its Composite Benchmark as the Fund’s holding in high yield debt (also known as “junk bonds”) underperformed both the MSCI World Index (net of foreign withholding taxes)

and the Barclays U.S. Aggregate Index. A small allocation to emerging market equities also detracted from performance relative to the Composite Benchmark. Conversely, the Fund’s holdings in global real estate investment trusts were a positive contributor to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers positioned the Fund to pursue income. While they continued to maintain a positive view on global equities, they reduced their equity allocation over the twelve month reporting period to pursue opportunities in high yield debt and investment grade fixed income securities that they believed were more attractive. The Fund was invested in globally oriented companies that the Team believed would have yields that, despite near-term volatility, would prove resilient in a low interest rate environment. Proceeds from the Fund’s moderate reduction in equities were used to add to its allocation to high yield debt and investment grade fixed income. The portfolio managers believed that global investors’ desire for yield and the managers’ low expectation for defaults provided a solid backdrop for stable performance in high yield bonds.

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

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

6 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	Microsoft Corp. (United States) (Common Stock)	0.8	%
	2.	U.S. Treasury Notes, 0.375%, 01/31/16 (United States) (U.S. Treasury Obligation)	0.8
	3.	Home Depot, Inc. (The) (United States) (Common Stock).	0.7
	4.	Unibail-Rodamco SE, (France) (Common Stock)	0.7
	5.	Occidental Petroleum Corp. (United States) (Common Stock)	0.7
	6.	Wells Fargo & Co. (United States) (Common Stock)	0.7
	7.	Altria Group, Inc. (United States) (Common Stock)	0.7
	8.	GlaxoSmithKline plc, (United Kingdom) (Common Stock).	0.5
	9.	Pfizer, Inc. (United States) (Common Stock)	0.5
	10.	Merck & Co., Inc. (United States) (Common Stock).	0.5

PORTFOLIO COMPOSITION BY COUNTRY*
United States	59.7	%
United Kingdom	8.3
France	3.5
Canada	2.2
Netherlands	1.8
Switzerland	1.7
Germany	1.7
Japan	1.6
Luxembourg	1.6
Australia	1.3
Spain	1.3
Finland	1.0
Others (each less than 1.0%)	11.9
Short-Term Investment	2.4

* Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR		SINCE INCEPTION
CLASS A SHARES		May 31, 2007
Without Sales Charge				(0.03	)		6.20		5.21
With Sales Charge**				(4.52	)		5.23		4.64
CLASS C SHARES		May 31, 2007
Without CDSC				(0.62	)		5.67		4.69
With CDSC***				(1.62	)		5.67		4.69
SELECT CLASS SHARES		May 31, 2007		0.12			6.37		5.40

  ** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/07 TO 10/31/15)

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

The Fund commenced operations on May 31, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index, the Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Global Flexible Portfolio Funds Index from May 31, 2007 to October 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index, the Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Global Flexible Portfolio 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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate

bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index and 40% Barclays U.S. Aggregate Index. The Lipper Global Flexible Portfolio Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

From the inception of the Fund through December 18, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Class A Shares have a $1,000 minimum initial investment and carry a 4.50% sales charge.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

8 J.P. MORGAN FUNDS OCTOBER 31, 2015

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 5.5%
		United States — 5.5%
		ACE Securities Corp. Home Equity Loan Trust,
	1,823	Series 2003-HE1, Class M1, VAR, 1.172%, 11/25/33		1,700
	487	Series 2003-NC1, Class M1, VAR, 1.367%, 07/25/33		463
	454	Series 2004-HE4, Class M1, VAR, 1.172%, 12/25/34		445
	164	Series 2005-HE7, Class A1B2, VAR, 0.797%, 11/25/35		159
		Ameriquest Mortgage Securities, Inc.,
	347	Series 2003-10, Class M1, VAR, 1.247%, 12/25/33		323
	347	Series 2003-10, Class M2, VAR, 2.747%, 12/25/33		334
	568	Series 2004-FR1W, Class A6, VAR, 4.815%, 05/25/34		568
	224	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-11, Class M3, VAR, 2.987%, 12/25/33		210
	472	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.072%, 10/25/34		437
	983	Argent Securities, Inc., Series 2004-W4, Class A, VAR, 0.717%, 03/25/34		910
	203	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-W9, Class M2, VAR, 2.777%, 01/25/34		194
	1,011	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE1, Class M1, VAR, 1.246%, 01/15/34		937
		Bear Stearns Asset-Backed Securities I Trust,
	1,148	Series 2004-HE6, Class M2, VAR, 2.072%, 08/25/34		1,082
	1,255	Series 2004-FR2, Class M3, VAR, 1.997%, 06/25/34		1,210
		Bear Stearns Asset-Backed Securities Trust,
	739	Series 2004-1, Class M1, VAR, 1.172%, 06/25/34		702
	238	Series 2004-2, Class M1, VAR, 1.397%, 08/25/34		216
	1,462	Chase Funding Trust, Series 2002-2, Class 2M1, VAR, 1.097%, 02/25/32		1,399
		Countrywide Asset-Backed Certificates,
	55	Series 2002-3, Class M1, VAR, 1.322%, 03/25/32		54
	72	Series 2002-4, Class M1, VAR, 1.322%, 12/25/32		67
	671	Series 2003-BC4, Class M2, VAR, 1.547%, 06/25/33		652

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	372	Series 2003-BC6, Class M2, VAR, 1.922%, 10/25/33		334
	156	Series 2004-2, Class M1, VAR, 0.947%, 05/25/34		148
	670	Series 2004-3, Class M1, VAR, 0.947%, 06/25/34		637
	803	Series 2005-AB3, Class 1A1, VAR, 0.447%, 02/25/36		705
	1,149	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.142%, 01/25/35		1,040
		Credit-Based Asset Servicing and Securitization LLC,
	689	Series 2004-CB5, Class M1, VAR, 1.112%, 01/25/34		642
	200	Series 2005-CB1, Class M2, VAR, 1.292%, 01/25/35		180
	322	CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M1, VAR, 0.947%, 03/25/34		308
	108	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M2, VAR, 1.172%, 10/25/34		102
	399	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		386
	672	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, VAR, 0.497%, 11/25/35		595
		Fremont Home Loan Trust,
	71	Series 2003-B, Class M2, VAR, 2.627%, 12/25/33		69
	1,833	Series 2004-A, Class M1, VAR, 1.022%, 01/25/34		1,667
	16	Series 2005-D, Class 2A3, VAR, 0.447%, 11/25/35		16
		GSAMP Trust,
	508	Series 2004-AR1, Class M1, VAR, 1.172%, 06/25/34		483
	828	Series 2004-OPT, Class M1, VAR, 1.067%, 11/25/34		757
	451	Series 2006-HE3, Class A2C, VAR, 0.357%, 05/25/46		404
		Home Equity Asset Trust,
	852	Series 2003-3, Class M1, VAR, 1.487%, 08/25/33		811
	447	Series 2004-7, Class M1, VAR, 1.127%, 01/25/35		423
		Home Equity Mortgage Loan Asset-Backed Trust,
	343	Series 2004-B, Class M3, VAR, 1.397%, 11/25/34		319

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	381	Series 2004-B, Class M8, VAR, 3.497%, 11/25/34		310
		Long Beach Mortgage Loan Trust,
	950	Series 2004-3, Class M2, VAR, 1.097%, 07/25/34		910
	715	Series 2004-3, Class M4, VAR, 1.809%, 07/25/34		666
		MASTR Asset-Backed Securities Trust,
	192	Series 2003-NC1, Class M5, VAR, 6.197%, 04/25/33		178
	1,754	Series 2004-WMC2, Class M1, VAR, 1.097%, 04/25/34		1,627
	1,172	Series 2005-NC1, Class M2, VAR, 0.947%, 12/25/34		1,121
		Morgan Stanley ABS Capital I, Inc. Trust,
	345	Series 2003-HE2, Class M2, VAR, 2.672%, 08/25/33		332
	988	Series 2004-HE6, Class M1, VAR, 1.022%, 08/25/34		941
	40	Series 2004-HE8, Class M3, VAR, 1.322%, 09/25/34		37
	508	Series 2004-NC5, Class M1, VAR, 1.097%, 05/25/34		464
	605	Series 2004-NC6, Class M2, VAR, 2.072%, 07/25/34		560
	983	Series 2004-NC7, Class M2, VAR, 1.127%, 07/25/34		945
	75	Series 2005-HE1, Class M3, VAR, 0.977%, 12/25/34		63
	486	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 1.177%, 02/25/33		458
	340	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 3.572%, 09/25/33		302
		Option One Mortgage Loan Trust,
	840	Series 2004-1, Class M1, VAR, 1.097%, 01/25/34		782
	49	Series 2004-3, Class M2, VAR, 1.052%, 11/25/34		45
	1,721	Pretium Mortgage Credit Partners I, Series 2015-NPL3, Class A1, SUB, 4.125%, 10/27/30 (e)		1,709
		RAMP Trust,
	151	Series 2005-EFC4, Class M2, VAR, 0.637%, 09/25/35		148
	783	Series 2006-EFC2, Class A3, VAR, 0.357%, 12/25/36		751

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	224	RASC Trust, Series 2001-KS2, Class AI5, SUB, 7.514%, 06/25/31		232
		Renaissance Home Equity Loan Trust,
	572	Series 2003-2, Class A, VAR, 1.077%, 08/25/33		537
	427	Series 2003-2, Class M1, VAR, 1.431%, 08/25/33		392
	271	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		275
		Saxon Asset Securities Trust,
	516	Series 2003-3, Class M1, VAR, 1.172%, 12/25/33		485
	405	Series 2006-2, Class A3C, VAR, 0.347%, 09/25/36		375
	727	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M1, VAR, 1.172%, 08/25/34		675
	1,040	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.097%, 11/25/34		964
		Structured Asset Investment Loan Trust,
	491	Series 2003-BC11, Class M1, VAR, 1.172%, 10/25/33		474
	511	Series 2004-6, Class A3, VAR, 0.997%, 07/25/34		481
	539	Series 2004-7, Class M2, VAR, 1.322%, 08/25/34		465
	88	Series 2004-BNC1, Class A5, VAR, 1.437%, 09/25/34		84
	603	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.367%, 12/25/36		518
	986	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		984
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	81	Series 2004-2, Class M6, VAR, 3.017%, 10/25/34		79
	97	Series 2004-2, Class M8A, VAR, 4.697%, 10/25/34 (e)		91
	1,067	Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates, Series 2004-1, Class 1A, VAR, 0.497%, 04/25/34		1,011
		Total Asset-Backed Securities (Cost $42,539)		42,559

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 4.3%
		Non-Agency CMO — 4.3%
		United States — 4.3%
		Alternative Loan Trust
	9	Series 2004-4CB, Class 1A1, 4.250%, 04/25/34		9
	143	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		145
	782	Series 2004-27CB, Class A1, 6.000%, 12/25/34		778
	742	Series 2004-28CB, Class 3A1, 6.000%, 01/25/35		721
	194	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		198
	161	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		162
	36	Series 2005-19CB, Class A2, IF, 16.507%, 06/25/35 (u)		44
	149	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		142
		Bear Stearns ALT-A Trust
	145	Series 2005-4, Class 23A1, VAR, 2.584%, 05/25/35		140
	290	Series 2005-4, Class 23A2, VAR, 2.584%, 05/25/35		286
	367	Series 2005-7, Class 12A3, VAR, 0.877%, 08/25/35		337
		Bear Stearns ARM Trust
	870	Series 2004-3, Class 2A, VAR, 2.639%, 07/25/34		849
	302	Series 2005-5, Class A2, VAR, 2.480%, 08/25/35		303
	517	Series 2005-9, Class A1, VAR, 2.660%, 10/25/35		509
		Chase Mortgage Finance Trust
	123	Series 2005-S1, Class 1A9, 5.500%, 05/25/35		123
	401	Series 2006-S4, Class A5, 6.000%, 12/25/36		359
	229	Series 2007-A1, Class 1A1, VAR, 2.642%, 02/25/37		232
	311	Series 2007-A1, Class 8A1, VAR, 2.694%, 02/25/37		314
	369	Series 2007-A2, Class 2A1, VAR, 2.656%, 07/25/37		372
		CHL Mortgage Pass-Through Trust
	161	Series 2004-9, Class A7, 5.250%, 06/25/34		166
	523	Series 2004-25, Class 2A1, VAR, 0.877%, 02/25/35		456
	297	Series 2004-HYB7, Class 1A1, VAR, 2.623%, 11/20/34		294
	328	Series 2004-HYB7, Class 1A2, VAR, 2.623%, 11/20/34		325

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	371	Series 2006-21, Class A14, 6.000%, 02/25/37		356
	440	Series 2007-10, Class A4, 5.500%, 07/25/37		382
		Citigroup Mortgage Loan Trust, Inc.
	797	Series 2005-3, Class 2A2A, VAR, 2.708%, 08/25/35		791
	444	Series 2005-4, Class A, VAR, 2.781%, 08/25/35		439
	881	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		882
	309	Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		306
		Credit Suisse First Boston Mortgage Securities Corp.
	111	Series 2003-25, Class 2A1, 4.500%, 10/25/18		111
	844	Series 2004-8, Class 5A1, 6.000%, 12/25/34		872
	202	Series 2005-1, Class 3A4, 5.250%, 05/25/28		201
		GSR Mortgage Loan Trust
	776	Series 2004-11, Class 2A2, VAR, 2.827%, 09/25/34		764
	405	Series 2005-AR6, Class 1A1, VAR, 2.731%, 09/25/35		408
	339	Series 2005-AR6, Class 4A5, VAR, 2.812%, 09/25/35		342
		Impac CMB Trust
	165	Series 2004-6, Class 1A2, VAR, 0.977%, 10/25/34		155
	447	Series 2007-A, Class M1, VAR, 0.597%, 05/25/37 (e)		423
		JP Morgan Mortgage Trust
	234	Series 2005-A5, Class 2A2, VAR, 2.777%, 08/25/35		235
	460	Series 2005-A8, Class 2A3, VAR, 2.548%, 11/25/35		432
	290	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.734%, 04/21/34		291
		MASTR Alternative Loan Trust
	231	Series 2004-6, Class 8A1, 5.500%, 07/25/34		239
	264	Series 2005-1, Class 1A1, 5.500%, 02/25/35		282
		Merrill Lynch Mortgage Investors Trust
	142	Series 2003-A4, Class 3A, VAR, 2.934%, 05/25/33		137
	154	Series 2005-1, Class 2A1, VAR, 2.163%, 04/25/35		149

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	118	Series 2005-A2, Class A3, VAR, 2.473%, 02/25/35		114
	283	Series 2005-A5, Class A3, VAR, 2.571%, 06/25/35		273
		Morgan Stanley Mortgage Loan Trust
	264	Series 2004-5AR, Class 4A, VAR, 2.662%, 07/25/34		253
	657	Series 2004-7AR, Class 2A6, VAR, 2.512%, 09/25/34		646
	548	Series 2004-11AR, Class 1A2A, VAR, 0.507%, 01/25/35		517
	1	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 0.000%, 04/25/18		1
	153	RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		145
		Residential Asset Securitization Trust
	61	Series 2004-A3, Class A1, 4.500%, 06/25/34		62
	621	Series 2004-A8, Class A1, 5.250%, 11/25/34		627
		RFMSI Trust
	51	Series 2003-S15, Class A1, 4.500%, 08/25/18		52
	65	Series 2003-S16, Class A2, 4.500%, 09/25/18		65
	147	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		149
	1,490	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.394%, 07/20/36		1,349
		Structured Adjustable Rate Mortgage Loan Trust
	1,443	Series 2004-16, Class 5A2, VAR, 2.579%, 11/25/34		1,430
	730	Series 2005-17, Class 4A3, VAR, 2.748%, 08/25/35		713
		WaMu Mortgage Pass-Through Certificates Trust
	59	Series 2003-S8, Class A2, 5.000%, 09/25/18		60
	135	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		138
	249	Series 2005-AR3, Class A1, VAR, 2.442%, 03/25/35		247
	700	Series 2005-AR7, Class A3, VAR, 2.483%, 08/25/35		699
	493	Series 2005-AR10, Class 1A3, VAR, 2.496%, 09/25/35		476
	612	Series 2005-AR14, Class 1A4, VAR, 2.399%, 12/25/35		592
	143	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		143
		Wells Fargo Mortgage-Backed Securities Trust
	380	Series 2003-H, Class A1, VAR, 2.740%, 09/25/33		380

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	137	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		138
	439	Series 2003-M, Class A1, VAR, 2.695%, 12/25/33		440
	267	Series 2004-H, Class A1, VAR, 2.740%, 06/25/34		268
	149	Series 2004-K, Class 1A2, VAR, 2.742%, 07/25/34		149
	588	Series 2004-K, Class 2A6, VAR, 2.740%, 07/25/34		593
	134	Series 2004-N, Class A7, VAR, 2.730%, 08/25/34		134
	220	Series 2004-Z, Class 2A2, VAR, 2.628%, 12/25/34		220
	906	Series 2004-CC, Class A1, VAR, 2.627%, 01/25/35		916
	128	Series 2004-EE, Class 2A2, VAR, 2.725%, 12/25/34		131
	1,662	Series 2005-AR1, Class 1A1, VAR, 2.618%, 02/25/35		1,667
	523	Series 2005-AR1, Class 2A1, VAR, 2.612%, 02/25/35		518
	575	Series 2005-AR2, Class 2A2, VAR, 2.626%, 03/25/35		585
	222	Series 2005-AR2, Class 3A1, VAR, 2.617%, 03/25/35		224
	302	Series 2005-AR3, Class 1A1, VAR, 2.739%, 03/25/35		305
	884	Series 2005-AR10, Class 2A1, VAR, 2.695%, 06/25/35		890
	518	Series 2005-AR11, Class 1A1, VAR, 2.711%, 06/25/35		514
	703	Series 2006-AR2, Class 2A1, VAR, 2.652%, 03/25/36		700
	106	Series 2006-AR2, Class 2A3, VAR, 2.652%, 03/25/36		104
	342	Series 2006-AR3, Class A3, VAR, 2.662%, 03/25/36		336
		Total Collateralized Mortgage Obligations (Cost $33,109)		33,424
	Commercial Mortgage-Backed Securities — 0.4%
		United States — 0.4%
		Morgan Stanley Capital I Trust,
	1,000	Series 2006-HQ8, Class AJ, VAR, 5.495%, 03/12/44		1,002
	1,000	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		1,002
	1,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, VAR, 5.671%, 04/15/47		979
		Total Commercial Mortgage-Backed Securities (Cost $2,979)		2,983

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 42.9%
		Australia — 1.1%
	116	AMP Ltd.		471
	66	Australia & New Zealand Banking Group Ltd.		1,276
	74	BHP Billiton Ltd.		1,210
	25	Commonwealth Bank of Australia		1,349
	87	Dexus Property Group		477
	159	Goodman Group		684
	14	Macquarie Group Ltd.		841
	5	National Australia Bank Ltd.		97
	55	Oil Search Ltd.		304
	184	Qantas Airways Ltd. (a)		517
	32	Wesfarmers Ltd.		895
	15	Westpac Banking Corp.		326
				8,447
		Bermuda — 0.1%
	14	Lazard Ltd., Class A		636
	5	Teekay Corp.		147
				783
		Brazil — 0.5%
	188	AMBEV S.A., ADR		917
	106	CCR S.A.		334
	73	Cielo S.A.		693
	64	Lojas Renner S.A.		307
	47	Ultrapar Participacoes S.A.		814
	25	Vale S.A. (Preference Shares), ADR		92
	120	WEG S.A.		448
				3,605
		Canada — 0.1%
	13	Brookfield Asset Management, Inc., Class A		454
	3	Novadaq Technologies, Inc. (a)		44
	6	Valeant Pharmaceuticals International, Inc. (a)		577
				1,075
		Chile — 0.1%
	28	Banco Santander Chile, ADR		528
		China — 0.6%
	7	Baidu, Inc., ADR (a)		1,337
	451	CNOOC Ltd.		509
	685	Geely Automobile Holdings Ltd.		365
	78	Tencent Holdings Ltd.		1,463
	224	Tingyi Cayman Islands Holding Corp.		384
	122	Tsingtao Brewery Co., Ltd., Class H		582
				4,640

SHARES			SECURITY DESCRIPTION	VALUE
			Denmark — 0.3%
	–	(h)	AP Moeller — Maersk A/S, Class B		415
	8		Chr Hansen Holding A/S		492
	27		Danske Bank A/S		734
	19		Novo Nordisk A/S, Class B		1,025
					2,666
			Finland — 0.4%
	173		Nokia OYJ		1,287
	56		Outokumpu OYJ (a)		192
	56		UPM-Kymmene OYJ		1,048
	14		Wartsila OYJ Abp		580
					3,107
			France — 2.0%
	12		Air Liquide S.A.		1,612
	24		Airbus Group SE		1,690
	10		Arkema S.A.		703
	68		AXA S.A.		1,818
	19		BNP Paribas S.A.		1,150
	9		Cap Gemini S.A.		842
	61		Engie S.A.		1,076
	1		L’Oreal S.A.		162
	13		Renault S.A.		1,271
	14		Sanofi		1,397
	8		Schneider Electric SE		512
	18		Societe Generale S.A.		843
	11		Thales S.A.		772
	24		TOTAL S.A.		1,160
	36		Vivendi S.A.		876
					15,884
			Germany — 1.4%
	3		Allianz SE		445
	2		BASF SE		170
	15		Bayer AG		2,027
	13		Brenntag AG		811
	19		Daimler AG, Reg. S,		1,645
	5		Deutsche Bank AG		138
	9		Deutsche Post AG		277
	61		Deutsche Telekom AG		1,138
	19		E.ON SE		199
	12		HeidelbergCement AG		899
	61		Infineon Technologies AG		750
	23		SAP SE		1,804
	10		Siemens AG		958
					11,261

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Hong Kong — 1.0%
	431	AIA Group Ltd.		2,527
	81	Cheung Kong Property Holdings Ltd.		566
	80	CK Hutchison Holdings Ltd.		1,094
	12	Hang Seng Bank Ltd.		224
	17	Jardine Matheson Holdings Ltd.		913
	2	Jardine Matheson Holdings Ltd.		87
	65	Power Assets Holdings Ltd.		646
	216	Sands China Ltd.		776
	541	Sun Art Retail Group Ltd.		442
	82	Wharf Holdings Ltd. (The)		488
				7,763
		India — 1.1%
	67	HDFC Bank Ltd., ADR		4,119
	168	Infosys Ltd., ADR		3,055
	76	Mahindra & Mahindra Ltd., GDR		1,379
				8,553
		Indonesia — 0.2%
	1,326	Astra International Tbk PT		570
	520	Bank Central Asia Tbk PT		489
	774	Bank Rakyat Indonesia Persero Tbk PT		592
	113	Unilever Indonesia Tbk PT		304
				1,955
		Ireland — 0.3%
	3	DCC plc		271
	10	Ryanair Holdings plc, ADR		792
	14	Shire plc		1,072
				2,135
		Israel — 0.1%
	11	Mobileye N.V. (a)		504
	7	Teva Pharmaceutical Industries Ltd., ADR		421
				925
		Italy — 0.6%
	37	Assicurazioni Generali S.p.A.		692
	27	Atlantia S.p.A.		754
	242	Enel S.p.A.		1,118
	651	Telecom Italia S.p.A. (a)		908
	135	UniCredit S.p.A.		872
				4,344
		Japan — 4.3%
	58	Amada Holdings Co., Ltd.		521
	21	Bridgestone Corp.		777

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — continued
	6	Central Japan Railway Co.		1,058
	12	Daikin Industries Ltd.		765
	17	Daiwa House Industry Co., Ltd.		451
	11	Dentsu, Inc.		624
	20	DMG Mori Co., Ltd.		290
	11	East Japan Railway Co.		1,008
	12	Electric Power Development Co., Ltd.		405
	13	Fuji Heavy Industries Ltd.		503
	118	Fujitsu Ltd.		558
	161	Hitachi Ltd.		929
	6	Honda Motor Co., Ltd.		205
	6	Japan Tobacco, Inc.		201
	25	JFE Holdings, Inc.		388
	61	JX Holdings, Inc.		238
	127	Kajima Corp.		727
	24	KDDI Corp.		590
	2	Keyence Corp.		885
	46	Kirin Holdings Co., Ltd.		654
	36	Kyushu Electric Power Co., Inc. (a)		430
	13	LIXIL Group Corp.		274
	13	Mabuchi Motor Co., Ltd.		648
	22	Mazda Motor Corp.		422
	34	Medipal Holdings Corp.		590
	269	Mitsubishi UFJ Financial Group, Inc.		1,741
	11	Mitsui & Co., Ltd.		137
	33	Mitsui Fudosan Co., Ltd.		898
	19	MS&AD Insurance Group Holdings, Inc.		554
	5	NGK Spark Plug Co., Ltd.		132
	22	Nippon Steel & Sumitomo Metal Corp.		440
	38	Nippon Telegraph & Telephone Corp.		1,375
	78	Nishi-Nippon City Bank Ltd. (The)		228
	7	Nitori Holdings Co., Ltd.		530
	34	ORIX Corp.		502
	24	Otsuka Holdings Co., Ltd.		799
	53	Seiko Epson Corp.		802
	29	Seven & i Holdings Co., Ltd.		1,322
	14	Shin-Etsu Chemical Co., Ltd.		850
	34	Sony Corp.		964
	96	Sumitomo Bakelite Co., Ltd.		394
	33	Sumitomo Mitsui Financial Group, Inc.		1,309
	13	Suntory Beverage & Food Ltd.		505
	12	Suzuken Co., Ltd.		467
	8	Sysmex Corp.		452
	48	Takashimaya Co., Ltd.		429
	104	Tokyo Gas Co., Ltd.		515

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — continued
	48	Toyota Motor Corp.		2,928
	16	Yamato Holdings Co., Ltd.		319
	21	Yamazaki Baking Co., Ltd.		404
				33,137
		Luxembourg — 0.0% (g)
	58	ArcelorMittal		323
		Malaysia — 0.0% (g)
	89	Public Bank Bhd		372
		Mexico — 0.2%
	88	Fibra Uno Administracion S.A. de C.V.		194
	95	Grupo Financiero Banorte S.A.B. de C.V., Class O		513
	232	Wal-Mart de Mexico S.A.B. de C.V.		611
				1,318
		Netherlands — 1.0%
	70	Aegon N.V.		431
	4	ASML Holding N.V.		405
	10	Heineken N.V.		902
	85	ING Groep N.V., CVA		1,231
	162	Koninklijke KPN N.V.		593
	16	NN Group N.V.		494
	13	NXP Semiconductors N.V. (a)		1,005
	61	Royal Dutch Shell plc, Class A		1,603
	35	Royal Dutch Shell plc, Class B		910
				7,574
		New Zealand — 0.1%
	221	Spark New Zealand Ltd.		502
		Norway — 0.0% (g)
	18	DNB ASA		235
	11	Telenor ASA		206
				441
		Panama — 0.0% (g)
	1	Copa Holdings S.A., Class A		72
		Peru — 0.1%
	5	Credicorp Ltd.		535
		Portugal — 0.1%
	43	Galp Energia SGPS S.A.		459
		Russia — 0.4%
	23	Lukoil PJSC, ADR		848
	27	Magnit PJSC, Reg. S, GDR		1,240
	9	Mail.Ru Group Ltd., Reg. S, GDR (a)		168
	33	Mobile TeleSystems PJSC, ADR		235

SHARES		SECURITY DESCRIPTION	VALUE
		Russia — continued
	119	Sberbank of Russia PAO, ADR		725
				3,216
		Singapore — 0.3%
	7	Avago Technologies Ltd.		886
	81	DBS Group Holdings Ltd.		995
	30	Singapore Exchange Ltd.		155
				2,036
		South Africa — 1.0%
	21	Aspen Pharmacare Holdings Ltd. (a)		470
	51	Bidvest Group Ltd. (The)		1,310
	9	Capitec Bank Holdings Ltd.		395
	241	FirstRand Ltd.		884
	8	Imperial Holdings Ltd.		105
	29	Mr Price Group Ltd.		444
	76	MTN Group Ltd.		867
	4	Naspers Ltd., Class N		571
	55	Remgro Ltd.		1,110
	60	RMB Holdings Ltd.		293
	102	Sanlam Ltd.		463
	49	Shoprite Holdings Ltd.		510
	18	Tiger Brands Ltd.		406
				7,828
		South Korea — 0.4%
	7	Hyundai Motor Co.		1,019
	2	Samsung Electronics Co., Ltd.		1,823
				2,842
		Spain — 0.5%
	136	Banco Santander S.A.		762
	401	Bankia S.A.		515
	68	Distribuidora Internacional de Alimentacion S.A. (a)		432
	100	Iberdrola S.A.		711
	28	Repsol S.A.		354
	63	Telefonica S.A.		828
				3,602
		Sweden — 0.5%
	30	Assa Abloy AB, Class B		587
	28	Electrolux AB, Series B		831
	24	Hennes & Mauritz AB, Class B		921
	44	Nordea Bank AB		490
	76	Sandvik AB		710
				3,539

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Switzerland — 2.1%
	5	Actelion Ltd. (a)		750
	9	Allied World Assurance Co. Holdings AG		313
	10	Cie Financiere Richemont S.A.		818
	16	Credit Suisse Group AG (a)		409
	3	LafargeHolcim Ltd. (a)		167
	46	Nestle S.A.		3,538
	26	Novartis AG		2,335
	12	Roche Holding AG		3,356
	4	Syngenta AG		1,178
	92	UBS Group AG		1,838
	18	Wolseley plc		1,064
	2	Zurich Insurance Group AG (a)		401
				16,167
		Taiwan — 0.5%
	175	Delta Electronics, Inc.		890
	122	President Chain Store Corp.		810
	110	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,421
				4,121
		Thailand — 0.3%
	128	Advanced Info Service PCL		837
	53	Siam Cement PCL (The)		672
	190	Siam Commercial Bank PCL (The)		712
				2,221
		Turkey — 0.1%
	134	KOC Holding A.S.		603
	89	Turkiye Garanti Bankasi A.S.		232
				835
		United Kingdom — 4.0%
	70	3i Group plc		538
	13	Anglo American plc		113
	16	Associated British Foods plc		853
	33	AstraZeneca plc		2,121
	113	Aviva plc		843
	476	Barclays plc		1,696
	85	Barratt Developments plc		802
	86	BG Group plc		1,360
	168	BP plc		1,000
	38	British American Tobacco plc		2,276
	231	Centrica plc		803
	137	Debenhams plc		188
	99	Dixons Carphone plc		706
	48	Domino’s Pizza Group plc		799

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	68	GlaxoSmithKline plc		1,465
	20	HSBC Holdings plc		159
	233	HSBC Holdings plc		1,819
	18	InterContinental Hotels Group plc		728
	101	ITV plc		391
	1,223	Lloyds Banking Group plc		1,388
	145	Poundland Group plc		614
	24	Prudential plc		554
	11	Reckitt Benckiser Group plc		1,103
	8	Rio Tinto Ltd.		301
	6	Rio Tinto plc		219
	61	RSA Insurance Group plc		398
	59	SABMiller plc		3,602
	16	Standard Chartered plc		181
	172	Taylor Wimpey plc		523
	53	UBM plc		417
	23	Unilever N.V., CVA		1,026
	568	Vodafone Group plc		1,870
	7	Whitbread plc		555
				31,411
		United States — 17.1%
	10	Acadia Healthcare Co., Inc. (a)		631
	8	Acuity Brands, Inc.		1,706
	9	Adobe Systems, Inc. (a)		790
	8	Advanced Drainage Systems, Inc.		243
	11	Aetna, Inc.		1,240
	4	Affiliated Managers Group, Inc. (a)		705
	5	Air Products & Chemicals, Inc.		741
	1	Alleghany Corp. (a)		308
	4	Alphabet, Inc., Class C (a)		3,156
	4	Amazon.com, Inc. (a)		2,339
	12	American Electric Power Co., Inc.		679
	23	American Homes 4 Rent, Class A		386
	19	American International Group, Inc.		1,209
	2	American Residential Properties, Inc.		39
	2	Ameriprise Financial, Inc.		178
	11	Amphenol Corp., Class A		623
	4	AmTrust Financial Services, Inc.		304
	4	Analog Devices, Inc.		259
	19	Apple, Inc.		2,283
	12	Arista Networks, Inc. (a)		775
	13	Arrow Electronics, Inc. (a)		720
	1	AutoZone, Inc. (a)		623
	10	Ball Corp.		690
	83	Bank of America Corp.		1,385

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	11	Bed Bath & Beyond, Inc. (a)		685
	23	Best Buy Co., Inc.		794
	23	Brixmor Property Group, Inc.		585
	19	Capital One Financial Corp.		1,503
	17	Carlisle Cos., Inc.		1,439
	32	CBRE Group, Inc., Class A (a)		1,183
	10	CBS Corp. (Non-Voting), Class B		458
	12	Celgene Corp. (a)		1,442
	24	Charles Schwab Corp. (The)		742
	3	Charter Communications, Inc., Class A (a)		495
	5	Chubb Corp. (The)		701
	27	Cisco Systems, Inc.		778
	11	CIT Group, Inc.		457
	16	Citigroup, Inc.		825
	25	Citizens Financial Group, Inc.		596
	28	Clear Channel Outdoor Holdings, Inc., Class A (a)		210
	11	ClubCorp Holdings, Inc.		225
	17	CNO Financial Group, Inc.		329
	7	Concho Resources, Inc. (a)		852
	3	CoStar Group, Inc. (a)		597
	6	CVS Health Corp.		564
	37	Delta Air Lines, Inc.		1,857
	11	Devon Energy Corp.		442
	12	DISH Network Corp., Class A (a)		751
	13	Dollar General Corp.		867
	12	Dover Corp.		771
	7	Dr. Pepper Snapple Group, Inc.		583
	9	Duke Energy Corp.		677
	7	Eagle Materials, Inc.		457
	10	East West Bancorp, Inc.		421
	6	EastGroup Properties, Inc.		337
	11	Edison International		649
	14	Electronic Arts, Inc. (a)		1,027
	6	Energizer Holdings, Inc.		263
	13	Entercom Communications Corp., Class A (a)		149
	19	Envision Healthcare Holdings, Inc. (a)		540
	5	EQT Corp.		312
	11	Eversource Energy		562
	6	Expedia, Inc.		773
	19	Exxon Mobil Corp.		1,611
	29	Facebook, Inc., Class A (a)		2,961
	4	Fifth Third Bancorp		83
	5	First Republic Bank		331
	14	Fortune Brands Home & Security, Inc.		723
	14	GameStop Corp., Class A		659

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	20		Gap, Inc. (The)		553
	6		Gartner, Inc. (a)		571
	10		Genuine Parts Co.		875
	16		Gilead Sciences, Inc.		1,681
	11		Guidewire Software, Inc. (a)		638
	15		Hanesbrands, Inc.		479
	11		Harris Corp.		867
	18		Hartford Financial Services Group, Inc. (The)		838
	6		HCA Holdings, Inc. (a)		428
	8		HCP, Inc.		310
	24		HD Supply Holdings, Inc. (a)		710
	15		Hewlett-Packard Co.		395
	42		Hilton Worldwide Holdings, Inc.		1,043
	12		HollyFrontier Corp.		589
	15		Home Depot, Inc. (The)		1,899
	6		Honeywell International, Inc.		591
	47		Hudson City Bancorp, Inc.		478
	3		Humana, Inc.		449
	7		Illinois Tool Works, Inc.		646
	6		Illumina, Inc. (a)		817
	12		Johnson & Johnson		1,213
	20		KapStone Paper & Packaging Corp.		432
	16		Kimco Realty Corp.		434
	19		Kinder Morgan, Inc.		526
	6		Kite Pharma, Inc. (a)		387
	5		KLA-Tencor Corp.		351
	19		Kohl’s Corp.		865
	14		Kroger Co. (The)		520
	18		La Quinta Holdings, Inc. (a)		274
	2		Lam Research Corp.		142
	11		Legg Mason, Inc.		505
	6		Lennox International, Inc.		816
	34		Loews Corp.		1,243
	–	(h)	M&T Bank Corp.		40
	8		Marathon Petroleum Corp.		409
	6		Marsh & McLennan Cos., Inc.		355
	4		Martin Marietta Materials, Inc.		679
	15		MasterCard, Inc., Class A		1,464
	10		McGraw Hill Financial, Inc.		885
	3		McKesson Corp.		569
	21		Media General, Inc. (a)		314
	19		Merck & Co., Inc.		1,022
	31		Microsoft Corp.		1,618
	7		Mohawk Industries, Inc. (a)		1,291
	4		Monster Beverage Corp. (a)		599

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	15	Mosaic Co. (The)		490
	3	National HealthCare Corp.		218
	9	Netflix, Inc. (a)		998
	7	NextEra Energy, Inc.		681
	1	NII Holdings, Inc. (a)		7
	15	Nimble Storage, Inc. (a)		330
	5	Northern Trust Corp.		376
	6	Old Dominion Freight Line, Inc. (a)		349
	13	Outfront Media, Inc.		316
	3	Palo Alto Networks, Inc. (a)		449
	28	PayPal Holdings, Inc. (a)		1,006
	14	PBF Energy, Inc., Class A		467
	46	Pfizer, Inc.		1,543
	9	Phillips 66		796
	10	PNC Financial Services Group, Inc. (The)		924
	8	Post Holdings, Inc. (a)		513
	7	PPG Industries, Inc.		745
	1	Priceline Group, Inc. (The) (a)		1,185
	11	Procter & Gamble Co. (The)		813
	9	Prudential Financial, Inc.		705
	11	QUALCOMM, Inc.		640
	12	Range Resources Corp.		358
	19	Rayonier, Inc.		429
	3	Regeneron Pharmaceuticals, Inc. (a)		1,647
	7	Sempra Energy		667
	7	ServiceNow, Inc. (a)		571
	2	Sherwin-Williams Co. (The)		651
	5	Signature Bank (a)		772
	6	SolarCity Corp. (a)		178
	16	Southwestern Energy Co. (a)		176
	19	Sprouts Farmers Market, Inc. (a)		389
	16	Starbucks Corp.		983
	6	Stericycle, Inc. (a)		755
	9	SunTrust Banks, Inc.		376
	10	T. Rowe Price Group, Inc.		722
	6	TEGNA, Inc.		164
	3	Tesla Motors, Inc. (a)		576
	16	Texas Instruments, Inc.		929
	6	Tiffany & Co.		527
	5	Time Warner, Inc.		372
	15	Time, Inc.		283
	13	T-Mobile USA, Inc. (a)		511
	7	Travelers Cos., Inc. (The)		810
	6	TreeHouse Foods, Inc. (a)		477
	19	U.S. Bancorp		799

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	6	Ulta Salon Cosmetics & Fragrance, Inc. (a)		964
	9	United Technologies Corp.		877
	20	UnitedHealth Group, Inc.		2,380
	17	Unum Group		586
	16	Veeva Systems, Inc., Class A (a)		405
	21	VeriFone Systems, Inc. (a)		627
	21	Verizon Communications, Inc.		990
	7	Vertex Pharmaceuticals, Inc. (a)		886
	18	Visa, Inc., Class A		1,400
	4	Vulcan Materials Co.		357
	3	W.R. Berkley Corp.		168
	3	W.W. Grainger, Inc.		688
	13	Waste Connections, Inc.		690
	5	Watsco, Inc.		663
	14	Wayfair, Inc., Class A (a)		574
	52	Wells Fargo & Co.		2,803
	12	WestRock Co.		627
	17	Weyerhaeuser Co.		509
	8	Workday, Inc., Class A (a)		627
	20	Xcel Energy, Inc.		714
				132,296
		Total Common Stocks (Cost $331,896)		332,518
PRINCIPAL AMOUNT
	Convertible Bond — 0.0% (g)
		United States — 0.0% (g)
	125	NRG Yield, Inc., 3.250%, 06/01/20 (Cost $110) (e)		111
	Corporate Bonds — 18.4%
		Australia — 0.0% (g)
	80	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 7.125%, 05/01/18 (e)		79
		Bahamas — 0.0% (g)
	262	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		166
		Bermuda — 0.1%
		Aircastle Ltd.,
	149	5.125%, 03/15/21		157
	10	6.250%, 12/01/19		11
	161	7.625%, 04/15/20		186
	10	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		10
	55	Viking Cruises Ltd., 6.250%, 05/15/25 (e)		54
				418

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — 0.9%
		1011778 B.C. ULC/New Red Finance, Inc.,
	39	4.625%, 01/15/22 (e)		40
	105	6.000%, 04/01/22 (e)		110
	45	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		46
	80	Baytex Energy Corp., 5.625%, 06/01/24 (e)		66
		Bombardier, Inc.,
	6	4.750%, 04/15/19 (e)		5
	30	5.500%, 09/15/18 (e)		28
	5	6.125%, 01/15/23 (e)		4
	105	Brookfield Residential Properties, Inc., 6.375%, 05/15/25 (e)		101
	51	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		50
		Cascades, Inc.,
	86	5.500%, 07/15/22 (e)		84
	79	5.750%, 07/15/23 (e)		76
	440	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		383
		First Quantum Minerals Ltd.,
	247	6.750%, 02/15/20 (e)		188
	35	7.000%, 02/15/21 (e)		26
	185	Garda World Security Corp., 7.250%, 11/15/21 (e)		169
	155	HudBay Minerals, Inc., 9.500%, 10/01/20		135
		Lundin Mining Corp.,
	165	7.500%, 11/01/20 (e)		167
	175	7.875%, 11/01/22 (e)		175
	140	Masonite International Corp., 5.625%, 03/15/23 (e)		146
	295	Mattamy Group Corp., 6.500%, 11/15/20 (e)		290
		MEG Energy Corp.,
	198	6.375%, 01/30/23 (e)		167
	20	6.500%, 03/15/21 (e)		18
	85	7.000%, 03/31/24 (e)		73
		New Gold, Inc.,
	187	6.250%, 11/15/22 (e)		160
	170	7.000%, 04/15/20 (e)		159
		NOVA Chemicals Corp.,
	54	5.000%, 05/01/25 (e)		54
	54	5.250%, 08/01/23 (e)		55
	385	Novelis, Inc., 8.750%, 12/15/20		386
	148	Open Text Corp., 5.625%, 01/15/23 (e)		150
		Precision Drilling Corp.,
	53	5.250%, 11/15/24		44
	120	6.500%, 12/15/21		104

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
	30	6.625%, 11/15/20		27
	105	Quebecor Media, Inc., 5.750%, 01/15/23		108
		Ultra Petroleum Corp.,
	69	5.750%, 12/15/18 (e)		46
	177	6.125%, 10/01/24 (e)		99
		Valeant Pharmaceuticals International, Inc.,
	350	5.375%, 03/15/20 (e)		305
	20	5.500%, 03/01/23 (e)		17
	6	5.625%, 12/01/21 (e)		5
	390	5.875%, 05/15/23 (e)		328
	375	6.125%, 04/15/25 (e)		315
	460	6.375%, 10/15/20 (e)		412
	359	6.750%, 08/15/18 (e)		346
	112	6.750%, 08/15/21 (e)		100
	240	7.000%, 10/01/20 (e)		222
	135	7.250%, 07/15/22 (e)		120
	354	7.500%, 07/15/21 (e)		323
		Videotron Ltd.,
	28	5.000%, 07/15/22		29
	113	5.375%, 06/15/24 (e)		116
				6,577
		Cayman Islands — 0.0% (g)
	30	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		23
		Transocean, Inc.,
	98	6.500%, 11/15/20		79
	168	6.875%, 12/15/21		133
				235
		Finland — 0.0% (g)
	155	Nokia OYJ, 6.625%, 05/15/39		162
		France — 0.1%
		Numericable-SFR SAS,
	200	4.875%, 05/15/19 (e)		201
	600	6.000%, 05/15/22 (e)		602
	200	6.250%, 05/15/24 (e)		200
				1,003
		Germany — 0.0% (g)
	200	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.500%, 01/15/23 (e)		206
		Ireland — 0.2%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	150	4.500%, 05/15/21		154

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Ireland — continued
	500	4.625%, 10/30/20		518
	320	4.625%, 07/01/22		327
	200	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.000%, 06/30/21 (e)		196
	400	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.000%, 07/15/23 (e)		400
				1,595
		Japan — 0.1%
	400	SoftBank Group Corp., 4.500%, 04/15/20 (e)		396
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	15	5.250%, 11/15/22		16
	1	7.500%, 10/15/27		1
				17
		Luxembourg — 0.7%
		Altice Luxembourg S.A.,
	200	7.625%, 02/15/25 (e)		184
	200	7.750%, 05/15/22 (e)		192
		Altice Financing S.A.,
	400	6.500%, 01/15/22 (e)		404
	200	6.625%, 02/15/23 (e)		200
		ArcelorMittal,
	220	6.125%, 06/01/25		190
	20	6.250%, 03/01/21		19
	1,240	7.000%, 02/25/22		1,175
	153	7.750%, 10/15/39		130
	208	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		210
	600	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		620
		Intelsat Jackson Holdings S.A.,
	14	5.500%, 08/01/23		12
	538	6.625%, 12/15/22		425
	533	7.250%, 04/01/19		500
	295	7.250%, 10/15/20		269
	151	7.500%, 04/01/21		136
	31	Intelsat Luxembourg S.A., 7.750%, 06/01/21		18
	200	Mallinckrodt International Finance S.A., 4.750%, 04/15/23		174
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	20	4.875%, 04/15/20 (e)		19
	90	5.500%, 04/15/25 (e)		82
	205	5.625%, 10/15/23 (e)		194
	322	5.750%, 08/01/22 (e)		306

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
	50	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		52
				5,511
		Mexico — 0.2%
		Cemex S.A.B. de C.V.,
	400	5.700%, 01/11/25 (e)		369
	600	6.125%, 05/05/25 (e)		572
	200	7.250%, 01/15/21 (e)		206
				1,147
		Netherlands — 0.3%
	111	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)		142
	400	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		260
		Fiat Chrysler Automobiles N.V.,
	437	4.500%, 04/15/20		441
	663	5.250%, 04/15/23		660
		NXP B.V./NXP Funding LLC,
	200	4.125%, 06/15/20 (e)		204
	400	4.625%, 06/15/22 (e)		408
		Sensata Technologies B.V.,
	141	4.875%, 10/15/23 (e)		138
	38	5.000%, 10/01/25 (e)		37
	7	5.625%, 11/01/24 (e)		7
				2,297
		Singapore — 0.0% (g)
		Flextronics International Ltd.,
	15	4.625%, 02/15/20		16
	195	5.000%, 02/15/23		196
				212
		Spain — 0.0% (g)
	150	Cemex Espana S.A., 9.875%, 04/30/19 (e)		160
		United Kingdom — 0.4%
	200	Barclays Bank plc, 7.625%, 11/21/22		228
		Jaguar Land Rover Automotive plc,
	200	4.250%, 11/15/19 (e)		203
	331	5.625%, 02/01/23 (e)		341
		Royal Bank of Scotland Group plc,
	515	6.000%, 12/19/23		559
	122	6.100%, 06/10/23		133
	1,075	6.125%, 12/15/22		1,179
	200	Virgin Media Finance plc, 6.375%, 04/15/23 (e)		206
				2,849

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — 15.4%
		Acadia Healthcare Co., Inc.,
	25	5.125%, 07/01/22		25
	5	5.625%, 02/15/23		5
	40	6.125%, 03/15/21		41
	26	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		9
		Activision Blizzard, Inc.,
	130	5.625%, 09/15/21 (e)		138
	250	6.125%, 09/15/23 (e)		272
		ADT Corp. (The),
	2	3.500%, 07/15/22		2
	5	4.125%, 04/15/19		5
	980	4.125%, 06/15/23		943
	185	6.250%, 10/15/21		200
		Advanced Micro Devices, Inc.,
	451	6.750%, 03/01/19		347
	164	7.000%, 07/01/24		115
	21	7.750%, 08/01/20		16
		AECOM,
	288	5.750%, 10/15/22 (e)		299
	430	5.875%, 10/15/24 (e)		444
	53	Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		56
		AES Corp.,
	2	5.500%, 03/15/24		2
	650	5.500%, 04/15/25		604
	20	VAR, 3.324%, 06/01/19		19
	190	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		177
	120	AK Steel Corp., 8.750%, 12/01/18		115
	280	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		302
		Alcatel-Lucent USA, Inc.,
	150	6.450%, 03/15/29		158
	200	6.750%, 11/15/20 (e)		213
		Alcoa, Inc.,
	500	5.125%, 10/01/24		496
	115	5.400%, 04/15/21		119
	205	5.900%, 02/01/27		208
	55	5.950%, 02/01/37		52
	5	6.750%, 07/15/18		5
	120	6.750%, 01/15/28		129
		Alere, Inc.,
	205	6.375%, 07/01/23 (e)		213
	202	6.500%, 06/15/20		209
		Aleris International, Inc.,
	147	7.625%, 02/15/18		137

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	116	7.875%, 11/01/20		109
	210	Allegheny Technologies, Inc., 7.375%, 08/15/23		178
	33	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		33
		Ally Financial, Inc.,
	102	3.600%, 05/21/18		103
	480	4.125%, 03/30/20		496
	116	4.125%, 02/13/22		117
	473	4.625%, 05/19/22		492
	25	4.625%, 03/30/25		25
	710	5.125%, 09/30/24		748
	23	6.250%, 12/01/17		25
	308	8.000%, 11/01/31		373
	50	AMAG Pharmaceuticals, Inc., 7.875%, 09/01/23 (e)		47
	208	AMC Entertainment, Inc., 5.875%, 02/15/22		215
	300	AMC Networks, Inc., 4.750%, 12/15/22		301
	100	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		106
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	250	6.750%, 05/20/20		259
	95	7.000%, 05/20/22		100
	25	Amkor Technology, Inc., 6.625%, 06/01/21		25
		Amsurg Corp.,
	55	5.625%, 11/30/20		56
	100	5.625%, 07/15/22		98
	240	Anixter, Inc., 5.500%, 03/01/23 (e)		248
		Antero Resources Corp.,
	203	5.125%, 12/01/22		182
	25	5.375%, 11/01/21		23
	100	6.000%, 12/01/20		96
	61	Aramark Services, Inc., 5.750%, 03/15/20		64
	434	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		457
	297	Ashland, Inc., 4.750%, 08/15/22		297
	400	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		416
		Audatex North America, Inc.,
	172	6.000%, 06/15/21 (e)		173
	179	6.125%, 11/01/23 (e)		180
		Avaya, Inc.,
	390	7.000%, 04/01/19 (e)		317
	345	10.500%, 03/01/21 (e)		134
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	206	5.125%, 06/01/22 (e)		210

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	44	5.250%, 03/15/25 (e)		44
	222	Axiall Corp., 4.875%, 05/15/23		211
	165	B&G Foods, Inc., 4.625%, 06/01/21		164
		Ball Corp.,
	125	4.000%, 11/15/23		122
	150	5.000%, 03/15/22		155
	110	5.250%, 07/01/25		112
	50	Basic Energy Services, Inc., 7.750%, 10/15/22		18
	115	Beacon Roofing Supply, Inc., 6.375%, 10/01/23 (e)		121
		Belden, Inc.,
	3	5.250%, 07/15/24 (e)		3
	1	5.500%, 09/01/22 (e)		1
		Berry Plastics Corp.,
	230	5.125%, 07/15/23		228
	65	5.500%, 05/15/22		67
	135	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		140
		Blue Cube Spinco, Inc.,
	298	9.750%, 10/15/23 (e)		321
	508	10.000%, 10/15/25 (e)		551
	135	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		126
	300	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		303
	322	Boyd Gaming Corp., 6.875%, 05/15/23		341
	125	Briggs & Stratton Corp., 6.875%, 12/15/20		137
		Building Materials Corp. of America,
	125	5.375%, 11/15/24 (e)		129
	160	6.000%, 10/15/25 (e)		170
	73	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		75
		Cablevision Systems Corp.,
	346	8.000%, 04/15/20		337
	50	8.625%, 09/15/17		53
		CalAtlantic Group, Inc.,
	165	5.875%, 11/15/24		173
	70	8.375%, 01/15/21		83
	652	Caleres, Inc., 6.250%, 08/15/23 (e)		659
		California Resources Corp.,
	10	5.000%, 01/15/20		7
	83	5.500%, 09/15/21		57
	27	6.000%, 11/15/24		19
		Calpine Corp.,
	4	5.375%, 01/15/23		4
	20	5.500%, 02/01/24		19

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	7	5.750%, 01/15/25		7
	504	5.875%, 01/15/24 (e)		527
	500	6.000%, 01/15/22 (e)		525
	10	Cardtronics, Inc., 5.125%, 08/01/22		10
	375	Casella Waste Systems, Inc., 7.750%, 02/15/19		381
	65	CCM Merger, Inc., 9.125%, 05/01/19 (e)		69
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	72	6.500%, 04/30/21		76
	304	6.625%, 01/31/22		322
	220	CCO Safari II LLC, 4.464%, 07/23/22 (e)		223
		CDW LLC/CDW Finance Corp.,
	105	5.000%, 09/01/23		109
	70	5.500%, 12/01/24		73
	134	6.000%, 08/15/22		144
	55	CEB, Inc., 5.625%, 06/15/23 (e)		56
	5	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.375%, 06/01/24		5
	55	Celanese US Holdings LLC, 4.625%, 11/15/22		55
	600	Cemex Finance LLC, 6.000%, 04/01/24 (e)		576
	47	Centene Corp., 4.750%, 05/15/22		47
	248	CenturyLink, Inc., 5.625%, 04/01/25		223
		Cenveo Corp.,
	10	6.000%, 08/01/19 (e)		9
	5	8.500%, 09/15/22 (e)		3
		Cequel Communications Holdings I LLC/Cequel Capital Corp.,
	270	5.125%, 12/15/21 (e)		259
	15	CF Industries, Inc., 7.125%, 05/01/20		17
		Chemours Co. (The),
	45	6.625%, 05/15/23 (e)		33
	40	7.000%, 05/15/25 (e)		30
		Chesapeake Energy Corp.,
	79	4.875%, 04/15/22		49
	150	6.125%, 02/15/21		98
	268	VAR, 3.571%, 04/15/19		173
	145	Choice Hotels International, Inc., 5.750%, 07/01/22		156
		CHS/Community Health Systems, Inc.,
	15	5.125%, 08/15/18		15
	150	5.125%, 08/01/21		155
	486	6.875%, 02/01/22		490
	362	7.125%, 07/15/20		371
	120	8.000%, 11/15/19		125
	91	Cimarex Energy Co., 4.375%, 06/01/24		91

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	410	Cincinnati Bell, Inc., 8.375%, 10/15/20		427
	499	Cinemark USA, Inc., 5.125%, 12/15/22		501
		CIT Group, Inc.,
	288	3.875%, 02/19/19		292
	915	5.000%, 08/15/22		964
	500	5.375%, 05/15/20		539
	39	5.500%, 02/15/19 (e)		42
	45	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		45
	29	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		28
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		118
	17	8.875%, 03/15/19		7
	26	9.000%, 03/15/19 (e)		21
		Clear Channel Worldwide Holdings, Inc.,
	15	6.500%, 11/15/22		15
	680	Series B, 6.500%, 11/15/22		709
	55	Series A, 7.625%, 03/15/20		56
	850	Series B, 7.625%, 03/15/20		882
		Clearwater Paper Corp.,
	145	4.500%, 02/01/23		139
	91	5.375%, 02/01/25 (e)		90
	8	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		9
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	37	6.375%, 03/15/24		18
	43	8.500%, 12/15/19		25
	144	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		73
		CNO Financial Group, Inc.,
	39	4.500%, 05/30/20		40
	345	5.250%, 05/30/25		367
	215	Coeur Mining, Inc., 7.875%, 02/01/21		132
		Commercial Metals Co.,
	290	4.875%, 05/15/23		257
	35	7.350%, 08/15/18		37
	68	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		69
		CommScope, Inc.,
	23	4.375%, 06/15/20 (e)		23
	310	5.000%, 06/15/21 (e)		312
	45	5.500%, 06/15/24 (e)		45
	32	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		31
	15	Comstock Resources, Inc., 10.000%, 03/15/20 (e)		10

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Concho Resources, Inc.,
	50	5.500%, 10/01/22		50
	176	6.500%, 01/15/22		183
	60	7.000%, 01/15/21		62
		CONSOL Energy, Inc.,
	30	5.875%, 04/15/22		19
	220	8.000%, 04/01/23 (e)		153
	235	Consolidated Communications, Inc., 6.500%, 10/01/22		208
		Constellation Brands, Inc.,
	3	4.750%, 11/15/24		3
	60	6.000%, 05/01/22		67
	20	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		21
	228	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		252
		Cott Beverages, Inc.,
	300	5.375%, 07/01/22		298
	83	6.750%, 01/01/20		88
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		99
	95	6.375%, 10/01/22		100
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	9	6.125%, 03/01/22		8
	324	6.250%, 04/01/23 (e)		275
	219	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		190
	30	Crown Americas LLC/Crown Americas Capital Corp. III, 6.250%, 02/01/21		31
	325	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		326
		Crown Castle International Corp.,
	73	4.875%, 04/15/22		77
	168	5.250%, 01/15/23		181
	106	CSC Holdings LLC, 6.750%, 11/15/21		103
	20	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		17
		CVS Health Corp.,
	10	4.750%, 12/01/22 (e)		11
	10	5.000%, 12/01/24 (e)		11
		D.R. Horton, Inc.,
	32	4.375%, 09/15/22		33
	81	4.750%, 02/15/23		83
	25	Darling Ingredients, Inc., 5.375%, 01/15/22		25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		DaVita HealthCare Partners, Inc.,
	260	5.000%, 05/01/25		258
	253	5.125%, 07/15/24		257
	115	5.750%, 08/15/22		121
	287	Dean Foods Co., 6.500%, 03/15/23 (e)		303
	58	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		62
	107	Diamondback Energy, Inc., 7.625%, 10/01/21		114
		DISH DBS Corp.,
	190	5.000%, 03/15/23		176
	89	5.875%, 07/15/22		87
	178	5.875%, 11/15/24		170
	796	6.750%, 06/01/21		822
	235	7.875%, 09/01/19		258
	13	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		13
	506	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		533
	146	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		151
	705	DS Services of America, Inc., 10.000%, 09/01/21 (e)		809
	125	DuPont Fabros Technology LP, 5.875%, 09/15/21		131
		Dynegy, Inc.,
	562	5.875%, 06/01/23		526
	2	6.750%, 11/01/19		2
	185	7.375%, 11/01/22		185
	5	7.625%, 11/01/24		5
		E*TRADE Financial Corp.,
	220	4.625%, 09/15/23		227
	110	5.375%, 11/15/22		118
	61	Eagle Spinco, Inc., 4.625%, 02/15/21		59
	1,079	Embarq Corp., 7.995%, 06/01/36		1,135
		Emdeon, Inc.,
	280	6.000%, 02/15/21 (e)		275
	305	11.000%, 12/31/19		325
	233	Endo Finance LLC, 5.750%, 01/15/22 (e)		228
	100	Endo Finance LLC/Endo Finco, Inc., 5.375%, 01/15/23 (e)		98
	375	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		382
		Energy Transfer Equity LP,
	383	5.875%, 01/15/24		371
	60	7.500%, 10/15/20		65
	298	EnerSys, 5.000%, 04/30/23 (e)		302

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	42	Entegris, Inc., 6.000%, 04/01/22 (e)		43
	131	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		127
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	148	6.375%, 06/15/23		111
	172	7.750%, 09/01/22		132
	73	9.375%, 05/01/20		64
		Equinix, Inc.,
	350	5.375%, 01/01/22		366
	47	5.375%, 04/01/23		49
	3	5.750%, 01/01/25		3
	214	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		215
	25	Exterran Partners LP/EXLP Finance Corp., 6.000%, 10/01/22		21
	200	FCA U.S. LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		214
	51	FelCor Lodging LP, 6.000%, 06/01/25		53
	206	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		190
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		210
		First Data Corp.,
	195	5.375%, 08/15/23 (e)		198
	73	6.750%, 11/01/20 (e)		77
	960	7.000%, 12/01/23 (e)		977
	370	8.250%, 01/15/21 (e)		388
	104	10.625%, 06/15/21		116
	200	11.250%, 01/15/21		221
	177	11.750%, 08/15/21		202
	25	12.625%, 01/15/21		29
	132	8.750%, 01/15/22 (e)		139
		Freescale Semiconductor, Inc.,
	130	5.000%, 05/15/21 (e)		134
	122	6.000%, 01/15/22 (e)		130
		Fresenius Medical Care U.S. Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		163
	220	4.750%, 10/15/24 (e)		223
	85	5.625%, 07/31/19 (e)		92
	150	5.875%, 01/31/22 (e)		164
	25	6.500%, 09/15/18 (e)		28
	200	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		217
		Frontier Communications Corp.,
	290	8.500%, 04/15/20		299
	339	8.875%, 09/15/20 (e)		352

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	389	9.250%, 07/01/21		395
	213	10.500%, 09/15/22 (e)		221
	542	11.000%, 09/15/25 (e)		568
	50	FTI Consulting, Inc., 6.000%, 11/15/22		53
	35	FTS International, Inc., VAR, 7.837%, 06/15/20 (e)		24
	155	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		134
		Genesis Energy LP/Genesis Energy Finance Corp.,
	107	5.625%, 06/15/24		94
	50	5.750%, 02/15/21		47
	27	6.000%, 05/15/23		25
	30	6.750%, 08/01/22		29
		GenOn Energy, Inc.,
	40	7.875%, 06/15/17		37
	3	9.875%, 10/15/20		3
		Global Partners LP/GLP Finance Corp.,
	3	6.250%, 07/15/22		3
	250	7.000%, 06/15/23		235
	475	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		480
	190	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		197
	152	Goodman Networks, Inc., 12.125%, 07/01/18		53
	100	Goodyear Tire & Rubber Co. (The), 6.500%, 03/01/21		106
		Graphic Packaging International, Inc.,
	100	4.750%, 04/15/21		102
	25	4.875%, 11/15/22		26
	615	Gray Television, Inc., 7.500%, 10/01/20		642
	25	Greif, Inc., 6.750%, 02/01/17		26
	6	Griffon Corp., 5.250%, 03/01/22		6
	4	Guitar Center, Inc., 6.500%, 04/15/19 (e)		4
	290	H&E Equipment Services, Inc., 7.000%, 09/01/22		294
	55	Halcon Resources Corp., 13.000%, 02/15/22 (e)		32
	150	Halyard Health, Inc., 6.250%, 10/15/22		153
	290	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		267
		Harland Clarke Holdings Corp.,
	5	9.250%, 03/01/21 (e)		4
	15	9.750%, 08/01/18 (e)		16
	240	HCA Holdings, Inc., 6.250%, 02/15/21		262
		HCA, Inc.,
	109	3.750%, 03/15/19		111

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	205	4.250%, 10/15/19		211
	55	4.750%, 05/01/23		56
	231	5.000%, 03/15/24		238
	165	5.250%, 04/15/25		171
	351	5.375%, 02/01/25		360
	190	5.875%, 03/15/22		209
	125	6.500%, 02/15/20		140
	312	7.500%, 02/15/22		359
	5	8.000%, 10/01/18		6
	301	Series 1, 5.875%, 05/01/23		319
		HD Supply, Inc.,
	155	5.250%, 12/15/21 (e)		163
	350	7.500%, 07/15/20		372
	34	Headwaters, Inc., 7.250%, 01/15/19		35
	15	HealthSouth Corp., 5.750%, 11/01/24		15
	320	Hecla Mining Co., 6.875%, 05/01/21		272
	332	Hertz Corp. (The), 7.375%, 01/15/21		345
		Hexion, Inc.,
	289	6.625%, 04/15/20		245
	28	10.000%, 04/15/20		27
		Hiland Partners LP/Hiland Partners Finance Corp.,
	28	5.500%, 05/15/22 (e)		27
	24	7.250%, 10/01/20 (e)		25
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	437	5.000%, 12/01/24 (e)		395
	60	5.750%, 10/01/25 (e)		56
	50	7.625%, 04/15/21 (e)		51
	10	Reg. S, 7.625%, 04/15/21		10
	55	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		56
	85	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		89
	25	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		25
	233	Hologic, Inc., 5.250%, 07/15/22 (e)		243
	50	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		52
	200	IAC/InterActiveCorp., 4.750%, 12/15/22		188
	615	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		629
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	35	4.875%, 03/15/19		36
	290	5.875%, 02/01/22		298
	315	6.000%, 08/01/20		329

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		iHeartCommunications, Inc.,
	1,195	9.000%, 12/15/19		1,011
	30	9.000%, 03/01/21		25
	144	IHS, Inc., 5.000%, 11/01/22		145
	360	ILFC E-Capital Trust I, VAR, 4.570%, 12/21/65 (e)		332
	355	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		334
	8	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		7
		Infor U.S., Inc.,
	239	5.750%, 08/15/20 (e)		244
	120	6.500%, 05/15/22 (e)		113
	140	Ingles Markets, Inc., 5.750%, 06/15/23		143
	22	Interactive Data Corp., 5.875%, 04/15/19 (e)		22
		International Lease Finance Corp.,
	340	4.625%, 04/15/21		352
	236	8.250%, 12/15/20		282
	40	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		41
	34	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		35
		Iron Mountain, Inc.,
	164	5.750%, 08/15/24		165
	201	6.000%, 10/01/20 (e)		213
		Isle of Capri Casinos, Inc.,
	80	5.875%, 03/15/21		84
	42	8.875%, 06/15/20		45
	190	Italics Merger Sub, Inc., 7.125%, 07/15/23 (e)		188
	4	J.C. Penney Corp., Inc., 8.125%, 10/01/19		4
	145	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		145
		JBS USA LLC/JBS USA Finance, Inc.,
	292	5.750%, 06/15/25 (e)		283
	471	5.875%, 07/15/24 (e)		464
	140	7.250%, 06/01/21 (e)		146
	75	8.250%, 02/01/20 (e)		78
	150	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		137
	59	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		47
	140	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		101
	44	Kennedy-Wilson, Inc., 5.875%, 04/01/24		44
	365	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		385
	1,000	KLX, Inc., 5.875%, 12/01/22 (e)		1,021

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		L Brands, Inc.,
	385	5.625%, 02/15/22		418
	300	5.625%, 10/15/23		328
	325	6.875%, 11/01/35 (e)		337
		Lamar Media Corp.,
	175	5.000%, 05/01/23		180
	30	5.875%, 02/01/22		32
	144	Landry’s, Inc., 9.375%, 05/01/20 (e)		154
		Lennar Corp.,
	15	4.500%, 06/15/19		15
	25	4.500%, 11/15/19		26
	325	4.750%, 05/30/25		322
	104	4.875%, 12/15/23		104
	60	6.950%, 06/01/18		65
	5	Series B, 12.250%, 06/01/17		6
	310	Level 3 Communications, Inc., 5.750%, 12/01/22		318
		Level 3 Financing, Inc.,
	34	5.125%, 05/01/23 (e)		34
	142	5.375%, 01/15/24 (e)		144
	291	5.375%, 05/01/25 (e)		292
	3	5.625%, 02/01/23		3
	149	6.125%, 01/15/21		157
	116	7.000%, 06/01/20		123
	28	8.625%, 07/15/20		30
	5	VAR, 3.914%, 01/15/18		5
	125	Levi Strauss & Co., 5.000%, 05/01/25		127
	251	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		294
	129	LifePoint Health, Inc., 5.500%, 12/01/21		131
		LIN Television Corp.,
	390	5.875%, 11/15/22 (e)		393
	50	6.375%, 01/15/21		52
	160	Live Nation Entertainment, Inc., 5.375%, 06/15/22 (e)		163
	5	Louisiana-Pacific Corp., 7.500%, 06/01/20		5
	56	M/I Homes, Inc., 8.625%, 11/15/18		57
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	218	4.500%, 07/15/23		204
	28	4.875%, 12/01/24		27
	197	4.875%, 06/01/25		184
	400	5.500%, 02/15/23		394
	48	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		45

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Masco Corp.,
	180	4.450%, 04/01/25		181
	4	5.950%, 03/15/22		4
	412	MasTec, Inc., 4.875%, 03/15/23		345
	57	Memorial Resource Development Corp., 5.875%, 07/01/22		54
	135	Meritage Homes Corp., 7.000%, 04/01/22		148
		MGM Resorts International,
	185	6.000%, 03/15/23		188
	350	6.625%, 12/15/21		373
	500	7.750%, 03/15/22		555
	45	11.375%, 03/01/18		53
	50	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		53
		Micron Technology, Inc.,
	390	5.250%, 08/01/23 (e)		381
	116	5.250%, 01/15/24 (e)		111
	28	5.500%, 02/01/25		27
	14	Series G, 5.625%, 01/15/26 (e)		13
	17	5.875%, 02/15/22		17
	300	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		307
		Momentive Performance Materials, Inc.,
	102	3.880%, 10/24/21		82
	35	8.875%, 10/15/20 (d)		–
	338	MPG Holdco I, Inc., 7.375%, 10/15/22		359
	645	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		658
	154	MSCI, Inc., 5.250%, 11/15/24 (e)		162
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
	2	Mustang Merger Corp., 8.500%, 08/15/21 (e)		2
	248	National Financial Partners Corp., 9.000%, 07/15/21 (e)		243
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	85	6.500%, 08/01/18		84
	15	6.500%, 07/01/21		14
	198	6.500%, 06/01/22		178
	45	7.875%, 10/01/20		44
	58	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		56
		Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc.,
	285	7.375%, 01/15/22 (e)		224
	5	8.125%, 02/15/19		4
	155	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		130

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	115	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		122
		NCR Corp.,
	50	5.000%, 07/15/22		49
	16	6.375%, 12/15/23		17
	250	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		260
		Netflix, Inc.,
	350	5.500%, 02/15/22 (e)		369
	115	5.750%, 03/01/24		122
	260	5.875%, 02/15/25 (e)		275
		New Albertsons, Inc.,
	60	Series C, 6.625%, 06/01/28		54
	104	7.450%, 08/01/29		101
	6	7.750%, 06/15/26		6
	22	8.000%, 05/01/31		22
	170	8.700%, 05/01/30		174
		Newfield Exploration Co.,
	135	5.375%, 01/01/26		128
	50	5.625%, 07/01/24		49
	110	5.750%, 01/30/22		112
		Nexstar Broadcasting, Inc.,
	35	6.125%, 02/15/22 (e)		35
	25	6.875%, 11/15/20		26
	2	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		2
	583	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		592
		Noble Energy, Inc.,
	75	5.625%, 05/01/21		76
	33	5.875%, 06/01/22		33
	21	5.875%, 06/01/24		21
		NRG Energy, Inc.,
	525	6.250%, 05/01/24		470
	11	6.625%, 03/15/23		10
	113	7.875%, 05/15/21		112
	30	8.250%, 09/01/20		31
	400	NRG Yield Operating LLC, 5.375%, 08/15/24		366
	332	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		339
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		36
	40	Oasis Petroleum, Inc., 6.875%, 03/15/22		34
	51	Olin Corp., 5.500%, 08/15/22		48
		Orbital ATK, Inc.,
	113	5.250%, 10/01/21		115

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	110	5.500%, 10/01/23 (e)		115
	66	Oshkosh Corp., 5.375%, 03/01/25		66
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	33	5.250%, 02/15/22		34
	455	5.625%, 02/15/24 (e)		473
	205	5.875%, 03/15/25		213
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		82
	5	5.375%, 01/15/25 (e)		5
	349	5.875%, 08/15/23 (e)		370
	17	6.375%, 08/15/25 (e)		18
	100	Parker Drilling Co., 6.750%, 07/15/22		77
	310	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		319
	67	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23 (e)		62
		Peabody Energy Corp.,
	23	6.250%, 11/15/21		3
	61	10.000%, 03/15/22 (e)		17
	75	Penn Virginia Corp., 8.500%, 05/01/20		22
	329	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		336
	50	Pioneer Energy Services Corp., 6.125%, 03/15/22		29
	124	Plantronics, Inc., 5.500%, 05/31/23 (e)		126
	11	Platform Specialty Products Corp., 6.500%, 02/01/22 (e)		9
		PolyOne Corp.,
	380	5.250%, 03/15/23		381
	25	7.375%, 09/15/20		26
		Post Holdings, Inc.,
	300	6.750%, 12/01/21 (e)		311
	41	7.750%, 03/15/24 (e)		44
	17	8.000%, 07/15/25 (e)		18
	80	Prestige Brands, Inc., 5.375%, 12/15/21 (e)		80
	70	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		59
	15	PVH Corp., 4.500%, 12/15/22		15
		QEP Resources, Inc.,
	209	5.250%, 05/01/23		185
	334	5.375%, 10/01/22		301
	50	6.875%, 03/01/21		49
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		9
	299	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		297
	125	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		129

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Qwest Capital Funding, Inc.,
	7	6.875%, 07/15/28		6
	71	7.750%, 02/15/31		67
	25	Qwest Corp., 7.250%, 09/15/25		27
	56	R.R. Donnelley & Sons Co., 7.625%, 06/15/20		58
	25	Radio Systems Corp., 8.375%, 11/01/19 (e)		27
	312	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		272
	181	Range Resources Corp., 5.000%, 03/15/23		161
	80	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		84
		Regal Entertainment Group,
	115	5.750%, 03/15/22		119
	50	5.750%, 06/15/23		50
	250	5.750%, 02/01/25		245
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	50	4.500%, 11/01/23		46
	25	5.000%, 10/01/22		24
	375	5.500%, 04/15/23		364
	9	5.875%, 03/01/22		9
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	585	5.750%, 10/15/20		608
	100	6.875%, 02/15/21		105
	250	8.250%, 02/15/21		260
	125	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		129
	140	Rice Energy, Inc., 7.250%, 05/01/23 (e)		129
		Rite Aid Corp.,
	501	6.125%, 04/01/23 (e)		540
	5	6.750%, 06/15/21		5
	10	9.250%, 03/15/20		11
	32	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		33
		Rockies Express Pipeline LLC,
	275	6.000%, 01/15/19 (e)		279
	37	6.850%, 07/15/18 (e)		38
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	3	5.625%, 07/15/22		3
	20	5.625%, 11/15/23 (e)		17
	55	RSP Permian, Inc., 6.625%, 10/01/22		54
		Sabine Pass Liquefaction LLC,
	1,023	5.625%, 03/01/25 (e)		981

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	100	5.750%, 05/15/24		97
	200	6.250%, 03/15/22		198
	105	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		107
		Sally Holdings LLC/Sally Capital, Inc.,
	75	5.500%, 11/01/23		77
	150	5.750%, 06/01/22		159
	228	SBA Communications Corp., 4.875%, 07/15/22		233
	70	SBA Telecommunications, Inc., 5.750%, 07/15/20		73
		Scientific Games International, Inc.,
	205	7.000%, 01/01/22 (e)		206
	250	10.000%, 12/01/22		221
	200	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		211
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		108
	410	5.125%, 12/01/24 (e)		421
	100	5.250%, 04/01/23 (e)		105
	16	SemGroup Corp., 7.500%, 06/15/21		15
	310	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		309
	50	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		53
		Service Corp. International,
	180	5.375%, 05/15/24		192
	20	7.000%, 06/15/17		22
	80	8.000%, 11/15/21		95
	40	SESI LLC, 7.125%, 12/15/21		39
	20	Seventy Seven Operating LLC, 6.625%, 11/15/19		12
	285	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		299
	30	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		28
		Sinclair Television Group, Inc.,
	10	5.375%, 04/01/21		10
	275	5.625%, 08/01/24 (e)		270
	115	6.125%, 10/01/22		118
	5	6.375%, 11/01/21		5
		Sirius XM Radio, Inc.,
	165	4.625%, 05/15/23 (e)		163
	84	5.750%, 08/01/21 (e)		88
	105	5.875%, 10/01/20 (e)		112
	270	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		280

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		SM Energy Co.,
	525	5.000%, 01/15/24		471
	67	5.625%, 06/01/25		61
	140	6.500%, 01/01/23		138
		Smithfield Foods, Inc.,
	163	5.250%, 08/01/18 (e)		166
	100	5.875%, 08/01/21 (e)		105
	375	6.625%, 08/15/22		401
	5	7.750%, 07/01/17		5
		Spectrum Brands, Inc.,
	344	5.750%, 07/15/25 (e)		367
	14	6.125%, 12/15/24 (e)		15
	40	6.625%, 11/15/22		44
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10
		Sprint Capital Corp.,
	151	6.875%, 11/15/28		125
	177	6.900%, 05/01/19		170
	448	8.750%, 03/15/32		403
		Sprint Communications, Inc.,
	90	6.000%, 12/01/16		91
	979	7.000%, 03/01/20 (e)		1,028
	330	7.000%, 08/15/20		306
	250	8.375%, 08/15/17		255
	38	9.125%, 03/01/17		40
		Sprint Corp.,
	256	7.125%, 06/15/24		225
	629	7.250%, 09/15/21		578
	43	7.625%, 02/15/25		38
	486	7.875%, 09/15/23		449
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		128
	115	Station Casinos LLC, 7.500%, 03/01/21		123
		Steel Dynamics, Inc.,
	40	5.125%, 10/01/21		40
	40	5.250%, 04/15/23		39
	215	5.500%, 10/01/24		212
	285	6.375%, 08/15/22		293
	175	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		176
	40	Stone Energy Corp., 7.500%, 11/15/22		26
	85	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		82
	150	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		149

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	5	5.500%, 08/15/22		4
	11	7.500%, 07/01/21		11
	25	SunGard Data Systems, Inc., 6.625%, 11/01/19		26
		Sunoco LP/Sunoco Finance Corp.,
	65	5.500%, 08/01/20 (e)		67
	300	6.375%, 04/01/23 (e)		302
	530	SUPERVALU, Inc., 7.750%, 11/15/22		521
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		129
	15	4.625%, 07/15/19 (e)		13
	100	6.500%, 06/01/25 (e)		89
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	150	4.250%, 11/15/23		131
	20	5.000%, 01/15/18 (e)		20
	100	6.750%, 03/15/24 (e)		98
	150	6.875%, 02/01/21		151
	90	Taylor Morrison Communities, Inc./Monarch Communities Inc, 5.625%, 03/01/24 (e)		89
	70	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		71
		TEGNA, Inc.,
	5	4.875%, 09/15/21 (e)		5
	30	5.125%, 07/15/20		31
	200	5.500%, 09/15/24 (e)		203
	270	6.375%, 10/15/23		292
	170	Teleflex, Inc., 5.250%, 06/15/24		174
	165	Tempur Sealy International, Inc., 5.625%, 10/15/23 (e)		173
		Tenet Healthcare Corp.,
	360	4.375%, 10/01/21		359
	348	4.500%, 04/01/21		348
	80	4.750%, 06/01/20		81
	201	5.000%, 03/01/19		197
	130	5.500%, 03/01/19		128
	49	6.000%, 10/01/20		53
	5	6.250%, 11/01/18		5
	18	6.750%, 02/01/20		18
	175	6.750%, 06/15/23		174
	223	8.000%, 08/01/20		231
	368	8.125%, 04/01/22		389
	29	Tenneco, Inc., 5.375%, 12/15/24		30
	189	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		169

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		TerraForm Power Operating LLC,
	109	5.875%, 02/01/23 (e)		101
	450	6.125%, 06/15/25 (e)		405
	32	Tesoro Corp., 5.125%, 04/01/24		32
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	6	5.500%, 10/15/19 (e)		6
	10	5.875%, 10/01/20		11
	100	6.125%, 10/15/21		104
	376	6.250%, 10/15/22 (e)		391
	1,000	Texas Competitive Electric Holdings Co. LLC, VAR, 4.063%, 10/01/20		338
	87	Time Warner Cable, Inc., 7.300%, 07/01/38		94
		T-Mobile USA, Inc.,
	3	5.250%, 09/01/18		3
	121	6.000%, 03/01/23		121
	215	6.125%, 01/15/22		219
	35	6.250%, 04/01/21		36
	81	6.375%, 03/01/25		81
	2	6.464%, 04/28/19		2
	359	6.500%, 01/15/24		364
	129	6.625%, 11/15/20		133
	413	6.625%, 04/01/23		422
	60	6.633%, 04/28/21		62
	357	6.731%, 04/28/22		369
	442	6.836%, 04/28/23		456
	146	Toll Brothers Finance Corp., 4.875%, 11/15/25		146
	140	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		145
		TransDigm, Inc.,
	462	5.500%, 10/15/20		463
	821	6.000%, 07/15/22		829
	19	TreeHouse Foods, Inc., 4.875%, 03/15/22		18
	522	Tribune Media Co., 5.875%, 07/15/22 (e)		536
		Tronox Finance LLC,
	11	6.375%, 08/15/20		8
	305	7.500%, 03/15/22 (e)		216
	151	Tutor Perini Corp., 7.625%, 11/01/18		154
	123	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		126
	10	U.S. Concrete, Inc., 8.500%, 12/01/18		10
	142	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		137
	251	Unit Corp., 6.625%, 05/15/21		201
		United Rentals North America, Inc.,
	25	4.625%, 07/15/23		25

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	115	5.500%, 07/15/25		115
	510	5.750%, 11/15/24		518
	100	6.125%, 06/15/23		104
	224	Univar USA, Inc., 6.750%, 07/15/23 (e)		222
		Universal Health Services, Inc.,
	2	3.750%, 08/01/19 (e)		2
	2	4.750%, 08/01/22 (e)		2
		Univision Communications, Inc.,
	600	5.125%, 05/15/23 (e)		594
	550	5.125%, 02/15/25 (e)		540
	103	6.750%, 09/15/22 (e)		109
	330	8.500%, 05/15/21 (e)		345
		USG Corp.,
	9	5.500%, 03/01/25 (e)		9
	65	6.300%, 11/15/16		67
	400	USI, Inc., 7.750%, 01/15/21 (e)		400
		VeriSign, Inc.,
	8	4.625%, 05/01/23		8
	54	5.250%, 04/01/25		55
		Vulcan Materials Co.,
	300	4.500%, 04/01/25		307
	130	7.500%, 06/15/21		154
		W.R. Grace & Co.-Conn,
	200	5.125%, 10/01/21 (e)		208
	27	5.625%, 10/01/24 (e)		28
	140	WCI Communities, Inc., 6.875%, 08/15/21		147
	7	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		7
	140	West Corp., 5.375%, 07/15/22 (e)		133
	211	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		215
	221	Whiting Petroleum Corp., 5.000%, 03/15/19		210
	330	Williams Partners LP/ACMP Finance Corp., 6.125%, 07/15/22		338
		Windstream Services LLC,
	40	6.375%, 08/01/23		32
	135	7.500%, 06/01/22		112
	395	7.500%, 04/01/23		330
	339	7.750%, 10/01/21		291
	30	7.875%, 11/01/17		32
	160	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		151
		WMG Acquisition Corp.,
	450	5.625%, 04/15/22 (e)		445
	180	6.750%, 04/15/22 (e)		167

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		WPX Energy, Inc.,
	480	5.250%, 09/15/24		398
	126	6.000%, 01/15/22		111
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	195	5.375%, 03/15/22		193
	160	5.500%, 03/01/25 (e)		150
		Yum! Brands, Inc.,
	195	3.750%, 11/01/21		184
	73	3.875%, 11/01/20		71
		Zayo Group LLC/Zayo Capital, Inc.,
	400	6.000%, 04/01/23 (e)		408
	3	10.125%, 07/01/20		3
	99	Zebra Technologies Corp., 7.250%, 10/15/22		108
		ZF North America Capital, Inc.,
	550	4.000%, 04/29/20 (e)		556
	200	4.500%, 04/29/22 (e)		201
	150	4.750%, 04/29/25 (e)		147
				119,397
		Total Corporate Bonds (Cost $144,922)		142,427
	Foreign Government Securities — 10.9%
		France — 2.4%
	EUR 15,461	France Government Bond OAT, 1.750%, 11/25/24		18,579
		Germany — 1.4%
	EUR 10,237	Bundesrepublik Deutschland, 0.500%, 02/15/25		11,293
		Italy — 3.8%
		Italy Buoni Poliennali Del Tesoro,
	EUR 11,674	3.500%, 11/01/17		13,717
	EUR 1,969	4.750%, 09/01/44 (e)		3,129
	EUR 8,816	5.500%, 11/01/22		12,554
				29,400
		Spain — 0.9%
	EUR 5,353	Kingdom of Spain, 4.000%, 04/30/20 (e)		6,770
		United Kingdom — 2.4%
		United Kingdom Gilt,
	GBP 4,057	2.000%, 01/22/16		6,275
	GBP 3,952	4.000%, 09/07/16		6,271
	GBP 3,937	8.000%, 12/07/15		6,112
				18,658
		Total Foreign Government Securities (Cost $84,397)		84,700

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of options contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — 0.2%
		Australia — 0.0% (g)
	200	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19 ^		169
		Canada — 0.0% (g)
	200	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21 ^		192
		Singapore — 0.0% (g)
	3	Avago Technologies Cayman Ltd., Term Loan, VAR, 3.750%, 05/06/21		3
		United States — 0.2%
	5	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		5
	4	AOT Holdings, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		4
	322	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22 ^		323
	6	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		6
	5	Dupont Performance, Term Loan, VAR, 3.750%, 02/01/20		5
	60	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/19/16		60
	48	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		44
	30	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		30
	5	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5
	250	Riverbed Technology, Inc., Term Loan, VAR, 6.000%, 04/25/22 ^		250
	119	Staples, Inc., Term Loan, VAR, 0.000%, 04/21/21 ^		118
	126	Stardust Finance Holdings LLC, Senior Lien Term Loan, VAR, 6.500%, 03/14/22 ^		125
	8	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		7
	188	UPC Financing Partnership, Facility AH, VAR, 3.250%, 06/30/21 ^		185
	10	W&T Offshore, Inc., Term Loan, VAR, 9.000%, 05/15/20		9
				1,176
		Total Loan Assignments (Cost $1,545)		1,540
NUMBER OF CONTRACTS
	Options Purchased — 1.1%
		Call Options Purchased — 1.1%
	EUR 767	Euro Stoxx 50 Index, Expiring 12/18/2015 at 3250, European Style		1,676

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
		Call Options Purchased — continued
	117	S&P 500 Index, Expiring 12/19/2015 at 1900 USD, European Style		2,141
	356	S&P 500 Index, Expiring 12/19/2015 at 1950 European Style		4,893
		Total Options Purchased (Cost $4,793)		8,710
PRINCIPAL AMOUNT
	Preferred Securities — 0.5% (x)
		Cayman Islands — 0.0% (g)
	390	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17		311
		France — 0.2%
	400	BNP Paribas S.A., VAR, 7.375%, 08/19/25 (e)		414
	200	Credit Agricole S.A., VAR, 6.625%, 09/23/19 (e)		197
	500	Societe Generale S.A., VAR, 8.000%, 09/29/25 (e)		505
				1,116
		United Kingdom — 0.1%
	200	Barclays plc, VAR, 8.250%, 12/15/18		213
		Royal Bank of Scotland Group plc,
	400	VAR, 7.500%, 08/10/20		414
	200	VAR, 8.000%, 08/10/25		209
				836
		United States — 0.2%
		Bank of America Corp.,
	410	Series AA, VAR, 6.100%, 03/17/25		415
	30	Series K, VAR, 8.000%, 01/30/18		31
		Citigroup, Inc.,
	95	VAR, 5.950%, 01/30/23		94
	30	Series O, VAR, 5.875%, 03/27/20		30
	15	Series P, VAR, 5.950%, 05/15/25		15
	415	Series Q, VAR, 5.950%, 08/15/20		414
	338	Goldman Sachs Group, Inc. (The), Series M, VAR, 5.375%, 05/10/20		334
	280	Morgan Stanley, Series J, VAR, 5.550%, 07/15/20		280
				1,613
		Total Preferred Securities (Cost $3,835)		3,876

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — 0.3%
			Brazil — 0.1%
	110		Itau Unibanco Holding S.A.		755
	34		Marcopolo S.A.		17
					772
			Cayman Islands — 0.0% (g)
	–	(h)	XLIT Ltd., Series D, VAR, 3.441%, 11/30/15 ($1,000 par value) @		70
			Germany — 0.2%
	10		Henkel AG & Co. KGaA		1,037
	3		Volkswagen AG		320
					1,357
			United States — 0.0% (g)
	–	(h)	Ally Financial, Inc., Series G, 7.000%, 11/30/15 ($1000 par value) (e) @		16
	1		GMAC Capital Trust I, Series 2, VAR, 8.125%, 02/15/40 ($25 par value)		16
					32
			Total Preferred Stocks (Cost $2,716)		2,231
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Australia — 0.0% (g)
	1		Westpac Banking Corp., expiring 11/11/15 (a)		2

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE
		Spain — 0.0% (g)
	125	Banco Santander S.A., expiring 11/03/15 (a)		7
		Total Rights (Cost $7)		9
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 2.2%
		U.S. Treasury Notes,
	9,111	0.375%, 01/31/16 (k)		9,116
	7,580	2.125%, 06/30/22		7,707
		Total U.S. Treasury Obligations (Cost $16,883)		16,823
SHARES
	Short-Term Investment — 11.4%
		Investment Company — 11.4%
	88,032	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $88,032)		88,032
		Total Investments — 98.1% (Cost $757,763)		759,943
		Other Assets in Excess of Liabilities — 1.9% (c)		14,474
		NET ASSETS — 100.0%	$	774,417

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Foreign Government Securities		11.1	%
Banks		6.1
Asset-Backed Securities		5.6
Non-Agency CMO		4.4
Oil, Gas & Consumable Fuels		3.5
Pharmaceuticals		3.3
Media		2.8
Insurance		2.6
Diversified Telecommunication Services		2.3
U.S. Treasury Notes		2.2
Health Care Providers & Services		2.2
Automobiles		1.7
IT Services		1.7
Specialty Retail		1.6

INDUSTRY	PERCENTAGE
Chemicals		1.5	%
Hotels, Restaurants & Leisure		1.4
Wireless Telecommunication Services		1.4
Internet Software & Services		1.3
Food & Staples Retailing		1.3
Beverages		1.3
Food Products		1.3
Software		1.3
Metals & Mining		1.2
Semiconductors & Semiconductor Equipment		1.2
Call Options Purchased		1.1
Capital Markets		1.1
Electric Utilities		1.0
Others (each less than 1.0%)		20.9
Short-Term Investment		11.6

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of futures contracts)

Futures Contracts
	NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
		41	TOPIX Index		12/10/15	JPY		5,295			453
		375	10 Year Australian Government Bond		12/15/15	AUD		34,593			246
		56	E-mini Russell 2000		12/18/15	USD		6,486			168
		419	E-mini S&P 500		12/18/15	USD		43,444			2,581
		24	Euro STOXX 50 Index		12/18/15	EUR		898			(1	)
		9	FTSE 100 Index		12/18/15	GBP		877			—	(h)
		59	10 Year U.S. Treasury Note		12/21/15	USD		7,534			(64	)
		80	U.S. Long Bond		12/21/15	USD		12,515			—	(h)
			Short Futures Outstanding
		(235)	10 Year Canadian Government Bond		12/18/15	CAD		(25,250	)		453
		(363)	Euro STOXX 50 Index		12/18/15	EUR		(13,584	)		(796	)
		(287)	FTSE 100 Index		12/18/15	GBP		(27,962	)		(975	)
		(533)	Mini MSCI Emerging Markets Index		12/18/15	USD		(22,485	)		(953	)
											1,112

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	321 214	CAD for EUR	Merrill Lynch International		12/17/15		235	#		245	#		10
	184 267	EUR for CAD	Societe Generale		12/17/15		204	#		202	#		(2	)
	623	AUD	Deutsche Bank AG		12/17/15		457			443			(14	)
	158	CAD	BNP Paribas		12/17/15		121			121			—	(h)
	1,822	CHF	Goldman Sachs International		12/17/15		1,891			1,846			(45	)
	657	CHF	Morgan Stanley		12/17/15		677			666			(11	)
	1,217	EUR	BNP Paribas		12/17/15		1,363			1,340			(23	)
	732	EUR	Citibank, N.A.		12/17/15		818			805			(13	)
	658	EUR	Credit Suisse International		12/17/15		738			724			(14	)
	306	EUR	Deutsche Bank AG		12/17/15		351			337			(14	)
	3,357	EUR	Goldman Sachs International		12/17/15		3,828			3,695			(133	)
	534	EUR	Societe Generale		12/17/15		599			588			(11	)
	1,627	EUR	Standard Chartered Bank		12/17/15		1,815			1,790			(25	)
	209	GBP	Citibank, N.A.		12/17/15		320			323			3
	605	GBP	Goldman Sachs International		12/17/15		925			933			8
	645	GBP	Merrill Lynch International		12/17/15		983			994			11
	1,253	GBP	Morgan Stanley		12/17/15		1,931			1,931			—	(h)
	1,534	GBP	Standard Chartered Bank		12/17/15		2,335			2,364			29
	271,370	JPY	BNP Paribas		12/17/15		2,264			2,251			(13	)
	92,403	JPY	Goldman Sachs International		12/17/15		771			766			(5	)
	82,697	JPY	Standard Chartered Bank		12/17/15		689			686			(3	)
	209,000	JPY	TD Bank Financial Group		12/17/15		1,767			1,733			(34	)
							25,082			24,783			(299	)

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2015

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	600	AUD	Goldman Sachs International		12/17/15		424		427		(3	)
	961	AUD	HSBC Bank, N.A.		12/17/15		688		683		5
	5,198	AUD	Morgan Stanley		12/17/15		3,606		3,698		(92	)
	889	AUD	Standard Chartered Bank		12/17/15		630		633		(3	)
	479	CAD	HSBC Bank, N.A.		12/17/15		359		366		(7	)
	269	CAD	State Street Corp.		12/17/15		205		206		(1	)
	1,169	CHF	HSBC Bank, N.A.		12/17/15		1,199		1,185		14
	623	CHF	Merrill Lynch International		12/17/15		651		631		20
	7,104	CHF	Morgan Stanley		12/17/15		7,291		7,197		94
	1,130	CHF	Standard Chartered Bank		12/17/15		1,143		1,145		(2	)
	3,000	DKK	Australia and New Zealand Banking Group Limited		12/17/15		451		443		8
	4,145	DKK	Goldman Sachs International		12/17/15		623		612		11
	574	EUR	BNP Paribas		12/17/15		638		632		6
	2,310	EUR	Deutsche Bank AG		12/17/15		2,626		2,542		84
	295	EUR	Goldman Sachs International		12/17/15		323		324		(1	)
	5,230	EUR	HSBC Bank, N.A.		12/17/15		5,868		5,755		113
	280	EUR	Merrill Lynch International		12/17/15		315		308		7
	77,264	EUR	Morgan Stanley		12/17/15		86,694		85,025		1,669
	5,002	EUR	Standard Chartered Bank		12/17/15		5,504		5,505		(1	)
	952	GBP	Deutsche Bank AG		12/17/15		1,451		1,467		(16	)
	8,982	GBP	Goldman Sachs International		12/17/15		13,599		13,844		(245	)
	515	GBP	HSBC Bank, N.A.		12/17/15		782		794		(12	)
	14,808	GBP	Morgan Stanley		12/17/15		22,566		22,824		(258	)
	1,756	GBP	Standard Chartered Bank		12/17/15		2,680		2,707		(27	)
	13,396	HKD	HSBC Bank, N.A.		12/17/15		1,729		1,729		—	(h)
	400,000	JPY	Australia and New Zealand Banking Group Limited		12/17/15		3,359		3,317		42
	221,374	JPY	Deutsche Bank AG		12/17/15		1,849		1,836		13
	39,617	JPY	HSBC Bank, N.A.		12/17/15		331		328		3
	456,197	JPY	Merrill Lynch International		12/17/15		3,797		3,784		13
	1,612,975	JPY	Morgan Stanley		12/17/15		13,449		13,377		72
	12,890	SEK	Morgan Stanley		12/17/15		1,535		1,511		24
	2,587	SEK	State Street Corp.		12/17/15		304		302		2
	405	SGD	Goldman Sachs International		12/17/15		284		289		(5	)
							186,953		185,426		1,527

^#  For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2015 of the currency being sold, and the value at October 31, 2015 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 35

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.1%
		United States — 4.1%
		ABFC Trust,
	414	Series 2003-OPT1, Class A1A, VAR, 1.017%, 04/25/33		400
	1,214	Series 2004-HE1, Class M1, VAR, 1.097%, 03/25/34		1,124
	1,756	Series 2004-OPT3, Class M1, VAR, 0.947%, 09/25/33		1,650
	3,266	Series 2004-OPT5, Class A1, VAR, 0.897%, 06/25/34		3,041
	1,558	Series 2005-WF1, Class M1, VAR, 0.737%, 11/25/34		1,352
	1,887	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.067%, 01/25/35		1,808
		ACE Securities Corp. Home Equity Loan Trust,
	1,680	Series 2003-FM1, Class M2, VAR, 1.487%, 11/25/32		1,494
	1,711	Series 2003-HE1, Class M1, VAR, 1.172%, 11/25/33		1,596
	1,163	Series 2003-NC1, Class M1, VAR, 1.367%, 07/25/33		1,107
	5,014	Series 2003-OP1, Class M1, VAR, 1.247%, 12/25/33		4,736
	1,434	Series 2004-HE2, Class M1, 1.232%, 10/25/34		1,348
	4,913	Series 2004-HE4, Class M1, VAR, 1.172%, 12/25/34		4,815
	3,610	Series 2004-OP1, Class M2, VAR, 1.772%, 04/25/34		3,325
	1,090	American Homes 4 Rent, Series 2014-SFR1, Class D, VAR, 2.350%, 06/17/31 (e)		1,051
	901	Ameriquest Mortgage Securities, Inc. Asset-Backed Certificates, Series 2002-AR1, Class M1, VAR, 1.262%, 09/25/32		819
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,622	Series 2003-13, Class M1, VAR, 1.217%, 01/25/34		1,476
	714	Series 2003-13, Class M2, VAR, 2.747%, 01/25/34		666
	916	Series 2004-R1, Class A2, VAR, 0.797%, 02/25/34		872
	6,489	Series 2004-R1, Class M1, VAR, 0.992%, 02/25/34		5,937
	639	Series 2004-R1, Class M2, VAR, 1.067%, 02/25/34		577
	245	Series 2004-R3, Class A1B, VAR, 0.897%, 05/25/34		242
	523	Series 2004-R8, Class M1, VAR, 1.157%, 09/25/34		521

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Argent Securities, Inc.,
	1,538	Series 2003-W5, Class M2, VAR, 2.972%, 10/25/33		1,502
	1,922	Series 2004-W4, Class A, VAR, 0.717%, 03/25/34		1,779
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	936	Series 2004-W2, Class M2, VAR, 2.072%, 04/25/34		876
	691	Series 2004-W2, Class M3, VAR, 2.297%, 04/25/34		596
	2,431	Series 2004-W3, Class A3, VAR, 1.017%, 02/25/34		2,174
	2,051	Series 2004-W6, Class M1, VAR, 1.022%, 05/25/34		1,955
	754	Series 2004-W7, Class M2, VAR, 1.097%, 05/25/34		697
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,896	Series 2001-HE3, Class A1, VAR, 0.736%, 11/15/31		2,718
	499	Series 2001-HE3, Class M1, VAR, 1.096%, 11/15/31		465
	261	Series 2003-HE3, Class M2, VAR, 3.196%, 06/15/33		251
	2,034	Series 2003-HE4, Class M1, VAR, 1.441%, 08/15/33		1,929
	2,161	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		2,133
	691	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		688
	3,192	Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE11, Class M2, VAR, 1.772%, 12/25/34		3,146
		Bear Stearns Asset-Backed Securities Trust,
	887	Series 2003-1, Class M1, VAR, 1.847%, 11/25/42		846
	804	Series 2003-SD1, Class A, VAR, 1.097%, 12/25/33		753
	1,500	Series 2003-SD1, Class M1, VAR, 1.472%, 12/25/33		1,410
	1,909	Series 2004-HE2, Class M2, VAR, 1.997%, 03/25/34		1,825
	2,535	Series 2004-SD4, Class A1, VAR, 1.097%, 08/25/44		2,443
	885	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 1.547%, 08/25/33		842

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Centex Home Equity Loan Trust,
	2,347	Series 2004-A, Class M1, VAR, 0.797%, 01/25/34		2,102
	977	Series 2004-C, Class M2, VAR, 0.992%, 06/25/34		852
	640	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		578
	1,719	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,253
	325	Series 2004-D, Class MV2, VAR, 0.887%, 09/25/34		258
	1,659	Series 2005-A, Class M1, VAR, 0.677%, 01/25/35		1,527
		Chase Funding Loan Acquisition Trust,
	1,970	Series 2004-AQ1, Class M1, VAR, 1.292%, 05/25/34		1,852
	2,545	Series 2004-OPT1, Class M2, VAR, 1.697%, 06/25/34		2,435
		Chase Funding Trust,
	1,903	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		1,961
	211	Series 2003-4, Class M1, VAR, 1.097%, 03/25/33		200
	568	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		500
	2,345	Series 2003-6, Class 2A2, VAR, 0.777%, 11/25/34		2,157
	3,143	Series 2003-6, Class 2M1, VAR, 0.947%, 11/25/34		2,918
	1,162	Series 2004-1, Class 1M1, 4.725%, 05/25/33		1,116
	1,497	Series 2004-1, Class 2M1, VAR, 0.947%, 09/25/33		1,373
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,036
		Citigroup Mortgage Loan Trust, Inc.,
	348	Series 2005-OPT1, Class M4, VAR, 1.247%, 02/25/35		265
	266	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		257
	789	Series 2006-WFH4, Class A3, VAR, 0.347%, 11/25/36		785
		Countrywide Asset-Backed Certificates,
	460	Series 2002-3, Class M1, VAR, 1.322%, 03/25/32		450
	1,370	Series 2002-4, Class M1, VAR, 1.322%, 12/25/32		1,258
	1,443	Series 2003-3, Class 3A, VAR, 0.737%, 11/25/33		1,322

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,593	Series 2004-1, Class M3, VAR, 1.172%, 02/25/34		1,490
	12,616	Series 2004-2, Class M1, VAR, 0.947%, 05/25/34		11,982
	5,031	Series 2004-3, Class M1, VAR, 0.947%, 06/25/34		4,788
	765	Series 2004-3, Class M2, VAR, 1.022%, 06/25/34		709
	2,457	Series 2004-5, Class M2, VAR, 1.202%, 07/25/34		2,311
	400	Series 2004-BC4, Class M1, VAR, 1.247%, 11/25/34		379
	1,304	Series 2004-ECC2, Class M2, VAR, 1.172%, 12/25/34		1,242
	719	Series 2005-11, Class AF6, VAR, 4.834%, 02/25/36		740
	7,885	Series 2005-AB3, Class 1A1, VAR, 0.447%, 02/25/36		6,923
	101	Series 2006-2, Class 2A2, VAR, 0.387%, 10/25/34		98
	1,598	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.142%, 01/25/35		1,445
	953	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.102%, 12/25/35		942
		CWABS, Inc. Asset-Backed Certificates,
	5,094	Series 2003-BC1, Class A1, VAR, 0.997%, 03/25/33		4,697
	888	Series 2004-1, Class M2, VAR, 1.022%, 03/25/34		820
	986	Series 2004-6, Class M2, VAR, 1.172%, 10/25/34		925
		Equity One Mortgage Pass-Through Trust,
	373	Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		376
	588	Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		569
	229	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.142%, 11/25/34		200
		First Franklin Mortgage Loan Asset Backed Certificates,
	1,191	Series 2004-FF3, Class M1, VAR, 1.022%, 05/25/34		1,095
	10,500	Series 2005-FF11, Class M1, VAR, 0.842%, 11/25/35		9,666
		First Franklin Mortgage Loan Trust,
	5,331	Series 2003-FF5, Class M1, VAR, 1.097%, 03/25/34		5,027
	8,213	Series 2004-FF4, Class M1, VAR, 1.052%, 06/25/34		7,316

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 37

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	2,922	Series 2004-FF5, Class A1, VAR, 0.917%, 08/25/34		2,769
	14,650	Series 2005-FF10, Class A1, VAR, 0.497%, 11/25/35		12,967
	3,866	Series 2005-FF10, Class A4, VAR, 0.517%, 11/25/35		3,797
	1,116	Series 2005-FF11, Class A2D, VAR, 0.877%, 11/25/35		1,111
	1,898	Series 2006-FF8, Class IIA3, VAR, 0.347%, 07/25/36		1,804
		Fremont Home Loan Trust,
	3,162	Series 2004-2, Class M2, VAR, 1.127%, 07/25/34		2,989
	591	Series 2004-B, Class M2, VAR, 1.142%, 05/25/34		519
	1,167	Series 2004-C, Class M1, VAR, 1.172%, 08/25/34		1,089
	2,016	GSAA Trust, Series 2005-6, Class A3, VAR, 0.567%, 06/25/35		1,932
		GSAMP Trust,
	2,812	Series 2003-HE1, Class M1, VAR, 1.439%, 06/20/33		2,726
	1,833	Series 2003-SEA, Class A1, VAR, 0.597%, 02/25/33		1,709
	1,346	Series 2005-HE3, Class M2, VAR, 1.202%, 06/25/35		1,310
	2,356	Series 2005-NC1, Class M1, VAR, 0.872%, 02/25/35		2,286
	643	Series 2005-SEA2, Class A1, VAR, 0.547%, 01/25/45 (e)		630
	3,996	Series 2006-FM1, Class A2C, VAR, 0.357%, 04/25/36		2,569
	5,987	Series 2006-HE3, Class A2C, VAR, 0.357%, 05/25/46		5,357
	3,386	Series 2006-HE4, Class A2C, VAR, 0.347%, 06/25/36		3,166
	479	Series 2007-HE1, Class A2B, VAR, 0.297%, 03/25/47		476
	6,272	Series 2007-SEA1, Class A, VAR, 0.497%, 12/25/36 (e)		5,826
		Home Equity Asset Trust,
	902	Series 2003-1, Class M1, VAR, 1.697%, 06/25/33		868
	1,218	Series 2003-3, Class M1, VAR, 1.487%, 08/25/33		1,159
	443	Series 2004-6, Class M2, VAR, 1.097%, 12/25/34		378

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Home Equity Mortgage Loan Asset-Backed Trust,
	3,260	Series 2004-C, Class M1, VAR, 1.037%, 03/25/35		2,961
	1,190	Series 2004-C, Class M2, VAR, 1.097%, 03/25/35		1,052
		Invitation Homes Trust,
	2,520	Series 2013-SFR1, Class C, VAR, 2.100%, 12/17/30 (e)		2,455
	3,050	Series 2013-SFR1, Class E, VAR, 2.900%, 12/17/30 (e)		2,913
	567	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 0.367%, 04/25/36		557
		Long Beach Mortgage Loan Trust,
	1,110	Series 2001-2, Class M1, VAR, 1.037%, 07/25/31		1,032
	3,356	Series 2002-5, Class M1, VAR, 1.442%, 11/25/32		3,157
	588	Series 2003-4, Class M1, VAR, 1.217%, 08/25/33		566
	184	Series 2004-3, Class M2, VAR, 1.097%, 07/25/34		176
	731	Series 2004-3, Class M4, VAR, 1.809%, 07/25/34		681
	786	Series 2004-3, Class M6, VAR, 2.334%, 07/25/34		721
	546	Series 2005-WL2, Class M1, VAR, 0.902%, 08/25/35		541
		MASTR Asset-Backed Securities Trust,
	3,108	Series 2004-OPT2, Class M1, VAR, 1.097%, 09/25/34		2,933
	1,147	Series 2004-OPT2, Class M2, VAR, 1.172%, 09/25/34		1,002
	3,490	Series 2005-NC1, Class M2, VAR, 0.947%, 12/25/34		3,336
		Merrill Lynch Mortgage Investors Trust,
	1,080	Series 2003-OPT1, Class M1, VAR, 1.172%, 07/25/34		976
	585	Series 2004-HE2, Class M1, VAR, 1.397%, 08/25/35		553
	132	Series 2004-WMC5, Class M5, VAR, 1.922%, 07/25/35		125
	2,796	Series 2005-FM1, Class M1, VAR, 0.677%, 05/25/36		2,537
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,397	Series 2003-NC10, Class M1, VAR, 1.217%, 10/25/33		1,318
	12,079	Series 2004-HE1, Class M1, VAR, 1.052%, 01/25/34		11,478

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,032	Series 2004-HE2, Class M2, VAR, 1.997%, 03/25/34		956
	1,033	Series 2004-HE2, Class M3, VAR, 2.372%, 03/25/34		536
	5,090	Series 2004-HE3, Class M1, VAR, 1.052%, 03/25/34		4,818
	1,656	Series 2004-HE3, Class M2, VAR, 2.072%, 03/25/34		1,565
	1,616	Series 2004-HE6, Class M2, VAR, 1.097%, 08/25/34		1,516
	1,069	Series 2004-HE6, Class M3, VAR, 1.172%, 08/25/34		950
	1,959	Series 2004-HE7, Class M2, VAR, 1.142%, 08/25/34		1,931
	104	Series 2004-HE7, Class M3, VAR, 1.217%, 08/25/34		98
	2,435	Series 2004-HE8, Class M2, VAR, 1.217%, 09/25/34		2,350
	992	Series 2004-HE8, Class M3, VAR, 1.322%, 09/25/34		924
	3,445	Series 2004-NC3, Class M1, VAR, 0.992%, 03/25/34		3,275
	6,741	Series 2004-NC5, Class M1, VAR, 1.097%, 05/25/34		6,160
	876	Series 2004-NC6, Class M2, VAR, 2.072%, 07/25/34		811
	343	Series 2004-NC7, Class M3, VAR, 1.172%, 07/25/34		299
	783	Series 2004-NC8, Class M3, VAR, 1.307%, 09/25/34		730
	2,656	Series 2004-OP1, Class M2, VAR, 1.112%, 11/25/34		2,575
	1,104	Series 2004-OP1, Class M3, VAR, 1.217%, 11/25/34		1,004
	2,674	Series 2004-WMC2, Class M1, VAR, 1.112%, 07/25/34		2,550
	1,350	Series 2004-WMC2, Class M2, VAR, 1.997%, 07/25/34		1,288
	981	Series 2005-HE1, Class M2, VAR, 0.902%, 12/25/34		950
	1,668	Series 2005-HE1, Class M3, VAR, 0.977%, 12/25/34		1,389
	352	Series 2005-NC1, Class M3, VAR, 0.962%, 01/25/35		280
		New Century Home Equity Loan Trust,
	763	Series 2003-3, Class M1, VAR, 1.382%, 07/25/33		728
	1,120	Series 2003-B, Class M2, VAR, 2.672%, 11/25/33		1,068

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,834	Series 2004-1, Class M1, VAR, 1.082%, 05/25/34		3,504
	279	Series 2004-2, Class M2, VAR, 1.127%, 08/25/34		255
	1,296	Series 2004-2, Class M4, VAR, 1.997%, 08/25/34		1,218
	1,106	Series 2004-2, Class M6, VAR, 2.447%, 08/25/34		1,012
	3,564	Series 2004-3, Class M2, VAR, 1.172%, 11/25/34		3,437
	560	Series 2004-3, Class M3, VAR, 1.262%, 11/25/34		470
	843	Series 2004-4, Class M2, VAR, 0.992%, 02/25/35		722
	348	Series 2005-1, Class M3, VAR, 0.977%, 03/25/35		282
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 2.956%, 09/25/33		1,093
	1,231	Series 2003-3, Class M2, VAR, 2.672%, 12/25/33		1,210
	4,395	Series 2004-2, Class M4, VAR, 1.997%, 09/25/34		3,899
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	4,122	Series 2002-6, Class A1, VAR, 0.957%, 11/25/32		3,910
	1,034	Series 2002-6, Class A2, VAR, 0.997%, 11/25/32		967
	915	Series 2003-2, Class A2, VAR, 0.797%, 04/25/33		848
	1,982	Series 2003-2, Class M1, VAR, 1.172%, 04/25/33		1,766
	1,735	Series 2003-3, Class M1A, VAR, 1.757%, 06/25/33		1,626
	7,568	Series 2003-5, Class A1, VAR, 0.837%, 08/25/33		7,138
	644	Series 2003-5, Class A2, VAR, 0.837%, 08/25/33		609
	459	Series 2003-5, Class M2, VAR, 2.522%, 08/25/33		413
		Option One Mortgage Loan Trust,
	6,628	Series 2002-3, Class A1, VAR, 0.697%, 08/25/32		6,242
	1,055	Series 2002-3, Class A2, VAR, 0.737%, 08/25/32		964
	1,901	Series 2003-1, Class A2, VAR, 1.037%, 02/25/33		1,769

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 39

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	11,220	Series 2004-2, Class M1, VAR, 0.992%, 05/25/34		10,356
	1,013	Series 2004-3, Class M2, VAR, 1.052%, 11/25/34		923
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 1.922%, 10/25/34		1,291
		Pretium Mortgage Credit Partners I,
	3,966	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		3,965
	4,130	Series 2015-NPL3, Class A1, SUB, 4.125%, 10/27/30 (e)		4,102
		Progress Residential Trust,
	7,900	Series 2014-SFR1, Class A, VAR, 1.297%, 10/17/31 (e)		7,728
	3,325	Series 2014-SFR1, Class E, VAR, 4.347%, 10/17/31 (e)		3,309
		RAMP Trust,
	853	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		844
	251	Series 2004-RS11, Class M1, VAR, 1.127%, 11/25/34		248
		RASC Trust,
	959	Series 2001-KS3, Class AII, VAR, 0.657%, 09/25/31		894
	4,484	Series 2005-EMX1, Class M1, VAR, 0.842%, 03/25/35		4,188
	2,424	Series 2005-KS2, Class M1, VAR, 0.842%, 03/25/35		2,215
	3,998	Series 2006-KS5, Class A3, VAR, 0.357%, 07/25/36		3,842
	1,399	Series 2006-KS7, Class A3, VAR, 0.347%, 09/25/36		1,371
		Renaissance Home Equity Loan Trust,
	2,350	Series 2002-3, Class M1, VAR, 1.697%, 12/25/32		2,293
	666	Series 2003-1, Class M1, VAR, 1.697%, 06/25/33		591
	245	Series 2003-2, Class A, VAR, 1.077%, 08/25/33		230
	2,090	Series 2003-3, Class M1, VAR, 0.927%, 12/25/33		1,905
	1,710	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,580
	2,950	Series 2003-4, Class M1, VAR, 1.047%, 03/25/34		2,671
	1,295	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,083

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	881	Series 2004-1, Class M1, VAR, 0.777%, 05/25/34		801
	1,173	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		1,190
	1,303	Series 2005-2, Class AV3, VAR, 0.567%, 08/25/35		1,176
	1,668	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,646
	1,970	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 1.772%, 08/25/34		1,858
		Saxon Asset Securities Trust,
	6,552	Series 2003-3, Class M1, VAR, 1.172%, 12/25/33		6,165
	475	Series 2004-2, Class AF3, VAR, 4.703%, 08/25/35		478
	1,629	Series 2004-2, Class MV2, VAR, 1.997%, 08/25/35		1,544
	1,044	Series 2006-2, Class A3C, VAR, 0.347%, 09/25/36		967
		Securitized Asset-Backed Receivables LLC Trust,
	3,536	Series 2004-NC1, Class M1, VAR, 0.977%, 02/25/34		3,286
	1,135	Series 2004-OP1, Class M2, VAR, 1.847%, 02/25/34		1,094
	1,912	Series 2004-OP2, Class M1, VAR, 1.172%, 08/25/34		1,775
	2,335	Series 2005-FR2, Class M2, VAR, 1.172%, 03/25/35		2,210
	3,374	Series 2005-OP1, Class M2, VAR, 0.872%, 01/25/35		3,174
	3,572	Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 0.367%, 06/25/36		3,292
		Specialty Underwriting & Residential Finance Trust,
	3,070	Series 2004-BC1, Class M2, VAR, 1.802%, 02/25/35		2,841
	1,932	Series 2004-BC3, Class M1, VAR, 1.127%, 07/25/35		1,843
		Structured Asset Investment Loan Trust,
	669	Series 2003-BC3, Class M1, VAR, 1.622%, 04/25/33		660
	3,301	Series 2003-BC7, Class M1, VAR, 1.322%, 07/25/33		3,118
	567	Series 2003-BC10, Class A4, VAR, 1.197%, 10/25/33		545
	2,710	Series 2003-BC11, Class M2, VAR, 2.747%, 10/25/33		2,682
	1,931	Series 2003-BC12, Class M1, VAR, 1.172%, 11/25/33		1,808

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States — continued
	4,429		Series 2004-1, Class M1, VAR, 1.172%, 02/25/34		4,236
	–	(h)	Series 2004-1, Class M2, VAR, 2.897%, 02/25/34		–	(h)
	5,177		Series 2004-5, Class M3, VAR, 1.127%, 05/25/34		4,796
	16,136		Series 2004-6, Class A3, VAR, 0.997%, 07/25/34		15,204
	3,036		Series 2004-6, Class M1, VAR, 1.097%, 07/25/34		2,795
	4,148		Series 2004-7, Class M1, VAR, 1.247%, 08/25/34		3,851
	668		Series 2004-8, Class M2, VAR, 1.127%, 09/25/34		592
	569		Series 2004-BNC1, Class A5, VAR, 1.437%, 09/25/34		538
	3,983		Series 2005-HE2, Class M1, VAR, 0.917%, 07/25/35		3,761
	6,563		Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.367%, 12/25/36		5,637
	207		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.547%, 04/25/33		201
	3,185		VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		3,157
	6,462		VOLT XXXVI LLC, Series 2015-NP10, Class A1, SUB, 3.625%, 07/25/45 (e)		6,429
	5,181		VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		5,173
	8,970		VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		8,954
			Wells Fargo Home Equity Asset-Backed Securities Trust,
	108		Series 2004-2, Class A21B, VAR, 1.037%, 10/25/34		105
	1,401		Series 2004-2, Class M1, VAR, 1.097%, 10/25/34		1,334
	1,711		Series 2004-2, Class M4, VAR, 1.997%, 10/25/34		1,585
	1,008		Series 2004-2, Class M5, VAR, 2.072%, 10/25/34		955
	290		Series 2004-2, Class M8A, VAR, 4.697%, 10/25/34 (e)		270
	290		Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		261
			Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	633		Series 2004-1, Class M2, VAR, 0.827%, 04/25/34		568

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,028	Series 2004-1, Class M4, VAR, 1.347%, 04/25/34		901
		Total Asset-Backed Securities (Cost $496,028)		511,877
	Collateralized Mortgage Obligations — 3.8%
		Non-Agency CMO — 3.8%
		United States — 3.8%
		Adjustable Rate Mortgage Trust
	7,267	Series 2004-2, Class 6A1, VAR, 2.644%, 02/25/35		7,263
	7,901	Series 2004-4, Class 4A1, VAR, 2.550%, 03/25/35		7,887
	2,815	Series 2005-2, Class 3A1, VAR, 2.762%, 06/25/35		2,691
		Alternative Loan Trust
	73	Series 2004-4CB, Class 1A1, 4.250%, 04/25/34		74
	212	Series 2004-4CB, Class 3A1, 5.000%, 04/25/34		215
	1,792	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,865
	134	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		137
	670	Series 2004-27CB, Class A1, 6.000%, 12/25/34		667
	1,006	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		1,023
	216	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		219
	1,895	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,936
	6,918	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		7,000
	554	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		553
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,792
	8,418	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		7,912
	880	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		837
	8,202	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		8,143
	4,715	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		4,813
	3,640	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,621
	426	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		402

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 41

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,806	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,767
	8,035	Series 2005-21CB, Class A17, 6.000%, 06/25/35		8,199
	4,215	Series 2005-23CB, Class A15, 5.500%, 07/25/35		4,116
	95	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		96
	1,624	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,567
	4,109	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		3,966
	1,474	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		1,437
	936	Series 2005-86CB, Class A4, 5.500%, 02/25/36		845
	483	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		486
	1,335	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		1,360
	583	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		595
	175	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		175
	835	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		810
	777	Series 2005-J14, Class A3, 5.500%, 12/25/35		698
	2,123	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		2,065
	1,301	Series 2006-19CB, Class A15, 6.000%, 08/25/36		1,188
	589	Series 2006-25CB, Class A2, 6.000%, 10/25/36		554
	371	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		333
	1,065	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		994
	395	Series 2007-8CB, Class A9, 6.000%, 05/25/37		348
	240	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		209
	311	Series 2007-19, Class 1A8, 6.000%, 08/25/37		258
	427	Series 2007-25, Class 2A1, 6.000%, 11/25/22		404
	551	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 2.535%, 06/25/45		540

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Banc of America Alternative Loan Trust
	3,196	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		3,324
	898	Series 2004-9, Class 4A1, 5.500%, 10/25/19		907
	1,503	Series 2004-12, Class 4A1, 5.500%, 01/25/20		1,542
	314	Series 2005-3, Class 2A1, 5.500%, 04/25/20		314
	315	Series 2005-4, Class 3A1, 5.500%, 05/25/20		318
	122	Series 2005-6, Class 5A4, 5.500%, 07/25/35		107
	196	Series 2005-6, Class 7A1, 5.500%, 07/25/20		191
	1,464	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,269
	1,078	Series 2005-12, Class 5A1, 5.250%, 01/25/21		1,078
	24	Series 2006-4, Class 2A1, 6.000%, 05/25/21		23
	1,450	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,208
	1,173	Series 2006-5, Class CB7, 6.000%, 06/25/46		998
		Banc of America Funding Trust
	5,880	Series 2005-6, Class 1A2, 5.500%, 10/25/35		5,618
	2,730	Series 2005-7, Class 4A7, 6.000%, 11/25/35		2,795
	1,260	Series 2006-2, Class 2A20, 5.750%, 03/25/36		1,211
	3,419	Series 2006-A, Class 1A1, VAR, 2.746%, 02/20/36		3,393
	364	Series 2007-4, Class 8A1, 5.500%, 11/25/34		350
		Banc of America Mortgage Trust
	1,846	Series 2004-A, Class 2A2, VAR, 2.645%, 02/25/34		1,848
	797	Series 2007-3, Class 1A1, 6.000%, 09/25/37		722
	684	Bear Stearns Alt-A Trust, Series 2006-8, Class 3A1, VAR, 0.357%, 02/25/34		624
	991	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 2.515%, 03/25/35		1,002
	1,178	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.202%, 10/25/34		711

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	538	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		528
		Chase Mortgage Finance Trust
	2,260	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,939
	1,547	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,384
	17,294	Series 2007-A2, Class 3A1, VAR, 2.638%, 07/25/37		17,270
	434	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		376
		CHL Mortgage Pass-Through Trust
	358	Series 2003-27, Class A1, VAR, 2.773%, 06/25/33		353
	710	Series 2003-37, Class 2A1, VAR, 2.689%, 09/25/33		655
	5,140	Series 2004-25, Class 2A1, VAR, 0.877%, 02/25/35		4,487
	562	Series 2005-5, Class A2, 5.500%, 03/25/35		570
	369	Series 2005-20, Class A7, 5.250%, 12/25/27		354
	468	Series 2005-30, Class A5, 5.500%, 01/25/36		462
	3,157	Series 2006-10, Class 1A16, 6.000%, 05/25/36		2,936
	202	Series 2006-15, Class A1, 6.250%, 10/25/36		179
	984	Series 2006-17, Class A2, 6.000%, 12/25/36		906
	6,159	Series 2006-18, Class 2A4, 6.000%, 12/25/36		5,644
	354	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		336
	329	Series 2007-2, Class A2, 6.000%, 03/25/37		314
	2,727	Series 2007-3, Class A18, 6.000%, 04/25/37		2,535
	317	Series 2007-10, Class A4, 5.500%, 07/25/37		275
	789	Series 2007-13, Class A4, 6.000%, 08/25/37		746
	1,052	Series 2007-18, Class 2A1, 6.500%, 11/25/37		882
	1,718	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,732
	1,323	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		1,311

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Citigroup Mortgage Loan Trust, Inc.
	677	Series 2005-3, Class 2A2A, VAR, 2.708%, 08/25/35		672
	1,598	Series 2005-4, Class A, VAR, 2.781%, 08/25/35		1,577
	1,898	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		1,900
	2,246	Series 2005-9, Class 2A2, 5.500%, 11/25/35		2,148
	1,933	Series 2006-8, Class A3, VAR, 0.547%, 10/25/35 (e)		1,528
	43	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		44
		Credit Suisse First Boston Mortgage Securities Corp.
	634	Series 2003-29, Class 3A1, 5.500%, 12/25/33		660
	9,546	Series 2004-4, Class 4A1, 5.500%, 08/25/34		9,986
	267	Series 2004-8, Class 4A3, 5.500%, 12/25/34		273
	1,214	Series 2004-AR4, Class 2A1, VAR, 2.591%, 05/25/34		1,213
	6,494	Series 2004-AR4, Class 4A1, VAR, 2.641%, 05/25/34		6,542
	1,769	Series 2004-AR5, Class 6A1, VAR, 2.341%, 06/25/34		1,774
	3,772	Series 2004-AR6, Class 7A1, VAR, 2.638%, 10/25/34		3,828
	4,871	Series 2005-2, Class 1A2, 5.250%, 01/25/28		4,916
	919	Series 2005-4, Class 3A17, 5.500%, 06/25/35		928
	3,957	Series 2005-10, Class 11A1, 5.500%, 11/25/20		4,034
	114	Series 2005-10, Class 12A1, 5.250%, 11/25/20		114
	732	Series 2005-10, Class 5A3, 5.500%, 11/25/35		673
		CSMC Mortgage-Backed Trust
	131	Series 2006-8, Class 5A1, VAR, 5.631%, 10/25/26		112
	1,363	Series 2007-2, Class 3A13, 5.500%, 03/25/37		1,261
	305	Series 2007-3, Class 4A5, 5.000%, 04/25/37		288
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	372	Series 2005-1, Class 2A1, VAR, 5.812%, 02/25/20		383

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 43

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	132	Series 2005-2, Class 2A1, VAR, 0.497%, 03/25/20		125
	5,802	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 0.457%, 08/19/45		5,173
	880	Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M3, VAR, 3.797%, 04/25/24		822
		First Horizon Alternative Mortgage Securities Trust
	245	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		242
	1,182	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		1,184
		First Horizon Mortgage Pass-Through Trust
	588	Series 2004-AR7, Class 4A1, VAR, 2.468%, 02/25/35		585
	5,045	Series 2005-5, Class 1A6, 5.500%, 10/25/35		4,940
	972	Series 2006-2, Class 1A3, 6.000%, 08/25/36		930
	128	Series 2006-2, Class 1A7, 6.000%, 08/25/36		123
	959	Series 2006-3, Class 1A13, 6.250%, 11/25/36		934
		GMACM Mortgage Loan Trust
	1,446	Series 2004-AR2, Class 3A, VAR, 3.158%, 08/19/34		1,397
	938	Series 2005-AR1, Class 3A, VAR, 2.999%, 03/18/35		918
	1,909	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,516
		GSR Mortgage Loan Trust
	493	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		529
	695	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		716
	300	Series 2005-AR3, Class 6A1, VAR, 2.675%, 05/25/35		278
	6,732	Series 2005-AR4, Class 3A5, VAR, 2.705%, 07/25/35		6,592
	3,106	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		2,843
	1,918	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,755
	774	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		727
	1,060	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		1,004

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	588	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.507%, 08/19/45		544
		Impac CMB Trust
	2,027	Series 2004-5, Class 1A1, VAR, 0.917%, 10/25/34		1,909
	738	Series 2004-5, Class 1M2, VAR, 1.067%, 10/25/34		675
	4,327	Series 2004-6, Class 1A2, VAR, 0.977%, 10/25/34		4,053
	1,444	Series 2004-7, Class 1A2, VAR, 1.117%, 11/25/34		1,346
	6,372	Series 2004-9, Class 1A1, VAR, 0.957%, 01/25/35		5,799
	2,563	Series 2004-10, Class 3A1, VAR, 0.897%, 03/25/35		2,317
	903	Series 2005-1, Class 1A1, VAR, 0.717%, 04/25/35		817
	986	Series 2005-4, Class 1A1A, VAR, 0.737%, 05/25/35		908
	1,199	Impac CMB Trust Series, Series 2005-2, Class 1A2, VAR, 0.817%, 04/25/35		1,044
	549	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		516
		IndyMac INDX Mortgage Loan Trust
	856	Series 2005-AR3, Class 3A1, VAR, 2.554%, 04/25/35		827
	2,094	Series 2005-AR14, Class 2A1A, VAR, 0.497%, 07/25/35		1,799
		JP Morgan Mortgage Trust
	391	Series 2004-A6, Class 1A1, VAR, 2.557%, 12/25/34		382
	1,172	Series 2005-A3, Class 6A6, VAR, 2.623%, 06/25/35		1,143
	464	Series 2005-A8, Class 1A1, VAR, 2.730%, 11/25/35		439
	335	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		313
	197	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		197
	932	Series 2007-A1, Class 2A2, VAR, 2.641%, 07/25/35		912
	174	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		174
	2,546	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		2,268
		Lehman XS Trust
	13,176	Series 2005-5N, Class 3A1A, VAR, 0.497%, 11/25/35		11,256

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	8,895	Series 2005-7N, Class 1A1A, VAR, 0.467%, 12/25/35		7,789
		MASTR Alternative Loan Trust
	948	Series 2004-8, Class 1A1, 6.500%, 09/25/34		1,009
	2,932	Series 2004-12, Class 3A1, 6.000%, 12/25/34		3,093
	986	Series 2005-3, Class 1A1, 5.500%, 04/25/35		995
	504	Series 2005-5, Class 3A1, 5.750%, 08/25/35		430
	1,628	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,447
	1,632	Series 2006-3, Class 3A1, 5.500%, 06/25/21		1,529
		Merrill Lynch Mortgage Investors Trust
	317	Series 2005-1, Class 2A1, VAR, 2.163%, 04/25/35		307
	1,001	Series 2005-1, Class 2A2, VAR, 2.163%, 04/25/35		971
	720	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		622
		Morgan Stanley Mortgage Loan Trust
	826	Series 2004-8AR, Class 4A1, VAR, 2.484%, 10/25/34		817
	1,306	Series 2004-9, Class 1A, VAR, 5.574%, 11/25/34		1,350
	227	Series 2005-4, Class 1A, 5.000%, 08/25/35		231
	2,538	Series 2006-2, Class 1A, 5.250%, 02/25/21		2,449
		MortgageIT Trust
	9,099	Series 2005-3, Class A1, VAR, 0.497%, 08/25/35		8,418
	1,199	Series 2005-5, Class A1, VAR, 0.457%, 12/25/35		1,087
	205	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		210
		RALI Trust
	112	Series 2003-QS20, Class CB, 5.000%, 11/25/18		115
	3,703	Series 2004-QA3, Class CB2, VAR, 3.662%, 08/25/34		3,776
	690	Series 2004-QS15, Class A2, VAR, 0.597%, 11/25/34		669
	242	Series 2005-QS2, Class A1, 5.500%, 02/25/35		243

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	4,356	Series 2005-QS6, Class A1, 5.000%, 05/25/35		3,860
	2,053	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,791
	3,967	Series 2006-QS4, Class A2, 6.000%, 04/25/36		3,415
	153	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		145
		Residential Asset Securitization Trust
	409	Series 2004-A6, Class A1, 5.000%, 08/25/19		410
	529	Series 2004-A8, Class A1, 5.250%, 11/25/34		535
	5,980	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,511
	3,555	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		3,416
	254	Series 2005-A14, Class A1, 5.500%, 12/25/35		231
		RFMSI Trust
	922	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		928
	733	Series 2005-S1, Class 2A1, 4.750%, 02/25/20		751
	310	Series 2005-S7, Class A6, 5.500%, 11/25/35		310
	250	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		249
	95	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		92
	2,209	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.394%, 07/20/36		1,999
		Structured Adjustable Rate Mortgage Loan Trust
	1,891	Series 2004-16, Class 5A2, VAR, 2.579%, 11/25/34		1,874
	1,034	Series 2005-17, Class 4A3, VAR, 2.748%, 08/25/35		1,011
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	1,071	Series 2003-35, Class B1, VAR, 5.523%, 12/25/33		892
	9,247	Series 2004-10, Class 1A1, VAR, 5.421%, 06/25/34		9,537
		Structured Asset Securities Corp. Trust
	728	Series 2005-6, Class 2A3, 5.500%, 05/25/35		746
	468	Series 2005-6, Class 5A2, 5.000%, 05/25/35		477

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 45

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		WaMu Mortgage Pass-Through Certificates Trust
	2,409	Series 2004-AR10, Class A1B, VAR, 0.617%, 07/25/44		2,316
	3,098	Series 2004-AR11, Class A, VAR, 2.544%, 10/25/34		3,127
	7,172	Series 2005-AR5, Class A6, VAR, 2.463%, 05/25/35		7,176
	589	Series 2005-AR7, Class A3, VAR, 2.483%, 08/25/35		588
	4,655	Series 2005-AR14, Class 1A3, VAR, 2.399%, 12/25/35		4,483
	2,882	Series 2005-AR14, Class 1A4, VAR, 2.399%, 12/25/35		2,784
	89	Series 2005-AR15, Class A1A1, VAR, 0.457%, 11/25/45		83
	1,753	Series 2005-AR16, Class 1A1, VAR, 2.359%, 12/25/35		1,655
	208	Series 2005-AR18, Class 1A3A, VAR, 2.352%, 01/25/36		206
	823	Series 2006-AR2, Class 1A1, VAR, 2.322%, 03/25/36		778
	1,586	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,481
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	2,693	Series 2005-1, Class 1A3, 5.500%, 03/25/35		2,616
	1,266	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,199
	2,051	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,938
	421	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		348
	2,513	Series 2007-1, Class 2A1, 6.000%, 01/25/22		2,428
		Wells Fargo Mortgage Backed Securities Trust
	959	Series 2005-AR3, Class 2A1, VAR, 2.736%, 03/25/35		970
	335	Series 2005-AR7, Class 2A1, VAR, 2.740%, 05/25/35		332
		Wells Fargo Mortgage-Backed Securities Trust
	1,232	Series 2004-BB, Class A5, VAR, 2.631%, 01/25/35		1,244
	11,637	Series 2004-DD, Class 1A1, VAR, 2.619%, 01/25/35		11,637
	462	Series 2004-DD, Class 2A6, VAR, 2.621%, 01/25/35		460

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	6,331	Series 2004-M, Class A1, VAR, 2.740%, 08/25/34		6,438
	8,640	Series 2004-N, Class A6, VAR, 2.730%, 08/25/34		8,654
	8,204	Series 2004-N, Class A7, VAR, 2.730%, 08/25/34		8,217
	851	Series 2004-Q, Class 1A2, VAR, 2.740%, 09/25/34		862
	269	Series 2005-AR2, Class 2A2, VAR, 2.626%, 03/25/35		274
	696	Series 2005-AR4, Class 2A2, VAR, 2.641%, 04/25/35		700
	3,192	Series 2005-AR5, Class 1A1, VAR, 2.664%, 04/25/35		3,186
	6,016	Series 2005-AR8, Class 1A1, VAR, 2.719%, 06/25/35		6,122
	4,091	Series 2005-AR10, Class 1A1, VAR, 2.704%, 06/25/35		4,177
	808	Series 2005-AR11, Class 1A1, VAR, 2.711%, 06/25/35		802
	3,121	Series 2005-AR16, Class 6A3, VAR, 2.736%, 10/25/35		3,137
	489	Series 2005-AR16, Class 7A1, VAR, 2.740%, 10/25/35		476
	2,465	Series 2006-4, Class 1A9, 5.750%, 04/25/36		2,536
	1,229	Series 2006-AR2, Class 2A1, VAR, 2.652%, 03/25/36		1,222
	624	Series 2006-AR2, Class 2A3, VAR, 2.652%, 03/25/36		615
	3,633	Series 2006-AR6, Class 5A1, VAR, 2.712%, 03/25/36		3,627
	700	Series 2006-AR19, Class A3, VAR, 5.588%, 12/25/36		670
	606	Series 2007-2, Class 1A13, 6.000%, 03/25/37		596
	1,106	Series 2007-15, Class A1, 6.000%, 11/25/37		1,095
		Total Collateralized Mortgage Obligations (Cost $464,347)		472,604
	Commercial Mortgage-Backed Securities — 1.3%
		United States — 1.3%
		Banc of America Commercial Mortgage Trust,
	785	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		788
	3,270	Series 2006-2, Class B, VAR, 5.799%, 05/10/45		3,295

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	2,350	Series 2007-3, Class AJ, VAR, 5.562%, 06/10/49		2,425
	5,000	Series 2007-3, Class B, VAR, 5.562%, 06/10/49		4,919
		Bear Stearns Commercial Mortgage Securities Trust,
	3,986	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		4,018
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		6,831
	7,080	Series 2007-PW16, Class AJ, VAR, 5.705%, 06/11/40		7,185
	5,790	Series 2007-PW17, Class AJ, VAR, 5.878%, 06/11/50		5,928
	5,769	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.255%, 07/15/44		5,760
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.120%, 11/15/44		2,499
	3,159	Series 2007-CD5, Class D, VAR, 6.120%, 11/15/44 (e)		3,186
		COMM Mortgage Trust,
	4,585	Series 2006-C8, Class AJ, 5.377%, 12/10/46		4,554
	5,400	Series 2015-CR23, Class CMC, VAR, 3.685%, 05/10/48 (e)		5,307
	2,275	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.046%, 12/10/49		2,329
	2,560	Credit Suisse Commercial Mortgage Trust, Series 2006-C1, Class E, VAR, 5.472%, 02/15/39		2,557
	5,460	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		5,466
	4,150	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		4,181
		JP Morgan Chase Commercial Mortgage Securities Trust,
	4,900	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		4,899
	4,850	Series 2007-LD11, Class AM, VAR, 5.774%, 06/15/49		5,014
		LB-UBS Commercial Mortgage Trust,
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		2,420
	4,800	Series 2007-C1, Class AJ, 5.484%, 02/15/40		4,925
	1,240	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		1,253

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	9,200	Series 2007-C6, Class AJ, VAR, 6.119%, 07/15/40		9,472
	2,400	ML-CFC Commercial Mortgage Trust, Series 2006-3, Class AJ, VAR, 5.485%, 07/12/46		2,418
		Morgan Stanley Capital I Trust,
	3,018	Series 2005-HQ7, Class C, VAR, 5.239%, 11/14/42		3,014
	1,750	Series 2006-HQ8, Class AJ, VAR, 5.495%, 03/12/44		1,755
	3,480	Series 2006-HQ8, Class C, VAR, 5.495%, 03/12/44		3,467
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,565
	6,390	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		6,402
	5,225	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		5,308
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,943
		Wachovia Bank Commercial Mortgage Trust,
	5,100	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		5,115
	3,400	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		3,372
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,429
	1,200	Series 2007-C31, Class C, VAR, 5.671%, 04/15/47		1,175
	2,075	Series 2007-C33, Class AJ, VAR, 5.952%, 02/15/51		2,126
	2,650	Series 2007-C33, Class B, VAR, 5.952%, 02/15/51		2,652
	6,313	Series 2007-C33, Class C, VAR, 5.952%, 02/15/51		6,239
	2,500	Series 2007-C34, Class AJ, VAR, 5.947%, 05/15/46		2,581
		Total Commercial Mortgage-Backed Securities (Cost $161,159)		158,772
SHARES
	Common Stocks — 39.7%
		Australia — 1.2%
	1,018	BHP Billiton plc		16,279
	1,545	Dexus Property Group		8,478
	1,968	Goodman Group		8,441
	10,062	Mirvac Group		12,862
	6,029	Scentre Group		17,683
	2,385	Suncorp Group Ltd.		22,153

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 47

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Australia — continued
	2,778	Transurban Group		20,587
	5,585	Westfield Corp.		40,518
				147,001
		Belgium — 0.3%
	272	Ageas		12,002
	152	KBC Groep N.V.		9,222
	264	Proximus SADP		9,127
	32	Warehouses De Pauw CVA		2,637
				32,988
		Bermuda — 0.0% (g)
	32	Validus Holdings Ltd.		1,419
		Brazil — 0.1%
	449	AMBEV S.A., ADR		2,186
	444	Banco do Brasil S.A.		1,838
	325	BB Seguridade Participacoes S.A.		2,240
	183	Tractebel Energia S.A.		1,607
				7,871
		Canada — 0.6%
	608	Allied Properties Real Estate Investment Trust		16,686
	576	Bank of Nova Scotia (The)		27,107
	323	Canadian Apartment Properties REIT		6,650
	89	Canadian Real Estate Investment Trust		2,892
	422	RioCan Real Estate Investment Trust		8,222
	534	TransCanada Corp.		17,972
				79,529
		Chile — 0.0% (g)
	135	Banco Santander Chile, ADR		2,568
		China — 0.1%
	5,087	Bank of China Ltd., Class H		2,399
	3,379	China Construction Bank Corp., Class H		2,449
	3,809	Industrial & Commercial Bank of China Ltd., Class H		2,416
	480	MGM China Holdings Ltd.		701
				7,965
		Czech Republic — 0.0% (g)
	12	Komercni Banka A.S.		2,466
		Denmark — 0.4%
	1,545	Danske Bank A/S		42,521
	109	Pandora A/S		12,585
				55,106

SHARES		SECURITY DESCRIPTION	VALUE
		Finland — 0.9%
	331	Elisa OYJ		12,484
	281	Neste OYJ		6,858
	1,579	Nokia OYJ		11,746
	74	Nokian Renkaat OYJ		2,788
	324	Orion OYJ, Class B		11,582
	289	Sampo OYJ, Class A		14,141
	1,272	Stora Enso OYJ, Class R		11,797
	2,457	UPM-Kymmene OYJ		45,994
				117,390
		France — 2.9%
	2,024	AXA S.A.		54,010
	313	BNP Paribas S.A.		18,960
	318	Bouygues S.A.		12,013
	1,081	Credit Agricole S.A.		13,654
	360	Eutelsat Communications S.A.		11,866
	51	Gaztransport Et Technigaz S.A.		2,535
	609	Klepierre		28,837
	404	Lagardere S.C.A.		11,759
	1,827	Natixis S.A.		11,183
	982	Orange S.A.		17,321
	274	Sanofi		27,666
	297	SCOR SE		11,032
	368	Societe Generale S.A.		17,094
	598	Suez Environnement Co.		11,363
	318	Unibail-Rodamco SE		88,399
	505	Veolia Environnement S.A.		11,742
	665	Vivendi S.A.		16,009
				365,443
		Germany — 1.6%
	143	Allianz SE		25,061
	806	alstria office REIT-AG (a)		11,248
	92	Axel Springer SE		5,185
	601	Daimler AG		52,079
	2,592	Deutsche Telekom AG		48,559
	57	Hannover Rueck SE		6,624
	87	Muenchener Rueckversicherungs-Gesellschaft AG		17,347
	203	ProSiebenSat.1 Media SE		10,946	��
	427	Telefonica Deutschland Holding AG		2,752
	402	TUI AG		7,475
	439	Vonovia SE		14,620
				201,896

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Hong Kong — 0.3%
	168	China Mobile Ltd.		2,014
	802	China Resources Power Holdings Co., Ltd.		1,814
	129	Hang Seng Bank Ltd.		2,359
	1,313	Hongkong Land Holdings Ltd.		9,841
	1,350	Link REIT		8,066
	2,599	New World Development Co., Ltd.		2,772
	692	Sands China Ltd.		2,491
	92	VTech Holdings Ltd.		1,115
				30,472
		Hungary — 0.0% (g)
	94	OTP Bank plc		1,817
		India — 0.0% (g)
	373	Coal India Ltd.		1,819
	432	ITC Ltd.		2,210
				4,029
		Indonesia — 0.0% (g)
	316	Indo Tambangraya Megah Tbk PT		195
	6,898	Telekomunikasi Indonesia Persero Tbk PT		1,353
				1,548
		Ireland — 0.4%
	424	Accenture plc, Class A		45,420
		Italy — 0.6%
	601	Assicurazioni Generali S.p.A.		11,384
	12,020	Intesa Sanpaolo S.p.A.		41,820
	2,518	Snam S.p.A.		13,030
	2,031	Terna Rete Elettrica Nazionale S.p.A.		10,331
				76,565
		Japan — 1.6%
	617	Japan Airlines Co., Ltd.		23,248
	3	Japan Logistics Fund, Inc.		5,954
	2	Japan Real Estate Investment Corp.		7,045
	1,049	Japan Tobacco, Inc.		36,301
	5,662	Mitsubishi UFJ Financial Group, Inc.		36,619
	4	Nippon Prologis REIT, Inc.		7,372
	1,040	Nippon Telegraph & Telephone Corp.		38,135
	5	Orix JREIT, Inc.		6,777
	433	Seven & i Holdings Co., Ltd.		19,660
	305	Toyota Motor Corp.		18,661
				199,772
		Luxembourg — 0.1%
	103	RTL Group S.A.		8,868

SHARES		SECURITY DESCRIPTION	VALUE
		Mexico — 0.0% (g)
	1,186	Kimberly-Clark de Mexico S.A.B. de C.V., Class A		2,863
		Netherlands — 1.1%
	78	Eurocommercial Properties N.V., CVA		3,735
	3,289	ING Groep N.V., CVA		47,874
	1,142	NN Group N.V.		35,771
	362	Royal Dutch Shell plc, Class A		9,446
	1,136	Royal Dutch Shell plc, Class B		29,755
	227	Vastned Retail N.V.		11,021
	56	Wereldhave N.V.		3,508
				141,110
		Norway — 0.5%
	1,735	DNB ASA		22,096
	646	Gjensidige Forsikring ASA		9,837
	1,439	Orkla ASA		12,243
	649	Telenor ASA		12,224
	167	Yara International ASA		7,591
				63,991
		Poland — 0.0% (g)
	21	Powszechny Zaklad Ubezpieczen S.A.		2,065
		Portugal — 0.2%
	3,415	EDP — Energias de Portugal S.A.		12,622
	887	Galp Energia SGPS S.A.		9,577
				22,199
		Russia — 0.1%
	54	Lukoil PJSC, ADR (a)		1,975
	67	MegaFon PJSC, Reg. S, GDR		865
	773	MMC Norilsk Nickel PJSC, ADR		11,456
	147	Mobile TeleSystems PJSC, ADR		1,036
	87	Severstal PAO, Reg. S, GDR		1,018
				16,350
		Singapore — 0.1%
	1,171	Ascendas Real Estate Investment Trust		1,993
	2,828	CapitaLand Commercial Trust Ltd.		2,838
	2,620	Hutchison Port Holdings Trust, Class U		1,451
	4,684	Mapletree Logistics Trust		3,406
				9,688
		South Africa — 0.2%
	227	AVI Ltd.		1,446
	183	Barclays Africa Group Ltd.		2,348
	117	Bidvest Group Ltd. (The)		2,984
	523	FirstRand Ltd.		1,915

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 49

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		South Africa — continued
	153	Imperial Holdings Ltd.		1,993
	860	Life Healthcare Group Holdings Ltd.		2,396
	956	MMI Holdings Ltd.		1,735
	834	MTN Group Ltd.		9,491
				24,308
		South Korea — 0.1%
	35	Kangwon Land, Inc.		1,298
	28	KT&G Corp.		2,842
	2	Samsung Electronics Co., Ltd.		1,823
	80	SK Telecom Co., Ltd., ADR		1,879
				7,842
		Spain — 1.0%
	355	ACS Actividades de Construccion y Servicios S.A.		12,031
	396	Enagas S.A.		11,971
	548	Endesa S.A.		12,183
	321	Ferrovial S.A.		8,094
	604	Gas Natural SDG S.A.		13,077
	2,468	Iberdrola S.A.		17,600
	3,805	Mapfre S.A.		11,288
	148	Red Electrica Corp. S.A.		13,032
	1,657	Telefonica S.A.		21,861
				121,137
		Sweden — 0.6%
	471	Electrolux AB, Series B		13,846
	226	ICA Gruppen AB		8,073
	1,392	Nordea Bank AB		15,355
	1,148	Skandinaviska Enskilda Banken AB, Class A		12,054
	960	Svenska Handelsbanken AB, Class A		13,034
	650	Swedbank AB, Class A		14,886
				77,248
		Switzerland — 1.5%
	66	ACE Ltd.		7,539
	42	Baloise Holding AG		5,059
	7	Banque Cantonale Vaudoise		4,196
	53	Cembra Money Bank AG (a)		3,173
	68	Kuehne + Nagel International AG		9,439
	334	Nestle S.A.		25,536
	288	Novartis AG		26,099
	169	Roche Holding AG		45,904
	30	Swiss Prime Site AG (a)		2,282
	347	Swiss Re AG		32,255
	1,198	UBS Group AG		23,933
				185,415

SHARES		SECURITY DESCRIPTION	VALUE
		Taiwan — 0.3%
	148	Asustek Computer, Inc.		1,324
	886	Cheng Shin Rubber Industry Co., Ltd.		1,604
	263	Chicony Electronics Co., Ltd.		627
	539	Delta Electronics, Inc.		2,741
	483	Far EasTone Telecommunications Co., Ltd.		1,048
	253	MediaTek, Inc.		1,973
	384	Novatek Microelectronics Corp.		1,307
	310	President Chain Store Corp.		2,058
	1,127	Quanta Computer, Inc.		1,919
	182	Radiant Opto-Electronics Corp.		563
	9,988	Siliconware Precision Industries Co., Ltd.		13,196
	156	Simplo Technology Co., Ltd.		553
	767	Taiwan Mobile Co., Ltd.		2,415
	148	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,244
	44	Tripod Technology Corp.		68
	1,599	Vanguard International Semiconductor Corp.		2,055
				36,695
		Thailand — 0.0% (g)
	354	Advanced Info Service PCL		2,317
	131	Siam Cement PCL (The)		1,664
				3,981
		Turkey — 0.0% (g)
	496	Eregli Demir ve Celik Fabrikalari TAS		703
	285	Tofas Turk Otomobil Fabrikasi A.S.		1,877
	206	Turkcell Iletisim Hizmetleri A.S.		819
				3,399
		United Arab Emirates — 0.0% (g)
	472	First Gulf Bank PJSC		1,584
		United Kingdom — 7.3%
	467	Admiral Group plc		11,579
	786	AstraZeneca plc		50,084
	4,771	Aviva plc		35,656
	5,271	BAE Systems plc		35,655
	4,834	Barclays plc		17,222
	1,077	Barratt Developments plc		10,147
	4,470	BP plc		26,565
	524	British American Tobacco plc		31,107
	3,761	British Land Co. plc (The)		50,372
	1,771	BT Group plc		12,647
	3,757	Centrica plc		13,072
	6,884	Direct Line Insurance Group plc		41,760
	330	easyJet plc		8,890
	3,016	GlaxoSmithKline plc		65,052

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United Kingdom — continued
	3,446	Hammerson plc		33,765
	235	ICAP plc		1,592
	384	Imperial Tobacco Group plc		20,667
	676	Inmarsat plc		10,242
	2,188	Intu Properties plc		11,647
	2,822	ITV plc		10,954
	3,857	Legal & General Group plc		15,534
	43,223	Lloyds Banking Group plc		49,059
	1,304	Marks & Spencer Group plc		10,300
	1,446	National Grid plc		20,596
	113	Next plc		13,859
	3,938	Old Mutual plc		12,869
	1,408	Persimmon plc (a)		43,193
	578	Petrofac Ltd.		7,500
	518	Rio Tinto plc		18,887
	1,787	Royal Mail plc		12,244
	2,775	Safestore Holdings plc		13,925
	2,833	Segro plc		19,626
	311	Severn Trent plc		10,720
	729	Sky plc		12,310
	633	SSE plc		14,727
	1,560	Standard Life plc		10,084
	834	Tate & Lyle plc		7,654
	4,342	Taylor Wimpey plc		13,228
	674	Unilever plc		30,019
	867	United Utilities Group plc		13,198
	16,421	Vodafone Group plc		54,040
	1,496	William Hill plc		7,302
				909,549
		United States — 15.6%
	87	3M Co.		13,646
	149	AbbVie, Inc.		8,851
	1,306	Altria Group, Inc.		78,969
	94	American Campus Communities, Inc.		3,830
	104	Analog Devices, Inc.		6,242
	471	Apartment Investment & Management Co., Class A		18,472
	279	Apple, Inc.		33,294
	47	Arthur J. Gallagher & Co.		2,046
	543	AT&T, Inc.		18,196
	89	Automatic Data Processing, Inc.		7,752
	195	AvalonBay Communities, Inc.		34,092
	262	BB&T Corp.		9,729
	225	Boston Properties, Inc.		28,316
	274	Brandywine Realty Trust		3,699

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	731	Bristol-Myers Squibb Co.		48,226
	520	Brixmor Property Group, Inc.		13,333
	59	CBL & Associates Properties, Inc.		866
	71	Chevron Corp.		6,414
	112	Cincinnati Financial Corp.		6,735
	80	Cinemark Holdings, Inc.		2,824
	603	CME Group, Inc.		56,937
	199	CMS Energy Corp.		7,172
	342	Coca-Cola Co. (The)		14,477
	103	Coca-Cola Enterprises, Inc.		5,295
	260	Columbia Pipeline Group, Inc.		5,401
	78	Comcast Corp., Class A		4,864
	133	ConocoPhillips		7,109
	1	Constar International, Inc., Class A, ADR (a)		—
	26	Cullen/Frost Bankers, Inc.		1,766
	639	DiamondRock Hospitality Co.		7,461
	314	Douglas Emmett, Inc.		9,584
	98	Dr. Pepper Snapple Group, Inc.		8,735
	36	DTE Energy Co.		2,897
	4	Dynegy, Inc. (a)		73
	470	E.I. du Pont de Nemours & Co.		29,778
	82	Edison International		4,958
	142	Eli Lilly & Co.		11,550
	700	Equity One, Inc.		18,598
	178	Extra Space Storage, Inc.		14,089
	249	Exxon Mobil Corp.		20,596
	131	Fidelity National Information Services, Inc.		9,540
	909	General Growth Properties, Inc.		26,304
	1,258	General Motors Co.		43,919
	755	HCP, Inc.		28,082
	418	Healthcare Realty Trust, Inc.		11,018
	108	Hershey Co. (The)		9,568
	433	Highwoods Properties, Inc.		18,827
	717	Home Depot, Inc. (The)		88,604
	148	Honeywell International, Inc.		15,324
	142	Illinois Tool Works, Inc.		13,053
	183	Johnson & Johnson		18,482
	114	Kilroy Realty Corp.		7,479
	42	Kimberly-Clark Corp.		5,052
	727	Kimco Realty Corp.		19,456
	575	KLA-Tencor Corp.		38,622
	162	L Brands, Inc.		15,538
	867	LaSalle Hotel Properties		25,498
	920	Liberty Property Trust		31,286
	43	M&T Bank Corp.		5,159

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 51

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States — continued
	93		Macerich Co. (The)		7,915
	121		Marathon Petroleum Corp.		6,242
	1,170		Merck & Co., Inc.		63,946
	153		MetLife, Inc.		7,690
	1,771		Microsoft Corp.		93,250
	174		Mid-America Apartment Communities, Inc.		14,857
	248		Mondelez International, Inc., Class A		11,437
	1,085		Morgan Stanley		35,787
	15		National Health Investors, Inc.		858
	418		National Retail Properties, Inc.		15,892
	3		Nebraska Book Holdings, Inc. (a)		4
	–	(h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a)		101
	304		NextEra Energy, Inc.		31,167
	178		NII Holdings, Inc. (a)		1,247
	260		NiSource, Inc.		4,982
	117		Northern Trust Corp.		8,263
	1,141		Occidental Petroleum Corp.		85,061
	309		Omega Healthcare Investors, Inc.		10,682
	356		PACCAR, Inc.		18,725
	285		Parkway Properties, Inc.		4,771
	55		Pebblebrook Hotel Trust		1,877
	1,898		Pfizer, Inc.		64,196
	209		Philip Morris International, Inc.		18,480
	151		PNC Financial Services Group, Inc. (The)		13,653
	51		PPG Industries, Inc.		5,303
	173		Procter & Gamble Co. (The)		13,236
	1,196		Prologis, Inc.		51,118
	110		Public Storage		25,195
	318		Regency Centers Corp.		21,638
	181		Simon Property Group, Inc.		36,370
	125		SL Green Realty Corp.		14,780
	23		Snap-on, Inc.		3,895
	3		Somerset Cayuga Holding Co., Inc. (a)		75
	1,544		Spirit Realty Capital, Inc.		15,720
	147		T. Rowe Price Group, Inc.		11,082
	193		Texas Instruments, Inc.		10,937
	19		Time Warner Cable, Inc.		3,580
	172		Time Warner, Inc.		12,970
	181		Travelers Cos., Inc. (The)		20,432
	349		U.S. Bancorp		14,725
	343		United Technologies Corp.		33,709
	116		V.F. Corp.		7,826
	337		Verizon Communications, Inc.		15,782
	73		Vornado Realty Trust		7,300

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	92	Weingarten Realty Investors		3,272
	1,495	Wells Fargo & Co.		80,948
	185	Welltower, Inc.		11,969
	89	Xcel Energy, Inc.		3,153
				1,953,781
		Total Common Stocks (Cost $4,550,937)		4,973,338
PRINCIPAL/UNIT AMOUNT
	Convertible Bonds — 1.0%
		Austria — 0.0% (g)
	EUR12,195 Units	IMMOFINANZ AG, 4.250%, 03/08/18		628
		Bermuda — 0.0% (g)
	200	Horizon Pharma Investment Ltd., 2.500%, 03/15/22 (e)		172
	400	Jazz Investments I Ltd., 1.875%, 08/15/21		424
				596
		Cayman Islands — 0.1%
	2,800	China Overseas Finance Investment Cayman IV Ltd., Reg. S, Zero Coupon, 02/04/21		3,290
	1,099	Ctrip.com International Ltd., 1.000%, 07/01/20 (e)		1,221
	HKD  12,000 Units	Hengan International Group Co., Ltd., Reg. S, Zero Coupon, 06/27/18		1,633
	HKD    6,000	Kingsoft Corp., Ltd., 1.250%, 04/11/19		743
		Qihoo 360 Technology Co., Ltd.,
	1,400	1.750%, 08/15/21		1,257
	1,000	2.500%, 09/15/18		972
	1,279	SINA Corp., 1.000%, 12/01/18		1,233
	946	SouFun Holdings Ltd., 2.000%, 12/15/18		909
	500	TPK Holding Co., Ltd., Reg. S, Zero Coupon, 04/08/20		431
				11,689
		France — 0.0% (g)
	EUR  12,129 Units	Air France-KLM, 2.030%, 02/15/23		1,439
		Hungary — 0.0% (g)
	EUR    2,300	Magyar Nemzeti Vagyonkezelo Zrt, Reg. S, 3.375%, 04/02/19		2,730
		Italy — 0.0% (g)
	EUR    1,200	Telecom Italia S.p.A, 1.125%, 03/26/22		1,522
		Luxembourg — 0.1%
	3,600	Subsea 7 S.A., Reg. S, 1.000%, 10/05/17		3,330

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2015

	PRINCIPAL/UNIT AMOUNT	SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Luxembourg — continued
EUR	2,300	Telecom Italia Finance S.A., Reg. S, 6.125%, 11/15/16	4,011
			7,341
		Netherlands — 0.1%
EUR	600	Amorim Energia B.V., Reg. S, 3.375%, 06/03/18	656
	4,070 Units	Fiat Chrysler Automobiles N.V., 7.875%, 12/15/16	4,986
	1,000	STMicroelectronics N.V., 1.000%, 07/03/21	1,019
	1,481	Yandex N.V., 1.125%, 12/15/18	1,300
			7,961
		Singapore — 0.0% (g)
SGD	8,250	CapitaLand Ltd., Reg. S, 1.850%, 06/19/20	5,562
		South Africa — 0.0% (g)
ZAR	63	Shoprite Investments Pty Ltd., Reg. S, 6.500%, 04/03/17	465
		Spain — 0.0% (g)
EUR	1,300	CaixaBank S.A., Reg. S, 4.500%, 11/22/16	939
EUR	700	OHL Investments S.A., Reg. S, 4.000%, 04/25/18	694
EUR	2,500	Telefonica Participaciones SAU, 4.900%, 09/25/17	2,823
EUR	1,100	Telefonica S.A., Reg. S, 6.000%, 07/24/17	1,615
			6,071
		Taiwan — 0.0% (g)
	500	Siliconware Precision Industries Co., Ltd., Zero Coupon, 10/31/19	537
		United Arab Emirates — 0.0% (g)
EUR	2,800	Aabar Investments PJSC, 0.500%, 03/27/20	3,170
	2,800	DP World Ltd., Reg. S, 1.750%, 06/19/24	3,052
			6,222
		United Kingdom — 0.1%
GBP	600	Balfour Beatty Finance No.2 Ltd., Reg. S, 1.875%, 12/03/18	901
	1,900	Newford Capital Ltd., Zero Coupon, 05/12/16	2,090
HKD	10,000	Shine Power International Ltd., Zero Coupon, 07/28/19	1,256
HKD	8,000	Tong Jie Ltd., Zero Coupon, 02/18/18	1,057
	1,900	Vedanta Resources Jersey Ltd., Reg. S, 5.500%, 07/13/16	1,793
			7,097

PRINCIPAL/UNIT AMOUNT	SECURITY DESCRIPTION	VALUE
	United States — 0.6%
	Ares Capital Corp.,
2,400	4.750%, 01/15/18	2,469
2,374	4.875%, 03/15/17	2,442
645	Brocade Communications Systems, Inc., 1.375%, 01/01/20 (e)	634
2,138	Centerpoint Energy Resources Corp., 3.943%, 09/15/29	1,340
807	Cheniere Energy, Inc., 4.250%, 03/15/45	500
	Chesapeake Energy Corp.,
3,818	2.250%, 12/15/38	2,730
2,217	2.500%, 05/15/37	1,895
1,354	Cobalt International Energy, Inc., 3.125%, 05/15/24	871
997	Colony Capital, Inc., 3.875%, 01/15/21	959
800	Dycom Industries, Inc., 0.750%, 09/15/21 (e)	831
778	Extra Space Storage LP, 3.125%, 10/01/35 (e)	824
1,758	FireEye, Inc., Series B, 1.625%, 06/01/35 (e)	1,482
763	Hologic, Inc., Series 2012, SUB, 2.000%, 03/01/42	1,026
649	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)	612
900	Impax Laboratories, Inc., 2.000%, 06/15/22 (e)	828
	Intel Corp.,
5,169	2.950%, 12/15/35	6,571
1,867	3.250%, 08/01/39	3,071
769	Isis Pharmaceuticals, Inc., 1.000%, 11/15/21 (e)	768
851	Jarden Corp., 1.125%, 03/15/34	938
	Liberty Interactive LLC,
559	1.000%, 09/30/43 (e)	516
1,791	4.000%, 11/15/29	1,070
1,890	Liberty Media Corp., 1.375%, 10/15/23	1,934
1,626	LinkedIn Corp., 0.500%, 11/01/19 (e)	1,765
	Microchip Technology, Inc.,
3,053	1.625%, 02/15/25 (e)	3,166
1,851	Micron Technology, Series G, Inc., 3.000%, 11/15/43	1,675
557	Navistar International Corp., 4.750%, 04/15/19	387
1,000	NRG Yield, Inc., 3.250%, 06/01/20 (e)	884
612	Nuance Communications, Inc., 2.750%, 11/01/31	614
1,473	ON Semiconductor Corp., 1.000%, 12/01/20 (e)	1,447

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL/UNIT AMOUNT	SECURITY DESCRIPTION	VALUE
Convertible Bonds — continued
	United States — continued
3,137	Priceline Group, Inc. (The), 0.900%, 09/15/21	3,329
61	Real Mex Restaurants, Inc., 1.120%, 03/21/18	–
1,639	Redwood Trust, Inc., 4.625%, 04/15/18	1,543
962	SanDisk Corp., 0.500%, 10/15/20	1,014
496	SEACOR Holdings, Inc., 3.000%, 11/15/28	404
879	Solarcity Corp., 1.625%, 11/01/19	610
	Spirit Realty Capital, Inc.,
1,074	2.875%, 05/15/19	1,028
1,082	3.750%, 05/15/21	1,037
3,040	Starwood Property Trust, Inc., 3.750%, 10/15/17	3,015
1,448	SunEdison, Inc., 0.250%, 01/15/20 (e)	767
826	SunPower Corp., 0.875%, 06/01/21	755
3,871	Tesla Motors, Inc., 1.250%, 03/01/21	3,382
549	Trinity Industries, Inc., 3.875%, 06/01/36	709
	Twitter, Inc.,
1,204	0.250%, 09/15/19	1,067
1,870	1.000%, 09/15/21	1,645
140	Upstate New York Power Producers, Inc., 20.000% (PIK), 06/15/17 (e) (v)	277
1,334	VEREIT, Inc., 3.750%, 12/15/20	1,247
849	Viavi Solutions, Inc., 0.625%, 08/15/33	807
1,389	Whiting Petroleum Corp., 1.250%, 04/01/20 (e)	1,223
	Wright Medical Group, Inc.,
1,041	2.000%, 02/15/20 (e)	984
		69,092
	Total Convertible Bonds (Cost $132,785)	128,952
Corporate Bonds — 32.7%
	Argentina — 0.0% (g)
	YPF S.A.,
1,190	8.500%, 07/28/25 (e)	1,164
950	Reg. S, 8.750%, 04/04/24	963
		2,127
	Australia — 0.1%
1,074	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 7.125%, 05/01/18 (e)	1,058
10,253	FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19 (e)	8,715
1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)	1,552
		11,325

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
	Azerbaijan — 0.0% (g)
3,650	State Oil Co. of the Azerbaijan Republic, Reg. S, 4.750%, 03/13/23	3,203
	Bahamas — 0.0% (g)
5,100	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21	3,239
	Bermuda — 0.1%
	Aircastle Ltd.,
3,400	6.750%, 04/15/17	3,612
5,872	7.625%, 04/15/20	6,775
3,730	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22	3,059
425	Fly Leasing Ltd., 6.750%, 12/15/20	446
1,076	NCL Corp., Ltd., 5.250%, 11/15/19 (e)	1,117
955	Viking Cruises Ltd., 6.250%, 05/15/25 (e)	938
		15,947
	Brazil — 0.1%
3,953	Banco Daycoval S.A., Reg. S, 5.750%, 03/19/19	3,823
3,920	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41	3,274
		7,097
	Canada — 1.6%
	1011778 B.C. ULC/New Red Finance, Inc.,
580	4.625%, 01/15/22 (e)	589
7,270	6.000%, 04/01/22 (e)	7,606
1,632	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)	1,673
	Baytex Energy Corp.,
339	5.125%, 06/01/21 (e)	285
359	5.625%, 06/01/24 (e)	296
	Bombardier, Inc.,
965	4.750%, 04/15/19 (e)	835
543	5.500%, 09/15/18 (e)	509
648	6.125%, 01/15/23 (e)	502
839	7.500%, 03/15/18 (e)	830
1,250	7.500%, 03/15/25 (e)	972
5,963	7.750%, 03/15/20 (e)	5,203
1,115	Brookfield Residential Properties, Inc., 6.375%, 05/15/25 (e)	1,070
890	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)	874
	Cascades, Inc.,
1,420	5.500%, 07/15/22 (e)	1,381

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	Canada — continued
1,450	5.750%, 07/15/23 (e)	1,392
4,712	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)	4,100
885	Encana Corp., 5.150%, 11/15/41	695
	First Quantum Minerals Ltd.,
2,027	6.750%, 02/15/20 (e)	1,543
1,197	7.000%, 02/15/21 (e)	886
600	7.250%, 10/15/19 (e)	468
3,650	Garda World Security Corp., 7.250%, 11/15/21 (e)	3,331
2,106	HudBay Minerals, Inc., 9.500%, 10/01/20	1,838
2,175	Jupiter Resources, Inc., 8.500%, 10/01/22 (e)	1,131
	Lundin Mining Corp.,
1,800	7.500%, 11/01/20 (e)	1,818
1,795	7.875%, 11/01/22 (e)	1,799
1,067	Masonite International Corp., 5.625%, 03/15/23 (e)	1,115
3,600	Mattamy Group Corp., 6.500%, 11/15/20 (e)	3,544
	MEG Energy Corp.,
6,700	6.375%, 01/30/23 (e)	5,645
650	6.500%, 03/15/21 (e)	570
5,555	7.000%, 03/31/24 (e)	4,805
	New Gold, Inc.,
3,110	6.250%, 11/15/22 (e)	2,667
1,054	7.000%, 04/15/20 (e)	983
	NOVA Chemicals Corp.,
685	5.000%, 05/01/25 (e)	685
1,430	5.250%, 08/01/23 (e)	1,463
4,440	Novelis, Inc., 8.750%, 12/15/20	4,451
1,557	Open Text Corp., 5.625%, 01/15/23 (e)	1,573
	Pacific Exploration & Production Corp.,
2,230	5.375%, 01/26/19 (e)	948
1,350	Reg. S, 5.125%, 03/28/23	499
1,709	Reg. S, 5.625%, 01/19/25	624
	Precision Drilling Corp.,
1,347	5.250%, 11/15/24	1,114
210	6.500%, 12/15/21	183
885	6.625%, 11/15/20	789
10,050	Quebecor Media, Inc., 5.750%, 01/15/23	10,301
50	Quebecor World Capital Corp., 6.125%, 01/15/16 (d)	—	(h)
50	Quebecor, Inc., 9.750%, 01/15/16 (d)	—	(h)
1,005	Taseko Mines Ltd., 7.750%, 04/15/19	523
9,855	Transcanada Trust, VAR, 5.625%, 05/20/75	9,436

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
	Canada — continued
4,028	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)	3,867
	Ultra Petroleum Corp.,
2,600	5.750%, 12/15/18 (e)	1,742
1,554	6.125%, 10/01/24 (e)	870
	Valeant Pharmaceuticals International, Inc.,
4,600	5.375%, 03/15/20 (e)	4,002
930	5.500%, 03/01/23 (e)	781
840	5.625%, 12/01/21 (e)	729
29,039	5.875%, 05/15/23 (e)	24,447
9,790	6.125%, 04/15/25 (e)	8,236
3,475	6.375%, 10/15/20 (e)	3,110
3,524	6.750%, 08/15/18 (e)	3,401
7,840	6.750%, 08/15/21 (e)	6,978
8,675	7.000%, 10/01/20 (e)	8,024
7,262	7.250%, 07/15/22 (e)	6,463
20,023	7.500%, 07/15/21 (e)	18,271
	Videotron Ltd.,
3,954	5.000%, 07/15/22	4,127
2,851	5.375%, 06/15/24 (e)	2,929
3,200	Whiting Canadian Holding Co. ULC, 8.125%, 12/01/19	3,224
		194,745
	Cayman Islands — 0.1%
1,470	Comcel Trust via Comunicaciones Celulares S.A., Reg. S, 6.875%, 02/06/24	1,180
776	Odebrecht Finance Ltd., Reg. S, 7.125%, 06/26/42	460
5,690	Odebrecht Offshore Drilling Finance Ltd., Reg. S, 6.750%, 10/01/22	1,864
925	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)	714
	Transocean, Inc.,
460	6.500%, 11/15/20	368
2,115	6.875%, 12/15/21	1,674
2,072	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)	2,075
2,250	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)	2,396
1,913	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)	2,022
2,400	Vale Overseas Ltd., 6.875%, 11/21/36	1,961
		14,714
	Chile — 0.1%
5,190	Cencosud S.A., Reg. S, 5.500%, 01/20/21	5,408
6,980	Empresa Nacional de Telecomunicaciones S.A., 4.750%, 08/01/26 (e)	6,694
		12,102

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

	PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Colombia — 0.1%
		Ecopetrol S.A.,
	11,532	7.375%, 09/18/43	10,955
		Croatia — 0.0% (g)
	2,540	Hrvatska Elektroprivreda, 5.875%, 10/23/22 (e)	2,565
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19	966
	1,019	6.625%, 05/15/39	1,066
			2,032
		France — 0.2%
		Numericable-SFR SAS,
	1,279	4.875%, 05/15/19 (e)	1,285
	17,941	6.000%, 05/15/22 (e)	17,986
	3,730	Reg. S, 6.250%, 05/15/24 (e)	3,730
	5,070	Orange S.A., 5.500%, 02/06/44	5,638
			28,639
		Georgia — 0.1%
		Georgian Railway JSC,
	6,418	7.750%, 07/11/22 (e)	6,747
		Germany — 0.0% (g)
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	800	5.000%, 01/15/25 (e)	796
EUR	582	5.125%, 01/21/23 (e)	679
	882	5.500%, 01/15/23 (e)	906
			2,381
		Hungary — 0.0% (g)
		MFB Magyar Fejlesztesi Bank Zrt,
	5,020	6.250%, 10/21/20 (e)	5,604
		Indonesia — 0.2%
		Pertamina Persero PT,
	6,040	Reg. S, 5.250%, 05/23/21	6,161
	3,550	Reg. S, 5.625%, 05/20/43	2,933
	4,510	Reg. S, 6.000%, 05/03/42	3,908
	7,160	Reg. S, 6.450%, 05/30/44	6,587
			19,589
		Ireland — 0.4%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	457	4.250%, 07/01/20	468
	3,260	4.500%, 05/15/21	3,350

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
	Ireland — continued
2,355	4.625%, 10/30/20	2,440
583	4.625%, 07/01/22	595
1,515	5.000%, 10/01/21	1,583
1,900	Alfa Bank OJSC Via Alfa Bond Issuance plc, Reg. S, 7.875%, 09/25/17	2,002
12,283	Ardagh Packaging Finance plc, 9.125%, 10/15/20 (e)	12,882
	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
1,000	6.000%, 06/30/21 (e)	980
900	6.250%, 01/31/19 (e)	910
88	7.000%, 11/15/20 (e)	88
350	9.125%, 10/15/20 (e)	367
3,205	VAR, 3.337%, 12/15/19 (e)	3,157
	Endo Ltd./Endo Finance LLC/Endo Finco, Inc.,
10,650	6.000%, 07/15/23 (e)	10,650
1,770	6.000%, 02/01/25 (e)	1,757
920	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22	952
3,900	Russian Railways Via RZD Capital plc, Reg. S, 5.700%, 04/05/22	3,871
4,450	Vnesheconombank Via VEB Finance plc, Reg. S, 5.942%, 11/21/23	4,261
		50,313
	Israel — 0.1%
7,150	Israel Electric Corp., Ltd., Reg. S, 5.000%, 11/12/24 (e)	7,422
	Italy — 0.1%
8,600	Enel S.p.A., VAR, 8.750%, 09/24/73 (e)	9,912
2,000	Telecom Italia S.p.A., 5.303%, 05/30/24 (e)	2,010
		11,922
	Japan — 0.0% (g)
3,949	SoftBank Group Corp., 4.500%, 04/15/20 (e)	3,914
	Kazakhstan — 0.2%
	KazMunayGas National Co. JSC,
4,160	Reg. S, 4.400%, 04/30/23	3,650
5,200	Reg. S, 6.000%, 11/07/44	4,071
15,900	Reg. S, 6.375%, 04/09/21	16,039
2,500	Reg. S, 9.125%, 07/02/18	2,757
		26,517
	Liberia — 0.0% (g)
	Royal Caribbean Cruises Ltd.,
1,315	5.250%, 11/15/22	1,401

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	Liberia — continued
110	7.500%, 10/15/27	128
		1,529
	Luxembourg — 1.4%
	Actavis Funding SCS,
6,715	4.750%, 03/15/45	6,422
3,780	4.850%, 06/15/44	3,633
	Altice Luxembourg S.A.,
1,915	7.625%, 02/15/25 (e)	1,761
10,363	7.750%, 05/15/22 (e)	9,974
	Altice Financing S.A.,
724	6.500%, 01/15/22 (e)	731
10,062	6.625%, 02/15/23 (e)	10,087
311	7.875%, 12/15/19 (e)	322
	Altice Finco S.A.,
200	7.625%, 02/15/25 (e)	190
200	8.125%, 01/15/24 (e)	199
200	9.875%, 12/15/20 (e)	214
	ArcelorMittal,
1,800	6.125%, 06/01/18	1,804
2,375	6.125%, 06/01/25	2,048
400	6.250%, 03/01/21	378
15,585	7.000%, 02/25/22	14,767
500	7.500%, 03/01/41	423
2,000	7.750%, 10/15/39	1,705
3,500	10.600%, 06/01/19	3,867
945	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, 5.625%, 12/15/16 (e)	945
1,020	Capsugel S.A., 7.000% (Cash), 05/15/19 (e) (v)	1,028
3,834	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)	3,963
3,680	Gazprom OAO Via Gaz Capital S.A., Reg. S, 9.250%, 04/23/19	4,131
	INEOS Group Holdings S.A.,
14,065	5.875%, 02/15/19 (e)	14,065
1,678	6.125%, 08/15/18 (e)	1,691
	Intelsat Jackson Holdings S.A.,
6,137	5.500%, 08/01/23	5,059
13,464	6.625%, 12/15/22	10,637
3,742	7.250%, 04/01/19	3,508
23,427	7.250%, 10/15/20	21,377
13,671	7.500%, 04/01/21	12,338
1,958	Intelsat Luxembourg S.A., 7.750%, 06/01/21	1,155

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
	Luxembourg — 1.4%
	Mallinckrodt International Finance S.A.,
160	3.500%, 04/15/18	155
1,700	4.750%, 04/15/23	1,479
	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
1,675	4.875%, 04/15/20 (e)	1,606
4,605	5.500%, 04/15/25 (e)	4,189
2,402	5.750%, 08/01/22 (e)	2,283
2,450	Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.625%, 10/15/23 (e)	2,312
	Millicom International Cellular S.A.,
3,150	Reg. S, 6.625%, 10/15/21	2,835
2,750	MOL Group Finance S.A., Reg. S, 6.250%, 09/26/19	2,987
5,240	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)	5,430
2,300	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S, 5.298%, 12/27/17	2,320
3,650	Sberbank of Russia Via SB Capital SA, Reg. S, 4.950%, 02/07/17	3,705
1,601	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.950%, 10/17/22	1,533
	Wind Acquisition Finance S.A.,
6,237	4.750%, 07/15/20 (e)	6,346
2,584	7.375%, 04/23/21 (e)	2,604
		178,206
	Mexico — 0.4%
	Alfa S.A.B. de C.V.,
4,412	6.875%, 03/25/44 (e)	4,384
6,850	Reg. S, 5.250%, 03/25/24	7,201
2,600	BBVA Bancomer S.A., Reg. S, 6.750%, 09/30/22	2,917
	Cemex S.A.B. de C.V.,
2,025	5.700%, 01/11/25 (e)	1,868
1,845	6.125%, 05/05/25 (e)	1,758
10,000	7.250%, 01/15/21 (e)	10,315
300	VAR, 5.070%, 10/15/18 (e)	308
2,150	Grupo KUO S.A.B. de C.V., Reg. S, 6.250%, 12/04/22	2,008
2,154	Mexichem S.A.B. de C.V., Reg. S, 6.750%, 09/19/42	2,140
3,879	Nemak S.A.B de C.V., Reg. S, 5.500%, 02/28/23	3,918
	Petroleos Mexicanos,
8,899	5.625%, 01/23/46 (e)	7,653

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	Mexico — continued
1,920	6.500%, 06/02/41	1,827
7,320	6.625%, 06/15/35	7,201
		53,498
	Morocco — 0.2%
	OCP S.A.,
15,420	Reg. S, 5.625%, 04/25/24	16,017
7,771	Reg. S, 6.875%, 04/25/44	8,082
		24,099
	Netherlands — 0.5%
985	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)	1,262
3,230	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23	3,426
4,600	Bluewater Holding B.V., 10.000%, 12/10/19 (e)	2,990
1,389	Constellium N.V., 5.750%, 05/15/24 (e)	1,000
	Fiat Chrysler Automobiles N.V.,
2,584	4.500%, 04/15/20	2,610
5,632	5.250%, 04/15/23	5,604
746	InterGen N.V., 7.000%, 06/30/23 (e)	643
4,700	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.950%, 07/10/42	3,889
4,372	LYB International Finance B.V., 4.875%, 03/15/44	4,202
	LyondellBasell Industries N.V.,
660	5.000%, 04/15/19	710
2,225	6.000%, 11/15/21	2,528
4,400	Majapahit Holding B.V., Reg. S, 7.750%, 01/20/20	4,950
	NXP B.V./NXP Funding LLC,
268	3.500%, 09/15/16 (e)	269
1,000	3.750%, 06/01/18 (e)	1,003
2,281	4.125%, 06/15/20 (e)	2,327
2,665	4.625%, 06/15/22 (e)	2,718
6,952	5.750%, 02/15/21 (e)	7,265
4,574	5.750%, 03/15/23 (e)	4,814
	Schaeffler Finance B.V.,
2,875	4.250%, 05/15/21 (e)	2,889
975	4.750%, 05/15/21 (e)	992
1,630	4.750%, 05/15/23 (e)	1,642
	Sensata Technologies B.V.,
1,383	4.875%, 10/15/23 (e)	1,353
2,745	5.000%, 10/01/25 (e)	2,680
514	5.625%, 11/01/24 (e)	523
		62,289

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Peru — 0.1%
	2,950	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		2,965
	2,800	BBVA Banco Continental S.A., Reg. S, 5.000%, 08/26/22		2,940
	1,924	Consorcio Transmantaro S.A., Reg. S, 4.375%, 05/07/23		1,876
				7,781
		Singapore — 0.0% (g)
	480	Flextronics International Ltd., 5.000%, 02/15/23		483
		Sri Lanka — 0.0% (g)
	680	National Savings Bank, 5.150%, 09/10/19 (e)		655
		Turkey — 0.0% (g)
	2,240	Turkiye Garanti Bankasi A.S., 4.750%, 10/17/19 (e)		2,254
		United Arab Emirates — 0.1%
		Abu Dhabi National Energy Co. PJSC,
	1,550	Reg. S, 3.625%, 01/12/23		1,522
	5,100	DP World Ltd., Reg. S, 6.850%, 07/02/37		5,380
				6,902
		United Kingdom — 0.5%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		77
	1,820	Gerdau Trade, Inc., Reg. S, 5.750%, 01/30/21		1,660
		International Game Technology plc,
	8,100	6.250%, 02/15/22 (e)		7,898
	4,000	6.500%, 02/15/25 (e)		3,760
		Jaguar Land Rover Automotive plc,
	3,528	4.125%, 12/15/18 (e)		3,616
	1,814	4.250%, 11/15/19 (e)		1,846
	300	5.625%, 02/01/23 (e)		309
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,651
	643	6.000%, 12/19/23		698
	6,288	6.100%, 06/10/23		6,840
	10,992	6.125%, 12/15/22		12,054
	2,032	Royal Bank of Scotland plc (The), Reg. S, VAR, 9.500%, 03/16/22		2,217
		Sea Trucks Group Ltd.,
	2,699	Reg. S, 9.000%, 03/26/18 (e)		1,744
	1,470	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		1,426
		Virgin Media Finance plc,
	889	5.750%, 01/15/25 (e)		873

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
			United Kingdom — continued
	1,400		6.000%, 10/15/24 (e)		1,411
	1,143		6.375%, 04/15/23 (e)		1,177
			Virgin Media Secured Finance plc,
	975		5.250%, 01/15/26 (e)		975
	7,287		5.375%, 04/15/21 (e)		7,652
					57,884
			United States — 25.9%
			21st Century Fox America, Inc.,
	6,795		4.750%, 09/15/44		6,823
	480		4.950%, 10/15/45 (e)		491
	9,509		AbbVie, Inc., 4.700%, 05/14/45		9,102
			Acadia Healthcare Co., Inc.,
	520		5.125%, 07/01/22		513
	700		5.625%, 02/15/23		701
	528		6.125%, 03/15/21		549
	6,620		ACCO Brands Corp., 6.750%, 04/30/20		7,050
	2,877		ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		949
			Activision Blizzard, Inc.,
	1,335		5.625%, 09/15/21 (e)		1,412
	2,535	��	6.125%, 09/15/23 (e)		2,760
			ADT Corp. (The),
	3,370		3.500%, 07/15/22		3,159
	490		4.125%, 04/15/19		501
	7,320		4.125%, 06/15/23		7,046
	9,525		6.250%, 10/15/21		10,287
			Advanced Micro Devices, Inc.,
	2,666		6.750%, 03/01/19		2,053
	2,728		7.000%, 07/01/24		1,910
	460		7.500%, 08/15/22		333
	1,406		7.750%, 08/01/20		1,040
			AECOM,
	2,550		5.750%, 10/15/22 (e)		2,652
	7,955		5.875%, 10/15/24 (e)		8,214
	5,371		Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		5,646
			AES Corp.,
	400		4.875%, 05/15/23		371
	2,849		5.500%, 03/15/24		2,692
	5,285		5.500%, 04/15/25		4,915
	6,704		7.375%, 07/01/21		7,140
	2,520		Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		2,344
	1,850		AK Steel Corp., 8.750%, 12/01/18		1,780
	4,705		Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		5,070

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Alcatel-Lucent USA, Inc.,
	586	4.625%, 07/01/17 (e)		603
	1,045	6.450%, 03/15/29		1,104
	1,350	6.750%, 11/15/20 (e)		1,434
	4,500	8.875%, 01/01/20 (e)		4,866
		Alcoa, Inc.,
	7,995	5.125%, 10/01/24		7,925
	1,583	5.400%, 04/15/21		1,638
	1,167	5.870%, 02/23/22		1,220
	1,831	5.900%, 02/01/27		1,856
	524	6.150%, 08/15/20		553
	1,804	6.750%, 01/15/28		1,937
		Alere, Inc.,
	355	6.375%, 07/01/23 (e)		369
	994	6.500%, 06/15/20		1,027
		Aleris International, Inc.,
	881	7.625%, 02/15/18		824
	930	7.875%, 11/01/20		874
	2,980	Allegheny Technologies, Inc., 7.375%, 08/15/23		2,533
	1,039	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		1,055
	9,065	Allstate Corp. (The), VAR, 5.750%, 08/15/53		9,439
		Ally Financial, Inc.,
	1,353	3.250%, 02/13/18		1,360
	12,325	3.500%, 01/27/19		12,402
	1,872	3.600%, 05/21/18		1,895
	2,341	4.625%, 05/19/22		2,435
	11,685	4.625%, 03/30/25		11,772
	146	4.750%, 09/10/18		152
	3,835	5.125%, 09/30/24		4,041
	3,265	8.000%, 11/01/31		3,959
	9,075	Altria Group, Inc., 5.375%, 01/31/44		9,879
	1,265	AMAG Pharmaceuticals, Inc., 7.875%, 09/01/23 (e)		1,180
	4,490	Amazon.com, Inc., 4.950%, 12/05/44		4,680
		AMC Entertainment, Inc.,
	5,075	5.750%, 06/15/25		5,113
	1,400	5.875%, 02/15/22		1,449
	2,000	AMC Networks, Inc., 4.750%, 12/15/22		2,007
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,676
	2,025	6.625%, 10/15/22		2,152
	3,450	7.750%, 11/15/19		3,855
		American International Group, Inc.,
	6,675	4.800%, 07/10/45		6,885

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	6,463	6.250%, 03/15/37		7,061
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		363
	1,950	7.000%, 05/20/22		2,057
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,314
	84	6.500%, 05/20/21		87
	3,665	Amgen, Inc., 4.400%, 05/01/45		3,394
		Amkor Technology, Inc.,
	8,779	6.375%, 10/01/22		8,526
	4,506	6.625%, 06/01/21		4,438
		Amsurg Corp.,
	1,000	5.625%, 11/30/20		1,017
	1,050	5.625%, 07/15/22		1,032
	4,710	Anadarko Petroleum Corp., 4.500%, 07/15/44		4,360
		Anixter, Inc.,
	5,030	5.500%, 03/01/23 (e)		5,194
	2,060	5.625%, 05/01/19		2,178
		Antero Resources Corp.,
	5,654	5.125%, 12/01/22		5,075
	2,075	5.375%, 11/01/21		1,909
	1,565	6.000%, 12/01/20		1,502
	2,795	Anthem, Inc., 5.100%, 01/15/44		2,923
	1,200	Aramark Services, Inc., 5.750%, 03/15/20		1,252
	16,520	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		17,387
		Ashland, Inc.,
	1,000	3.875%, 04/15/18		1,034
	11,692	4.750%, 08/15/22		11,698
		Ashtead Capital, Inc.,
	2,700	5.625%, 10/01/24 (e)		2,808
	6,535	6.500%, 07/15/22 (e)		7,009
		AT&T, Inc.,
	1,765	4.300%, 12/15/42		1,530
	2,210	4.350%, 06/15/45		1,914
	5,835	4.750%, 05/15/46		5,357
	3,950	Atwood Oceanics, Inc., 6.500%, 02/01/20		3,041
		Audatex North America, Inc.,
	11,646	6.000%, 06/15/21 (e)		11,728
	1,329	6.125%, 11/01/23 (e)		1,337
	275	AutoNation, Inc., 5.500%, 02/01/20		301
		Avaya, Inc.,
	10,703	7.000%, 04/01/19 (e)		8,696

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,225	10.500%, 03/01/21 (e)		1,250
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	1,155	5.125%, 06/01/22 (e)		1,179
	1,149	5.250%, 03/15/25 (e)		1,145
	7,945	5.500%, 04/01/23		8,233
	3,251	Axiall Corp., 4.875%, 05/15/23		3,090
	3,750	B&G Foods, Inc., 4.625%, 06/01/21		3,736
		Ball Corp.,
	995	4.000%, 11/15/23		970
	905	5.000%, 03/15/22		934
	1,962	5.250%, 07/01/25		1,994
	1,233	Basic Energy Services, Inc., 7.750%, 10/15/22		456
	5,675	Baxalta, Inc., 5.250%, 06/23/45 (e)		5,780
	943	Beacon Roofing Supply, Inc., 6.375%, 10/01/23 (e)		993
	1,807	Becton, Dickinson and Co., 4.685%, 12/15/44		1,834
		Belden, Inc.,
	500	5.250%, 07/15/24 (e)		468
	5,499	5.500%, 09/01/22 (e)		5,444
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,856
	500	6.000%, 10/15/22 (e)		523
	4,955	Biogen, Inc., 5.200%, 09/15/45		4,997
	3,980	Blackboard, Inc., 7.750%, 11/15/19 (e)		3,423
	1,650	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		1,708
		Blue Cube Spinco, Inc.,
	3,392	9.750%, 10/15/23 (e)		3,655
	5,107	10.000%, 10/15/25 (e)		5,541
	2,262	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		2,115
	3,645	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		3,677
	3,415	Boyd Gaming Corp., 6.875%, 05/15/23		3,620
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	1,325	7.875%, 04/15/22		497
	5,000	8.625%, 10/15/20		2,225
	1,500	Briggs & Stratton Corp., 6.875%, 12/15/20		1,639
	1,510	Building Materials Corp of America, 6.000%, 10/15/25 (e)		1,604
	1,606	Building Materials Corp. of America, 5.375%, 11/15/24 (e)		1,652

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	7,840	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		8,056
	9,105	Burlington Northern Santa Fe LLC, 4.700%, 09/01/45		9,271
		Cablevision Systems Corp.,
	6,240	8.000%, 04/15/20		6,084
	3,340	8.625%, 09/15/17		3,549
		Caesars Entertainment Operating Co., Inc.,
	5,850	8.500%, 02/15/20 (d)		4,724
	10,800	9.000%, 02/15/20 (d)		8,694
	6,390	11.250%, 06/01/17 (d)		5,064
		CalAtlantic Group, Inc.,
	1,030	5.875%, 11/15/24		1,081
	1,275	8.375%, 01/15/21		1,513
	319	10.750%, 09/15/16		342
	2,759	Caleres, Inc., 6.250%, 08/15/23 (e)		2,787
		California Resources Corp.,
	662	5.000%, 01/15/20		482
	2,237	5.500%, 09/15/21		1,538
	774	6.000%, 11/15/24		526
		Calpine Corp.,
	1,139	5.375%, 01/15/23		1,089
	1,500	5.500%, 02/01/24		1,425
	1,140	5.750%, 01/15/25		1,080
	2,467	5.875%, 01/15/24 (e)		2,578
	4,101	6.000%, 01/15/22 (e)		4,310
	4,450	Case New Holland, Inc., 7.875%, 12/01/17		4,812
	4,510	Casella Waste Systems, Inc., 7.750%, 02/15/19		4,578
	410	CCM Merger, Inc., 9.125%, 05/01/19 (e)		435
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	1,000	5.125%, 05/01/23 (e)		1,002
	4,300	5.250%, 03/15/21		4,440
	3,500	5.250%, 09/30/22		3,545
	6,100	6.500%, 04/30/21		6,401
	3,283	6.625%, 01/31/22		3,480
	857	7.000%, 01/15/19		881
	12,297	7.375%, 06/01/20		12,758
		CCO Safari II LLC,
	2,939	4.464%, 07/23/22 (e)		2,981
	12,215	6.484%, 10/23/45 (e)		12,667
		CDW LLC/CDW Finance Corp.,
	1,391	5.000%, 09/01/23		1,443
	875	5.500%, 12/01/24		917
	871	CEB, Inc., 5.625%, 06/15/23 (e)		885

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
			Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	1,095		5.250%, 03/15/21		1,141
	575		5.375%, 06/01/24		588
	975		Celanese U.S. Holdings LLC, 4.625%, 11/15/22		979
	5,695		Celgene Corp., 5.000%, 08/15/45		5,715
	6,630		Cemex Finance LLC, 9.375%, 10/12/22 (e)		7,210
	1,530		Centene Corp., 4.750%, 05/15/22		1,522
	4,845		Central Garden & Pet Co., 8.250%, 03/01/18		4,936
			CenturyLink, Inc.,
	2,345		5.625%, 04/01/25		2,105
	13,146		Series T, 5.800%, 03/15/22		12,785
	7,175		6.750%, 12/01/23		7,120
			Cenveo Corp.,
	550		6.000%, 08/01/19 (e)		483
	1,275		8.500%, 09/15/22 (e)		937
			Cequel Communications Holdings I LLC/Cequel Capital Corp.,
	2,939		5.125%, 12/15/21 (e)		2,824
			CF Industries, Inc.,
	1,405		4.950%, 06/01/43		1,310
	5,230		5.375%, 03/15/44		5,165
			Chemours Co. (The),
	3,485	��	6.625%, 05/15/23 (e)		2,601
	2,253		7.000%, 05/15/25 (e)		1,678
			Chesapeake Energy Corp.,
	3,655		4.875%, 04/15/22		2,266
	680		5.375%, 06/15/21		441
	2,642		6.125%, 02/15/21		1,730
	8,450		6.625%, 08/15/20		5,725
	2,000		6.875%, 11/15/20		1,355
	2,214		Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875%, 02/01/21		2,350
	828		Choice Hotels International, Inc., 5.750%, 07/01/22		888
			CHS/Community Health Systems, Inc.,
	750		5.125%, 08/15/18		764
	1,385		5.125%, 08/01/21		1,430
	4,335		6.875%, 02/01/22		4,368
	1,780		7.125%, 07/15/20		1,824
	2,920		8.000%, 11/15/19		3,037
	142		Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		82
			Cimarex Energy Co.,
	975		4.375%, 06/01/24		970

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,290	5.875%, 05/01/22		1,362
	4,307	Cincinnati Bell, Inc., 8.375%, 10/15/20		4,490
		Cinemark USA, Inc.,
	3,350	4.875%, 06/01/23		3,304
	2,412	5.125%, 12/15/22		2,424
	1,005	7.375%, 06/15/21		1,063
		CIT Group, Inc.,
	1,149	4.250%, 08/15/17		1,175
	2,161	5.000%, 05/15/17		2,227
	7,263	5.000%, 08/15/22		7,653
	5,640	5.250%, 03/15/18		5,915
	4,902	5.375%, 05/15/20		5,288
	12,425	5.500%, 02/15/19 (e)		13,186
	2,580	6.625%, 04/01/18 (e)		2,780
	1,500	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		1,507
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,870
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		851
	3,518	8.875%, 03/15/19		1,407
	11,608	9.000%, 03/15/19 (e)		9,490
	5,200	Clean Harbors, Inc., 5.250%, 08/01/20		5,408
		Clear Channel Worldwide Holdings, Inc.,
	36,610	6.500%, 11/15/22		38,145
	115	Series A, 7.625%, 03/15/20		117
	23,063	Series B, 7.625%, 03/15/20		23,928
		Clearwater Paper Corp.,
	1,500	4.500%, 02/01/23		1,433
	900	5.375%, 02/01/25 (e)		891
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	1,111	6.375%, 03/15/24		528
	339	8.500%, 12/15/19		200
	2,530	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		1,281
		CNH Industrial Capital LLC,
	600	3.625%, 04/15/18		602
	800	3.875%, 11/01/15		800
	1,000	3.875%, 07/16/18 (e)		1,002
		CNO Financial Group, Inc.,
	600	4.500%, 05/30/20		624
	1,790	5.250%, 05/30/25		1,902
	3,282	Coeur Mining, Inc., 7.875%, 02/01/21		2,010
	954	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		904
	3,900	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		3,842

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Commercial Metals Co.,
	1,987	4.875%, 05/15/23		1,758
	1,730	7.350%, 08/15/18		1,858
	6,002	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		6,092
		CommScope, Inc.,
	358	4.375%, 06/15/20 (e)		365
	2,855	5.000%, 06/15/21 (e)		2,873
	4,978	5.500%, 06/15/24 (e)		4,928
	480	Communications Sales & Leasing, Inc. / CSL Capital LLC, 6.000%, 04/15/23 (e)		467
	6,550	Communications Sales & Leasing, Inc./CSL Capital LLC, 8.250%, 10/15/23		6,055
		Comstock Resources, Inc.,
	516	7.750%, 04/01/19		108
	996	9.500%, 06/15/20		219
	1,500	10.000%, 03/15/20 (e)		979
		Concho Resources, Inc.,
	1,875	5.500%, 04/01/23		1,884
	2,475	6.500%, 01/15/22		2,565
		CONSOL Energy, Inc.,
	1,855	5.875%, 04/15/22		1,173
	1,460	8.000%, 04/01/23 (e)		1,019
	2,421	Consolidated Communications, Inc., 6.500%, 10/01/22		2,141
	34	Constar International, Inc., 11.000%, 12/31/17 (d)		6
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		306
	995	4.750%, 11/15/24		1,042
	510	6.000%, 05/01/22		570
	1,000	7.250%, 09/01/16		1,044
	1,554	Continental Airlines 2003-ERJ1 Pass-Through Trust, Series RJ03, 7.875%, 07/02/18		1,617
	57	Continental Airlines 2004-ERJ1 Pass-Through Trust, Series RJ04, 9.558%, 09/01/19		61
	1,087	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, Series ERJ1, 04/01/21		1,202
	1,344	Continental Airlines 2012-3 Class C Pass-Through Certificates, Class C, 6.125%, 04/29/18		1,385
		Corrections Corp. of America,
	10,100	4.125%, 04/01/20		10,062
	2,400	4.625%, 05/01/23		2,358
		Cott Beverages, Inc.,
	3,076	5.375%, 07/01/22		3,060

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	5,762	6.750%, 01/01/20		6,108
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		238
	577	6.375%, 10/01/22		606
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	349	6.000%, 12/15/20		309
	3,830	6.125%, 03/01/22		3,294
	1,409	6.250%, 04/01/23 (e)		1,197
	2,300	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		1,992
	1,770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		1,774
		Crown Castle International Corp.,
	863	4.875%, 04/15/22		914
	7,152	5.250%, 01/15/23		7,697
		CSC Holdings LLC,
	2,288	6.750%, 11/15/21		2,221
	400	8.625%, 02/15/19		425
	1,600	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		1,328
	433	CST Brands, Inc., 5.000%, 05/01/23		437
		CVS Health Corp.,
	425	4.750%, 12/01/22 (e)		463
	585	5.000%, 12/01/24 (e)		650
	9,967	5.125%, 07/20/45		10,685
		D.R. Horton, Inc.,
	590	4.375%, 09/15/22		602
	481	4.750%, 02/15/23		494
		Dana Holding Corp.,
	3,500	5.375%, 09/15/21		3,570
	3,250	5.500%, 12/15/24		3,242
	4,535	6.000%, 09/15/23		4,694
	1,059	6.750%, 02/15/21		1,101
	4,795	Darling Ingredients, Inc., 5.375%, 01/15/22		4,759
		DaVita HealthCare Partners, Inc.,
	6,430	5.000%, 05/01/25		6,383
	1,490	5.125%, 07/15/24		1,512
	1,275	5.750%, 08/15/22		1,339
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		7,109
	42	Delta Air Lines 2009-1 Series B Pass-Through Trust, Series B, 9.750%, 12/17/16		45
	375	Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.750%, 05/07/20		396
	470	Delta Air Lines 2012-1 Class B Pass-Through Trust, Series B, 6.875%, 05/07/19 (e)		506

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	8,308	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		8,838
		Denbury Resources, Inc.,
	4,635	4.625%, 07/15/23		3,094
	3,350	5.500%, 05/01/22		2,345
	3,410	Devon Energy Corp., 5.000%, 06/15/45		3,164
	2,257	Diamondback Energy, Inc., 7.625%, 10/01/21		2,404
	3,850	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.150%, 03/15/42		3,663
		DISH DBS Corp.,
	5,145	5.000%, 03/15/23		4,759
	20,973	5.875%, 07/15/22		20,553
	8,330	5.875%, 11/15/24		7,968
	19,664	6.750%, 06/01/21		20,303
	3,925	7.125%, 02/01/16		3,973
	1,990	7.875%, 09/01/19		2,184
	7,650	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		7,593
	5,098	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		5,372
	1,857	Dominion Gas Holdings LLC, 4.600%, 12/15/44		1,755
	17,485	Dominion Resources, Inc., VAR, 5.750%, 10/01/54		18,097
	1,769	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		1,831
	1,500	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		1,493
	3,419	DS Services of America, Inc., 10.000%, 09/01/21 (e)		3,923
	1,668	DuPont Fabros Technology LP, 5.875%, 09/15/21		1,751
		Dynegy, Inc.,
	5,138	5.875%, 06/01/23		4,804
	432	6.750%, 11/01/19		431
	4,585	7.375%, 11/01/22		4,597
	2,135	7.625%, 11/01/24		2,140
		E*TRADE Financial Corp.,
	4,424	4.625%, 09/15/23		4,568
	720	5.375%, 11/15/22		770
	1,011	Eagle Spinco, Inc., 4.625%, 02/15/21		984
	25	El Paso Pipeline Partners Operating Co. LLC, 6.500%, 04/01/20		27
	13,042	Embarq Corp., 7.995%, 06/01/36		13,719
		Emdeon, Inc.,
	2,680	6.000%, 02/15/21 (e)		2,630

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	935	11.000%, 12/31/19		996
	491	Enable Midstream Partners LP, 5.000%, 05/15/44 (e)		346
	2,550	Endo Finance LLC, 5.750%, 01/15/22 (e)		2,493
	250	Endo Finance LLC/Endo Finco, Inc., 7.250%, 12/15/20 (e)		258
	8,692	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		8,866
		Energy Transfer Equity LP,
	6,102	5.875%, 01/15/24		5,912
	1,055	7.500%, 10/15/20		1,134
		Energy Transfer Partners LP,
	3,020	5.150%, 02/01/43		2,392
	4,470	6.125%, 12/15/45		4,012
	670	EnerSys, 5.000%, 04/30/23 (e)		680
	455	EnLink Midstream Partners LP/EnLink Midstream Finance Corp., 7.125%, 06/01/22		495
	435	Entegris, Inc., 6.000%, 04/01/22 (e)		448
	4,625	Enterprise Products Operating LLC, 4.900%, 05/15/46		4,239
	1,210	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		1,174
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	993	6.375%, 06/15/23		747
	4,036	7.750%, 09/01/22		3,108
	13,583	9.375%, 05/01/20		11,817
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,379
	2,653	5.375%, 01/01/22		2,772
	438	5.750%, 01/01/25		457
	1,085	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		1,089
	6,325	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		4,396
	3,750	Exelon Corp., 5.100%, 06/15/45		3,860
	5,835	Express Scripts Holding Co., 6.125%, 11/15/41		6,692
	920	Exterran Partners LP/EXLP Finance Corp., 6.000%, 10/01/22		777
	29,323	FCA U.S. LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		31,376
	685	FelCor Lodging LP, 6.000%, 06/01/25		709
	2,085	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		1,923
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,689

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
			First Data Corp.,
	9,580		5.375%, 08/15/23 (e)		9,748
	5,563		6.750%, 11/01/20 (e)		5,862
	8,585		7.000%, 12/01/23 (e)		8,735
	21,970		8.250%, 01/15/21 (e)		23,041
	19,813		8.750%, 01/15/22 (e)		20,863
	726		10.625%, 06/15/21		810
	392		11.250%, 01/15/21		434
	1,836	��	11.750%, 08/15/21		2,093
	6,588		12.625%, 01/15/21		7,552
	9,905		Ford Motor Co., 4.750%, 01/15/43		9,816
	5,500		Ford Motor Credit Co. LLC, 5.000%, 05/15/18		5,841
			Freescale Semiconductor, Inc.,
	770		5.000%, 05/15/21 (e)		795
	549		6.000%, 01/15/22 (e)		585
			Fresenius Medical Care U.S. Finance II, Inc.,
	860		4.125%, 10/15/20 (e)		878
	515		4.750%, 10/15/24 (e)		521
	3,183		5.625%, 07/31/19 (e)		3,462
	3,357		5.875%, 01/31/22 (e)		3,659
	400		6.500%, 09/15/18 (e)		439
	1,850		Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		2,007
			Frontier Communications Corp.,
	5,435		8.500%, 04/15/20		5,598
	957		8.750%, 04/15/22		921
	1,357		8.875%, 09/15/20 (e)		1,409
	3,666		9.250%, 07/01/21		3,725
	8,663		10.500%, 09/15/22 (e)		8,988
	17,292		11.000%, 09/15/25 (e)		18,124
	350		FTI Consulting, Inc., 6.000%, 11/15/22		371
	706		FTS International, Inc., VAR, 7.837%, 06/15/20 (e)		491
	72		Gannett Co., Inc., 10.000%, 04/01/16		74
	825		Gardner Denver, Inc., 6.875%, 08/15/21 (e)		714
	2,850		GCI, Inc., 6.750%, 06/01/21		2,950
	5,100		General Cable Corp., 5.750%, 10/01/22		4,399
			General Motors Co.,
	11,400		4.875%, 10/02/23		11,960
	4,970		6.250%, 10/02/43		5,488
			General Motors Financial Co., Inc.,
	3,796		3.250%, 05/15/18		3,842
	700		3.450%, 04/10/22		684
	205		4.250%, 05/15/23		208

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,050	4.750%, 08/15/17		1,091
		Genesis Energy LP/Genesis Energy Finance Corp.,
	2,418	5.625%, 06/15/24		2,137
	850	5.750%, 02/15/21		795
	859	6.000%, 05/15/23		782
	780	6.750%, 08/01/22		760
		GenOn Energy, Inc.,
	1,000	7.875%, 06/15/17		928
	1,000	9.500%, 10/15/18		880
	3,848	9.875%, 10/15/20		3,189
		GEO Group, Inc. (The),
	6,650	5.875%, 01/15/22		6,758
	2,700	6.625%, 02/15/21		2,795
	4,220	Gilead Sciences, Inc., 4.750%, 03/01/46		4,269
	1,425	Global Partners LP / GLP Finance Corp., 7.000%, 06/15/23		1,340
	490	Global Partners LP/GLP Finance Corp., 6.250%, 07/15/22		451
	3,660	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		3,695
	1,590	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		1,646
	3,326	Goodman Networks, Inc., 12.125%, 07/01/18		1,164
		Goodyear Tire & Rubber Co. (The),
	3,980	6.500%, 03/01/21		4,229
	5,787	7.000%, 05/15/22		6,293
	4,325	8.250%, 08/15/20		4,524
	3,179	8.750%, 08/15/20		3,767
	1,187	Graphic Packaging International, Inc., 4.750%, 04/15/21		1,217
	2,350	Gray Television, Inc., 7.500%, 10/01/20		2,453
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,322
	755	Griffon Corp., 5.250%, 03/01/22		742
	933	Guitar Center, Inc., 6.500%, 04/15/19 (e)		874
	5,649	H&E Equipment Services, Inc., 7.000%, 09/01/22		5,734
	5,608	Halcon Resources Corp., 13.000%, 02/15/22 (e)		3,267
	1,650	Halyard Health, Inc., 6.250%, 10/15/22		1,687
	2,100	Hanesbrands, Inc., 6.375%, 12/15/20		2,176
	2,870	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,640
		Harland Clarke Holdings Corp.,
	1,340	9.250%, 03/01/21 (e)		1,139

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	990	9.750%, 08/01/18 (e)		1,012
	2,080	Harris Corp., 5.054%, 04/27/45		2,038
	650	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		722
	1,670	HCA Holdings, Inc., 6.250%, 02/15/21		1,824
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,359
	1,410	4.250%, 10/15/19		1,452
	1,379	4.750%, 05/01/23		1,414
	1,976	5.000%, 03/15/24		2,035
	1,575	5.250%, 04/15/25		1,630
	27,696	5.375%, 02/01/25		28,423
	2,480	5.875%, 03/15/22		2,728
	2,015	Series 1, 5.875%, 05/01/23		2,136
	15,576	6.500%, 02/15/20		17,426
	28,928	7.500%, 02/15/22		33,267
	1,400	8.000%, 10/01/18		1,587
		HD Supply, Inc.,
	12,920	5.250%, 12/15/21 (e)		13,566
	1,652	7.500%, 07/15/20		1,759
	1,425	Headwaters, Inc., 7.250%, 01/15/19		1,475
		HealthSouth Corp.,
	2,571	5.750%, 11/01/24 (e)		2,571
	2,500	5.750%, 09/15/25 (e)		2,489
	2,327	7.750%, 09/15/22		2,420
	4,296	Hecla Mining Co., 6.875%, 05/01/21		3,652
		Hertz Corp. (The),
	5,551	5.875%, 10/15/20		5,745
	3,150	6.250%, 10/15/22		3,245
	10,317	7.375%, 01/15/21		10,736
	1,000	7.500%, 10/15/18		1,022
		Hexion, Inc.,
	18,979	6.625%, 04/15/20		16,084
	1,600	8.875%, 02/01/18		1,224
	985	10.000%, 04/15/20		936
		Hiland Partners LP/Hiland Partners Finance Corp.,
	448	5.500%, 05/15/22 (e)		436
	921	7.250%, 10/01/20 (e)		963
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	1,234	5.000%, 12/01/24 (e)		1,117
	4,222	5.750%, 10/01/25 (e)		3,905
	2,393	7.625%, 04/15/21 (e)		2,435
	1,295	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		1,321

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	3,900	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		4,082
	500	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		498
	2,100	Hologic, Inc., 5.250%, 07/15/22 (e)		2,192
	1,800	Hughes Satellite Systems Corp., 6.500%, 06/15/19		1,981
		Huntsman International LLC,
	5,250	4.875%, 11/15/20		4,938
	5,305	5.125%, 11/15/22 (e)		4,934
	5,805	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		5,936
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,470	4.875%, 03/15/19		2,526
	2,684	5.875%, 02/01/22		2,765
	1,011	Igloo Holdings Corp., 8.250% (Cash), 12/15/17 (e) (v)		1,016
		iHeartCommunications, Inc.,
	2,588	9.000%, 12/15/19		2,190
	3,292	9.000%, 03/01/21		2,708
	1,745	IHS, Inc., 5.000%, 11/01/22		1,762
	6,778	ILFC E-Capital Trust I, VAR, 4.570%, 12/21/65 (e)		6,253
	2,793	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		2,625
	7,311	IMS Health, Inc., 6.000%, 11/01/20 (e)		7,567
	8,192	Infor Software Parent LLC/Infor Software Parent, Inc.,7.125% (Cash), 05/01/21 (e) (v)		7,091
		Infor U.S., Inc.,
	1,248	5.750%, 08/15/20 (e)		1,273
	11,052	6.500%, 05/15/22 (e)		10,472
	1,675	Ingles Markets, Inc., 5.750%, 06/15/23		1,709
	4,780	Intel Corp., 4.900%, 07/29/45		4,971
		International Lease Finance Corp.,
	1,602	4.625%, 04/15/21		1,658
	1,480	5.875%, 04/01/19		1,588
	5,920	6.250%, 05/15/19		6,438
	2,575	8.250%, 12/15/20		3,077
	4,800	8.625%, 01/15/22		5,904
	14,485	8.750%, 03/15/17		15,626
	1,390	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		1,439
	3,980	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		4,109
		Iron Mountain, Inc.,

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,530	5.750%, 08/15/24		1,538
	3,388	6.000%, 10/01/20 (e)		3,591
		Isle of Capri Casinos, Inc.,
	4,578	5.875%, 03/15/21		4,818
	588	8.875%, 06/15/20		632
	3,374	Italics Merger Sub, Inc., 7.125%, 07/15/23 (e)		3,347
	449	J.C. Penney Corp., Inc., 8.125%, 10/01/19		447
	325	J.M. Huber Corp., 9.875%, 11/01/19 (e)		341
	2,310	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		2,313
		Jarden Corp.,
	1,000	6.125%, 11/15/22		1,034
	1,425	7.500%, 05/01/17		1,535
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,065
		JBS USA LLC/JBS USA Finance, Inc.,
	4,689	5.750%, 06/15/25 (e)		4,536
	4,448	5.875%, 07/15/24 (e)		4,383
	9,834	7.250%, 06/01/21 (e)		10,273
	2,701	8.250%, 02/01/20 (e)		2,826
	1,960	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		1,788
	975	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		782
	775	Joseph T Ryerson & Son, Inc., 9.000%, 10/15/17		676
	3,020	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		2,174
	1,500	Kaiser Aluminum Corp., 8.250%, 06/01/20		1,601
	606	Kennedy-Wilson, Inc., 5.875%, 04/01/24		601
		Kinder Morgan, Inc.,
	726	5.000%, 02/15/21 (e)		735
	6,020	5.050%, 02/15/46		4,771
	726	5.625%, 11/15/23 (e)		706
	2,500	7.250%, 06/01/18		2,733
		Kindred Healthcare, Inc.,
	3,450	8.000%, 01/15/20		3,571
	2,850	8.750%, 01/15/23		2,971
	11,765	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		12,423
	4,900	KLX, Inc., 5.875%, 12/01/22 (e)		5,001
	2,065	Kohl’s Corp., 5.550%, 07/17/45		1,994
		Kraft Heinz Foods Co.,
	897	4.875%, 02/15/25 (e)		964
	11,082	5.200%, 07/15/45 (e)		11,749

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		456
	2,930	Kroger Co. (The), 5.150%, 08/01/43		3,102
		L Brands, Inc.,
	1,335	5.625%, 02/15/22		1,448
	1,100	5.625%, 10/15/23		1,202
	6,925	6.625%, 04/01/21		7,842
	1,000	7.000%, 05/01/20		1,146
	1,000	Lamar Media Corp., 5.000%, 05/01/23		1,027
	1,650	Landry’s, Inc., 9.375%, 05/01/20 (e)		1,770
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		2,864
	3,400	Lear Corp., 5.250%, 01/15/25		3,468
		Lennar Corp.,
	950	4.500%, 06/15/19		986
	690	4.500%, 11/15/19		714
	2,380	4.750%, 05/30/25		2,356
	704	4.875%, 12/15/23		702
	555	6.950%, 06/01/18		604
	555	Series B, 12.250%, 06/01/17		636
	3,856	Level 3 Communications, Inc., 5.750%, 12/01/22		3,952
		Level 3 Financing, Inc.,
	8,401	5.125%, 05/01/23 (e)		8,495
	1,575	5.375%, 01/15/24 (e)		1,595
	8,139	5.375%, 05/01/25 (e)		8,159
	401	5.625%, 02/01/23		412
	1,619	6.125%, 01/15/21		1,706
	1,480	7.000%, 06/01/20		1,569
	1,450	8.625%, 07/15/20		1,532
	1,680	Levi Strauss & Co., 5.000%, 05/01/25		1,701
	870	Liberty Interactive LLC, 8.250%, 02/01/30		896
	2,093	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,454
		LifePoint Health, Inc.,
	1,335	5.500%, 12/01/21		1,355
	200	6.625%, 10/01/20		207
		LIN Television Corp.,
	1,780	5.875%, 11/15/22 (e)		1,793
	2,230	6.375%, 01/15/21		2,325
		Linn Energy LLC/Linn Energy Finance Corp.,
	6,550	6.250%, 11/01/19		1,539
	1,290	6.500%, 09/15/21		284
	5,850	7.750%, 02/01/21		1,346
		Live Nation Entertainment, Inc.,
	1,365	5.375%, 06/15/22 (e)		1,392

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,018	7.000%, 09/01/20 (e)		1,079
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		315
	1,143	M/I Homes, Inc., 8.625%, 11/15/18		1,167
	3,805	Magnachip Semiconductor Corp., 6.625%, 07/15/21		2,949
	2,995	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		3,119
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	585	4.500%, 07/15/23		548
	9,039	4.875%, 12/01/24		8,531
	9,543	4.875%, 06/01/25		8,923
	5,200	5.500%, 02/15/23		5,122
	1,237	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		1,166
		Masco Corp.,
	1,800	4.450%, 04/01/25		1,805
	261	5.950%, 03/15/22		289
	56	7.125%, 03/15/20		65
	4,851	MasTec, Inc., 4.875%, 03/15/23		4,063
	3,775	McKesson Corp., 4.883%, 03/15/44		3,829
	1,783	Memorial Resource Development Corp., 5.875%, 07/01/22		1,680
		Meritage Homes Corp.,
	1,175	7.000%, 04/01/22		1,286
	420	7.150%, 04/15/20		458
	12,815	MetLife, Inc., 6.400%, 12/15/36		14,053
		MGM Resorts International,
	4,725	5.250%, 03/31/20		4,820
	11,280	6.000%, 03/15/23		11,449
	4,745	6.625%, 12/15/21		5,065
	3,625	6.750%, 10/01/20		3,861
	4,120	7.625%, 01/15/17		4,382
	22,204	7.750%, 03/15/22		24,646
	10	8.625%, 02/01/19		11
	500	11.375%, 03/01/18		589
		Micron Technology, Inc.,
	1,886	5.250%, 08/01/23 (e)		1,843
	5,968	5.250%, 01/15/24 (e)		5,714
	689	5.500%, 02/01/25		656
	847	Series G, 5.625%, 01/15/26 (e)		796
	3,772	5.875%, 02/15/22		3,838
	11,180	Microsoft Corp., 4.750%, 11/03/55		11,221
	2,910	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		2,983

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Momentive Performance Materials, Inc.,
	1,350	3.880%, 10/24/21		1,080
	1,350	8.875%, 10/15/20 (d)		—	(h)
		Motors Liquidation Co.,
	10	6.750%, 05/01/28 (d)		—	(h)
	11	7.750%, 03/15/36 (d)		—	(h)
	115	8.375%, 07/15/33 (d)		—	(h)
	3,736	MPG Holdco I, Inc., 7.375%, 10/15/22		3,969
	6,690	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		6,824
	778	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		813
	1,660	MSCI, Inc., 5.250%, 11/15/24 (e)		1,747
	182	Murphy Oil USA, Inc., 6.000%, 08/15/23		192
	778	Mustang Merger Corp., 8.500%, 08/15/21 (e)		816
	1,345	National Financial Partners Corp., 9.000%, 07/15/21 (e)		1,318
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	272	6.500%, 07/01/21		249
	259	6.500%, 06/01/22		233
	2,274	7.875%, 10/01/20		2,240
	421	9.625%, 05/01/19		433
	741	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		710
		Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc.,
	3,680	7.375%, 01/15/22 (e)		2,893
	275	8.125%, 02/15/19		201
	2,135	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		1,796
	1,665	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		1,765
		NCR Corp.,
	686	5.000%, 07/15/22		674
	903	6.375%, 12/15/23		930
	55	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e)		54
		Neiman Marcus Group Ltd. LLC,
	4,937	8.000%, 10/15/21 (e)		5,128
	3,225	(Cash), 8.750%, 10/15/21 (e) (v)		3,350
		Neptune Finco Corp.,
	541	6.625%, 10/15/25 (e)		569
	3,150	10.125%, 01/15/23 (e)		3,331

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	900	10.875%, 10/15/25 (e)		961
		Netflix, Inc.,
	1,164	5.375%, 02/01/21		1,229
	700	5.500%, 02/15/22 (e)		739
	1,545	5.750%, 03/01/24		1,636
	700	5.875%, 02/15/25 (e)		740
	747	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		781
		New Albertsons, Inc.,
	675	6.625%, 06/01/28		601
	484	7.450%, 08/01/29		472
	291	7.750%, 06/15/26		287
	893	8.000%, 05/01/31		879
	2,042	8.700%, 05/01/30		2,093
		Newfield Exploration Co.,
	1,000	5.375%, 01/01/26		950
	1,204	5.625%, 07/01/24		1,192
	2,100	5.750%, 01/30/22		2,131
		Nexstar Broadcasting, Inc.,
	4,380	6.125%, 02/15/22 (e)		4,380
	6,383	6.875%, 11/15/20		6,598
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	445	5.125%, 07/15/19		413
	750	6.875%, 10/15/21		716
	11,594	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		11,782
		Noble Energy, Inc.,
	2,060	5.050%, 11/15/44		1,885
	745	5.250%, 11/15/43		686
	2,180	5.625%, 05/01/21		2,211
	2,644	5.875%, 06/01/22		2,663
	1,471	5.875%, 06/01/24		1,477
	2,899	Northwest Airlines 2007-1 Class A Pass-Through Trust, Series 07-1, 7.027%, 11/01/19		3,250
		NRG Energy, Inc.,
	600	6.250%, 07/15/22		552
	1,275	6.250%, 05/01/24		1,141
	3,766	6.625%, 03/15/23		3,502
	5,245	7.625%, 01/15/18		5,494
	2,236	7.875%, 05/15/21		2,225
	1,000	8.250%, 09/01/20		1,025
	1,000	NRG Yield Operating LLC, 5.375%, 08/15/24		915

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,517	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		2,567
	1,657	Nucor Corp., 5.200%, 08/01/43		1,686
	1,010	NWH Escrow Corp., 7.500%, 08/01/21 (e)		904
	1,100	Oasis Petroleum, Inc., 6.875%, 03/15/22		938
	790	Olin Corp., 5.500%, 08/15/22		739
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		3,060
	1,135	Oracle Corp., 4.375%, 05/15/55		1,064
		Orbital ATK, Inc.,
	672	5.250%, 10/01/21		687
	870	5.500%, 10/01/23 (e)		909
		Oshkosh Corp.,
	2,475	5.375%, 03/01/22		2,531
	3,109	5.375%, 03/01/25		3,124
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	748	5.250%, 02/15/22		769
	3,380	5.625%, 02/15/24		3,517
	650	5.875%, 03/15/25		674
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		826
	545	5.375%, 01/15/25 (e)		548
	584	5.875%, 08/15/23 (e)		620
	1,084	6.375%, 08/15/25 (e)		1,154
		Parker Drilling Co.,
	755	6.750%, 07/15/22		581
	660	7.500%, 08/01/20		548
	2,540	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,616
	879	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23 (e)		817
		Peabody Energy Corp.,
	5,771	6.250%, 11/15/21		765
	3,650	10.000%, 03/15/22 (e)		985
		Penn Virginia Corp.,
	500	7.250%, 04/15/19		137
	1,100	8.500%, 05/01/20		319
	4,450	Petco Animal Supplies, Inc., 9.250%, 12/01/18 (e)		4,578
	151	Pfizer, Inc., 5.200%, 08/12/20		170
	1,623	PHI, Inc., 5.250%, 03/15/19		1,436
	3,880	Phillips 66, 4.875%, 11/15/44		3,857
	2,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		2,143
	408	Pioneer Energy Services Corp., 6.125%, 03/15/22		235

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		463
	231	7.500%, 01/15/20		264
	1,232	Pittsburgh Glass Works LLC, 8.000%, 11/15/18 (e)		1,283
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,560	4.700%, 06/15/44		1,343
	1,490	4.900%, 02/15/45		1,324
	4,972	Plantronics, Inc., 5.500%, 05/31/23 (e)		5,059
	1,241	Platform Specialty Products Corp., 6.500%, 02/01/22 (e)		1,055
		PolyOne Corp.,
	2,568	5.250%, 03/15/23		2,575
	2,648	7.375%, 09/15/20		2,760
		Post Holdings, Inc.,
	2,200	6.000%, 12/15/22 (e)		2,211
	5,411	6.750%, 12/01/21 (e)		5,600
	18,250	7.375%, 02/15/22		19,228
	2,009	7.750%, 03/15/24 (e)		2,140
	350	8.000%, 07/15/25 (e)		380
	9,206	PPL Capital Funding, Inc., Series A, VAR, 6.700%, 03/30/67		7,779
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,725
	136	8.125%, 02/01/20		142
	1,030	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		865
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		7,861
	23,245	VAR, 5.625%, 06/15/43		24,326
	20,685	VAR, 5.875%, 09/15/42		21,926
		QEP Resources, Inc.,
	2,269	5.250%, 05/01/23		2,014
	3,625	5.375%, 10/01/22		3,262
	1,871	6.875%, 03/01/21		1,815
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		910
	6,656	QUALCOMM, Inc., 4.800%, 05/20/45		5,757
	3,262	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		3,238
	1,255	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		1,290
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		207
	2,527	7.750%, 02/15/31		2,370
	375	Qwest Corp., 7.250%, 09/15/25		403

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		R.R. Donnelley & Sons Co.,
	765	7.000%, 02/15/22		752
	465	7.875%, 03/15/21		485
	1,016	Radio Systems Corp., 8.375%, 11/01/19 (e)		1,078
		Rain CII Carbon LLC/CII Carbon Corp.,
	1,770	8.000%, 12/01/18 (e)		1,541
	1,731	8.250%, 01/15/21 (e)		1,445
		Range Resources Corp.,
	4,250	4.875%, 05/15/25 (e)		3,804
	569	5.000%, 08/15/22		506
	3,029	5.000%, 03/15/23		2,688
	1,354	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		1,423
	120	Real Mex Restaurants, Inc., 7.000%, 03/21/16		99
	4,015	Realogy Group LLC, 7.625%, 01/15/20 (e)		4,221
	1,500	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		1,556
		Regal Entertainment Group,
	5,484	5.750%, 03/15/22		5,662
	1,200	5.750%, 06/15/23		1,200
	315	5.750%, 02/01/25		310
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	292	4.500%, 11/01/23		268
	696	5.000%, 10/01/22		676
	5,245	5.500%, 04/15/23		5,087
	1,043	5.875%, 03/01/22		1,071
	1,145	6.500%, 07/15/21		1,185
	4,730	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		5,188
	600	Revlon Consumer Products Corp., 5.750%, 02/15/21		607
	12,000	Reynolds American, Inc., 5.850%, 08/15/45		13,312
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	10,735	5.750%, 10/15/20		11,164
	4,750	6.875%, 02/15/21		4,964
	2,630	7.125%, 04/15/19		2,678
	1,950	8.250%, 02/15/21		2,025
	12,175	9.000%, 04/15/19		12,449
	7,121	9.875%, 08/15/19		7,495
	3,313	RHP Hotel Properties LP / RHP Finance Corp., 5.000%, 04/15/23		3,421
	3,460	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/21		3,512

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,125	Rice Energy, Inc., 7.250%, 05/01/23 (e)		1,041
		Rite Aid Corp.,
	12,172	6.125%, 04/01/23 (e)		13,115
	910	6.750%, 06/15/21		977
	1,600	9.250%, 03/15/20		1,718
	5,500	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		5,115
	583	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		606
	3,500	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		3,544
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	656	5.625%, 07/15/22		557
	1,070	5.625%, 11/15/23 (e)		910
	554	RSP Permian, Inc., 6.625%, 10/01/22		548
	182	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		16
		Sabine Pass Liquefaction LLC,
	11,944	5.625%, 04/15/23		11,623
	1,453	5.625%, 03/01/25 (e)		1,393
	3,337	5.625%, 02/01/21		3,312
	975	5.750%, 05/15/24		941
	3,513	6.250%, 03/15/22		3,487
	5,527	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		5,610
		Sally Holdings LLC/Sally Capital, Inc.,
	500	5.500%, 11/01/23		515
	5,495	5.750%, 06/01/22		5,797
	1,500	6.875%, 11/15/19		1,553
	3,100	Sanchez Energy Corp., 6.125%, 01/15/23		2,247
		SandRidge Energy, Inc.,
	2,960	7.500%, 03/15/21		710
	740	8.125%, 10/15/22		174
	2,791	SBA Communications Corp., 4.875%, 07/15/22		2,854
	3,246	SBA Telecommunications, Inc., 5.750%, 07/15/20		3,388
		Scientific Games International, Inc.,
	665	7.000%, 01/01/22 (e)		668
	5,535	10.000%, 12/01/22		4,899
	2,633	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		2,771
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,439
	1,750	5.125%, 12/01/24 (e)		1,798

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,233	5.250%, 04/01/23 (e)		1,288
	600	6.500%, 12/01/20 (e)		671
	562	SemGroup Corp., 7.500%, 06/15/21		534
	3,575	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		3,566
	15,492	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		16,422
		Service Corp. International,
	3,041	5.375%, 01/15/22		3,208
	6,535	5.375%, 05/15/24		6,968
	2,735	7.500%, 04/01/27		3,200
	700	7.625%, 10/01/18		792
	1,240	8.000%, 11/15/21		1,477
	850	SESI LLC, 7.125%, 12/15/21		826
	408	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/19 (e)		432
	2,748	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,885
	910	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		853
		Sinclair Television Group, Inc.,
	7,729	5.375%, 04/01/21		7,748
	3,240	5.625%, 08/01/24 (e)		3,175
	4,230	6.125%, 10/01/22		4,347
		Sirius XM Radio, Inc.,
	1,238	4.625%, 05/15/23 (e)		1,222
	6,255	5.375%, 04/15/25 (e)		6,404
	4,340	5.750%, 08/01/21 (e)		4,557
	1,280	5.875%, 10/01/20 (e)		1,361
	7,895	6.000%, 07/15/24 (e)		8,335
	2,230	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		2,314
		SM Energy Co.,
	1,760	5.000%, 01/15/24		1,580
	1,354	5.625%, 06/01/25		1,232
	3,617	6.500%, 11/15/21		3,563
	2,600	6.500%, 01/01/23		2,562
		Smithfield Foods, Inc.,
	2,625	5.250%, 08/01/18 (e)		2,664
	5,530	5.875%, 08/01/21 (e)		5,807
	4,075	6.625%, 08/15/22		4,360
	4,950	Southern Copper Corp., 5.875%, 04/23/45		4,300
		Southern Power Co.,
	1,380	5.150%, 09/15/41		1,328

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,534	5.250%, 07/15/43		1,540
		Spectrum Brands, Inc.,
	5,538	5.750%, 07/15/25 (e)		5,905
	2,159	6.125%, 12/15/24 (e)		2,326
	2,200	6.375%, 11/15/20		2,349
	4,135	6.625%, 11/15/22		4,517
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,080
		Sprint Capital Corp.,
	3,886	6.875%, 11/15/28		3,225
	1,336	6.900%, 05/01/19		1,283
	21,490	8.750%, 03/15/32		19,341
		Sprint Communications, Inc.,
	1,626	6.000%, 12/01/16		1,644
	2,727	6.000%, 11/15/22		2,330
	8,626	7.000%, 03/01/20 (e)		9,058
	6,825	7.000%, 08/15/20		6,330
	15,195	9.000%, 11/15/18 (e)		16,705
	734	9.125%, 03/01/17		764
	305	11.500%, 11/15/21		320
		Sprint Corp.,
	1,188	7.125%, 06/15/24		1,043
	15,698	7.250%, 09/15/21		14,423
	10,503	7.625%, 02/15/25		9,321
	30,106	7.875%, 09/15/23		27,848
	1,560	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		1,638
	1,700	Station Casinos LLC, 7.500%, 03/01/21		1,815
		Steel Dynamics, Inc.,
	1,125	5.125%, 10/01/21		1,117
	1,800	5.250%, 04/15/23		1,750
	980	5.500%, 10/01/24		968
	1,935	6.375%, 08/15/22		1,988
	1,520	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		1,529
	1,623	Stone Energy Corp., 7.500%, 11/15/22		1,047
		Suburban Propane Partners LP/Suburban Energy Finance Corp.,
	650	5.500%, 06/01/24		630
	114	7.375%, 08/01/21		120
	1,765	Summit Materials LLC / Summit Materials Finance Corp., 6.125%, 07/15/23		1,756
	510	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.500%, 08/15/22		444

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	391	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.500%, 07/01/21		379
		SunGard Data Systems, Inc.,
	994	6.625%, 11/01/19		1,029
	1,349	7.375%, 11/15/18		1,381
	2,962	7.625%, 11/15/20		3,088
		Sunoco Logistics Partners Operations LP,
	1,160	5.300%, 04/01/44		919
	3,055	5.350%, 05/15/45		2,442
		Sunoco LP/Sunoco Finance Corp.,
	1,638	5.500%, 08/01/20 (e)		1,679
	2,320	6.375%, 04/01/23 (e)		2,337
	6,285	SUPERVALU, Inc., 7.750%, 11/15/22		6,183
		Talen Energy Supply LLC,
	878	4.625%, 07/15/19 (e)		803
	2,351	6.500%, 06/01/25 (e)		2,087
	1,005	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		485
	2,750	Targa Resources Partners LP /Targa Resources Partners Finance Corp., 6.750%, 03/15/24 (e)		2,705
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	1,222	5.000%, 01/15/18 (e)		1,204
	850	5.250%, 05/01/23		790
	1,500	6.375%, 08/01/22		1,455
	655	6.875%, 02/01/21		658
	185	Taylor Morrison Communities, Inc. / Monarch Communities Inc, 5.625%, 03/01/24 (e)		182
	1,675	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		1,696
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,401
	384	5.125%, 07/15/20		400
	2,010	5.500%, 09/15/24 (e)		2,040
	5,155	6.375%, 10/15/23		5,568
	875	Teleflex, Inc., 5.250%, 06/15/24		895
		Tempur Sealy International, Inc.,
	2,485	5.625%, 10/15/23 (e)		2,603
	4,425	6.875%, 12/15/20		4,735
		Tenet Healthcare Corp.,
	785	4.375%, 10/01/21		783
	2,321	4.500%, 04/01/21		2,321
	13,750	4.750%, 06/01/20		13,956
	1,134	5.000%, 03/01/19		1,109

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,995	5.500%, 03/01/19		2,950
	4,629	6.000%, 10/01/20		4,999
	510	6.250%, 11/01/18		543
	6,790	6.750%, 02/01/20		6,884
	5,495	6.750%, 06/15/23		5,454
	10,318	8.000%, 08/01/20		10,679
	15,150	8.125%, 04/01/22		16,021
	1,022	Tenneco, Inc., 5.375%, 12/15/24		1,058
		Terex Corp.,
	9,085	6.000%, 05/15/21		8,996
	2,200	6.500%, 04/01/20		2,216
	1,402	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		1,255
		TerraForm Power Operating LLC,
	2,902	5.875%, 02/01/23 (e)		2,677
	3,984	6.125%, 06/15/25 (e)		3,586
	480	Tesoro Corp., 5.125%, 04/01/24		485
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	893	5.500%, 10/15/19 (e)		924
	5,079	5.875%, 10/01/20		5,282
	4,975	6.125%, 10/15/21		5,174
	3,557	6.250%, 10/15/22 (e)		3,700
	1,929	Time Warner Cable, Inc., 7.300%, 07/01/38		2,090
	8,385	Time Warner, Inc., 4.850%, 07/15/45		8,332
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18		608
	930	6.000%, 03/01/23		927
	1,715	6.125%, 01/15/22		1,745
	1,296	6.250%, 04/01/21		1,338
	2,355	6.375%, 03/01/25		2,361
	1,360	6.500%, 01/15/24		1,381
	1,571	6.625%, 11/15/20		1,618
	4,187	6.625%, 04/01/23		4,277
	13,194	6.633%, 04/28/21		13,656
	14,260	6.731%, 04/28/22		14,724
	4,532	6.836%, 04/28/23		4,679
	1,145	Toll Brothers Finance Corp., 4.875%, 11/15/25		1,144
	1,750	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		1,811
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		1,002
	2,811	6.000%, 07/15/22		2,839
	1,800	6.500%, 07/15/24		1,832

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,560	Tribune Media Co., 5.875%, 07/15/22 (e)		2,630
		Triumph Group, Inc.,
	1,595	4.875%, 04/01/21		1,424
	1,686	5.250%, 06/01/22		1,515
		Tronox Finance LLC,
	158	6.375%, 08/15/20		113
	3,760	7.500%, 03/15/22 (e)		2,660
	3,340	Tutor Perini Corp., 7.625%, 11/01/18		3,407
	3,268	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		3,342
	1,240	U.S. Concrete, Inc., 8.500%, 12/01/18		1,286
	587	UAL 2007-1 Pass-Through Trust, Series 071A, 6.636%, 07/02/22		622
	2,100	UCI International, Inc., 8.625%, 02/15/19		1,491
	2,133	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		2,058
	4,880	Unit Corp., 6.625%, 05/15/21		3,904
		United Rentals North America, Inc.,
	1,498	4.625%, 07/15/23		1,505
	2,596	5.500%, 07/15/25		2,589
	2,105	5.750%, 11/15/24		2,137
	5,478	6.125%, 06/15/23		5,716
	1,435	7.375%, 05/15/20		1,523
	9,777	7.625%, 04/15/22		10,609
	3,115	8.250%, 02/01/21		3,278
	2,915	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,886
		Universal Health Services, Inc.,
	288	3.750%, 08/01/19 (e)		292
	420	4.750%, 08/01/22 (e)		429
		Univision Communications, Inc.,
	5,175	5.125%, 05/15/23 (e)		5,123
	5,830	5.125%, 02/15/25 (e)		5,728
	3,253	6.750%, 09/15/22 (e)		3,436
	750	8.500%, 05/15/21 (e)		784
		USG Corp.,
	836	5.500%, 03/01/25 (e)		860
	37	7.875%, 03/30/20 (e)		39
	2,716	USI, Inc., 7.750%, 01/15/21 (e)		2,716
	418	VeriSign, Inc., 5.250%, 04/01/25		426
		Verizon Communications, Inc.,
	3,395	4.522%, 09/15/48		3,050
	11,945	4.862%, 08/21/46		11,435
	1,130	Viacom, Inc., 4.375%, 03/15/43		855
	13,110	Voya Financial, Inc., VAR, 5.650%, 05/15/53		13,274
		Vulcan Materials Co.,
	2,515	4.500%, 04/01/25		2,571

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,080	7.500%, 06/15/21		6,020
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		705
		W.R. Grace & Co.-Conn,
	938	5.125%, 10/01/21 (e)		976
	312	5.625%, 10/01/24 (e)		322
	9,315	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		8,628
	1,740	WCI Communities, Inc., 6.875%, 08/15/21		1,827
	433	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		448
	2,316	West Corp., 5.375%, 07/15/22 (e)		2,206
	1,071	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		1,092
	353	Western Refining, Inc., 6.250%, 04/01/21		351
		Whiting Petroleum Corp.,
	2,601	5.000%, 03/15/19		2,471
	7,600	5.750%, 03/15/21		7,059
	1,725	6.250%, 04/01/23		1,604
	3,720	Williams Partners LP, 5.100%, 09/15/45		2,862
		Williams Partners LP/ACMP Finance Corp.,
	6,415	4.875%, 05/15/23		5,790
	7,443	6.125%, 07/15/22		7,619
		Windstream Services LLC,
	2,520	6.375%, 08/01/23		1,997
	2,364	7.500%, 06/01/22		1,965
	7,726	7.500%, 04/01/23		6,451
	3,000	7.750%, 10/15/20		2,700
	20,872	7.750%, 10/01/21		17,950
	1,360	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		1,285
		WMG Acquisition Corp.,
	2,500	5.625%, 04/15/22 (e)		2,475
	4,110	6.000%, 01/15/21 (e)		4,233
	3,408	6.750%, 04/15/22 (e)		3,155
	700	Woodside Homes Co. LLC/Woodside Homes Finance, Inc., 6.750%, 12/15/21 (e)		651
		WPX Energy, Inc.,
	2,158	5.250%, 09/15/24		1,791
	5,930	6.000%, 01/15/22		5,219
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	1,305	5.375%, 03/15/22		1,292
	10,820	5.500%, 03/01/25 (e)		10,155
	900	Yum! Brands, Inc., 3.750%, 11/01/21		848
		Zayo Group LLC/Zayo Capital, Inc.,
	12,500	6.000%, 04/01/23 (e)		12,744
	1,014	10.125%, 07/01/20		1,105

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	11,185	Zebra Technologies Corp., 7.250%, 10/15/22		12,206
		ZF North America Capital, Inc.,
	2,586	4.000%, 04/29/20 (e)		2,612
	8,605	4.500%, 04/29/22 (e)		8,664
	4,828	4.750%, 04/29/25 (e)		4,737
				��
				3,243,433
		Venezuela — 0.1%
		Petroleos de Venezuela S.A.,
	19,330	Reg. S, 5.375%, 04/12/27		6,669
	500	Reg. S, 6.000%, 11/15/26		175
	25,836	Petróleos de Venezuela S.A., 6.000%, 11/15/26		9,037
				15,881
		Total Corporate Bonds (Cost $4,261,008)		4,097,993
	Foreign Government Securities — 4.4%
		Angola — 0.0% (g)
	1,700	Republic of Angola Via Northern Lights III BV, Reg. S, 7.000%, 08/16/19		1,657
		Argentina — 0.1%
		Provincia de Buenos Aires,
	2,332	Reg. S, 9.625%, 04/18/28		2,361
	2,300	Reg. S, 9.950%, 06/09/21		2,369
	5,399	Reg. S, 10.875%, 01/26/21		5,426
				10,156
		Aruba — 0.0% (g)
	3,640	Government of Aruba, 4.625%, 09/14/23 (e)		3,622
		Bahrain — 0.0% (g)
	3,510	Kingdom of Bahrain, 6.000%, 09/19/44 (e)		2,908
		Belarus — 0.0% (g)
	4,800	Republic of Belarus, 8.950%, 01/26/18		4,950
		Brazil — 0.2%
	10,805	Citigroup, Inc., CLN, Reg. S, 0.000%, 01/03/17 (linked to Federative Republic of Brazil, 0.000%, 01/01/17; credit rating BBB)		4,505
		Federative Republic of Brazil,
	5,740	4.250%, 01/07/25		5,100
	5,650	4.875%, 01/22/21		5,558
	7,912	5.000%, 01/27/45		6,003
	3,520	7.125%, 01/20/37		3,419
				24,585

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Costa Rica — 0.1%
	1,370	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		1,401
		Republic of Costa Rica,
	2,220	7.000%, 04/04/44 (e)		1,995
	3,370	7.158%, 03/12/45 (e)		3,054
	9,090	Reg. S, 9.995%, 08/01/20		11,056
				17,506
		Croatia — 0.1%
		Republic of Croatia,
	5,990	Reg. S, 6.000%, 01/26/24		6,349
	4,690	Reg. S, 6.750%, 11/05/19		5,095
				11,444
		Dominican Republic — 0.2%
		Government of Dominican Republic,
	2,500	6.850%, 01/27/45		2,475
	4,255	7.450%, 04/30/44 (e)		4,489
	8,215	9.040%, 01/23/18 (e)		8,749
	8,640	Reg. S, 7.500%, 05/06/21		9,428
				25,141
		Ecuador — 0.0% (g)
	2,800	Republic of Ecuador, 10.500%, 03/24/20 (e)		2,313
		El Salvador — 0.1%
		Republic of El Salvador,
	9,190	Reg. S, 7.750%, 01/24/23		9,305
		Ethiopia — 0.0% (g)
	2,900	Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24 (e)		2,693
		Ghana — 0.1%
	7,950	Republic of Ghana, 10.750%, 10/14/30 (e)		8,387
		Honduras — 0.1%
		Republic of Honduras,
	7,180	Reg. S, 8.750%, 12/16/20		8,015
		Hungary — 0.4%
		Republic of Hungary,
	15,080	5.375%, 03/25/24		16,658
	7,390	5.750%, 11/22/23		8,330
	4,914	6.375%, 03/29/21		5,651
	12,552	7.625%, 03/29/41		17,118
				47,757
		Indonesia — 0.2%
		Republic of Indonesia,
	8,250	5.875%, 01/15/24 (e)		9,065
	5,700	6.750%, 01/15/44 (e)		6,412

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Indonesia — continued
	12,552	Reg. S, 11.625%, 03/04/19		15,749
				31,226
		Iraq — 0.1%
	20,635	Republic of Iraq, Reg. S, 5.800%, 01/15/28		15,167
		Italy — 0.1%
		Republic of Italy,
EUR	1,000	4.250%, 03/01/20		1,279
EUR	2,400	4.500%, 05/01/23		3,261
EUR	600	Reg. S, 4.750%, 08/01/23 (e)		831
EUR	2,200	Reg. S, 4.750%, 09/01/28 (e)		3,207
				8,578
		Ivory Coast — 0.0% (g)
	4,580	Republic of Ivory Coast, 6.375%, 03/03/28 (e)		4,214
		Jamaica — 0.1%
		Government of Jamaica,
	1,750	6.750%, 04/28/28		1,772
	1,250	7.875%, 07/28/45		1,261
	6,040	8.000%, 06/24/19		6,591
				9,624
		Kenya — 0.0% (g)
	750	Citigroup, Inc., CLN, 0.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/01/32; credit rating B)		548
	4,000	Republic of Kenya, Reg. S, 6.875%, 06/24/24		3,715
				4,263
		Lebanon — 0.1%
		Republic of Lebanon,
	2,300	4.500%, 04/22/16		2,289
	7,500	6.600%, 11/27/26		7,500
	5,050	Reg. S, 8.250%, 04/12/21		5,556
				15,345
		Mexico — 0.1%
	7,550	United Mexican States, 4.600%, 01/23/46		7,003
		Morocco — 0.0% (g)
		Kingdom of Morocco,
	2,250	Reg. S, 4.250%, 12/11/22		2,271
	2,250	Reg. S, 5.500%, 12/11/42		2,255
				4,526
		Pakistan — 0.1%
	4,500	Pakistan Government International Bond, Reg. S, 6.750%, 12/03/19		4,669

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Pakistan — continued
		Republic of Pakistan,
	9,220	8.250%, 04/15/24 (e)		9,823
	1,004	Reg. S, 6.875%, 06/01/17		1,038
				15,530
		Panama — 0.1%
		Republic of Panama,
	3,250	3.750%, 03/16/25		3,234
	2,450	4.300%, 04/29/53		2,181
	2,150	6.700%, 01/26/36		2,644
				8,059
		Peru — 0.0% (g)
		Republic of Peru,
	1,310	4.125%, 08/25/27		1,317
	1,900	5.625%, 11/18/50		2,042
	1,500	6.550%, 03/14/37		1,804
				5,163
		Philippines — 0.2%
		Republic of the Philippines,
	5,260	5.500%, 03/30/26		6,312
	600	7.500%, 09/25/24		794
	8,130	10.625%, 03/16/25		12,967
				20,073
		Poland — 0.0% (g)
	3,800	Republic of Poland, 5.000%, 03/23/22		4,275
		Portugal — 0.0% (g)
	EUR 1,600	Portugal Obrigacoes do Tesouro OT, Reg. S, 5.650%, 02/15/24 (e)		2,193
	EUR 1,150	Republic of Portugal, 5.250%, 09/28/17		1,363
				3,556
		Romania — 0.2%
		Republic of Romania,
	7,750	6.750%, 02/07/22 (e)		9,232
	12,960	Reg. S, 6.125%, 01/22/44		15,332
				24,564
		Russia — 0.4%
		Russian Federation,
	2,800	Reg. S, 3.500%, 01/16/19		2,823
	13,200	Reg. S, 4.875%, 09/16/23		13,622
	7,800	Reg. S, 5.875%, 09/16/43		7,976
	7,390	Reg. S, 12.750%, 06/24/28		12,027
	7,908	Reg. S, SUB, 7.500%, 03/31/30		9,414
				45,862

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION		VALUE
	Foreign Government Securities — continued
		Serbia — 0.1%
	15,230	Republic of Serbia, Reg. S, 7.250%, 09/28/21			17,419
		Slovenia — 0.1%
		Republic of Slovenia,
	7,320	Reg. S, 5.250%, 02/18/24			8,243
	4,270	Reg. S, 5.850%, 05/10/23			4,915
					13,158
		South Africa — 0.2%
		Republic of South Africa,
	1,950	5.500%, 03/09/20			2,096
	2,000	5.875%, 05/30/22	��		2,195
	14,984	5.875%, 09/16/25			16,258
	3,000	South Africa Government International Bond, 5.875%, 05/30/22			3,292
					23,841
		Spain — 0.1%
		Kingdom of Spain,
	EUR 1,600	Reg. S, 4.800%, 01/31/24 (e)			2,216
	EUR 3,050	Reg. S, 5.400%, 01/31/23 (e)			4,315
					6,531
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	3,350	Reg. S, 5.875%, 07/25/22			3,212
	5,150	Reg. S, 6.250%, 10/04/20			5,169
					8,381
		Turkey — 0.4%
		Republic of Turkey,
	2,400	5.750%, 03/22/24			2,588
	11,390	6.000%, 01/14/41			11,937
	11,310	6.250%, 09/26/22			12,537
	14,810	7.375%, 02/05/25			17,691
					44,753
		Ukraine — 0.1%
		Republic of Ukraine,
	6,250	Reg. S, 6.580%, 11/21/16 (d)			4,875
	3,640	Reg. S, 7.800%, 11/28/22 (d)			2,839
					7,714
		Uruguay — 0.1%
		Republic of Uruguay,
	2,090	4.375%, 10/27/27			2,072
	5,960	5.100%, 06/18/50			5,356
	1,280	7.625%, 03/21/36			1,618

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Uruguay — continued
	1,230	8.000%, 11/18/22		1,548
				10,594
		Venezuela — 0.1%
		Republic of Venezuela,
	10,570	7.650%, 04/21/25		3,990
	3,270	Reg. S, 6.000%, 12/09/20		1,235
	4,820	Reg. S, 9.000%, 05/07/23		1,892
	5,950	Venezuela Government International Bond, 7.650%, 04/21/25		2,246
				9,363
		Zambia — 0.0% (g)
		Republic of Zambia,
	3,640	8.500%, 04/14/24 (e)		3,062
	2,620	8.970%, 07/30/27 (e)		2,201
				5,263
		Total Foreign Government Securities (Cost $567,520)		554,484
	Loan Assignments — 0.7%
		Australia — 0.0% (g)
	2,090	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19		1,764
		Bermuda — 0.0% (g)
	837	Floatel International Ltd., Initial Term Loan, VAR, 6.000%, 06/27/20		470
		Canada — 0.0% (g)
	304	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20		285
		Cayman Islands — 0.0% (g)
	660	Shelf Drilling Midco Ltd., Term Loan, VAR, 10.000%, 10/08/18		403
		Luxembourg — 0.0% (g)
	1,700	Delta 2 Lux Sarl, 2nd Lien Facility, VAR, 7.750%, 07/29/22		1,618
		Singapore — 0.0% (g)
	868	Avago Technologies Ltd., 1st Lien Term Loan B, VAR, 3.750%, 05/06/21		868
		United States — 0.7%
	184	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		183
	1,056	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		1,056
	1,280	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		980

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	700	Berry Plastics Corp., Term Loan F, VAR, 4.000%, 09/16/22		701
	1,447	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		1,445
	3,177	Chrysler Group LLC, Tranche B Term Loan, VAR, 12/31/18 ^		3,165
	1,897	Cincinnati Bell, Inc., Tranche B Term Loan, VAR, 4.000%, 09/10/20 ^		1,873
	1,596	Coeur Mining, Inc., Term Loan, VAR, 9.000%, 06/23/20		1,556
	2,375	Concordia Health Corp., Initial Dollar Term Loan, 5.250%, 10/21/21 ^		2,278
	3,478	CSC HoldingsLLC (Cablevision), Initial Term Loan, 5.000%, 10/09/22 ^		3,487
	2,045	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		2,044
	725	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		710
	1,617	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		1,616
	809	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		523
	640	Energy Future Intermediate Holdings Co. LLC., Term Loan, VAR, 4.250%, 06/19/16		639
	179	Entercom Radio LLC, Term B-2 Loan, VAR, 4.000%, 11/23/18		178
	810	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		733
	1,510	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		547
	2,260	First Data Corp., Term Loan, VAR, 3.696%, 03/23/18		2,241
	113	Fram Group Holdings, Inc., Term Loan, VAR, 7.000%, 07/29/17		92
	588	Freescale Semiconductor, Inc., Term Loan B-5, VAR, 5.000%, 01/15/21		588
	857	Go Daddy Group, Inc. (The), Initial Term Loan, VAR, 4.250%, 05/13/21		859
	1,361	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		1,358
	5,407	iHeartCommunications, Inc., Term Loan D, VAR, 6.938%, 01/30/19		4,520
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.688%, 07/30/19		1,576
	867	inVentiv Health, Inc., Term Loan B4, VAR, 7.750%, 05/15/18		862
	2,104	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21 ^		1,542

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,481	J.C. Penney Co., Inc., Term Loan, VAR, 6.000%, 05/22/18		1,476
	626	Navios Maritime Partners LP, Term Loan, VAR, 5.500%, 06/18/20		619
	269	OCI Beaumont LLC, Term Loan B3, VAR, 6.500%, 08/20/19		273
	1,279	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		1,279
	5,084	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		5,076
	747	Post Holdings, Inc., Series A Incremental Term Loan, VAR, 3.750%, 06/02/21		748
	1,230	Quality Distribution, Inc., 2nd Lien Term Loan, VAR, 9.500%, 08/18/23		1,168
	169	Quikrete Holdings, Inc., Initial Term Loan (second Lien), VAR, 7.000%, 03/26/21		169
	634	Remy International, Inc., Term Loan, VAR, 5.250%, 03/05/20		633
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		395
	2,125	Rite Aid Corp., 2nd Lien Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,128
	647	Riverbed Technology, Inc., Term Loan, VAR, 6.000%, 04/25/22 ^		647
	2,716	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		2,555
	1,217	Sabine Oil & Gas LLC, 2nd Lien Term Loan, VAR, 8.750%, 12/31/18 (d)		124
	716	Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		699
	1,601	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,551
	1,001	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		1,001
	681	Shingle Springs Tribal Gaming Authority, Term B Loan, VAR, 6.250%, 08/29/19		681
	1,089	Signode Industrial Group U.S., Inc. Initial Term B Loan, VAR, 3.750%, 05/01/21		1,067
	540	Stallion Oilfield Holdings, Inc., Term Loan B, VAR, 8.000%, 06/19/18		344
	1,230	Staples, Inc., Term Loan, VAR, 04/21/21 ^		1,223
	2,421	Stardust Finance Holding, Inc., Senior Lien Term Loan, VAR, 6.500%, 03/14/22		2,385
	1,060	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		951
	313	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		283

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	1,001	Texas Competitive Electric Holdings Co. LLC, DIP Loan, VAR, 3.750%, 05/05/16 (d)		1,000
	16,772	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.677%, 10/10/17 (d)		5,664
	12,477	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.677%, 11/18/15 (d)		3,988
	769	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		767
	439	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		435
	1,695	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,683
	2,110	UPC Financing Partnership, Facility AH, VAR, 3.250%, 06/30/21 ^		2,073
	746	Veresen Midstream Ltd. Partnership, Initial Term Loan, VAR, 5.250%, 03/31/22		743
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 11.750%, 12/21/15 (d)		—	(h)
	676	Visant Corp., Initial Term Loan, VAR, 7.000%, 09/23/21		673
	628	W&T Offshore, Inc., Term Loan, VAR, 9.000%, 05/15/20		548
				82,401
		Total Loan Assignments (Cost 105,123)		87,809
	Preferred Securities — 6.4% (x)
		Belgium — 0.1%
EUR	12,925	KBC Groep N.V., VAR, 5.625%, 03/19/19		14,195
		Denmark — 0.1%
EUR	4,071	Danske Bank A/S, VAR, 5.750%, 04/06/20		4,516
		France — 0.3%
	6,810	BNP Paribas S.A., VAR, 7.375%, 08/19/25 (e)		7,048
		Credit Agricole S.A.,
EUR	1,235	Reg. S, VAR, 6.500%, 06/23/21		1,368
	14,645	VAR, 6.625%, 09/23/19 (e)		14,426
		Electricite de France S.A.,
	6,535	VAR, 5.250%, 01/29/23 (e)		6,502
	7,240	VAR, 5.625%, 01/22/24 (e)		7,155
GBP	2,000	Orange S.A., Reg. S, VAR, 5.875%, 02/07/22		3,147
				39,646

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands — 0.1%
	EUR 5,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, VAR, 5.500%, 06/29/20		5,533
	GBP 4,400	Telefonica Europe B.V., Reg. S, VAR, 6.750%, 11/26/20		6,935
				12,468
		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria S.A.,
EUR	15,000	Reg. S, VAR, 7.000%, 02/19/19		16,521
EUR	5,000	VAR, 6.750%, 02/18/20		5,405
	2,000	VAR, 9.000%, 05/09/18		2,155
				24,081
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, VAR, 5.750%, 05/13/20		4,913
	5,000	Svenska Handelsbanken AB, VAR, 5.250%, 03/01/21		4,826
	5,000	Swedbank AB, VAR, 5.500%, 03/17/20		4,950
				14,689
		Switzerland — 0.2%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e)		6,342
	15,111	VAR, 7.500%, 12/11/23 (e)		15,952
	5,000	UBS Group AG, VAR, 7.000%, 02/19/25		5,238
				27,532
		United Kingdom — 0.4%
		HSBC Holdings plc,
	2,515	VAR, 5.625%, 01/17/20		2,513
	14,540	VAR, 6.375%, 09/17/24		14,402
	7,675	VAR, 6.375%, 03/30/25		7,579
		Lloyds Banking Group plc,
	16,958	VAR, 7.500%, 06/27/24		18,018
	GBP 6,909	Nationwide Building Society, VAR, 6.875%, 06/20/19		10,731
				53,243
		United States — 4.9%
		American Express Co.,
	11,620	VAR, 5.200%, 11/15/19		11,620
	17,060	Series C, VAR, 4.900%, 03/15/20		16,548
		Bank of America Corp.,
	15,338	Series AA, VAR, 6.100%, 03/17/25		15,511
	14,319	Series K, VAR, 8.000%, 01/30/18		14,929
	1,315	Series M, VAR, 8.125%, 05/15/18		1,369
	12,355	Series U, VAR, 5.200%, 06/01/23		11,687

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		United States — continued
	41,030	Series V, VAR, 5.125%, 06/17/19		40,209
	11,220	Series X, VAR, 6.250%, 09/05/24		11,378
	16,930	Series Z, VAR, 6.500%, 10/23/24		17,692
		Bank of New York Mellon Corp. (The),
	12,235	Series D, VAR, 4.500%, 06/20/23		11,379
	20,375	Series E, VAR, 4.950%, 06/20/20		20,375
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20		21,610
		Citigroup, Inc.,
	18,431	VAR, 5.950%, 01/30/23		18,293
	22,455	Series D, VAR, 5.350%, 05/15/23		21,360
	10,670	Series M, VAR, 6.300%, 05/15/24		10,553
	21,330	Series N, VAR, 5.800%, 11/15/19		21,197
	12,795	Series O, VAR, 5.875%, 03/27/20		12,664
	21,650	Series P, VAR, 5.950%, 05/15/25		20,892
	5,040	Series Q, VAR, 5.950%, 08/15/20		5,030
		Fifth Third Bancorp,
	17,625	VAR, 5.100%, 06/30/23		16,193
	6,175	Series J, VAR, 4.900%, 09/30/19		5,835
		General Electric Capital Corp.,
	32,500	Series B, VAR, 6.250%, 12/15/22		36,225
	18,600	Series C, VAR, 5.250%, 06/15/23		19,437
		Goldman Sachs Group, Inc. (The),
	25,078	Series L, VAR, 5.700%, 05/10/19		25,423
	21,703	Series M, VAR, 5.375%, 05/10/20		21,486
	17,944	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		18,112
		Morgan Stanley,
	27,620	Series H, VAR, 5.450%, 07/15/19		27,171
	14,205	Series J, VAR, 5.550%, 07/15/20		14,187
		PNC Financial Services Group, Inc. (The),
	9,588	VAR, 6.750%, 08/01/21		10,333
	12,415	Series R, VAR, 4.850%, 06/01/23		11,669
	13,910	State Street Corp., Series F, VAR, 5.250%, 09/15/20		13,960
	12,540	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		12,650
		Wachovia Capital Trust III,
	11,565	VAR, 5.570%, 11/30/15		11,357
		Wells Fargo & Co.,
	12,480	Series K, VAR, 7.980%, 03/15/18		13,291
	27,592	Series S, VAR, 5.900%, 06/15/24		28,282
	16,775	Series U, VAR, 5.875%, 06/15/25		17,743
				607,650
		Total Preferred Securities (Cost $804,368)		798,020

SHARES		SECURITY DESCRIPTION	VALUE
	Preferred Stocks — 1.9%
		Bermuda — 0.0% (g)
	12	Bunge Ltd., 4.875% ($100 par value) @		1,147
		Brazil — 0.0% (g)
	189	Banco Bradesco S.A. (Preference Shares)		1,030
		Cayman Islands — 0.0% (g)
	3	XLIT Ltd., Series D, VAR, 3.441%, 11/30/15 ($1,000 par value) @		2,764
	3	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17 ($1,000 par value) @		2,311
				5,075
		Ireland — 0.1%
	7	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		7,060
		Luxembourg — 0.0% (g)
	127	ArcelorMittal, 6.000%, 01/15/16 ($25 par value)		1,147
		Russia — 0.0% (g)
	1,495	Surgutneftegas OAO ($1 par value)		1,019
		United States — 1.8%
	43	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		1,350
	256	Allstate Corp. (The), Series C, 6.750%, 10/15/18 ($25 par value) @		6,978
	97	Allstate Corp. (The), Series E, 6.625%, 04/15/19 ($25 par value) @		2,637
	2	Ally Financial, Inc., Series G, 7.000%, 11/30/15 ($1000 par value) @		2,058
	23	American Tower Corp., 5.500%, 02/15/18 ($100 par value)		2,424
	10	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		1,015
	46	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		2,138
	4	Bank of America Corp., Series L, 7.250% ($1,000 par value) @		4,603
	279	Bank of New York Mellon Corp. (The), 5.200%, 09/20/17 ($25 par value) @		7,157
	119	BB&T Corp., Series E, 5.625%, 08/01/17 ($25 par value) @		3,055
	508	BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,610
	52	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,293
	117	Boston Properties, Inc., 5.250%, 03/27/18 ($25 par value) @		3,013
	85	Capital One Financial Corp., Series B, 6.000%, 09/01/17 ($25 par value) @		2,178
	365	Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		9,932

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Future contracts)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
			United States — continued
	2		Chesapeake Energy Corp., 5.750% ($1,000 par value) @		839
	—	(h)	Constar International, Inc.		—
	39		Crown Castle International Corp., Series A, 4.500%, 11/01/16 ($100 par value) @		4,126
	457		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		12,184
	57		Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		2,807
	35		Dominion Resources, Inc., Series B, 6.000%, 07/01/16 ($50 par value)		1,986
	440		Duke Energy Corp., 5.125%, 01/15/18 ($25 par value)		11,128
	34		Exelon Corp., 6.500%, 06/01/17 ($50 par value)		1,412
	26		Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		2,613
	12		GMAC Capital Trust I, Series 2, VAR, 8.125%, 02/15/40 ($25 par value)		310
	675		Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		16,788
	430		Goldman Sachs Group, Inc. (The), Series K, VAR, 6.375%, 05/10/24 ($25 par value) @		11,537
	65		Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		2,008
	400		Morgan Stanley, Series E, VAR, 7.125%, 10/15/23 ($25 par value) @		11,140
	300		Morgan Stanley, Series F, VAR, 6.875%, 01/15/24 ($25 par value) @		8,115
	500		Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		12,950
	56		NextEra Energy, Inc., 5.799%, 09/01/16 ($50 par value)		3,074
	1		Pitney Bowes International Holdings, Inc., Series F, 6.125%, 10/30/16 ($1,000 par value) @		1,056
	374		SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		9,169
	56		Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		1,557
	16		Stanley Black & Decker, Inc., 6.250%, 11/17/16 ($100 par value)		1,971
	575		State Street Corp., 6.000%, 12/15/19 ($25 par value) @		14,864
	139		State Street Corp., Series C, 5.250%, 09/15/17 ($25 par value) @		3,563
	301		State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		8,018
	10		Stericycle, Inc., 5.250%, 09/15/18 ($100 par value)		908

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	33	T-Mobile USA, Inc., 5.500%, 12/15/17 ($50 par value)		2,179
	45	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		2,330
	42	Vornado Realty Trust, Series G, 6.625%, 11/30/15 ($25 par value) @		1,073
	5	Wells Fargo & Co., Series L, 7.500% ($1,000 par value) @		6,367
	30	Welltower, Inc., Series I, 6.500% ($50 par value) @		1,756
	25	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		1,234
				221,503
		Total Preferred Stocks (Cost $235,392)		237,981
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
		United States — 0.0% (g)
	1	Gener8 Maritime, Inc., expiring 05/17/17 (Strike Price $42.50) (a)		—	(h)
	1	Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $22.32) (a)		—
	– (h)	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $14.88) (a)		—
		Total Warrants (Cost $-(h))		—	(h)
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.8%
	93,105	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $93,150)		93,155
SHARES
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	302,495	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $302,495)		302,495
		Total Investments — 99.2% (Cost $12,174,312)		12,417,480
		Other Assets in Excess of Liabilities — 0.8%		103,870
		NET ASSETS — 100.0%	$	12,521,350

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS OCTOBER 31, 2015

Summary of Investments by Industry, October 31, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Banks		9.3	%
Real Estate Investment Trusts (REITs)		8.8
Oil, Gas & Consumable Fuels		5.5
Diversified Telecommunication Services		4.9
Insurance		4.7
Pharmaceuticals		4.6
Foreign Government Securities		4.5
Asset-Backed Securities		4.1
Media		3.9
Non-Agency CMO		3.8
Capital Markets		2.9
Health Care Providers & Services		2.0
Wireless Telecommunication Services		2.0
Tobacco		1.7
Electric Utilities		1.6

INDUSTRY	PERCENTAGE
Automobiles		1.6	%
Diversified Financial Services		1.6
Food Products		1.5
Chemicals		1.5
Hotels, Restaurants & Leisure		1.5
Specialty Retail		1.4
Software		1.3
Metals & Mining		1.3
Commercial Mortgage-Backed Securities		1.3
Semiconductors & Semiconductor Equipment		1.3
IT Services		1.2
Consumer Finance		1.1
Others (each less than 1.0%)		16.7
Short-Term Investment		2.4

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	200		Euro STOXX 50 Index		12/18/15		EUR		7,484			(32	)
	76		FTSE 100 Index		12/18/15		GBP		7,405			(33	)
	888		U.S. Long Bond		12/21/15		USD		138,916			(106	)
			Short Futures Outstanding
	(6,067	)	Euro FX		12/14/15		USD		(834,895	)		11,971
	(6,383	)	GBP FX		12/14/15		USD		(615,241	)		(9,826	)
	(663	)	E-mini S&P 500		12/18/15		USD		(68,743	)		(4,457	)
	(3,371	)	Euro STOXX 50 Index		12/18/15		EUR		(126,147	)		(7,712	)
	(14,191	)	5 Year U.S. Treasury Note		12/31/15		USD		(1,699,705	)		3,518
												(6,677	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 81

J.P. Morgan Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CLN	—  Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of October 31, 2015. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CMO	—  Collateralized Mortgage Obligation
CSMC	—  Credit Suisse Mortgage Trust
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GDR	—  Global Depositary Receipt
GMAC	—  General Motors Acceptance Corp.
HKD	—  Hong Kong Dollar
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of October 31, 2015. The rate may be subject to a cap and floor.
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SDR	—  Special drawing rights
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2015.
TOPIX	—  Tokyo Price Index
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2015.
ZAR	—  South African Rand

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures, centrally cleared swaps or with brokers as initial margin for future contracts or centrally cleared swaps.
(l)	—  The rate shown is the current yield as of October 31, 2015.
(u)	—  Security represents the underlying bond on an inverse floating rate security.
(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—  Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflect the next call date. The coupon rates shown are the rates in effect as of October 31, 2015.
^	—  All or a portion of the security is unsettled as of October 31, 2015. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—  The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of October 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are as follows:

Fund	Fund Value		Percentage
Global Allocation Fund	$	176,989,000		23.3	%
Income Builder Fund		2,865,516,000		23.1

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS OCTOBER 31, 2015

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	671,911		$	12,114,985
Investments in affiliates, at value		88,032			302,495
Total investment securities, at value		759,943			12,417,480
Cash		—			40,347
Foreign currency, at value		1,110			14,236
Deposits at broker for futures contracts		1,912			—
Receivables:
Due from custodian		983			4,270
Investment securities sold		487			8,867
Fund shares sold		19,584			38,003
Interest and dividends from non-affiliates		4,197			101,595
Dividends from affiliates		6			16
Tax reclaims		47			4,086
Variation margin on futures contracts		1,492			—
Unrealized appreciation on forward foreign currency exchange contracts		2,261			—
Total Assets		792,022			12,628,900
LIABILITIES:
Payables:
Due to custodian		49			—
Investment securities purchased		14,443			73,441
Fund shares redeemed		1,408			18,342
Variation margin on futures contracts		—			4,969
Unrealized depreciation on forward foreign currency exchange contracts		1,033			—
Accrued liabilities:
Investment advisory fees		109			2,220
Distribution fees		153			4,117
Shareholder servicing fees		136			1,961
Custodian and accounting fees		114			485
Trustees’ and Chief Compliance Officer’s fees		—	(a)		3
Other		160			2,012
Total Liabilities		17,605			107,550
Net Assets	$	774,417		$	12,521,350

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015 (continued)

(Amounts in thousands, except per share amounts)

	Global Allocation Fund			Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	774,801		$	12,524,197
Accumulated undistributed (distributions in excess of) net investment income		1,013			(10,720	)
Accumulated net realized gains (losses)		(5,884	)		(228,309	)
Net unrealized appreciation (depreciation)		4,487			236,182
Total Net Assets	$	774,417		$	12,521,350
Net Assets:
Class A	$	211,120		$	4,262,148
Class C		198,888			5,120,797
Class R2		203			—
Select Class		364,206			3,138,405
Total	$	774,417		$	12,521,350
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		12,818			428,117
Class C		12,200			515,748
Class R2		12			—
Select Class		22,032			314,899
Net Asset Value (a):
Class A — Redemption price per share	$	16.47		$	9.96
Class C — Offering price per share (b)		16.30			9.93
Class R2 — Offering and redemption price per share		16.44			—
Select Class — Offering and redemption price per share		16.53			9.97
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.25		$	10.43
Cost of investments in non-affiliates	$	669,731		$	11,871,817
Cost of investments in affiliates		88,032			302,495
Cost of foreign currency		1,112			14,195

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS OCTOBER 31, 2015

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 20015

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,752		$	351,898
Interest income from affiliates		2			—	(a)
Dividend income from non-affiliates		3,127			243,266
Dividend income from affiliates		65			110
Foreign taxes withheld		(175	)		(12,907	)
Total investment income		6,771			582,367
EXPENSES:
Investment advisory fees		1,694			55,555
Administration fees		231			10,123
Distribution fees:
Class A		240			10,618
Class C		514			37,467
Class R2		1			—
Shareholder servicing fees:
Class A		240			10,618
Class C		172			12,489
Class R2		—	(a)		—
Select Class		294			7,757
Custodian and accounting fees		297			1,325
Interest expense to affiliates		1			4
Professional fees		88			338
Trustees’ and Chief Compliance Officer’s fees		2			112
Printing and mailing costs		49			876
Registration and filing fees		117			864
Transfer agent fees		17			311
Sub-transfer agent fees (See Note 2.H.)		124			6,863
Other		6			187
Total expenses		4,087			155,507
Less fees waived		(1,169	)		(42,913	)
Less expense reimbursements		—	(a)		—
Net expenses		2,918			112,594
Net investment income (loss)		3,853			469,773
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(9,270	)		(203,250	)
Investments in affiliates		(371	)		(1,595	)
Futures		1,625			(14,507	)
Foreign currency transactions		1,161			(4,504	)
Net realized gain (loss)		(6,855	)		(223,856	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,509			(286,682	)
Investments in affiliates		132			—
Futures		591			(7,555	)
Foreign currency translations		901			92
Change in net unrealized appreciation/depreciation		3,133			(294,145	)
Net realized/unrealized gains (losses)		(3,722	)		(518,001	)
Change in net assets resulting from operations	$	131		$	(48,228	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,853		$	934		$	469,773		$	436,980
Net realized gain (loss)		(6,855	)		3,620			(223,856	)		37,225
Distributions of capital gains received from investment company affiliates		—			2			—			2
Change in net unrealized appreciation/depreciation		3,133			(509	)		(294,145	)		28,082
Change in net assets resulting from operations		131			4,047			(48,228	)		502,289
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(853	)		(144	)		(172,786	)		(170,909	)
From net realized gains		(1,130	)		(78	)		(7,433	)		—
Return of capital		—			—			(6,423	)		—
Class C
From net investment income		(395	)		(30	)		(178,523	)		(167,676	)
From net realized gains		(557	)		(18	)		(8,655	)		—
Return of capital		—			—			(7,578	)		—
Class R2
From net investment income		(1	)		—	(a)		—			—
From net realized gains		(2	)		(1	)		—			—
Select Class
From net investment income		(1,166	)		(371	)		(130,741	)		(99,880	)
From net realized gains		(1,443	)		(662	)		(5,361	)		—
Return of capital		—			—			(4,687	)		—
Total distributions to shareholders		(5,547	)		(1,304	)		(522,187	)		(438,465	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		692,385			54,378			1,538,383			3,203,513
NET ASSETS:
Change in net assets		686,969			57,121			967,968			3,267,337
Beginning of period		87,448			30,327			11,553,382			8,286,045
End of period	$	774,417		$	87,448		$	12,521,350		$	11,553,382
Accumulated undistributed (distributions in excess of) net investment income	$	1,013		$	1,181		$	(10,721	)	$	17,105

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS OCTOBER 31, 2015

	Global Allocation Fund						Income Builder Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	204,328		$	35,298		$	1,287,287		$	1,754,004
Distributions reinvested		1,966			220			177,297			160,513
Cost of shares redeemed		(20,198	)		(10,619	)		(1,032,043	)		(1,144,052	)
Change in net assets resulting from Class A capital transactions	$	186,096		$	24,899		$	432,541		$	770,465
Class C
Proceeds from shares issued	$	195,816		$	14,168		$	1,305,512		$	1,605,271
Distributions reinvested		942			47			165,251			139,649
Cost of shares redeemed		(10,240	)		(583	)		(796,456	)		(572,883	)
Change in net assets resulting from Class C capital transactions	$	186,518		$	13,632		$	674,307		$	1,172,037
Class R2
Proceeds from shares issued	$	184		$	—		$	—		$	—
Distributions reinvested		3			2			—			—
Cost of shares redeemed		(43	)		—			—			—
Change in net assets resulting from Class R2 capital transactions	$	144		$	2		$	—		$	—
Select Class
Proceeds from shares issued	$	380,000		$	20,322		$	1,328,026		$	1,697,362
Distributions reinvested		2,440			995			106,503			71,120
Cost of shares redeemed		(62,813	)		(5,472	)		(1,002,994	)		(507,471	)
Change in net assets resulting from Select Class capital transactions	$	319,627		$	15,845		$	431,535		$	1,261,011
Total change in net assets resulting from capital transactions	$	692,385		$	54,378		$	1,538,383		$	3,203,513
SHARE TRANSACTIONS:
Class A
Issued		12,280			2,115			125,545			168,171
Reinvested		120			13			17,371			15,350
Redeemed		(1,221	)		(626	)		(101,371	)		(109,473	)
Change in Class A Shares		11,179			1,502			41,545			74,048
Class C
Issued		11,928			848			127,706			154,329
Reinvested		58			3			16,237			13,383
Redeemed		(626	)		(35	)		(78,507	)		(55,179	)
Change in Class C Shares		11,360			816			65,436			112,533
Class R2
Issued		11			—			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(3	)		—			—			—
Change in Class R2 Shares		8			—	(a)		—			—
Select Class
Issued		23,045			1,205			129,365			162,114
Reinvested		149			60			10,424			6,792
Redeemed		(3,778	)		(327	)		(98,588	)		(48,764	)
Change in Select Class Shares		19,416			938			41,201			120,142

(a) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Global Allocation Fund
Class A
Year Ended October 31, 2015	$	17.15	$	0.23	(h)	$	(0.01	)	$	0.22		$	(0.34	)	$	(0.56	)	$	(0.90	)
Year Ended October 31, 2014		16.45		0.26	(h)		0.97			1.23			(0.16	)		(0.37	)		(0.53	)
Year Ended October 31, 2013		14.52		0.19	(h)		2.15			2.34			(0.41	)		—			(0.41	)
Year Ended October 31, 2012		13.53		0.38			0.98			1.36			(0.37	)		—			(0.37	)
May 31, 2011 (i) through October 31, 2011		15.00		0.14			(1.58	)		(1.44	)		(0.03	)		—			(0.03	)
Class C
Year Ended October 31, 2015		17.04		0.15	(h)		(0.02	)		0.13			(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.39		0.16	(h)		0.98			1.14			(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.49		0.16	(h)		2.09			2.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2012		13.52		0.31			0.99			1.30			(0.33	)		—			(0.33	)
May 31, 2011 (i) through October 31, 2011		15.00		0.11			(1.58	)		(1.47	)		(0.01	)		—			(0.01	)
Class R2
Year Ended October 31, 2015		17.13		0.19	(h)		(0.01	)		0.18			(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.44		0.22	(h)		0.96			1.18			(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.51		0.25	(h)		2.04			2.29			(0.36	)		—			(0.36	)
Year Ended October 31, 2012		13.53		0.34			0.99			1.33			(0.35	)		—			(0.35	)
May 31, 2011 (i) through October 31, 2011		15.00		0.12			(1.58	)		(1.46	)		(0.01	)		—			(0.01	)
Select Class
Year Ended October 31, 2015		17.19		0.27	(h)		(0.01	)		0.26			(0.36	)		(0.56	)		(0.92	)
Year Ended October 31, 2014		16.47		0.30	(h)		0.97			1.27			(0.18	)		(0.37	)		(0.55	)
Year Ended October 31, 2013		14.53		0.33	(h)		2.04			2.37			(0.43	)		—			(0.43	)
Year Ended October 31, 2012		13.53		0.41			1.00			1.41			(0.41	)		—			(0.41	)
May 31, 2011 (i) through October 31, 2011		15.00		0.15			(1.58	)		(1.43	)		(0.04	)		—			(0.04	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of operations.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)(g)
$	16.47		1.38	%	$	211,120		1.02	%		1.40	%		1.43	%		44	%
	17.15		7.58			28,114		1.03			1.56			1.74			87
	16.45		16.36			2,253		1.05			1.18			3.30			120
	14.52		10.26			50		1.05			2.70			2.54			67
	13.53		(9.63	)		45		1.05	(j)		2.36	(j)		2.79	(j)		51
	16.30		0.84			198,888		1.51			0.90			1.92			44
	17.04		7.07			14,308		1.53			0.97			2.22			87
	16.39		15.74			380		1.55			1.00			3.41			120
	14.49		9.75			49		1.55			2.19			3.04			67
	13.52		(9.83	)		45		1.55	(j)		1.86	(j)		3.28	(j)		51
	16.44		1.14			203		1.27			1.17			1.77			44
	17.13		7.29			62		1.28			1.31			2.07			87
	16.44		16.06			58		1.30			1.61			2.79			120
	14.51		9.99			50		1.30			2.44			2.79			67
	13.53		(9.71	)		45		1.30	(j)		2.10	(j)		3.04	(j)		51
	16.53		1.62			364,206		0.77			1.61			1.19			44
	17.19		7.88			44,964		0.78			1.79			1.55			87
	16.47		16.61			27,636		0.80			2.10			2.31			120
	14.53		10.58			19,856		0.80			2.95			2.29			67
	13.53		(9.56	)		17,959		0.80	(j)		2.61	(j)		2.55	(j)		51

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions			Redemption fees
Income Builder Fund
Class A
Year Ended October 31, 2015	$	10.41	$	0.41	(d)	$	(0.41	)	$	—	(e)	$	(0.41	)	$	(0.02	)	$	(0.02	)	$	(0.45	)	$	—
Year Ended October 31, 2014		10.32		0.47			0.09			0.56			(0.47	)		—			—			(0.47	)		—
Year Ended October 31, 2013		9.70		0.45			0.64			1.09			(0.47	)		—			—			(0.47	)		—
Year Ended October 31, 2012		9.01		0.50			0.67			1.17			(0.48	)		—			—			(0.48	)		—
Year Ended October 31, 2011		9.37		0.49			(0.36	)		0.13			(0.49	)		—			—			(0.49	)		—	(e)
Class C
Year Ended October 31, 2015		10.38		0.35	(d)		(0.40	)		(0.05	)		(0.36	)		(0.02	)		(0.02	)		(0.40	)		—
Year Ended October 31, 2014		10.29		0.42			0.10			0.52			(0.43	)		—			—			(0.43	)		—
Year Ended October 31, 2013		9.68		0.40			0.63			1.03			(0.42	)		—			—			(0.42	)		—
Year Ended October 31, 2012		9.00		0.45			0.67			1.12			(0.44	)		—			—			(0.44	)		—
Year Ended October 31, 2011		9.36		0.45			(0.36	)		0.09			(0.45	)		—			—			(0.45	)		—	(e)
Select Class
Year Ended October 31, 2015		10.42		0.42	(d)		(0.40	)		0.02			(0.43	)		(0.02	)		(0.02	)		(0.47	)		—
Year Ended October 31, 2014		10.33		0.49			0.09			0.58			(0.49	)		—			—			(0.49	)		—
Year Ended October 31, 2013		9.71		0.46			0.64			1.10			(0.48	)		—			—			(0.48	)		—
Year Ended October 31, 2012		9.02		0.51			0.67			1.18			(0.49	)		—			—			(0.49	)		—
Year Ended October 31, 2011		9.37		0.50			(0.34	)		0.16			(0.51	)		—			—			(0.51	)		—	(e)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (b)			Portfolio turnover rate (c)
$	9.96		(0.03	)%	$	4,262,148		0.75	%		3.97	%		1.11	%		48	%
	10.41		5.54			4,024,646		0.74			4.60			1.12			41
	10.32		11.45			3,223,725		0.75			4.55			1.13			41
	9.70		13.36			1,502,366		0.74			5.48			1.15			40
	9.01		1.36			736,186		0.74			5.43			1.14			38
	9.93		(0.53	)		5,120,797		1.25			3.47			1.63			48
	10.38		5.06			4,676,332		1.24			4.08			1.62			41
	10.29		10.84			3,476,814		1.25			4.05			1.63			41
	9.68		12.72			1,665,862		1.24			4.98			1.65			40
	9.00		0.88			853,688		1.24			4.93			1.65			38
	9.97		0.12			3,138,405		0.60			4.12			0.87			48
	10.42		5.70			2,852,404		0.59			4.68			0.87			41
	10.33		11.58			1,585,506		0.60			4.70			0.88			41
	9.71		13.51			817,404		0.59			5.63			0.90			40
	9.02		1.61			516,486		0.59			5.58			0.90			38

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Global Allocation Fund	Class A, Class C, Class R2 and Select Class	Diversified
Income Builder Fund	Class A, Class C and Select Class	Diversified

The investment objective of Global Allocation Fund is to seek to maximize long-term total return.

The investment objective of Income Builder Fund is to seek to maximize income while maintaining prospects for capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Class R2 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

92 J.P. MORGAN FUNDS OCTOBER 31, 2015

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Funds at October 31, 2015.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

JPMorgan Global Allocation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	517	$	7,930	$	—	$	8,447
Bermuda		783		—		—		783
Brazil		3,605		—		—		3,605
Canada		1,075		—		—		1,075
Chile		528		—		—		528
China		1,337		3,303		—		4,640
Denmark		—		2,666		—		2,666
Finland		—		3,107		—		3,107
France		—		15,884		—		15,884
Germany		—		11,261		—		11,261
Hong Kong		913		6,850		—		7,763
India		7,196		1,357		—		8,553
Indonesia		—		1,955		—		1,955
Ireland		792		1,343		—		2,135
Israel		925		—		—		925
Italy		—		4,344		—		4,344
Japan		—		33,137		—		33,137
Luxembourg		—		323		—		323
Malaysia		—		372		—		372
Mexico		1,318		—		—		1,318
Netherlands		2,236		5,338		—		7,574
New Zealand		—		502		—		502
Norway		—		441		—		441
Panama		72		—		—		72
Peru		535		—		—		535
Portugal		—		459		—		459
Russia		896		2,320		—		3,216
Singapore		886		1,150		—		2,036
South Africa		444		7,384		—		7,828
South Korea		—		2,842		—		2,842
Spain		—		3,602		—		3,602
Sweden		—		3,539		—		3,539
Switzerland		313		15,854		—		16,167
Taiwan		2,421		1,700		—		4,121
Thailand		1,549		672		—		2,221
Turkey		—		835		—		835
United Kingdom		1,640		29,771		—		31,411
United States		132,296		—		—		132,296
Total Common Stocks		162,277		170,241		—		332,518

OCTOBER 31, 2015 J.P. MORGAN FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities (continued)
Preferred Stocks
Brazil	$	772	$	—	$	—	$	772
Cayman Islands		70		—		—		70
Germany		—		1,357		—		1,357
United States		32		—		—		32
Total Preferred Stocks		874		1,357		—		2,231
Debt Securities
Asset-Backed Securities
United States		—		11,237		31,322		42,559
Total Asset-Backed Securities		—		11,237		31,322		42,559
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		33,001		423		33,424
Total Collateralized Mortgage Obligations		—		33,001		423		33,424
Commercial Mortgage-Backed Securities
United States		—		2,983		—		2,983
Total Commercial Mortgage-Backed Securities		—		2,983		—		2,983
Convertible Bonds
United States		—		111		—		111
Total Convertible Bonds		—		111		—		111
Corporate Bonds
Australia		—		79		—		79
Bahamas		—		—		166		166
Bermuda		—		418		—		418
Canada		—		6,577		—		6,577
Cayman Islands		—		235		—		235
Finland		—		162		—		162
France		—		1,003		—		1,003
Germany		—		206		—		206
Ireland		—		1,595		—		1,595
Japan		—		396		—		396
Liberia		—		17		—		17
Luxembourg		—		5,511		—		5,511
Mexico		—		1,147		—		1,147
Netherlands		—		2,297		—		2,297
Singapore		—		212		—		212
Spain		—		160		—		160
United Kingdom		—		2,849		—		2,849
United States		—		119,397		—		119,397
Total Corporate Bonds		—		142,261		166		142,427
Preferred Securities
Cayman Islands		—		311		—		311
France		—		1,116		—		1,116
United Kingdom		—		836		—		836
United States		—		1,613		—		1,613
Total Preferred Securities		—		3,876		—		3,876
Loan Assignments
Australia		—		169		—		169
Canada		—		192		—		192
Singapore		—		3		—		3
United States		—		1,176		—		1,176
Total Loan Assignments		—		1,540		—		1,540

94 J.P. MORGAN FUNDS OCTOBER 31, 2015

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities (continued)
Foreign Government Securities	$	—		$	84,700		$	—	$	84,700
Options Purchased
Call Options Purchased		8,710			—			—		8,710
U.S. Treasury Obligations		—			16,823			—		16,823
Rights
Australia		2			—			—		2
Spain		7			—			—		7
Total Rights		9			—			—		9
Short-Term Investment
Investment Company		88,032			—			—		88,032
Total Investments in Securities	$	259,902		$	468,130		$	31,911	$	759,943
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,261		$	—	$	2,261
Futures Contracts		3,901			—			—		3,901
Total Appreciation in Other Financial Instruments	$	3,901		$	2,261		$	—	$	6,162
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,033	)	$	—	$	(1,033	)
Futures Contracts		(2,789	)		—			—		(2,789	)
Total Depreciation in Other Financial Instruments	$	(2,789	)	$	(1,033	)	$	—	$	(3,822	)

JPMorgan Income Builder Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	147,001	$	—	$	147,001
Belgium		—		32,988		—		32,988
Bermuda		1,419		—		—		1,419
Brazil		7,871		—		—		7,871
Canada		79,529		—		—		79,529
Chile		2,568		—		—		2,568
China		—		7,965		—		7,965
Czech Republic		—		2,466		—		2,466
Denmark		—		55,106		—		55,106
Finland		—		117,390		—		117,390
France		—		365,443		—		365,443
Germany		—		201,896		—		201,896
Hong Kong		—		30,472		—		30,472
Hungary		—		1,817		—		1,817
India		—		4,029		—		4,029
Indonesia		—		1,548		—		1,548
Ireland		45,420		—		—		45,420
Italy		—		76,565		—		76,565
Japan		—		199,772		—		199,772
Luxembourg		—		8,868		—		8,868
Mexico		2,863		—		—		2,863
Netherlands		47,874		93,236		—		141,110
Norway		—		63,991		—		63,991
Poland		—		2,065		—		2,065
Portugal		—		22,199		—		22,199
Russia		1,709		14,641		—		16,350
Singapore		—		9,688		—		9,688

OCTOBER 31, 2015 J.P. MORGAN FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities (continued)
South Africa	$	—	$	24,308	$	—		$	24,308
South Korea		6,019		1,823		—			7,842
Spain		—		121,137		—			121,137
Sweden		—		77,248		—			77,248
Switzerland		7,539		177,876		—			185,415
Taiwan		3,244		33,451		—			36,695
Thailand		2,317		1,664		—			3,981
Turkey		—		3,399		—			3,399
United Arab Emirates		—		1,584		—			1,584
United Kingdom		13,925		895,624		—			909,549
United States		1,953,601		—		180			1,953,781
Total Common Stocks		2,175,898		2,797,260		180			4,973,338
Preferred Stocks
Bermuda		1,147		—		—			1,147
Brazil		1,030		—		—			1,030
Cayman Islands		2,764		2,311		—			5,075
Ireland		7,060		—		—			7,060
Luxembourg		1,147		—		—			1,147
Russia		1,019		—		—			1,019
United States		220,664		839		—	(a)		221,503
Total Preferred Stocks		234,831		3,150		—	(a)		237,981
Debt Securities
Asset-Backed Securities
United States		—		40,618		471,259			511,877
Total Asset-Backed Securities		—		40,618		471,259			511,877
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		468,976		3,628			472,604
Total Collateralized Mortgage Obligations		—		468,976		3,628			472,604
Commercial Mortgage-Backed Securities
United States		—		96,743		62,029			158,772
Total Commercial Mortgage-Backed Securities		—		96,743		62,029			158,772
Convertible Bonds
Austria		—		628		—			628
Bermuda		—		596		—			596
Cayman Islands		—		11,689		—			11,689
France		—		1,439		—			1,439
Hungary		—		2,730		—			2,730
Italy		—		1,522		—			1,522
Luxembourg		—		7,341		—			7,341
Netherlands		—		7,961		—			7,961
Singapore		—		5,562		—			5,562
South Africa		—		465		—			465
Spain		—		6,071		—			6,071
Taiwan		—		537		—			537
United Arab Emirates		—		6,222		—			6,222
United Kingdom		—		7,097		—			7,097
United States		—		68,815		277			69,092
Total Convertible Bonds		—		128,675		277			128,952
Corporate Bonds
Argentina		—		2,127		—			2,127
Australia		—		11,325		—			11,325

96 J.P. MORGAN FUNDS OCTOBER 31, 2015

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities (continued)
Azerbaijan	$	—	$	3,203	$	—		$	3,203
Bahamas		—		—		3,239			3,239
Bermuda		—		15,947		—			15,947
Brazil		—		7,097		—			7,097
Canada		—		194,745		—	(b)		194,745
Cayman Islands		—		14,714		—			14,714
Chile		—		12,102		—			12,102
Colombia		—		10,955		—			10,955
Croatia		—		2,565		—			2,565
Finland		—		2,032		—			2,032
France		—		28,639		—			28,639
Georgia		—		6,747		—			6,747
Germany		—		2,381		—			2,381
Hungary		—		5,604		—			5,604
Indonesia		—		19,589		—			19,589
Ireland		—		50,313		—			50,313
Israel		—		7,422		—			7,422
Italy		—		11,922		—			11,922
Japan		—		3,914		—			3,914
Kazakhstan		—		26,517		—			26,517
Liberia		—		1,529		—			1,529
Luxembourg		—		178,206		—			178,206
Mexico		—		53,498		—			53,498
Morocco		—		24,099		—			24,099
Netherlands		—		62,289		—			62,289
Peru		—		7,781		—			7,781
Singapore		—		483		—			483
Sri Lanka		—		655		—			655
Turkey		—		2,254		—			2,254
United Arab Emirates		—		6,902		—			6,902
United Kingdom		—		57,884		—			57,884
United States		—		3,243,328		105			3,243,433
Venezuela		—		15,881		—			15,881
Total Corporate Bonds		—		4,094,649		3,344			4,097,993
Preferred Securities
Belgium		—		14,195		—			14,195
Denmark		—		4,516		—			4,516
France		—		39,646		—			39,646
Netherlands		—		12,468		—			12,468
Spain		—		24,081		—			24,081
Sweden		—		14,689		—			14,689
Switzerland		—		27,532		—			27,532
United Kingdom		—		53,243		—			53,243
United States		—		607,650		—			607,650
Total Preferred Securities		—		798,020		—			798,020
Loan Assignments
Australia		—		1,764		—			1,764
Bermuda		—		470		—			470
Canada		—		285		—			285
Cayman Islands		—		403		—			403
Luxembourg		—		1,618		—			1,618
Singapore		—		868		—			868
United States		—		80,845		1,556			82,401
Total Loan Assignments		—		86,253		1,556			87,809

OCTOBER 31, 2015 J.P. MORGAN FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities (continued)
Foreign Government Securities	$	—		$	549,431	$	5,053		$	554,484
U.S. Treasury Obligations		—			93,155		—			93,155
Warrants
United States		—			—		—	(b)		—	(b)
Short-Term Investment
Investment Company		302,495			—		—			302,495
Total Investments in Securities	$	2,713,224		$	9,156,930	$	547,326		$	12,417,480
Appreciation in Other Financial Instruments
Futures Contracts	$	15,489		$	—	$	—		$	15,489
Depreciation in Other Financial Instruments
Futures Contracts	$	(22,166	)	$	—	$	—		$	(22,166	)

(a) Value is zero.

(b) Amount rounds to less than $1,000.

There were no significant transfers between Levels 1 and 2 during the year ended October 31, 2015.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

JPMorgan Global Allocation Fund	Balance as of October 31, 2014		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of October 31, 2015
Asset-Backed Securities — United States	$	5,934	$	(3	)	$	(73	)	$	51	$	28,812	$	(3,399)		$	—	$	—		$	31,322
Collateralized Mortgage Obligation — Non-Agency CMO — United States		—		—			4			1		456		(38	)		—		—			423
Corporate Bonds — Bahamas		—		—			(49	)		1		201		—			13		—			166
Corporate Bonds — United States		98		—			—			—		—		—			—		(98	)		—
Total	$	6,032	$	(3	)	$	(118	)	$	53	$	29,469	$	(3,437	)	$	13	$	(98	)	$	31,911

98 J.P. MORGAN FUNDS OCTOBER 31, 2015

JPMorgan Income Builder Fund	Balance as of October 31, 2014			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of October 31, 2015
Asset-Backed Securities — United States	$	435,562		$	—		$	(4,798	)	$	2,157		$	141,619	$	(100,137	)	$	665	$	(3,809	)	$	471,259
Collateralized Mortgage Obligations — Non-Agency CMO — United States		4,408			—			(284	)		24			—		(520	)		—		—			3,628
Commercial Mortgage-Backed Securities — United States		19,037			—			(786	)		(6	)		45,511		—			—		(1,727	)		62,029
Common Stocks — United States		1,770			(1,155	)		1,181			—			—		(1,616	)		—		—			180
Convertible Bonds — United States		—			—			(14	)		—			25		—			266		—			277
Corporate Bonds — Bahamas		—			—			(1,605	)		3			1,780		—			3,061		—			3,239
Corporate Bonds — Canada		—	(b)		—	(b)		—			—			—		—			—		—			—	(b)
Corporate Bonds — Germany		1,514			—			488			—			—		(2,002	)		—		—			—
Corporate Bonds — United States		13,842			5			(47	)		—	(b)		1		(99	)		—		(13,597	)		105
Foreign Government Securities		12,192			(912	)		(2,639	)		—			—		(3,588	)		—		—			5,053
Loan Assignments — United States		1			—			(10	)		1			1,568		(4	)		—		—			1,556
Preferred Stock — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — United States		—	(a)		—			—	(b)		—			—		—			—		—			—	(b)
Total	$	488,326		$	(2,062	)	$	(8,514	)	$	2,179		$	190,504	$	(107,966	)	$	3,992	$	(19,133	)	$	547,326

(1) Purchases include all purchases of securities and securities received in corporate actions.

(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Value is zero.

(b) Amount rounds to less than $1,000.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the year.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2015, which were valued using significant unobservable inputs (Level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	(117	)
Income Builder Fund		(9,874	)

OCTOBER 31, 2015 J.P. MORGAN FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations:

Global Allocation

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2015		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	31,322	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 10.00% (3.93%)
				Constant Default Rate		2.00% - 10.00% (5.53%)
				Yield (Discount Rate of Cash Flows)		2.38% - 8.77% (4.31%)
Asset-Backed Securities		31,322
		423	Discounted Cash Flow	Constant Prepayment Rate		11.43% (N/A)
				Yield (Discount Rate of Cash Flows)		3.56% (N/A)
Collateralized Mortgage Obligations		423		Constant Default Rate		3.00% (N/A)
Total	$	31,745

# The table above does not include Level 3 investments that are valued by brokers and pricing services. At October 31, 2015, the value of these investments was approximately $166,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2015			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(d)	Market Comparable Companies	Discount for lack of marketability (a)		10% (N/A)
Common Stock		—	(d)
		—	(d)	Discounted Cash Flow (c)	Discount for lack of marketability (a)		10% (N/A)
Preferred Stock		—	(d)
		105		Market Comparable Companies	EBITDA Multiple (b)		6.80x (6.80x)
					Discount for lack of marketability (a)		10% (N/A)
		277		Terms of Sale	Discount for lack of marketability (a)		12.5% (N/A)
Corporate Bonds		382
		471,259		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 12.00% (3.40%)
					Constant Default Rate		0.00% - 36.00% (6.40%)
					Yield (Discount Rate of Cash Flows)		1.03% - 10.19% (4.13%)
Asset-Backed Securities		471,259
		3,628		Discounted Cash Flow	Constant Prepayment Rate		4.00% - 21.26% (12.75%)
					Constant Default Rate		0.00% - 6.65% (2.84%)
					Yield (Discount Rate of Cash Flows)		4.28% - 10.78% (6.52%)
Collateralized Mortgage Obligations		3,628
		56,723		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.46% - 10.91% (6.04%)
Commercial Mortgage-Backed Securities		56,723
Warrants		—	(e)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	531,992

EBITDA — Earnings before interest, taxes, Depreciation and Amortization.

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At October 31, 2015, the value of these investments was approximately $15,334,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

100 J.P. MORGAN FUNDS OCTOBER 31, 2015

(a) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.

(d) Value is zero.

(e) Amount rounds to less than $1,000.

The significant unobservable inputs used in the fair value measurement of the Funds’ investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of October 31, 2015, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Investment Transactions with Affiliates — Global Allocation Fund invests in certain Underlying Funds which are advised by J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds (amounts in thousands):

Affiliate	Value at October 31, 2014		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at October 31, 2015		Value at October 31, 2015
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	2,914	$	533	$	3,295	$	(228	)	$	43		—	$	—
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		1,145		392		1,449		(143	)		2		—		—
JPMorgan Prime Money Market Fund, Institutional Class Shares		5,106		501,757		418,831		—			20		88,032		88,032
	$	9,165					$	(371)		$	65			$	88,032

D. Loan Assignments — The Funds may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When the Funds purchase a loan assignment, the Funds have direct rights against the Borrower on a loan, provided, however, the Funds’ rights may be more limited than the Lender from which they acquired the assignment and the Funds may be able to enforce their rights only through the Agent. As a result, the Funds assume the credit risk of the Borrower as well as any other persons interpositioned between the Funds and the Borrower (“Intermediate Participants”). The Funds may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because the Adviser may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, the Funds could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Loan assignments are also subject to the risks associated with high yield securities described under Note 7 — Risks, Concentrations and Indemnifications.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

E. Derivatives — The Funds used instruments including futures, forward foreign currency exchange contracts and options in connection with their investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Funds to close out their position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparties (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes E(1) — E(3) below describe the various derivatives used by the Funds.

(1). Options — Global Allocation Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

(2). Futures Contracts — The Funds used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

102 J.P. MORGAN FUNDS OCTOBER 31, 2015

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

As of October 31, 2015, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	8,710	$	3,202		$	—		$	11,912
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		—		699			—			699
Foreign exchange contracts	Receivables		—		—			2,261			2,261
Total		$	8,710	$	3,901		$	2,261		$	14,872
Gross Liabilities:
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	—	$	(2,725	)	$	—		$	(2,725	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		—		(64	)		—			(64	)
Foreign exchange contracts	Payables		—		—			(1,033	)		(1,033	)
Total		$	—	$	(2,789	)	$	(1,033	)	$	(3,822	)

(a) The market value of options purchased is reported as an investment in non-affiliates, at value on the Statements of Assets and Liabilities.

(b) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Income Builder Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Currency contracts	Receivables, Net assets — Unrealized Appreciation	$	11,971
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		3,518
Total		$	15,489
Gross Liabilities:
Currency contracts	Payables, Net assets — Unrealized Depreciation	$	(9,826	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(12,234	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(106	)
Total		$	(22,166	)

(a) A portion of this amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2015, by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(2,864	)	$	3,308		$	—	$	444
Foreign exchange contracts		—			303			1,354		1,657
Interest rate contracts		—			(1,986	)		—		(1,986	)
Total	$	(2,864	)	$	1,625		$	1,354	$	115
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	8,489		$	5		$	—	$	8,494
Foreign exchange contracts		—			—			920		920
Interest rate contracts		—			586			—		586
Total	$	8,489		$	591		$	920	$	10,000

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(1,460	)	$	—	$	(1,460	)
Foreign exchange contracts		56,835			10		56,845
Interest rate contracts		(69,882	)		—		(69,882	)
Total	$	(14,507	)	$	10	$	(14,497	)

104 J.P. MORGAN FUNDS OCTOBER 31, 2015

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Currency contracts	$	(12,205	)	$	—		$	(12,205	)
Equity contracts		(12,789	)		—			(12,789	)
Foreign exchange contracts		—			(44	)		(44	)
Interest rate contracts		17,439			—			17,439
Total	$	(7,555	)	$	(44	)	$	(7,599	)

The Funds’ derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and options activity during the year ended October 31, 2015. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

	Global Allocation Fund			Income Builder Fund
Futures Contracts:
Currency
Average Notional Balance Long	$	24,698	(a)	$	—
Average Notional Balance Short		—			1,232,812
Ending Notional Balance Long		—			—
Ending Notional Balance Short		—			1,450,136
Equity
Average Notional Balance Long		39,132			28,294
Average Notional Balance Short		27,546			274,875	(b)
Ending Notional Balance Long		57,000			14,889
Ending Notional Balance Short		64,031			194,890
Interest Rate
Average Notional Balance Long		31,162			438,702	(c)
Average Notional Balance Short		44,532			1,648,761
Ending Notional Balance Long		54,642			138,916
Ending Notional Balance Short		25,250			1,699,705
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		7,112			1,966	(d)
Average Settlement Value Sold		77,257			1,364
Ending Settlement Value Purchased		25,082			—
Ending Settlement Value Sold		186,953			—
Exchange-Traded Options:
Average Number of Contracts Purchased		335			—
Ending Number of Contracts Purchased		1,240			—

(a) For the period May 1, 2015 through May 31, 2015.

(b) For the period September 1, 2015 through October 31, 2015.

(c) For the period January 1, 2015 through October 31, 2015.

(d) For the period November 1, 2014 through November 30, 2014.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported

OCTOBER 31, 2015 J.P. MORGAN FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

H. 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 Trust are allocated among the respective funds. In calculating the NAV 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.

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Funds for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Select Class
Global Allocation Fund	$	43	$	29	$	—	(a)	$	52
Income Builder Fund		1,901		3,076		n/a			1,886

(a) Amount rounds to less than $1,000.

I. 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2015, 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 Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

J. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. Income Builder Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax on the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has recently enacted rules imposing a tax on the indirect transfers of Indian shares. Based upon current guidance from Indian tax authorities, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

K. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Global Allocation Fund	$	—	$	(1,606	)	$	1,606
Income Builder Fund		—		(15,548	)		15,548

The reclassifications for the Funds relate primarily to foreign currency gains or losses.

106 J.P. MORGAN FUNDS OCTOBER 31, 2015

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Global Allocation Fund	0.60	%
Income Builder Fund	0.45

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned 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 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. 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:

	Class A			Class C			Class R2
Global Allocation Fund		0.25	%		0.75	%		0.50	%
Income Builder Fund		0.25			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	248	$	1
Income Builder Fund		2,078		23

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has 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:

	Class A			Class C			Class R2			Class Select
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%
Income Builder Fund		0.25			0.25			n/a			0.25

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. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. 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, if any, are presented separately on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Funds’ average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Select Class
Global Allocation Fund*		1.03	%		1.53	%		1.28	%		0.78	%
Income Builder Fund		0.75			1.25			n/a			0.60

* Prior March 1, 2015, the contractual expense limitation percentages for Global Allocation Fund were 1.05%, 1.55%, 1.30% and 0.80% for Class A, Class C, Class R2 and Select Class, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the year ended October 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Global Allocation Fund	$	808	$	231	$	81	$	1,120	$	—	(a)
Income Builder Fund		23,713		10,122		8,693		42,528		—

(a) Amount rounds to less than $1,000.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 was as follows (amounts in thousands):

Global Allocation Fund	$	49
Income Builder Fund		385

G. Other — Certain officers of the Trust are affiliated with the Adviser, 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 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 on the Statements of Operations.

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

During the year ended October 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Global Allocation Fund	$	1
Income Builder Fund		110

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.

108 J.P. MORGAN FUNDS OCTOBER 31, 2015

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Global Allocation Fund	$	665,617	$	99,202	$	12,186	$	7,597
Income Builder Fund		7,060,373		5,698,621		36,954		16,211

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	760,965	$	19,267	$	20,289	$	(1,022	)
Income Builder Fund		12,218,443		394,098		195,061		199,037

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of passive foreign investment companies (“PFICs”) and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Global Allocation Fund	$	4,169	$	1,378	$	—	$	5,547
Income Builder Fund		483,632		19,867		18,688		522,187

The tax character of distributions paid during the fiscal year ended October 31, 2014 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	545	$	759	$	1,304
Income Builder Fund		438,465		—		438,465

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	3,213	$	1,080		$	(4,678	)
Income Builder Fund		—		(201,020	)		198,489

For the Funds, the cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, straddle loss deferrals, mark to market of futures contracts, mark to market of options contracts, mark to market of PFICs and wash sale loss deferrals.

At October 31, 2015, the following Fund had net capital loss carryforwards available to offset future realized capital gains as follows (amounts in thousands):

	Capital Loss Carryforwards Character
	Short-Term		Long-Term
Income Builder Fund	$	194,071	$	6,949

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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

OCTOBER 31, 2015 J.P. MORGAN FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Income Builder Fund	$	26,192		0.25	%		3	$	1

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on 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.

The Funds each have shareholders, which are in accounts maintained by financial intermediaries on behalf of their clients, which own a significant portion of the Funds’ outstanding shares.

Significant shareholder transactions by these shareholders may impact each Fund’s performance.

The Adviser or an affiliate may from time to time exercise discretion on behalf of certain of their clients with respect to the purchase or sale of a significant portion of the Funds’ outstanding shares. Investment activities on behalf of these shareholders could impact the Funds.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Global Allocation Fund may also invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their net asset value (also known as a discount or premium, respectively).

Because of Global Allocation Fund’s investments in the Underlying Funds and ETFs, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ and ETFs investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities; and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

The Funds are subject to the risk that should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deems representative of its value, the value of the Funds’ net assets could be adversely affected.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

110 J.P. MORGAN FUNDS OCTOBER 31, 2015

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

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

As of October 31, 2015, the Funds had the following country allocations representing greater than 10% of total investments:

	United States
Global Allocation Fund		58.9	%
Income Builder Fund		62.1

OCTOBER 31, 2015 J.P. MORGAN FUNDS 111

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Income Builder Fund and JPMorgan Global Allocation 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 Income Builder Fund and JPMorgan Global Allocation Fund (each a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015, 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 28, 2015

112 J.P. MORGAN FUNDS OCTOBER 31, 2015

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

OCTOBER 31, 2015 J.P. MORGAN FUNDS 113

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

114 J.P. MORGAN FUNDS OCTOBER 31, 2015

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 115

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

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 Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual	$	1,000.00	$	979.10	$	5.04		1.01	%
Hypothetical		1,000.00		1,020.11		5.14		1.01
Class C
Actual		1,000.00		976.60		7.52		1.51
Hypothetical		1,000.00		1,017.59		7.68		1.51
Class R2
Actual		1,000.00		978.00		6.28		1.26
Hypothetical		1,000.00		1,018.85		6.41		1.26
Select Class
Actual		1,000.00		980.20		3.79		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
Income Builder Fund
Class A
Actual	$	1,000.00	$	977.80	$	3.74		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		975.20		6.22		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Select Class
Actual		1,000.00		978.60		2.99		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60

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

116 J.P. MORGAN FUNDS OCTOBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for both of the Funds whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds in which the JPMorgan Global Allocation Fund invests (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ and Underlying Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from

independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds and Underlying Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to each Fund and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to each Fund and Underlying Funds, their overall confidence in the Adviser’s integrity and

OCTOBER 31, 2015 J.P. MORGAN FUNDS 117

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Funds.

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its affiliates in connection with the JPMorgan Global Allocation Fund’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from each Fund and/or Underlying Funds for providing administrative and shareholder services. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and

fund accounting and other related services for each Fund and/or Underlying Funds.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser

118 J.P. MORGAN FUNDS OCTOBER 31, 2015

and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for each Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of each Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-, three- and five- year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for each Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the JPMorgan Global Allocation Fund’s performance was in the second quintile for both Class A and Select Class shares for the one- and three- year periods ended December 31, 2014, and that the independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted the JPMorgan Income Builder Fund’s performance was in the third, third and second quintiles for Class A shares and in the second, third, and second quintiles for Select Class shares for the one- three-, and five-year periods

ended December 31, 2014, respectively, and that the independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the JPMorgan Global Allocation Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the JPMorgan Income Builder Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 119

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 October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2015:

	Dividend Received Deduction
Global Allocation Fund		17.48	%
Income Builder Fund		18.52

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Long Term Capital Gain
Global Allocation Fund	$	1,378
Income Builder Fund		19,867

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015 (amounts in thousands):

	Qualified Dividend Income
Global Allocation Fund	$	3,199
Income Builder Fund		251,968

120 J.P. MORGAN FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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 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 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-IB-GAL-1015

Annual Report

J.P. Morgan Funds

October 31, 2015

JPMorgan Emerging Markets Local Currency Debt Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	31
Trustees	32
Officers	34
Schedule of Shareholder Expenses	35
Board Approval of Investment Advisory Agreement	36
Privacy Policy — Located at the back of this Annual Report

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 Fund’s prospectus for a discussion of the Fund’s investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.” George C.W. Gatch

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a

significant impact — particularly on equity prices — and appeared to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Local Currency Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(18.38)%
J.P. Morgan GBI — EM Global Diversified Index	(17.42)%
Net Assets as of 10/31/2015 (In Thousands)	$192,021
Duration as of 10/31/2015	4.8 years

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Local Currency Debt Fund (the “Fund”) seeks to provide total return.

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

The Fund (Select Class Shares) underperformed the J.P. Morgan GBI — EM Global Diversified Index (the “Benchmark”) for the twelve months ended October 31, 2015.

After significantly underperforming other asset classes in 2013 as nations with current account deficits suffered substantial bond market losses and heavy outflows, emerging market performance generally improved in 2014 and the first 10 months of 2015. But the emerging market local currency debt sector weakened in 2015. Inflows resumed in late 2014 and early 2015 into both local currency-denominated and U.S. dollar-denominated currency markets. Local currency emerging market debt underperformed dollar-denominated emerging market debt over the twelve months ended October 31, 2015.

Leading detractors from performance relative to the Benchmark included the Fund’s overweight position in the Mexican peso, which came under pressure as investors generally turned negative on emerging markets.

The Fund’s positioning in Brazil interest rates through interest rate swaps contracts also detracted from performance relative to the Benchmark. The Fund’s managers believed that deteriorating economic fundamentals and declining economic activity would support an interest rate cut by Brazil’s central bank to stimulate growth. However, elevated inflation and a currency sell-off restricted the central bank’s ability to implement such policy easing.

The Fund’s short position in the Brazilian real and its short position in the Colombian peso early in the twelve month reporting period were leading contributors to relative performance. Domestic and political-economic concerns continued to weigh on the Brazilian currency and Standard & Poor’s downgraded the currency in the third quarter of 2015. A short position in the Colombian peso benefitted the Fund as economic weakness was exacerbated by the continued decline in oil prices.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return, using these investments to establish overweight and underweight currency positions versus the Benchmark. The Fund also used currency derivatives to establish overweight and underweight currency positions versus the Benchmark and held U.S. cash and/or cash equivalents as support for these positions. At the end of the reporting period, the Fund’s largest currency overweight positions versus the Benchmark were in the U.S., U.K. and Brazil. In the case of the Brazilian real, the portfolio managers believed negative news about the Brazilian economy had been “priced in” at the end of the reporting period and they took a tactical long position in the currency.

The portfolio managers also looked to position the portfolio to benefit from changes in the interest rates of different countries. In terms of local interest rates, the Fund was overweight at the end of the reporting period in Mexico, South Africa, Thailand and Hungary, as the Fund’s portfolio managers believed that the economic fundamentals of these countries would lead to lower interest rates (generally, bond prices increase when interest rates decline).

2 J.P. MORGAN FUNDS OCTOBER 31, 2015

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	64.2	%
Short-Term Investment	35.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	35.8	%
Turkey	10.9
Indonesia	7.0
Russia	5.7
Thailand	5.6
Hungary	5.4
Malaysia	4.9
South Africa	4.7
Mexico	4.3
Colombia	4.2
Brazil	3.5
Romania	3.3
Poland	2.9
Peru	1.4
Others (each less than 1.0%)	0.4	%

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Local Currency Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
Without Sales Charge			(18.67	)%		(9.25	)%		(7.48	)%
With Sales Charge*			(21.70	)		(10.40	)		(8.53	)
CLASS C SHARES	June 29, 2012
Without CDSC			(19.16	)		(9.69	)		(7.95	)
With CDSC**			(20.16	)		(9.69	)		(7.95	)
CLASS R2 SHARES	June 29, 2012		(18.88	)		(9.48	)		(7.71	)
CLASS R5 SHARES	June 29, 2012		(18.29	)		(8.84	)		(7.06	)
CLASS R6 SHARES	June 29, 2012		(18.26	)		(8.79	)		(7.01	)
SELECT CLASS SHARES	June 29, 2012		(18.38	)		(9.00	)		(7.23	)

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (6/29/12 TO 10/31/15)

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

The Fund commenced operations on June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Local Currency Debt Fund, the J.P. Morgan GBI-EM Global Diversified Index and the Lipper Emerging Markets Local Currency Debt Funds Index from June 29, 2012 to October 31, 2015. 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 J.P. Morgan GBI-EM Global Diversified Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The performance of the Lipper Emerging Markets Local Currency 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 J.P. Morgan GBI-EM Global Diversified Index consists of regularly traded, fixed-rate, domestic currency government bonds

which international investors can readily access. The maximum weight to any country in the index is capped at 10%. The Lipper Emerging Markets Local Currency Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2015

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 63.0%
		Brazil — 3.3%
	BRL9,170	Brazil Letras do Tesouro Nacional, Zero Coupon, 01/01/18		1,732
		Brazil Notas do Tesouro Nacional Series F,
	BRL18,490	10.000%, 01/01/21		3,875
	BRL1,846	10.000%, 01/01/23		366
	BRL2,309	10.000%, 01/01/25		438
				6,411
		Colombia — 4.1%
		Republic of Colombia,
	COP15,293,200	6.000%, 04/28/28		4,332
	COP11,140,000	7.750%, 09/18/30		3,612
				7,944
		Hungary — 5.3%
		Republic of Hungary,
	HUF310,010	3.000%, 06/26/24		1,058
	HUF1,118,080	5.500%, 06/24/25		4,628
	HUF69,910	6.000%, 11/24/23		294
	HUF530,000	6.500%, 06/24/19		2,148
	HUF157,920	7.000%, 06/24/22		688
	HUF330,600	7.500%, 11/12/20		1,438
				10,254
		Indonesia — 6.9%
		Republic of Indonesia,
	IDR 32,000,000	8.250%, 05/15/36		2,142
	IDR 75,010,000	8.375%, 03/15/24		5,331
	IDR 23,270,000	8.375%, 03/15/34		1,581
	IDR 49,768,000	9.000%, 03/15/29		3,598
	IDR6,600,000	10.500%, 08/15/30		532
				13,184
		Kenya — 0.2%
	600	Citigroup, Inc., CLN, 12.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/15/32; credit rating B)		439
		Malaysia — 4.9%
		Malaysia Government Bond,
	MYR7,600	3.480%, 03/15/23		1,691
	MYR5,900	3.844%, 04/15/33		1,248
	MYR8,660	3.892%, 03/15/27		1,919
	MYR8,000	3.955%, 09/15/25		1,834
	MYR7,600	4.048%, 09/30/21		1,765
	MYR2,100	4.160%, 07/15/21		491
	MYR1,800	4.181%, 07/15/24		418
				9,366

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — 4.2%
		United Mexican States,
	MXN2,876	4.000%, 11/15/40		185
	MXN30,100	7.500%, 06/03/27		2,002
	MXN12,000	7.750%, 05/29/31		815
	MXN19,600	7.750%, 11/13/42		1,328
	MXN50,550	8.500%, 05/31/29		3,640
	MXN2,300	10.000%, 12/05/24		178
				8,148
		Peru — 1.3%
		Republic of Peru,
	PEN3,691	Reg. S, 6.900%, 08/12/37, GDN		1,053
	PEN5,231	Reg. S, 6.950%, 08/12/31, GDN		1,529
				2,582
		Philippines — 0.1%
	PHP10,000	Republic of Philippines, 3.900%, 11/26/22		209
		Poland — 2.9%
		Republic of Poland,
	PLN2,650	2.500%, 07/25/26		666
	PLN7,700	5.750%, 10/25/21		2,376
	PLN3,550	5.750%, 09/23/22		1,112
	PLN3,896	5.750%, 04/25/29		1,322
				5,476
		Romania — 3.3%
		Republic of Romania,
	RON1,020	4.750%, 02/24/25		278
	RON3,750	5.750%, 04/29/20		1,062
	RON1,230	5.850%, 04/26/23		357
	RON10,030	5.900%, 07/26/17		2,678
	RON6,490	5.950%, 06/11/21		1,875
				6,250
		Russia — 5.6%
		Russian Federation,
	RUB256,274	6.700%, 05/15/19		3,632
	RUB70,000	6.800%, 12/11/19		982
	RUB111,899	7.000%, 08/16/23		1,484
	RUB26,760	7.500%, 02/27/19		391
	RUB72,400	7.600%, 04/14/21		1,027
	RUB229,700	7.600%, 07/20/22		3,196
				10,712

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		South Africa — 4.7%
		Republic of South Africa,
	ZAR33,300	6.250%, 03/31/36		1,803
	ZAR29,149	7.000%, 02/28/31		1,790
	ZAR12,450	8.250%, 03/31/32		853
	ZAR45,425	8.750%, 02/28/48		3,167
	ZAR9,700	8.875%, 02/28/35		693
	ZAR7,800	10.500%, 12/21/26		651
				8,957
		Thailand — 5.5%
		Thailand Government Bond,
	THB49,200	3.580%, 12/17/27		1,492
	THB 160,070	3.650%, 12/17/21		4,798
	THB117,500	3.850%, 12/12/25		3,640
	THB19,993	4.875%, 06/22/29		684
				10,614
		Turkey — 10.7%
		Republic of Turkey,
	TRY4,690	7.100%, 03/08/23		1,394
	TRY6,400	7.400%, 02/05/20		2,019
	TRY2,414	8.000%, 03/12/25		749
	TRY7,900	8.200%, 11/16/16		2,660

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Turkey — continued
	TRY14,550	8.500%, 07/10/19		4,785
	TRY4,028	8.500%, 09/14/22		1,299
	TRY910	8.800%, 09/27/23		297
	TRY6,392	9.000%, 03/08/17		2,160
	TRY2,100	9.000%, 07/24/24		693
	TRY4,440	9.500%, 01/12/22		1,502
	TRY1,230	10.400%, 03/20/24		439
	TRY7,194	10.500%, 01/15/20		2,540
				20,537
		Total Foreign Government Securities (Cost $149,323)		121,083
SHARES
	Short-Term Investment — 35.3%
		Investment Company — 35.3%
	67,743	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $67,743)		67,743
		Total Investments — 98.3% (Cost $217,066)		188,826
		Other Assets in Excess of Liabilities — 1.7% (c)		3,195
		NET ASSETS — 100.0%	$	192,021

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	53		90-Day Eurodollar		03/14/16		USD		13,179			32
	108		90-Day Eurodollar		12/19/16		USD		26,727			50
			Short Futures Outstanding
	(60	)	5 Year U.S. Treasury Note		12/31/15		USD		(7,186	)		45
	(53	)	90-Day Eurodollar		03/13/17		USD		(13,098	)		(49	)
	(108	)	90-Day Eurodollar		12/18/17		USD		(26,582	)		(60	)
												18

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,482	BRL	BNP Paribas†		12/15/15		1,903		1,913		10
	9,360	BRL	Deutsche Bank AG†		12/15/15		2,325		2,394		69
	24,051	BRL	Credit Suisse International†		01/20/16		5,961		6,076		115
	43,978	BRL	Deutsche Bank AG†		01/20/16		11,320		11,110		(210	)
	4,523	BRL	Goldman Sachs International†		01/20/16		1,129		1,142		13
	1,908,995	CLP	HSBC Bank, N.A.†		12/15/15		2,750		2,750		—	(h)
	228,727	CLP	HSBC Bank, N.A.†		01/20/16		335		328		(7	)
	3,665,794	COP	Deutsche Bank AG†		01/20/16		1,228		1,253		25
	1,540,619	COP	Goldman Sachs International†		01/20/16		523		526		3
	9,315,827	COP	HSBC Bank, N.A.†		01/20/16		3,236		3,184		(52	)
	2,473,540	COP	Standard Chartered Bank†		01/20/16		828		845		17
	3,731	EUR	Credit Suisse International		12/15/15		4,259		4,106		(153	)
	2,314	EUR	Union Bank of Switzerland AG		12/15/15		2,581		2,546		(35	)
	1,621	GBP	Credit Suisse International		12/15/15		2,470		2,499		29
	2,643	GBP	HSBC Bank, N.A.		12/15/15		4,084		4,074		(10	)
	4,943	GBP	Union Bank of Switzerland AG		12/15/15		7,523		7,619		96
	993,601	HUF	Deutsche Bank AG		01/20/16		3,625		3,513		(112	)
	13,422,889	IDR	Credit Suisse International†		01/20/16		952		951		(1	)
	21,096,232	IDR	HSBC Bank, N.A.†		01/20/16		1,523		1,495		(28	)
	44,613,024	IDR	Standard Chartered Bank†		01/20/16		3,114		3,162		48
	481,898	KRW	HSBC Bank, N.A.†		12/15/15		426		422		(4	)
	34,237	MXN	Deutsche Bank AG		12/15/15		2,062		2,066		4
	118,710	MXN	Citibank, N.A.		01/20/16		7,181		7,146		(35	)
	32,814	MXN	Deutsche Bank AG		01/20/16		1,966		1,975		9
	37,868	MXN	Goldman Sachs International		01/20/16		2,267		2,280		13
	49,246	MYR	Credit Suisse International†		01/20/16		11,611		11,423		(188	)
	2,239	PEN	HSBC Bank, N.A.†		01/20/16		675		673		(2	)
	121,329	PHP	Goldman Sachs International†		12/15/15		2,606		2,588		(18	)
	50,471	PHP	Credit Suisse International†		01/20/16		1,099		1,074		(25	)
	19,559	PLN	HSBC Bank, N.A.		12/15/15		5,238		5,055		(183	)
	8,877	PLN	Societe Generale		12/15/15		2,334		2,294		(40	)
	7,940	PLN	Barclays Bank plc		01/20/16		2,132		2,050		(82	)
	5,314	PLN	Deutsche Bank AG		01/20/16		1,378		1,372		(6	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,396	PLN	Goldman Sachs International		01/20/16		1,701		1,652		(49	)
	47,998	PLN	HSBC Bank, N.A.		01/20/16		12,900		12,395		(505	)
	4,288	RON	Merrill Lynch International		01/20/16		1,100		1,063		(37	)
	2,094	RON	Royal Bank of Scotland		01/20/16		538		519		(19	)
	95,987	RUB	Credit Suisse International†		01/20/16		1,460		1,468		8
	5,877	SGD	BNP Paribas		12/15/15		4,210		4,189		(21	)
	3,112	SGD	Credit Suisse International		12/15/15		2,221		2,218		(3	)
	534	SGD	Goldman Sachs International		12/15/15		374		381		7
	7,304	SGD	TD Bank Financial Group		12/15/15		5,241		5,206		(35	)
	14,528	THB	Credit Suisse International		01/20/16		406		407		1
	82,836	THB	HSBC Bank, N.A.		01/20/16		2,327		2,323		(4	)
	124,313	THB	Morgan Stanley		01/20/16		3,477		3,485		8
	16,430	THB	Societe Generale		01/20/16		459		461		2
	41,210	THB	Standard Chartered Bank		01/20/16		1,137		1,155		18
	1,360	TRY	BNP Paribas		12/15/15		440		461		21
	14,271	TRY	HSBC Bank, N.A.		12/15/15		4,662		4,834		172
	5,031	TRY	Deutsche Bank AG		01/20/16		1,686		1,686		—	(h)
	7,033	TRY	HSBC Bank, N.A.		01/20/16		2,337		2,358		21
	5,558	ZAR	BNP Paribas		12/15/15		393		399		6
	64,857	ZAR	HSBC Bank, N.A.		12/15/15		4,787		4,651		(136	)
	150,318	ZAR	Deutsche Bank AG		01/20/16		11,116		10,708		(408	)
	7,124	ZAR	Morgan Stanley		01/20/16		515		508		(7	)
	30,566	ZAR	Societe Generale		01/20/16		2,216		2,177		(39	)
	10,816	ZAR	Standard Chartered Bank		01/20/16		789		770		(19	)
							169,136		167,378		(1,758	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	9,360	BRL	Deutsche Bank AG†		12/15/15		2,386		2,394		(8	)
	14,201	BRL	Deutsche Bank AG†		01/20/16		3,581		3,587		(6	)
	6,994	BRL	HSBC Bank, N.A.†		01/20/16		1,738		1,767		(29	)
	1,908,995	CLP	Credit Suisse International†		12/15/15		2,734		2,750		(16	)
	1,323,604	CLP	Deutsche Bank AG†		12/15/15		1,908		1,906		2
	1,933,241	COP	Deutsche Bank AG†		01/20/16		655		660		(5	)
	3,104,833	COP	HSBC Bank, N.A.†		01/20/16		1,051		1,062		(11	)
	1,081,671	COP	Standard Chartered Bank†		01/20/16		366		370		(4	)
	3,731	EUR	Royal Bank of Canada		12/15/15		4,171		4,106		65
	2,314	EUR	Societe Generale		12/15/15		2,585		2,546		39
	6,187	GBP	Credit Suisse International		12/15/15		9,510		9,535		(25	)
	377	GBP	Standard Chartered Bank		12/15/15		571		582		(11	)
	260,259	HUF	Citibank, N.A.		01/20/16		948		921		27
	514,176	HUF	Deutsche Bank AG		01/20/16		1,821		1,818		3
	146,099	HUF	Standard Chartered Bank		01/20/16		518		516		2
	18,298,476	IDR	Deutsche Bank AG†		01/20/16		1,295		1,297		(2	)
	21,576,999	IDR	HSBC Bank, N.A.†		01/20/16		1,524		1,529		(5	)

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2015

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,834,220	KRW	HSBC Bank, N.A.†		12/15/15		4,261		4,228		33
	34,237	MXN	Deutsche Bank AG		12/15/15		2,043		2,066		(23	)
	14,458	MXN	Deutsche Bank AG		01/20/16		867		870		(3	)
	8,061	MXN	Goldman Sachs International		01/20/16		482		486		(4	)
	23,298	MXN	HSBC Bank, N.A.		01/20/16		1,401		1,402		(1	)
	5,814	MYR	Deutsche Bank AG†		01/20/16		1,367		1,348		19
	6,430	MYR	HSBC Bank, N.A.†		01/20/16		1,504		1,492		12
	121,329	PHP	HSBC Bank, N.A.†		12/15/15		2,569		2,587		(18	)
	16,258	PHP	HSBC Bank, N.A.†		01/20/16		350		347		3
	28,436	PLN	Union Bank of Switzerland AG		12/15/15		7,472		7,350		122
	1,345	PLN	Barclays Bank plc		01/20/16		347		347		—	(h)
	5,725	PLN	Deutsche Bank AG		01/20/16		1,504		1,478		26
	2,334	PLN	HSBC Bank, N.A.		01/20/16		619		603		16
	830	PLN	Standard Chartered Bank		01/20/16		223		214		9
	5,582	PLN	Union Bank of Switzerland AG		01/20/16		1,483		1,441		42
	5,725	RON	Deutsche Bank AG		01/20/16		1,465		1,419		46
	2,501	RON	HSBC Bank, N.A		01/20/16		639		620		19
	59,123	RUB	Credit Suisse International†		01/20/16		941		905		36
	33,239	RUB	Deutsche Bank AG†		01/20/16		520		508		12
	65,875	RUB	HSBC Bank, N.A.†		01/20/16		1,030		1,007		23
	3,024	SGD	BNP Paribas		12/15/15		2,195		2,156		39
	3,646	SGD	Citibank, N.A.		12/15/15		2,555		2,599		(44	)
	2,852	SGD	Goldman Sachs International		12/15/15		2,043		2,033		10
	7,304	SGD	Standard Chartered Bank		12/15/15		5,134		5,207		(73	)
	42,591	THB	Citibank, N.A.		01/20/16		1,195		1,194		1
	109,720	THB	Deutsche Bank AG		01/20/16		3,061		3,076		(15	)
	15,668	THB	Societe Generale		01/20/16		438		440		(2	)
	7,996	TRY	HSBC Bank, N.A.		12/15/15		2,555		2,708		(153	)
	7,635	TRY	Union Bank of Switzerland AG		12/15/15		2,486		2,586		(100	)
	4,545	TRY	Citibank, N.A.		01/20/16		1,525		1,524		1
	5,163	TRY	Deutsche Bank AG		01/20/16		1,721		1,731		(10	)
	6,637	TRY	Standard Chartered Bank		01/20/16		2,204		2,225		(21	)
	35,216	ZAR	Goldman Sachs International		12/15/15		2,469		2,525		(56	)
	55,344	ZAR	Societe Generale		12/15/15		4,087		3,969		118
	35,199	ZAR	Union Bank of Switzerland AG		12/15/15		2,543		2,525		18
	33,608	ZAR	Deutsche Bank AG		01/20/16		2,461		2,394		67
	5,760	ZAR	Standard Chartered Bank		01/20/16		422		410		12
	18,078	ZAR	State Street Corp.		01/20/16		1,339		1,288		51
							108,882		108,654		228

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Interest Rate Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	CURRENCY		NOTIONAL AMOUNT		VALUE
Bank of America N.A.	Brazilian CDI at maturity	Brazilian Real, 12.800% at maturity	01/02/18		BRL		19,300		(241	)
Bank of America N.A.	Brazilian CDI at maturity	Brazilian Real, 15.410% at maturity	01/02/18		BRL		13,000		(17	)
Bank of America N.A.	Brazilian CDI at maturity	Brazilian Real, 12.240% at maturity	01/04/21		BRL		12,000		(293	)
Bank of America N.A.	3 month JIBAR quarterly	7.970% quarterly	05/14/24		ZAR		20,000		(4	)
Bank of America N.A.	3.120% semi-annually	6 month BUBOR semi-annually	06/04/25		HUF		250,000		(40	)
Bank of America N.A.	6 month WIBOR semi-annually	2.745% semi-annually	06/05/25		PLN		6,200		74
Bank of America N.A.	3 month JIBAR quarterly	7.985% quarterly	07/17/25		ZAR		98,000		(91	)
Citibank, N.A.	3 month WIBOR quarterly	1.960% quarterly	05/18/17		PLN		53,100		77
Citibank, N.A.	Brazilian CDI at maturity	13.025% at maturity	01/02/18		BRL		20,000		(225	)
Citibank, N.A.	3.320% semi-annually	6 month BUBOR semi-annually	06/05/25		HUF		239,400		(53	)
Citibank, N.A.	6 month WIBOR semi-annually	2.833% semi-annually	06/05/25		PLN		6,100		80
Citibank, N.A.	1 month TIIE monthly	6.310% monthly	07/08/25		MXN		123,000		41
Citibank, N.A.	3 month KLIBOR quarterly	4.295% quarterly	09/24/23		MYR		5,880		(34	)
Citibank, N.A.	6 month WIBOR semi-annually	3.660% semi-annually	09/26/18		PLN		9,500		149
Citibank, N.A.	6 month THBFIX semi-annually	3.870% semi-annually	09/26/23		THB		65,000		184
Deutsche Bank AG, New York	3 month JIBAR quarterly	7.865% quarterly	09/23/23		ZAR		21,000		(10	)
									(403	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2015

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

BRL	—  Brazilian Real
BUBOR	—  Budapest Interbank Offered Rate
CDI	—  Certificado de Deposito Interbancario
CLN	—  Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of October 31, 2015. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CLP	—  Chilean Peso
COP	—  Colombian Peso
EUR	—  Euro
GBP	—  British Pound
GDN	—  Global Depository Note
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
JIBAR	—  Johannesburg Interbank Agreed Rate
KLIBOR	—  Kuala Lumpur Interbank Offered Rate
KRW	—  Korean Republic Won
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
PEN	—  Peruvian Nuevo Sol
PHP	—  Philippine Peso
PLN	—  Polish Zloty
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

RON	—  Romanian Leu
RUB	—  Russian Ruble
SGD	—  Singapore Dollar
THB	—  Thai Baht
THBFIX	—  Thai Baht Interest Rate Fixing
TRY	—  Turkish Lira
TIIE	—  Tasa de Interés Interbancaria de Equilibrio
USD	—  United States Dollar
WIBOR	—  Warsaw Interbank Offered Rate
ZAR	—  South African Rand
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(l)	—  The rate shown is the current yield as of October 31, 2015.
(r)	—  Rates shown are per annum and payments are as described.
†	—  Non-deliverable forward. See Note 2.C. in Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

(Amounts in thousands, except per share amounts)

	Emerging Markets Local Currency Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	121,083
Investments in affiliates, at value		67,743
Total investment securities, at value		188,826
Restricted cash		540
Cash		1,679
Foreign currency, at value		1,371
Deposits at broker for futures contracts		107
Receivables:
Investment securities sold		308
Fund shares sold		436
Interest from non-affiliates		2,285
Dividends from affiliates		4
Tax reclaims		16
Variation margin on futures contracts		1
Unrealized appreciation on forward foreign currency exchange contracts		1,588
Outstanding swap contracts, at value		605
Total Assets		197,766
LIABILITIES:
Payables:
Investment securities purchased		1,188
Fund shares redeemed		139
Unrealized depreciation on forward foreign currency exchange contracts		3,118
Outstanding swap contracts, at value		1,008
Accrued liabilities:
Investment advisory fees		40
Distribution fees		6
Shareholder servicing fees		10
Custodian and accounting fees		74
Collateral management fees		1
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		161
Total Liabilities		5,745
Net Assets	$	192,021

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2015

	Emerging Markets Local Currency Debt Fund
NET ASSETS:
Paid-in-Capital	$	234,886
Accumulated undistributed (distributions in excess of) net investment income		986
Accumulated net realized gains (losses)		(13,667	)
Net unrealized appreciation (depreciation)		(30,184	)
Total Net Assets	$	192,021
Net Assets:
Class A	$	27,511
Class C		18
Class R2		18
Class R5		19
Class R6		135,050
Select Class		29,405
Total	$	192,021
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,639
Class C		3
Class R2		2
Class R5		2
Class R6		17,650
Select Class		3,866
Net Asset Value (a):
Class A — Redemption price per share	$	7.56
Class C — Offering price per share (b)		7.47
Class R2 — Offering and redemption price per share		7.52
Class R5 — Offering and redemption price per share		7.64
Class R6 — Offering and redemption price per share		7.65
Select Class — Offering and redemption price per share		7.61
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	7.85
Cost of investments in non-affiliates	$	149,323
Cost of investments in affiliates		67,743
Cost of foreign currency		1,369

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 13

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	14,251
Interest income from affiliates		12
Dividend income from affiliates		44
Foreign taxes withheld		(385	)
Total investment income		13,922
EXPENSES:
Investment advisory fees		1,971
Administration fees		231
Distribution fees:
Class A		67
Class C		—(a)
Class R2		—(a)
Shareholder servicing fees:
Class A		67
Class C		—(a)
Class R2		—(a)
Class R5		—(a)
Select Class		280
Custodian and accounting fees		242
Interest expense to affiliates		1
Professional fees		111
Collateral management fees		1
Trustees’ and Chief Compliance Officer’s fees		3
Printing and mailing costs		41
Registration and filing fees		106
Transfer agent fees		9
Sub-transfer agent fees (See Note 2.F.)		117
Other		6
Total expenses		3,253
Less fees waived		(929	)
Less expense reimbursements		(49	)
Net expenses		2,275
Net investment income (loss)		11,647
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(37,730	)
Futures		26
Foreign currency transactions		(14,032	)
Options written		167
Swaps		(327	)
Net realized gain (loss)		(51,896	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(17,404	)
Futures		(29	)
Foreign currency translations		(1,886	)
Swaps		(652	)
Change in net unrealized appreciation/depreciation		(19,971	)
Net realized/unrealized gains (losses)		(71,867	)
Change in net assets resulting from operations	$	(60,220	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	11,647		$	9,461
Net realized gain (loss)		(51,896	)		(15,311	)
Distributions of capital gains received from investment company affiliates		—			—	(a)
Change in net unrealized appreciation/depreciation		(19,971	)		(6,026	)
Change in net assets resulting from operations		(60,220	)		(11,876	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—
Return of capital		(12	)		—
Class R5
From net investment income		—	(a)		—
Return of capital		—	(a)		—
Class R6
From net investment income		(62	)		—
Return of capital		(104	)		—
Select Class
From net investment income		(1	)		—
Return of capital		(86	)		—
Total distributions to shareholders		(265	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(61,596	)		175,496
NET ASSETS:
Change in net assets		(122,081	)		163,620
Beginning of period		314,102			150,482
End of period	$	192,021		$	314,102
Accumulated undistributed (distributions in excess of) net investment income	$	986		$	(2,961	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 15

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	18,885		$	28,321
Distributions reinvested		5			—
Cost of shares redeemed		(11,352	)		(2,187	)
Change in net assets resulting from Class A capital transactions	$	7,538		$	26,134
Class C
Proceeds from shares issued	$	—	(a)	$	8
Cost of shares redeemed		(27	)		—
Change in net assets resulting from Class C capital transactions	$	(27	)	$	8
Class R2
Proceeds from shares issued	$	—	(a)	$	—
Cost of shares redeemed		(21	)		—
Change in net assets resulting from Class R2 capital transactions	$	(21	)	$	—
Class R5
Proceeds from shares issued	$	—	(a)	$	—
Distributions reinvested		—	(a)		—
Cost of shares redeemed		(22	)		—
Change in net assets resulting from Class R5 capital transactions	$	(22	)	$	—
Class R6
Proceeds from shares issued	$	15,613		$	149,925
Distributions reinvested		160			—
Cost of shares redeemed		(4,667	)		(311	)
Change in net assets resulting from Class R6 capital transactions	$	11,106		$	149,614
Select Class
Proceeds from shares issued	$	1,904		$	10,426
Distributions reinvested		87			—
Cost of shares redeemed		(82,161	)		(10,686	)
Change in net assets resulting from Select Class capital transactions	$	(80,170	)	$	(260	)
Total change in net assets resulting from capital transactions	$	(61,596	)	$	175,496
SHARE TRANSACTIONS:
Class A
Issued		2,288			2,935
Reinvested		1			—
Redeemed		(1,374	)		(229	)
Change in Class A Shares		915			2,706
Class C
Issued		—			1
Redeemed		(3	)		—
Change in Class C Shares		(3	)		1
Class R2
Redeemed		(3	)		—
Change in Class R2 Shares		(3	)		—
Class R5
Reinvested		—	(a)		—
Redeemed		(3	)		—
Change in Class R5 Shares		(3	)		—
Class R6
Issued		1,836			15,450
Reinvested		18			—
Redeemed		(556	)		(33	)
Change in Class R6 Shares		1,298			15,417
Select Class
Issued		233			1,073
Reinvested		10			—
Redeemed		(10,889	)		(1,110	)
Change in Select Class Shares		(10,646	)		(37	)

(a) Amount rounds to less than 1,000 (shares or dollars).

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN FUNDS 17

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital
Emerging Markets Local Currency Debt Fund
Class A
Year Ended October 31, 2015	$	9.30	$	0.31	(f)(g)	$	(2.05	)	$	(1.74	)	$	—		$	—		$	—	(h)
Year Ended October 31, 2014		9.69		0.39	(f)		(0.78	)		(0.39	)		—			—			—
Year Ended October 31, 2013		10.27		0.33	(f)		(0.76	)		(0.43	)		(0.03	)		(0.01	)		(0.11	)
June 29, 2012 (j) through October 31, 2012		10.00		0.11			0.21			0.32			(0.05	)		—			—
Class C
Year Ended October 31, 2015		9.23		0.28	(f)(g)		(2.04	)		(1.76	)		—			—			—
Year Ended October 31, 2014		9.67		0.33	(f)		(0.77	)		(0.44	)		—			—			—
Year Ended October 31, 2013		10.27		0.27	(f)		(0.75	)		(0.48	)		(0.03	)		(0.01	)		(0.08	)
June 29, 2012 (j) through October 31, 2012		10.00		0.09			0.22			0.31			(0.04	)		—			—
Class R2
Year Ended October 31, 2015		9.27		0.30	(f)(g)		(2.05	)		(1.75	)		—			—			—
Year Ended October 31, 2014		9.68		0.35	(f)		(0.76	)		(0.41	)		—			—			—
Year Ended October 31, 2013		10.27		0.30	(f)		(0.75	)		(0.45	)		(0.04	)		(0.01	)		(0.09	)
June 29, 2012 (j) through October 31, 2012		10.00		0.10			0.21			0.31			(0.04	)		—			—
Class R5
Year Ended October 31, 2015		9.36		0.37	(f)(g)		(2.08	)		(1.71	)		—	(h)		—			(0.01	)
Year Ended October 31, 2014		9.71		0.42	(f)		(0.77	)		(0.35	)		—			—			—
Year Ended October 31, 2013		10.27		0.37	(f)		(0.75	)		(0.38	)		(0.04	)		(0.01	)		(0.13	)
June 29, 2012 (j) through October 31, 2012		10.00		0.12			0.22			0.34			(0.07	)		—			—
Class R6
Year Ended October 31, 2015		9.37		0.36	(f)(g)		(2.07	)		(1.71	)		—	(h)		—			(0.01	)
Year Ended October 31, 2014		9.72		0.43	(f)		(0.78	)		(0.35	)		—			—			—
Year Ended October 31, 2013		10.27		0.38	(f)		(0.75	)		(0.37	)		(0.04	)		(0.01	)		(0.13	)
June 29, 2012 (j) through October 31, 2012		10.00		0.13			0.21			0.34			(0.07	)		—			—
Select Class
Year Ended October 31, 2015		9.33		0.34	(f)(g)		(2.05	)		(1.71	)		—	(h)		—			(0.01	)
Year Ended October 31, 2014		9.70		0.40	(f)		(0.77	)		(0.37	)		—			—			—
Year Ended October 31, 2013		10.27		0.36	(f)		(0.76	)		(0.40	)		(0.04	)		(0.01	)		(0.12	)
June 29, 2012 (j) through October 31, 2012		10.00		0.12			0.21			0.33			(0.06	)		—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than $0.01.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and for the year ended October 31, 2013.

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2015

					Ratios/Supplemental data
								Ratios to average net assets (a)
Total distributions			Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	—	(h)	$	7.56		(18.67	)%	$	27,511		1.16	%		3.75	%(g)		1.91	%		134	%
	—			9.30		(4.02	)		25,334		1.21			4.06			1.41			145
	(0.15	)		9.69		(4.26	)		170		1.21	(i)		3.33	(i)		1.59	(i)		221
	(0.05	)		10.27		3.22			52		1.25	(i)		3.23	(i)		5.26	(i)		65
	—			7.47		(19.07	)		18		1.67			3.37	(g)		2.24			134
	—			9.23		(4.55	)		54		1.71			3.48			2.04			145
	(0.12	)		9.67		(4.75	)		49		1.72	(i)		2.72	(i)		2.31	(i)		221
	(0.04	)		10.27		3.06			51		1.75	(i)		2.73	(i)		5.75	(i)		65
	—			7.52		(18.88	)		18		1.41			3.61	(g)		2.00			134
	—			9.27		(4.24	)		47		1.46			3.71			1.80			145
	(0.14	)		9.68		(4.53	)		49		1.47	(i)		2.97	(i)		2.06	(i)		221
	(0.04	)		10.27		3.14			51		1.50	(i)		2.98	(i)		5.50	(i)		65
	(0.01	)		7.64		(18.29	)		19		0.71			4.31	(g)		1.29			134
	—			9.36		(3.60	)		48		0.76			4.41			1.10			145
	(0.18	)		9.71		(3.82	)		50		0.77	(i)		3.67	(i)		1.36	(i)		221
	(0.07	)		10.27		3.36			52		0.80	(i)		3.68	(i)		4.80	(i)		65
	(0.01	)		7.65		(18.26	)		135,050		0.66			4.29	(g)		0.97			134
	—			9.37		(3.60	)		153,222		0.71			4.51			0.93			145
	(0.18	)		9.72		(3.70	)		9,086		0.71	(i)		3.75	(i)		1.11	(i)		221
	(0.07	)		10.27		3.38			52		0.75	(i)		3.73	(i)		4.75	(i)		65
	(0.01	)		7.61		(18.38	)		29,405		0.92			4.04	(g)		1.21			134
	—			9.33		(3.81	)		135,397		0.96			4.21			1.30			145
	(0.17	)		9.70		(4.03	)		141,078		0.97	(i)		3.63	(i)		1.46	(i)		221
	(0.06	)		10.27		3.29			10,069		1.00	(i)		3.48	(i)		5.00	(i)		65

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Emerging Markets Local Currency Debt Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset value per share (“NAV”) as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

20 J.P. MORGAN FUNDS OCTOBER 31, 2015

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein. The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Foreign Government Securities	$	—		$	120,644		$	439	$	121,083
Short-Term Investment
Investment Company		67,743			—			—		67,743
Total Investments in Securities	$	67,743		$	120,644		$	439	$	188,826
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,588		$	—	$	1,588
Futures Contracts		127			—			—		127
Interest Rate Swaps		—			605			—		605
Total Appreciation in Other Financial Instruments	$	127		$	2,193		$	—	$	2,320
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,118	)	$	—	$	(3,118	)
Futures Contracts		(109	)		—			—		(109	)
Interest Rate Swaps		—			(1,008	)		—		(1,008	)
Total Depreciation in Other Financial Instruments	$	(109	)	$	(4,126	)	$	—	$	(4,235	)

There were no transfers between Levels 1 and 2 during the year ended October 31, 2015.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2015, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Derivatives — The Fund used instruments including futures, forward foreign currency exchange contracts, options, swaps and other derivatives in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value, as recorded in the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets

OCTOBER 31, 2015 J.P. MORGAN FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and sold (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included in the Statement of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included in the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Transactions in options written during the year ended October 31, 2015 were as follows (amounts in thousands):

	Foreign Exchange Currency Options
	Notional Amount			Premiums Received
Options outstanding at October 31, 2014	$	—		$	—
Options written		(3,136	)		(167	)
Options expired		3,136			167
Options closed		—			—
Options outstanding at October 31, 2015	$	—		$	—

The Fund’s exchange traded options contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

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

The use of futures contracts exposes the Fund to interest rate risk. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation in the Statement of Operations. Realized gains or losses, representing the

22 J.P. MORGAN FUNDS OCTOBER 31, 2015

difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close our all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Fund used forward foreign currency exchange contracts, including non-deliverable forwards, mainly as a substitute for securities in which the Fund can invest, to increase income or gain to the Fund and to hedge or manage the Fund’s exposure to foreign currency risks associated with portfolio investments. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

As of October 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

The Fund’s Forward Foreign Currency Exchange Contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

(4). Swaps — The Fund engaged in various swap transactions, including interest rate, credit default and inflation-linked swaps to manage interest rate (e.g., duration, yield curve) risks and provide inflation protection within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts (“OTC swaps”) between the Fund and a counterparty to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/ depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund except for amounts posted to Bank of America which are included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.).

The Fund’s swap contracts at net value and collateral posted by counterparty as of October 31, 2015 are as follows:

	Counterparty		Value of swap contracts			Collateral amount
Collateral Posted		Bank of America N.A.	$	(612	)	$	540

Credit Default Swaps

The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected in the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	127		$	—		$	605		$	732
Foreign exchange contracts	Receivables		—			1,588			—			1,588
Total		$	127		$	1,588		$	605		$	2,320
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(109	)	$	—		$	(1,008	)	$	(1,117	)
Foreign exchange contracts	Payables		—			(3,118	)		—			(3,118	)
Total		$	(109	)	$	(3,118	)	$	(1,008	)	$	(4,235	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

24 J.P. MORGAN FUNDS OCTOBER 31, 2015

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2015 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities(a)			Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Bank of America N.A.	$	74		$	(74	)	$	—	$	—
BNP Paribas		76			(21	)		—		55
Citibank, N.A		560			(391	)		—		169
Credit Suisse International		189			(189	)		—		—
Deutsche Bank AG		282			(282	)		—		—
Goldman Sachs International		46			(46	)		—		—
HSBC Bank, N.A.		299			(299	)		—		—
Morgan Stanley		8			(7	)		—		1
Royal Bank of Canada		65			—			—		65
Societe Generale		159			(81	)		—		78
Standard Chartered bank		106			(106	)		—		—
State Street Corp.		51			—			—		51
Union Bank of Switzerland AG		278			(135	)		—		143
Exchange Traded Futures & Options Contracts (b)		127	(c)		—			—		127
	$	2,320		$	(1,631	)	$	—	$	689

Counterparty	Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities(a)			Derivatives Available for Offset			Collateral Posted			Net Amount Due To Counterparty (not less than zero)
Bank of America N.A.	$	686		$	(74	)	$	(540	)(d)	$	72
Barclays Bank plc		82			—			—			82
BNP Paribas		21			(21	)		—			—
Citibank, N.A		391			(391	)		—			—
Credit Suisse International		411			(189	)		—			222
Deutsche Bank AG		818			(282	)		—			536
Goldman Sachs International		127			(46	)		—			81
HSBC Bank, N.A.		1,148			(299	)		—			849
Merrill Lynch International		37			—			—			37
Morgan Stanley		7			(7	)		—			—
Royal Bank of Scotland		19			—			—			19
Societe Generale		81			(81	)		—			—
Standard Chartered bank		128			(106	)		—			22
TD Bank Financial Group		35			—			—			35
Union Bank of Switzerland AG		135			(135	)		—			—
Exchange Traded Futures & Options Contracts (b)		109	(c)		—			—			109
	$	4,235		$	(1,631	)	$	(540	)	$	2,064

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.

(b) These derivatives are not subject to master netting arrangements.

(c) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers for futures contracts.

(d) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.C.(4). for actual swap collateral received or posted.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The following table presents the effect of derivatives on the Statement of Operations for the year ended October 31, 2015, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on Statement of Operations
Derivative Contracts	Options (a)			Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	26		$	—		$	(327	)	$	(301	)
Foreign exchange contracts		(66	)		—			(12,834	)		—			(12,900	)
Total	$	(66	)	$	26		$	(12,834	)	$	(327	)	$	(13,201	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statement of Operations
Derivative Contracts				Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts				$	(29	)	$	—		$	(652	)	$	(681	)
Foreign exchange contracts					—			(2,043	)		—			(2,043	)
Total				$	(29	)	$	(2,043	)	$	(652	)	$	(2,724	)

(a) The value of options purchased is reported as investments in non-affiliates on the Statement of Operations.

The Fund’s derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below disclose the volume of the Fund’s forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2015 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts
Average Notional Balance Long	$	32,270
Average Notional Balance Short		26,524
Ending Notional Balance Long		39,906
Ending Notional Balance Short		46,866
Forward Foreign Currency Exchange Contracts
Average Settlement Value Purchased	$	224,084
Average Settlement Value Sold		158,940
Ending Settlement Value Purchased		169,136
Ending Settlement Value Sold		108,882
OTC Options
Average Notional Balance Purchased	$	8,531
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed rate	$	1,954
Average Notional Balance — Receives Fixed rate		53,997
Ending Notional Balance — Pays Fixed Rate		1,732
Ending Notional Balance — Receives Fixed Rate		56,742
Credit Default Swaps
Average Notional Balance— Buy Protection	$	4,500

D. Foreign Currency Translation — The books and records of the Fund is maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations.

26 J.P. MORGAN FUNDS OCTOBER 31, 2015

Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV 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.

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Fund for the year ended October 31, 2015 are as follows (amounts in thousands):

	Class A		Class C			Select Class
Sub-Transfer agent fees	$	115	$	—	(a)	$	2

(a) Amount rounds to less than $1,000.

G. Federal Income Taxes —The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2015, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

H. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly for the Fund are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(38,863	)	$	(7,637	)	$	46,500

The reclassifications for the Fund relate primarily to bonds trading with interest in their price, foreign currency gains or losses, investments in swap contracts and net operating losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.70% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an administration agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion

OCTOBER 31, 2015 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

of all such funds. For the year ended October 31, 2015, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the 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:

Class A			Class C			Class R2
	0.25	%		0.75	%		0.50	%

D. Shareholder Servicing Fees —The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. 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:

Class A	Class C			Class R2			Class R5			Select Class
0.25%		0.25	%		0.25	%		0.05	%		0.25	%

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 Fund 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 Fund. For these services, the Fund pays JPMCB transaction and asset based-fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates in the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Fund 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’s deferred compensation plan) exceed the percentages of the Fund’s respective average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Class R6			Select Class
	1.20	%		1.70	%		1.45	%		0.75	%		0.70	%		0.95	%

The expense limitation agreements were in effect for the year ended October 31, 2015. Effective February 28, 2015, the contractual expense limitation percentages were reduced by 0.05% from 1.25%, 1.75%, 1.50%, 0.80%, 0.75% and 1.00% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class, respectively. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the year ended October 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursement
$	485	$	213	$	69	$	767	$	49

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

28 J.P. MORGAN FUNDS OCTOBER 31, 2015

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 was approximately $162.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statement of Operations.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 Statement of Operations.

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

During the year ended October 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2015, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
	$244,129	$	289,479	$	11,292	$	9,764

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	220,147	$	65	$	(31,386	)	$	(31,321	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

Ordinary Income		Return of Capital		Total Distributions Paid
$	63	$	202	$	265

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
$	(10,558	)	$	(32,306	)

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, straddle loss deferrals and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 2011, are 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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Fund 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.

At October 31, 2015, the Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	4,646	$	5,913

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund Loan Rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015, or at any time during the year then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

The Fund has a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Fund’s outstanding shares.

In addition, as of October 31, 2015 the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own, in the aggregate, more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds	JPMorgan SmartRetirement Funds
10.9%		47.9	%

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2015, substantially all of the Fund’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

8. Subsequent Event

During the period October 31, 2015 through December 15, 2015, affiliated fund of funds redeemed approximately $54,381,000. This amount represents 28.3% of the Fund’s net assets as of October 31, 2015.

30 J.P. MORGAN FUNDS OCTOBER 31, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Emerging Markets Local Currency Debt Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule 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 Emerging Markets Local Currency Debt Fund (a separate Fund of JPMorgan Trust I) (the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its 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 Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 audit, which included confirmation of securities at October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

OCTOBER 31, 2015 J.P. MORGAN FUNDS 31

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

32 J.P. MORGAN FUNDS OCTOBER 31, 2015

Name (Year of Birth); Positions With the Fund (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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 33

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

34 J.P. MORGAN FUNDS OCTOBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading 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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Local Currency Debt Fund
Class A
Actual	$	1,000.00	$	888.40	$	5.43		1.14	%
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		886.10		7.80		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class R2
Actual		1,000.00		886.80		6.61		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R5
Actual		1,000.00		890.40		3.29		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R6
Actual		1,000.00		890.60		3.05		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Select Class
Actual		1,000.00		890.10		4.29		0.90
Hypothetical		1,000.00		1,020.67		4.58		0.90

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 35

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer group. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no

representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

36 J.P. MORGAN FUNDS OCTOBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 37

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the third quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or

independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

38 J.P. MORGAN FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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 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 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-CUR-1015

Annual Report

J.P. Morgan Funds

October 31, 2015

JPMorgan Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	8
Consolidated Financial Highlights	14
Notes to Consolidated Financial Statements	16
Report of Independent Registered Public Accounting Firm	25
Trustees	26
Officers	28
Schedule of Shareholder Expenses	29
Board Approval of Investment Advisory Agreement	30
Privacy Notice — Located at the back of this Annual Report

Investments in the 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 the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’s LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared

to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-26.54%
Bloomberg Commodity Index Total Return		-25.72%
Net Assets as of 10/31/2015	$	50,330,114

INVESTMENT OBJECTIVE**

The JPMorgan Commodities Strategy Fund (the “Fund”) seeks total return.

HOW DID THE COMMODITIES MARKET PERFORM DURING THE REPORTING PERIOD?

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities, bonds and commodities in August.

Early in the twelve month reporting period, the Organization of Petroleum Exporting Countries (OPEC) declined to reduce crude production, which led to a sell-off in crude oil futures. In the second quarter of 2015, crude prices rebounded somewhat as global demand rose on lower prices and demand from refineries remained at healthy levels. Through the summer months, investors realized OPEC was producing crude above its own quotas as the cartel sought to compete on price with non-OPEC producers. This drove a second sell-off in oil markets and global energy prices remained weak through October. Notably, U.S. crude production peaked and then slowed during the reporting period as OPEC production increased.

Metals prices fell during the twelve month reporting period as supply increased due to previously anticipated demand, particularly from China. As the period progressed, China’s economic growth slowed and demand for metals fell, which drove prices lower. Metals prices came under further pressure as investors forecast weaker demand from China for several years to come. Prices for precious metals, such as gold and silver, also declined during the latter part of the twelve month reporting period amid the rising value of the U.S. dollar and expectations of an interest rate increase by the U.S. Federal Reserve.

Strong harvests from previous years led to healthy inventories of agricultural products, particularly for grain, which kept prices subdued. However, as the summer progressed the risk of adverse weather related to an unusually large El Nino effect led to increased price volatility.

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

The Fund’s Select Class Shares underperformed the Bloomberg Commodity Index Total Return Index (the “Benchmark”) for the twelve months ended October 31, 2015. During the twelve month period, the Fund used swaps contracts to obtain exposure to different parts of the futures curve, which measures the price of contracts of different maturities for a specific commodity.

Relative to the Benchmark, the Fund’s positions in longer dated futures for sugar detracted from performance due to concerns about the weather effects of El Nino. The Fund’s long position in soy beans detracted from relative performance, as higher-than-expected crop yields drove soy bean prices lower, as did its overweight position in natural gas.

The Fund’s positions in longer dated futures for petroleum and related products, particularly for gasoline and heating oil, made a positive contribution to relative performance. The Fund’s bias toward gasoline futures over crude futures early in the reporting period also contributed to relative performance. The Fund’s position in longer dated futures for metals also contributed to relative performance, as did the Fund’s tactical long position in metals in the second quarter of 2015.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund invested in a wholly owned subsidiary that invested in commodity-linked derivative instruments and provided exposure to the investment returns of the commodities markets without investing directly in physical commodities. The Fund also invested in a portfolio of high-quality, fixed income securities, such as commercial paper or other short-term instruments that generally had a weighted average maturity of 90-days or less.

The Fund’s portfolio managers combined top-down research with fundamental and quantitative analysis to establish overweight and underweight positions in commodities. In addition, the Fund’s portfolio managers had the ability to adjust the Fund’s overall exposure to commodities relative to the Benchmark, based on their views of macroeconomic conditions.

2 J.P. MORGAN FUNDS OCTOBER 31, 2015

CASH INVESTMENTS***
U.S. Government Agency Securities	76.9	%
Investment Company	23.1
PORTFOLIO COMPOSITION BY COUNTRY***
United States	100	%

COMMODITY MATURITY***
0 - 3 Months	51.2	%
3 - 6 Months	33.8
> 6 Months	15.0
COMMODITY-LINKED INVESTMENTS****
Agricultural	31.1	%
Coffee	1.7
Corn	7.8
Cotton	1.8
Kansas Wheat	1.1
Soybean Meal	2.9
Soybean Oil	2.7
Soybeans	5.3
Sugar	4.4
Wheat	3.4
Energy	33.2
Brent Crude	8.4
Unleaded Gas	4.1
Heating Oil	3.9
Natural Gas	8.2
WTI Crude Oil	8.6
Industrial Metals	15.1
Aluminum	4.3
Copper	7.1
Nickel	1.5
Zinc	2.2
Precious Metals	17.0
Gold	12.5
Silver	4.5
Livestock	5.2
Lean Hogs	1.8
Live Cattle	3.4

FIXED INCOME MATURITY***
< One Month	100.0	%

COMMODITY ALLOCATION	Index			Fund****
Agricultural		30.7	%		31.1	%
Energy		32.6			33.2
Industrial Metals		15.0			15.1
LiveStock		4.7			5.2
Precious Metals		17.0			17.0

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

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

*** Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change.

**** Exposures are calculated as the notional value, adjusted for net unrealized appreciation/depreciation, of the Fund’s derivative positions as a percentage of net assets.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 17, 2012
Without Sales Charge			(26.75	)%		(16.27	)%
With Sales Charge*			(30.59	)		(17.82	)
CLASS C SHARES	December 17, 2012
Without CDSC			(27.15	)		(16.69	)
With CDSC**			(28.15	)		(16.69	)
CLASS R6 SHARES	December 17, 2012		(26.45	)		(15.91	)
SELECT CLASS SHARES	December 17, 2012		(26.54	)		(16.04	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/17/12 TO 10/31/15)

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

The Fund commenced operations on December 17, 2012.

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Commodities Strategy Fund, the Bloomberg Commodity Index Total Return and the Lipper Commodities General Funds Average from December 17, 2012 to October 31, 2015. The performance of the Lipper Commodities General Funds Average reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Commodity Index Total Return 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 Commodities General Funds Average 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 Bloomberg Commodity Index Total Return is composed of futures contracts on 22 physical commodities. Investors cannot invest directly in an index. The Lipper Commodities General Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper Inc.

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.

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 FUNDS OCTOBER 31, 2015

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 77.7%
		Federal Home Loan Bank,
	6,000,000	DN, 0.185%, 11/13/15 (n)		5,999,952
		Federal National Mortgage Association,
	11,684,000	DN, 0.020%, 11/17/15 (n)		11,683,883
	18,411,000	DN, 0.161%, 11/12/15 (n)		18,410,871
	3,000,000	DN, 0.190%, 11/25/15 (n)		2,999,952
		Total U.S. Government Agency Securities (Cost $39,093,242)		39,094,658

SHARES
	Short-Term Investment — 23.4%
		Investment Company — 23.4%
	11,776,362	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) ^ † (Cost $11,776,362)		11,776,362
		Total Investments — 101.1% (Cost $50,869,604)		50,871,020
		Liabilities in Excess of Other Assets — (1.1)% (c)		(540,906	)
		NET ASSETS — 100.0%	$	50,330,114

Percentages indicated are based on net assets.

Futures Contracts ^
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	45		WTI Crude Oil Futures		11/19/15		USD	$	2,096,550		$	(3,267	)
	45		WTI Crude Oil Futures		12/18/15		USD		2,136,150			53,312
	34		Brent Crude Oil Futures		01/29/16		USD		1,758,820			(747	)
	37		Lean Hogs Futures		02/12/16		USD		928,700			(40,929	)
	5		Soybean Meal Futures		03/14/16		USD		150,750			(505	)
	46		Brent Crude Oil Futures		04/29/16		USD		2,479,400			(224,781	)
	71		WTI Crude Oil Futures		05/19/16		USD		3,576,270			242,585
	20		Natural Gas Futures		03/27/18		USD		559,600			(295,502	)
			Short Futures Outstanding
	(71	)	WTI Crude Oil Futures		02/19/16		USD		(3,475,450	)		206,985
	(20	)	Natural Gas Futures		12/27/17		USD		(630,000	)		147,948
											$	85,099

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

Return Swaps on Commodities ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	NYBOT-ICE Coffee December 2015 Futures		11/18/15	$	952,613	$	(90,837	)
	NYBOT-ICE Cotton No. 2 December 2015 Futures		11/20/15		933,655		(15,514	)
	CBOT Corn No. 2 December 2015 Futures		11/25/15		3,964,188		(46,121	)
	CBOT Hard Red Winter Wheat December 2015 Futures		11/25/15		564,850		(21,723	)
	CBOT Wheat December 2015 Futures		11/27/15		1,724,125		(27,622	)
	NYMEX Natural Gas January 2016 Futures		12/28/15		2,611,700		(569,754	)
	NYMEX Natural Gas January 2016 Futures		12/28/15		2,448,850		(307,372	)
	CBOT Soyabean January 2016 Futures		12/29/15		2,748,000		(90,726	)
	CBOT Soyabean Oil January 2016 Futures		12/29/15		1,354,800		14,156
	NYMEX Gasoline RBOB January 2016 Futures		12/30/15		2,133,583		(60,313	)
	NYMEX Harbor ULSD January 2016 Futures		12/30/15		2,087,946		(143,350	)
	CBOT Soyabean Meal March 2016 Futures		02/25/16		1,396,560		(69,912	)
	COMEX Silver March 2016 Futures		02/25/16		2,334,500		(70,277	)
	NYBOT-ICE Sugar No. 11 March 2016 Futures		02/26/16		1,844,595		366,838
	COMEX Gold April 2016 Futures		03/29/16		6,468,550		(181,872	)
	CME Live Cattle April 2016 Futures		03/31/16		1,704,600		899
	CBOT Corn No. 2 July 2016 Futures		06/28/16		1,054,700		9,257
	Short Position
	CBOT Corn No. 2 December 2016 Futures		11/28/16		1,070,600		(10,554	)
						$	(1,314,797	)

Return Swaps on Commodities Index ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Position
	BBG Industrial Metals Index		11/19/15	$	7,775,000	$	(177,639	)

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

Brent	—  Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—  Chicago Board of Trade
CME	—  Chicago Mercantile Exchange
COMEX	—  Commodity Exchange, Inc.
DN	—  Discount Notes
ICE	—  Intercontinental Exchange, Inc.
NYBOT	—  New York Board of Trade
NYMEX	—  New York Mercantile Exchange
RBOB	—  Reformulated gasoline blendstock for oxygen blending
ULSD	—  Ultra Low Sulfur Diesel

USD	—  United States Dollar
WTI	—  West Texas Intermediate
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2015.
(n)	—  The rate shown is the effective yield at the date of purchase.
^	—  All or a portion of the position is held by the Subsidiary.
†	—   The value of investments restricted as collateral for swaps to the broker is $4,460,000.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2015

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OCTOBER 31, 2015 J.P. MORGAN FUNDS 7

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

	Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	39,094,658
Investments in affiliates, at value		7,316,362
Investments in affiliates — restricted, at value		4,460,000
Total investment securities, at value		50,871,020
Cash		278
Deposits at broker for futures contracts		1,025,000
Receivables:
Fund shares sold		1,187
Dividends from affiliates		469
Variation margin on futures contracts		101,156
Outstanding swap contracts, at value		391,150
Due from Adviser		14,401
Total Assets		52,404,661
LIABILITIES:
Payables:
Outstanding swap contracts, at value		1,883,586
Accrued liabilities:
Administration fees		963
Distribution fees		220
Shareholder servicing fees		4,155
Custodian and accounting fees		10,742
Collateral management fees		10,044
Trustees’ and Chief Compliance Officer’s fees		13,189
Other		151,648
Total Liabilities		2,074,547
Net Assets	$	50,330,114

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2015

	Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	52,145,612
Accumulated undistributed (distributions in excess of) net investment income		(407,352	)
Accumulated net realized gains (losses)		(2,225	)
Net unrealized appreciation (depreciation)		(1,405,921	)
Total Net Assets	$	50,330,114
Net Assets:
Class A	$	823,931
Class C		67,492
Class R6		17,191,700
Select Class		32,246,991
Total	$	50,330,114
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		91,439
Class C		7,598
Class R6		1,885,905
Select Class		3,552,872
Net Asset Value (a):
Class A — Redemption price per share	$	9.01
Class C — Offering price per share (b)		8.88
Class R6 — Offering and redemption price per share		9.12
Select Class — Offering and redemption price per share		9.08
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.51
Cost of investments in non-affiliates	$	39,093,242
Cost of investments in affiliates		7,316,362
Cost of investments in affiliates — restricted		4,460,000

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

	Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	42,262
Dividend income from affiliates		4,281
Total investment income		46,543
EXPENSES:
Investment advisory fees		876,946
Administration fees		87,984
Distribution fees:
Class A		1,152
Class C		624
Shareholder servicing fees:
Class A		1,152
Class C		208
Select Class		154,144
Custodian and accounting fees		122,703
Collateral management fees		10,044
Professional fees		159,791
Trustees’ and Chief Compliance Officer’s fees		22,103
Printing and mailing costs		17,608
Registration and filing fees		62,066
Transfer agent fees		6,002
Sub-transfer agent fees (See Note 2.D.)		86
Other		24,656
Total expenses		1,547,269
Less fees waived		(733,225	)
Less expense reimbursements		(21,505	)
Net expenses		792,539
Net investment income (loss)		(745,996	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(28,496	)
Futures		(9,924,187	)
Swaps		(19,468,010	)
Net realized gain (loss)		(29,420,693	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(398	)
Futures		160,489
Swaps		1,421,286
Change in net unrealized appreciation/depreciation		1,581,377
Net realized/unrealized gains (losses)		(27,839,316	)
Change in net assets resulting from operations	$	(28,585,312	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2015

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Commodities Strategy Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(745,996	)	$	(1,134,171	)
Net realized gain (loss)		(29,420,693	)		(7,979,403	)
Distributions of capital gains received from investment company affiliates		—			225
Change in net unrealized appreciation/depreciation		1,581,377			287,695
Change in net assets resulting from operations		(28,585,312	)		(8,825,654	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class R6
From net investment income		—			(3,575	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,324,046	)		811,590
NET ASSETS:
Change in net assets		(72,909,358	)		(8,017,639	)
Beginning of period		123,239,472			131,257,111
End of period	$	50,330,114		$	123,239,472
Accumulated undistributed (distributions in excess of) net investment income	$	(407,352	)	$	(1,034,010	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 11

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Commodities Strategy Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,028,164		$	330,600
Cost of shares redeemed		(234,223	)		(203,041	)
Change in net assets resulting from Class A capital transactions	$	793,941		$	127,559
Class C
Proceeds from shares issued	$	61,515		$	41,905
Cost of shares redeemed		(43,377	)		(5,007	)
Change in net assets resulting from Class C capital transactions	$	18,138		$	36,898
Class R6
Proceeds from shares issued	$	1,716,562		$	26,449,000
Distributions reinvested		—			3,575
Cost of shares redeemed		(24,505,761	)		(12,734,239	)
Change in net assets resulting from Class R6 capital transactions	$	(22,789,199	)	$	13,718,336
Select Class
Proceeds from shares issued	$	2,781,036		$	9,142,964
Cost of shares redeemed		(25,127,962	)		(22,214,167	)
Change in net assets resulting from Select Class capital transactions	$	(22,346,926	)	$	(13,071,203	)
Total change in net assets resulting from capital transactions	$	(44,324,046	)	$	811,590
SHARE TRANSACTIONS:
Class A
Issued		100,553			24,420
Redeemed		(22,149	)		(14,718	)
Change in Class A Shares		78,404			9,702
Class C
Issued		5,926			3,149
Redeemed		(4,456	)		(354	)
Change in Class C Shares		1,470			2,795
Class R6
Issued		160,113			1,901,994
Reinvested		—			267
Redeemed		(2,154,434	)		(964,827	)
Change in Class R6 Shares		(1,994,321	)		937,434
Select Class
Issued		259,188			663,957
Redeemed		(2,763,591	)		(1,592,234	)
Change in Select Class Shares		(2,504,403	)		(928,277	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2015

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OCTOBER 31, 2015 J.P. MORGAN FUNDS 13

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Commodities Strategy Fund
Class A
Year Ended October 31, 2015	$	12.30	$	(0.11	)(f)	$	(3.18	)	$	(3.29	)	$	—
Year Ended October 31, 2014		13.18		(0.16	)(f)		(0.72	)		(0.88	)		—
December 17, 2012(g) through October 31, 2013		15.00		(0.14	)(f)		(1.68	)		(1.82	)		—
Class C
Year Ended October 31, 2015		12.19		(0.17	)(f)		(3.14	)		(3.31	)		—
Year Ended October 31, 2014		13.12		(0.22	)(f)		(0.71	)		(0.93	)		—
December 17, 2012(g) through October 31, 2013		15.00		(0.20	)(f)		(1.68	)		(1.88	)		—
Class R6
Year Ended October 31, 2015		12.40		(0.08	)(f)		(3.20	)		(3.28	)		—
Year Ended October 31, 2014		13.22		(0.10	)(f)		(0.72	)		(0.82	)		—	(i)
December 17, 2012(g) through October 31, 2013		15.00		(0.09	)(f)		(1.69	)		(1.78	)		—
Select Class
Year Ended October 31, 2015		12.36		(0.10	)(f)		(3.18	)		(3.28	)		—
Year Ended October 31, 2014		13.21		(0.13	)(f)		(0.72	)		(0.85	)		—
December 17, 2012(g) through October 31, 2013		15.00		(0.11	)(f)		(1.68	)		(1.79	)		—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

(i) Amount rounds to less than $0.01.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	9.01		(26.75	)%	$	823,931		1.21	%		(1.14	)%		2.30	%		0	%
	12.30		(6.68	)		160,388		1.20			(1.16	)		2.03			0
	13.18		(12.13	)		43,924		1.22	(h)		(1.16	)(h)		2.74	(h)		0
	8.88		(27.15	)		67,492		1.73			(1.68	)		2.84			0
	12.19		(7.09	)		74,710		1.71			(1.67	)		2.53			0
	13.12		(12.53	)		43,733		1.72	(h)		(1.66	)(h)		3.24	(h)		0
	9.12		(26.45	)		17,191,700		0.82			(0.77	)		1.64			0
	12.40		(6.19	)		48,113,945		0.82			(0.78	)		1.53			0
	13.22		(11.87	)		38,913,194		0.82	(h)		(0.76	)(h)		1.86	(h)		0
	9.08		(26.54	)		32,246,991		0.98			(0.92	)		1.90			0
	12.36		(6.43	)		74,890,429		0.97			(0.93	)		1.79			0
	13.21		(11.93	)		92,256,260		0.97	(h)		(0.91	)(h)		2.10	(h)		0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Commodities Strategy Fund	Class A, Class C, Class R6 and Select Class	Non-diversified

The investment objective of the Fund is to seek total return.

The Fund commenced operations on December 17, 2012. Prior to February 28, 2014, Class A and Class C Shares of the Fund were not publicly offered for investment.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

Basis for Consolidation for the Fund

Commodities Strategy Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on September 5, 2012 and is a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of October 31, 2015, net assets of the Fund were $50,330,114 of which $11,321,441, or approximately 22.5%, represented the Subsidiary’s net assets. Net realized losses in the Subsidiary amounted to $(29,418,469). The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Effective April 30, 2015, the Subsidiary changed its name from JPM Commodities Strategy Fund Ltd.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist or is limited, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

16 J.P. MORGAN FUNDS OCTOBER 31, 2015

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the CSOI:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,776,362		$	39,094,658		$	—	$	50,871,020
Appreciation in Other Financial Instruments
Futures Contracts	$	650,830		$	—		$	—	$	650,830
Return Swaps		—			391,150			—		391,150
Total Appreciation in Other Financial Instruments	$	650,830		$	391,150		$	—	$	1,041,980
Depreciation in Other Financial Instruments
Futures Contracts	$	(565,731	)	$	—		$	—	$	(565,731	)
Return Swaps		—			(1,883,586	)		—		(1,883,586	)
Total Depreciation in Other Financial Instruments	$	(565,731	)	$	(1,883,586	)	$	—	$	(2,449,317	)

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the CSOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2015.

B. Derivatives — The Fund used instruments including futures, swaps and other derivatives in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest for hedging and risk management purposes and to seek to enhance portfolio performance. Derivatives may also be used for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining that return or spread through purchases and/or sales of instruments in cash markets; to protect against currency fluctuations; to protect against any increase in the price of securities the Fund anticipates purchasing at a later date; and/or to gain exposure to certain markets in the most economical way possible.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value, as recorded on the Consolidated Statement of Assets and Liabilities (“CSAL”).

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the Fund often include the ability to terminate (i.e., close out) open

OCTOBER 31, 2015 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes B(1) — B(3) below describe the various derivatives used by the Fund. These derivatives expose the Fund to commodity risk.

(1). Futures Contracts — The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

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

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the CSAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges (e.g., NYMEX), boards of trade or other platforms (e.g., Clearport). The exchange or board of trade acts as the counterparty to futures transactions; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. For trades executed on other platforms, these futures contracts must be offset on the same platform in which they were executed; therefore liquidity risk exists to the extent there is a lack of a liquid market for these contracts allowing the Fund to close out its position. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Options — The Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included on the CSAL as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation of investments in non-affiliates on the CSOP. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Return Swaps on Commodities and Commodity Indices — The Fund used return swaps on physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps on commodity futures and commodity indices values are based on the values of underlying commodity spot prices or futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Change in swap values is recorded as Change in net unrealized appreciation/ depreciation — swaps on the CSOP. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

Upon entering into a swap, the Fund may be required to post an initial collateral amount (referred to as “Independent Amount”), as defined in the swap agreement. Independent Amounts are posted to segregated accounts at the Fund’s custodian. The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Daily movement

18 J.P. MORGAN FUNDS OCTOBER 31, 2015

of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.) and is reported on the CSAL as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.).

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2015 is as follows:

Counterparty		Value of swap contracts			Collateral amount
Macquarie Bank Ltd.	Collateral Posted	$	(1,492,436	)	$	4,460,000

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL.

The Fund’s activities in return swaps are concentrated with one counterparty. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The Fund’s swap contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2015:

Counterparty	Gross Amount of Derivative Assets Presented on the CSAL  (a)			Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Macquarie Bank Ltd.	$	391,150		$	(391,150	)	$	—	$	—
Exchange-Traded Futures & Options Contracts (b)		650,830	(c)		—			—		650,830
Total	$	1,041,980		$	(391,150	)	$	—	$	650,830

Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL  (a)			Derivatives Available for Offset			Collateral Posted			Net Amount Due To Counterparty (not less than zero)
Macquarie Bank Ltd.	$	1,883,586		$	(391,150	)	$	(1,492,436	)(d)	$	—
Exchange-Traded Futures & Options Contracts (b)		565,731	(c)		—			—			565,731
Total	$	2,449,317		$	(391,150	)	$	(1,492,436	)	$	565,731

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the CSAL.

(b) These derivatives are not subject to master netting arrangements.

(c) A portion of this amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers for futures contracts.

(d) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B.(3) for actual swap collateral received or posted.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Derivatives Volume — The table below discloses the volume of the Fund’s futures contracts, options and swap activity during the year ended October 31, 2015. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Average Notional Balance Long	$	17,440,574
Average Notional Balance Short		2,645,247
Ending Notional Balance Long		13,686,240
Ending Notional Balance Short		4,105,450
Exchange-Traded Options:
Average Number of Contracts Purchased		16
Ending Number of Contracts Purchased		—
Return Swaps on Commodities:
Average Notional Balance Long	$	66,128,758
Average Notional Balance Short		3,109,216
Ending Notional Balance Long		36,327,815
Ending Notional Balance Short		1,070,600
Return Swaps on Commodity Indices:
Average Notional Balance Long	$	14,691,154
Average Notional Balance Short		24,220,000	(a)
Ending Notional Balance Long		7,775,000
Ending Notional Balance Short		—

(a) For the period December 1, 2014 through December 31, 2014.

The Fund’s derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

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

D. 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 Trust are allocated among the respective funds. In calculating the NAV 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.

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Fund for the year ended October 31, 2015 is as follows:

Class A		Class C		Class R6		Select Class		Total
$	54	$	16	$	—	$	16	$	86

E. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2015, no liability for income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

F. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly 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 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

20 J.P. MORGAN FUNDS OCTOBER 31, 2015

permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment Income		Accumulated net realized gains (losses)
$	(30,791,122	)	$	1,372,654	$	29,418,468

The reclassifications for the Fund relate primarily to investments in the Subsidiary and net operating loss.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.85% of the Fund’s average daily net assets. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.85% of the Subsidiary’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.10% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following amounts:

Front-End Sales Charge		CDSC
$	672	$	—

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% for Class A, Class C and Select Class Shares.

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 Fund 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 Fund and Subsidiary. For these services, the Fund and Subsidiary pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund and the Subsidiary for custody and accounting services are included in Custodian

OCTOBER 31, 2015 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

and accounting fees on the CSOP. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the CSOP.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R6			Select Class
	1.25	%		1.75	%		0.85	%		1.00	%

The expense limitation agreement was in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the year ended October 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	576,055	$	69,404	$	62,563	$	708,022	$	21,505

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive and/or reimburse to the Fund in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund to the extent that the total waivers do not exceed the total fees charged by the Adviser, the Administrator or shareholder servicing agent. A portion of the waiver is voluntary.

Waivers resulting from investments in these money market funds for the year ended October 31, 2015 were $25,203.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB, if any, by the Fund for these services are included in Collateral management fees on the CSOP.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 on the CSOP.

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

During the year ended October 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2015, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2015, there were no purchases or sales of long-term investments. Additionally, during the year ended October 31, 2015, there were no purchases or sales of long-term U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2015 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	95,607,207	$	—	$	45,184,729	$	(45,184,729	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in the Subsidiary.

22 J.P. MORGAN FUNDS OCTOBER 31, 2015

The Federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in the Subsidiary of approximately $45.2 million, which, if realized, is not deductible for income tax purposes.

During the year ended October 31, 2015, the Fund did not make any distributions.

The tax character of distributions paid during the year ended October 31, 2014 was as follows:

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	3,575	$	—	$	3,575

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
$	—	$	(2,225	)	$	(1,516,145	)

The cumulative timing differences primarily consist of investments in the Subsidiary and late year ordinary loss deferrals.

During the year ended October 31, 2015 the Subsidiary had approximately $30.2 million of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

As of October 31, 2015, the Fund had net capital loss carryforwards as follows:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	2,225	$	—

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2015, the Fund deferred to November 1, 2015 late year ordinary losses of $296,483.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015, or at any time during the year then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

In addition, as of October 31, 2015, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own in the aggregate, more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds	JPMorgan SmartRetirement Funds
56.5%		26.9	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap contracts.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

24 J.P. MORGAN FUNDS OCTOBER 31, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Commodities Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Commodities Strategy Fund (a separate Fund of JPMorgan Trust I) and its subsidiary (the “Fund”) at October 31, 2015, the results of their operations for the year then ended, the changes in 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 consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2015

OCTOBER 31, 2015 J.P. MORGAN FUNDS 25

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

26 J.P. MORGAN FUNDS OCTOBER 31, 2015

Name (Year of Birth); Positions With the Fund (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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 27

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

28 J.P. MORGAN FUNDS OCTOBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading 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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	835.80	$	5.60		1.21	%
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class C
Actual		1,000.00		833.80		8.04		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R6
Actual		1,000.00		838.20		3.66		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Select Class
Actual		1,000.00		837.60		4.59		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer group. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary

of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent

30 J.P. MORGAN FUNDS OCTOBER 31, 2015

and quality of the investment advisory services provided to the Fund by the Adviser.

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain

breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the third quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014 and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative share classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

32 J.P. MORGAN FUNDS OCTOBER 31, 2015

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s 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 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the 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 and on the Fund’s 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 Fund to the Adviser. A copy of the Fund’s 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 Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-CSTRAT-1015

Annual Report

J.P. Morgan Funds

October 31, 2015

JPMorgan Systematic Alpha Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	38
Consolidated Financial Highlights	44
Notes to Consolidated Financial Statements	46
Report of Independent Registered Public Accounting Firm	57
Trustees	58
Officers	60
Schedule of Shareholder Expenses	61
Board Approval of Investment Advisory Agreement	62
Tax Letter	65
Privacy Policy — Located at the back of this Annual Report

Investments in the 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 the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 17, 2015 (Unaudited)

Dear Shareholder,

Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.

  “Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.”

While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.

The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.

Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and

appeared to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.

In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.

Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.11%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.02%
Net Assets as of 10/31/2015	$	320,265,813

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August.

Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index dropped 3.9%, and equity markets in the Europe and Japan also fell. The sell-off also led to declines in emerging market currencies.

However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index rose the most since April 2013 and leading European indexes had their best performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

While increasing financial market volatility drove some investors to the safe haven of fixed income assets, large sectors of the bond market remained under pressure from historically low interest rates. U.S. Treasury bond yields, which move in the opposite direction of prices, declined on bonds of shorter maturities and remained essentially flat on bonds of longer maturities.

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

The Fund (Select Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2015. References to the Index and to other indexes mentioned herein are for

informational purposes and are not an indication of how the Fund is managed. The use of the Benchmark does not imply the Fund is being managed like the Benchmark and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

During the twelve months ended October 31, 2015, a majority of the Fund’s alternative investment strategies contributed positively to absolute performance, including its merger arbitrage, equity market neutral and macro strategies.

While the equity market neutral strategy generated a positive return overall, the twelve month reporting period was a volatile one for the strategy and the underlying return factors it sought to capture, with the value factor underperforming through the year ended October 31, 2015. Nonetheless, the momentum and quality factors overall were positive and helped to ensure a positive return for the strategy.

The merger arbitrage strategy also contributed positively to the Fund’s absolute return during the twelve month reporting period. The high proportion of “friendly” mergers, which generally have a higher likelihood of being consummated, meant there were relatively few attempted mergers that were not completed. The merger arbitrage strategy generally performs better when a higher proportion of mergers are completed.

Within the fund’s macro investment strategies, the fixed income and commodity based return factors in aggregate made a positive contribution. The Fund also obtained small positive contributions from its foreign currency momentum trading strategy. The emerging market currency carry trade factor was a detractor from the Fund’s overall performance. A carry trade involves selling a currency that comes with a relatively low interest rate to purchase a different currency that comes with a higher interest rate.

The Fund’s convertible bond arbitrage sub-strategy detracted from Fund performance, driven primarily by a cheapening of U.S. convertible bonds during the fourth quarter of 2014.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund’s risk was diversified across its investment strategies. Early in the reporting period, there was an increase in risk in the macro strategies as the underlying factors offset less risk. However, the Fund’s merger arbitrage strategy generally remained below the long-term targeted risk level as merger activity on average remained relatively muted.

2 J.P. MORGAN FUNDS OCTOBER 31, 2015

RISK ALLOCATION AS OF OCTOBER 31, 2015
Asset Class / Strategy	% of Risk Allocation***
Convertible Bonds		8.63	%
Equity Market Neutral (1)		53.97
Event Driven (2)		17.33
Commodities / Currencies		13.45
Relative Value Fixed Income / Credit (3)		6.62

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	PMC-Sierra, Inc.	1.2	%
	2.	Cameron International Corp.	1.2
	3.	Time Warner Cable, Inc.	1.1
	4.	Rexam plc (United Kingdom)	1.1
	5.	Chubb Corp. (The)	1.1
	6.	Altera Corp.	1.1
	7.	Sigma-Aldrich Corp.	1.1
	8.	TNT Express N.V. (Netherlands)	1.1
	9.	StanCorp Financial Group, Inc.	1.1
	10.	TECO Energy, Inc.	1.1

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Koninklijke Ahold N.V. (Netherlands)	1.1	%
	2.	Nokia OYJ. (Finland)	1.0
	3.	Schlumberger Ltd.	1.0
	4.	Halliburton Co.	0.8
	5.	STERIS Corp.	0.7
	6.	Royal Dutch Shell plc (Netherlands)	0.7
	7.	NXP Semiconductors N.V. (Netherlands)	0.7
	8.	Lam Research Corp.	0.6
	9.	ACE Ltd. (Switzerland)	0.6
	10.	New York Community Bancorp, Inc.	0.5

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

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

*** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 2015 and are not representative of the targeted equal risk allocation across asset classes over the long-term. Holdings and allocations may vary over time.

(1) Equity Market Neutral strategies involve simultaneous investing in equities (i.e. investing long) that the Adviser expects to increase in value and selling equities (i.e. selling short) that the Adviser expects to decrease in value.

(2) Event Driven strategies (e.g. merger arbitrage) seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.

(3) Relative Value Fixed Income and Credit strategies seek to profit from exploiting mispricing of various fixed income or interest rate sensitive securities or developed and emerging market currencies which may be driven by market or macroeconomic factors.

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2015. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
Without Sales Charge				1.87			3.89
With Sales Charge*				(2.69	)		2.13
CLASS C SHARES		February 12, 2013
Without CDSC				1.41			3.37
With CDSC**				0.41			3.37
CLASS R6 SHARES		February 12, 2013		2.44			4.34
SELECT CLASS SHARES		February 12, 2013		2.11			4.14

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (2/12/13 TO 10/31/15)

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

The Fund commenced operations on February 12, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Systematic Alpha Fund and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from February 12, 2013 to October 31, 2015. 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

From the inception of the Fund through July 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2015

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 39.5%
		Consumer Discretionary — 5.5%
		Auto Components — 0.4%
	71,000	Calsonic Kansei Corp., (Japan)		565,847
	25,496	Remy International, Inc.		751,877
				1,317,724
		Automobiles — 0.2%
	14,300	Fuji Heavy Industries Ltd., (Japan)		553,033
		Diversified Consumer Services — 0.3%
	13,668	H&R Block, Inc.		509,269
	4,808	Houghton Mifflin Harcourt Co. (a)		94,189
	2,978	Steiner Leisure Ltd., (Bahamas) (a)		188,686
				792,144
		Hotels, Restaurants & Leisure — 0.9%
	2,285	Bob Evans Farms, Inc.		98,872
	1,967	Brinker International, Inc.		89,518
	11,734	Carnival Corp.		634,575
	10,568	Cheesecake Factory, Inc. (The)		509,378
	3,923	Cracker Barrel Old Country Store, Inc.		539,256
	136,320	Echo Entertainment Group Ltd., (Australia)		492,689
	1,968	Hyatt Hotels Corp., Class A (a)		99,187
	6,173	International Game Technology plc		100,126
	1,351	Marriott International, Inc., Class A		103,730
	11,221	Wendy’s Co. (The)		102,784
	2,518	Yum! Brands, Inc.		178,551
				2,948,666
		Household Durables — 0.5%
	46,500	Haseko Corp., (Japan)		472,774
	29,035	PulteGroup, Inc.		532,212
	36,900	Sekisui House Ltd., (Japan)		614,253
	2,234	Universal Electronics, Inc. (a)		106,271
				1,725,510
		Leisure Products — 0.2%
	33,200	Heiwa Corp., (Japan)		612,866
		Media — 1.9%
	91,054	Cablevision Systems Corp., Class A		2,967,450
	11,066	Comcast Corp., Class A		693,949
	965,926	Fairfax Media Ltd., (Australia)		646,027
	22,316	Interpublic Group of Cos., Inc. (The)		511,706
	3,408	Markit Ltd., (United Kingdom) (a)		103,944
	13,686	Scholastic Corp.		559,347
	17,130	Sinclair Broadcast Group, Inc., Class A		514,071
	3,549	Twenty-First Century Fox, Inc., Class A		108,919
				6,105,413

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.1%
	2,073	Big Lots, Inc.		95,565
	1,139	Dillard’s, Inc., Class A		101,918
	2,201	Kohl’s Corp.		101,510
				298,993
		Specialty Retail — 0.9%
	1,228	Asbury Automotive Group, Inc. (a)		97,258
	18,080	Caleres, Inc.		552,525
	6,842	Chico’s FAS, Inc.		94,556
	65,600	DCM Holdings Co., Ltd., (Japan)		434,575
	2,808	Hibbett Sports, Inc. (a)		95,921
	41,378	JB Hi-Fi Ltd., (Australia)		526,479
	1,713	Outerwall, Inc.		102,780
	11,573	Penske Automotive Group, Inc.		565,225
	27,621	Pep Boys-Manny Moe & Jack (The) (a)		415,420
	3,329	Urban Outfitters, Inc. (a)		95,209
				2,979,948
		Textiles, Apparel & Luxury Goods — 0.1%
	1,680	Deckers Outdoor Corp. (a)		93,509
	3,815	Movado Group, Inc.		98,198
				191,707
		Total Consumer Discretionary		17,526,004
		Consumer Staples — 2.7%
		Beverages — 0.2%
	9,936	Coca-Cola Enterprises, Inc.		510,114
		Food & Staples Retailing — 1.5%
	26,880	Empire Co., Ltd., (Canada)		563,049
	7,171	George Weston Ltd., (Canada)		603,908
	15,758	Kroger Co. (The)		595,653
	386,286	Rite Aid Corp. (a)		3,043,934
				4,806,544
		Food Products — 0.6%
	12,206	Campbell Soup Co.		619,943
	22,319	Flowers Foods, Inc.		602,613
	9,167	Hormel Foods Corp.		619,231
	944	McCormick & Co., Inc. (Non-Voting)		79,277
				1,921,064
		Personal Products — 0.1%
	3,827	USANA Health Sciences, Inc. (a)		492,152

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Tobacco — 0.3%
	15,300	Japan Tobacco, Inc., (Japan)		529,560
	10,380	Reynolds American, Inc.		501,562
				1,031,122
		Total Consumer Staples		8,760,996
		Energy — 0.4%
		Energy Equipment & Services — 0.2%
	9,058	Nabors Industries Ltd., (Bermuda)		90,943
	137,804	WorleyParsons Ltd., (Australia)		635,756
				726,699
		Oil, Gas & Consumable Fuels — 0.2%
	35,672	Cameco Corp., (Canada)		505,235
	4,200	Enbridge Income Fund Holdings, Inc., (Canada)		103,233
				608,468
		Total Energy		1,335,167
		Financials — 4.6%
		Banks — 0.7%
	62,642	Bank of Queensland Ltd., (Australia)		580,729
	4,813	Central Pacific Financial Corp.		107,619
	4,122	Great Western Bancorp, Inc.		116,488
	3,671	Hancock Holding Co.		101,320
	96,500	Mitsubishi UFJ Financial Group, Inc., (Japan)		624,117
	101,100	Resona Holdings, Inc., (Japan)		534,953
	6,165	Talmer Bancorp, Inc., Class A		103,695
				2,168,921
		Capital Markets — 0.0% (g)
	8,504	KCG Holdings, Inc., Class A (a)		106,215
		Consumer Finance — 0.1%
	3,462	Cash America International, Inc.		119,543
		Insurance — 3.7%
	2,644	Allied World Assurance Co. Holdings AG, (Switzerland)		96,136
	1,744	American International Group, Inc.		109,977
	26,494	Assured Guaranty Ltd., (Bermuda)		726,995
	12,430	Hartford Financial Services Group, Inc. (The)		575,012
	14,291	MBIA, Inc. (a)		107,325
	28,077	Old Republic International Corp.		506,509
	16,998	PartnerRe Ltd., (Bermuda)		2,362,722
	17,476	Selective Insurance Group, Inc.		637,699
	26,988	StanCorp Financial Group, Inc.		3,096,063
	18,345	Sun Life Financial, Inc., (Canada)		618,702
	96,441	Symetra Financial Corp.		3,060,073
				11,897,213

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Management & Development — 0.1%
	5,204	Brookfield Asset Management, Inc., (Canada), Class A		181,798
	4,804	St. Joe Co. (The) (a)		95,215
				277,013
		Total Financials		14,568,905
		Health Care — 2.0%
		Health Care Equipment & Supplies — 0.3%
	10,331	Greatbatch, Inc. (a)		552,192
	5,888	Stryker Corp.		563,010
				1,115,202
		Health Care Providers & Services — 1.0%
	1,217	Express Scripts Holding Co. (a)		105,124
	32,671	IPC Healthcare, Inc. (a)		2,564,674
	33,700	Medipal Holdings Corp., (Japan)		588,135
				3,257,933
		Life Sciences Tools & Services — 0.2%
	11,082	Cambrex Corp. (a)		509,440
		Pharmaceuticals — 0.5%
	6,500	Kaken Pharmaceutical Co., Ltd., (Japan)		449,246
	30,500	Mitsubishi Tanabe Pharma Corp., (Japan)		515,732
	14,900	Shionogi & Co., Ltd., (Japan)		611,146
				1,576,124
		Total Health Care		6,458,699
		Industrials — 6.5%
		Aerospace & Defense — 1.1%
	4,567	AAR Corp.		103,625
	1,764	Moog, Inc., Class A (a)		108,945
	580	Northrop Grumman Corp.		108,895
	13,213	Precision Castparts Corp.		3,049,692
				3,371,157
		Air Freight & Logistics — 1.6%
	371,733	TNT Express N.V., (Netherlands)		3,123,680
	266,861	UTi Worldwide, Inc. (a)		1,902,719
				5,026,399
		Airlines — 0.7%
	10,058	Delta Air Lines, Inc.		511,349
	31,193	SkyWest, Inc.		593,915
	11,085	Southwest Airlines Co.		513,125
	17,568	Virgin America, Inc. (a)		625,596
				2,243,985

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Building Products — 0.2%
	5,282	Continental Building Products, Inc. (a)		92,805
	8,480	Universal Forest Products, Inc.		615,902
				708,707
		Commercial Services & Supplies — 0.4%
	1,119	Cintas Corp.		104,168
	2,938	Copart, Inc. (a)		106,385
	219,127	Downer EDI Ltd., (Australia)		550,646
	15,538	KAR Auction Services, Inc.		596,659
				1,357,858
		Construction & Engineering — 0.8%
	12,755	EMCOR Group, Inc.		615,811
	47,100	Kinden Corp., (Japan)		611,943
	30,000	Nippo Corp., (Japan)		522,777
	18,183	WSP Global, Inc., (Canada)		632,984
				2,383,515
		Electrical Equipment — 0.4%
	2,201	Emerson Electric Co.		103,953
	149,000	Fuji Electric Co., Ltd., (Japan)		664,772
	54,000	Mitsubishi Electric Corp., (Japan)		562,396
				1,331,121
		Machinery — 0.6%
	2,217	CIRCOR International, Inc.		101,805
	148,000	Kawasaki Heavy Industries Ltd., (Japan)		594,041
	979	Parker-Hannifin Corp.		102,501
	142,000	Sumitomo Heavy Industries Ltd., (Japan)		639,854
	30,300	Takeuchi Manufacturing Co., Ltd., (Japan)		570,756
				2,008,957
		Professional Services — 0.1%
	215,541	Veda Group Ltd., (Australia)		400,332
		Road & Rail — 0.2%
	124,000	Sankyu, Inc., (Japan)		698,522
		Trading Companies & Distributors — 0.4%
	2,376	AerCap Holdings N.V, (Netherlands) (a)		98,604
	19,224	Avolon Holdings Ltd., (Ireland) (a)		586,524
	55,200	ITOCHU Corp., (Japan)		690,717
				1,375,845
		Total Industrials		20,906,398
		Information Technology — 7.9%
		Communications Equipment — 0.9%
	6,484	ADTRAN, Inc.		100,696
	7,313	Harris Corp.		578,678
	45,000	Hitachi Kokusai Electric, Inc., (Japan)		621,314

SHARES		SECURITY DESCRIPTION	VALUE($)
		Communications Equipment — continued
	19,727	Juniper Networks, Inc.		619,231
	3,164	NETGEAR, Inc. (a)		130,990
	12,792	Plantronics, Inc.		685,907
	1,774	QUALCOMM, Inc.		105,411
				2,842,227
		Electronic Equipment, Instruments & Components — 0.8%
	20,900	Alps Electric Co., Ltd., (Japan)		648,719
	3,753	Insight Enterprises, Inc. (a)		95,326
	16,500	Jabil Circuit, Inc.		379,170
	371,000	Oki Electric Industry Co., Ltd., (Japan)		626,189
	4,683	RealD, Inc. (a)		47,626
	27,254	Sanmina Corp. (a)		563,340
	2,900	Tech Data Corp. (a)		211,091
				2,571,461
		Internet Software & Services — 0.6%
	8,261	IAC/InterActiveCorp		553,570
	20,200	Monster Worldwide, Inc. (a)		126,654
	51,979	Xoom Corp. (a)		1,296,356
				1,976,580
		IT Services — 0.1%
	1,189	Gartner, Inc. (a)		107,807
	3,594	Teradata Corp. (a)		101,027
				208,834
		Semiconductors & Semiconductor Equipment — 2.9%
	60,636	Altera Corp.		3,186,422
	8,468	Analog Devices, Inc.		509,096
	36,981	Integrated Silicon Solution, Inc.		831,333
	10,259	Kulicke & Soffa Industries, Inc., (Singapore) (a)		108,745
	44,005	OmniVision Technologies, Inc. (a)		1,270,424
	10,341	ON Semiconductor Corp. (a)		113,751
	290,452	PMC-Sierra, Inc. (a)		3,462,188
				9,481,959
		Software — 2.3%
	2,499	Aspen Technology, Inc. (a)		103,434
	40,704	Nuance Communications, Inc. (a)		690,747
	20,682	Progress Software Corp. (a)		502,159
	51,277	SolarWinds, Inc. (a)		2,975,604
	55,771	Solera Holdings, Inc.		3,048,443
				7,320,387
		Technology Hardware, Storage & Peripherals — 0.3%
	15,600	FUJIFILM Holdings Corp., (Japan)		622,265
	3,049	NetApp, Inc.		103,666
	1,645	SanDisk Corp.		126,665

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	2,101	Seagate Technology plc		79,964
				932,560
		Total Information Technology		25,334,008
		Materials — 4.1%
		Chemicals — 2.8%
	41,289	Cytec Industries, Inc.		3,072,727
	44,000	Daicel Corp., (Japan)		581,433
	7,645	Eastman Chemical Co.		551,740
	139,000	Fufeng Group Ltd., (China)		73,404
	2,359	Innophos Holdings, Inc.		100,234
	1,200	Innospec, Inc.		66,288
	3,052	Mosaic Co. (The)		103,127
	22,578	Sigma-Aldrich Corp.		3,154,598
	124,000	Tosoh Corp., (Japan)		629,765
	326,000	Ube Industries Ltd., (Japan)		684,522
				9,017,838
		Construction Materials — 0.2%
	253,388	CSR Ltd., (Australia)		496,055
		Containers & Packaging — 0.0% (g)
	1,842	Silgan Holdings, Inc.		93,703
		Metals & Mining — 1.1%
	2,931	Carpenter Technology Corp.		97,632
	690,197	Evolution Mining Ltd., (Australia)		687,514
	528,000	Kobe Steel Ltd., (Japan)		666,744
	155,000	Mitsubishi Materials Corp., (Japan)		540,691
	1,753	Reliance Steel & Aluminum Co.		105,110
	15,914	Rio Tinto Ltd., (United Kingdom)		569,054
	152,941	Sandfire Resources NL, (Australia)		683,534
				3,350,279
		Total Materials		12,957,875
		Telecommunication Services — 0.5%
		Diversified Telecommunication Services — 0.3%
	7,771	Atlantic Tele-Network, Inc.		593,860
	2,100	Manitoba Telecom Services, Inc., (Canada)		46,140
	20,582	Premiere Global Services, Inc. (a)		281,562
				921,562
		Wireless Telecommunication Services — 0.2%
	21,900	KDDI Corp., (Japan)		529,943
	32,294	NTELOS Holdings Corp. (a)		296,782
				826,725
		Total Telecommunication Services		1,748,287

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 5.3%
		Electric Utilities — 2.6%
	54,436	Cleco Corp.		2,885,108
	10,420	Emera, Inc., (Canada)		341,383
	43,647	Hawaiian Electric Industries, Inc.		1,277,111
	115,077	Pepco Holdings, Inc.		3,064,501
	18,189	PPL Corp.		625,702
				8,193,805
		Gas Utilities — 1.7%
	39,379	AGL Resources, Inc.		2,461,188
	51,901	Piedmont Natural Gas Co., Inc.		2,974,446
				5,435,634
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	6,303	Calpine Corp. (a)		97,759
		Multi-Utilities — 1.0%
	114,655	TECO Energy, Inc.		3,095,685
		Total Utilities		16,822,883
		Total Common Stocks (Cost $125,846,226)		126,419,222
	Preferred Stocks — 1.8%
		Consumer Staples — 0.2%
		Food Products — 0.2%
		Tyson Foods, Inc.,
	14,650	4.750%, 07/15/17 ($50 par value)		766,927
		Financials — 0.9%
		Banks — 0.5%
	773	Bank of America Corp., Series L, 7.250% ($1,000 par value)		854,165
	745	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		882,825
				1,736,990
		Real Estate Investment Trusts (REITs) — 0.4%
	4,900	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		521,360
	4,750	Welltower, Inc., Series I, 6.500%, ($50 par value)		280,773
	9,600	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		481,824
				1,283,957
		Total Financials		3,020,947

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — continued
		Materials — 0.2%
		Metals & Mining — 0.2%
	15,350	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		485,521
		Utilities — 0.5%
		Electric Utilities — 0.3%
	16,200	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		676,512
	3,450	NextEra Energy, Inc., 5.799%, 09/01/16 ($50 par value)		189,819
				866,331
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	3,750	6.375%, 07/01/17 ($50 par value)		186,112
	4,300	Series A, 6.125%, 04/01/16 ($49 par value)		239,983
	4,300	Series B, 6.000%, 07/01/16 ($49 par value)		241,918
				668,013
		Total Utilities		1,534,344
		Total Preferred Stocks (Cost $6,449,679)		5,807,739
PRINCIPAL/UNIT AMOUNT($)
	Convertible Bonds — 11.7%
		Consumer Discretionary — 1.7%
		Automobiles — 0.2%
	600,000 Units	Fiat Chrysler Automobiles N.V., (Netherlands), 7.875%, 12/15/16		735,000
		Household Durables — 0.3%
	389,000	Lennar Corp., 3.250%, 11/15/21 (e)		829,299
		Internet & Catalog Retail — 0.7%
	893,000	Ctrip.com International Ltd., (Cayman Islands), 1.250%, 10/15/18		1,183,783
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		191,660
	125,000	1.000%, 03/15/18		198,359
	506,000	Vipshop Holdings Ltd., (Cayman Islands), 1.500%, 03/15/19		623,329
				2,197,131
		Media — 0.4%
	574,000	Liberty Interactive LLC, 1.000%, 09/30/43 (e)		529,874
	646,000	Liberty Media Corp., 1.375%, 10/15/23		660,939
				1,190,813

PRINCIPAL/UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.1%
		Iconix Brand Group, Inc.,
	194,000	1.500%, 03/15/18		164,294
	195,000	2.500%, 06/01/16		186,103
				350,397
		Total Consumer Discretionary		5,302,640
		Energy — 0.6%
		Energy Equipment & Services — 0.5%
	816,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		603,330
	798,000	SEACOR Holdings, Inc., 2.500%, 12/15/27		765,083
				1,368,413
		Oil, Gas & Consumable Fuels — 0.1%
	451,000	Chesapeake Energy Corp., 2.500%, 05/15/37		385,605
		Total Energy		1,754,018
		Financials — 1.0%
		Capital Markets — 0.4%
	762,000	Ares Capital Corp., 5.750%, 02/01/16		766,762
	672,000	Prospect Capital Corp., 4.750%, 04/15/20		600,600
				1,367,362
		Real Estate Investment Trusts (REITs) — 0.5%
	665,000	Colony Capital, Inc., 3.875%, 01/15/21
		Spirit Realty Capital, Inc.,		639,647
	276,000	2.875%, 05/15/19		264,097
	244,000	3.750%, 05/15/21		233,935
		Starwood Property Trust, Inc.,
	355,000	4.000%, 01/15/19		363,210
	233,000	4.550%, 03/01/18		235,621
				1,736,510
		Thrifts & Mortgage Finance — 0.1%
	162,000	Radian Group, Inc., 2.250%, 03/01/19		224,269
		Total Financials		3,328,141
		Health Care — 2.9%
		Biotechnology — 1.6%
	740,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		786,250
	741,000	Aegerion Pharmaceuticals, Inc., 2.000%, 08/15/19		567,328
	357,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/18		501,585

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

PRINCIPAL/UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Biotechnology — continued
	348,000	1.500%, 10/15/20		505,035
	591,000	Cepheid, 1.250%, 02/01/21		529,684
	176,000	Gilead Sciences, Inc., Series D, 1.625%, 05/01/16		840,400
	661,000	Isis Pharmaceuticals, Inc., 1.000%, 11/15/21 (e)		659,761
	903,000	PDL BioPharma, Inc., 4.000%, 02/01/18		751,183
				5,141,226
		Health Care Equipment & Supplies — 0.5%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		213,255
	158,000	Series 2010, SUB, 2.000%, 12/15/37		269,291
	174,000	Series 2012, SUB, 2.000%, 03/01/42		233,921
	445,000	Teleflex, Inc., 3.875%, 08/01/17		963,703
				1,680,170
		Health Care Providers & Services — 0.5%
		Anthem, Inc.,
	360,000	2.750%, 10/15/42		677,025
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		437,201
	341,000	1.625%, 08/15/44		417,725
				1,531,951
		Life Sciences Tools & Services — 0.0% (g)
	187,000	Illumina, Inc., 0.500%, 06/15/21		200,441
		Pharmaceuticals — 0.3%
	800,000	Jazz Investments I Ltd., (Bermuda), 1.875%, 08/15/21		848,500
		Total Health Care		9,402,288
		Industrials — 0.6%
		Air Freight & Logistics — 0.2%
	634,000	UTi Worldwide, Inc., (United Kingdom), 4.500%, 03/01/19		628,452
		Machinery — 0.2%
	436,000	Trinity Industries, Inc., 3.875%, 06/01/36		562,985
		Transportation Infrastructure — 0.2%
	530,000	Macquarie Infrastructure Corp., 2.875%, 07/15/19		615,794
		Total Industrials		1,807,231
		Information Technology — 4.7%
		Communications Equipment — 0.3%
	797,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20 (e)		783,551
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		276,124
				1,059,675

PRINCIPAL/UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 1.1%
	544,000	j2 Global, Inc., 3.250%, 06/15/29		690,200
	598,000	MercadoLibre, Inc., 2.250%, 07/01/19		620,051
	400,000	Qihoo 360 Technology Co., Ltd., (Cayman Islands), 2.500%, 09/15/18		389,000
	597,000	SINA Corp., (Cayman Islands), 1.000%, 12/01/18		575,359
	926,000	Yandex N.V., (Netherlands),
		1.125%, 12/15/18		812,565
	637,000	YY, Inc., (Cayman Islands), 2.250%, 04/01/19		609,131
				3,696,306
		IT Services — 0.3%
	800,000	Euronet Worldwide, Inc., 1.500%, 10/01/44 (e)		1,021,500
		Semiconductors & Semiconductor Equipment — 1.4%
		Intel Corp.,
	221,000	2.950%, 12/15/35		280,946
	189,000	3.250%, 08/01/39		310,905
		Lam Research Corp.,
	152,000	0.500%, 05/15/16		192,090
	273,000	1.250%, 05/15/18		383,565
	400,000	Microchip Technology, Inc., 1.625%, 02/15/25 (e)		414,750
	77,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		69,685
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		229,964
	524,000	NVIDIA Corp., 1.000%, 12/01/18		766,023
	800,000	NXP Semiconductors N.V., (Netherlands), 1.000%, 12/01/19 (e)		857,000
	550,000	Xilinx, Inc., 2.625%, 06/15/17		906,813
				4,411,741
		Software — 1.1%
	821,000	Citrix Systems, Inc., 0.500%, 04/15/19		933,887
	464,000	Electronic Arts, Inc., 0.750%, 07/15/16		1,046,320
	873,000	Nuance Communications, Inc., 2.750%, 11/01/31		876,274
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		546,072
				3,402,553
		Technology Hardware, Storage & Peripherals — 0.5%
	751,000	Electronics For Imaging, Inc., 0.750%, 09/01/19		800,284
		SanDisk Corp.,
	232,000	0.500%, 10/15/20		244,615
	270,000	1.500%, 08/15/17		430,650
				1,475,549
		Total Information Technology		15,067,324

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2015

PRINCIPAL/UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Materials — 0.2%
		Metals & Mining — 0.2%
	261,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		258,716
	520,000	United States Steel Corp., 2.750%, 04/01/19		519,025
		Total Materials		777,741
		Total Convertible Bonds (Cost $36,878,880)		37,439,383
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Health Care — 0.0% (g)
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics International Ltd. (a)		—
		Life Sciences Tools & Services — 0.0% (g)
	402	Furiex Pharmaceuticals, Inc., (a)		3,928
		Total Health Care		3,928

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	3,314	Leap Wireless International, Inc., (a)		8,351
		Total Rights (Cost $—)		12,279
SHARES
	Short-Term Investment — 41.5%
		Investment Company — 41.5%
	132,907,036	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (Cost $132,907,036) (b) (l) ^^		132,907,036
		Total Investments — 94.5% (Cost $302,081,821)		302,585,659
		Other Assets in Excess of Liabilities — 5.5% (c)		17,680,154
		NET ASSETS — 100.0%	$	320,265,813

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	55	LME Aluminum Futures^		11/16/15	USD	$	1,997,531	$	(73,394	)
	7	LME Copper Futures^		11/16/15	USD		897,925		2,823
	11	Feeder Cattle Futures^		11/19/15	USD		1,049,950		1,280
	15	Cotton No.2 Futures^		12/08/15	USD		474,900		5,531
	53	Euro Bobl		12/08/15	EUR		7,542,785		28,350
	192	Euro Schatz		12/08/15	EUR		23,537,084		32,898
	2	Euro-Buxl 30-Year Bond		12/08/15	EUR		346,874		2,109
	49	Lean Hogs Futures^		12/14/15	USD		1,160,320		(51,185	)
	37	3 Year Australian Government Bond		12/15/15	AUD		2,963,161		10,540
	11	LME Copper Futures^		12/16/15	USD		1,408,963		(2,371	)
	220	10 Year U.S. Treasury Note		12/21/15	USD		28,091,250		55,182
	4	U.S. Long Bond		12/21/15	USD		625,750		(5,820	)
	6	Gold 100 OZ Futures^		12/29/15	USD		684,840		(15,016	)
	127	Long Gilt		12/29/15	GBP		23,053,472		(52,425	)
	75	2 Year U.S. Treasury Note		12/31/15	USD		16,399,219		(7,184	)
	41	5 Year U.S. Treasury Note		12/31/15	USD		4,910,711		1,555
	6	Feeder Cattle Futures^		01/28/16	USD		549,600		23,420
	41	Cotton No.2 Futures^		03/08/16	USD		1,291,500		11,651
	2	Corn Futures^		03/14/16	USD		39,150		(1,256	)
	25	CBOT Wheat Futures^		03/14/16	USD		656,875		(599	)
	35	Cocoa Futures^		03/15/16	USD		1,142,050		52,718
	78	Sugar No. 11 (World Markets) Futures^		04/29/16	USD		1,237,891		40,563

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT OCTOBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	22		Cocoa Futures^		05/13/16	USD	$	716,100		$	43,506
	64		Sugar No. 11 (World Markets) Futures^		06/30/16	USD		998,502			31,678
	14		Cocoa Futures^		07/14/16	USD		454,160			30,199
			Short Futures Outstanding
	(16	)	LME Nickel Futures^		11/16/15	USD		(964,032	)		5,472
	(5	)	CAC 40 Index		11/20/15	EUR		(269,167	)		(11,825	)
	(4	)	IBEX 35 Index		11/20/15	EUR		(452,405	)		(5,293	)
	(39	)	WTI Crude Futures^		11/20/15	USD		(1,817,010	)		39,068
	(105	)	Natural Gas Futures^		11/25/15	USD		(2,437,050	)		389,776
	(3	)	Hang Seng Index		11/27/15	HKD		(439,011	)		7,617
	(85	)	Euro Bund		12/08/15	EUR		(14,694,458	)		(368,401	)
	(2	)	TOPIX Index		12/10/15	JPY		(258,308	)		393
	(9	)	10 Year Japanese Government Bond		12/14/15	JPY		(11,080,136	)		(49,396	)
	(16	)	Corn Futures^		12/14/15	USD		(305,800	)		3,803
	(7	)	LME Nickel Futures^		12/14/15	USD		(422,037	)		(4,536	)
	(12	)	LME Zinc Futures^		12/14/15	USD		(510,225	)		16,889
	(15	)	CBOT Wheat Futures^		12/14/15	USD		(391,500	)		(13,682	)
	(5	)	10 Year Australian Government Bond		12/15/15	AUD		(461,239	)		(3,085	)
	(6	)	SPI 200 Index		12/17/15	AUD		(560,069	)		(17,032	)
	(29	)	10 Year Canadian Government Bond		12/18/15	CAD		(3,116,014	)		72,791
	(11	)	Coffee ‘C’ Futures^		12/18/15	USD		(498,919	)		71,705
	(1	)	DAX Index		12/18/15	EUR		(297,442	)		(17,081	)
	(7	)	Euro STOXX 50 Index		12/18/15	EUR		(261,948	)		(22,332	)
	(255	)	E-mini S&P 500		12/18/15	USD		(26,439,675	)		(1,497,977	)
	(6	)	FTSE 100 Index		12/18/15	GBP		(584,575	)		(18,233	)
	(2	)	FTSE/MIB Index		12/18/15	EUR		(246,783	)		(12,372	)
	(18	)	WTI Crude Futures^		12/21/15	USD		(854,460	)		40,263
	(8	)	LME Copper Futures^		12/29/15	USD		(463,500	)		16,442
	(34	)	Natural Gas Futures^		12/29/15	USD		(846,600	)		112,591
	(2	)	Silver Futures^		12/29/15	USD		(155,670	)		(7,175	)
	(68	)	Live Cattle Futures^		12/31/15	USD		(3,854,920	)		(167,241	)
	(11	)	Soybean Futures^		01/14/16	USD		(487,162	)		3,355
	(24	)	LME Aluminum Futures^		01/18/16	USD		(887,850	)		10,878
	(45	)	Lean Hogs Futures^		02/12/16	USD		(1,129,500	)		96,027
	(36	)	Live Cattle Futures^		02/29/16	USD		(2,065,320	)		(92,336	)
	(6	)	Sugar No. 11 (World Markets) Futures^		02/29/16	USD		(97,574	)		(2,425	)
	(39	)	Coffee ‘C’ Futures^		03/18/16	USD		(1,817,156	)		97,087
										$	(1,161,512	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2015

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	789,426	AUD	BNP Paribas		11/24/15	$	565,853	$	562,330	$	(3,523	)
	610,915	AUD	Citibank, N.A.		11/24/15		431,708		435,172		3,464
	1,641,207	CAD	HSBC Bank, N.A.		11/24/15		1,268,201		1,254,962		(13,239	)
	4,444,029	CHF	Goldman Sachs International		11/24/15		4,601,182		4,498,835		(102,347	)
	642,259	EUR	Deutsche Bank AG		11/24/15		704,192		706,443		2,251
	3,258,331	EUR	Merrill Lynch International		11/24/15		3,624,956		3,583,952		(41,004	)
	1,651,066	EUR	Standard Chartered Bank		11/24/15		1,870,698		1,816,065		(54,633	)
	674,963	GBP	Goldman Sachs International		11/24/15		1,031,749		1,040,392		8,643
	538,614	GBP	Standard Chartered Bank		11/24/15		827,468		830,222		2,754
	13,471,878,580	IDR	Merrill Lynch International†		11/24/15		962,277		976,711		14,434
	65,097,332	INR	Credit Suisse International†		11/24/15		993,701		992,157		(1,544	)
	140,064,303	JPY	Barclays Bank plc		11/24/15		1,165,005		1,160,934		(4,071	)
	38,979,156	JPY	BNP Paribas		11/24/15		328,805		323,082		(5,723	)
	163,578,648	JPY	Goldman Sachs International		11/24/15		1,360,543		1,355,835		(4,708	)
	5,283,600	NOK	Credit Suisse International		11/24/15		652,105		621,619		(30,486	)
	6,867,467	NZD	Standard Chartered Bank		11/24/15		4,525,322		4,643,058		117,736
	66,454,719	RUB	Standard Chartered Bank†		11/24/15		1,047,768		1,034,302		(13,466	)
	14,351,742	SEK	Standard Chartered Bank		11/24/15		1,747,540		1,680,588		(66,952	)
	2,767,579	TRY	Citibank, N.A.		11/24/15		929,806		943,443		13,637
	15,654,271	ZAR	Deutsche Bank AG		11/24/15		1,150,819		1,127,096		(23,723	)
						$	29,789,698	$	29,587,198	$	(202,500	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	619,979	AUD	Merrill Lynch International		11/24/15	$	445,193	$	441,628	$	3,565
	8,653,314	AUD	Royal Bank of Canada		11/24/15		6,207,551		6,163,995		43,556
	665,225	AUD	Standard Chartered Bank		11/24/15		484,303		473,858		10,445
	7,804,105	CAD	Citibank, N.A.		11/24/15		5,990,490		5,967,469		23,021
	299,504	CAD	Morgan Stanley		11/24/15		230,303		229,017		1,286
	4,561,245	CAD	Royal Bank of Canada		11/24/15		3,499,092		3,487,791		11,301
	23,627,944	CZK	Morgan Stanley		11/24/15		985,637		959,213		26,424
	1,137,484	EUR	Citibank, N.A.		11/24/15		1,260,315		1,251,158		9,157
	10,594,748	EUR	HSBC Bank, N.A.		11/24/15		11,975,857		11,653,532		322,325
	297,173	GBP	BNP Paribas		11/24/15		456,619		458,065		(1,446	)
	377,790	GBP	Goldman Sachs International		11/24/15		578,852		582,328		(3,476	)
	275,705,502	HUF	Morgan Stanley		11/24/15		995,868		975,208		20,660
	3,828,485	ILS	Morgan Stanley		11/24/15		996,030		989,591		6,439
	34,259,045	JPY	Royal Bank of Canada		11/24/15		284,995		283,958		1,037
	2,481,689,331	JPY	Standard Chartered Bank		11/24/15		20,719,554		20,569,683		149,871
	3,980,726	MYR	Deutsche Bank AG†		11/24/15		947,792		925,271		22,521
	57,005,938	NOK	Goldman Sachs International		11/24/15		6,976,775		6,706,784		269,991
	4,303,539	PLN	HSBC Bank, N.A.		11/24/15		1,146,115		1,112,881		33,234
						$	64,181,341	$	63,231,430	$	949,911

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2015 (continued)

Total Return Basket Swaps* Outstanding at October 31, 2015
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		AMOUNT**
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in HKD which pays one day LIBOR plus a spread, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		02/05/18	$	433,350
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in ZAR which pays one day LIBOR plus a spread, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		02/05/18		(1,424,694	)
Total				$	(991,344	)

  * See the accompanying “Additional Information — Total Return Basket Swaps” for further details.

** The fair value of the swap is zero. Amount presented represents due from/(to) counterparty for swap contract.

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CBOT	—  Chicago Board of Trade
CZK	—  Czech Republic Koruna
DAX	—  German Stock Index
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar
HUF	—  Hungarian Forint
IBEX	—  International Business Exchange
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  Indian Rupee
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
MYR	—  Malaysian Ringgit
NOK	—  Norwegian Krone
NZD	—  Zealand Dollar
PLN	—  Polish Zloty
REIT	—  Real Estate Investment Trust
RUB	—  Russian Ruble
SEK	—  Swedish Krona
SPI	—  Australian Securities Exchange
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2015.

TOPIX	—  Tokyo Stock Price Index
TRY	—  Turkish Lira
USD	—  United States Dollar
WTI	—  West Texas Intermediate
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(l)	—  The rate shown is the current yield as of October 31, 2015.
†	—  Non-deliverable forward. See note 2.C.(2) in the notes to consolidated financial statements.
^	—  Represents positions held in the Subsidiary.
^^	—  A portion of the position is held by the Subsidiary.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Consolidated Financial Statements are $28,279,500 and 9.3% respectively.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2015

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary — 2.8%
Media — 2.0%
Meredith Corp.		29,821		1,402,183		1,402,183		—
Rentrak Corp. (a)		30,836		1,701,531		1,701,531		—
Time Warner Cable, Inc.		17,604		3,334,198		3,334,198		—
		78,261		6,437,912		6,437,912		—
Specialty Retail — 0.8%
Office Depot, Inc. (a)		345,070		2,629,433		2,629,433		—
Total Consumer Discretionary		423,331		9,067,345		9,067,345		—
Consumer Staples — 2.5%
Beverages — 1.0%
SABMiller plc (United Kingdom)		48,997		3,017,574		3,017,574		—
Food & Staples Retailing — 0.8%
Delhaize Group (Belgium)		28,560		2,650,981		2,650,981		—
Food Products — 0.7%
Diamond Foods, Inc. (a)		54,063		2,141,976		2,141,976		—
Total Consumer Staples		131,620		7,810,531		7,810,531		—
Energy — 3.4%
Energy Equipment & Services — 1.8%
Baker Hughes, Inc.		45,463		2,394,991		2,394,991		—
Cameron International Corp. (a)		50,874		3,459,940		3,459,940		—
		96,337		5,854,931		5,854,931		—
Oil, Gas & Consumable Fuels — 1.6%
BG Group plc (United Kingdom)		171,188		2,705,010		2,705,010		—
Canadian Oil Sands Ltd. (Canada)		205,381		1,550,253		1,550,253		—
Oil Search Ltd. (Australia)		136,983		766,808		766,808		—
		513,552		5,022,071		5,022,071		—
Total Energy		609,889		10,877,002		10,877,002		—
Financials — 2.0%
Banks — 0.2%
National Penn Bancshares, Inc.		53,061		638,854		638,854		—
Insurance — 1.3%
Amlin plc (United Kingdom)		110,079		1,118,309		1,118,309		—
Chubb Corp. (The)		24,852		3,214,606		3,214,606		—
		134,931		4,332,915		4,332,915		—
Thrifts & Mortgage Finance — 0.5%
Astoria Financial Corp.		93,150		1,486,674		1,486,674		—
Total Financials		281,142		6,458,443		6,458,443		—
Health Care — 2.6%
Biotechnology — 0.2%
Baxalta, Inc.		20,220		696,781		696,781		—
Health Care Providers & Services — 1.7%
Cigna Corp.		4,842		649,022		649,022		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Health Care Providers & Services — continued
Health Net, Inc. (a)		35,167		2,259,831		2,259,831		—
Synergy Health plc (United Kingdom)		63,765		2,402,824		2,402,824		—
		103,774		5,311,677		5,311,677		—
Pharmaceuticals — 0.7%
Depomed, Inc. (a)		55,257		966,997		966,997		—
Perrigo Co. plc (Ireland)		7,874		1,242,045		1,242,045		—
		63,131		2,209,042		2,209,042		—
Total Health Care		187,125		8,217,500		8,217,500		—
Information Technology — 3.6%
Communications Equipment — 1.2%
Alcatel-Lucent (France) (a)		743,070		3,022,516		3,022,516		—
Pace plc (United Kingdom)		140,599		807,601		807,601		—
		883,669		3,830,117		3,830,117		—
Semiconductors & Semiconductor Equipment — 1.7%
Freescale Semiconductor Ltd. (a)		70,812		2,371,494		2,371,494		—
KLA-Tencor Corp.		45,503		3,054,161		3,054,161		—
		116,315		5,425,655		5,425,655		—
Technology Hardware, Storage & Peripherals — 0.7%
EMC Corp.		27,056		709,408		709,408		—
SanDisk Corp.		19,631		1,511,587		1,511,587		—
		46,687		2,220,995		2,220,995		—
Total Information Technology		1,046,671		11,476,767		11,476,767		—
Materials — 1.0%
Containers & Packaging — 1.0%
Rexam plc (United Kingdom)		389,486		3,242,331		3,242,331		—
Metals & Mining — 0.0% (g)
S2 Resources Ltd. (Australia)		1		—		—		—
Total Materials		389,487		3,242,331		3,242,331		—
Total Long Positions of Total Return Basket Swap		3,069,265		57,149,919		57,149,919		—
Short Positions
Common Stocks
Consumer Discretionary — 0.8%
Media — 0.5%
Charter Communications, Inc. (a)		6,660		1,271,660		1,271,660		—
Nexstar Broadcasting Group, Inc.		4,033		214,677		214,677		—
		10,693		1,486,337		1,486,337		—
Specialty Retail — 0.3%
Staples, Inc.		74,745		970,938		970,938		—
Total Consumer Discretionary		85,438		2,457,275		2,457,275		—
Consumer Staples — 1.5%
Food & Staples Retailing — 1.0%
Koninklijke Ahold N.V. (Netherlands)		162,060		3,300,436		3,300,436		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Food Products — 0.5%
Snyder’s-Lance, Inc.		41,517		1,475,514		1,475,514		—
Total Consumer Staples		203,577		4,775,950		4,775,950		—
Energy — 2.9%
Energy Equipment & Services — 1.6%
Halliburton Co.		59,833		2,296,390		2,296,390		—
Schlumberger Ltd.		36,061		2,818,528		2,818,528		—
		95,894		5,114,918		5,114,918		—
Oil, Gas & Consumable Fuels — 1.3%
Royal Dutch Shell plc (Netherlands)		75,485		1,978,251		1,978,251		—
Suncor Energy, Inc. (Canada)		50,832		1,512,598		1,512,598		—
Woodside Petroleum Ltd. (Australia)		33,903		715,858		715,858		—
		160,220		4,206,707		4,206,707		—
Total Energy		256,114		9,321,625		9,321,625		—
Financials — 1.1%
Banks — 0.1%
BB&T Corp.		11,788		437,924		437,924		—
Insurance — 0.5%
ACE Ltd. (Switzerland)		14,808		1,681,301		1,681,301		—
Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp, Inc.		92,000		1,519,840		1,519,840		—
Total Financials		118,596		3,639,065		3,639,065		—
Health Care — 1.8%
Health Care Equipment & Supplies — 0.6%
STERIS Corp.		27,194		2,038,190		2,038,190		—
Health Care Providers & Services — 0.4%
Centene Corp. (a)		21,873		1,301,006		1,301,006		—
Pharmaceuticals — 0.8%
Horizon Pharma plc (a)		51,969		816,953		816,953		—
Mylan N.V. (a)		17,929		790,489		790,489		—
Shire plc (Ireland)		3,377		766,748		766,748		—
		73,275		2,374,190		2,374,190		—
Total Health Care		122,342		5,713,386		5,713,386		—
Information Technology — 2.9%
Communications Equipment — 1.3%
ARRIS Group, Inc. (a)		34,455		973,698		973,698		—
Nokia OYJ (Finland)		404,601		3,012,105		3,012,105		—
		439,056		3,985,803		3,985,803		—
Internet Software & Services — 0.5%
comScore, Inc. (a)		35,106		1,501,835		1,501,835		—
Semiconductors & Semiconductor Equipment — 1.1%
Lam Research Corp.		22,523		1,725,036		1,725,036		—
NXP Semiconductors N.V. (Netherlands) (a)		24,683		1,933,913		1,933,913		—
		47,206		3,658,949		3,658,949		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 0.0% (g)
Western Digital Corp.		346		23,120		23,120		—
Total Information Technology		521,714		9,169,707		9,169,707		—
Materials — 0.4%
Containers & Packaging — 0.4%
Ball Corp.		17,207		1,178,679		1,178,679		—
Utilities — 0.3%
Electric Utilities — 0.3%
NextEra Energy, Inc.		10,427		1,070,436		1,070,436		—
Total Short Positions of Total Return Basket Swap		1,335,415		37,326,123		37,326,123		—
Total of Long and Short Positions of Total Return Basket Swap		1,733,850		19,823,796		19,823,796		—
Cash and Other Receivables/(Payables) (4)								459,347
Financing Costs								(25,035	)
Net Dividends Receivable/(Payable)								(962	)
Due from counterparty for swap contract							$	433,350
Long Positions
Common Stocks
Consumer Discretionary — 6.4%
Auto Components — 1.0%
Brembo S.p.A. (Italy)		11,823		521,217		521,217		—
Cooper Tire & Rubber Co.		14,602		610,218		610,218		—
Dana Holding Corp.		31,061		521,825		521,825		—
Lear Corp.		4,108		513,746		513,746		—
Linamar Corp. (Canada)		10,405		604,677		604,677		—
Magna International, Inc. (Canada)		9,623		507,496		507,496		—
		81,622		3,279,179		3,279,179		—
Automobiles — 0.5%
Daimler AG (Germany)		6,093		529,112		529,112		—
Peugeot S.A. (France) (a)		31,391		553,169		553,169		—
Renault S.A. (France)		6,670		628,801		628,801		—
		44,154		1,711,082		1,711,082		—
Distributors — 0.2%
Inchcape plc (United Kingdom)		46,863		577,591		577,591		—
Hotels, Restaurants & Leisure — 0.5%
Carnival plc		9,120		508,528		508,528		—
Marriott Vacations Worldwide Corp.		8,528		549,203		549,203		—
Wyndham Worldwide Corp.		6,202		504,533		504,533		—
		23,850		1,562,264		1,562,264		—
Household Durables — 1.2%
Barratt Developments plc (United Kingdom)		57,217		540,260		540,260		—
Bellway plc (United Kingdom)		12,802		512,335		512,335		—
Berkeley Group Holdings plc (United Kingdom)		9,593		490,685		490,685		—
Bovis Homes Group plc (United Kingdom)		36,089		570,257		570,257		—
MDC Holdings, Inc.		21,322		554,159		554,159		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Household Durables — continued
Persimmon plc (United Kingdom) (a)		19,726		606,367		606,367		—
Taylor Wimpey plc (United Kingdom)		195,220		595,883		595,883		—
		351,969		3,869,946		3,869,946		—
Media — 0.6%
ProSiebenSat.1 Media SE (Germany)		9,311		503,648		503,648		—
Publicis Groupe S.A. (France)		7,759		503,911		503,911		—
Sky plc (United Kingdom)		31,896		538,913		538,913		—
Technicolor S.A. (France)		73,791		500,498		500,498		—
		122,757		2,046,970		2,046,970		—
Multiline Retail — 1.0%
Big Lots, Inc.		11,224		517,427		517,427		—
Dillard’s, Inc.		5,977		534,822		534,822		—
Kohl’s Corp.		11,295		520,925		520,925		—
Macy’s, Inc.		9,785		498,839		498,839		—
Marks & Spencer Group plc (United Kingdom)		71,133		562,549		562,549		—
Target Corp.		7,067		545,431		545,431		—
		116,481		3,179,993		3,179,993		—
Specialty Retail — 1.4%
American Eagle Outfitters, Inc.		37,037		565,926		565,926		—
Best Buy Co., Inc.		14,742		516,412		516,412		—
Children’s Place, Inc. (The)		8,016		430,219		430,219		—
Foot Locker, Inc.		9,000		609,750		609,750		—
GameStop Corp.		12,673		583,845		583,845		—
Guess?, Inc.		26,404		555,804		555,804		—
Outerwall, Inc.		9,104		546,240		546,240		—
WH Smith plc (United Kingdom)		19,570		514,383		514,383		—
		136,546		4,322,579		4,322,579		—
Total Consumer Discretionary		924,242		20,549,604		20,549,604		—
Consumer Staples — 2.8%
Beverages — 0.2%
Dr. Pepper Snapple Group, Inc.		6,433		574,917		574,917		—
Food & Staples Retailing — 0.6%
Delhaize Group (Belgium)		5,558		515,902		515,902		—
Ingles Markets, Inc.		10,609		529,813		529,813		—
Loblaw Cos., Ltd. (Canada)		9,951		524,338		524,338		—
Metro, Inc. (Canada)		17,481		499,858		499,858		—
		43,599		2,069,911		2,069,911		—
Food Products — 1.6%
Archer-Daniels-Midland Co.		12,916		589,745		589,745		—
Cal-Maine Foods, Inc.		9,624		514,499		514,499		—
Ebro Foods S.A. (Spain)		28,257		536,317		536,317		—
Fresh Del Monte Produce, Inc.		13,980		637,907		637,907		—
Ingredion, Inc.		6,249		594,030		594,030		—
Lancaster Colony Corp.		5,928		674,132		674,132		—
Pilgrim’s Pride Corp.		27,459		521,447		521,447		—
Pinnacle Foods, Inc.		11,039		486,599		486,599		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Food Products — continued
Sanderson Farms, Inc.		7,520		522,715		522,715		—
		122,972		5,077,391		5,077,391		—
Tobacco — 0.4%
Imperial Tobacco Group plc (United Kingdom)		9,976		538,111		538,111		—
Universal Corp.		11,517		622,033		622,033		—
		21,493		1,160,144		1,160,144		—
Total Consumer Staples		194,497		8,882,363		8,882,363		—
Energy — 4.5%
Energy Equipment & Services — 1.0%
Baker Hughes, Inc.		7,961		419,385		419,385		—
Frank’s International N.V. (Netherlands)		38,610		662,548		662,548		—
Hunting plc (United Kingdom)		80,497		446,491		446,491		—
John Wood Group plc (United Kingdom)		56,791		522,667		522,667		—
National Oilwell Varco, Inc.		13,634		513,184		513,184		—
Tecnicas Reunidas S.A. (Spain)		12,829		572,338		572,338		—
		210,322		3,136,613		3,136,613		—
Oil, Gas & Consumable Fuels — 3.5%
Alon USA Energy, Inc.		26,797		448,850		448,850		—
BP plc (United Kingdom)		105,472		628,270		628,270		—
Chevron Corp.		5,650		513,472		513,472		—
CVR Energy, Inc.		14,703		653,695		653,695		—
Delek US Holdings, Inc.		19,302		525,014		525,014		—
Eni S.p.A. (Italy)		36,700		599,707		599,707		—
Green Plains, Inc.		25,853		530,245		530,245		—
HollyFrontier Corp.		12,475		610,901		610,901		—
Marathon Petroleum Corp.		12,691		657,394		657,394		—
Neste Oil OYJ (Finland)		23,964		584,751		584,751		—
Nordic American Tankers Ltd. (Norway)		35,635		544,503		544,503		—
OMV AG (Austria)		20,937		557,166		557,166		—
Phillips 66		5,877		523,347		523,347		—
Repsol S.A. (Spain)		49,169		620,438		620,438		—
Ship Finance International Ltd. (Norway)		35,081		599,534		599,534		—
Tesoro Corp.		5,595		598,273		598,273		—
TOTAL S.A. (France)		11,339		550,441		550,441		—
Valero Energy Corp.		8,006		527,756		527,756		—
Western Refining, Inc.		13,791		573,981		573,981		—
World Fuel Services Corp.		12,877		572,511		572,511		—
		481,914		11,420,249		11,420,249		—
Total Energy		692,236		14,556,862		14,556,862		—
Financials — 7.0%
Banks — 0.7%
Huntington Bancshares, Inc.		49,780		546,087		546,087		—
KBC Groep N.V. (Belgium)		8,841		538,599		538,599		—
National Bank of Canada (Canada)		17,644		584,400		584,400		—
Royal Bank of Canada (Canada)		10,180		582,103		582,103		—
		86,445		2,251,189		2,251,189		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Capital Markets — 0.7%
3i Group plc (United Kingdom)		74,223		573,255		573,255		—
BGC Partners, Inc.		66,289		573,400		573,400		—
Investec plc (South Africa)		62,268		520,278		520,278		—
Mediobanca S.p.A. (Italy)		54,320		546,557		546,557		—
		257,100		2,213,490		2,213,490		—
Diversified Financial Services — 0.2%
Voya Financial, Inc.		12,386		502,500		502,500		—
Insurance — 5.2%
Ageas (Belgium)		13,368		590,724		590,724		—
Allianz SE (Germany)		2,977		521,657		521,657		—
Allied World Assurance Co. Holdings AG (Switzerland)		12,215		444,138		444,138		—
American Equity Investment Life Holding Co.		23,321		598,883		598,883		—
Amlin plc (United Kingdom)		76,063		772,735		772,735		—
AmTrust Financial Services, Inc.		7,795		531,775		531,775		—
Aspen Insurance Holdings Ltd. (Bermuda)		12,076		587,014		587,014		—
AXA S.A. (France)		21,803		583,208		583,208		—
Baloise Holding AG (Switzerland)		4,504		540,872		540,872		—
Direct Line Insurance Group plc (United Kingdom)		95,587		581,176		581,176		—
First American Financial Corp.		14,775		563,371		563,371		—
Great-West Lifeco, Inc. (Canada)		22,431		594,569		594,569		—
Hannover Rueck SE (Germany)		4,386		507,387		507,387		—
Hanover Insurance Group, Inc. (The)		6,820		574,585		574,585		—
Legal & General Group plc (United Kingdom)		135,848		547,851		547,851		—
Maiden Holdings Ltd. (Bermuda)		38,292		595,441		595,441		—
Manulife Financial Corp. (Canada)		36,649		607,640		607,640		—
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		3,019		602,552		602,552		—
NN Group N.V. (Netherlands)		19,739		620,140		620,140		—
Old Mutual plc (United Kingdom)		182,728		598,035		598,035		—
PartnerRe Ltd. (Bermuda)		4,591		638,149		638,149		—
Power Corp. of Canada (Canada)		26,122		587,126		587,126		—
Reinsurance Group of America, Inc.		5,400		487,296		487,296		—
SCOR SE (France)		13,495		502,623		502,623		—
Swiss Life Holding AG (Switzerland) (a)		2,582		616,734		616,734		—
Swiss Re AG (Switzerland)		6,683		621,344		621,344		—
Talanx AG (Germany)		19,587		628,288		628,288		—
Universal Insurance Holdings, Inc.		16,651		525,339		525,339		—
Validus Holdings Ltd. (Bermuda)		12,394		549,054		549,054		—
		841,901		16,719,706		16,719,706		—
Thrifts & Mortgage Finance — 0.2%
Aareal Bank AG (Germany)		16,135		614,790		614,790		—
Total Financials		1,213,967		22,301,675		22,301,675		—
Health Care — 3.2%
Health Care Equipment & Supplies — 0.1%
Hill-Rom Holdings, Inc.		10,811		569,632		569,632		—
Health Care Providers & Services — 2.2%
Aetna, Inc.		4,594		527,299		527,299		—
Cardinal Health, Inc.		7,305		600,471		600,471		—
Chemed Corp.		3,857		606,668		606,668		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Health Care Providers & Services — continued
Express Scripts Holding Co. (a)		5,765		497,981		497,981		—
Health Net, Inc. (a)		8,305		533,679		533,679		—
HealthSouth Corp.		15,103		526,038		526,038		—
Humana, Inc.		3,235		577,868		577,868		—
Laboratory Corp. of America Holdings (a)		4,187		513,912		513,912		—
McKesson Corp.		2,458		439,490		439,490		—
MEDNAX, Inc. (a)		7,247		510,696		510,696		—
Quest Diagnostics, Inc.		7,946		539,931		539,931		—
UnitedHealth Group, Inc.		4,859		572,293		572,293		—
Universal Health Services, Inc.		4,511		550,748		550,748		—
		79,372		6,997,074		6,997,074		—
Life Sciences Tools & Services — 0.4%
Gerresheimer AG (Germany)		7,847		612,397		612,397		—
Lonza Group AG (Switzerland) (a)		4,177		613,587		613,587		—
		12,024		1,225,984		1,225,984		—
Pharmaceuticals — 0.5%
Galenica AG (Switzerland)		344		504,628		504,628		—
Ipsen S.A. (France)		9,419		594,734		594,734		—
Roche Holding AG (Switzerland)		1,878		513,935		513,935		—
		11,641		1,613,297		1,613,297		—
Total Health Care		113,848		10,405,987		10,405,987		—
Industrials — 6.2%
Aerospace & Defense — 1.1%
Boeing Co. (The)		3,691		546,526		546,526		—
Huntington Ingalls Industries, Inc.		5,159		618,771		618,771		—
Meggitt plc (United Kingdom)		94,527		515,276		515,276		—
Northrop Grumman Corp.		3,231		606,620		606,620		—
Raytheon Co.		4,615		541,801		541,801		—
Thales S.A. (France)		6,978		505,905		505,905		—
		118,201		3,334,899		3,334,899		—
Air Freight & Logistics — 0.3%
CTT-Correios de Portugal S.A. (Portugal)		44,578		506,624		506,624		—
Royal Mail plc (United Kingdom)		81,752		561,207		561,207		—
		126,330		1,067,831		1,067,831		—
Airlines — 0.5%
Alaska Air Group, Inc.		7,477		570,121		570,121		—
easyJet plc (United Kingdom)		19,034		513,499		513,499		—
JetBlue Airways Corp. (a)		24,341		604,631		604,631		—
		50,852		1,688,251		1,688,251		—
Commercial Services & Supplies — 0.4%
Deluxe Corp.		9,984		594,547		594,547		—
Knoll, Inc.		5,208		121,034		121,034		—
Tetra Tech, Inc.		20,572		553,387		553,387		—
		35,764		1,268,968		1,268,968		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Construction & Engineering — 0.7%
Boskalis Westminster N.V. (Netherlands)		12,151		591,061		591,061		—
Carillion plc (United Kingdom)		103,135		485,723		485,723		—
Eiffage S.A. (France)		9,127		569,572		569,572		—
Vinci S.A. (France)		8,912		601,529		601,529		—
		133,325		2,247,885		2,247,885		—
Electrical Equipment — 0.5%
AZZ, Inc.		9,718		537,697		537,697		—
OSRAM Licht AG (Germany)		9,940		584,892		584,892		—
Prysmian S.p.A. (Italy)		23,456		506,840		506,840		—
		43,114		1,629,429		1,629,429		—
Machinery — 1.2%
Barnes Group, Inc.		13,111		492,842		492,842		—
Greenbrier Cos., Inc. (The)		15,050		572,502		572,502		—
Hillenbrand, Inc.		18,424		546,640		546,640		—
KION Group AG (Germany) (a)		12,903		581,882		581,882		—
Stanley Black & Decker, Inc.		4,993		529,158		529,158		—
Trinity Industries, Inc.		23,638		639,881		639,881		—
Wabash National Corp. (a)		46,408		555,504		555,504		—
		134,527		3,918,409		3,918,409		—
Marine — 0.2%
Matson, Inc.		15,160		694,783		694,783		—
Professional Services — 0.9%
Adecco S.A. (Switzerland) (a)		7,939		591,138		591,138		—
Korn/Ferry International		17,319		629,892		629,892		—
ManpowerGroup, Inc.		5,596		513,601		513,601		—
Randstad Holding N.V. (Netherlands)		8,859		529,272		529,272		—
USG People N.V. (Netherlands)		40,355		643,457		643,457		—
		80,068		2,907,360		2,907,360		—
Trading Companies & Distributors — 0.4%
Aircastle Ltd.		24,135		546,899		546,899		—
Finning International, Inc. (Canada)		36,377		581,431		581,431		—
		60,512		1,128,330		1,128,330		—
Total Industrials		797,853		19,886,145		19,886,145		—
Information Technology — 6.9%
Communications Equipment — 0.5%
Brocade Communications Systems, Inc.		45,458		473,672		473,672		—
Cisco Systems, Inc.		17,430		502,855		502,855		—
Pace plc (United Kingdom)		98,604		566,382		566,382		—
		161,492		1,542,909		1,542,909		—
Electronic Equipment, Instruments & Components — 0.9%
Arrow Electronics, Inc. (a)		9,074		498,979		498,979		—
CDW Corp.		12,829		573,328		573,328		—
Corning, Inc.		31,912		593,563		593,563		—
Dolby Laboratories, Inc.		16,696		578,851		578,851		—
Methode Electronics, Inc.		17,946		598,140		598,140		—
		88,457		2,842,861		2,842,861		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Internet Software & Services — 0.2%
j2 Global, Inc.		7,306		566,580		566,580		—
IT Services — 1.9%
Amdocs Ltd.		9,521		567,166		567,166		—
Cap Gemini S.A. (France)		6,336		564,567		564,567		—
CGI Group, Inc. (Canada) (a)		13,583		504,532		504,532		—
Computer Sciences Corp.		8,176		544,440		544,440		—
Convergys Corp.		22,162		568,898		568,898		—
CSG Systems International, Inc.		18,252		611,807		611,807		—
DST Systems, Inc.		4,692		573,128		573,128		—
NeuStar, Inc. (a)		18,052		490,834		490,834		—
Science Applications International Corp.		13,996		641,857		641,857		—
Total System Services, Inc.		9,373		491,614		491,614		—
Western Union Co. (The)		25,651		493,782		493,782		—
		149,794		6,052,625		6,052,625		—
Semiconductors & Semiconductor Equipment — 1.7%
Advanced Energy Industries, Inc. (a)		19,679		556,522		556,522		—
BE Semiconductor Industries N.V. (Netherlands)		37,917		821,400		821,400		—
Cirrus Logic, Inc. (a)		20,551		633,587		633,587		—
Integrated Device Technology, Inc. (a)		25,371		646,960		646,960		—
Intel Corp.		14,925		505,361		505,361		—
MKS Instruments, Inc.		17,046		600,701		600,701		—
OmniVision Technologies, Inc. (a)		821		23,702		23,702		—
Skyworks Solutions, Inc.		5,601		432,621		432,621		—
Teradyne, Inc.		29,605		577,890		577,890		—
Tessera Technologies, Inc.		17,381		607,814		607,814		—
		188,897		5,406,558		5,406,558		—
Software — 1.2%
Activision Blizzard, Inc.		14,516		504,576		504,576		—
Ebix, Inc.		21,357		592,230		592,230		—
Mentor Graphics Corp.		19,193		522,049		522,049		—
Oracle Corp.		15,670		608,623		608,623		—
Playtech plc (United Kingdom)		47,487		626,643		626,643		—
Symantec Corp.		27,929		575,337		575,337		—
Synopsys, Inc. (a)		10,916		545,582		545,582		—
		157,068		3,975,040		3,975,040		—
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.		4,214		503,573		503,573		—
Hewlett-Packard Co.		19,642		529,548		529,548		—
Wincor Nixdorf AG (Germany)		11,533		592,072		592,072		—
		35,389		1,625,193		1,625,193		—
Total Information Technology		788,403		22,011,766		22,011,766		—
Materials — 2.9%
Chemicals — 0.5%
Celanese Corp.		9,296		660,481		660,481		—
Dow Chemical Co. (The)		9,979		515,615		515,615		—
LyondellBasell Industries N.V.		5,521		512,956		512,956		—
		24,796		1,689,052		1,689,052		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Containers & Packaging — 0.5%
Avery Dennison Corp.		8,265			536,977		536,977		—
DS Smith plc (United Kingdom)		83,161			496,138		496,138		—
Smurfit Kappa Group plc (Ireland)		18,310			522,090		522,090		—
		109,736			1,555,205		1,555,205		—
Metals & Mining — 1.0%
Aurubis AG (Germany)		7,563			505,652		505,652		—
Centamin plc (United Kingdom)		520,529			510,357		510,357		—
Commercial Metals Co.		32,812			471,508		471,508		—
Kaiser Aluminum Corp.		6,558			533,100		533,100		—
Salzgitter AG (Germany)		18,496			534,004		534,004		—
voestalpine AG (Austria)		14,300			517,903		517,903		—
		600,258			3,072,524		3,072,524		—
Paper & Forest Products — 0.9%
Domtar Corp. (Canada)		15,337			632,498		632,498		—
International Paper Co.		13,655			582,932		582,932		—
Mondi plc (South Africa)		21,898			507,720		507,720		—
Schweitzer-Mauduit International, Inc.		16,009			621,469		621,469		—
UPM-Kymmene OYJ (Finland)		27,153			509,092		509,092		—
		94,052			2,853,711		2,853,711		—
Total Materials		828,842			9,170,492		9,170,492		—
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.5%
Elisa OYJ (Finland)		13,381			504,410		504,410		—
TELUS Corp. (Canada)		14,141			471,943		471,943		—
Verizon Communications, Inc.		12,770			598,658		598,658		—
		40,292			1,575,011		1,575,011		—
Wireless Telecommunication Services — 0.2%
Freenet AG (Germany)		17,969			606,225		606,225		—
Total Telecommunication Services		58,261			2,181,236		2,181,236		—
Utilities — 2.3%
Electric Utilities — 1.4%
Acciona S.A. (Spain)		7,460			627,641		627,641		—
American Electric Power Co., Inc.		9,508			538,628		538,628		—
EDP — Energias de Portugal S.A. (Portugal)		159,960	��		592,431		592,431		—
Entergy Corp.		8,734			595,310		595,310		—
Iberdrola S.A. (Spain)		76,798			548,678		548,678		—
IDACORP, Inc.		7,659			512,004		512,004		—
Pinnacle West Capital Corp.		7,905			502,047		502,047		—
SSE plc (United Kingdom)		24,806			579,350		579,350		—
		302,830			4,496,089		4,496,089		—
Gas Utilities — 0.6%
AGL Resources, Inc.		10,816			676,000		676,000		—
Enagas S.A. (Spain)		20,127			609,865		609,865		—
Snam S.p.A. (Italy)		104,377			540,605		540,605		—
		135,320			1,826,470		1,826,470		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions — continued
Common Stocks — continued
Multi-Utilities — 0.3%
Consolidated Edison, Inc.		8,485		557,889		557,889		—
Public Service Enterprise Group, Inc.		11,968		494,158		494,158		—
		20,453		1,052,047		1,052,047		—
Total Utilities		458,603		7,374,606		7,374,606		—
Total Long Positions of Total Return Basket Swap		6,070,752		137,320,736		137,320,736		—
Short Positions
Common Stocks
Consumer Discretionary — 9.4%
Auto Components — 0.3%
NGK Spark Plug Co., Ltd. (Japan)		21,300		524,425		524,425		—
Visteon Corp. (a)		5,333		581,670		581,670		—
		26,633		1,106,095		1,106,095		—
Distributors — 0.2%
LKQ Corp. (a)		20,759		614,674		614,674		—
Diversified Consumer Services — 0.2%
Nord Anglia Education, Inc. (Hong Kong) (a)		7,896		154,762		154,762		—
Sotheby’s		15,605		540,713		540,713		—
		23,501		695,475		695,475		—
Hotels, Restaurants & Leisure — 3.1%
Accor S.A. (France)		10,298		512,307		512,307		—
Aramark		16,588		503,446		503,446		—
Autogrill S.p.A. (Italy) (a)		60,198		560,686		560,686		—
Chipotle Mexican Grill, Inc. (a)		769		492,337		492,337		—
Choice Hotels International, Inc.		10,578		553,335		553,335		—
ClubCorp Holdings, Inc.		25,234		515,783		515,783		—
Compass Group plc (United Kingdom)		33,395		576,081		576,081		—
Crown Resorts Ltd. (Australia)		62,082		507,342		507,342		—
Fiesta Restaurant Group, Inc. (a)		11,038		390,304		390,304		—
InterContinental Hotels Group plc (United Kingdom)		13,704		549,489		549,489		—
Merlin Entertainments plc (United Kingdom)		83,809		535,921		535,921		—
MGM Resorts International (a)		25,646		594,731		594,731		—
Oriental Land Co., Ltd. (Japan)		9,200		562,811		562,811		—
Panera Bread Co. (a)		2,213		392,520		392,520		—
Resorttrust, Inc. (Japan)		17,000		439,546		439,546		—
Scientific Games Corp. (a)		40,549		449,688		449,688		—
Thomas Cook Group plc (United Kingdom) (a)		315,953		598,613		598,613		—
Whitbread plc (United Kingdom)		7,190		550,437		550,437		—
Wynn Resorts Ltd.		7,129		498,673		498,673		—
		752,573		9,784,050		9,784,050		—
Household Durables — 0.2%
Rinnai Corp. (Japan)		6,900		550,650		550,650		—
Internet & Catalog Retail — 0.9%
Groupon, Inc. (a)		151,312		561,368		561,368		—
Ocado Group plc (United Kingdom) (a)		105,551		613,119		613,119		—
Rakuten, Inc. (Japan)		38,000		531,408		531,408		—
TripAdvisor, Inc. (a)		6,157		515,833		515,833		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Internet & Catalog Retail — continued
Yoox Net-A-Porter Group S.p.A. (Italy) (a)		15,510		526,164		526,164		—
		316,530		2,747,892		2,747,892		—
Media — 2.1%
Atresmedia Corp de Medios de Comunicacion S.A. (Spain)		40,503		519,772		519,772		—
Carmike Cinemas, Inc. (a)		19,195		491,584		491,584		—
Charter Communications, Inc. (a)		2,767		528,331		528,331		—
CyberAgent, Inc. (Japan)		13,300		551,090		551,090		—
DreamWorks Animation SKG, Inc. (a)		23,878		483,291		483,291		—
JCDecaux S.A. (France)		14,128		575,603		575,603		—
Liberty Broadband Corp. (a)		10,243		550,766		550,766		—
Liberty Broadband Corp. (a)		9,800		534,688		534,688		—
Live Nation Entertainment, Inc. (a)		20,220		551,602		551,602		—
Loral Space & Communications, Inc. (a)		1,100		49,181		49,181		—
Numericable-SFR SAS (France) (a)		10,423		472,220		472,220		—
Pearson plc (United Kingdom)		30,085		399,555		399,555		—
REA Group Ltd. (Australia)		18,078		619,175		619,175		—
Regal Entertainment Group		27,951		541,690		541,690		—
		241,671		6,868,548		6,868,548		—
Specialty Retail — 1.5%
Barnes & Noble, Inc.		40,998		532,564		532,564		—
Cabela’s, Inc. (a)		11,238		440,192		440,192		—
Conn’s, Inc. (a)		20,735		393,343		393,343		—
CST Brands, Inc.		14,611		524,973		524,973		—
Dufry AG (Switzerland) (a)		3,912		457,907		457,907		—
Five Below, Inc. (a)		15,638		537,009		537,009		—
Industria de Diseno Textil S.A. (Spain)		15,747		590,569		590,569		—
Mattress Firm Holding Corp. (a)		12,003		510,968		510,968		—
Restoration Hardware Holdings, Inc. (a)		5,022		517,718		517,718		—
Sally Beauty Holdings, Inc. (a)		19,888		467,567		467,567		—
		159,792		4,972,810		4,972,810		—
Textiles, Apparel & Luxury Goods — 0.9%
Cie Financiere Richemont S.A. (Switzerland)		6,420		550,777		550,777		—
Crocs, Inc. (a)		37,142		401,134		401,134		—
Hugo Boss AG (Germany)		4,500		463,123		463,123		—
Kate Spade & Co. (a)		30,205		542,784		542,784		—
lululemon athletica, Inc. (Canada) (a)		10,003		491,848		491,848		—
Salvatore Ferragamo S.p.A. (Italy)		17,719		481,272		481,272		—
		105,989		2,930,938		2,930,938		—
Total Consumer Discretionary		1,654,348		30,271,132		30,271,132		—
Consumer Staples — 3.8%
Beverages — 0.6%
Anheuser-Busch InBev N.V. (Belgium)		4,243		507,174		507,174		—
Boston Beer Co., Inc. (The) (a)		2,034		446,646		446,646		—
Coca-Cola Amatil Ltd. (Australia)		58,799		381,978		381,978		—
Diageo plc (United Kingdom)		19,259		557,721		557,721		—
		84,335		1,893,519		1,893,519		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing — 1.0%
Cosmos Pharmaceutical Corp. (Japan)		4,300		539,148		539,148		—
PriceSmart, Inc.		7,260		624,215		624,215		—
Sprouts Farmers Market, Inc. (a)		25,903		527,903		527,903		—
Tesco plc (United Kingdom) (a)		161,924		457,557		457,557		—
United Natural Foods, Inc. (a)		10,843		547,030		547,030		—
Whole Foods Market, Inc.		13,480		403,861		403,861		—
		223,710		3,099,714		3,099,714		—
Food Products — 1.9%
Aryzta AG (Switzerland) (a)		11,013		496,919		496,919		—
Associated British Foods plc (United Kingdom)		11,033		587,643		587,643		—
Barry Callebaut AG (Switzerland) (a)		433		519,977		519,977		—
Chocoladefabriken Lindt & Sprungli AG (Switzerland)		89		543,391		543,391		—
Chocoladefabriken Lindt & Sprungli AG (Switzerland)		7		519,272		519,272		—
Darling Ingredients, Inc. (a)		37,674		381,261		381,261		—
Hershey Co. (The)		5,862		519,901		519,901		—
Kagome Co., Ltd. (Japan)		30,300		517,011		517,011		—
Kerry Group plc (Ireland)		6,970		566,794		566,794		—
Kewpie Corp. (Japan)		25,200		579,305		579,305		—
WhiteWave Foods Co. (The) (a)		11,414		467,746		467,746		—
Yakult Honsha Co., Ltd. (Japan)		10,200		544,361		544,361		—
		150,195		6,243,581		6,243,581		—
Household Products — 0.2%
Unicharm Corp. (Japan)		25,600		550,526		550,526		—
Personal Products — 0.1%
Beiersdorf AG (Germany)		4,469		424,746		424,746		—
Total Consumer Staples		488,309		12,212,086		12,212,086		—
Energy — 3.5%
Energy Equipment & Services — 0.5%
C&J Energy Services Ltd. (a)		118,108		589,359		589,359		—
CGG S.A. (France)		98,814		397,590		397,590		—
Secure Energy Services, Inc. (Canada)		22,200		147,536		147,536		—
Weatherford International plc (Switzerland) (a)		49,983		511,826		511,826		—
		289,105		1,646,311		1,646,311		—
Oil, Gas & Consumable Fuels — 3.0%
Anadarko Petroleum Corp.		7,470		499,594		499,594		—
Antero Resources Corp. (a)		23,818		561,390		561,390		—
Bonanza Creek Energy, Inc. (a)		97,626		555,492		555,492		—
Cheniere Energy, Inc. (a)		10,614		525,605		525,605		—
Cobalt International Energy, Inc. (a)		73,025		560,102		560,102		—
Continental Resources, Inc. (a)		15,904		539,305		539,305		—
Gulfport Energy Corp. (a)		15,702		478,440		478,440		—
Magnum Hunter Resources		290		—		—		—
Matador Resources Co. (a)		19,900		511,629		511,629		—
MEG Energy Corp. (Canada) (a)		80,552		670,240		670,240		—
Memorial Resource Development Corp. (a)		26,428		467,511		467,511		—
Paramount Resources Ltd. (Canada) (a)		59,662		603,646		603,646		—
Parsley Energy, Inc. (a)		33,145		587,661		587,661		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Premier Oil plc (United Kingdom) (a)		407,913		430,754		430,754		—
Range Resources Corp.		5,300		161,332		161,332		—
Rice Energy, Inc. (a)		27,504		419,711		419,711		—
RSP Permian, Inc. (a)		20,781		569,815		569,815		—
Seven Generations Energy Ltd. (Canada) (a)		53,611		571,124		571,124		—
Southwestern Energy Co. (a)		34,824		384,457		384,457		—
Tourmaline Oil Corp. (Canada) (a)		23,670		492,552		492,552		—
WPX Energy, Inc. (a)		4,800		32,928		32,928		—
		1,042,539		9,623,288		9,623,288		—
Total Energy		1,331,644		11,269,599		11,269,599		—
Financials — 6.7%
Banks — 1.2%
Banca Carige S.p.A. (Italy) (a)		311,824		569,210		569,210		—
Banca Monte dei Paschi di Siena S.p.A. (Italy) (a)		281,537		517,638		517,638		—
Banco Comercial Portugues S.A. (Portugal) (a)		10,283,551		591,424		591,424		—
Banco Espirito Santo S.A. (Portugal) (a)		35,937		4,742		4,742		—
Bankia S.A. (Spain)		438,166		564,704		564,704		—
Commonwealth Bank of Australia (Australia)		9,472		518,272		518,272		—
Hilltop Holdings, Inc. (a)		27,392		574,410		574,410		—
Royal Bank of Scotland Group plc (United Kingdom) (a)		99,270		486,038		486,038		—
		11,487,149		3,826,438		3,826,438		—
Capital Markets — 0.6%
Affiliated Managers Group, Inc. (a)		400		72,104		72,104		—
Charles Schwab Corp. (The)		17,571		536,267		536,267		—
NorthStar Asset Management Group, Inc.		29,949		438,154		438,154		—
TD Ameritrade Holding Corp.		10,982		378,550		378,550		—
Virtus Investment Partners, Inc.		4,185		489,812		489,812		—
		63,087		1,914,887		1,914,887		—
Consumer Finance — 0.5%
First Cash Financial Services, Inc. (a)		13,495		514,834		514,834		—
Green Dot Corp. (a)		28,321		525,071		525,071		—
LendingClub Corp. (a)		38,581		547,079		547,079		—
		80,397		1,586,984		1,586,984		—
Diversified Financial Services — 1.1%
Element Financial Corp. (Canada) (a)		41,087		531,341		531,341		—
Eurazeo S.A. (France)		8,364		589,374		589,374		—
Leucadia National Corp.		22,593		452,086		452,086		—
London Stock Exchange Group plc (United Kingdom)		14,990		588,113		588,113		—
McGraw Hill Financial, Inc.		5,891		545,742		545,742		—
Moody’s Corp.		4,500		432,720		432,720		—
Onex Corp. (Canada)		8,669		525,603		525,603		—
		106,094		3,664,979		3,664,979		—
Insurance — 0.5%
Brown & Brown, Inc.		16,255		524,549		524,549		—
Insurance Australia Group Ltd. (Australia)		130,708		522,896		522,896		—
Standard Life plc (United Kingdom)		87,086		565,066		565,066		—
		234,049		1,612,511		1,612,511		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)			VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Real Estate Management & Development — 2.6%
Aeon Mall Co., Ltd. (Japan)		29,500		497,004		497,004			—
Alexander & Baldwin, Inc.		15,410		581,574		581,574			—
Capital & Counties Properties plc (United Kingdom)		87,866		602,094		602,094			—
Forest City Enterprises, Inc. (a)		21,178		468,034		468,034			—
Howard Hughes Corp. (The) (a)		3,769		465,773		465,773			—
Hulic Co., Ltd. (Japan)		62,200		585,557		585,557			—
IMMOFINANZ AG (Austria) (a)		234,658		601,753		601,753			—
Kennedy-Wilson Holdings, Inc.		23,460		575,239		575,239			—
Mitsubishi Estate Co., Ltd. (Japan)		23,000		496,901		496,901			—
Mitsui Fudosan Co., Ltd. (Japan)		18,000		493,743		493,743			—
NTT Urban Development Corp. (Japan)		48,800		488,121		488,121			—
Realogy Holdings Corp. (a)		11,409		446,092		446,092			—
Sumitomo Realty & Development Co., Ltd. (Japan)		14,000		464,540		464,540			—
Tokyo Tatemono Co., Ltd. (Japan)		42,900		536,472		536,472			—
Tokyu Fudosan Holdings Corp. (Japan)		67,700		479,684		479,684			—
Vonovia SE (Germany)		16,121		537,851		537,851			—
		719,971		8,320,432		8,320,432			—
Thrifts & Mortgage Finance — 0.2%
PHH Corp. (a)		32,453		477,059		477,059			—
Total Financials		12,723,200		21,403,290		21,403,290			—
Health Care — 3.2%
Health Care Equipment & Supplies — 1.1%
Cochlear Ltd. (Australia)		8,419		534,019		534,019			—
Endologix, Inc. (a)		49,692		424,370		424,370			—
IDEXX Laboratories, Inc. (a)		1,400		96,068		96,068			—
Insulet Corp. (a)		16,558		495,084		495,084			—
Neogen Corp. (a)		11,391		615,683		615,683			—
NxStage Medical, Inc. (a)		28,722		479,945		479,945			—
Olympus Corp. (Japan)		16,700		568,107		568,107			—
Wright Medical Group N.V. (Netherlands) (a)		21,517		415,924		415,924			—
		154,399		3,629,200		3,629,200			—
Health Care Providers & Services — 0.7%
Brookdale Senior Living, Inc. (a)		22,656		473,737		473,737			—
Centene Corp. (a)		5,166		307,273		307,273			—
ExamWorks Group, Inc. (a)		18,641		526,422		526,422			—
Healthscope Ltd. (Australia)		284,889		548,517		548,517			—
Tenet Healthcare Corp. (a)		15,597		489,278		489,278			—
		346,949		2,345,227		2,345,227			—
Health Care Technology — 0.5%
athenahealth, Inc. (a)		3,128		476,863		476,863			—
M3, Inc. (Japan)		26,300		513,708		513,708			—
Medidata Solutions, Inc. (a)		10,594		455,542		455,542			—
							��
		40,022		1,446,113		1,446,113			—
Life Sciences Tools & Services — 0.1%
MorphoSys AG (Germany) (a)		7,125		440,876		440,876			—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals — 0.8%
Akorn, Inc. (a)		17,203		460,008		460,008		—
BTG plc (United Kingdom) (a)		45,274		385,265		385,265		—
Nektar Therapeutics (a)		44,838		532,227		532,227		—
Pacira Pharmaceuticals, Inc. (a)		11,005		549,700		549,700		—
Relypsa, Inc. (a)		27,685		442,683		442,683		—
		146,005		2,369,883		2,369,883		—
Total Health Care		694,500		10,231,299		10,231,299		—
Industrials — 9.3%
Aerospace & Defense — 1.2%
B/E Aerospace, Inc.		11,639		546,451		546,451		—
Bombardier, Inc. (Canada) (a)		427,716		464,482		464,482		—
BWX Technologies, Inc.		13,574		384,144		384,144		—
Dassault Aviation S.A. (France)		427		494,437		494,437		—
DigitalGlobe, Inc. (a)		23,862		356,260		356,260		—
Finmeccanica S.p.A. (Italy) (a)		38,524		504,119		504,119		—
Rolls-Royce Holdings plc (United Kingdom) (a)		45,837		485,803		485,803		—
Rolls-Royce Holdings plc (United Kingdom)		4,249,090		6,550		6,550		—
Zodiac Aerospace (France)		22,790		576,404		576,404		—
		4,833,459		3,818,650		3,818,650		—
Air Freight & Logistics — 0.5%
Hub Group, Inc. (a)		13,502		539,810		539,810		—
PostNL N.V. (Netherlands) (a)		118,243		488,377		488,377		—
Yamato Holdings Co., Ltd. (Japan)		24,300		481,389		481,389		—
		156,045		1,509,576		1,509,576		—
Airlines — 0.3%
Deutsche Lufthansa AG (Germany) (a)		40,620		599,888		599,888		—
Spirit Airlines, Inc. (a)		13,421		498,188		498,188		—
		54,041		1,098,076		1,098,076		—
Building Products — 0.8%
Armstrong World Industries, Inc. (a)		9,971		494,761		494,761		—
Geberit AG (Switzerland)		1,661		536,554		536,554		—
Masonite International Corp. (a)		7,221		432,321		432,321		—
NCI Building Systems, Inc. (a)		8,710		91,107		91,107		—
Nippon Sheet Glass Co., Ltd. (Japan) (a)		526,000		457,695		457,695		—
USG Corp. (a)		18,325		431,920		431,920		—
		571,888		2,444,358		2,444,358		—
Commercial Services & Supplies — 1.1%
AA plc (United Kingdom)		101,314		432,478		432,478		—
Brambles Ltd. (Australia)		73,849		546,629		546,629		—
Clean Harbors, Inc. (a)		9,839		457,415		457,415		—
Covanta Holding Corp.		28,580		479,001		479,001		—
Edenred (France)		31,139		572,697		572,697		—
Serco Group plc (United Kingdom)		334,042		482,517		482,517		—
Stericycle, Inc. (a)		3,755		455,744		455,744		—
		582,518		3,426,481		3,426,481		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Construction & Engineering — 0.1%
OCI N.V. (Netherlands) (a)		16,248		459,631		459,631		—
Electrical Equipment — 0.4%
Franklin Electric Co., Inc.		18,306		603,366		603,366		—
Sensata Technologies Holding N.V. (Netherlands) (a)		11,098		533,703		533,703		—
		29,404		1,137,069		1,137,069		—
Machinery — 1.6%
Colfax Corp. (a)		14,125		380,810		380,810		—
EnPro Industries, Inc.		11,722		575,667		575,667		—
Harsco Corp.		48,058		515,662		515,662		—
IMI plc (United Kingdom)		32,689		480,249		480,249		—
KUKA AG (Germany)		6,635		561,003		561,003		—
Manitowoc Co., Inc. (The)		34,428		526,748		526,748		—
Navistar International Corp. (a)		31,423		386,503		386,503		—
Proto Labs, Inc. (a)		7,416		480,854		480,854		—
Rotork plc (United Kingdom)		168,400		486,501		486,501		—
Sulzer AG (Switzerland)		4,933		498,565		498,565		—
Weir Group plc (The) (United Kingdom)		24,123		396,796		396,796		—
		383,952		5,289,358		5,289,358		—
Professional Services — 0.6%
Advisory Board Co. (The) (a)		10,491		459,821		459,821		—
Bureau Veritas S.A. (France)		22,474		508,357		508,357		—
IHS, Inc. (a)		4,056		484,854		484,854		—
SEEK Ltd. (Australia)		51,021		466,795		466,795		—
		88,042		1,919,827		1,919,827		—
Road & Rail — 1.3%
Avis Budget Group, Inc. (a)		9,992		499,000		499,000		—
Heartland Express, Inc.		1,200		22,596		22,596		—
Hertz Global Holdings, Inc. (a)		24,122		470,379		470,379		—
Kansas City Southern		6,099		504,753		504,753		—
Keikyu Corp. (Japan)		59,000		488,448		488,448		—
Keio Corp. (Japan)		62,000		508,146		508,146		—
Kintetsu Group Holdings Co., Ltd. (Japan)		150,000		582,995		582,995		—
Knight Transportation, Inc.		1,400		35,588		35,588		—
Odakyu Electric Railway Co., Ltd. (Japan)		47,000		462,717		462,717		—
Tobu Railway Co., Ltd. (Japan)		116,000		564,283		564,283		—
		476,813		4,138,905		4,138,905		—
Trading Companies & Distributors — 0.7%
Beacon Roofing Supply, Inc. (a)		17,049		603,364		603,364		—
Bunzl plc (United Kingdom)		17,562		503,298		503,298		—
Kloeckner & Co. SE (Germany)		64,518		575,453		575,453		—
MRC Global, Inc. (a)		47,177		561,406		561,406		—
		146,306		2,243,521		2,243,521		—
Transportation Infrastructure — 0.7%
Abertis Infraestructuras S.A. (Spain)		32,502		540,044		540,044		—
Groupe Eurotunnel SE (France)		37,649		527,652		527,652		—
Mitsubishi Logistics Corp. (Japan)		38,000		549,830		549,830		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Transportation Infrastructure — continued
Qube Holdings Ltd. (Australia)		364,793		595,707		595,707		—
		472,944		2,213,233		2,213,233		—
Total Industrials		7,811,660		29,698,685		29,698,685		—
Information Technology — 8.7%
Communications Equipment — 0.5%
Palo Alto Networks, Inc. (a)		2,366		380,926		380,926		—
Ruckus Wireless, Inc. (a)		43,625		492,090		492,090		—
ViaSat, Inc. (a)		7,969		525,635		525,635		—
Viavi Solutions, Inc. (a)		28,938		172,181		172,181		—
		82,898		1,570,832		1,570,832		—
Electronic Equipment, Instruments & Components — 0.3%
FARO Technologies, Inc. (a)		12,049		407,136		407,136		—
Japan Display, Inc. (Japan) (a)		180,300		570,768		570,768		—
		192,349		977,904		977,904		—
Internet Software & Services — 2.5%
Benefitfocus, Inc. (a)		13,160		420,594		420,594		—
carsales.com Ltd. (Australia)		74,230		518,748		518,748		—
Cornerstone OnDemand, Inc. (a)		15,917		501,386		501,386		—
CoStar Group, Inc. (a)		2,692		546,665		546,665		—
Cvent, Inc. (a)		7,887		249,308		249,308		—
Demandware, Inc. (a)		9,612		545,000		545,000		—
Envestnet, Inc. (a)		17,549		524,013		524,013		—
GrubHub, Inc. (a)		2,800		67,144		67,144		—
Hortonworks, Inc. (a)		19,740		384,140		384,140		—
Kakaku.com, Inc. (Japan)		25,900		488,080		488,080		—
LinkedIn Corp. (a)		2,905		699,727		699,727		—
Marketo, Inc. (a)		19,911		585,981		585,981		—
Pandora Media, Inc. (a)		41,631		479,173		479,173		—
Rackspace Hosting, Inc. (a)		19,151		495,053		495,053		—
Shutterstock, Inc. (a)		16,732		476,527		476,527		—
Twitter, Inc. (a)		17,148		488,032		488,032		—
Yelp, Inc. (a)		22,624		503,384		503,384		—
		329,589		7,972,955		7,972,955		—
IT Services — 0.5%
Acxiom Corp. (a)		24,918		551,186		551,186		—
InterXion Holding N.V. (Netherlands) (a)		19,741		579,991		579,991		—
Unisys Corp. (a)		33,985		455,399		455,399		—
		78,644		1,586,576		1,586,576		—
Semiconductors & Semiconductor Equipment — 1.5%
Advanced Micro Devices, Inc. (a)		228,475		484,367		484,367		—
AIXTRON SE (Germany) (a)		81,617		519,653		519,653		—
Amkor Technology, Inc. (a)		101,107		628,885		628,885		—
ASML Holding N.V. (Netherlands)		5,507		512,379		512,379		—
Cavium, Inc. (a)		8,122		576,256		576,256		—
Cree, Inc. (a)		21,216		534,431		534,431		—
M/A-COM Technology Solutions Holdings, Inc. (a)		13,797		465,511		465,511		—
Sanken Electric Co., Ltd. (Japan)		133,000		466,222		466,222		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
SunEdison, Inc. (a)		58,489		426,970		426,970		—
Veeco Instruments, Inc. (a)		22,821		411,234		411,234		—
		674,151		5,025,908		5,025,908		—
Software — 3.1%
Adobe Systems, Inc. (a)		6,003		532,226		532,226		—
Autodesk, Inc. (a)		10,291		567,960		567,960		—
Barracuda Networks, Inc. (a)		20,458		392,384		392,384		—
Callidus Software, Inc. (a)		26,350		457,700		457,700		—
CommVault Systems, Inc. (a)		14,923		604,680		604,680		—
FireEye, Inc. (a)		15,991		418,165		418,165		—
Fortinet, Inc. (a)		11,764		404,211		404,211		—
Glu Mobile, Inc. (a)		90,430		372,572		372,572		—
Guidewire Software, Inc. (a)		9,913		577,234		577,234		—
Imperva, Inc. (a)		8,427		595,115		595,115		—
Infoblox, Inc. (a)		31,453		512,998		512,998		—
MicroStrategy, Inc. (a)		300		51,621		51,621		—
NetSuite, Inc. (a)		6,566		558,570		558,570		—
Proofpoint, Inc. (a)		8,602		605,925		605,925		—
Qlik Technologies, Inc. (a)		15,722		493,199		493,199		—
ServiceNow, Inc. (a)		7,105		580,123		580,123		—
Splunk, Inc. (a)		7,686		431,646		431,646		—
Tableau Software, Inc. (a)		860		72,206		72,206		—
TiVo, Inc. (a)		1,173		10,651		10,651		—
Ultimate Software Group, Inc. (The) (a)		2,824		577,084		577,084		—
Workday, Inc. (a)		7,351		580,508		580,508		—
Zendesk, Inc. (a)		26,952		542,274		542,274		—
		331,144		9,939,052		9,939,052		—
Technology Hardware, Storage & Peripherals — 0.3%
Nimble Storage, Inc. (a)		20,317		459,164		459,164		—
Stratasys Ltd. (a)		16,835		429,293		429,293		—
		37,152		888,457		888,457		—
Total Information Technology		1,725,927		27,961,684		27,961,684		—
Materials — 4.7%
Chemicals — 1.0%
Axalta Coating Systems Ltd. (a)		20,575		568,487		568,487		—
Johnson Matthey plc (United Kingdom)		11,987		477,686		477,686		—
Linde AG (Germany)		2,868		497,511		497,511		—
Nippon Paint Holdings Co., Ltd. (Japan)		29,600		632,131		632,131		—
Platform Specialty Products Corp. (a)		39,488		412,255		412,255		—
WR Grace & Co. (a)		5,376		539,213		539,213		—
		109,894		3,127,283		3,127,283		—
Construction Materials — 0.1%
Summit Materials, Inc. (a)		21,577		454,411		454,411		—
Containers & Packaging — 0.2%
Toyo Seikan Group Holdings Ltd. (Japan)		23,800		463,890		463,890		—
Metals & Mining — 3.4%
Agnico Eagle Mines Ltd. (Canada)		21,531		608,585		608,585		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2015

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Metals & Mining — continued
Allegheny Technologies, Inc.		30,366		446,380		446,380		—
Alumina Ltd. (Australia)		550,282		425,760		425,760		—
Antofagasta plc (Chile)		57,832		469,395		469,395		—
Barrick Gold Corp. (Canada)		63,547		488,412		488,412		—
BHP Billiton Ltd. (Australia)		33,424		548,674		548,674		—
Constellium N.V. (Netherlands)		70,531		265,902		265,902		—
Detour Gold Corp. (Canada) (a)		30,489		339,026		339,026		—
Eldorado Gold Corp. (Canada)		163,700		572,124		572,124		—
Franco-Nevada Corp. (Canada)		10,155		515,050		515,050		—
Fresnillo plc (Mexico)		49,360		555,482		555,482		—
Goldcorp, Inc. (Canada)		40,705		520,797		520,797		—
Hecla Mining Co.		268,073		554,911		554,911		—
Newcrest Mining Ltd. (Australia) (a)		65,833		577,899		577,899		—
Outokumpu OYJ (Finland) (a)		109,684		373,421		373,421		—
Pacific Metals Co., Ltd. (Japan) (a)		182,000		490,180		490,180		—
Randgold Resources Ltd. (United Kingdom)		8,401		565,699		565,699		—
Silver Wheaton Corp. (Canada)		42,739		580,814		580,814		—
Stillwater Mining Co. (a)		56,685		529,438		529,438		—
SunCoke Energy, Inc.		65,884		326,785		326,785		—
ThyssenKrupp AG (Germany)		29,394		592,967		592,967		—
Yamana Gold, Inc. (Canada)		250,460		547,809		547,809		—
		2,201,075		10,895,510		10,895,510		—
Total Materials		2,356,346		14,941,094		14,941,094		—
Telecommunication Services — 1.0%
Diversified Telecommunication Services — 0.5%
Cogent Communications Holdings, Inc.		17,379		533,883		533,883		—
Iliad S.A. (France)		2,492		524,362		524,362		—
Sunrise Communications Group AG (Switzerland) (a)		8,800		480,752		480,752		—
		28,671		1,538,997		1,538,997		—
Wireless Telecommunication Services — 0.5%
SBA Communications Corp. (a)		4,378		521,070		521,070		—
SoftBank Group Corp. (Japan)		11,200		630,864		630,864		—
Sprint Corp. (a)		91,459		432,601		432,601		—
		107,037		1,584,535		1,584,535		—
Total Telecommunication Services		135,708		3,123,532		3,123,532		—
Utilities — 2.2%
Electric Utilities — 0.4%
Edison International		3,500		211,820		211,820		—
ITC Holdings Corp.		17,186		562,326		562,326		—
Kyushu Electric Power Co., Inc. (Japan) (a)		39,700		482,967		482,967		—
		60,386		1,257,113		1,257,113		—
Gas Utilities — 0.3%
National Fuel Gas Co.		10,241		537,960		537,960		—
South Jersey Industries, Inc.		21,155		560,819		560,819		—
		31,396		1,098,779		1,098,779		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2015 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)			CURRENT VALUE($)(2)			VALUE($)(3)
Short Positions — continued
Common Stocks — continued
Independent Power & Renewable Electricity Producers — 0.7%
Drax Group plc (United Kingdom)		120,741		485,066			485,066			—
Dynegy, Inc. (a)		22,394		435,116			435,116			—
Enel Green Power S.p.A. (Italy)		234,291		495,953			495,953			—
TerraForm Power, Inc. (a)		33,908		618,821			618,821			—
		411,334		2,034,956			2,034,956			—
Multi-Utilities — 0.7%
Canadian Utilities Ltd. (Canada)		20,873		549,121			549,121			—
Centrica plc (United Kingdom)		127,668		444,994			444,994			—
Dominion Resources, Inc.		8,070		576,440			576,440			—
Sempra Energy		5,329		545,743			545,743			—
		161,940		2,116,298			2,116,298			—
Water Utilities — 0.1%
Pennon Group plc (United Kingdom)		38,695		483,779			483,779			—
Total Utilities		703,751		6,990,925			6,990,925			—
Total Short Positions of Total Return Basket Swap		29,625,393		168,103,326			168,103,326			—
Total of Long and Short Positions of Total Return Basket Swap		23,554,641		(30,782,590	)		(30,782,590	)		—
Cash and Other Receivables/(Payables) (4)										(1,387,124	)
Financing Costs										(95,046	)
Net Dividends Receivable/(Payable)										57,476
Due to counterparty for swap contract									$	(1,424,694	)

Percentages indicated are based on net assets.

NOTES TO ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS:

(1) Notional value represents the market value (including any fees or commissions) of the long and short positions as of the reset date.

(2) Current value represents market value as of October 31, 2015 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded or internally fair valued. See Note 2.A.

(3) Value represents the unrealized gain(loss) of the positions and was zero at October 31, 2015 as the swap resets on that day.

(4) Cash and other receivables/(payables) includes the gains (or losses) realized when the swap resets. For swaps that reset at the reporting period end date, these receivables/(payables) are awaiting settlement with the counterparty and are reflected on the Consolidated Statement of Operations as Net realized gain (loss) on transactions from swaps.

(a) Non-income producing security.

(g) Amount rounds to less than 0.1%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN FUNDS 37

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2015

	Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	169,678,623
Investments in affiliates, at value		132,907,036
Total investment securities, at value		302,585,659
Restricted cash		1,080,000
Cash		6,319,862
Foreign currency, at value		1,008,993
Deposits at broker for futures contracts		5,910,000
Receivables:
Investment securities sold		8,293,137
Fund shares sold		995,372
Interest and dividends from non-affiliates		400,026
Dividends from affiliates		9,075
Tax reclaims		7,730
Unrealized appreciation on forward foreign currency exchange contracts		1,117,752
Total Assets		327,727,606
LIABILITIES:
Payables:
Investment securities purchased		5,453,668
Fund shares redeemed		179,399
Variation margin on futures contracts		95,822
Unrealized depreciation on forward foreign currency exchange contracts		370,341
Due to counterparty for swap contracts		991,344
Accrued liabilities:
Investment advisory fees		88,219
Administration fees		3,479
Distribution fees		10,171
Shareholder servicing fees		53,653
Custodian and accounting fees		43,994
Trustees’ and Chief Compliance Officer’s fees		20,641
Other		151,062
Total Liabilities		7,461,793
Net Assets	$	320,265,813

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2015

	Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	315,193,909
Accumulated undistributed (distributions in excess of) net investment income		5,189,660
Accumulated net realized gains (losses)		(213,816	)
Net unrealized appreciation (depreciation)		96,060
Total Net Assets	$	320,265,813
Net Assets:
Class A	$	48,072,671
Class C		457,517
Class R6		9,762,583
Select Class		261,973,042
Total	$	320,265,813
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,147,799
Class C		30,222
Class R6		627,602
Select Class		17,084,762
Net Asset Value (a):
Class A — Redemption price per share	$	15.27
Class C — Offering price per share (b)		15.14
Class R6 — Offering and redemption price per share		15.56
Select Class — Offering and redemption price per share		15.33
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.99
Cost of investments in non-affiliates	$	169,174,785
Cost of investments in affiliates		132,907,036
Cost of foreign currency		1,006,702

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 39

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2015

	Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,537,462
Dividend income from affiliates		82,508
Interest income from non-affiliates		888,249
Foreign taxes withheld		(49,276	)
Total investment income		3,458,943
EXPENSES:
Investment advisory fees		2,536,355
Administration fees		283,259
Distribution fees:
Class A		136,174
Class C		1,397
Shareholder servicing fees:
Class A		136,174
Class C		466
Select Class		610,085
Custodian and accounting fees		135,126
Interest expense to affiliates		865
Professional fees		168,539
Trustees’ and Chief Compliance Officer’s fees		33,339
Printing and mailing costs		40,248
Registration and filing fees		99,675
Transfer agent fees		6,127
Sub-transfer agent fees		60,866
Other		25,611
Total expenses		4,274,306
Less fees waived		(1,396,244	)
Less expense reimbursements		(632	)
Net expenses		2,877,430
Net investment income (loss)		581,513
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,511,259	)
Futures		1,602,306
Foreign currency transactions		480,014
Swaps		7,487,532
Net realized gain (loss)		7,058,593
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(120,932	)
Futures		(1,092,526	)
Foreign currency translations		465,726
Swaps		(54,759	)
Change in net unrealized appreciation/depreciation		(802,491	)
Net realized/unrealized gains (losses)		6,256,102
Change in net assets resulting from operations	$	6,837,615

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2015

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Systematic Alpha Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	581,513		$	(118,494	)
Net realized gain (loss)		7,058,593			553,841
Distributions of capital gains received from investment company affiliates		—			56
Change in net unrealized appreciation/depreciation		(802,491	)		675,747
Change in net assets resulting from operations		6,837,615			1,111,150
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(602,143	)		(3,729	)
From net realized gains		(84,343	)		—
Class C
From net investment income		(501	)		(3,507	)
From net realized gains		(75	)		—
Class R6
From net investment income		—			(3,886	)
From net realized gains		(75	)		—
Select Class
From net investment income		(2,421,131	)		(756,736	)
From net realized gains		(275,840	)		—
Total distributions to shareholders		(3,384,108	)		(767,858	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		123,857,479			182,190,635
NET ASSETS:
Change in net assets		127,310,986			182,533,927
Beginning of period		192,954,827			10,420,900
End of period	$	320,265,813		$	192,954,827
Accumulated undistributed (distributions in excess of) net investment income	$	5,189,660		$	677,764

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 41

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Systematic Alpha Fund
	Year Ended October 31, 2015			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	19,065,321		$	62,934,444
Distributions reinvested		301,494			3,729
Cost of shares redeemed		(33,011,158	)		(1,618,892	)
Change in net assets resulting from Class A capital transactions	$	(13,644,343	)	$	61,319,281
Class C
Proceeds from shares issued	$	427,538		$	—
Distributions reinvested		576			3,507
Cost of shares redeemed		(33,402	)		—
Change in net assets resulting from Class C capital transactions	$	394,712		$	3,507
Class R6
Proceeds from shares issued	$	13,391,975		$	—
Distributions reinvested		75			3,886
Cost of shares redeemed		(3,998,172	)		—
Change in net assets resulting from Class R6 capital transactions	$	9,393,878		$	3,886
Select Class
Proceeds from shares issued	$	141,739,914		$	131,098,675
Distributions reinvested		2,658,018			756,736
Cost of shares redeemed		(16,684,700	)		(10,991,450	)
Change in net assets resulting from Select Class capital transactions	$	127,713,232		$	120,863,961
Total change in net assets resulting from capital transactions	$	123,857,479		$	182,190,635
SHARE TRANSACTIONS:
Class A
Issued		1,268,908			4,166,222
Reinvested		20,021			257
Redeemed		(2,202,664	)		(108,278	)
Change in Class A Shares		(913,735	)		4,058,201
Class C
Issued		28,857			—
Reinvested		38			242
Redeemed		(2,248	)		—
Change in Class C Shares		26,647			242
Class R6
Issued		886,788			—
Reinvested		5			268
Redeemed		(262,792	)		—
Change in Class R6 Shares		624,001			268
Select Class
Issued		9,381,975			8,656,839
Reinvested		176,444			52,225
Redeemed		(1,114,350	)		(725,038	)
Change in Select Class Shares		8,444,069			7,984,026

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2015 J.P. MORGAN FUNDS 43

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Systematic Alpha Fund
Class A
Year Ended October 31, 2015	$	15.16	$	(0.01	)(f)	$	0.29	$	0.28	$	(0.15	)	$	(0.02	)	$	(0.17	)
Year Ended October 31, 2014		15.60		(0.11	)(f)(g)		0.79		0.68		(1.12	)		—			(1.12	)
February 12, 2013 (i) through October 31, 2013		15.00		0.03			0.57		0.60		—			—			—
Class C
Year Ended October 31, 2015		15.10		(0.07	)(f)		0.27		0.20		(0.14	)		(0.02	)		(0.16	)
Year Ended October 31, 2014		15.55		(0.12	)(f)(g)		0.72		0.60		(1.05	)		—			(1.05	)
February 12, 2013 (i) through October 31, 2013		15.00		(0.02	)		0.57		0.55		—			—			—
Class R6
Year Ended October 31, 2015		15.21		0.09	(f)		0.28		0.37		—			(0.02	)		(0.02	)
Year Ended October 31, 2014		15.64		0.01	(f)(g)		0.73		0.74		(1.17	)		—			(1.17	)
February 12, 2013 (i) through October 31, 2013		15.00		0.07			0.57		0.64		—			—			—
Select Class
Year Ended October 31, 2015		15.19		0.04	(f)		0.28		0.32		(0.16	)		(0.02	)		(0.18	)
Year Ended October 31, 2014		15.63		(0.05	)(f)(g)		0.76		0.71		(1.15	)		—			(1.15	)
February 12, 2013 (i) through October 31, 2013		15.00		0.06			0.57		0.63		—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Expenses without waivers, reimbursements and earnings credits may appear disproportionate among classes due to changes in the relative size of the classes.

(i) Commencement of operations.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	15.27		1.87	%	$	48,072,671		1.16	%		(0.05	)%		1.69	%		164	%
	15.16		4.68			61,579,047		1.24			(0.71	)(g)		1.66	(h)		113
	15.60		4.00			52,013		1.30	(j)		0.28	(j)		6.93	(j)		112
	15.14		1.34			457,517		1.62			(0.50	)		2.26			164
	15.10		4.16			53,974		1.77			(0.80	)(g)		5.85	(h)		113
	15.55		3.67			51,827		1.80	(j)		(0.22	)(j)		7.43	(j)		112
	15.56		2.44			9,762,583		0.64			0.59			1.10			164
	15.21		5.08			54,788		0.88			0.09	(g)		4.84	(h)		113
	15.64		4.27			52,144		0.95	(j)		0.63	(j)		6.44	(j)		112
	15.33		2.11			261,973,042		0.90			0.24			1.35			164
	15.19		4.91			131,267,018		1.00			(0.31	)(g)		2.97	(h)		113
	15.63		4.20			10,264,916		1.05	(j)		0.54	(j)		6.68	(j)		112

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 45

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Systematic Alpha Fund	Class A, Class C, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide total return.

Prior to July 30, 2014, the Fund was not publicly offered for investment.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

Basis for Consolidation for the Fund

Systematic Alpha Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. As of October 31, 2015, net assets of the Fund were $320,265,813 of which $40,023,575, or approximately 12.5%, represented the Subsidiary’s net assets. The net realized loss in the Subsidiary amounted to $(158,170). The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Effective April 30, 2015, the Subsidiary changed its name from JPM Systematic Alpha Commodity Subsidiary Ltd.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

46 J.P. MORGAN FUNDS OCTOBER 31, 2015

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of fixed income instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the CSOI:

		Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary		$	12,607,461	$	4,918,543	$	—	$	17,526,004
Consumer Staples			8,231,436		529,560		—		8,760,996
Energy			699,411		635,756		—		1,335,167
Financials			12,829,106		1,739,799		—		14,568,905
Health Care			4,294,440		2,164,259		—		6,458,699
Industrials			11,275,962		9,630,436		—		20,906,398
Information Technology			22,815,521		2,518,487		—		25,334,008
Materials			7,345,159		5,612,716		—		12,957,875
Telecommunication Services			1,218,344		529,943		—		1,748,287
Utilities			16,822,883		—		—		16,822,883
Total Common Stocks			98,139,723		28,279,499		—		126,419,222
	��
Preferred Stocks
Consumer Staples			766,927		—		—		766,927
Financials			3,020,947		—		—		3,020,947
Materials			485,521		—		—		485,521
Utilities			1,534,344		—		—		1,534,344
Total Preferred Stocks			5,807,739		—		—		5,807,739

OCTOBER 31, 2015 J.P. MORGAN FUNDS 47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Debt Securities
Convertible Bonds
Consumer Discretionary	$	—		$	5,302,640		$	—	$	5,302,640
Energy		—			1,754,018			—		1,754,018
Financials		—			3,328,141			—		3,328,141
Health Care		—			9,402,288			—		9,402,288
Industrials		—			1,807,231			—		1,807,231
Information Technology		—			15,067,324			—		15,067,324
Materials		—			777,741			—		777,741
Total Convertible Bonds		—			37,439,383			—		37,439,383
Rights
Health Care		—			—			3,928		3,928
Telecommunication Services		—			—			8,351		8,351
Total Rights		—			—			12,279		12,279
Short-Term Investment
Investment Company		132,907,036			—			—		132,907,036
Total Investments in Securities	$	236,854,498		$	65,718,882		$	12,279	$	302,585,659
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,117,752		$	—	$	1,117,752
Futures Contracts		1,358,160			—			—		1,358,160
Total Appreciation in Other Financial Instruments	$	1,358,160		$	1,117,752		$	—	$	2,475,912
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(370,341	)	$	—	$	(370,341	)
Futures Contracts		(2,519,672	)		—			—		(2,519,672	)
Total Depreciation in Other Financial Instruments	$	(2,519,672	)	$	(370,341	)	$	—	$	(2,890,013	)

There were no transfers among any levels during the year ended October 31, 2015.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund. As of October 31, 2015, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Derivatives — The Fund used instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gains to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value, as recorded in the Consolidated Statement of Assets and Liabilities (“CSAL”).

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open

48 J.P. MORGAN FUNDS OCTOBER 31, 2015

contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to the Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used commodity futures to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sale of futures contracts will tend to offset both positive and negative market price changes. The Fund also used index, equity or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to seek to enhance portfolio performance.

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

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of October 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Total Return Basket Swaps — The Fund entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap and financing costs are reset monthly. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty and are recorded as Due to counterparty on swap contracts on the CSAL and as Net realized gain (loss) on transactions from swaps on the CSOP.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral posted by the Fund is reported on the CSAL as Restricted cash. As such, the Fund has posted collateral for the year ended October 31, 2015 of $1,080,000.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL).

The total return basket swaps contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the CSAL:

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	203,425	$	—	$	—	$	203,425
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		8,010		—		—		8,010
Foreign exchange contracts	Receivables		—		1,117,752		—		1,117,752
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		1,146,725		—		—		1,146,725
Total		$	1,358,160	$	1,117,752	$	—	$	2,475,912
Gross Liabilities:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	486,311	$	—	$	—	$	486,311
Equity contracts	Payables, Net Assets — Unrealized Depreciation		1,602,145		—		—		1,602,145
Foreign exchange contracts	Payables		—		370,341		—		370,341
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		431,216		—		—		431,216
Total		$	2,519,672	$	370,341	$	—	$	2,890,013

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2015:

Counterparty	Gross Amount of Derivative Assets Presented on the CSAL (a)			Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Citibank, N.A.	$	49,279		$	—		$	—	$	49,279
Deutsche Bank AG		24,772			(23,723	)		—		1,049
Goldman Sachs International		278,634			(110,531	)		—		168,103
HSBC Bank, N.A.		355,559			(13,239	)		—		342,320
Merrill Lynch International		17,999			(17,999	)		—		—
Morgan Stanley		54,809			—			—		54,809
Royal Bank of Canada		55,894			—			—		55,894
Standard Chartered Bank		280,806			(135,051	)		—		145,755
Exchange Traded Futures (b)		1,358,160	(c)		—			—		1,358,160
Total	$	2,475,912		$	(300,543	)	$	—	$	2,175,369

50 J.P. MORGAN FUNDS OCTOBER 31, 2015

Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL (a)			Derivatives Available for Offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
BNP Paribas	$	10,692		$	—		$	—	$	10,692
Barclays Bank plc		4,071			—			—		4,071
Credit Suisse International		32,030			—			—		32,030
Deutsche Bank AG		23,723			(23,723	)		—		—
Goldman Sachs International		110,531			(110,531	)		—		—
HSBC Bank, N.A.		13,239			(13,239	)		—		—
Merrill Lynch International		41,004			(17,999	)		—		23,005
Standard Chartered Bank		135,051			(135,051	)		—		—
Exchange Traded Futures (b)		2,519,672	(c)		—			—		2,519,672
Total	$	2,890,013		$	(300,543	)	$	—	$	2,589,470

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

(b) These derivatives are not subject to master netting agreements.

(c) A portion of this amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers for futures contracts.

The following tables present the effect of derivatives on the CSOP for the year ended October 31, 2015, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	3,138,116		$	—	$	—		$	3,138,116
Equity contracts		(1,377,613	)		—		7,487,532			6,109,919
Foreign exchange contracts		—			1,010,925		—			1,010,925
Commodity contracts		(158,197	)		—		—			(158,197	)
Total	$	1,602,306		$	1,010,925	$	7,487,532		$	10,100,763
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	(1,028,604	)	$	—	$	—		$	(1,028,604	)
Equity contracts		(871,530	)		—		(54,759	)		(926,289	)
Foreign Exchange contracts		—			459,025		—			459,025
Commodity contracts		807,608			—		—			807,608
Total	$	(1,092,526	)	$	459,025	$	(54,759	)	$	688,260

The Fund’s derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 2015. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Commodity
Average Notional Balance Long	$	13,682,344
Average Notional Balance Short		14,857,994
Ending Notional Balance Long		14,760,257
Ending Notional Balance Short		20,006,285

OCTOBER 31, 2015 J.P. MORGAN FUNDS 51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

Equity
Average Notional Balance Long	$	417,447
Average Notional Balance Short		30,410,807
Ending Notional Balance Short		29,809,383
Interest
Average Notional Balance Long	$	102,670,322
Average Notional Balance Short		81,478,782
Ending Notional Balance Long		107,470,306
Ending Notional Balance Short		29,351,847
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	37,187,267
Average Settlement Value Sold		62,388,266
Ending Settlement Value Purchased		29,789,698
Ending Settlement Value Sold		64,181,341
Total Return Basket Swaps:
Average Notional Balance Long	$	215,752,256
Average Notional Balance Short		190,581,271
Ending Notional Balance Long		194,470,655
Ending Notional Balance Short		205,429,449

D. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOP.

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

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV 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.

Sub-transfer agent fees are class-specific expenses. The amount of the sub-transfer agent fees charged to each class of the Fund for the year ended October 31, 2015 are as follows:

	Class A		Class C		Select Class		Total
Sub-transfer agent fees	$	49,065	$	122	$	11,679	$	60,866

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions and has determined that as of October 31, 2015, no liability for income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

52 J.P. MORGAN FUNDS OCTOBER 31, 2015

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

H. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

I. Distributions to Shareholders — Distributions from net investment income or net realized capital gains, if any, are generally declared and paid annually 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. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital	Accumulated undistributed (distributions in excess of) net investment Income		Accumulated net realized gains (losses)
$1	$	6,954,158	$	(6,954,159	)

The reclassifications for the Fund relate primarily to foreign currency gains and losses, investments in convertible securities, equity investments treated as debt for tax purposes, investments in the Subsidiary and investments in swap contracts.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.75% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2015, the effective rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Subsidiary.

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 Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2015, the Distributor retained the following:

Front-End Sales Charge		CDSC
$	21	$	—

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets for Class A, Class C and Select Class Shares.

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 Fund 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 Fund. For these securities, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the CSOP. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the CSOP.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board, deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R6			Select Class
	1.25	%		1.75	%		0.75	%		1.00	%

The expense limitation agreement was in effect for the year ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least December 31, 2016.

For the year ended October 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	780,211	$	249,850	$	51,593	$	1,081,654	$	632

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, may waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 was $314,590.

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

The Board of Trustees appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 on the CSOP.

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

During the year ended October 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

54 J.P. MORGAN FUNDS OCTOBER 31, 2015

The Fund may use related party broker-dealers. For the year ended October 31, 2015, the Fund incurred $1,027 of brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	304,087,365	$	205,822,957

During the year ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2015 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	305,979,202	$	5,862,819	$	6,536,585	$	(673,766	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in the Subsidiary.

The Federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its Subsidiary of $899,293, which, if realized, is not deductible for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2015 was as follows:

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	3,087,930	$	296,178	$	3,384,108

The tax character of distributions paid during the year ended October 31, 2014 was as follows:

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	767,858	$	—	$	767,858

As of October 31, 2015, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
$	6,673,878	$	(1,818,219	)	$	216,903

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, mark to market of futures contracts and investments in the Subsidiary.

During the year ended October 31, 2015 the Subsidiary had $240,416 of net gains for tax purposes. The Subsidiary’s net gains for the current year is included in current distributable ordinary income for tax purposes.

As of October 31, 2015, the Fund had net capital loss carryforward as follows:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	1,818,219	$	—

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates

OCTOBER 31, 2015 J.P. MORGAN FUNDS 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2015 (continued)

beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015, or at any time during the year then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

The Fund has a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Fund’s outstanding shares.

In addition, as of October 31, 2015, the J.P. Morgan Investor Funds, which are affiliated funds of funds, own in the aggregate, 75.8% of the net assets of the Fund.

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

The Fund may also invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their net asset value (also known as a discount or premium, respectively).

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund’s investment in convertible bonds subjects the Fund to equity price risk. Due to their conversion feature, the value of convertible bonds tends to vary with fluctuations in the market value of the underlying security.

56 J.P. MORGAN FUNDS OCTOBER 31, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Systematic Alpha Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Systematic Alpha Fund (a separate Fund of JPMorgan Trust I) and its subsidiary (the “Fund”) at October 31, 2015, the results of their operations for the year then ended, the changes in 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 consolidated financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit 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 October 31, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 28, 2015

OCTOBER 31, 2015 J.P. MORGAN FUNDS 57

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal 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
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	147	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	147	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	147	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	147	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	147	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	147	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	147	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	147	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	147	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

58 J.P. MORGAN FUNDS OCTOBER 31, 2015

Name (Year of Birth); Positions With the Fund (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)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	147	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	147	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	147	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	147	None

⁽¹⁾ The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾ A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (147 funds).

    * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers 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.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 59

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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 460 Polaris Parkway, Westerville, OH 43082.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

60 J.P. MORGAN FUNDS OCTOBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2015 and continued to hold your shares at the end of the reporting period, October 31, 2015.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading 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) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2015		Ending Account Value October 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	1,029.70	$	5.88		1.15	%
Hypothetical		1,000.00		1,019.41		5.85		1.15
Class C
Actual		1,000.00		1,027.10		8.28		1.62
Hypothetical		1,000.00		1,017.04		8.24		1.62
Class R6
Actual		1,000.00		1,032.50		3.28		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Select Class
Actual		1,000.00		1,030.90		4.56		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 61

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no

representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

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

62 J.P. MORGAN FUNDS OCTOBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2015 J.P. MORGAN FUNDS 63

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

64 J.P. MORGAN FUNDS OCTOBER 31, 2015

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund had 36.00% or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2015.

Long Term Capital Gain

The Fund distributed $296,178, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2015.

Qualified Dividend Income (QDI)

The Fund had $3,088,095, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015.

OCTOBER 31, 2015 J.P. MORGAN FUNDS 65

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s 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 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the 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 and on the Fund’s 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 Fund to the Adviser. A copy of the Fund’s 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 Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. October 2015. AN-SA-1015

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Mitchell Merin. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2015 – $1,570,410

2014 – $1,738,716

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2015 – $318,007

2014 – $349,120

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2015 – $339,550

2014 – $364,700

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2015 and 2014, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2015 – Not applicable

2014 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the

services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2015 – 0.0%

2014 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

None.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2014 – $31.3 million

2013 – $33.7 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	December 30, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	December 30, 2015

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	December 30, 2015