JPMorgan U.S. Value Fund (VGRIX) N-CSRS Certified semi-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, 2015 through April 30, 2016

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).

Semi-Annual Report

J.P. Morgan Specialty Funds

April 30, 2016 (Unaudited)

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	34
Financial Highlights	44
Notes to Financial Statements	50
Schedule of Shareholder Expenses	59

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

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

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly

due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

Overall, U.S. equity markets experienced a significant increase in volatility during the six month reporting period. While equity prices rose slightly through the end of 2015, the beginning of 2016 was marked by prolonged sell-off of equities, driven by falling oil prices and investor uncertainty about both the health of China’s economy and U.S. interest rate policy.

By March, market volatility declined somewhat as economic data showed signs of stability in China, oil prices rebounded and the U.S. Federal Reserve Chairwoman Janet Yellen reassured investors that interest rate policy would remain accommodative. By the end of April, leading U.S. equity indexes returned to positive territory for the year to date. For the six months ended April 30, 2016, the Standard & Poor’s 500 Index returned 0.43%.

2 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-3.65%
Standard & Poor’s 500 Index		0.43%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%
Net Assets as of 4/30/2016 (In Thousands)	$	224,749

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) underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended April 30, 2016. Leading sector contributors to the Fund’s relative performance included its long positions in the health care and consumer discretionary sectors. Leading sector detractors from the Fund’s relative performance included its long positions in the information technology and materials sectors.

Leading individual detractors from relative performance included the Fund’s long positions in Mobileye NV, United Rentals Inc. and Alliance Data Systems Corp. Shares of Mobileye, a provider of camera-assisted driving systems that was not held in the Benchmark, fell on questions about the company’s technology and after an influential investment firm called the stock the “short of the year: 2016.” Shares of United Rentals, a provider of oil field equipment, fell on slowing capital spending in the energy sector amid continued weakness in global oil prices. Shares of Alliance Data Systems, a provider of

marketing and customer loyalty programs, fell on weaker than expected earnings.

Leading individual contributors to relative performance included the Fund’s long positions in Jarden Corp., Thermo Fisher Scientific Inc. and Raytheon Co. Shares of Jarden, a consumer products company not held in the Benchmark, rose after it agreed to be acquired by Newell Rubbermaid Inc. for $15.4 billion. Shares of Thermo Fisher, a health care technology company, rose on better than expected earnings and revenue. Shares of Raytheon, an aerospace and technology company, rose on better-than-expected revenue growth.

HOW WAS THE FUND POSITIONED?

During the six months ended April 30, 2016, 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 Index 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 six month reporting period, the Fund’s average gross exposure was 89% and its average net exposure was 45%.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Newell Brands, Inc.	10.2	%
	2.	Twenty-First Century Fox, Inc., Class B	6.7
	3.	Thermo Fisher Scientific, Inc.	5.8
	4.	Altria Group, Inc.	4.9
	5.	Comcast Corp., Class A	4.7
	6.	Alphabet, Inc., Class A	3.6
	7.	Norwegian Cruise Line Holdings Ltd.	3.3
	8.	Becton, Dickinson and Co.	3.0
	9.	Reynolds American, Inc.	2.9
	10.	Fidelity National Information Services, Inc.	2.8

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	General Electric Co.	12.2	%
	2.	SPDR S&P 500 ETF Trust	11.9
	3.	iShares Russell 2000 ETF	8.6
	4.	Clorox Co. (The)	7.3
	5.	Expeditors International of Washington, Inc.	6.3
	6.	Bed Bath & Beyond, Inc.	5.7
	7.	Cisco Systems, Inc.	4.2
	8.	Ross Stores, Inc.	3.6
	9.	American Express Co.	3.2
	10.	Whole Foods Market, Inc.	2.9

LONG PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	33.6	%
Consumer Staples	9.4
Health Care	9.0
Information Technology	8.7
Materials	4.0
Industrials	3.2
Others (each less than 1.0%)	0.3
Short-Term Investment	31.8

SHORT PORTFOLIO COMPOSITION BY SECTOR****
Exchange Traded Funds	20.5	%
Industrials	20.5
Consumer Discretionary	20.4
Consumer Staples	12.5
Financials	11.4
Information Technology	8.1
Health Care	3.0
Energy	1.4
Others (each less than 1.0%)	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 long investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

(a) Amount rounds to less than 0.1%.

4 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge**			(8.82	)%		(3.27	)%		3.56	%
Without Sales Charge			(3.78	)		2.10			6.96
CLASS C SHARES	August 29, 2014
With CDSC***			(5.04	)		0.62			6.42
Without CDSC			(4.04	)		1.62			6.42
CLASS R2 SHARES	August 29, 2014		(3.91	)		1.86			6.69
CLASS R5 SHARES	August 29, 2014		(3.59	)		2.58			7.46
CLASS R6 SHARES	August 29, 2014		(3.58	)		2.65			7.50
CLASS SELECT SHARES	August 29, 2014		(3.65	)		2.41			7.23

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (8/29/14 TO 4/30/16)

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 April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-1.85%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%
Standard & Poor’s 500 Index		0.43%
Net Assets as of 4/30/2016 (In Thousands)	$	43,499

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 six months ended April 30, 2016. Investors’ concerns about global economic growth as well as weakening oil prices and uncertainty over China’s economy, created a headwind for the Fund. Overall, stocks that the Fund’s portfolio managers found to be undervalued underperformed the broader market, while stocks that the portfolio managers found to be unattractively valued outperformed the broader market.

Leading detractors from the Fund’s absolute return included its security selection in the pharmaceutical & health care and consumer cyclical sectors. The Fund’s security selection in the semiconductors and media sectors was a leading positive contributor to absolute performance.

Leading individual detractors from absolute performance included the Fund’s long positions in Allergan PLC, Valeant Pharmaceuticals International Inc. and Bank of America Corp. Shares of Allergan, a pharmaceutical company, fell after its plan to merge with Pfizer Inc. collapsed in early April 2016. Shares of Valeant, a manufacture of drugs and medical devices, fell by 50% in mid-March when its chief executive said the company would not meet its earnings goals and may default on its debt. Shares of Bank of America declined amid the continuation of low, long-term interest rates.

Leading individual contributors to absolute performance included the Fund’s long positions in Broadcom Ltd., Facebook Inc. and Diamondback Energy Inc. Shares of Broadcom, a semiconductor manufacturer, rose after the company forecast strong revenue growth and gross margin expansion. Shares of Facebook, an Internet social media company, rose on a 57% increase in advertising revenue in the first three months of 2016. Shares of Diamondback Energy, an oil and natural gas producer, rose after the company announced plans to sell shares to raise cash to repay debt.

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 six month reporting period, the Fund’s average long exposure was 94% and its average short exposure was -61%.

* 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 APRIL 30, 2016

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Lowe’s Cos., Inc.	3.4	%
	3.	Humana, Inc.	2.7
	4.	Union Pacific Corp.	2.6
	4.	Broadcom Ltd., (Singapore)	2.4
	5.	Facebook, Inc., Class A	2.2
	6.	Molson Coors Brewing Co., Class B	2.2
	7.	Alphabet, Inc., Class C	2.1
	8.	Amazon.com, Inc.	2.1
	9.	Chubb Ltd., (Switzerland)	2.1
	10.	NXP Semiconductors N.V., (Netherlands)	2.1

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	General Electric Co.	2.8	%
	2.	Verizon Communications, Inc.	2.8
	3.	Boeing Co. (The)	2.5
	4.	Dominion Resources, Inc.	2.1
	5.	Microchip Technology, Inc.	2.0
	6.	Kraft Heinz Co. (The)	1.9
	7.	Intel Corp.	1.9
	8.	W.R. Berkley Corp.	1.7
	9.	Ventas, Inc.	1.7
	10.	3M Co.	1.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	20.3	%
Consumer Discretionary	17.4
Financials	15.6
Industrials	14.2
Health Care	10.4
Consumer Staples	7.3
Materials	5.1
Utilities	4.6
Energy	3.9
Telecommunication Services	1.2
Short-Term Investment	0.0	(a)

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Consumer Discretionary	18.1	%
Financials	14.7
Industrials	14.6
Information Technology	13.7
Consumer Staples	12.5
Health Care	8.1
Utilities	7.5
Materials	5.5
Telecommunication Services	3.8
Energy	1.5

* Percentages indicated are based on total long investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	SINCE INCEPTION
CLASS A SHARES	May 28, 2010
With Sales Charge**		(7.01)%	(8.67)%	0.68%	1.17%
Without Sales Charge		(1.85)	(3.63)	1.77	2.09
CLASS C SHARES	May 28, 2010
With CDSC***		(3.10)	(5.10)	1.25	1.58
Without CDSC		(2.10)	(4.10)	1.25	1.58
CLASS R5 SHARES	May 28, 2010	(1.62)	(3.14)	2.22	2.55
SELECT CLASS SHARES	May 28, 2010	(1.76)	(3.35)	2.01	2.34

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/28/10 TO 4/30/16)

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 April 30, 2016. 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 APRIL 30, 2016

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-2.87%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%
Net Assets as of 4/30/2016 (In Thousands)	$	432,681

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 six months ended April 30, 2016. Investors’ concerns about global economic growth as well as weakening oil prices and uncertainty over China’s economy, created a headwind for the Fund. Overall, stocks that the Fund’s portfolio managers found to be undervalued underperformed the broader market, while stocks that the research team found to be unattractively valued outperformed the broader market.

The Fund’s security selection in the pharmaceutical & health care and consumer cyclical sectors was a leading detractor from performance relative to the Benchmark, while security selection in the semiconductors and media sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s long position in Valeant Pharmaceuticals Inc. and its short positions in Johnson & Johnson and Mattel Inc. Shares of Valeant, a manufacture of drugs and medical devices, fell by 50% in mid-March when its chief executive said the company would not meet its earnings goals and may default on its debt. Shares of Johnson & Johnson, a consumer health care products company, rose after the company reported better than expected quarterly earnings and revenue despite head-

winds in overseas markets from the relative strength of the U.S. dollar. Shares of Mattel, a toy maker, rose on better than expected quarterly sales.

Leading individual contributors to the Fund’s relative performance included its long positions in Broadcom Ltd. and Facebook Inc. and its short position in Micron Technology Inc. Shares of Broadcom, a semiconductor manufacturer, rose after the company forecast strong revenue growth and gross margin expansion. Shares of Facebook, an Internet social media company, rose on a 57% increase in advertising revenue in the first three months of 2016. Shares of Micron Technology, a maker of semiconductors, fell after the company forecast weakness in earnings.

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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Lowe’s Cos., Inc.,	2.7	%
	2.	Broadcom Ltd., (Singapore)	2.5
	3.	Humana, Inc.,	2.4
	4.	Union Pacific Corp.,	2.4
	5.	NXP Semiconductors N.V., (Netherlands)	2.1
	6.	Chubb Ltd., (Switzerland)	2.1
	7.	Lam Research Corp.,	2.0
	8.	Molson Coors Brewing Co., Class B,	1.9
	9.	Twenty-First Century Fox, Inc., Class B,	1.7
	10.	Canadian Pacific Railway Ltd., (Canada)	1.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Verizon Communications, Inc.,	2.4	%
	2.	Medtronic plc, (Ireland)	2.2
	3.	General Electric Co.,	2.1
	4.	Boeing Co. (The),	2.1
	5.	Intel Corp.,	1.8
	6.	Kraft Heinz Co. (The),	1.7
	7.	Duke Energy Corp.,	1.6
	8.	Cisco Systems, Inc.,	1.6
	9.	Dominion Resources, Inc.,	1.6
	10.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR, (Taiwan)	1.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	17.6	%
Consumer Discretionary	14.9
Financials	13.9
Industrials	12.2
Health Care	9.5
Consumer Staples	6.7
Utilities	4.9
Materials	4.8
Energy	3.1
Telecommunication Services	1.1
U.S. Treasury Obligations	0.1
Short-Term Investment	11.2

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Consumer Discretionary	17.6	%
Financials	15.3
Information Technology	14.8
Industrials	13.0
Consumer Staples	11.4
Health Care	10.1
Utilities	6.2
Materials	5.3
Telecommunication Services	3.2
Energy	3.1

* Percentages indicated are based on total long investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016

TOTAL RETURNS AS OF APRIL 30, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(8.18	)%		(9.38	)%		(2.12	)%		0.72	%
Without Sales Charge			(3.09	)		(4.36	)		(1.06	)		1.26
CLASS C SHARES	November 2, 2009
With CDSC***			(4.33	)		(5.88	)		(1.55	)		0.75
Without CDSC			(3.33	)		(4.88	)		(1.55	)		0.75
INSTITUTIONAL CLASS SHARES	December 31, 1998		(2.87	)		(3.89	)		(0.57	)		1.76
SELECT CLASS SHARES	November 2, 2009		(2.98	)		(4.09	)		(0.80	)		1.60

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR FUND PERFORMANCE (4/30/06 to 4/30/16)

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 April 30, 2006 to April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.0%
	Common Stocks — 67.5%
			Consumer Discretionary — 33.3%
			Auto Components — 0.0% (g)
	1		BorgWarner, Inc. (j)		21
	—	(h)	Delphi Automotive plc, (United Kingdom) (j)		22
	1		Johnson Controls, Inc. (j)		22
					65
			Distributors — 1.2%
	86		LKQ Corp. (a) (j)		2,758
			Hotels, Restaurants & Leisure — 3.3%
	1		Hilton Worldwide Holdings, Inc. (j)		23
	149		Norwegian Cruise Line Holdings Ltd. (a) (j)		7,272
	—	(h)	Starbucks Corp. (j)		22
	—	(h)	Yum! Brands, Inc. (j)		22
					7,339
			Household Durables — 12.5%
	1		D.R. Horton, Inc. (j)		22
	28		Mohawk Industries, Inc. (a) (j)		5,358
	496		Newell Brands, Inc. (j)		22,597
					27,977
			Internet & Catalog Retail — 1.5%
	5		Amazon.com, Inc. (a) (j)		3,391
			Media — 12.9%
	16		Charter Communications, Inc., Class A (a) (j)		3,500
	172		Comcast Corp., Class A (j)		10,469
	—	(h)	Time Warner, Inc. (j)		22
	499		Twenty-First Century Fox, Inc., Class B (j)		15,022
					29,013
			Multiline Retail — 0.0% (g)
	—	(h)	Dollar General Corp. (j)		22
			Specialty Retail — 1.9%
	—	(h)	Home Depot, Inc. (The) (j)		22
	—	(h)	Lowe’s Cos., Inc. (j)		23
	—	(h)	O’Reilly Automotive, Inc. (a) (j)		22
	38		Signet Jewelers Ltd. (j)		4,113
	—	(h)	TJX Cos., Inc. (The) (j)		22
					4,202
			Textiles, Apparel & Luxury Goods — 0.0% (g)
	—	(h)	V.F. Corp. (j)		22
			Total Consumer Discretionary		74,789
			Consumer Staples — 9.3%
			Beverages — 1.4%
	12		Anheuser-Busch InBev N.V., (Belgium), ADR (j)		1,500

SHARES			SECURITY DESCRIPTION	VALUE($)
			Beverages — continued
	17		Brown-Forman Corp., Class B (j)		1,597
	—	(h)	Molson Coors Brewing Co., Class B (j)		45
					3,142
			Food & Staples Retailing — 0.1%
	—	(h)	Costco Wholesale Corp. (j)		44
	1		Kroger Co. (The) (j)		45
	1		Walgreens Boots Alliance, Inc. (j)		45
					134
			Food Products — 0.0% (g)
	1		Mondelez International, Inc., Class A (j)		46
			Household Products — 0.0% (g)
	—	(h)	Kimberly-Clark Corp. (j)		45
			Tobacco — 7.8%
	174		Altria Group, Inc. (j)		10,930
	132		Reynolds American, Inc. (j)		6,563
					17,493
			Total Consumer Staples		20,860
			Energy — 0.1%
			Energy Equipment & Services — 0.0% (g)
	1		Halliburton Co. (j)		23
			Oil, Gas & Consumable Fuels — 0.1%
	1		Cabot Oil & Gas Corp. (j)		23
	—	(h)	Chevron Corp. (j)		23
	—	(h)	Diamondback Energy, Inc. (j)		23
	—	(h)	EQT Corp. (j)		23
	—	(h)	Hess Corp. (j)		21
	1		Kinder Morgan, Inc. (j)		22
	1		Marathon Petroleum Corp. (j)		21
	—	(h)	Occidental Petroleum Corp. (j)		23
	—	(h)	Pioneer Natural Resources Co. (j)		24
	1		TransCanada Corp., (Canada) (j)		23
	—	(h)	Valero Energy Corp. (j)		22
					248
			Total Energy		271
			Financials — 0.2%
			Banks — 0.1%
	2		Bank of America Corp. (j)		22
	—	(h)	Citigroup, Inc. (j)		22
	2		KeyCorp (j)		22
	—	(h)	Wells Fargo & Co. (j)		22
	1		Zions Bancorporation (j)		23
					111

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Capital Markets — 0.0% (g)
	—	(h)	Ameriprise Financial, Inc. (j)		22
	—	(h)	BlackRock, Inc. (j)		22
	1		Charles Schwab Corp. (The) (j)		21
	1		Morgan Stanley (j)		22
					87
			Consumer Finance — 0.0% (g)
	1		Ally Financial, Inc. (a) (j)		22
	—	(h)	Discover Financial Services (j)		23
					45
			Diversified Financial Services — 0.0% (g)
	—	(h)	Intercontinental Exchange, Inc. (j)		23
	1		Voya Financial, Inc. (j)		22
					45
			Insurance — 0.0% (g)
	1		Arthur J. Gallagher & Co. (j)		23
	—	(h)	Chubb Ltd., (Switzerland) (j)		22
	—	(h)	Marsh & McLennan Cos., Inc. (j)		23
	—	(h)	MetLife, Inc. (j)		22
	1		XL Group plc, (Ireland) (j)		20
					110
			Real Estate Investment Trusts (REITs) — 0.1%
	—	(h)	American Tower Corp. (j)		23
	—	(h)	AvalonBay Communities, Inc. (j)		22
	1		HCP, Inc. (j)		23
	1		Kimco Realty Corp. (j)		22
	1		LaSalle Hotel Properties (j)		23
	1		Omega Healthcare Investors, Inc. (j)		22
	—	(h)	SL Green Realty Corp. (j)		22
					157
			Total Financials		555
			Health Care — 8.9%
			Biotechnology — 0.1%
	—	(h)	Alexion Pharmaceuticals, Inc. (a) (j)		40
	—	(h)	Celgene Corp. (a) (j)		42
	—	(h)	Gilead Sciences, Inc. (j)		39
	1		Incyte Corp. (a) (j)		43
	1		Vertex Pharmaceuticals, Inc. (a) (j)		44
					208
			Health Care Equipment & Supplies — 3.0%
	1		Abbott Laboratories (j)		40
	41		Becton, Dickinson and Co. (j)		6,650

SHARES			SECURITY DESCRIPTION	VALUE($)
			Health Care Equipment & Supplies — continued
	2		Boston Scientific Corp. (a) (j)		50
					6,740
			Health Care Providers & Services — 0.0% (g)
	—	(h)	McKesson Corp. (j)		43
			Life Sciences Tools & Services — 5.7%
	—	(h)	Illumina, Inc. (a) (j)		43
	89		Thermo Fisher Scientific, Inc. (j)		12,814
					12,857
			Pharmaceuticals — 0.1%
	1		Bristol-Myers Squibb Co. (j)		45
	1		Eli Lilly & Co. (j)		44
					89
			Total Health Care		19,937
			Industrials — 3.1%
			Aerospace & Defense — 0.0% (g)
	—	(h)	Honeywell International, Inc. (j)		23
	—	(h)	Northrop Grumman Corp. (j)		23
	—	(h)	United Technologies Corp. (j)		22
					68
			Building Products — 0.0% (g)
	—	(h)	Lennox International, Inc. (j)		22
	1		Masco Corp. (j)		21
					43
			Commercial Services & Supplies — 0.0% (g)
	—	(h)	Waste Connections, Inc. (j)		23
			Electrical Equipment — 0.0% (g)
	—	(h)	Eaton Corp. plc (j)		23
			Machinery — 2.1%
	—	(h)	Cummins, Inc. (j)		23
	—	(h)	PACCAR, Inc. (j)		23
	39		Parker-Hannifin Corp. (j)		4,568
					4,614
			Road & Rail — 1.0%
	16		Canadian Pacific Railway Ltd., (Canada) (j)		2,257
	—	(h)	Union Pacific Corp. (j)		22
					2,279
			Trading Companies & Distributors — 0.0% (g)
	1		AerCap Holdings N.V., (Ireland) (a) (j)		22
			Total Industrials		7,072

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Information Technology — 8.6%
			Electronic Equipment, Instruments & Components — 0.0% (g)
	1		TE Connectivity Ltd., (Switzerland) (j)		44
			Internet Software & Services — 3.6%
	11		Alphabet, Inc., Class A (a) (j)		8,045
	—	(h)	Facebook, Inc., Class A (a) (j)		48
					8,093
			IT Services — 4.3%
	—	(h)	Accenture plc, (Ireland), Class A (j)		45
	95		Fidelity National Information Services, Inc. (j)		6,238
	16		MasterCard, Inc., Class A (j)		1,522
	1		PayPal Holdings, Inc. (a) (j)		44
	1		Vantiv, Inc., Class A (a) (j)		45
	23		Visa, Inc., Class A (j)		1,744
	1		WEX, Inc. (a) (j)		48
					9,686
			Semiconductors & Semiconductor Equipment — 0.1%
	—	(h)	Broadcom Ltd., (Singapore) (j)		44
	1		Lam Research Corp. (j)		43
	4		Marvell Technology Group Ltd., (Bermuda) (j)		44
	1		NXP Semiconductors N.V., (Netherlands) (a) (j)		46
	1		Qorvo, Inc. (a) (j)		44
	1		Skyworks Solutions, Inc. (j)		43
	1		Texas Instruments, Inc. (j)		44
					308
			Software — 0.1%
	—	(h)	Adobe Systems, Inc. (a) (j)		45
	1		Workday, Inc., Class A (a) (j)		44
					89
			Technology Hardware, Storage & Peripherals — 0.5%
	11		Apple, Inc. (j)		1,074
	4		HP, Inc. (j)		44
	1		Western Digital Corp. (j)		42
					1,160
			Total Information Technology		19,380
			Materials — 3.9%
			Chemicals — 1.7%
	—	(h)	Albemarle Corp. (j)		22
	1		CF Industries Holdings, Inc. (j)		22
	—	(h)	E.I. du Pont de Nemours & Co. (j)		23
	—	(h)	Eastman Chemical Co. (j)		22
	32		Ecolab, Inc. (j)		3,628

SHARES			SECURITY DESCRIPTION	VALUE($)
			Chemicals — continued
	1		Mosaic Co. (The) (j)		22
					3,739
			Construction Materials — 0.0% (g)
	—	(h)	Martin Marietta Materials, Inc. (j)		22
	—	(h)	Vulcan Materials Co. (j)		22
					44
			Containers & Packaging — 2.2%
	139		Berry Plastics Group, Inc. (a) (j)		5,001
	—	(h)	Crown Holdings, Inc. (a) (j)		22
	1		WestRock Co. (j)		24
					5,047
			Total Materials		8,830
			Telecommunication Services — 0.0% (g)
			Diversified Telecommunication Services — 0.0% (g)
	—	(h)	Level 3 Communications, Inc. (a) (j)		22
	—	(h)	SBA Communications Corp., Class A (a) (j)		22
					44
			Wireless Telecommunication Services — 0.0% (g)
	1		T-Mobile U.S., Inc. (a) (j)		22
			Total Telecommunication Services		66
			Utilities — 0.1%
			Electric Utilities — 0.1%
	—	(h)	American Electric Power Co., Inc. (j)		23
	—	(h)	Edison International (j)		23
	—	(h)	NextEra Energy, Inc. (j)		23
	1		PPL Corp. (j)		23
	1		Xcel Energy, Inc. (j)		23
					115
			Water Utilities — 0.0% (g)
	—	(h)	American Water Works Co., Inc. (j)		24
			Total Utilities		139
			Total Common Stocks (Cost $141,295)		151,899
	Short-Term Investment — 31.5%
			Investment Company — 31.5%
	70,709		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (j) (l) (Cost $70,709)		70,709
			Total Investments — 99.0% (Cost $212,004)		222,608
			Other Assets in Excess of Liabilities — 1.0%		2,141
			NET ASSETS — 100.0%	$	224,749

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — 16.7%
	Common Stocks — 13.3%
			Consumer Discretionary — 3.4%
			Auto Components — 0.1%
	1		Lear Corp.		170
			Automobiles — 0.4%
	21		Harley-Davidson, Inc.		997
			Hotels, Restaurants & Leisure — 0.1%
	3		Darden Restaurants, Inc.		165
			Media — 0.7%
	3		AMC Networks, Inc., Class A (a)		189
	7		Discovery Communications, Inc., Class A (a)		198
	7		Interpublic Group of Cos., Inc. (The)		163
	2		Omnicom Group, Inc.		165
	13		Scripps Networks Interactive, Inc., Class A		830
					1,545
			Multiline Retail — 0.4%
	20		Kohl’s Corp.		893
			Specialty Retail — 1.7%
	—	(h)	AutoZone, Inc. (a)		166
	46		Bed Bath & Beyond, Inc. (a)		2,153
	7		Best Buy Co., Inc.		233
	24		Ross Stores, Inc.		1,358
					3,910
			Total Consumer Discretionary		7,680
			Consumer Staples — 2.1%
			Food & Staples Retailing — 0.6%
	1		CVS Health Corp.		123
	3		Sysco Corp.		126
	2		Wal-Mart Stores, Inc.		122
	37		Whole Foods Market, Inc.		1,077
					1,448
			Food Products — 0.2%
	2		Campbell Soup Co.		128
	2		General Mills, Inc.		127
	2		Kraft Heinz Co. (The)		126
					381
			Household Products — 1.3%
	22		Clorox Co. (The)		2,755
	2		Colgate-Palmolive Co.		128
					2,883
			Total Consumer Staples		4,712

SHARES			SECURITY DESCRIPTION	VALUE($)
			Energy — 0.2%
			Energy Equipment & Services — 0.0% (g)
	1		FMC Technologies, Inc. (a)		45
	—	(h)	Helmerich & Payne, Inc.		23
					68
			Oil, Gas & Consumable Fuels — 0.2%
	1		Apache Corp.		42
	—	(h)	Cimarex Energy Co.		43
	1		Devon Energy Corp.		43
	1		Enbridge, Inc., (Canada)		41
	—	(h)	Exxon Mobil Corp.		43
	1		ONEOK, Inc.		44
	—	(h)	Phillips 66		39
	3		QEP Resources, Inc.		49
	1		Range Resources Corp.		31
	1		Spectra Energy Corp.		43
	5		WPX Energy, Inc. (a)		49
					467
			Total Energy		535
			Financials — 1.9%
			Banks — 0.2%
	5		Associated Banc-Corp.		83
	4		Fifth Third Bancorp		81
	6		First Horizon National Corp.		81
	5		People’s United Financial, Inc.		80
	2		U.S. Bancorp		82
					407
			Capital Markets — 0.3%
	1		T. Rowe Price Group, Inc.		80
	34		Waddell & Reed Financial, Inc., Class A		683
					763
			Consumer Finance — 0.5%
	18		American Express Co.		1,197
			Diversified Financial Services — 0.1%
	1		CME Group, Inc.		81
	1		Nasdaq, Inc.		80
					161
			Insurance — 0.2%
	1		Aflac, Inc.		84
	1		Aon plc, (United Kingdom)		84
	1		Arch Capital Group Ltd., (Bermuda) (a)		84
	3		Progressive Corp. (The)		82
	1		Torchmark Corp.		85

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
			Insurance — continued
	1		W.R. Berkley Corp.		83
					502
			Real Estate Investment Trusts (REITs) — 0.6%
	1		Digital Realty Trust, Inc.		84
	8		Extra Space Storage, Inc.		667
	1		Federal Realty Investment Trust		84
	3		Healthcare Realty Trust, Inc.		85
	3		Healthcare Trust of America, Inc., Class A		85
	2		UDR, Inc.		81
	1		Ventas, Inc.		85
	1		Welltower, Inc.		86
					1,257
			Total Financials		4,287
			Health Care — 0.5%
			Biotechnology — 0.1%
	1		Amgen, Inc.		161
			Health Care Equipment & Supplies — 0.3%
	4		Baxter International, Inc.		171
	1		C.R. Bard, Inc.		171
	2		Medtronic plc, (Ireland)		168
	2		Varian Medical Systems, Inc. (a)		159
					669
			Health Care Providers & Services — 0.0% (g)
	2		Cardinal Health, Inc.		151
			Pharmaceuticals — 0.1%
	3		Merck & Co., Inc.		161
			Total Health Care		1,142
			Industrials — 3.4%
			Air Freight & Logistics — 1.1%
	48		Expeditors International of Washington, Inc.		2,369
			Electrical Equipment — 0.0% (g)
	—	(h)	Acuity Brands, Inc.		119
			Industrial Conglomerates — 2.0%
	149		General Electric Co.		4,583
			Machinery — 0.2%
	2		AGCO Corp.		127
	2		Deere & Co.		126
	4		Donaldson Co., Inc.		125
	1		Illinois Tool Works, Inc.		124
					502

SHARES			SECURITY DESCRIPTION	VALUE($)
			Trading Companies & Distributors — 0.1%
	4		Air Lease Corp.		119
			Total Industrials		7,692
			Information Technology — 1.4%
			Communications Equipment — 0.7%
	57		Cisco Systems, Inc.		1,567
	5		Juniper Networks, Inc.		126
					1,693
			Electronic Equipment, Instruments & Components — 0.1%
	2		Amphenol Corp., Class A		124
	4		VeriFone Systems, Inc. (a)		123
					247
			IT Services — 0.1%
	1		FleetCor Technologies, Inc. (a)		127
			Semiconductors & Semiconductor Equipment — 0.3%
	3		Linear Technology Corp.		122
	3		Maxim Integrated Products, Inc.		123
	3		Microchip Technology, Inc.		124
	5		Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		119
	3		Xilinx, Inc.		118
					606
			Software — 0.1%
	2		Citrix Systems, Inc. (a)		124
	2		salesforce.com, Inc. (a)		124
					248
			Technology Hardware, Storage & Peripherals — 0.1%
	5		NetApp, Inc.		124
			Total Information Technology		3,045
			Materials — 0.2%
			Chemicals — 0.1%
	—	(h)	Agrium, Inc., (Canada)		40
	—	(h)	Air Products & Chemicals, Inc.		40
	1		Westlake Chemical Corp.		39
					119
			Containers & Packaging — 0.1%
	1		AptarGroup, Inc.		39
	1		Ball Corp.		38
	1		Bemis Co., Inc.		39
	1		Sonoco Products Co.		40
					156

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Metals & Mining — 0.0% (g)
	4	Alcoa, Inc.		43
		Total Materials		318
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	4	CenturyLink, Inc.		121
	2	Verizon Communications, Inc.		124
		Total Telecommunication Services		245
		Utilities — 0.1%
		Electric Utilities — 0.0% (g)
	1	Duke Energy Corp.		43
	1	Southern Co. (The)		43
				86
		Multi-Utilities — 0.1%
	1	Consolidated Edison, Inc.		44
	1	Dominion Resources, Inc.		44

SHARES			SECURITY DESCRIPTION	VALUE($)
			Multi-Utilities — continued
	—	(h)	DTE Energy Co.		44
					132
			Total Utilities		218
			Total Common Stocks (Cost $(30,376))		29,874
	Exchange Traded Funds — 3.4%
			U.S. Equity — 3.4%
	29		iShares Russell 2000 ETF		3,226
	22		SPDR S&P 500 ETF Trust		4,467
			Total Exchange Traded Funds (Cost $(7,469))		7,693
			Total Securities Sold Short (Proceeds $37,845)	$	37,567

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 104.8%
	Common Stocks — 104.8%
			Consumer Discretionary — 18.2%
			Auto Components — 0.3%
	2		Delphi Automotive plc, (United Kingdom) (j)		132
			Hotels, Restaurants & Leisure — 4.1%
	7		Carnival Corp. (j)		340
	—	(h)	Chipotle Mexican Grill, Inc. (a) (j)		135
	10		Hilton Worldwide Holdings, Inc. (j)		217
	1		Norwegian Cruise Line Holdings Ltd. (a) (j)		44
	7		Royal Caribbean Cruises Ltd. (j)		513
	2		Starbucks Corp. (j)		133
	5		Yum! Brands, Inc. (j)		416
					1,798
			Household Durables — 1.4%
	14		D.R. Horton, Inc. (j)		421
	1		Harman International Industries, Inc. (j)		53
	5		KB Home (j)		64
	3		PulteGroup, Inc. (j)		55
					593
			Internet & Catalog Retail — 2.2%
	1		Amazon.com, Inc. (a) (j)		955
			Media — 4.8%
	4		CBS Corp. (Non-Voting), Class B (j)		232
	1		Charter Communications, Inc., Class A (a) (j)		270
	5		DISH Network Corp., Class A (a) (j)		257
	29		Sirius XM Holdings, Inc. (a) (j)		113
	—	(h)	Time Warner Cable, Inc. (j)		94
	3		Time Warner, Inc. (j)		217
	30		Twenty-First Century Fox, Inc., Class B (j)		899
					2,082
			Specialty Retail — 5.4%
	6		Best Buy Co., Inc. (j)		201
	2		Home Depot, Inc. (The) (j)		324
	20		Lowe’s Cos., Inc. (j)		1,538
	1		O’Reilly Automotive, Inc. (a) (j)		300
					2,363
			Total Consumer Discretionary		7,923
			Consumer Staples — 7.6%
			Beverages — 4.1%
	—	(h)	Boston Beer Co., Inc. (The), Class A (a) (j)		64
	1		Constellation Brands, Inc., Class A (j)		100
	11		Molson Coors Brewing Co., Class B (j)		1,008
	6		PepsiCo, Inc. (j)		598
					1,770

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 0.8%
	1	Costco Wholesale Corp. (j)		163
	6	Kroger Co. (The) (j)		199
				362
		Food Products — 1.1%
	3	ConAgra Foods, Inc. (j)		140
	1	Hershey Co. (The) (j)		89
	3	Mondelez International, Inc., Class A (j)		128
	2	Post Holdings, Inc. (a) (j)		136
				493	��
		Household Products — 0.7%
	2	Kimberly-Clark Corp. (j)		279
		Personal Products — 0.2%
	1	Estee Lauder Cos., Inc. (The), Class A (j)		103
		Tobacco — 0.7%
	3	Philip Morris International, Inc. (j)		304
		Total Consumer Staples		3,311
		Energy — 4.1%
		Energy Equipment & Services — 0.3%
	3	Halliburton Co. (j)		142
		Oil, Gas & Consumable Fuels — 3.8%
	6	Cabot Oil & Gas Corp. (j)		135
	8	Diamondback Energy, Inc. (j)		711
	2	EOG Resources, Inc. (j)		159
	3	Pioneer Natural Resources Co. (j)		466
	2	TransCanada Corp., (Canada) (j)		76
	2	Valero Energy Corp. (j)		97
				1,644
		Total Energy		1,786
		Financials — 16.4%
		Banks — 3.9%
	37	Bank of America Corp. (j)		538
	6	Citigroup, Inc. (j)		272
	23	KeyCorp (j)		280
	2	Popular, Inc., (Puerto Rico) (j)		73
	13	Regions Financial Corp. (j)		121
	4	Wells Fargo & Co. (j)		213
	6	Zions Bancorporation (j)		173
				1,670
		Capital Markets — 3.3%
	4	Ameriprise Financial, Inc. (j)		339
	3	Bank of New York Mellon Corp. (The) (j)		132
	1	BlackRock, Inc. (j)		272

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Capital Markets — continued
	14		Charles Schwab Corp. (The) (j)		398
	8		Morgan Stanley (j)		228
	2		TD Ameritrade Holding Corp. (j)		61
					1,430
			Consumer Finance — 0.6%
	2		American Express Co. (j)		103
	1		Capital One Financial Corp. (j)		51
	2		Discover Financial Services (j)		114
					268
			Diversified Financial Services — 0.7%
	—	(h)	Intercontinental Exchange, Inc. (j)		99
	6		Voya Financial, Inc. (j)		206
					305
			Insurance — 4.1%
	7		Arthur J. Gallagher & Co. (j)		341
	8		Chubb Ltd., (Switzerland) (j)		953
	8		MetLife, Inc. (j)		380
	1		Prudential Financial, Inc. (j)		50
	2		XL Group plc, (Ireland) (j)		68
					1,792
			Real Estate Investment Trusts (REITs) — 3.8%
	4		AvalonBay Communities, Inc. (j)		687
	1		Equinix, Inc. (j)		193
	10		Kimco Realty Corp. (j)		285
	4		LaSalle Hotel Properties (j)		86
	3		SL Green Realty Corp. (j)		294
	2		STORE Capital Corp. (j)		42
	1		Vornado Realty Trust (j)		77
					1,664
			Total Financials		7,129
			Health Care — 10.9%
			Biotechnology — 1.9%
	1		Alexion Pharmaceuticals, Inc. (a) (j)		83
	—	(h)	Biogen, Inc. (a) (j)		109
	2		Celgene Corp. (a) (j)		185
	4		Gilead Sciences, Inc. (j)		347
	1		Vertex Pharmaceuticals, Inc. (a) (j)		100
					824
			Health Care Equipment & Supplies — 0.2%
	3		Boston Scientific Corp. (a) (j)		75

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 6.2%
	8	Aetna, Inc. (j)		865
	2	Anthem, Inc. (j)		314
	7	Humana, Inc. (j)		1,215
	2	McKesson Corp. (j)		284
				2,678
		Life Sciences Tools & Services — 0.2%
	1	Illumina, Inc. (a) (j)		102
		Pharmaceuticals — 2.4%
	1	Allergan plc (a) (j)		280
	4	Bristol-Myers Squibb Co. (j)		253
	2	Eli Lilly & Co. (j)		175
	9	Pfizer, Inc. (j)		279
	2	Valeant Pharmaceuticals International, Inc. (a) (j)		66
				1,053
		Total Health Care		4,732
		Industrials — 14.9%
		Aerospace & Defense — 4.0%
	4	Curtiss-Wright Corp. (j)		291
	7	Honeywell International, Inc. (j)		839
	4	Textron, Inc. (j)		165
	4	United Technologies Corp. (j)		459
				1,754
		Airlines — 1.3%
	8	Delta Air Lines, Inc. (j)		336
	5	United Continental Holdings, Inc. (a) (j)		227
				563
		Building Products — 0.8%
	1	Allegion plc, (Ireland) (j)		83
	2	Lennox International, Inc. (j)		274
				357
		Construction & Engineering — 0.3%
	3	Fluor Corp. (j)		142
		Electrical Equipment — 1.8%
	12	Eaton Corp. plc (j)		757
		Machinery — 2.2%
	2	Cummins, Inc. (j)		195
	1	Ingersoll-Rand plc (j)		90
	2	Pentair plc, (United Kingdom) (j)		137
	5	Stanley Black & Decker, Inc. (j)		523
				945

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Road & Rail — 4.5%
	1		Canadian National Railway Co., (Canada) (j)		91
	5		Canadian Pacific Railway Ltd., (Canada) (j)		658
	14		Union Pacific Corp. (j)		1,195
					1,944
			Total Industrials		6,462
			Information Technology — 21.2%
			Electronic Equipment, Instruments & Components — 0.7%
	5		TE Connectivity Ltd., (Switzerland) (j)		314
			Internet Software & Services — 4.7%
	1		Alphabet, Inc., Class C (a) (j)		964
	3		eBay, Inc. (a) (j)		67
	9		Facebook, Inc., Class A (a) (j)		1,022
					2,053
			IT Services — 3.9%
	5		Accenture plc, (Ireland), Class A (j)		568
	—	(h)	Alliance Data Systems Corp. (a) (j)		73
	8		Fidelity National Information Services, Inc. (j)		535
	6		First Data Corp., Class A (a) (j)		71
	3		PayPal Holdings, Inc. (a) (j)		99
	2		Vantiv, Inc., Class A (a) (j)		101
	1		Visa, Inc., Class A (j)		52
	2		WEX, Inc. (a) (j)		176
					1,675
			Semiconductors & Semiconductor Equipment — 8.6%
	9		Broadcom Ltd., (Singapore) (j)		1,357
	12		Lam Research Corp. (j)		910
	12		NXP Semiconductors N.V., (Netherlands) (a) (j)		1,001
	2		Qorvo, Inc. (a) (j)		110
	1		Skyworks Solutions, Inc. (j)		64
	5		Texas Instruments, Inc. (j)		297
					3,739
			Software — 3.1%
	6		Adobe Systems, Inc. (a) (j)		557
	1		Citrix Systems, Inc. (a) (j)		64
	11		Microsoft Corp. (j)		542
	3		Mobileye N.V., (Israel) (a) (j)		132
	1		Workday, Inc., Class A (a) (j)		72
					1,367
			Technology Hardware, Storage & Peripherals — 0.2%
	2		Western Digital Corp. (j)		95
			Total Information Technology		9,243

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 5.3%
		Chemicals — 3.4%
	1	Albemarle Corp. (j)		46
	5	Axiall Corp. (j)		116
	6	Chemours Co. (The) (j)		58
	4	Dow Chemical Co. (The) (j)		191
	2	E.I. du Pont de Nemours & Co. (j)		124
	9	Eastman Chemical Co. (j)		655
	2	Monsanto Co. (j)		162
	5	Mosaic Co. (The) (j)		131
				1,483
		Construction Materials — 1.1%
	2	Martin Marietta Materials, Inc. (j)		286
	2	Vulcan Materials Co. (j)		214
				500
		Containers & Packaging — 0.7%
	4	Crown Holdings, Inc. (a) (j)		226
	2	WestRock Co. (j)		72
				298
		Metals & Mining — 0.1%
	2	United States Steel Corp. (j)		43
		Total Materials		2,324
		Telecommunication Services — 1.3%
		Wireless Telecommunication Services — 1.3%
	14	T-Mobile U.S., Inc. (a) (j)		547
		Utilities — 4.9%
		Electric Utilities — 3.5%
	1	American Electric Power Co., Inc. (j)		48
	5	Edison International (j)		319
	5	NextEra Energy, Inc. (j)		590
	1	PG&E Corp. (j)		67
	13	Xcel Energy, Inc. (j)		506
				1,530
		Gas Utilities — 0.2%
	2	UGI Corp. (j)		90
		Multi-Utilities — 1.0%
	4	CMS Energy Corp. (j)		173
	3	NiSource, Inc. (j)		74
	4	Public Service Enterprise Group, Inc. (j)		182
				429
		Water Utilities — 0.2%
	1	American Water Works Co., Inc. (j)		72
		Total Utilities		2,121
		Total Common Stocks (Cost $36,155)		45,578

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Short-Term Investment — 0.0% (g)
		Investment Company — 0.0% (g)
	12	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (j) (l) (Cost $12)		12
		Total Investments — 104.8% (Cost $36,167)		45,590
		Liabilities in Excess of Other Assets — (4.8)%		(2,091	)
		NET ASSETS — 100.0%	$	43,499
	Short Positions — 73.0%
	Common Stocks — 73.0%
		Consumer Discretionary — 13.2%
		Auto Components — 0.9%
	2	Autoliv, Inc., (Sweden)		305
	1	Lear Corp.		81
				386
		Automobiles — 0.5%
	7	Ford Motor Co.		100
	4	General Motors Co.		130
				230
		Hotels, Restaurants & Leisure — 2.0%
	1	Choice Hotels International, Inc.		44
	6	Darden Restaurants, Inc.		353
	2	Hyatt Hotels Corp., Class A (a)		92
	3	Marriott International, Inc., Class A		178
	2	McDonald’s Corp.		191
				858
		Household Durables — 0.6%
	1	Garmin Ltd., (Switzerland)		55
	5	Lennar Corp., Class A		228
				283
		Internet & Catalog Retail — 1.1%
	1	Expedia, Inc.		122
	3	Netflix, Inc. (a)		298
	1	TripAdvisor, Inc. (a)		53
				473
		Leisure Products — 1.0%
	2	Hasbro, Inc.		128
	10	Mattel, Inc.		296
				424
		Media — 4.0%
	3	AMC Networks, Inc., Class A (a)		195
	4	Cinemark Holdings, Inc.		132

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	9	Discovery Communications, Inc., Class A (a)		244
	5	Interpublic Group of Cos., Inc. (The)		122
	13	News Corp., Class A		156
	4	Omnicom Group, Inc.		298
	5	Regal Entertainment Group, Class A		113
	3	Scripps Networks Interactive, Inc., Class A		164
	3	Walt Disney Co. (The)		300
				1,724
		Multiline Retail — 0.6%
	4	Kohl’s Corp.		173
	1	Target Corp.		104
				277
		Specialty Retail — 1.8%
	4	Abercrombie & Fitch Co., Class A		111
	9	Bed Bath & Beyond, Inc. (a)		402
	2	CarMax, Inc. (a)		115
	4	DSW, Inc., Class A		102
	2	Gap, Inc. (The)		58
				788
		Textiles, Apparel & Luxury Goods — 0.7%
	1	NIKE, Inc., Class B		44
	3	Under Armour, Inc., Class A (a)		135
	3	Under Armour, Inc., Class C (a)		130
				309
		Total Consumer Discretionary		5,752
		Consumer Staples — 9.2%
		Beverages — 0.8%
	3	Brown-Forman Corp., Class B		325
		Food & Staples Retailing — 2.6%
	4	CVS Health Corp.		394
	7	Sysco Corp.		333
	3	Wal-Mart Stores, Inc.		170
	8	Whole Foods Market, Inc.		247
				1,144
		Food Products — 2.9%
	5	General Mills, Inc.		279
	5	Kellogg Co.		399
	8	Kraft Heinz Co. (The)		604
				1,282
		Household Products — 2.6%
	1	Church & Dwight Co., Inc.		134

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 21

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Household Products — continued
	4	Clorox Co. (The)		439
	4	Colgate-Palmolive Co.		309
	3	Procter & Gamble Co. (The)		230
				1,112
		Personal Products — 0.3%
	4	Coty, Inc., Class A		117
		Total Consumer Staples		3,980
		Energy — 1.1%
		Energy Equipment & Services — 0.6%
	3	Schlumberger Ltd.		214
	3	Weatherford International plc, (Switzerland) (a)		26
				240
		Oil, Gas & Consumable Fuels — 0.5%
	1	Apache Corp.		54
	1	Cimarex Energy Co.		60
	2	Devon Energy Corp.		70
	1	Exxon Mobil Corp.		50
				234
		Total Energy		474
		Financials — 10.7%
		Banks — 1.8%
	2	Bank of Hawaii Corp.		135
	6	BB&T Corp.		195
	4	Fifth Third Bancorp		76
	9	First Horizon National Corp.		133
	1	M&T Bank Corp.		86
	3	U.S. Bancorp		140
				765
		Capital Markets — 0.8%
	3	Federated Investors, Inc., Class B		104
	3	Franklin Resources, Inc.		113
	2	T. Rowe Price Group, Inc.		138
				355
		Diversified Financial Services — 0.7%
	3	CME Group, Inc.		245
	1	S&P Global, Inc.		78
				323
		Insurance — 4.2%
	1	Aflac, Inc.		53
	1	Aon plc, (United Kingdom)		113
	3	Arch Capital Group Ltd., (Bermuda) (a)		206

SHARES			SECURITY DESCRIPTION	VALUE($)
			Insurance — continued
	1		Assurant, Inc.		85
	7		Genworth Financial, Inc., Class A (a)		26
	10		Progressive Corp. (The)		331
	7		Torchmark Corp.		390
	1		Travelers Cos., Inc. (The)		90
	10		W.R. Berkley Corp.		537
					1,831
			Real Estate Investment Trusts (REITs) — 3.2%
	—	(h)	Crown Castle International Corp.		37
	2		Digital Realty Trust, Inc.		180
	1		Federal Realty Investment Trust		214
	3		Healthcare Trust of America, Inc., Class A		88
	6		Host Hotels & Resorts, Inc.		88
	5		Medical Properties Trust, Inc.		65
	1		UDR, Inc.		40
	9		Ventas, Inc.		531
	2		Welltower, Inc.		151
					1,394
			Total Financials		4,668
			Health Care — 6.0%
			Biotechnology — 0.2%
	2		Alkermes plc, (Ireland) (a)		89
			Health Care Equipment & Supplies — 2.4%
	6		Baxter International, Inc.		262
	1		Becton, Dickinson and Co.		83
	1		C.R. Bard, Inc.		149
	6		Medtronic plc, (Ireland)		494
	1		Varian Medical Systems, Inc. (a)		77
					1,065
			Health Care Providers & Services — 1.9%
	5		Community Health Systems, Inc. (a)		94
	1		DaVita HealthCare Partners, Inc. (a)		38
	5		Express Scripts Holding Co. (a)		388
	1		HCA Holdings, Inc. (a)		78
	1		Laboratory Corp. of America Holdings (a)		88
	1		Quest Diagnostics, Inc.		47
	2		Tenet Healthcare Corp. (a)		72
					805
			Health Care Technology — 0.6%
	4		Allscripts Healthcare Solutions, Inc. (a)		53
	1		athenahealth, Inc. (a)		67
	2		Cerner Corp. (a)		120
					240

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
			Pharmaceuticals — 0.9%
	3		AbbVie, Inc.		164
	2		Johnson & Johnson		223
					387
			Total Health Care		2,586
			Industrials — 10.7%
			Aerospace & Defense — 2.9%
	6		Boeing Co. (The)		799
	2		Lockheed Martin Corp.		380
	1		Raytheon Co.		74
					1,253
			Electrical Equipment — 0.5%
	—	(h)	Acuity Brands, Inc.		83
	1		Rockwell Automation, Inc.		115
					198
			Industrial Conglomerates — 3.3%
	3		3M Co.		522
	29		General Electric Co.		896
					1,418
			Machinery — 1.7%
	3		AGCO Corp.		164
	2		Deere & Co.		157
	5		Donaldson Co., Inc.		178
	3		Flowserve Corp.		123
	1		Illinois Tool Works, Inc.		142
					764
			Professional Services — 0.2%
	2		Nielsen Holdings plc		88
			Road & Rail — 1.6%
	19		Heartland Express, Inc.		350
	6		Knight Transportation, Inc.		161
	8		Werner Enterprises, Inc.		202
					713
			Trading Companies & Distributors — 0.5%
	1		Fastenal Co.		70
	1		W.W. Grainger, Inc.		146
					216
			Total Industrials		4,650
			Information Technology — 10.0%
			Communications Equipment — 1.1%
	12		Cisco Systems, Inc.		342

SHARES			SECURITY DESCRIPTION	VALUE($)
			Communications Equipment — continued
	5		Juniper Networks, Inc.		124
					466
			Electronic Equipment, Instruments & Components — 0.2%
	1		Amphenol Corp., Class A		65
	1		VeriFone Systems, Inc. (a)		32
					97
			Internet Software & Services — 0.3%
	2		GrubHub, Inc. (a)		65
	—	(h)	LinkedIn Corp., Class A (a)		51
					116
			IT Services — 1.4%
	1		Automatic Data Processing, Inc.		130
	1		Fiserv, Inc. (a)		50
	2		International Business Machines Corp.		266
	3		Paychex, Inc.		173
					619
			Semiconductors & Semiconductor Equipment — 5.7%
	19		Intel Corp.		588
	4		Linear Technology Corp.		200
	2		Maxim Integrated Products, Inc.		86
	13		Microchip Technology, Inc.		635
	13		Micron Technology, Inc. (a)		136
	3		NVIDIA Corp.		120
	6		QUALCOMM, Inc.		324
	13		Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		311
	2		Xilinx, Inc.		97
					2,497
			Software — 0.9%
	6		Oracle Corp.		245
	1		salesforce.com, Inc. (a)		90
	1		SAP SE, (Germany), ADR		54
					389
			Technology Hardware, Storage & Peripherals — 0.4%
	—	(h)	Apple, Inc.		40
	1		SanDisk Corp.		39
	3		Seagate Technology plc		74
					153
			Total Information Technology		4,337
			Materials — 4.0%
			Chemicals — 2.1%
	2		Ecolab, Inc.		220

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 23

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
			Chemicals — continued
	4		LyondellBasell Industries N.V., Class A		352
	1		Praxair, Inc.		114
	—	(h)	Sherwin-Williams Co. (The)		98
	3		Westlake Chemical Corp.		134
					918
			Containers & Packaging — 0.6%
	1		Ball Corp.		79
	2		International Paper Co.		89
	2		Sonoco Products Co.		96
					264
			Metals & Mining — 1.2%
	28		Alcoa, Inc.		310
	2		Compass Minerals International, Inc.		140
	5		Freeport-McMoRan, Inc.		77
					527
			Paper & Forest Products — 0.1%
	1		Domtar Corp.		42
			Total Materials		1,751
			Telecommunication Services — 2.7%
			Diversified Telecommunication Services — 2.7%
	1		AT&T, Inc.		47

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	8	CenturyLink, Inc.		263
	17	Verizon Communications, Inc.		883
		Total Telecommunication Services		1,193
		Utilities — 5.4%
		Electric Utilities — 2.3%
	7	Duke Energy Corp.		514
	10	Southern Co. (The)		506
				1,020
		Multi-Utilities — 3.0%
	5	Consolidated Edison, Inc.		338
	9	Dominion Resources, Inc.		658
	3	DTE Energy Co.		312
				1,308
		Water Utilities — 0.1%
	1	Aqua America, Inc.		40
		Total Utilities		2,368
		Total Securities Sold Short (Proceeds $31,863)	$	31,759

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.3%
	Common Stocks — 88.0%
		Consumer Discretionary — 14.8%
		Auto Components — 0.3%
	17	Delphi Automotive plc, (United Kingdom) (j)		1,242
		Hotels, Restaurants & Leisure — 3.7%
	62	Carnival Corp. (j)		3,057
	3	Chipotle Mexican Grill, Inc. (a) (j)		1,291
	87	Hilton Worldwide Holdings, Inc. (j)		1,919
	9	Norwegian Cruise Line Holdings Ltd. (a) (j)		430
	54	Royal Caribbean Cruises Ltd. (j)		4,207
	23	Starbucks Corp. (j)		1,313
	49	Yum! Brands, Inc. (j)		3,906
				16,123
		Household Durables — 1.0%
	97	D.R. Horton, Inc. (j)		2,918
	6	Harman International Industries, Inc. (j)		439
	31	KB Home (j)		423
	28	PulteGroup, Inc. (j)		507
				4,287
		Internet & Catalog Retail — 1.3%
	8	Amazon.com, Inc. (a) (j)		5,516
		Media — 4.2%
	41	CBS Corp. (Non-Voting), Class B (j)		2,308
	14	Charter Communications, Inc., Class A (a) (j)		2,906
	42	DISH Network Corp., Class A (a) (j)		2,071
	282	Sirius XM Holdings, Inc. (a) (j)		1,112
	3	Time Warner Cable, Inc. (j)		731
	24	Time Warner, Inc. (j)		1,810
	238	Twenty-First Century Fox, Inc., Class B (j)		7,162
				18,100
		Specialty Retail — 4.3%
	60	Best Buy Co., Inc. (j)		1,938
	20	Home Depot, Inc. (The) (j)		2,691
	151	Lowe’s Cos., Inc. (j)		11,517
	10	O’Reilly Automotive, Inc. (a) (j)		2,683
				18,829
		Total Consumer Discretionary		64,097
		Consumer Staples — 6.6%
		Beverages — 3.4%
	3	Boston Beer Co., Inc. (The), Class A (a) (j)		509
	5	Constellation Brands, Inc., Class A (j)		809
	85	Molson Coors Brewing Co., Class B (j)		8,118
	53	PepsiCo, Inc. (j)		5,436
				14,872

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 0.7%
	10	Costco Wholesale Corp. (j)		1,486
	47	Kroger Co. (The) (j)		1,664
				3,150
		Food Products — 1.1%
	32	ConAgra Foods, Inc. (j)		1,424
	10	Hershey Co. (The) (j)		917
	24	Mondelez International, Inc., Class A (j)		1,029
	17	Post Holdings, Inc. (a) (j)		1,231
				4,601
		Household Products — 0.6%
	20	Kimberly-Clark Corp. (j)		2,559
		Personal Products — 0.2%
	10	Estee Lauder Cos., Inc. (The), Class A (j)		968
		Tobacco — 0.6%
	24	Philip Morris International, Inc. (j)		2,395
		Total Consumer Staples		28,545
		Energy — 3.1%
		Energy Equipment & Services — 0.2%
	18	Halliburton Co. (j)		734
		Oil, Gas & Consumable Fuels — 2.9%
	57	Cabot Oil & Gas Corp. (j)		1,336
	51	Diamondback Energy, Inc. (a) (j)		4,442
	9	EOG Resources, Inc. (j)		740
	26	Pioneer Natural Resources Co. (j)		4,316
	18	TransCanada Corp., (Canada) (j)		734
	17	Valero Energy Corp. (j)		992
				12,560
		Total Energy		13,294
		Financials — 13.7%
		Banks — 3.1%
	274	Bank of America Corp. (j)		3,992
	48	Citigroup, Inc. (j)		2,228
	199	KeyCorp (j)		2,442
	26	Popular, Inc., (Puerto Rico) (j)		773
	80	Regions Financial Corp. (j)		753
	32	Wells Fargo & Co. (j)		1,585
	56	Zions Bancorporation (j)		1,530
				13,303
		Capital Markets — 2.8%
	29	Ameriprise Financial, Inc. (j)		2,818
	33	Bank of New York Mellon Corp. (The) (j)		1,343

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 25

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — continued
	6	BlackRock, Inc. (j)		2,244
	109	Charles Schwab Corp. (The) (j)		3,091
	80	Morgan Stanley (j)		2,167
	21	TD Ameritrade Holding Corp. (j)		629
				12,292
		Consumer Finance — 0.4%
	11	American Express Co. (j)		746
	5	Capital One Financial Corp. (j)		376
	16	Discover Financial Services (j)		873
				1,995
		Diversified Financial Services — 0.5%
	3	Intercontinental Exchange, Inc. (j)		688
	45	Voya Financial, Inc. (j)		1,470
				2,158
		Insurance — 3.8%
	65	Arthur J. Gallagher & Co. (j)		2,975
	77	Chubb Ltd., (Switzerland) (j)		9,019
	73	MetLife, Inc. (j)		3,304
	6	Prudential Financial, Inc. (j)		496
	21	XL Group plc, (Ireland) (j)		674
				16,468
		Real Estate Investment Trusts (REITs) — 3.1%
	26	AvalonBay Communities, Inc. (j)		4,636
	6	Equinix, Inc. (j)		1,875
	69	Kimco Realty Corp. (j)		1,928
	36	LaSalle Hotel Properties (j)		850
	27	SL Green Realty Corp. (j)		2,881
	16	STORE Capital Corp. (j)		416
	8	Vornado Realty Trust (j)		740
				13,326
		Total Financials		59,542
		Health Care — 9.5%
		Biotechnology — 2.1%
	5	Alexion Pharmaceuticals, Inc. (a) (j)		697
	4	Biogen, Inc. (a) (j)		1,114
	26	Celgene Corp. (a) (j)		2,644
	40	Gilead Sciences, Inc. (j)		3,511
	14	Vertex Pharmaceuticals, Inc. (a) (j)		1,154
				9,120
		Health Care Equipment & Supplies — 0.2%
	34	Boston Scientific Corp. (a) (j)		738

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 4.8%
	59	Aetna, Inc. (j)		6,665
	13	Anthem, Inc. (j)		1,825
	58	Humana, Inc. (j)		10,335
	12	McKesson Corp. (j)		1,972
				20,797
		Life Sciences Tools & Services — 0.2%
	7	Illumina, Inc. (a) (j)		996
		Pharmaceuticals — 2.2%
	10	Allergan plc (a) (j)		2,232
	29	Bristol-Myers Squibb Co. (j)		2,129
	22	Eli Lilly & Co. (j)		1,632
	80	Pfizer, Inc. (j)		2,624
	21	Valeant Pharmaceuticals International, Inc. (a) (j)		688
				9,305
		Total Health Care		40,956
		Industrials — 12.1%
		Aerospace & Defense — 2.9%
	29	Curtiss-Wright Corp. (j)		2,200
	41	Honeywell International, Inc. (j)		4,673
	20	Textron, Inc. (j)		786
	45	United Technologies Corp. (j)		4,698
				12,357
		Airlines — 1.2%
	74	Delta Air Lines, Inc. (j)		3,100
	48	United Continental Holdings, Inc. (a) (j)		2,184
				5,284
		Building Products — 0.7%
	12	Allegion plc, (Ireland) (j)		767
	17	Lennox International, Inc. (j)		2,295
				3,062
		Construction & Engineering — 0.3%
	22	Fluor Corp. (j)		1,208
		Electrical Equipment — 1.4%
	96	Eaton Corp. plc (j)		6,044
		Machinery — 1.4%
	11	Cummins, Inc. (j)		1,334
	19	Pentair plc, (United Kingdom) (j)		1,101
	34	Stanley Black & Decker, Inc. (j)		3,855
				6,290
		Road & Rail — 4.2%
	11	Canadian National Railway Co., (Canada) (j)		659

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Road & Rail — continued
	49	Canadian Pacific Railway Ltd., (Canada) (j)		7,083
	118	Union Pacific Corp. (j)		10,319
				18,061
		Total Industrials		52,306
		Information Technology — 17.4%
		Electronic Equipment, Instruments & Components — 0.5%
	38	TE Connectivity Ltd., (Switzerland) (j)		2,262
		Internet Software & Services — 3.1%
	9	Alphabet, Inc., Class C (a) (j)		6,420
	27	eBay, Inc. (a) (j)		669
	54	Facebook, Inc., Class A (a) (j)		6,324
				13,413
		IT Services — 3.4%
	44	Accenture plc, (Ireland), Class A (j)		4,969
	4	Alliance Data Systems Corp. (a) (j)		742
	61	Fidelity National Information Services, Inc. (j)		4,021
	62	First Data Corp., Class A (a) (j)		702
	25	PayPal Holdings, Inc. (a) (j)		996
	16	Vantiv, Inc., Class A (a) (j)		894
	7	Visa, Inc., Class A (j)		516
	18	WEX, Inc. (a) (j)		1,732
				14,572
		Semiconductors & Semiconductor Equipment — 7.4%
	73	Broadcom Ltd., (Singapore) (j)		10,636
	114	Lam Research Corp. (j)		8,704
	106	NXP Semiconductors N.V., (Netherlands) (a) (j)		9,045
	24	Qorvo, Inc. (a) (j)		1,080
	9	Skyworks Solutions, Inc. (j)		615
	35	Texas Instruments, Inc. (j)		1,996
				32,076
		Software — 2.8%
	55	Adobe Systems, Inc. (a) (j)		5,176
	7	Citrix Systems, Inc. (a) (j)		561
	98	Microsoft Corp. (j)		4,882
	25	Mobileye N.V., (Israel) (a) (j)		957
	9	Workday, Inc., Class A (a) (j)		700
				12,276
		Technology Hardware, Storage & Peripherals — 0.2%
	23	Western Digital Corp. (j)		945
		Total Information Technology		75,544

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 4.8%
		Chemicals — 3.2%
	7	Albemarle Corp. (j)		460
	48	Axiall Corp. (j)		1,126
	64	Chemours Co. (The) (j)		579
	36	Dow Chemical Co. (The) (j)		1,911
	18	E.I. du Pont de Nemours & Co. (j)		1,199
	78	Eastman Chemical Co. (j)		5,964
	13	Monsanto Co. (j)		1,243
	45	Mosaic Co. (The) (j)		1,264
				13,746
		Construction Materials — 1.0%
	15	Martin Marietta Materials, Inc. (j)		2,614
	17	Vulcan Materials Co. (j)		1,790
				4,404
		Containers & Packaging — 0.5%
	32	Crown Holdings, Inc. (a) (j)		1,716
	12	WestRock Co. (j)		485
				2,201
		Metals & Mining — 0.1%
	23	United States Steel Corp. (j)		435
		Total Materials		20,786
		Telecommunication Services — 1.1%
		Wireless Telecommunication Services — 1.1%
	120	T-Mobile U.S., Inc. (a) (j)		4,723
		Utilities — 4.9%
		Electric Utilities — 3.5%
	8	American Electric Power Co., Inc. (j)		517
	48	Edison International (j)		3,420
	49	NextEra Energy, Inc. (j)		5,791
	11	PG&E Corp. (j)		668
	124	Xcel Energy, Inc. (j)		4,967
				15,363
		Gas Utilities — 0.2%
	22	UGI Corp. (j)		887
		Multi-Utilities — 1.0%
	41	CMS Energy Corp. (j)		1,649
	30	NiSource, Inc. (j)		686
	39	Public Service Enterprise Group, Inc. (j)		1,811
				4,146
		Water Utilities — 0.2%
	10	American Water Works Co., Inc. (j)		694
		Total Utilities		21,090
		Total Common Stocks (Cost $308,832)		380,883

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 27

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Short-Term Investments — 11.3%
			Investment Company — 11.1%
	48,126		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (j) (l)		48,126
PRINCIPAL AMOUNT($)
			U.S. Treasury Obligation — 0.2%
	605		U.S. Treasury Bill, 0.483%, 03/30/17 (j) (k) (n)		602
			Total Short-Term Investments (Cost $48,728)		48,728
			Total Investments — 99.3% (Cost $357,560)		429,611
			Other Assets in Excess of Liabilities — 0.7%		3,070
			NET ASSETS — 100.0%	$	432,681
SHARES
	Short Positions — 86.6%
	Common Stocks — 86.6%
			Consumer Discretionary — 15.2%
			Auto Components — 1.0%
	29		Autoliv, Inc., (Sweden)		3,571
	7		Lear Corp.		771
					4,342
			Automobiles — 0.5%
	75		Ford Motor Co.		1,012
	33		General Motors Co.		1,057
					2,069
			Hotels, Restaurants & Leisure — 2.6%
	9		Choice Hotels International, Inc.		446
	58		Darden Restaurants, Inc.		3,633
	35		Hyatt Hotels Corp., Class A (a)		1,671
	47		Marriott International, Inc., Class A		3,270
	17		McDonald’s Corp.		2,176
					11,196
			Household Durables — 0.6%
	17		Garmin Ltd., (Switzerland)		729
	41		Lennar Corp., Class A		1,867
					2,596
			Internet & Catalog Retail — 1.3%
	13		Expedia, Inc.		1,459
	39		Netflix, Inc. (a)		3,550
	—	(h)	Priceline Group, Inc. (The) (a)		403
	7		TripAdvisor, Inc. (a)		445
					5,857

SHARES		SECURITY DESCRIPTION	VALUE($)
		Leisure Products — 1.3%
	24	Hasbro, Inc.		2,057
	109	Mattel, Inc.		3,384
				5,441
		Media — 4.7%
	33	AMC Networks, Inc., Class A (a)		2,129
	43	Cinemark Holdings, Inc.		1,490
	106	Discovery Communications, Inc., Class A (a)		2,896
	82	Interpublic Group of Cos., Inc. (The)		1,892
	174	News Corp., Class A		2,167
	37	Omnicom Group, Inc.		3,035
	64	Regal Entertainment Group, Class A		1,339
	26	Scripps Networks Interactive, Inc., Class A		1,637
	6	Viacom, Inc., Class B		233
	33	Walt Disney Co. (The)		3,366
				20,184
		Multiline Retail — 0.7%
	41	Kohl’s Corp.		1,801
	16	Target Corp.		1,248
				3,049
		Specialty Retail — 1.8%
	92	Bed Bath & Beyond, Inc. (a)		4,345
	29	CarMax, Inc. (a)		1,557
	51	DSW, Inc., Class A		1,253
	32	Gap, Inc. (The)		749
				7,904
		Textiles, Apparel & Luxury Goods — 0.7%
	8	NIKE, Inc., Class B		442
	31	Under Armour, Inc., Class A (a)		1,340
	35	Under Armour, Inc., Class C (a)		1,445
				3,227
		Total Consumer Discretionary		65,865
		Consumer Staples — 9.8%
		Beverages — 0.6%
	27	Brown-Forman Corp., Class B		2,638
		Food & Staples Retailing — 3.5%
	53	CVS Health Corp.		5,298
	92	Sysco Corp.		4,229
	53	Wal-Mart Stores, Inc.		3,545
	71	Whole Foods Market, Inc.		2,067
				15,139

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Food Products — 3.1%
	40	General Mills, Inc.		2,435
	59	Kellogg Co.		4,541
	82	Kraft Heinz Co. (The)		6,400
				13,376
		Household Products — 2.4%
	22	Church & Dwight Co., Inc.		1,995
	31	Clorox Co. (The)		3,832
	42	Colgate-Palmolive Co.		2,986
	19	Procter & Gamble Co. (The)		1,546
				10,359
		Personal Products — 0.2%
	34	Coty, Inc., Class A		1,027
		Total Consumer Staples		42,539
		Energy — 2.7%
		Energy Equipment & Services — 0.6%
	7	Helmerich & Payne, Inc.		443
	24	Schlumberger Ltd.		1,953
	40	Weatherford International plc, (Switzerland) (a)		325
				2,721
		Oil, Gas & Consumable Fuels — 2.1%
	10	Anadarko Petroleum Corp.		512
	15	Apache Corp.		800
	7	Cimarex Energy Co.		762
	23	Devon Energy Corp.		801
	51	Exxon Mobil Corp.		4,526
	16	Noble Energy, Inc.		567
	22	Range Resources Corp.		961
				8,929
		Total Energy		11,650
		Financials — 13.3%
		Banks — 3.4%
	59	Associated Banc-Corp.		1,074
	38	Bank of Hawaii Corp.		2,613
	51	BB&T Corp.		1,818
	105	Fifth Third Bancorp		1,923
	109	First Horizon National Corp.		1,528
	9	M&T Bank Corp.		1,077
	83	People’s United Financial, Inc.		1,286
	78	U.S. Bancorp		3,321
				14,640
		Capital Markets — 1.1%
	48	Federated Investors, Inc., Class B		1,523

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	45	Franklin Resources, Inc.		1,669
	18	T. Rowe Price Group, Inc.		1,363
				4,555
		Diversified Financial Services — 0.7%
	23	CME Group, Inc.		2,141
	7	S&P Global, Inc.		716
				2,857
		Insurance — 4.9%
	8	Aflac, Inc.		517
	20	Aon plc, (United Kingdom)		2,099
	34	Arch Capital Group Ltd., (Bermuda) (a)		2,393
	15	Assurant, Inc.		1,303
	78	Genworth Financial, Inc., Class A (a)		268
	149	Progressive Corp. (The)		4,849
	69	Torchmark Corp.		3,974
	8	Travelers Cos., Inc. (The)		879
	91	W.R. Berkley Corp.		5,079
				21,361
		Real Estate Investment Trusts (REITs) — 3.2%
	8	Crown Castle International Corp.		701
	19	Digital Realty Trust, Inc.		1,654
	12	Federal Realty Investment Trust		1,764
	45	Healthcare Trust of America, Inc., Class A		1,292
	55	Host Hotels & Resorts, Inc.		862
	48	Medical Properties Trust, Inc.		640
	12	UDR, Inc.		405
	78	Ventas, Inc.		4,827
	26	Welltower, Inc.		1,814
				13,959
		Total Financials		57,372
		Health Care — 8.8%
		Biotechnology — 0.5%
	16	Alkermes plc, (Ireland) (a)		642
	5	Amgen, Inc.		854
	16	Ionis Pharmaceuticals, Inc. (a)		635
				2,131
		Health Care Equipment & Supplies — 3.8%
	106	Baxter International, Inc.		4,669
	5	Becton, Dickinson and Co.		814
	7	C.R. Bard, Inc.		1,379
	103	Medtronic plc, (Ireland)		8,134
	9	Varian Medical Systems, Inc. (a)		755

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 29

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	7	Zimmer Biomet Holdings, Inc.		811
				16,562
		Health Care Providers & Services — 2.1%
	44	Community Health Systems, Inc. (a)		847
	13	DaVita HealthCare Partners, Inc. (a)		956
	46	Express Scripts Holding Co. (a)		3,399
	14	HCA Holdings, Inc. (a)		1,153
	6	Laboratory Corp. of America Holdings (a)		702
	5	Quest Diagnostics, Inc.		383
	36	Tenet Healthcare Corp. (a)		1,138
	5	Universal Health Services, Inc., Class B		642
				9,220
		Health Care Technology — 0.6%
	38	Allscripts Healthcare Solutions, Inc. (a)		504
	5	athenahealth, Inc. (a)		667
	21	Cerner Corp. (a)		1,173
				2,344
		Pharmaceuticals — 1.8%
	37	AbbVie, Inc.		2,274
	32	Johnson & Johnson		3,635
	34	Merck & Co., Inc.		1,855
				7,764
		Total Health Care		38,021
		Industrials — 11.3%
		Aerospace & Defense — 2.7%
	57	Boeing Co. (The)		7,681
	15	Lockheed Martin Corp.		3,486
	6	Raytheon Co.		695
				11,862
		Air Freight & Logistics — 0.4%
	6	C.H. Robinson Worldwide, Inc.		433
	11	United Parcel Service, Inc., Class B		1,187
				1,620
		Commercial Services & Supplies — 0.1%
	11	ADT Corp. (The)		452
		Electrical Equipment — 0.5%
	3	Acuity Brands, Inc.		756
	13	Rockwell Automation, Inc.		1,495
				2,251
		Industrial Conglomerates — 2.9%
	28	3M Co.		4,686

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	253	General Electric Co.		7,780
				12,466
		Machinery — 1.9%
	29	AGCO Corp.		1,535
	6	Caterpillar, Inc.		482
	15	Deere & Co.		1,295
	63	Donaldson Co., Inc.		2,062
	24	Flowserve Corp.		1,172
	14	Illinois Tool Works, Inc.		1,448
				7,994
		Professional Services — 0.2%
	17	Nielsen Holdings plc		886
		Road & Rail — 1.8%
	243	Heartland Express, Inc.		4,405
	63	Knight Transportation, Inc.		1,667
	66	Werner Enterprises, Inc.		1,674
				7,746
		Trading Companies & Distributors — 0.8%
	36	Fastenal Co.		1,672
	8	W.W. Grainger, Inc.		1,900
				3,572
		Total Industrials		48,849
		Information Technology — 12.8%
		Communications Equipment — 2.0%
	216	Cisco Systems, Inc.		5,945
	108	Juniper Networks, Inc.		2,532
	4	Motorola Solutions, Inc.		308
				8,785
		Electronic Equipment, Instruments & Components — 0.2%
	12	Amphenol Corp., Class A		653
	11	VeriFone Systems, Inc. (a)		302
				955
		Internet Software & Services — 0.3%
	29	GrubHub, Inc. (a)		768
	4	LinkedIn Corp., Class A (a)		489
				1,257
		IT Services — 1.6%
	18	Automatic Data Processing, Inc.		1,583
	5	Fiserv, Inc. (a)		479
	22	International Business Machines Corp.		3,278

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		IT Services — continued
	28	Paychex, Inc.		1,444
				6,784
		Semiconductors & Semiconductor Equipment — 7.1%
	70	Applied Materials, Inc.		1,427
	229	Intel Corp.		6,928
	49	Linear Technology Corp.		2,201
	24	Maxim Integrated Products, Inc.		871
	119	Microchip Technology, Inc.		5,789
	200	Micron Technology, Inc. (a)		2,148
	29	NVIDIA Corp.		1,036
	49	QUALCOMM, Inc.		2,486
	251	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		5,921
	39	Xilinx, Inc.		1,663
				30,470
		Software — 1.0%
	71	Oracle Corp.		2,843
	12	salesforce.com, Inc. (a)		909
	8	SAP SE, (Germany), ADR		637
				4,389
		Technology Hardware, Storage & Peripherals — 0.6%
	4	Apple, Inc.		394
	36	NetApp, Inc.		861
	8	SanDisk Corp.		604
	35	Seagate Technology plc		755
				2,614
		Total Information Technology		55,254
		Materials — 4.5%
		Chemicals — 2.5%
	8	Air Products & Chemicals, Inc.		1,138
	18	Ecolab, Inc.		2,012
	7	FMC Corp.		307
	45	LyondellBasell Industries N.V., Class A		3,712
	16	Praxair, Inc.		1,856
	3	Sherwin-Williams Co. (The)		891
	24	Westlake Chemical Corp.		1,214
				11,130

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 0.8%
	11	AptarGroup, Inc.		859
	11	Ball Corp.		749
	26	International Paper Co.		1,108
	17	Sonoco Products Co.		792
				3,508
		Metals & Mining — 1.1%
	255	Alcoa, Inc.		2,844
	17	Compass Minerals International, Inc.		1,237
	41	Freeport-McMoRan, Inc.		577
				4,658
		Paper & Forest Products — 0.1%
	11	Domtar Corp.		417
		Total Materials		19,713
		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.8%
	18	AT&T, Inc.		695
	74	CenturyLink, Inc.		2,275
	179	Verizon Communications, Inc.		9,101
		Total Telecommunication Services		12,071
		Utilities — 5.4%
		Electric Utilities — 2.7%
	78	Duke Energy Corp.		6,176
	106	Southern Co. (The)		5,326
				11,502
		Multi-Utilities — 2.6%
	35	Consolidated Edison, Inc.		2,589
	83	Dominion Resources, Inc.		5,938
	32	DTE Energy Co.		2,818
				11,345
		Water Utilities — 0.1%
	12	Aqua America, Inc.		383
		Total Utilities		23,230
		Total Securities Sold Short (Proceeds $371,669)	$	374,564

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 31

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS

DESCRIPTION

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL VALUE AT APRIL 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

Short Futures Outstanding

(77

)

E-mini S&P 500

06/17/16

USD

(7,928

)

$

90

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

J.P. Morgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

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 is 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 the security is segregated for short sales.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of April 30, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 33

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund		Research Equity Long/ Short Fund			Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	151,899	$	45,578		$	381,485
Investments in affiliates, at value		70,709		12			48,126
Total investment securities, at value		222,608		45,590			429,611
Cash		1		25			23
Deposits at broker for securities sold short		36,341		29,355			376,347
Receivables:
Investment securities sold		21,689		687			4,854
Fund shares sold		475		9			252
Dividends from non-affiliates		36		23			201
Dividends from affiliates		23		—			22
Variation margin on futures contracts		—		—			52
Total Assets		281,173		75,689			811,362
LIABILITIES:
Payables:
Securities sold short, at value		37,567		31,759			374,564
Dividend expense to non-affiliates on securities sold short		46		32			389
Investment securities purchased		18,394		237			2,450
Interest expense to non-affiliates on securities sold short		1		—	(a)		—
Fund shares redeemed		152		70			722
Accrued liabilities:
Investment advisory fees		192		19			251
Administration fees		8		—			2
Distribution fees		13		4			19
Shareholder servicing fees		31		9			45
Custodian and accounting fees		5		5			48
Trustees’ and Chief Compliance Officer’s fees		—		—			—	(a)
Other		15		55			191
Total Liabilities		56,424		32,190			378,681
Net Assets	$	224,749	$	43,499		$	432,681

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

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

	Opportunistic Equity Long/Short Fund			Research Equity Long/ Short Fund			Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	227,981		$	36,578		$	470,473
Accumulated undistributed (distributions in excess of) net investment income		(1,274	)		(2,484	)		(15,720	)
Accumulated net realized gains (losses)		(12,840	)		(122	)		(91,318	)
Net unrealized appreciation (depreciation)		10,882			9,527			69,246
Total Net Assets	$	224,749		$	43,499		$	432,681
Net Assets:
Class A	$	53,621		$	16,031		$	31,553
Class C		3,351			897			19,808
Class R2		20			—			—
Class R5		21			222			—
Class R6		7,181			—			—
Institutional Class		—			—			315,019
Select Class		160,555			26,349			66,301
Total	$	224,749		$	43,499		$	432,681
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,239			1,008			2,285
Class C		204			58			1,516
Class R2		1			—			—
Class R5		1			14			—
Class R6		430			—			—
Institutional Class		—			—			21,641
Select Class		9,659			1,631			4,629
Net Asset Value (a):
Class A — Redemption price per share	$	16.55		$	15.91		$	13.81
Class C — Offering price per share (b)		16.42			15.42			13.06
Class R2 — Offering and redemption price per share		16.49			—			—
Class R5 — Offering and redemption price per share		16.68			16.36			—
Class R6 — Offering and redemption price per share		16.69			—			—
Institutional Class — Offering and redemption price per share		—			—			14.56
Select Class — Offering and redemption price per share		16.62			16.15			14.32
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)]	$	17.47		$	16.79		$	14.58
Cost of investments in non-affiliates	$	141,295		$	36,155		$	309,434
Cost of investments in affiliates		70,709			12			48,126
Proceeds from securities sold short		37,845			31,863			371,669

(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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 35

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund			Research Equity Long/ Short Fund			Research Market Neutral Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	758		$	441		$	3,593
Dividend income from affiliates		97			5			145
Total investment income		855			446			3,738
EXPENSES:
Investment advisory fees		1,220			288			2,261
Administration fees		84			25			232
Distribution fees:
Class A		75			27			61
Class C		10			4			81
Class R2		—	(a)		—			—
Shareholder servicing fees:
Class A		75			27			61
Class C		3			1			27
Class R2		—	(a)		—			—
Class R5		—	(a)		—	(a)		—
Institutional Class		—			—			206
Select Class		172			47			104
Custodian and accounting fees		25			25			34
Interest expense to affiliates		—			—			8
Professional fees		45			27			33
Interest expense to non-affiliates		—			—			4
Trustees’ and Chief Compliance Officer’s fees		3			2			5
Printing and mailing costs		11			7			36
Registration and filing fees		45			21			31
Transfer agent fees (See Note 2.F.)		11			3			14
Sub-transfer agent fees (See Note 2.F.)		20			22			86
Other		4			3			2
Dividend expense to non-affiliates on securities sold short		463			496			5,651
Interest expense to non-affiliates on securities sold short		22			20			62
Total expenses		2,288			1,045			8,999
Less fees waived		(145	)		(143	)		(754	)
Less expense reimbursements		(14	)		—	(a)		—
Net expenses		2,129			902			8,245
Net investment income (loss)		(1,274	)		(456	)		(4,507	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(8,561	)		6,335			16,467
Futures		—			—			114
Securities sold short		(1,958	)		800			1,893
Net realized gain (loss)		(10,519	)		7,135			18,474
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,731			(6,998	)		(20,689	)
Futures		—			—			131
Securities sold short		726			(1,501	)		(10,943	)
Change in net unrealized appreciation/depreciation		4,457			(8,499	)		(31,501	)
Net realized/unrealized gains (losses)		(6,062	)		(1,364	)		(13,027	)
Change in net assets resulting from operations	$	(7,336	)	$	(1,820	)	$	(17,534	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Equity Long/Short Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,274	)	$	(746	)	$	(456	)	$	(2,091	)
Net realized gain (loss)		(10,519	)		236			7,135			(3,645	)
Change in net unrealized appreciation/depreciation		4,457			6,145			(8,499	)		1,922
Change in net assets resulting from operations		(7,336	)		5,635			(1,820	)		(3,814	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(567	)		(1	)		—			(1,620	)
Class C
From net realized gains		(18	)		—	(a)		—			(22	)
Class R2
From net realized gains		—	(a)		—	(a)		—			—
Class R5
From net realized gains		—	(a)		—	(a)		—			(2	)
Class R6
From net realized gains		—	(a)		—	(a)		—			—
Select Class
From net realized gains		(1,173	)		(23	)		—			(1,669	)
Total distributions to shareholders		(1,758	)		(24	)		—			(3,313	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		86,386			136,595			(55,901	)		(22,819	)
NET ASSETS:
Change in net assets		77,292			142,206			(57,721	)		(29,946	)
Beginning of period		147,457			5,251			101,220			131,166
End of period	$	224,749		$	147,457		$	43,499		$	101,220
Accumulated undistributed (distributions in excess of) net investment income	$	(1,274	)	$	—	(a)	$	(2,484	)	$	(2,028	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Research Market Neutral Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(4,507	)	$	(11,750	)
Net realized gain (loss)		18,474			(19,486	)
Change in net unrealized appreciation/depreciation		(31,501	)		8,292
Change in net assets resulting from operations		(17,534	)		(22,944	)
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		(206,814	)		(16,248	)
NET ASSETS:
Change in net assets		(224,348	)		(56,831	)
Beginning of period		657,029			713,860
End of period	$	432,681		$	657,029
Accumulated undistributed (distributions in excess of) net investment income	$	(15,720	)	$	(11,213	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

	Opportunistic Equity Long/Short Fund						Research Equity Long/Short Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,119		$	30,459		$	4,663		$	15,821
Distributions reinvested		567			1			—			1,614
Cost of shares redeemed		(30,450	)		(523	)		(29,183	)		(35,080	)
Change in net assets resulting from Class A capital transactions	$	26,236		$	29,937		$	(24,520	)	$	(17,645	)��
Class C
Proceeds from shares issued	$	2,945		$	781		$	14		$	576
Distributions reinvested		18			—	(a)		—			22
Cost of shares redeemed		(321	)		(37	)		(231	)		(143	)
Change in net assets resulting from Class C capital transactions	$	2,642		$	744		$	(217	)	$	455
Class R2
Distributions reinvested	$	—	(a)	$	—	(a)	$	—		$	—
Cost of shares redeemed		—			(35	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	—	(a)	$	(35	)	$	—		$	—
Class R5
Proceeds from shares issued	$	—		$	—		$	31		$	200
Distributions reinvested		—	(a)		—	(a)		—			2
Cost of shares redeemed		—			(36	)		(10	)		(52	)
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	(36	)	$	21		$	150
Class R6
Proceeds from shares issued	$	7,021		$	—		$	—		$	—
Distributions reinvested		—	(a)		—	(a)		—			—
Cost of shares redeemed		—			(35	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	7,021		$	(35	)	$	—		$	—
Select Class
Proceeds from shares issued	$	90,423		$	107,271		$	6,661		$	44,411
Distributions reinvested		1,148			23			—			1,059
Cost of shares redeemed		(41,084	)		(1,274	)		(37,846	)		(51,249	)
Change in net assets resulting from Select Class capital transactions	$	50,487		$	106,020		$	(31,185	)	$	(5,779	)
Total change in net assets resulting from capital transactions	$	86,386		$	136,595		$	(55,901	)	$	(22,819	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Equity Long/Short Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		3,312			1,782			294			948
Reinvested		34			—	(a)		—			97
Redeemed		(1,861	)		(31	)		(1,821	)		(2,109	)
Change in Class A Shares		1,485			1,751			(1,527	)		(1,064	)
Class C
Issued		175			47			1			36
Reinvested		1			—	(a)		—			1
Redeemed		(20	)		(2	)		(16	)		(9	)
Change in Class C Shares		156			45			(15	)		28
Class R2
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			(2	)		—			—
Change in Class R2 Shares		—	(a)		(2	)		—			—
Class R5
Issued		—			—			3			12
Reinvested		—	(a)		—	(a)		—			—	(a)
Redeemed		—			(2	)		(1	)		(3	)
Change in Class R5 Shares		—	(a)		(2	)		2			9
Class R6
Issued		429			—			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			(2	)		—			—
Change in Class R6 Shares		429			(2	)		—			—
Select Class
Issued		5,400			6,419			413			2,623
Reinvested		68			1			—			63
Redeemed		(2,473	)		(73	)		(2,358	)		(3,045	)
Change in Select Class Shares		2,995			6,347			(1,945	)		(359	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

	Research Market Neutral Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	9,165		$	13,814
Net assets acquired in Fund reorganization (See Note 8)		—			20,677
Distributions reinvested		—			2,088
Cost of shares redeemed		(38,489	)		(49,119	)
Conversion from Class B Shares		—			255
Change in net assets resulting from Class A capital transactions	$	(29,324	)	$	(12,285	)
Class B (a)
Proceeds from shares issued	$	—		$	3
Distributions reinvested		—			7
Cost of shares redeemed		—			(70	)
Conversion to Class A Shares		—			(255	)
Change in net assets resulting from Class B capital transactions	$	—		$	(315	)
Class C
Proceeds from shares issued	$	490		$	1,778
Net assets acquired in Fund reorganization (See Note 8)		—			15,527
Distributions reinvested		—			271
Cost of shares redeemed		(3,721	)		(4,266	)
Change in net assets resulting from Class C capital transactions	$	(3,231	)	$	13,310
Institutional Class
Proceeds from shares issued	$	292,307		$	69,664
Distributions reinvested		—			4,044
Cost of shares redeemed		(199,132	)		(98,360	)
Change in net assets resulting from Institutional Class capital transactions	$	93,175		$	(24,652	)
Select Class
Proceeds from shares issued	$	5,975		$	26,592
Net assets acquired in Fund reorganization (See Note 8)		—			55,860
Distributions reinvested		—			8,531
Cost of shares redeemed		(273,409	)		(83,289	)
Change in net assets resulting from Select Class capital transactions	$	(267,434	)	$	7,694
Total change in net assets resulting from capital transactions	$	(206,814	)	$	(16,248	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Research Market Neutral Fund
	Six Months Ended April 30, 2016 (Unaudited)				Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		650				761
Shares issued in connection with Fund reorganization (See Note 8)		—				1,428
Reinvested		—				141
Redeemed		(2,780	)			(3,369	)
Conversion from Class B Shares		—				18
Change in Class A Shares		(2,130	)			(1,021	)
Class B (a)
Issued		—				—	(b)
Reinvested		—				1
Redeemed		—				(6	)
Conversion to Class A Shares		—				(18	)
Change in Class B Shares		—				(23	)
Class C
Issued		36				183
Shares issued in connection with Fund reorganization (See Note 8)		—				1,113
Reinvested		—		��		19
Redeemed		(281	)			(309	)
Change in Class C Shares		(245	)			1,006
Institutional Class
Issued		19,706				4,541
Reinvested		—				261
Redeemed		(13,566	)			(6,419	)
Change in Institutional Class Shares		6,140				(1,617	)
Select Class
Issued		413				1,852
Shares issued in connection with Fund reorganization (See Note 8)		—				3,780
Reinvested		—				559
Redeemed		(18,685	)			(5,541	)
Change in Select Class Shares		(18,272	)			650

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 43

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 realized gain			Net asset value, end of period
Opportunistic Equity Long/Short Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	17.37	$	(0.12	)	$	(0.54	)	$	(0.66	)		$	(0.16	)	$	16.55
Year Ended October 31, 2015		15.75		(0.25	)		1.93			1.68				(0.06	)		17.37
August 29, 2014 (h) through October 31, 2014		15.00		(0.06	)		0.81			0.75				—			15.75
Class C
Six Months Ended April 30, 2016 (Unaudited)		17.27		(0.16	)		(0.53	)		(0.69	)			(0.16	)		16.42
Year Ended October 31, 2015		15.73		(0.37	)		1.97			1.60				(0.06	)		17.27
August 29, 2014 (h) through October 31, 2014		15.00		(0.07	)		0.80			0.73		��		—			15.73
Class R2
Six Months Ended April 30, 2016 (Unaudited)		17.32		(0.14	)		(0.53	)		(0.67	)			(0.16	)		16.49
Year Ended October 31, 2015		15.74		(0.35	)		1.99			1.64				(0.06	)		17.32
August 29, 2014 (h) through October 31, 2014		15.00		(0.06	)		0.80			0.74				—			15.74
Class R5
Six Months Ended April 30, 2016 (Unaudited)		17.47		(0.08	)		(0.55	)		(0.63	)			(0.16	)		16.68
Year Ended October 31, 2015		15.76		(0.23	)		2.00			1.77				(0.06	)		17.47
August 29, 2014 (h) through October 31, 2014		15.00		(0.04	)		0.80			0.76				—			15.76
Class R6
Six Months Ended April 30, 2016 (Unaudited)		17.48		(0.07	)		(0.56	)		(0.63	)			(0.16	)		16.69
Year Ended October 31, 2015		15.76		(0.23	)		2.01			1.78				(0.06	)		17.48
August 29, 2014 (h) through October 31, 2014		15.00		(0.04	)		0.80			0.76				—			15.76
Class Select
Six Months Ended April 30, 2016 (Unaudited)		17.42		(0.10	)		(0.54	)		(0.64	)			(0.16	)		16.62
Year Ended October 31, 2015		15.75		(0.26	)		1.99			1.73				(0.06	)		17.42
August 29, 2014 (h) through October 31, 2014		15.00		(0.05	)		0.80			0.75				—			15.75

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

(b) Calculated based upon average shares outstanding.

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

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

(e) 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 1.79% and 1.97% for the period ended April 30, 2016, 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 2.28% and 2.46 for the period ended April 30, 2016, 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 2.05% and 4.09% for the period ended April 30, 2016, 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 1.33% and 3.35% for the period ended April 30, 2016, 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 1.28% and 1.94% for the period ended April 30, 2016, 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 1.54% and 1.67% for the period ended April 30, 2016, 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.

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

(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) 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.

44 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including  dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (c)(g)			Portfolio turnover rate (including securities sold short) (c)(g)
	(3.84	)%	$	53,621		2.27	%		(1.45	)%		2.45	%		263	%		439	%
	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
	(4.04	)		3,351		2.76			(1.94	)		2.94			263			439
	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
	(3.91	)		20		2.53			(1.66	)		4.57			263			439
	10.49			21		2.78	(i)		(2.01	)(i)		4.70	(i)		347			734
	4.93			53		2.90	(i)		(2.49	)(i)		12.57	(i)		94			178
	(3.64	)		21		1.81			(0.94	)		3.83			263			439
	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
	(3.64	)		7,181		1.76			(0.91	)		2.42			263			439
	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
	(3.71	)		160,555		2.02			(1.17	)		2.15			263			439
	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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 45

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 realized gain			Net asset value, end of period
Research Equity Long/Short Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	16.21	$	(0.13	)	$	(0.17	)	$	(0.30	)	$	—		$	15.91
Year Ended October 31, 2015		17.20		(0.29	)		(0.25	)		(0.54	)		(0.45	)		16.21
Year Ended October 31, 2014		16.53		(0.34	)		1.59			1.25			(0.58	)		17.20
Year Ended October 31, 2013		15.39		(0.33	)		1.47			1.14			—			16.53
Year Ended October 31, 2012		14.88		(0.27	)		0.78			0.51			—			15.39
Year Ended October 31, 2011		15.41		(0.33	)		(0.18	)		(0.51	)		(0.02	)		14.88
Class C
Six Months Ended April 30, 2016 (Unaudited)		15.75		(0.16	)		(0.17	)		(0.33	)		—			15.42
Year Ended October 31, 2015		16.81		(0.38	)		(0.23	)		(0.61	)		(0.45	)		15.75
Year Ended October 31, 2014		16.24		(0.41	)		1.56			1.15			(0.58	)		16.81
Year Ended October 31, 2013		15.20		(0.40	)		1.44			1.04			—			16.24
Year Ended October 31, 2012		14.77		(0.34	)		0.77			0.43			—			15.20
Year Ended October 31, 2011		15.38		(0.39	)		(0.20	)		(0.59	)		(0.02	)		14.77
Class R5
Six Months Ended April 30, 2016 (Unaudited)		16.63		(0.09	)		(0.18	)		(0.27	)		—			16.36
Year Ended October 31, 2015		17.56		(0.25	)		(0.23	)		(0.48	)		(0.45	)		16.63
Year Ended October 31, 2014		16.78		(0.26	)		1.62			1.36			(0.58	)		17.56
Year Ended October 31, 2013		15.56		(0.26	)		1.48			1.22			—			16.78
Year Ended October 31, 2012		14.98		(0.21	)		0.79			0.58			—			15.56
Year Ended October 31, 2011		15.44		(0.27	)		(0.17	)		(0.44	)		(0.02	)		14.98
Select Class
Six Months Ended April 30, 2016 (Unaudited)		16.44		(0.11	)		(0.18	)		(0.29	)		—			16.15
Year Ended October 31, 2015		17.39		(0.26	)		(0.24	)		(0.50	)		(0.45	)		16.44
Year Ended October 31, 2014		16.66		(0.30	)		1.61			1.31			(0.58	)		17.39
Year Ended October 31, 2013		15.48		(0.28	)		1.46			1.18			—			16.66
Year Ended October 31, 2012		14.93		(0.24	)		0.79			0.55			—			15.48
Year Ended October 31, 2011		15.43		(0.29	)		(0.19	)		(0.48	)		(0.02	)		14.93

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) 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 1.98% for the six months ended April 30, 2016, 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 1.93% and 2.48% for the six months ended April 30, 2016, 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 0.98% and 1.66% for the six months ended April 30, 2016, 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 1.18% and 1.60% for the six months ended April 30, 2016, 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.

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including  dividend and interest expense for securities sold short)			Portfolio turnover rate (excluding securities sold short) (c)(g)			Portfolio turnover rate (including securities sold short) (c)(g)
	(1.85	)%	$	16,031		3.13	%		(1.64	)%		3.68	%		82	%		185	%
	(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
	(2.10	)		897		3.63			(2.15	)		4.18			82			185
	(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
	(1.62	)		222		2.68			(1.19	)		3.36			82			185
	(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
	(1.76	)		26,349		2.88			(1.41	)		3.30			82			185
	(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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain			Net asset value, end of period
Research Market Neutral Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	14.25	$	(0.14	)	$	(0.30	)	$	(0.44	)	$	—		$	13.81
Year Ended October 31, 2015		15.17		(0.31	)		(0.22	)		(0.53	)		(0.39	)		14.25
Year Ended October 31, 2014		14.58		(0.34	)		0.93			0.59			—			15.17
Year Ended October 31, 2013		14.44		(0.35	)		0.49			0.14			—			14.58
Year Ended October 31, 2012		14.71		(0.35	)		0.08			(0.27	)		—			14.44
Year Ended October 31, 2011		15.30		(0.35	)		(0.24	)		(0.59	)		—			14.71
Class C
Six Months Ended April 30, 2016 (Unaudited)		13.51		(0.16	)		(0.29	)		(0.45	)		—			13.06
Year Ended October 31, 2015		14.48		(0.35	)		(0.23	)		(0.58	)		(0.39	)		13.51
Year Ended October 31, 2014		13.99		(0.39	)		0.88			0.49			—			14.48
Year Ended October 31, 2013		13.91		(0.41	)		0.49			0.08			—			13.99
Year Ended October 31, 2012		14.25		(0.41	)		0.07			(0.34	)		—			13.91
Year Ended October 31, 2011		14.89		(0.40	)		(0.24	)		(0.64	)		—			14.25
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		14.99		(0.11	)		(0.32	)		(0.43	)		—			14.56
Year Ended October 31, 2015		15.87		(0.23	)		(0.26	)		(0.49	)		(0.39	)		14.99
Year Ended October 31, 2014		15.17		(0.27	)		0.97			0.70			—			15.87
Year Ended October 31, 2013		14.95		(0.29	)		0.51			0.22			—			15.17
Year Ended October 31, 2012		15.16		(0.29	)		0.08			(0.21	)		—			14.95
Year Ended October 31, 2011		15.68		(0.27	)		(0.25	)		(0.52	)		—			15.16
Select Class
Six Months Ended April 30, 2016 (Unaudited)		14.76		(0.12	)		(0.32	)		(0.44	)		—			14.32
Year Ended October 31, 2015		15.66		(0.26	)		(0.25	)		(0.51	)		(0.39	)		14.76
Year Ended October 31, 2014		15.02		(0.31	)		0.95			0.64			—			15.66
Year Ended October 31, 2013		14.83		(0.32	)		0.51			0.19			—			15.02
Year Ended October 31, 2012		15.08		(0.32	)		0.07			(0.25	)		—			14.83
Year Ended October 31, 2011		15.64		(0.31	)		(0.25	)		(0.56	)		—			15.08

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) 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 1.20% and 1.52% for period ended April 30, 2016, 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 1.70% and 2.01% for period ended April 30, 2016, 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 0.80% and 1.05% for period ended April 30, 2016, 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 0.94% and 1.25% for period ended April 30, 2016,1.18% 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.

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities  sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including  dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)(g)			Portfolio turnover rate (including securities sold short) (c)(g)
	(3.09	)%	$	31,553		3.22	%		(1.94	)%		3.54	%		82	%		178	%
	(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
	(3.33	)		19,808		3.72			(2.40	)		4.03			82			178
	(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
	(2.87	)		315,019		2.82			(1.47	)		3.07			82			178
	(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
	(2.98	)		66,301		2.96			(1.71	)		3.27			82			178
	(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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

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 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.

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.

50 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

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):

Opportunistic Equity Long/Short Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	222,608		$	—	$	—	$	222,608
Total Liabilities for Securities Sold Short (a)	$	(37,567	)	$	—	$	—	$	(37,567	)
Research Equity Long/Short Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	45,590		$	—	$	—	$	45,590
Total Liabilities for Securities Sold Short (a)	$	(31,759	)	$	—	$	—	$	(31,759	)
Research Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	429,009		$	602	$	—	$	429,611
Total Liabilities for Securities Sold Short (a)	$	(374,564	)	$	—	$	—	$	(374,564	)
Appreciation in Other Financial Instruments
Futures Contracts	$	90		$	—	$	—	$	90

(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 six months ended April 30, 2016.

B. Options — Opportunistic Equity Long/Short Fund purchased 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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

The table below discloses the volume of the Fund’s options contracts activity during the six months ended April 30, 2016:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		1,217	(a)

(a) For the period November 1, 2015 to February 29, 2016.

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 engaged 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 April 30, 2016, the Funds had outstanding short sales as listed on their SOIs.

D. Futures Contracts — 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 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.

52 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2016 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Short	$	11,708
Ending Notional Balance Short		7,928

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).

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, 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.

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.

Transfer agent and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent and sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2016 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
Transfer agent fees	$	1	$	—	(a)	$	—	(a)	$	—	(a)	$	9		n/a	$	1	$	11
Sub-transfer agent fees		16		—	(a)		—			—			—		n/a		4		20
Research Equity Long/Short Fund
Transfer agent fees		2		—	(a)		n/a			—	(a)		n/a		n/a		1		3
Sub-transfer agent fees		17		—	(a)		n/a			—	(a)		n/a		n/a		5		22
Research Market Neutral Fund
Transfer agent fees		6		1			n/a			n/a			n/a		3		4		14
Sub-transfer agent fees		15		7			n/a			n/a			n/a		39		25		86

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

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 April 30, 2016 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.

H. 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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 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

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 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 six months ended April 30, 2016 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.

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 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 six months ended April 30, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	1		$	—
Research Equity Long/Short Fund		—	(a)		—
Research Market Neutral Fund		—	(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. The Class R6 Shares do not charge a shareholder servicing fee. 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.

54 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class 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

The expense limitation agreements were in effect for the six months ended April 30, 2016 and are in place until at least February 28, 2017.

For the six months ended April 30, 2016 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	$	40	$	26	$	15	$	81	$	14
Research Equity Long/Short Fund		96		25		15		136		—	(a)
Research Market Neutral Fund		350		224		44		618		—

(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). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	64
Research Equity Long/Short Fund		7
Research Market Neutral Fund		136

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 six months ended April 30, 2016 Research Equity Long/Short Fund and Research Market Neutral Fund 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 six months ended April 30, 2016, the Funds incurred brokerage commissions with broker dealers affiliated with the Adviser as follows (amounts in thousands):

Research Equity Long/Short Fund	—	(a)
Research Market Neutral Fund	—	(a)

(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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

4. Investment Transactions

During the six months ended April 30, 2016, 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	$	413,265	$	355,186	$	238,608	$	230,344
Research Equity Long/Short Fund		49,215		91,973		34,634		61,151
Research Market Neutral Fund		366,256		479,094		319,009		441,196

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	212,004	$	10,882	$	278	$	10,604
Research Equity Long/Short Fund		36,167		10,057		634		9,423
Research Market Neutral Fund		357,560		79,025		6,974		72,051

At 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.

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 April 30, 2016 or at any time during the six months then ended.

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.

56 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

As of April 30, 2016, the Funds had individual shareholder accounts and/or omnibus accounts which collectively represent the following percentage of each Fund’s net assets:

	Number of Individual Affiliated Shareholder Accounts and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Non- affiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the Fund
Opportunistic Equity Long/Short Fund		1		30.1	%		1		15.0%
Research Equity Long/Short Fund		1		11.3	%		2		48.3	%

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate 46.0% of the net assets of the Research Market Neutral Fund.

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 April 30, 2016, 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 Citibank, 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.

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

58 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	961.60	$	11.07		2.27	%
Hypothetical		1,000.00		1,013.58		11.36		2.27
Class C
Actual		1,000.00		959.60		13.45		2.76
Hypothetical		1,000.00		1,011.14		13.80		2.76
Class R2
Actual		1,000.00		960.90		12.33		2.53
Hypothetical		1,000.00		1,012.28		12.66		2.53
Class R5
Actual		1,000.00		963.60		8.84		1.81
Hypothetical		1,000.00		1,015.81		9.07		1.81
Class R6
Actual		1,000.00		963.60		8.59		1.76
Hypothetical		1,000.00		1,016.06		8.82		1.76
Class Select
Actual		1,000.00		962.90		9.86		2.02
Hypothetical		1,000.00		1,014.82		10.12		2.02
Research Equity Long/Short Fund
Class A
Actual		1,000.00		981.50		15.42		3.13
Hypothetical		1,000.00		1,009.25		15.64		3.13
Class C
Actual		1,000.00		979.00		17.86		3.63
Hypothetical		1,000.00		1,006.91		18.11		3.63
Class R5
Actual		1,000.00		983.80		13.22		2.68
Hypothetical		1,000.00		1,011.74		13.40		2.68
Select Class
Actual		1,000.00		982.40		14.20		2.88
Hypothetical		1,000.00		1,010.59		14.40		2.88

APRIL 30, 2016 J.P. MORGAN SPECIALTY FUNDS 59

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Research Market Neutral Fund
Class A
Actual	$	1,000.00	$	969.10	$	15.76		3.22	%
Hypothetical		1,000.00		1,008.85		16.08		3.22
Class C
Actual		1,000.00		966.70		18.19		3.72
Hypothetical		1,000.00		1,006.37		18.56		3.72
Institutional Class
Actual		1,000.00		971.30		13.82		2.82
Hypothetical		1,000.00		1,010.84		14.10		2.82
Select Class
Actual		1,000.00		970.20		14.50		2.96
Hypothetical		1,000.00		1,010.14		14.79		2.96

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

60 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2016

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., 2016. All rights reserved. April 2016. SAN-SPEC-416

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2016 (Unaudited)

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

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	18
JPMorgan International Opportunities Fund	22
JPMorgan International Research Enhanced Equity Fund	25
JPMorgan International Unconstrained Equity Fund	28
JPMorgan International Value Fund	31
JPMorgan Intrepid International Fund	34
Schedules of Portfolio Investments	37
Financial Statements	80
Financial Highlights	108
Notes to Financial Statements	132
Schedule of Shareholder Expenses	157

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

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

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

Financial market volatility rose sharply in the first two months of 2016 amid investor concerns about economic stability in China, falling global oil prices and uncertainty about the direction of central bank interest rate policy in the U.S. However, the U.S. Federal Reserve responded to global conditions by adopting a more accommodative policy stance and central banks in China, Japan and the European Union took further steps to stabilize markets and extend economic expansion. By the end of March, global prices for both equities and crude oil had rebounded from mid-February lows.

Emerging markets debt and equity prices came under pressure in late 2015 and early 2016 from weakness in commodities prices and slowing demand in China. However, as financial markets elsewhere stabilized somewhat, emerging market equities experienced significant but brief rally in April. The MSCI World Index (net of foreign withholding taxes) returned -1.05% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned -0.13% for the six month period.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(3.05)%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		(0.13)%
Net Assets as of 4/30/2016 (In Thousands)	$	1,119,904

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

The Fund’s underweight position and security selection in the materials sector and its security selection in the information technology sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the telecommunication services and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Banco Bradesco SA and its overweight positions Huaneng Power International Inc. and Belle International Holdings Ltd. Shares of Banco Bradesco, a Brazilian bank, rose on investor expectations about a change in Brazil’s government. Shares of Huaneng Power, an electricity provider based in China, fell on disappointing earnings. Shares of Belle International, a footwear retailer based in Hong Kong, fell on weakness in sales.

Leading individual contributors to relative performance included the Fund’s overweight position in Banco Do Brasil SA and S-Oil Corp. and its underweight position in China Life

Insurance Co. Shares of Banco do Brasil, a Brazilian bank, rose on investor expectations for a change in Brazil’s government. Shares of S-Oil Corp., a South Korean oil refiner, rose on improved profit margins due to increased demand for petroleum products. Shares of China Life Insurance fell on disappointing earnings results and tighter government regulation of insurance policies.

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 country exposures during the six months ended April 30, 2016, were to China, Taiwan and South Korea and its smallest average country exposures were to Egypt, Singapore and Malaysia. From a sector perspective, the Fund’s largest average weighting were in the financials, information technology and consumer discretionary sectors, while its smallest average weightings were in the telecommunications services, utilities and materials 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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (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)	1.6
	3.	China Merchants Bank Co., Ltd., Class H (China)	1.6
	4.	Gazprom PAO, ADR (Russia)	1.6
	5.	Tencent Holdings Ltd. (China)	1.5
	6.	Korea Electric Power Corp. (South Korea)	1.3
	7.	KT&G Corp. (South Korea)	1.3
	8.	Polski Koncern Naftowy Orlen S.A. (Poland)	1.3
	9.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	1.3
	10.	Steinhoff International Holdings N.V. (Netherlands)	1.2

PORTFOLIO COMPOSITION BY COUNTRY*
China	25.9	%
South Korea	16.2
Taiwan	14.2
Russia	8.7
Turkey	7.6
Hong Kong	5.2
India	4.7
Brazil	3.0
Thailand	2.3
Poland	2.3
United Arab Emirates	1.9
Mexico	1.7
Netherlands	1.2
South Africa	1.2
Hungary	1.0
Others (each less than 1.0%)	1.3
Short-Term Investment	1.6

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2008
With Sales Charge**			(8.32	)%		(24.58	)%		(7.56	)%		(3.37	)%
Without Sales Charge			(3.25	)		(20.42	)		(6.56	)		(2.73	)
CLASS C SHARES	February 28, 2008
With CDSC***			(4.46	)		(21.81	)		(7.03	)		(3.22	)
Without CDSC			(3.46	)		(20.81	)		(7.03	)		(3.22	)
CLASS R5 SHARES	February 28, 2008		(3.06	)		(20.10	)		(6.13	)		(2.29	)
CLASS R6 SHARES	September 1, 2015		(2.88	)		(20.02	)		(6.11	)		(2.28	)
SELECT CLASS SHARES	February 28, 2008		(3.05	)		(20.22	)		(6.31	)		(2.48	)

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/08 TO 4/30/16)

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 April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		1.53%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		(0.13)%
Net Assets as of 4/30/2016 (In Thousands)	$	2,247,554

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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

The Fund’s security selection in the financials and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and its underweight position and security selection in the materials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in CCR SA, Sberbank of Russia OJSC and Siliconware Precision Industries Co. Shares of CCR, a Brazilian operator of tolled highways, rose on news that it would sell its 32% stake in electronic toll road payment company Servicos e Tecnologia de Pagamentos SA. Shares of Sberbank, a Russian bank, rose on better than expected quarterly earnings. Shares of Siliconware, a Taiwanese provider of semiconductor packaging and testing, rose on news of a takeover offer from Advanced Semiconductor Engineering Inc.

Leading individual detractors from relative performance included the Fund’s overweight positions in Housing

Development Finance Corp, Vipshop Holdings Ltd. and Magnit PAO. Shares of Housing Development Finance, an Indian mortgage lender, fell on investor concerns about slowing loan growth and a weakening housing market in India. Shares of Vipshop Holdings, an online discount retailer based in China, declined on weakness in revenue and earnings. Shares of Magnit, a Russian food retailer, fell on weakness in sales.

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, 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, telecommunication services and materials 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 APRIL 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Tencent Holdings Ltd. (China)	4.1	%
	2.	AIA Group Ltd. (Hong Kong)	3.9
	3.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.6
	4.	Tata Consultancy Services Ltd. (India)	3.3
	5.	Housing Development Finance Corp., Ltd. (India)	3.3
	6.	HDFC Bank Ltd., ADR (India)	2.5
	7.	Bidvest Group Ltd. (The) (South Africa)	2.4
	8.	Infosys Ltd., ADR (India)	2.2
	9.	Sberbank PAO (Russia)	2.1
	10.	ITC Ltd. (India)	2.1

PORTFOLIO COMPOSITION BY COUNTRY*
India	20.6	%
South Africa	16.6
China	11.4
Brazil	11.2
Hong Kong	6.3
Taiwan	6.1
Russia	5.9
South Korea	4.0
Indonesia	3.3
Mexico	2.5
Thailand	2.1
United Kingdom	1.5
Peru	1.3
Australia	1.2
Switzerland	1.0
Others (each less than 1.0%)	2.8
Short-Term Investment	2.2

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(3.98	)%		(17.65	)%		(5.13	)%		1.91	%
Without Sales Charge			1.33			(13.09	)		(4.10	)		2.46
CLASS C SHARES	February 28, 2006
With CDSC***			0.11			(14.49	)		(4.58	)		1.95
Without CDSC			1.11			(13.49	)		(4.58	)		1.95
CLASS R6 SHARES	December 23, 2013		1.58			(12.65	)		(3.68	)		2.90
INSTITUTIONAL CLASS SHARES	November 15, 1993		1.53			(12.72	)		(3.72	)		2.88
SELECT CLASS SHARES	September 10, 2001		1.43			(12.87	)		(3.87	)		2.72

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)

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 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 April 30, 2006 to April 30, 2016. 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 APRIL 30, 2016

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	1.73%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	(0.13)%
Net Assets as of 4/30/2016 (In Thousands)	$2,789

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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

The Fund’s security selection in the financials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark. The Fund’s underweight position in the energy sector and its security selection in the telecommunication services sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in BB Seguridade Participacoes SA, OTP Bank Nyrt and Siliconware Precision Industries Ltd. Shares of BB Seguridade, a Brazilian insurer, rose after the company issued a forecast for profit growth. Shares of OTP Bank, Hungary’s largest bank, rose on improved credit conditions. Shares of Siliconware, a Taiwanese provider of semiconductor packaging and testing, rose on news of a takeover offer from Advanced Semiconductor Engineering Inc.

Leading individual detractors from relative performance included the Fund’s overweight positions in Advanced Info

Services Public Co., China Resources Power Holdings Co. and MTN Group Ltd. Shares of Advanced Info Services, a Thailand mobile communications provider, fell after the company failed to win any new wireless spectrum at a government auction. Shares of China Resources Power, an investment company based in China, declined on investor concerns about earnings growth. Shares of MTN Group, a mobile communications provider based in South Africa, fell as fluctuations in currency exchange rates hurt revenue.

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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.9	%
	2.	AMBEV S.A., ADR (Brazil)	3.0
	3.	China Mobile Ltd. (Hong Kong)	2.8
	4.	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Mexico)	2.7
	5.	Komercni Banka A.S. (Czech Republic)	2.7
	6.	Banco Santander Chile, ADR (Chile)	2.7
	7.	KT&G Corp. (South Korea)	2.6
	8.	Delta Electronics, Inc. (Taiwan)	2.6
	9.	BB Seguridade Participacoes S.A. (Brazil)	2.6
	10.	Bidvest Group Ltd. (The) (South Africa)	2.3

SUMMARY OF INVESTMENTS BY COUNTRY*
Taiwan	22.4	%
South Africa	14.9
Hong Kong	10.3
Brazil	9.3
Russia	8.1
South Korea	6.2
China	5.9
Mexico	3.5
Czech Republic	2.7
Chile	2.7
Turkey	2.3
Thailand	2.1
Saudi Arabia	2.0
Hungary	1.9
United Arab Emirates	1.8
Poland	1.7
Indonesia	1.1
Singapore	1.1

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 12, 2014
With Sales Charge**			(3.82	)%		(21.02	)%		(12.80	)%
Without Sales Charge			1.49			(16.67	)		(9.33	)
CLASS C SHARES	December 12, 2014
With CDSC***			0.33			(18.02	)		(9.73	)
Without CDSC			1.33			(17.02	)		(9.73	)
CLASS R5 SHARES	December 12, 2014		1.80			(16.28	)		(8.89	)
CLASS R6 SHARES	December 12, 2014		1.73			(16.23	)		(8.85	)
SELECT CLASS SHARES	December 12, 2014		1.73			(16.43	)		(9.05	)

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (12/12/14 TO 4/30/16)

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 April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(1.67)%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)1		(1.05)%
Net Assets as of 4/30/2016 (In Thousands)	$	6,854,192

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 six months ended April 30, 2016.

By sector, the Fund’s security selection in the health care and transportation services & consumer cyclicals sectors were leading detractors from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the technology-semiconductors and utilities sectors was a leading positive contributor to relative performance. By region, the Fund’s security selection in North America was the leading detractor from relative performance, while the Fund’s security selection in the U.K. made a small but positive contribution to 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)	1.8	%
	2.	Microsoft Corp. (United States)	1.5
	3.	Facebook, Inc., Class A (United States)	1.1
	4.	Exxon Mobil Corp. (United States)	1.0
	5.	Amazon.com, Inc. (United States)	1.0
	6.	Wells Fargo & Co. (United States)	1.0
	7.	Nestle S.A. (Switzerland)	0.9
	8.	Alphabet, Inc., Class C (United States)	0.9
	9.	Pfizer, Inc. (United States)	0.8
	10.	General Electric Co. (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	56.3	%
Japan	8.6
United Kingdom	6.7
Switzerland	4.1
Canada	3.8
France	3.7
Germany	3.6
Australia	2.7
Netherlands	2.2
Ireland	1.2
Hong Kong	1.2
Spain	1.0
Italy	1.0
Others (each less than 1.0%)	3.9

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 April 30, 2016. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		February 28, 2013
With Sales Charge**				(6.95	)%		(9.67	)%		4.36	%		5.82	%
Without Sales Charge				(1.77	)		(4.66	)		6.24			7.63
CLASS C SHARES		February 28, 2013
With CDSC***				(3.01	)		(6.10	)		5.73			7.10
Without CDSC				(2.01	)		(5.10	)		5.73			7.10
CLASS R2 SHARES		February 28, 2013		(1.88	)		(4.87	)		5.98			7.36
SELECT CLASS SHARES		February 28, 2013		(1.67	)		(4.40	)		6.52			7.90

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/13 TO 4/30/16)

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 April 30, 2016. 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)

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(6.14)%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	(0.94)%
Net Assets as of 4/30/2016 (In Thousands)	$2,533

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 underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

By sector, the Fund’s security selection and overweight position in the financials sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection and overweight positions in both the information technology and consumer discretionary sectors were leading positive contributors to relative performance.

By region, the Fund’s security selection and overweight position in the U.K. and its overweight position in continental Europe were leading detractors from relative performance, while the Fund’s overweight position in North America and its underweight position in Japan contributed to relative performance.

Leading individual detractors from the Fund’s relative performance included overweight positions in Barclays PLC, Sanofi SA and AXA SA. Shares of Barclays, a U.K. financial services company, fell as its investment banking unit continued to struggle and the company’s new chief executive lowered near-term earnings expectations. Shares of Sanofi, a pharmaceuticals company, declined after the company’s new chief executive warned of sluggish earnings growth in the near term. Shares of AXA, an insurance company, fell as financial market turbulence and low interest rates raised questions about the ability of life insurers to generate investment income.

Leading individual contributors to the Fund’s relative performance included overweight positions in Qualcomm Inc., 21^st Century Fox Inc. and Hewlett-Packard Co. Shares of Qualcomm, a provider of digital communications products, rose on investor expectations for improved earnings, a new mobile licensing agreement with Lenovo and news that Samsung Electronics would use Qualcomm’s Snapdragon processer in its smartphones. Shares of 21^st Century Fox, a media and entertainment company, rose as Pay-TV subscriptions stabilized, advertising revenue remained strong and the company released several box office hit movies. Shares of Hewlett-Packard, a provider of technology services, rose following a prolonged period of underperformance and as management cut costs.

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)	4.2	%
	2.	Time, Inc. (United States)	3.7
	3.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	3.5
	4.	Citigroup, Inc. (United States)	3.3
	5.	Amazon.com, Inc. (United States)	3.1
	6.	MetLife, Inc. (United States)	3.0
	7.	McKesson Corp. (United States)	2.9
	8.	NXP Semiconductors N.V. (Netherlands)	2.6
	9.	Alphabet, Inc., Class C (United States)	2.4
	10.	Sanofi (France)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
United States	56.0	%
China	8.6
Switzerland	6.2
Japan	5.6
United Kingdom	5.5
France	5.0
Israel	3.5
Netherlands	2.6
Ireland	2.2
India	1.9
Germany	1.4
Others (each less than 1.0%)	1.5

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**			(11.17	)%		(13.18	)%		4.00	%		7.85	%
Without Sales Charge			(6.26	)		(8.36	)		5.88			9.17
CLASS C SHARES	November 30, 2011
With CDSC***			(7.48	)		(9.80	)		5.35			8.63
Without CDSC			(6.48	)		(8.80	)		5.35			8.63
CLASS R2 SHARES	November 30, 2011		(6.42	)		(8.59	)		5.61			8.90
CLASS R5 SHARES	November 30, 2011		(6.12	)		(7.98	)		6.33			9.65
CLASS R6 SHARES	November 30, 2011		(6.10	)		(7.94	)		6.40			9.71
SELECT CLASS SHARES	November 30, 2011		(6.14	)		(8.06	)		6.20			9.48

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/16)

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, the MSCI All Country World Index and the Lipper Global Multi-Cap Core Funds Index from November 30, 2011 to April 30, 2016. 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. The Lipper Global 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.

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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(4.90)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.07)%
Net Assets as of 4/30/2016 (In Thousands)	$	3,343,109

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 six months ended April 30, 2016.

The Fund’s security selection in the financials and health care sectors was a leading detractor from performance relative to the Benchmark during the six month reporting period. The Fund’s security selection in the information technology and consumer staples sectors was a leading positive contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Credit Suisse Group AG, Sumitomo Mitsui Financial Group and Barclays PLC. Shares of both Credit Suisse Group, a Swiss bank, and Barclays, a U.K. bank, declined amid weakness in their investment banking business. Additionally, both banks named new chief executives who reduced near-term earnings expectations. Shares of Sumitomo Mitsui Financial Group, a Japanese financial services company, fell after the Bank of Japan imposed negative interest rates on banks’ excess reserves.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Japan Tobacco Inc., Makita Corp. and BG Group PLC. Shares of Japan Tobacco rose as the company continued to return capital to shareholders in the form of dividends. Shares of Makita, a Japanese maker of power tools, rose as a weaker yen and economic recovery in Europe helped lift earnings. Shares of BG Group, a U.K. producer of natural gas, rose on news of a takeover offer from Royal Dutch Shell PLC.

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)	2.4	%
	2.	Roche Holding AG (Switzerland)	2.3
	3.	Novartis AG (Switzerland)	2.1
	4.	Japan Tobacco, Inc. (Japan)	2.1
	5.	Prudential plc (United Kingdom)	2.1
	6.	HSBC Holdings plc (United Kingdom)	1.9
	7.	UBS Group AG (Switzerland)	1.9
	8.	Allianz SE (Germany)	1.7
	9.	Sumitomo Mitsui Financial Group, Inc. (Japan)	1.7
	10.	SAP SE (Germany)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.7	%
United Kingdom	20.6
Switzerland	12.0
France	11.9
Germany	7.9
Netherlands	5.6
Hong Kong	4.4
China	3.1
South Korea	2.1
Belgium	1.6
Denmark	1.3
Taiwan	1.2
Australia	1.1
Israel	1.1
India	1.0
Others (each less than 1.0%)	1.5
Short-Term Investment	1.9

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(10.07	)%		(17.70	)%		(0.88	)%		0.41	%
Without Sales Charge			(5.07	)		(13.15	)		0.19			0.95
CLASS C SHARES	January 31, 2003
With CDSC***			(6.32	)		(14.59	)		(0.32	)		0.42
Without CDSC			(5.32	)		(13.59	)		(0.32	)		0.42
CLASS R2 SHARES	November 3, 2008		(5.17	)		(13.33	)		(0.06	)		0.75
CLASS R5 SHARES	May 15, 2006		(4.85	)		(12.74	)		0.63			1.40
CLASS R6 SHARES	November 30, 2010		(4.77	)		(12.70	)		0.69			1.42
SELECT CLASS SHARES	January 1, 1997		(4.90	)		(12.90	)		0.44			1.20

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)

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 April 30, 2006 to April 30, 2016. 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.

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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(2.26)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.07)%
Net Assets as of 4/30/2016 (In Thousands)	$	115,356

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 six months ended April 30, 2016.

The Fund’s security selection in the telecommunications sector and its security selection and underweight position in the banks sector were leading contributors to performance relative to the Benchmark for the six month reporting period, while the Fund’s security selection in the health care sector and the transportation services and consumer cyclical sector were leading detractors from relative performance.

The Fund’s security selection in Continental Europe and Japan was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position to the Pacific region, excluding Japan, and its overweight position in North America were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Japan Tobacco Inc. and Danske Bank A/S. Shares of all three companies, Nippon Telegraph, a Japanese provider of telecommunications services, Japan Tobacco and Danske Bank, a Danish bank, rose as they continued to return

capital to shareholders in the form of dividends and/or share buybacks.

Leading individual detractors from relative performance included the Fund’s overweight positions in Dai-Ichi Life Insurance Co., CTT — Correios de Portugal SA and Carnival PLC. Shares of Dai-Ichi Life, a Japanese insurer, fell amid equity market turbulence and the Bank of Japan’s decision to adopt negative interest rates, which raised investor questions about the ability of life insurers to generate investment gains. Shares of CTT, a Portuguese provider of parcel and courier services, fell on disappointing earnings results. Shares of Carnival, a cruise ship operator, fell amid investor concerns that earnings may be hurt by the impact of global terrorist attacks and the spread of the Zika virus.

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.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	GlaxoSmithKline plc (United Kingdom)	3.4	%
	2.	Japan Tobacco, Inc. (Japan)	2.9
	3.	WPP plc (United Kingdom)	2.8
	4.	Wolseley plc (Switzerland)	2.7
	5.	Anheuser-Busch InBev S.A./N.V. (Belgium)	2.7
	6.	Bayer AG (Germany)	2.5
	7.	UPM-Kymmene OYJ (Finland)	2.5
	8.	Nippon Telegraph & Telephone Corp. (Japan)	2.5
	9.	Atlantia S.p.A. (Italy)	2.5
	10.	Sumitomo Mitsui Financial Group, Inc., ADR (Japan)	2.4

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	20.2	%
Japan	17.3
Germany	9.0
Netherlands	5.3
France	4.9
Switzerland	4.6
Australia	3.9
Israel	3.6
Taiwan	3.5
Belgium	2.7
Finland	2.5
Italy	2.5
Norway	2.4
Russia	2.3
New Zealand	2.0
United States	1.8
Denmark	1.5
Ireland	1.3
India	1.3
Canada	1.2
Others (each less than 1.0%)	1.8
Short-Term Investment	4.4

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge**			(7.52	)%		(12.48	)%		2.21	%		2.85	%
Without Sales Charge			(2.38	)		(7.64	)		3.32			3.93
CLASS C SHARES	February 28, 2011
With CDSC***			(3.63	)		(9.14	)		2.80			3.40
Without CDSC			(2.63	)		(8.14	)		2.80			3.40
CLASS R2 SHARES	February 28, 2011		(2.53	)		(7.88	)		3.05			3.66
CLASS R5 SHARES	February 28, 2011		(2.14	)		(7.24	)		3.77			4.39
CLASS R6 SHARES	January 30, 2015		(2.12	)		(7.14	)		3.77			4.39
SELECT CLASS SHARES	February 28, 2011		(2.26	)		(7.35	)		3.59			4.21

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/11 TO 4/30/16)

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 and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2016. 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 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 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.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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)

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		(3.57)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.07)%
Net Assets as of 4/30/2016 (In Thousands)	$	2,623,178

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

By sector, the Fund’s security selection in the health care sector and its underweight position and security selection in the basic industries sector were leading detractors from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the industrial cyclical and technology semiconductors sectors was a leading contributor to relative performance.

By region, the Fund’s underweight position in the Pacific region, excluding Japan, and its overweight position in emerging markets were leading detractors from relative performance. Emerging markets were not represented in the Benchmark. The Fund’s security selection in Japan and the U.K. contributed to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Telecom Italia SpA, Mitsubishi UFJ Financial Group Inc. and Nokia Corp. Shares of Telecom Italia, an Italian telecommunications provider, fell as political and economic turmoil in Brazil weighed on the company’s Brazilian unit and undermined group earnings. Shares of Mitsubishi UFJ Financial, a Japanese bank, fell after the Bank of Japan imposed negative interest rates on banks’ excess reserves. Shares of Nokia, a Finnish telecommunications

provider, declined on investor disappointment with the size of a damages award after the company won a patent case against Samsung Electronics.

Leading individual contributors to relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Keyence Corp. and Daikin Industries Ltd. Shares of Nippon Telegraph and Telephone, a Japanese telecommunications provider, rose as the company continued to return capital to shareholders through shares buybacks and dividends. Shares of Keyence, a Japanese maker of sensors used in factory automation equipment, rose on record high operating profit. Shares of Daikin Industries, a Japanese maker of air conditioners, rose amid sales growth in in emerging markets, an expanding U.S. presence, and as a weaker yen boosted 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 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.

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Roche Holding AG (Switzerland)	2.5	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.3
	3.	GlaxoSmithKline plc (United Kingdom)	2.3
	4.	Anheuser-Busch InBev S.A./N.V. (Belgium)	2.1
	5.	British American Tobacco plc (United Kingdom)	2.1
	6.	Vodafone Group plc (United Kingdom)	1.9
	7.	Nippon Telegraph & Telephone Corp. (Japan)	1.9
	8.	Reckitt Benckiser Group plc (United Kingdom)	1.7
	9.	HSBC Holdings plc (United Kingdom)	1.7
	10.	UBS Group AG (Switzerland)	1.6

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	23.9	%
United Kingdom	22.9
France	8.6
Germany	7.6
Switzerland	6.3
Netherlands	5.3
Australia	3.9
Denmark	3.5
Italy	3.3
Sweden	2.2
Belgium	2.1
Finland	1.8
Hong Kong	1.6
Norway	1.5
Ireland	1.4
Others (each less than 1.0%)	2.2
Short-Term Investment	1.9

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			(8.83	)%		(13.64	)%		(0.22	)%		0.87	%
Without Sales Charge			(3.80	)		(8.83	)		0.86			1.42
CLASS C SHARES	July 31, 2007
With CDSC***			(5.12	)		(10.35	)		0.34			0.90
Without CDSC			(4.12	)		(9.35	)		0.34			0.90
CLASS R6 SHARES	November 30, 2010		(3.47	)		(8.26	)		1.40			1.93
INSTITUTIONAL CLASS SHARES	February 26, 1997		(3.57	)		(8.41	)		1.30			1.87
SELECT CLASS SHARES	September 10, 2001		(3.65	)		(8.57	)		1.13			1.68

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)

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 had 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 April 30, 2006 to April 30, 2016. 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.

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.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(3.53)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.07)%
Net Assets as of 4/30/2016 (In Thousands)	$	1,207,960

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

By sector, the Fund’s security selection in both the transportation services & consumer cyclical sector and the health care sector was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and industrial cyclicals sector was a leading positive contributor to relative performance.

By region, the Fund’s security selection and underweight position in the Pacific region, excluding Japan, detracted from relative performance, while the Fund’s security selection in Japan and Europe 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)	2.5	%
	2.	Roche Holding AG (Switzerland)	1.8
	3.	British American Tobacco plc (United Kingdom)	1.6
	4.	Royal Dutch Shell plc, Class B (Netherlands)	1.6
	5.	Toyota Motor Corp. (Japan)	1.5
	6.	Novartis AG (Switzerland)	1.4
	7.	Bayer AG (Germany)	1.3
	8.	GlaxoSmithKline plc (United Kingdom)	1.2
	9.	Vodafone Group plc (United Kingdom)	1.2
	10.	HSBC Holdings plc (United Kingdom)	1.1

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.0	%
United Kingdom	18.1
Switzerland	9.7
France	9.4
Germany	9.2
Netherlands	6.3
Australia	5.9
Italy	2.7
Hong Kong	2.4
Spain	2.3
Finland	1.9
Sweden	1.8
Ireland	1.7
Denmark	1.1
Belgium	1.1
Others (each less than 1.0%)	2.4
Short-Term Investment	2.0

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			(8.71	)%		(14.21	)%		(0.59	)%		0.44	%
Without Sales Charge			(3.63	)		(9.43	)		0.49			0.98
CLASS C SHARES	November 4, 1997
With CDSC***			(4.80	)		(10.83	)		(0.07	)		0.34
Without CDSC			(3.80	)		(9.83	)		(0.07	)		0.34
CLASS R2 SHARES	November 3, 2008		(3.73	)		(9.64	)		0.25			0.73
SELECT CLASS SHARES	October 28, 1992		(3.53	)		(9.18	)		0.75			1.23

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)

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 April 30, 2006 to April 30, 2016. 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,

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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)

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(3.27)%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)	(1.75)%
Net Assets as of 4/30/2016 (In Thousands)	$95,743

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 underperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

By sector, the Fund’s security selection in the financials sector and its underweight position in the materials sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and telecommunication services sectors were leading contributors to relative performance.

By region, the Fund’s security selection in Continental Europe and its underweight position and security selection in the Pacific region, excluding Japan, were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in Japan contributed to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Nokia Corp., Barclays PLC and Compagnie Financiere Richmont SA. Shares of Nokia, a Finnish telecommunications provider, declined as investors were disappointed with the size of an award of damages after the company won a patent case against Samsung Electronics. Shares of Barclays, a U.K. financial services company, fell on weakness in its investment banking business and after its new

chief executive reduced near-term earnings expectations. Shares of Richmont, a Swiss luxury goods company, fell as slowing growth in China undermined its earnings prospects.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Japan Tobacco Inc., Covestro AG and CNOOC Ltd. Shares of Japan Tobacco rose as the company continued to return capital to shareholders in the form of dividends. Shares of Covestro, a German plastics company, rose following its initial public offering and on better than expected revenue, particularly in China. Shares of CNOOC, China’s large petroleum exploration and drilling company, rose as global oil prices rebounded from February lows.

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.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	3.4	%
	2.	Nokia OYJ (Finland)	3.3
	3.	Vodafone Group plc (United Kingdom)	3.0
	4.	Samsung Electronics Co., Ltd., Reg. S, GDR (South Korea)	2.9
	5.	Roche Holding AG (Switzerland)	2.9
	6.	Anheuser-Busch InBev S.A./N.V. (Belgium)	2.9
	7.	Continental AG (Germany)	2.8
	8.	Pernod Ricard S.A. (France)	2.6
	9.	Baidu, Inc., ADR (China)	2.6
	10.	LafargeHolcim Ltd. (Switzerland)	2.5

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	20.3	%
Japan	12.1
Switzerland	10.2
France	7.4
Netherlands	6.2
Germany	6.1
China	6.0
Hong Kong	4.1
Israel	3.4
Finland	3.4
South Korea	2.9
Belgium	2.9
India	2.0
Taiwan	1.8
Denmark	1.7
Italy	1.6
South Africa	1.5
Ireland	1.5
Canada	1.5
Short-Term Investment	3.4

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**		(8.55)%		(14.05	)%		0.51	%		6.01	%
Without Sales Charge		(3.46)		(9.28	)		2.33			7.31
CLASS C SHARES	November 30, 2011
With CDSC***		(4.71)		(10.71	)		1.81			6.76
Without CDSC		(3.71)		(9.71	)		1.81			6.76
CLASS R2 SHARES	November 30, 2011	(3.59)		(9.51	)		2.07			7.03
CLASS R5 SHARES	November 30, 2011	(3.25)		(8.84	)		2.80			7.79
CLASS R6 SHARES	November 30, 2011	(3.21)		(8.81	)		2.84			7.84
SELECT CLASS SHARES	November 30, 2011	(3.27)		(8.93	)		2.63			7.61

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 To 4/30/16)

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 Growth Funds Index from November 30, 2011 to April 30, 2016. 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 Growth 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 Growth 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.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		(5.47)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		(4.53)%
Net Assets as of 4/30/2016 (In Thousands)	$	2,207,991

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 underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

By sector, the Fund’s security selection in the technology-hardware and insurance sectors was a leading detractor from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection and overweight position in the telecommunications sector and its security selection in the energy sector were leading contributors to relative performance.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Telecom Italia SpA, Nokia Corp. and Mitsubishi UFJ Financial Group. Shares of Telecom Italia, an Italian telecommunications provider, fell as political and economic turmoil in Brazil weighed on the company’s Brazilian unit, which hurt parent company earnings. Shares of Nokia, a Finnish telecommunications provider, declined on investor disappointment with the size of a damages award after the company won a patent case against Samsung Electronics. Shares of Mitsubishi UFJ Financial, a Japanese bank, fell after

the Bank of Japan imposed negative interest rates on banks’ excess deposits.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Daikin Industries Ltd. and Norsk Hydro ASA. Shares of Nippon Telegraph and Telephone, a Japanese telecommunications provider, rose on as the company continued to return capital to shareholders through share buybacks and dividends. Shares of Daikin Industries, a Japanese maker of air conditioners, rose on the sales growth in emerging markets, an expanding presence in the U.S., and as a weaker yen boosted company earnings. Shares of Norsk Hydro, a Norwegian aluminum producer, rose as metal prices rebounded and the company reported better than expected 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. 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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	Royal Dutch Shell plc, Class A (Netherlands)	4.0	%
	2.	TOTAL S.A (France)	3.3
	3.	Vodafone Group plc (United Kingdom)	2.7
	4.	Nippon Telegraph & Telephone Corp. (Japan)	2.6
	5.	GlaxoSmithKline plc (United Kingdom)	2.6
	6.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.3
	7.	AXA S.A. (France)	2.2
	8.	Australia & New Zealand Banking Group Ltd. (Australia)	2.1
	9.	Rio Tinto plc (United Kingdom)	1.9
	10.	Prudential plc (United Kingdom)	1.9

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	20.2	%
United Kingdom	20.0
France	11.7
Netherlands	7.8
Germany	7.5
Switzerland	4.6
Italy	4.0
Australia	3.1
Sweden	3.0
Belgium	2.1
Hong Kong	1.8
Finland	1.8
Spain	1.8
Ireland	1.4
Israel	1.2
Norway	1.1
Luxembourg	1.1
China	1.1
South Korea	1.0
Others (each less than 1.0%)	1.4
Short-Term Investment	2.3

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(10.65	)%		(17.66	)%		(2.38	)%		(0.24	)%
Without Sales Charge			(5.71	)		(13.12	)		(1.32	)		0.30
CLASS C SHARES	July 11, 2006
With CDSC***			(6.93	)		(14.46	)		(1.79	)		(0.19	)
Without CDSC			(5.93	)		(13.46	)		(1.79	)		(0.19	)
CLASS R2 SHARES	November 3, 2008		(5.83	)		(13.26	)		(1.56	)		0.11
CLASS R6 SHARES	November 30, 2010		(5.44	)		(12.60	)		(0.80	)		0.78
INSTITUTIONAL CLASS SHARES	November 4, 1993		(5.47	)		(12.70	)		(0.91	)		0.72
SELECT CLASS SHARES	September 10, 2001		(5.57	)		(12.81	)		(1.04	)		0.56

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)

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 had 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 April 30, 2006 to April 30, 2016. 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.

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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		(4.39)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.07)%
Net Assets as of 4/30/2016 (In Thousands)	$	2,588,044

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016. The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth, value and quality characteristics) would be the primary drivers of returns.

During the reporting period, in general, securities exhibiting the value characteristics sought by the Fund’s portfolio managers, including low price-to-book and low price-to-earnings ratios, underperformed the broader market. In contrast, securities exhibiting quality characteristics (high operating profitability) and growth characteristics (high earnings momentum and high medium term price momentum) that were sought by the portfolio managers, in general, outperformed the broader market during the six 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 materials and health care sectors was a leading detractor from performance relative to the Benchmark for the six month period. The Fund’s security selection in the consumer discretionary and industrials sectors was a leading contributor to relative performance.

The Fund targeted investments in companies that exhibited specific growth, value and quality 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, value and quality 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.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Royal Dutch Shell plc, Class B (Netherlands)	2.2	%
	2.	Roche Holding AG (Switzerland)	1.9
	3.	Nestle S.A. (Switzerland)	1.5
	4.	British American Tobacco plc (United Kingdom)	1.3
	5.	Unilever N.V., CVA (United Kingdom)	1.3
	6.	Novo Nordisk A/S, Class B (Denmark)	1.2
	7.	TOTAL S.A. (France)	1.2
	8.	Sanofi (France)	1.1
	9.	Novartis AG (Switzerland)	1.1
	10.	Vodafone Group plc (United Kingdom)	1.1

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	21.2	%
United Kingdom	17.1
France	11.0
Germany	8.6
Switzerland	8.0
Australia	6.3
Netherlands	5.1
Hong Kong	3.5
Sweden	2.7
Spain	2.6
Denmark	2.4
Belgium	1.5
Italy	1.4
Ireland	1.3
Others (each less than 1.0%)	4.6
Short-Term Investment	2.7

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**		(9.54)%		(14.56	)%		(0.27	)%		0.12	%
Without Sales Charge		(4.54)		(9.81	)		0.81			0.66
CLASS C SHARES	February 28, 2006
With CDSC***		(5.81)		(11.24	)		0.30			0.16
Without CDSC		(4.81)		(10.24	)		0.30			0.16
CLASS R2 SHARES	November 3, 2008	(4.68)		(10.02	)		0.55			0.47
CLASS R6 SHARES	May 29, 2015	(4.34)		(9.36	)		1.31			1.17
INSTITUTIONAL CLASS SHARES	April 30, 2001	(4.39)		(9.46	)		1.29			1.16
SELECT CLASS SHARES	February 28, 2006	(4.35)		(9.44	)		1.08			0.93

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)

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 for Class R2 Shares would have been lower than those shown because Class 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 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 April 30, 2006 to April 30, 2016. 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.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Brazil — 2.2%
	1,934	Banco do Brasil S.A.		12,267
	799	Estacio Participacoes S.A.		2,779
	1,760	MRV Engenharia e Participacoes S.A.		6,147
	713	Sul America S.A.		3,434
				24,627
		China — 25.9%
	1,076	AAC Technologies Holdings, Inc.		7,465
	2,264	ANTA Sports Products Ltd.		5,767
	30,968	Bank of China Ltd., Class H		12,539
	9,536	Belle International Holdings Ltd.		5,816
	1,062	Biostime International Holdings Ltd.		2,949
	16,978	China CITIC Bank Corp., Ltd., Class H (a)		10,648
	17,654	China Everbright Bank Co., Ltd., Class H		8,005
	5,037	China Lesso Group Holdings Ltd.		2,769
	3,566	China Mengniu Dairy Co., Ltd.		6,030
	8,080	China Merchants Bank Co., Ltd., Class H		17,700
	10,311	China Minsheng Banking Corp., Ltd., Class H		9,685
	5,454	China Railway Construction Corp., Ltd., Class H		6,933
	3,904	China Vanke Co., Ltd., Class H		9,744
	370	Chlitina Holding Ltd.		2,599
	9,174	CNOOC Ltd.		11,373
	6,220	CSPC Pharmaceutical Group Ltd.		5,528
	17,100	Geely Automobile Holdings Ltd.		8,500
	15,779	GOME Electrical Appliances Holdings Ltd.		2,024
	5,723	Great Wall Motor Co., Ltd., Class H		4,305
	7,632	Guangzhou Automobile Group Co., Ltd, Class H		8,869
	7,958	Huadian Power International Corp., Ltd., Class H		4,081
	8,882	Huaneng Power International, Inc., Class H		6,335
	41,374	Industrial & Commercial Bank of China Ltd., Class H		22,152
	98	NetEase, Inc., ADR		13,831
	100	New Oriental Education & Technology Group, Inc., ADR		3,914
	5,684	PICC Property & Casualty Co., Ltd., Class H		10,340
	1,971	Ping An Insurance Group Co. of China Ltd., Class H		9,250
	1,529	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		3,240
	4,562	Shenzhen Expressway Co., Ltd., Class H		4,049
	574	Shenzhou International Group Holdings Ltd.		2,967
	2,506	Sinopharm Group Co., Ltd., Class H		10,713
	1,857	Sunny Optical Technology Group Co., Ltd.		5,727
	801	Tencent Holdings Ltd.		16,305
	2,322	TravelSky Technology Ltd., Class H		4,315
	582	Trina Solar Ltd., ADR (a)		5,673

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	1,387	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		2,285
	8,724	Xinyi Solar Holdings Ltd.		3,439
	7,868	Zhejiang Expressway Co., Ltd., Class H		8,028
	2,491	ZTE Corp., Class H		3,875
				289,767
		Cyprus — 0.2%
	180	QIWI plc, ADR		2,202
		Egypt — 0.4%
	1,106	Commercial International Bank Egypt SAE, GDR		4,130
		Hong Kong — 5.2%
	942	China Mobile Ltd.		10,815
	1,808	China Overseas Land & Investment Ltd.		5,739
	3,274	China Resources Land Ltd.		8,043
	11,516	China Travel International Investment Hong Kong Ltd.		3,356
	2,954	COSCO Pacific Ltd.		3,141
	34,875	REXLot Holdings Ltd.		625
	2,891	Shenzhen International Holdings Ltd.		4,717
	11,820	Sino Biopharmaceutical Ltd.		8,376
	7,172	Skyworth Digital Holdings Ltd.		4,668
	10,415	WH Group Ltd. (a) (e)		8,413
				57,893
		Hungary — 1.0%
	426	OTP Bank plc		11,296
		India — 4.7%
	1,872	Apollo Tyres Ltd.		4,503
	779	Bharat Petroleum Corp., Ltd.		11,473
	306	Ceat Ltd.		5,052
	809	HCL Technologies Ltd.		9,131
	769	Hindustan Petroleum Corp., Ltd.		9,653
	570	Housing Development Finance Corp., Ltd.		9,337
	592	Jubilant Life Sciences Ltd.		3,554
				52,703
		Mexico — 1.7%
	416	Coca-Cola Femsa S.A.B. de C.V., Series L		3,618
	109	Fomento Economico Mexicano S.A.B. de C.V., ADR		10,205
	333	Gruma S.A.B. de C.V., Class B		4,862
				18,685
		Netherlands — 1.2%
	2,211	Steinhoff International Holdings N.V.		13,832

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Poland — 2.3%
	410	Eurocash S.A.		5,865
	821	Polski Koncern Naftowy Orlen S.A.		14,801
	3,629	Polskie Gornictwo Naftowe i Gazownictwo S.A.		4,833
				25,499
		Russia — 7.7%
	3,390	Gazprom PAO, ADR		17,612
	4	Lukoil PJSC, ADR		162
	263	Lukoil PJSC, ADR		11,218
	83	Magnit PJSC		11,492
	4,929	Magnitogorsk Iron & Steel Works OJSC		1,811
	868	Mobile TeleSystems PJSC, ADR		8,037
	2,439	Moscow Exchange MICEX-RTS PJSC		3,855
	140	Ros Agro plc, GDR (e)		2,100
	1,564	Sberbank PAO, ADR		12,571
	591	Severstal PAO, Reg. S, GDR		6,880
	238	Tatneft PAO, ADR		7,511
	185	X5 Retail Group N.V., GDR (a)		3,659
				86,908
		Singapore — 0.7%
	268	Jardine Cycle & Carriage Ltd.		7,656
		South Africa — 1.2%
	472	Spar Group Ltd. (The)		7,058
	893	Truworths International Ltd.		6,667
				13,725
		South Korea — 16.2%
	18	BGF retail Co., Ltd.		2,980
	103	Coway Co., Ltd.		8,886
	25	GS Home Shopping, Inc.		4,003
	83	GS Retail Co., Ltd.		3,896
	190	Hankook Tire Co., Ltd.		8,843
	46	Hyosung Corp.		4,886
	51	Hyundai Mobis Co., Ltd.		11,646
	777	Industrial Bank of Korea		8,263
	259	Kangwon Land, Inc.		9,702
	321	Kia Motors Corp.		13,474
	277	Korea Electric Power Corp.		15,027
	139	KT&G Corp.		15,019
	609	LG Display Co., Ltd.		12,676
	352	LG Uplus Corp.		3,450
	20	Lotte Chemical Corp.		5,054
	54	NCSoft Corp.		10,838
	240	Partron Co., Ltd.		2,338
	17	Samsung Electronics Co., Ltd.		18,329
	188	Shinhan Financial Group Co., Ltd.		6,887

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	324	SK Hynix, Inc.		7,947
	96	S-Oil Corp.		7,287
				181,431
		Taiwan — 14.2%
	9,856	Advanced Semiconductor Engineering, Inc.		9,484
	980	Casetek Holdings Ltd.		4,401
	1,047	Catcher Technology Co., Ltd.		7,328
	5,886	Compeq Manufacturing Co., Ltd.		3,257
	2,592	Elite Material Co., Ltd.		4,610
	792	Feng TAY Enterprise Co., Ltd.		3,405
	1,996	FLEXium Interconnect, Inc.		4,577
	3,572	Foxconn Technology Co., Ltd.		7,348
	6,282	Fubon Financial Holding Co., Ltd.		7,610
	904	Grape King Bio Ltd.		5,434
	4,451	Hon Hai Precision Industry Co., Ltd.		10,603
	1,178	Hota Industrial Manufacturing Co., Ltd.		5,636
	18,574	Innolux Corp.		5,732
	143	Largan Precision Co., Ltd.		9,982
	3,937	Pegatron Corp.		8,294
	5,710	Pou Chen Corp.		7,178
	1,727	Ruentex Industries Ltd.		2,405
	1,214	Shin Zu Shing Co., Ltd.		3,455
	91	Silicon Motion Technology Corp., ADR		3,507
	284	St. Shine Optical Co., Ltd.		5,303
	1,928	Taiwan Paiho Ltd.		5,789
	611	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		14,409
	5,841	Uni-President Enterprises Corp.		10,515
	3,003	Win Semiconductors Corp.		5,639
	1,472	Zhen Ding Technology Holding Ltd.		3,085
				158,986
		Thailand — 2.3%
	40,280	IRPC PCL, NVDR		5,869
	22,891	Krung Thai Bank PCL, NVDR (a)		11,438
	10,899	Star Petroleum Refining PCL, NVDR (a)		3,428
	2,703	Thai Oil PCL, NVDR		5,099
				25,834
		Turkey — 7.6%
	1,183	Arcelik A.S.		7,942
	463	BIM Birlesik Magazalar A.S.		10,194
	816	Dogus Otomotiv Servis ve Ticaret A.S.		3,521
	559	TAV Havalimanlari Holding A.S.		3,260
	2,083	Tekfen Holding A.S.		4,451
	786	Tofas Turk Otomobil Fabrikasi A.S.		6,217

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	4,095	Turk Hava Yollari AO (a)		10,093
	4,407	Turkiye Garanti Bankasi A.S.		13,565
	2,926	Turkiye Halk Bankasi A.S.		11,237
	6,276	Turkiye Is Bankasi, Class C		11,004
	2,649	Turkiye Sise ve Cam Fabrikalari A.S.		3,700
				85,184
		United Arab Emirates — 1.9%
	7,626	Aldar Properties PJSC		5,619
	2,041	Dubai Islamic Bank PJSC		3,221
	6,826	Emaar Properties PJSC		12,491
				21,331
		Total Common Stocks (Cost $1,097,405)		1,081,689
	Preferred Stocks — 1.8%
		Brazil — 0.8%
	499	Braskem S.A., Class A		3,572
	409	Cia Brasileira de Distribuicao		5,983
				9,555
		Russia — 1.0%
	17,118	Surgutneftegas OAO		11,109
		Total Preferred Stocks (Cost $20,292)		20,664
	Short-Term Investment — 1.6%
		Investment Company — 1.6%
	17,419	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $17,419)		17,419
		Total Investments — 100.0% (Cost $1,135,116)		1,119,772
		Other Assets in Excess of Liabilities — 0.0% (g)		132
		NET ASSETS — 100.0%	$	1,119,904

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		16.7	%
Oil, Gas & Consumable Fuels		10.8
Electronic Equipment, Instruments & Components		6.3
Food & Staples Retailing		4.6
Semiconductors & Semiconductor Equipment		4.5
Technology Hardware, Storage & Peripherals		4.1
Real Estate Management & Development		3.7
Household Durables		3.7
Automobiles		3.7
Auto Components		3.2
Food Products		3.1
Textiles, Apparel & Luxury Goods		3.0
Internet Software & Services		2.7
Transportation Infrastructure		2.1
Insurance		2.1
Wireless Telecommunication Services		1.7
Pharmaceuticals		1.6
IT Services		1.4
Electric Utilities		1.3
Tobacco		1.3
Health Care Providers & Services		1.2
Beverages		1.2
Hotels, Restaurants & Leisure		1.2
Chemicals		1.2
Diversified Financial Services		1.0
Construction & Engineering		1.0
Distributors		1.0
Software		1.0
Others (each less than 1.0%)		8.0
Short-Term Investment		1.6

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.6%
		Australia — 1.2%
	5,054	Oil Search Ltd.		26,792
		Brazil — 10.5%
	5,376	AMBEV S.A., ADR		30,054
	4,198	BB Seguridade Participacoes S.A.		36,519
	6,394	CCR S.A.		29,804
	2,286	Cielo S.A.		22,164
	1,271	Itau Unibanco Holding S.A. (Preference Shares), ADR		12,116
	2,059	Itau Unibanco Holding S.A., ADR		19,619
	4,286	Kroton Educacional S.A.		15,976
	4,343	Lojas Renner S.A.		26,074
	846	Marcopolo S.A.		485
	1,595	Ultrapar Participacoes S.A.		33,651
	2,312	WEG S.A.		10,216
				236,678
		China — 10.6%
	146	Alibaba Group Holding Ltd., ADR (a)		11,195
	152	Baidu, Inc., ADR (a)		29,613
	6,281	Chongqing Changan Automobile Co., Ltd., Class B		10,861
	17,190	CNOOC Ltd.		21,235
	28,040	Geely Automobile Holdings Ltd.		13,938
	1,336	JD.com, Inc., ADR (a)		34,148
	4,530	Tencent Holdings Ltd.		92,184
	1,464	Tsingtao Brewery Co., Ltd., Class H		5,526
	1,468	Vipshop Holdings Ltd., ADR (a)		20,027
				238,727
		Cyprus — 0.2%
	1,207	Globaltrans Investment plc, Reg. S, GDR		4,606
		Hong Kong — 6.3%
	14,439	AIA Group Ltd.		86,412
	55	Jardine Matheson Holdings Ltd.		3,013
	379	Jardine Matheson Holdings Ltd.		20,886
	8,793	Sands China Ltd.		31,326
				141,637
		India — 20.6%
	1,472	Asian Paints Ltd.		19,196
	1,483	HDFC Bank Ltd.		30,275
	874	HDFC Bank Ltd., ADR		54,958
	4,444	Housing Development Finance Corp., Ltd.		72,828
	1,195	IndusInd Bank Ltd.		18,854
	2,601	Infosys Ltd., ADR		48,901
	9,496	ITC Ltd.		46,492
	2,017	Kotak Mahindra Bank Ltd.		21,781
	1,546	Lupin Ltd.		37,380

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — continued
	1,956	Tata Consultancy Services Ltd.		74,685
	631	Tata Motors Ltd., ADR (a)		19,184
	369	UltraTech Cement Ltd.		17,589
				462,123
		Indonesia — 3.3%
	60,007	Astra International Tbk PT		30,451
	23,697	Bank Central Asia Tbk PT		23,387
	26,601	Bank Rakyat Indonesia Persero Tbk PT		20,788
				74,626
		Mexico — 2.5%
	12,283	Fibra Uno Administracion S.A. de C.V.		29,243
	3,077	Infraestructura Energetica Nova S.A.B. de C.V.		12,024
	1,130	Promotora y Operadora de Infraestructura S.A.B. de C.V.		14,333
				55,600
		Panama — 0.9%
	314	Copa Holdings S.A., Class A		20,012
		Peru — 1.3%
	206	Credicorp Ltd.		29,932
		Russia — 5.9%
	15	Lukoil PJSC, ADR		616
	704	Lukoil PJSC, ADR		30,009
	250	Magnit PJSC		34,710
	181	Magnit PJSC, Reg. S, GDR		6,271
	664	Mail.Ru Group Ltd., Reg. S, GDR (a)		13,438
	24,879	Sberbank PAO		47,497
				132,541
		South Africa — 16.6%
	1,470	Aspen Pharmacare Holdings Ltd. (a)		34,688
	2,078	Bidvest Group Ltd. (The)		52,801
	388	Capitec Bank Holdings Ltd.		16,104
	14,127	FirstRand Ltd.		45,407
	7,097	Life Healthcare Group Holdings Ltd.		18,618
	1,457	Mr Price Group Ltd.		18,519
	256	Naspers Ltd., Class N		35,162
	2,418	Remgro Ltd.		43,450
	8,354	Sanlam Ltd.		40,571
	2,189	Shoprite Holdings Ltd.		26,343
	6,467	Woolworths Holdings Ltd.		41,643
				373,306
		South Korea — 4%
	182	Hyundai Motor Co.		22,849
	562	Kia Motors Corp.		23,584

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — continued
	40	Samsung Electronics Co., Ltd.		43,860
				90,293
		Switzerland — 1.0%
	371	Luxoft Holding, Inc. (a)		21,451
		Taiwan — 6.1%
	5,316	Delta Electronics, Inc.		24,624
	4,270	President Chain Store Corp.		30,191
	3,460	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		81,613
				136,428
		Thailand — 2.0%
	4,240	Kasikornbank PCL, NVDR		20,103
	1,480	Siam Cement PCL (The)		20,728
	379	Siam Cement PCL (The), NVDR		5,279
				46,110
		Turkey — 0.6%
	943	Ford Otomotiv Sanayi A.S.		12,680
		United Kingdom — 1.5%
	551	SABMiller plc		33,759
		United States — 0.5%
	149	EPAM Systems, Inc. (a)		10,865
		Total Common Stocks (Cost $1,981,188)		2,148,166
	Preferred Stocks — 0.7%
		Brazil — 0.7%
	1,071	Itau Unibanco Holding S.A.		10,242
	6,486	Marcopolo S.A.		4,507
		Total Preferred Stocks (Cost $18,647)		14,749
	Structured Instruments — 0.7%
		China — 0.7%
		Low Exercise Cash Settled Call Warrants — 0.7%
		Chongqing Changan Automobile Co., Ltd.,
	3,931	expiring 10/13/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		9,669
	2,681	expiring 2/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		6,626
		Total Structured Instruments (Cost $17,045)		16,295
NUMBER OF WARRANTS
	Warrant — 0.5%
		Saudi Arabia — 0.5%
	840	Almarai Co., expiring 07/24/17 (Strike Price $1.00) (a) (Cost $11,257)		12,501

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	49,636	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $49,636)		49,636
		Total Investments — 99.7% (Cost $2,077,773)		2,241,347
		Other Assets in Excess of Liabilities — 0.3%		6,207
		NET ASSETS — 100.0%	$	2,247,554

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		15.0	%
IT Services		7.9
Insurance		7.3
Internet Software & Services		6.5
Automobiles		6.0
Oil, Gas & Consumable Fuels		5.0
Food & Staples Retailing		4.4
Diversified Financial Services		4.0
Semiconductors & Semiconductor Equipment		3.6
Industrial Conglomerates		3.4
Thrifts & Mortgage Finance		3.2
Pharmaceuticals		3.2
Beverages		3.1
Multiline Retail		3.0
Internet & Catalog Retail		2.4
Tobacco		2.1
Transportation Infrastructure		2.0
Technology Hardware, Storage & Peripherals		2.0
Construction Materials		1.9
Media		1.6
Hotels, Restaurants & Leisure		1.4
Real Estate Investment Trusts (REITs)		1.3
Electronic Equipment, Instruments & Components		1.1
Others (each less than 1.0%)		6.4
Short-Term Investment		2.2

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 88.7%
			Brazil — 8.8%
	14		AMBEV S.A., ADR		79
	4		Banco Bradesco S.A., ADR (a)		32
	3		Banco do Brasil S.A.		19
	8		BB Seguridade Participacoes S.A.		68
	4		Tractebel Energia S.A.		48
					246
			Chile — 2.6%
	4		Banco Santander Chile, ADR		72
			China — 2.3%
	78		China Construction Bank Corp., Class H		50
	7		Fuyao Glass Industry Group Co., Ltd., Class H (a) (e)		15
					65
			Czech Republic — 2.6%
	—	(h)	Komercni Banka A.S.		72
			Hong Kong — 9.7%
	7		China Mobile Ltd.		75
	24		China Resources Power Holdings Co., Ltd.		40
	3		Hang Seng Bank Ltd.		45
	25		HKT Trust & HKT Ltd.		36
	16		Sands China Ltd.		56
	2		VTech Holdings Ltd.		19
					271
			Hungary — 1.8%
	2		OTP Bank plc		51
			Indonesia — 1.1%
	109		Telekomunikasi Indonesia Persero Tbk PT (a)		29
			Mexico — 3.3%
	12		Bolsa Mexicana de Valores S.A.B. de C.V.		21
	31		Kimberly-Clark de Mexico S.A.B. de C.V., Class A		72
					93
			Poland — 1.6%
	5		Powszechny Zaklad Ubezpieczen S.A.		44
			Russia — 6.8%
	1		Lukoil PJSC, ADR		49
	1		MegaFon PJSC, Reg. S, GDR		17
	2		MMC Norilsk Nickel PJSC, ADR		25
	2		Mobile TeleSystems PJSC, ADR		23
	31		Moscow Exchange MICEX-RTS PJSC		50
	2		Severstal PAO, Reg. S, GDR		27
					191

SHARES			SECURITY DESCRIPTION	VALUE($)
			Singapore — 1.0%
	64		Hutchison Port Holdings Trust, Class U		28
			South Africa — 14.1%
	7		AVI Ltd.		46
	5		Barclays Africa Group Ltd.		54
	2		Bidvest Group Ltd. (The)		61
	17		FirstRand Ltd.		55
	2		Imperial Holdings Ltd.		26
	22		Life Healthcare Group Holdings Ltd.		57
	32		MMI Holdings Ltd.		54
	3		Vodacom Group Ltd.		39
					392
			South Korea — 5.9%
	1		Kangwon Land, Inc.		24
	1		KT&G Corp.		69
	—	(h)	Samsung Electronics Co., Ltd.		39
	2		SK Telecom Co., Ltd., ADR		32
					164
			Taiwan — 21.2%
	4		Asustek Computer, Inc.		38
	21		Cheng Shin Rubber Industry Co., Ltd.		44
	9		Chicony Electronics Co., Ltd.		22
	15		Delta Electronics, Inc.		68
	10		Far EasTone Telecommunications Co., Ltd. (a)		23
	7		MediaTek, Inc.		50
	9		Novatek Microelectronics Corp.		31
	6		President Chain Store Corp.		42
	19		Quanta Computer, Inc.		30
	12		Siliconware Precision Industries Co., Ltd.		18
	4		Simplo Technology Co., Ltd.		13
	16		Taiwan Mobile Co., Ltd.		53
	4		Taiwan Semiconductor Manufacturing Co., Ltd., ADR		104
	37		Vanguard International Semiconductor Corp.		56
					592
			Thailand — 2.0%
	4		Siam Cement PCL (The)		56
			Turkey — 2.2%
	6		Eregli Demir ve Celik Fabrikalari TAS		11
	6		Tofas Turk Otomobil Fabrikasi A.S.		51
					62
			United Arab Emirates — 1.7%
	13		First Gulf Bank PJSC		46
			Total Common Stocks (Cost $2,657)		2,474

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stock — 0.8%
		Russia — 0.8%
	34	Surgutneftegas OAO (Cost $23)		22
	Structured Instruments — 3.3%
		China — 3.3%
		Low Exercise Cash Settled Call Warrants — 3.3%
	20	Fuyao Glass Industry Group Co., Ltd., expiring 09/23/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		44
	8	Midea Group Co. Ltd., expiring 02/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		38
	2	Midea Group Co., Ltd., expiring 10/29/18 (Strike Price $0.00) (issued through BNP Paribas) (a)		10
		Total Structured Instruments (Cost $83)		92
NUMBER OF WARRANTS
	Warrants — 1.9%
		Saudi Arabia — 1.9%
	3	Al Rajhi Bank, expiring 08/22/16 (Strike Price $1.00) (a)		43
	1	Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a)		10
		Total Warrants (Cost $47)		53
		Total Investments — 94.7% (Cost $2,810)		2,641
		Other Assets in Excess of Liabilities — 5.3%		148
		NET ASSETS — 100.0%	$	2,789

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		20.4	%
Wireless Telecommunication Services		9.9
Semiconductors & Semiconductor Equipment		9.8
Insurance		6.3
Technology Hardware, Storage & Peripherals		4.9
Diversified Financial Services		4.8
Independent Power & Renewable Electricity Producers		3.3
Electronic Equipment, Instruments & Components		3.1
Hotels, Restaurants & Leisure		3.0
Beverages		3.0
Household Products		2.7
Oil, Gas & Consumable Fuels		2.7
Tobacco		2.6
Construction Materials		2.5
Diversified Telecommunication Services		2.5
Metals & Mining		2.4
Industrial Conglomerates		2.3
Auto Components		2.2
Health Care Providers & Services		2.2
Automobiles		1.9
Food Products		1.7
Food & Staples Retailing		1.6
Capital Markets		1.4
Transportation Infrastructure		1.1
Distributors		1.0
Others (each less than 1.0%)		0.7

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.5%
			Australia — 2.7%
	119		AGL Energy Ltd.		1,652
	987		Alumina Ltd.		1,115
	299		Amcor Ltd.		3,486
	531		AMP Ltd.		2,360
	306		APA Group		2,027
	60		Aristocrat Leisure Ltd.		456
	205		Asciano Ltd.		1,372
	19		ASX Ltd.		613
	637		Aurizon Holdings Ltd.		2,059
	683		Australia & New Zealand Banking Group Ltd.		12,522
	61		Bendigo & Adelaide Bank Ltd.		430
	649		BHP Billiton Ltd.		10,132
	459		BHP Billiton plc		6,278
	237		Boral Ltd.		1,154
	297		Brambles Ltd.		2,808
	71		Caltex Australia Ltd.		1,739
	71		Challenger Ltd.		480
	209		Coca-Cola Amatil Ltd.		1,361
	19		Cochlear Ltd.		1,520
	349		Commonwealth Bank of Australia		19,498
	166		Computershare Ltd.		1,274
	23		Crown Resorts Ltd.		207
	92		CSL Ltd.		7,315
	341		Dexus Property Group		2,177
	266		DUET Group		455
	127		Fortescue Metals Group Ltd.		327
	449		Goodman Group		2,340
	211	��	GPT Group (The)		805
	184		Incitec Pivot Ltd.		448
	352		Insurance Australia Group Ltd.		1,536
	175		LendLease Group		1,682
	72		Macquarie Group Ltd.		3,457
	487		Medibank Private Ltd.		1,158
	1,368		Mirvac Group		1,936
	521		National Australia Bank Ltd.		10,692
	148		Newcrest Mining Ltd. (a)		2,158
	339		Oil Search Ltd.		1,798
	112		Orica Ltd.		1,297
	267		Origin Energy Ltd.		1,099
	341		Qantas Airways Ltd. (a)		832
	357		QBE Insurance Group Ltd.		3,002
	40		Ramsay Health Care Ltd.		1,988
	25		REA Group Ltd.		948
	317		Santos Ltd.		1,141
	958		Scentre Group		3,400
	15		SEEK Ltd.		180

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	44		Sonic Healthcare Ltd.		651
	1,438		South32 Ltd. (a)		1,798
	490		Stockland		1,621
	338		Suncorp Group Ltd.		3,198
	319		Sydney Airport		1,645
	341		Tabcorp Holdings Ltd.		1,143
	166		Tatts Group Ltd.		472
	869		Telstra Corp., Ltd.		3,528
	131		TPG Telecom Ltd.		1,062
	499		Transurban Group		4,377
	110		Treasury Wine Estates Ltd.		773
	1,285		Vicinity Centres		3,229
	215		Wesfarmers Ltd.		6,955
	342		Westfield Corp.		2,612
	675		Westpac Banking Corp.		15,844
	156		Woodside Petroleum Ltd.		3,347
	293		Woolworths Ltd.		4,902
					183,871
			Austria — 0.0% (g)
	—	(h)	Telekom Austria AG		—	(h)
			Belgium — 0.4%
	175		Anheuser-Busch InBev S.A.		21,665
	79		Delhaize Group		8,251
					29,916
			Canada — 3.7%
	38		Agrium, Inc.		3,283
	98		Alimentation Couche-Tard, Inc., Class B		4,303
	157		Bank of Montreal		10,222
	283		Bank of Nova Scotia (The)		14,837
	262		Barrick Gold Corp.		5,075
	53		BCE, Inc.		2,468
	204		Brookfield Asset Management, Inc., Class A		6,900
	98		Canadian Imperial Bank of Commerce		7,914
	209		Canadian National Railway Co.		12,875
	265		Canadian Natural Resources Ltd.		7,959
	133		Canadian Pacific Railway Ltd.		19,244
	27		Canadian Tire Corp., Ltd., Class A		2,995
	194		Cenovus Energy, Inc.		3,074
	78		CGI Group, Inc., Class A (a)		3,542
	7		Constellation Software, Inc.		2,624
	94		Crescent Point Energy Corp.		1,577
	44		Dollarama, Inc.		3,145
	191		Enbridge, Inc.		7,941
	194		Encana Corp.		1,486

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Canada — continued
	7		Fairfax Financial Holdings Ltd.		3,900
	163		First Quantum Minerals Ltd.		1,393
	69		Fortis, Inc.		2,190
	38		Franco-Nevada Corp.		2,683
	82		Gildan Activewear, Inc.		2,533
	202		Goldcorp, Inc.		4,079
	73		Great-West Lifeco, Inc.		2,154
	71		Imperial Oil Ltd.		2,351
	33		Intact Financial Corp.		2,476
	117		Inter Pipeline Ltd.		2,505
	62		Loblaw Cos. Ltd.		3,417
	203		Magna International, Inc.		8,508
	451		Manulife Financial Corp.		6,653
	71		Metro, Inc.		2,385
	82		National Bank of Canada		2,941
	78		Pembina Pipeline Corp.		2,339
	207		Potash Corp. of Saskatchewan, Inc.		3,658
	89		Power Corp. of Canada		2,165
	62		Power Financial Corp.		1,621
	72		Restaurant Brands International, Inc.		3,119
	93		Rogers Communications, Inc., Class B		3,621
	357		Royal Bank of Canada		22,189
	97		Shaw Communications, Inc., Class B		1,803
	95		Silver Wheaton Corp.		1,981
	146		Sun Life Financial, Inc.		4,996
	379		Suncor Energy, Inc.		11,137
	452		Toronto-Dominion Bank (The)		20,132
	171		TransCanada Corp.		7,111
					257,504
			China — 0.0% (g)
	412		Yangzijiang Shipbuilding Holdings Ltd.		302
			Colombia — 0.0%
	—	(h)	Pacific Exploration and Production Corp. (a)		—	(h)
			Denmark — 0.8%
	6		AP Moeller — Maersk A/S, Class B		8,812
	51		Chr Hansen Holding A/S		3,198
	241		Danske Bank A/S		6,830
	23		Genmab A/S (a)		3,411
	406		Novo Nordisk A/S, Class B		22,660
	62		Pandora A/S		8,091
					53,002
			Finland — 0.5%
	1,899		Nokia OYJ		11,209
	—	(h)	Nokian Renkaat OYJ		—	(h)

SHARES		SECURITY DESCRIPTION	VALUE($)
		Finland — continued
	479	UPM-Kymmene OYJ		9,167
	266	Wartsila OYJ Abp		11,430
				31,806
		France — 3.7%
	172	Air Liquide S.A.		19,492
	244	Airbus Group SE		15,284
	102	Arkema S.A.		8,160
	742	AXA S.A.		18,742
	386	BNP Paribas S.A.		20,449
	176	Bouygues S.A.		5,885
	92	Capgemini S.A.		8,579
	174	Cie de Saint-Gobain		7,965
	77	Cie Generale des Etablissements Michelin		8,000
	32	Danone S.A.		2,270
	101	Engie S.A.		1,663
	23	L’Oreal S.A.		4,113
	13	LVMH Moet Hennessy Louis Vuitton SE		2,171
	1,735	Natixis S.A.		9,572
	272	Orange S.A.		4,513
	112	Publicis Groupe S.A.		8,263
	127	Renault S.A.		12,297
	261	Sanofi		21,481
	121	Schneider Electric SE (a)		7,929
	32	Societe Generale S.A.		1,260
	102	Sodexo S.A.		10,318
	136	Thales S.A.		11,762
	626	TOTAL S.A.		31,617
	25	Unibail-Rodamco SE		6,621
	194	Vivendi S.A.		3,736
				252,142
		Germany — 3.4%
	124	adidas AG		16,050
	105	Allianz SE		17,793
	97	BASF SE		8,011
	279	Bayer AG		32,281
	38	Bayerische Motoren Werke AG		3,514
	186	Brenntag AG		10,927
	52	Continental AG		11,344
	282	Daimler AG		19,667
	279	Deutsche Bank AG		5,297
	389	Deutsche Post AG		11,422
	642	Deutsche Telekom AG		11,263
	970	E.ON SE		10,054
	143	HeidelbergCement AG		12,735
	852	Infineon Technologies AG		12,152

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	50	Linde AG		7,595
	26	Muenchener Rueckversicherungs-Gesellschaft AG		4,784
	239	SAP SE		18,787
	119	Siemens AG		12,446
	1,335	Telefonica Deutschland Holding AG		6,792
				232,914
		Hong Kong — 1.2%
	2,496	AIA Group Ltd.		14,940
	53	ASM Pacific Technology Ltd.		384
	85	Bank of East Asia Ltd. (The)		310
	925	BOC Hong Kong Holdings Ltd.		2,761
	572	Cathay Pacific Airways Ltd.		912
	176	Cheung Kong Infrastructure Holdings Ltd.		1,661
	464	Cheung Kong Property Holdings Ltd.		3,168
	650	CK Hutchison Holdings Ltd.		7,774
	446	CLP Holdings Ltd.		4,123
	409	Galaxy Entertainment Group Ltd.		1,375
	153	Hang Lung Properties Ltd.		305
	192	Hang Seng Bank Ltd.		3,487
	318	Henderson Land Development Co., Ltd.		1,984
	322	HKT Trust & HKT Ltd.		467
	1,641	Hong Kong & China Gas Co., Ltd.		3,056
	229	Hong Kong Exchanges and Clearing Ltd.		5,760
	49	Hongkong Land Holdings Ltd.		309
	38	Jardine Matheson Holdings Ltd.1		2,112
	342	Kerry Properties Ltd.		929
	908	Li & Fung Ltd.		562
	349	Link REIT		2,114
	240	MTR Corp., Ltd.		1,187
	499	New World Development Co., Ltd.		496
	311	NWS Holdings Ltd.		472
	293	Power Assets Holdings Ltd.		2,783
	653	Sands China Ltd.		2,327
	1,068	Sino Land Co., Ltd.		1,677
	330	Sun Hung Kai Properties Ltd.		4,159
	204	Swire Pacific Ltd., Class A		2,208
	99	Techtronic Industries Co., Ltd.		369
	699	WH Group Ltd. (a) (e)		564
	412	Wharf Holdings Ltd. (The)		2,227
	388	Wheelock & Co., Ltd.		1,796
	223	Yue Yuen Industrial Holdings Ltd.		810
				79,568
		Ireland — 1.2%
	310	Accenture plc, Class A		35,013

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — continued
	182	Allegion plc		11,902
	148	James Hardie Industries plc, CDI		2,071
	119	Medtronic plc		9,402
	29	Perrigo Co. plc		2,810
	241	Shire plc		15,029
	152	XL Group plc		4,990
				81,217
		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		8,427
		Italy — 1.0%
	584	Assicurazioni Generali S.p.A.		8,926
	319	Atlantia S.p.A.		8,899
	3,031	Enel S.p.A.		13,777
	48	Eni S.p.A.		783
	5,013	Intesa Sanpaolo S.p.A.		13,936
	984	Snam S.p.A.		6,019
	6,576	Telecom Italia S.p.A. (a)		6,422
	1,853	UniCredit S.p.A.		7,185
				65,947
		Japan — 8.5%
	27	AEON Financial Service Co., Ltd.		600
	143	Aeon Mall Co., Ltd.		1,968
	193	Air Water, Inc.		2,899
	218	Ajinomoto Co., Inc.		5,027
	61	Alfresa Holdings Corp.		1,165
	318	Amada Holdings Co., Ltd.		3,195
	19	Asahi Group Holdings Ltd.		590
	135	Asahi Kasei Corp.		924
	344	Astellas Pharma, Inc.		4,638
	201	Bridgestone Corp.		7,395
	277	Canon, Inc.		7,732
	54	Casio Computer Co., Ltd.		1,024
	45	Central Japan Railway Co.		7,865
	471	Chiba Bank Ltd. (The)		2,379
	141	Chubu Electric Power Co., Inc.		1,860
	54	Chugai Pharmaceutical Co., Ltd.		1,813
	702	Concordia Financial Group Ltd. (a)		3,380
	67	Dai Nippon Printing Co., Ltd.		628
	165	Daicel Corp.		2,066
	406	Dai-ichi Life Insurance Co., Ltd. (The)		4,878
	78	Daiichi Sankyo Co., Ltd.		1,826
	77	Daikin Industries Ltd.		6,144
	26	Daito Trust Construction Co., Ltd.		3,677
	220	Daiwa House Industry Co., Ltd.		5,867

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	65		DeNA Co., Ltd.		1,092
	61		Denso Corp.		2,300
	70		Dentsu, Inc.		3,562
	807		DIC Corp.		1,856
	82		East Japan Railway Co.		7,188
	52		Eisai Co., Ltd.		3,194
	81		Electric Power Development Co., Ltd.		2,432
	20		FamilyMart Co., Ltd.		1,066
	44		FANUC Corp.		6,515
	7		Fast Retailing Co., Ltd.		1,790
	471		Fuji Electric Co., Ltd.		2,004
	136		Fuji Heavy Industries Ltd.		4,475
	144		FUJIFILM Holdings Corp.		5,923
	520		Hankyu Hanshin Holdings, Inc.		3,296
	141		Haseko Corp.		1,277
	32		Hisamitsu Pharmaceutical Co., Inc.		1,523
	1,444		Hitachi Ltd.		6,617
	52		Hitachi Metals Ltd.		525
	74		Hokuriku Electric Power Co.		969
	424		Honda Motor Co., Ltd.		11,431
	104		Hoya Corp.		3,979
	148		Hulic Co., Ltd.		1,472
	175		Inpex Corp.		1,390
	347		ITOCHU Corp.		4,405
	70		Itochu Techno-Solutions Corp.		1,368
	83		Japan Airlines Co., Ltd.		3,002
	116		Japan Exchange Group, Inc.		1,725
	—	(h)	Japan Prime Realty Investment Corp.		591
	—	(h)	Japan Real Estate Investment Corp.		1,980
	—	(h)	Japan Retail Fund Investment Corp.		1,157
	289		Japan Tobacco, Inc.		11,792
	161		JFE Holdings, Inc.		2,265
	135		JSR Corp.		1,844
	54		JTEKT Corp.		685
	155		JX Holdings, Inc.		664
	520		Kajima Corp.		3,230
	296		Kansai Electric Power Co., Inc. (The) (a)		2,606
	110		Kao Corp.		6,057
	942		Kawasaki Heavy Industries Ltd.		2,642
	360		KDDI Corp.		10,379
	67		Keikyu Corp.		606
	259		Keio Corp.		2,281
	90		Kewpie Corp.		2,341
	13		Keyence Corp.		7,612
	234		Kirin Holdings Co., Ltd.		3,371
	195		Komatsu Ltd.		3,344

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	7		Kose Corp.		613
	148		Kubota Corp.		2,156
	27		Kurita Water Industries Ltd.		647
	13		Kyocera Corp.		665
	161		Kyowa Hakko Kirin Co., Ltd.		2,860
	155		Kyushu Electric Power Co., Inc. (a)		1,553
	7		Lawson, Inc.		519
	81		LIXIL Group Corp.		1,690
	130		M3, Inc.		3,504
	19		Mabuchi Motor Co., Ltd.		941
	831		Marubeni Corp.		4,409
	39		Maruichi Steel Tube Ltd.		1,146
	175		Mazda Motor Corp.		2,669
	14		MEIJI Holdings Co., Ltd.		1,040
	58		Mitsubishi Chemical Holdings Corp.		302
	410		Mitsubishi Corp.		6,890
	474		Mitsubishi Electric Corp.		5,037
	143		Mitsubishi Estate Co., Ltd.		2,717
	672		Mitsubishi Heavy Industries Ltd.		2,389
	269		Mitsubishi Materials Corp.		853
	74		Mitsubishi Tanabe Pharma Corp.		1,318
	3,232		Mitsubishi UFJ Financial Group, Inc.		14,915
	617		Mitsubishi UFJ Lease & Finance Co., Ltd.		2,687
	182		Mitsui & Co., Ltd.		2,218
	740		Mitsui Chemicals, Inc.		2,454
	135		Mitsui Fudosan Co., Ltd.		3,297
	1,009		Mitsui Mining & Smelting Co., Ltd.		1,894
	471		Mitsui OSK Lines Ltd.		1,001
	3,459		Mizuho Financial Group, Inc.		5,184
	25		MS&AD Insurance Group Holdings, Inc.		671
	57		Murata Manufacturing Co., Ltd.		7,368
	192		NGK Insulators Ltd.		3,943
	135		NH Foods Ltd.		3,009
	75		Nidec Corp.		5,525
	13		Nintendo Co., Ltd.		1,747
	—	(h)	Nippon Building Fund, Inc.		2,034
	135		Nippon Electric Glass Co., Ltd.		715
	135		Nippon Express Co., Ltd.		616
	—	(h)	Nippon Prologis REIT, Inc.		360
	162		Nippon Steel & Sumitomo Metal Corp.		3,377
	206		Nippon Telegraph & Telephone Corp.		9,205
	405		Nissan Motor Co., Ltd.		3,598
	185		Nisshin Seifun Group, Inc.		3,034
	39		Nitori Holdings Co., Ltd.		3,609
	52		Nitto Denko Corp.		2,801
	646		Nomura Holdings, Inc.		2,744

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	1	Nomura Real Estate Master Fund, Inc.		1,161
	13	Nomura Research Institute Ltd.		470
	242	NSK Ltd.		2,112
	257	NTT DOCOMO, Inc.		6,166
	45	Obic Co., Ltd.		2,349
	104	Olympus Corp.		4,048
	75	Omron Corp.		2,383
	68	Ono Pharmaceutical Co., Ltd.		3,041
	77	Oriental Land Co., Ltd.		5,326
	439	ORIX Corp.		6,211
	27	Otsuka Corp.		1,283
	149	Otsuka Holdings Co., Ltd.		5,793
	323	Panasonic Corp.		2,879
	144	Rakuten, Inc.		1,561
	61	Santen Pharmaceutical Co., Ltd.		867
	27	Secom Co., Ltd.		2,067
	128	Seiko Epson Corp.		2,094
	108	Sekisui Chemical Co., Ltd.		1,345
	157	Seven & i Holdings Co., Ltd.		6,402
	68	Shimadzu Corp.		1,018
	19	Shimamura Co., Ltd.		2,565
	13	Shimano, Inc.		1,923
	122	Shin-Etsu Chemical Co., Ltd.		6,839
	1,481	Shinsei Bank Ltd.		2,076
	65	Shionogi & Co., Ltd.		3,313
	47	Shiseido Co., Ltd.		1,048
	134	Shizuoka Bank Ltd. (The)		993
	7	SMC Corp.		1,658
	225	SoftBank Group Corp.		12,082
	31	Sompo Japan Nipponkoa Holdings, Inc.		822
	326	Sony Corp.		7,903
	27	Stanley Electric Co., Ltd.		547
	66	Sumitomo Chemical Co., Ltd.		298
	358	Sumitomo Electric Industries Ltd.		4,301
	134	Sumitomo Metal Mining Co., Ltd.		1,512
	345	Sumitomo Mitsui Financial Group, Inc.		10,385
	1,278	Sumitomo Mitsui Trust Holdings, Inc.		3,928
	130	Sumitomo Realty & Development Co., Ltd.		3,780
	27	Sundrug Co., Ltd.		1,911
	34	Suntory Beverage & Food Ltd.		1,472
	47	Suruga Bank Ltd.		916
	74	Suzuken Co., Ltd.		2,536
	153	Suzuki Motor Corp.		4,201
	20	Sysmex Corp.		1,263
	324	Takashimaya Co., Ltd.		2,365
	132	Takeda Pharmaceutical Co., Ltd.		6,295

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	47	Terumo Corp.		1,791
	61	Tohoku Electric Power Co., Inc.		773
	218	Tokio Marine Holdings, Inc.		7,133
	282	Tokyo Electric Power Co. Holdings, Inc. (a)		1,512
	46	Tokyo Electron Ltd.		3,007
	715	Tokyo Gas Co., Ltd.		3,156
	87	Tokyo Tatemono Co., Ltd.		1,154
	68	Tokyu Corp.		589
	435	Tokyu Fudosan Holdings Corp.		2,956
	387	Toppan Printing Co., Ltd.		3,309
	67	Toray Industries, Inc.		560
	67	Toyota Industries Corp.		2,916
	610	Toyota Motor Corp.		30,936
	27	Toyota Tsusho Corp.		609
	103	Unicharm Corp.		2,125
	1	United Urban Investment Corp.		929
	52	West Japan Railway Co.		3,139
	390	Yahoo Japan Corp.		1,745
	582	Yamada Denki Co., Ltd.		2,929
	81	Yamaha Motor Co., Ltd.		1,321
	194	Yamato Holdings Co., Ltd.		3,911
				585,295
		Luxembourg — 0.1%
	1,413	ArcelorMittal		7,977
		Netherlands — 2.2%
	465	Aegon N.V.		2,674
	140	ASML Holding N.V. (a)		13,536
	146	Heineken Holding N.V.		12,048
	39	Heineken N.V.		3,644
	1,427	ING Groep N.V., CVA		17,488
	2,205	Koninklijke KPN N.V.		8,664
	562	Koninklijke Philips N.V.		15,438
	290	NN Group N.V.		10,059
	142	NXP Semiconductors N.V. (a)		12,093
	1,322	Royal Dutch Shell plc, Class A		34,629
	820	Royal Dutch Shell plc, Class B		21,524
				151,797
		New Zealand — 0.1%
	291	Auckland International Airport Ltd.		1,249
	192	Contact Energy Ltd.		680
	262	Fletcher Building Ltd.		1,525
	102	Ryman Healthcare Ltd.		637
	579	Spark New Zealand Ltd.		1,497
				5,588

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — 0.2%
	676	DNB ASA		8,646
	942	Norsk Hydro ASA		4,096
				12,742
		Portugal — 0.1%
	1,337	EDP — Energias de Portugal S.A.		4,755
	437	Galp Energia SGPS S.A.		6,010
				10,765
		Singapore — 0.9%
	169	Ascendas Real Estate Investment Trust		308
	213	Broadcom Ltd.		31,054
	335	CapitaLand Ltd.		772
	379	CapitaLand Mall Trust		582
	390	ComfortDelGro Corp., Ltd.		836
	472	DBS Group Holdings Ltd.		5,343
	771	Genting Singapore plc		466
	866	Global Logistic Properties Ltd.		1,229
	2,431	Hutchison Port Holdings Trust, Class U		1,079
	17	Jardine Cycle & Carriage Ltd.		477
	449	Keppel Corp., Ltd.		1,795
	796	Oversea-Chinese Banking Corp., Ltd.		5,172
	79	Singapore Exchange Ltd.		443
	153	Singapore Press Holdings Ltd.		461
	1,756	Singapore Telecommunications Ltd.		5,024
	304	United Overseas Bank Ltd.		4,185
	618	Wilmar International Ltd.		1,698
				60,924
		Spain — 1.0%
	762	Banco Bilbao Vizcaya Argentaria S.A.		5,236
	3,491	Banco Santander S.A.		17,726
	8,117	Bankia S.A.		7,572
	1,157	Distribuidora Internacional de Alimentacion S.A.		6,436
	1,654	Iberdrola S.A.		11,776
	386	Industria de Diseno Textil S.A.		12,409
	723	Telefonica S.A.		7,912
				69,067
		Sweden — 0.7%
	63	Assa Abloy AB, Class B		1,331
	442	Electrolux AB, Series B		12,830
	1,109	Nordea Bank AB		10,782
	1,207	Sandvik AB		12,404
	1,625	Telia Co. AB		7,771
				45,118

SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — 4.1%
	186	ABB Ltd. (a)		3,936
	58	Actelion Ltd. (a)		9,461
	244	Chubb Ltd.		28,756
	216	Cie Financiere Richemont S.A.		14,433
	597	Credit Suisse Group AG (a)		9,086
	318	LafargeHolcim Ltd. (a)		16,130
	800	Nestle S.A.		59,695
	423	Novartis AG		32,202
	190	Roche Holding AG		48,140
	21	Syngenta AG		8,385
	348	TE Connectivity Ltd.		20,719
	774	UBS Group AG		13,414
	204	Wolseley plc		11,425
	15	Zurich Insurance Group AG (a)		3,350
				279,132
		United Kingdom — 6.7%
	1,394	3i Group plc		9,672
	82	Anglo American plc		920
	230	Associated British Foods plc		10,326
	134	AstraZeneca plc		7,665
	1,746	Aviva plc		11,060
	508	BAE Systems plc		3,546
	1,804	Barclays plc		4,530
	596	Barratt Developments plc		4,638
	3,201	BP plc		17,637
	629	British American Tobacco plc		38,324
	1,159	BT Group plc		7,511
	516	Capita plc		7,555
	2,867	Centrica plc		10,011
	137	Compass Group plc		2,444
	146	Delphi Automotive plc		10,714
	281	Diageo plc		7,596
	1,011	Dixons Carphone plc		6,294
	1,443	GlaxoSmithKline plc		30,849
	399	Hammerson plc		3,417
	2,515	HSBC Holdings plc		16,668
	157	Imperial Brands plc		8,518
	274	InterContinental Hotels Group plc		10,943
	2,866	ITV plc		9,446
	1,822	Kingfisher plc		9,706
	32	Liberty Global plc, Class A (a)		1,210
	122	Liberty Global plc, Series C (a)		4,469
	17,732	Lloyds Banking Group plc		17,404
	319	National Grid plc		4,548
	87	Pentair plc		5,051

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	204	Persimmon plc		5,935
	957	Prudential plc		18,881
	75	Randgold Resources Ltd.		7,474
	241	Reckitt Benckiser Group plc		23,458
	98	Rio Tinto Ltd.		3,843
	357	Rio Tinto plc		11,972
	1,389	RSA Insurance Group plc		9,327
	307	SABMiller plc		18,784
	1,430	Standard Chartered plc		11,556
	2,563	Tesco plc (a)		6,443
	413	Unilever N.V., CVA		18,144
	7,938	Vodafone Group plc		25,574
	166	Whitbread plc		9,396
	342	WPP plc		7,992
				461,451
		United States — 56.2%
	10	3M Co.		1,667
	524	Abbott Laboratories		20,381
	102	AbbVie, Inc.		6,246
	318	Adobe Systems, Inc. (a)		29,948
	183	Aetna, Inc.		20,552
	95	Alexion Pharmaceuticals, Inc. (a)		13,221
	113	Allergan plc (a)		24,550
	41	Alliance Data Systems Corp. (a)		8,378
	71	Alphabet, Inc., Class A (a)		50,004
	85	Alphabet, Inc., Class C (a)		59,222
	140	Altria Group, Inc.		8,801
	102	Amazon.com, Inc. (a)		66,952
	165	American Electric Power Co., Inc.		10,460	��
	456	American International Group, Inc.		25,448
	67	American Water Works Co., Inc.		4,849
	129	Ameriprise Financial, Inc.		12,351
	65	Amgen, Inc.		10,278
	71	Anadarko Petroleum Corp.		3,769
	64	Analog Devices, Inc.		3,590
	102	Anthem, Inc.		14,426
	46	Apache Corp.		2,512
	1,281	Apple, Inc.		120,085
	126	Archer-Daniels-Midland Co.		5,018
	21	Arrow Electronics, Inc. (a)		1,273
	269	Arthur J. Gallagher & Co.		12,387
	1,308	AT&T, Inc.		50,786
	101	Automatic Data Processing, Inc.		8,934
	90	AvalonBay Communities, Inc.		15,923
	82	Baker Hughes, Inc.		3,987

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	3,524	Bank of America Corp.		51,309
	215	Bank of New York Mellon Corp. (The)		8,661
	26	Becton, Dickinson and Co.		4,230
	254	Berkshire Hathaway, Inc., Class B (a)		36,931
	226	Best Buy Co., Inc.		7,235
	59	Biogen, Inc. (a)		16,225
	35	BioMarin Pharmaceutical, Inc. (a)		2,978
	64	BlackRock, Inc.		22,784
	19	Boston Beer Co., Inc. (The), Class A (a)		3,025
	68	Boston Properties, Inc.		8,718
	918	Boston Scientific Corp. (a)		20,121
	603	Bristol-Myers Squibb Co.		43,517
	350	Cabot Oil & Gas Corp.		8,192
	241	Capital One Financial Corp.		17,462
	150	Carnival Corp.		7,359
	38	Caterpillar, Inc.		2,981
	199	CBS Corp. (Non-Voting), Class B		11,108
	303	Celgene Corp. (a)		31,323
	22	Centene Corp. (a)		1,375
	570	Charles Schwab Corp. (The)		16,207
	97	Charter Communications, Inc., Class A (a)		20,532
	423	Chevron Corp.		43,250
	53	Cigna Corp.		7,359
	727	Cisco Systems, Inc.		19,982
	1,035	Citigroup, Inc.		47,899
	195	Citizens Financial Group, Inc.		4,453
	390	CMS Energy Corp.		15,884
	1,017	Coca-Cola Co. (The)		45,573
	51	Coca-Cola Enterprises, Inc.		2,654
	229	Cognizant Technology Solutions Corp., Class A (a)		13,374
	99	Colgate-Palmolive Co.		6,991
	683	Comcast Corp., Class A		41,471
	33	Comerica, Inc.		1,462
	69	ConAgra Foods, Inc.		3,086
	27	Concho Resources, Inc. (a)		3,131
	361	ConocoPhillips		17,253
	145	Constellation Brands, Inc., Class A		22,660
	184	Corning, Inc.		3,435
	159	Costco Wholesale Corp.		23,607
	267	Crown Holdings, Inc. (a)		14,115
	73	Cummins, Inc.		8,547
	137	CVS Health Corp.		13,757
	361	D.R. Horton, Inc.		10,847
	30	Danaher Corp.		2,950
	267	Delta Air Lines, Inc.		11,143

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	31	DENTSPLY SIRONA, Inc.		1,873
	98	Diamondback Energy, Inc. (a)		8,455
	229	Discover Financial Services		12,909
	268	DISH Network Corp., Class A (a)		13,192
	113	Dollar General Corp.		9,253
	131	Douglas Emmett, Inc.		4,240
	448	Dow Chemical Co. (The)		23,560
	42	Dr. Pepper Snapple Group, Inc.		3,830
	323	E.I. du Pont de Nemours & Co.		21,276
	167	Eastman Chemical Co.		12,781
	403	Eaton Corp. plc		25,470
	256	Edison International		18,095
	407	Eli Lilly & Co.		30,746
	111	EMC Corp.		2,889
	220	EOG Resources, Inc.		18,207
	176	EQT Corp.		12,321
	81	Equifax, Inc.		9,750
	34	Equinix, Inc.		11,099
	22	Essex Property Trust, Inc.		4,843
	44	Extra Space Storage, Inc.		3,746
	789	Exxon Mobil Corp.		69,756
	14	F5 Networks, Inc. (a)		1,437
	620	Facebook, Inc., Class A (a)		72,921
	56	FedEx Corp.		9,172
	319	Fidelity National Information Services, Inc.		20,963
	88	FirstEnergy Corp.		2,854
	193	Fluor Corp.		10,558
	31	Foot Locker, Inc.		1,930
	19	General Dynamics Corp.		2,733
	1,737	General Electric Co.		53,426
	305	General Motors Co.		9,691
	457	Gilead Sciences, Inc.		40,323
	114	Goldman Sachs Group, Inc. (The)		18,627
	180	Halliburton Co.		7,430
	123	Harman International Industries, Inc.		9,428
	93	Hartford Financial Services Group, Inc. (The)		4,120
	135	HCP, Inc.		4,582
	99	Hershey Co. (The)		9,246
	57	Hess Corp.		3,401
	384	Hewlett Packard Enterprise Co.		6,390
	122	Hilton Worldwide Holdings, Inc.		2,679
	41	Hologic, Inc. (a)		1,378
	366	Home Depot, Inc. (The)		49,029
	295	Honeywell International, Inc.		33,751
	670	HP, Inc.		8,219
	78	Humana, Inc.		13,769

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	67	Illumina, Inc. (a)		9,058
	32	Incyte Corp. (a)		2,283
	215	Ingersoll-Rand plc		14,110
	375	Intel Corp.		11,362
	62	Intercontinental Exchange, Inc.		14,998
	102	International Business Machines Corp.		14,952
	387	Invesco Ltd.		11,991
	88	Jack Henry & Associates, Inc.		7,131
	459	Johnson & Johnson		51,444
	724	KeyCorp		8,898
	210	Kimberly-Clark Corp.		26,296
	376	Kimco Realty Corp.		10,584
	388	Kinder Morgan, Inc.		6,892
	474	Kroger Co. (The)		16,792
	117	L-3 Communications Holdings, Inc.		15,394
	21	Laboratory Corp. of America Holdings (a)		2,585
	279	Lam Research Corp.		21,282
	85	LaSalle Hotel Properties		2,029
	41	Lennox International, Inc.		5,533
	49	Lincoln National Corp.		2,141
	438	Lowe’s Cos., Inc.		33,321
	80	Macerich Co. (The)		6,056
	16	ManpowerGroup, Inc.		1,234
	118	Marathon Petroleum Corp.		4,604
	53	Martin Marietta Materials, Inc.		9,020
	322	Masco Corp.		9,896
	28	MasterCard, Inc., Class A		2,689
	41	McDonald’s Corp.		5,211
	148	McKesson Corp.		24,854
	523	Merck & Co., Inc.		28,676
	619	MetLife, Inc.		27,904
	1,985	Microsoft Corp.		98,990
	13	Mohawk Industries, Inc. (a)		2,452
	223	Molson Coors Brewing Co., Class B		21,369
	719	Mondelez International, Inc., Class A		30,891
	96	Monsanto Co.		9,028
	874	Morgan Stanley		23,648
	400	Mosaic Co. (The)		11,190
	91	Mylan N.V. (a)		3,778
	86	National Oilwell Varco, Inc.		3,083
	112	Newmont Mining Corp.		3,911
	228	NextEra Energy, Inc.		26,758
	95	NIKE, Inc., Class B		5,570
	72	Northrop Grumman Corp.		14,873
	263	Occidental Petroleum Corp.		20,139
	280	Oracle Corp.		11,162

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	63	O’Reilly Automotive, Inc. (a)		16,480
	341	PACCAR, Inc.		20,091
	41	Parker-Hannifin Corp.		4,757
	246	PayPal Holdings, Inc. (a)		9,625
	461	PepsiCo, Inc.		47,496
	1,717	Pfizer, Inc.		56,158
	207	PG&E Corp.		12,019
	424	Philip Morris International, Inc.		41,568
	107	Pioneer Natural Resources Co.		17,834
	31	PPG Industries, Inc.		3,456
	163	PPL Corp.		6,124
	4	Priceline Group, Inc. (The) (a)		5,509
	494	Procter & Gamble Co. (The)		39,548
	221	Prologis, Inc.		10,056
	35	Prudential Financial, Inc.		2,684
	281	Public Service Enterprise Group, Inc.		12,945
	268	PulteGroup, Inc.		4,932
	30	Qorvo, Inc. (a)		1,347
	82	QUALCOMM, Inc.		4,152
	23	Quest Diagnostics, Inc.		1,739
	60	Ralph Lauren Corp.		5,637
	42	Red Hat, Inc. (a)		3,063
	8	Regeneron Pharmaceuticals, Inc. (a)		3,017
	408	Regions Financial Corp.		3,826
	28	Robert Half International, Inc.		1,057
	109	Ross Stores, Inc.		6,170
	219	Royal Caribbean Cruises Ltd.		16,939
	18	S&P Global, Inc.		1,909
	242	Schlumberger Ltd.		19,481
	169	Sealed Air Corp.		8,020
	29	Sempra Energy		3,028
	12	Sherwin-Williams Co. (The)		3,402
	26	Simon Property Group, Inc.		5,242
	1,235	Sirius XM Holdings, Inc. (a)		4,880
	41	Skyworks Solutions, Inc.		2,764
	106	SL Green Realty Corp.		11,184
	78	Snap-on, Inc.		12,384
	548	Spirit Realty Capital, Inc.		6,261
	192	Stanley Black & Decker, Inc.		21,537
	487	Starbucks Corp.		27,368
	19	Stericycle, Inc. (a)		1,835
	237	STORE Capital Corp.		6,086
	32	Stryker Corp.		3,490
	103	SunTrust Banks, Inc.		4,310
	60	SVB Financial Group (a)		6,259
	60	Synchrony Financial (a)		1,821

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	37		Synopsys, Inc. (a)		1,768
	17		Target Corp.		1,328
	317		TD Ameritrade Holding Corp.		9,463
	527		Texas Instruments, Inc.		30,056
	68		Textron, Inc.		2,613
	140		Thermo Fisher Scientific, Inc.		20,192
	91		Thomson Reuters Corp.		3,731
	38		Time Warner Cable, Inc.		8,133
	409		Time Warner, Inc.		30,763
	349		TJX Cos., Inc. (The)		26,439
	260		T-Mobile USA, Inc. (a)		10,202
	858		Twenty-First Century Fox, Inc., Class A		25,972
	92		Twenty-First Century Fox, Inc., Class B		2,773
	96		U.S. Bancorp		4,090
	395		Union Pacific Corp.		34,435
	231		United Continental Holdings, Inc. (a)		10,567
	351		United Technologies Corp.		36,624
	317		UnitedHealth Group, Inc.		41,744
	248		V.F. Corp.		15,606
	227		Valero Energy Corp.		13,342
	148		Vantiv, Inc., Class A (a)		8,064
	—	(h)	Veritiv Corp. (a)		—	(h)
	616		Verizon Communications, Inc.		31,388
	142		Vertex Pharmaceuticals, Inc. (a)		11,979
	612		Visa, Inc., Class A		47,248
	44		Vornado Realty Trust		4,203
	35		Voya Financial, Inc.		1,147
	80		Walgreens Boots Alliance, Inc.		6,324
	63		Wal-Mart Stores, Inc.		4,188
	184		Walt Disney Co. (The)		19,005
	1,333		Wells Fargo & Co.		66,645
	53		Western Digital Corp.		2,147
	78		Western Union Co. (The)		1,553
	160		WestRock Co.		6,716
	32		Workday, Inc., Class A (a)		2,375
	447		Xcel Energy, Inc.		17,879
	216		Yum! Brands, Inc.		17,221
	169		Zions Bancorp.		4,663
	96		Zoetis, Inc.		4,519
					3,852,159
			Total Common Stocks (Cost $6,433,884)		6,818,631
	Preferred Stocks — 0.2%
			Germany — 0.2%
	111		Henkel AG & Co. KGaA		12,719

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — continued
		Germany — continued
	30	Volkswagen AG		4,356
				17,075
		Total Preferred Stocks (Cost $17,272)		17,075
		Total Investments — 99.7% (Cost $6,451,156)		6,835,706
		Other Assets in Excess of Liabilities — 0.3%		18,486
		NET ASSETS — 100.0%	$	6,854,192

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		8.5	%
Pharmaceuticals		7.4
Oil, Gas & Consumable Fuels		6.2
Insurance		4.1
Media		3.2
Beverages		3.2
IT Services		2.9
Internet Software & Services		2.7
Specialty Retail		2.6
Chemicals		2.5
Software		2.5
Diversified Telecommunication Services		2.5
Capital Markets		2.4
Technology Hardware, Storage & Peripherals		2.3
Real Estate Investment Trusts (REITs)		2.3
Biotechnology		2.2
Semiconductors & Semiconductor Equipment		2.1
Electric Utilities		2.1
Machinery		2.1
Food Products		2.0
Aerospace & Defense		2.0
Health Care Providers & Services		2.0
Hotels, Restaurants & Leisure		1.8
Food & Staples Retailing		1.7
Household Products		1.6
Tobacco		1.6
Automobiles		1.6
Industrial Conglomerates		1.4
Road & Rail		1.4
Metals & Mining		1.3
Internet & Catalog Retail		1.1
Health Care Equipment & Supplies		1.1
Diversified Financial Services		1.1
Textiles, Apparel & Luxury Goods		1.0
Wireless Telecommunication Services		1.0
Household Durables		1.0
Others (each less than 1.0%)		11.5

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.3%
			China — 8.2%
	—	(h)	Baidu, Inc., ADR (a)		57
	—	(h)	CNOOC Ltd., ADR		39
	55		Industrial & Commercial Bank of China Ltd., Class H		29
	1		JD.com, Inc., ADR (a)		28
	6		Ping An Insurance Group Co. of China Ltd., Class H		26
	2		Vipshop Holdings Ltd., ADR (a)		30
					209
			Finland — 0.9%
	4		Nokia OYJ		23
			France — 4.8%
	—	(h)	Airbus Group SE		20
	2		AXA S.A.		42
	1		Sanofi		59
					121
			Germany — 1.3%
	—	(h)	Bayer AG		33
			India — 1.8%
	5		ICICI Bank Ltd., ADR		32
	—	(h)	Tata Motors Ltd., ADR (a)		13
					45
			Ireland — 2.1%
	—	(h)	Shire plc, ADR		53
			Israel — 3.4%
	2		Teva Pharmaceutical Industries Ltd., ADR		85
			Japan — 5.3%
	4		Inpex Corp.		31
	1		Kubota Corp.		20
	3		Minebea Co., Ltd.		25
	2		Sumitomo Electric Industries Ltd.		19
	1		Sumitomo Mitsui Financial Group, Inc.		39
					134
			Netherlands — 2.4%
	1		NXP Semiconductors N.V. (a)		62
			South Africa — 0.6%
	—	(h)	Naspers Ltd., Class N		14
			Switzerland — 5.9%
	—	(h)	Chubb Ltd.		43
	1		Credit Suisse Group AG (a)		18
	—	(h)	LafargeHolcim Ltd. (a)		19
	1		Novartis AG		46

SHARES			SECURITY DESCRIPTION	VALUE($)
			Switzerland — continued
	1		UBS Group AG		24
					150
			United Kingdom — 5.2%
	8		Barclays plc		19
	1		Burberry Group plc		24
	36		Lloyds Banking Group plc		35
	17		Vodafone Group plc		54
					132
			United States — 53.4%
	—	(h)	Aetna, Inc.		45
	—	(h)	Alexion Pharmaceuticals, Inc. (a)		34
	—	(h)	Allergan plc (a)		25
	—	(h)	Alphabet, Inc., Class C (a)		59
	—	(h)	Amazon.com, Inc. (a)		75
	—	(h)	Anadarko Petroleum Corp.		16
	—	(h)	Apple, Inc.		43
	3		Bank of America Corp.		49
	—	(h)	Biogen, Inc. (a)		18
	1		CBRE Group, Inc., Class A (a)		34
	—	(h)	Celgene Corp. (a)		31
	—	(h)	Charter Communications, Inc., Class A (a)		35
	2		Citigroup, Inc.		79
	1		DISH Network Corp., Class A (a)		49
	—	(h)	Gilead Sciences, Inc.		19
	1		Harman International Industries, Inc.		42
	3		Horizon Pharma plc (a)		40
	2		HP, Inc.		25
	—	(h)	Lam Research Corp.		32
	—	(h)	McKesson Corp.		69
	2		MetLife, Inc.		73
	1		Morgan Stanley		30
	1		Mosaic Co. (The)		36
	2		Navient Corp.		28
	1		Pfizer, Inc.		34
	—	(h)	Pioneer Natural Resources Co.		20
	1		QUALCOMM, Inc.		37
	—	(h)	SVB Financial Group (a)		14
	6		Time, Inc.		89
	3		Twenty-First Century Fox, Inc., Class A		102
	1		United Continental Holdings, Inc. (a)		37

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	—	(h)	Vertex Pharmaceuticals, Inc. (a)		33
					1,352
			Total Common Stocks (Cost $2,347)		2,413
			Total Investments — 95.3% (Cost $2,347)		2,413
			Other Assets in Excess of Liabilities — 4.7%		120
			NET ASSETS — 100.0%	$	2,533

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		15.5	%
Banks		12.3
Media		12.0
Insurance		7.6
Biotechnology		5.6
Internet & Catalog Retail		5.5
Semiconductors & Semiconductor Equipment		5.4
Internet Software & Services		4.8
Health Care Providers & Services		4.7
Oil, Gas & Consumable Fuels		4.4
Capital Markets		3.0
Technology Hardware, Storage & Peripherals		2.8
Wireless Telecommunication Services		2.2
Machinery		1.9
Household Durables		1.7
Airlines		1.5
Chemicals		1.5
Real Estate Management & Development		1.4
Consumer Finance		1.1
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		4.1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.3%
		Australia — 1.1%
	1,626	BHP Billiton Ltd.		25,391
	639	BHP Billiton plc		8,725
	1,794	South32 Ltd. (a)		2,243
				36,359
		Belgium — 1.6%
	424	Anheuser-Busch InBev S.A./N.V.		52,541
		China — 3.1%
	148	Baidu, Inc., ADR (a)		28,717
	29,771	CNOOC Ltd.		36,777
	5,943	Ping An Insurance Group Co. of China Ltd., Class H		27,891
	7,494	Wynn Macau Ltd.		10,656
				104,041
		Denmark — 1.3%
	763	Novo Nordisk A/S, Class B		42,600
		France — 11.8%
	879	Accor S.A.		38,910
	1,847	AXA S.A.		46,647
	823	BNP Paribas S.A.		43,563
	265	Essilor International S.A.		34,298
	8	Hermes International		2,975
	305	Imerys S.A.		22,491
	122	Kering		20,870
	218	LVMH Moet Hennessy Louis Vuitton SE		36,294
	282	Pernod Ricard S.A.		30,486
	602	Sanofi		49,616
	729	Schneider Electric SE (a)		47,693
	358	Technip S.A. (a)		20,984
				394,827
		Germany — 6.7%
	339	Allianz SE		57,611
	396	Bayer AG		45,810
	218	Continental AG		48,059
	165	Fresenius Medical Care AG & Co. KGaA		14,356
	734	SAP SE		57,561
				223,397
		Hong Kong — 4.3%
	5,183	Cheung Kong Property Holdings Ltd.		35,397
	7,696	China Overseas Land & Investment Ltd.		24,429
	3,790	CK Hutchison Holdings Ltd.		45,336
	6,606	Hang Lung Properties Ltd.		13,154
	7,520	Sands China Ltd.		26,793
				145,109

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.0%
	536	HDFC Bank Ltd., ADR		33,727
		Indonesia — 0.6%
	39,136	Astra International Tbk PT		19,860
		Israel — 1.1%
	667	Teva Pharmaceutical Industries Ltd., ADR		36,324
		Japan — 21.5%
	2,767	Astellas Pharma, Inc.		37,304
	356	Daikin Industries Ltd.		28,291
	124	East Japan Railway Co.		10,891
	204	FANUC Corp.		30,135
	1,565	Honda Motor Co., Ltd.		42,230
	2,843	Inpex Corp.		22,598
	1,714	Japan Tobacco, Inc.		70,035
	1,282	KDDI Corp.		36,915
	67	Keyence Corp.		40,219
	1,346	Komatsu Ltd.		23,109
	3,111	Kubota Corp.		45,310
	696	Makita Corp.		43,906
	1,375	Mitsui Fudosan Co., Ltd.		33,581
	395	Nidec Corp.		28,907
	235	Nitto Denko Corp.		12,643
	451	Shin-Etsu Chemical Co., Ltd.		25,254
	187	SMC Corp.		45,650
	1,914	Sumitomo Mitsui Financial Group, Inc.		57,602
	573	Tokyo Electron Ltd.		37,891
	938	Toyota Motor Corp.		47,567
				720,038
		Netherlands — 5.6%
	679	Akzo Nobel N.V.		48,253
	371	ASML Holding N.V. (a)		35,847
	3,621	ING Groep N.V., CVA		44,373
	2,188	Royal Dutch Shell plc, Class A		57,303
				185,776
		South Africa — 0.9%
	216	Naspers Ltd., Class N		29,780
		South Korea — 2.1%
	87	Hyundai Mobis Co., Ltd.		19,930
	24	Samsung Electronics Co., Ltd., GDR		13,112
	71	Samsung Electronics Co., Ltd., Reg. S, GDR		38,628
				71,670
		Switzerland — 11.9%
	490	Cie Financiere Richemont S.A.		32,693
	2,438	Credit Suisse Group AG (a)		37,104
	8,875	Glencore plc (a)		21,212

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	796	LafargeHolcim Ltd. (a)		40,282
	273	Nestle S.A.		20,372
	924	Novartis AG		70,323
	300	Roche Holding AG		75,998
	3,554	UBS Group AG		61,613
	177	Zurich Insurance Group AG (a)		39,661
				399,258
		Taiwan — 1.2%
	1,654	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		39,021
		United Kingdom — 20.5%
	761	Aggreko plc		12,118
	2,622	ARM Holdings plc		35,990
	16,724	Barclays plc		41,991
	906	British American Tobacco plc		55,236
	2,093	Burberry Group plc		36,440
	9,646	HSBC Holdings plc		64,206
	687	Imperial Brands plc		37,332
	46,465	Lloyds Banking Group plc		45,606
	4,384	Meggitt plc		26,356
	3,493	Prudential plc		68,946
	728	Rio Tinto Ltd.		28,403
	436	Rio Tinto plc		14,628
	4,743	Standard Chartered plc		38,334
	1,397	Tullow Oil plc (a)		5,741
	971	Unilever plc		43,394
	24,421	Vodafone Group plc		78,679
	2,196	WPP plc		51,294
				684,694
		Total Common Stocks (Cost $3,171,118)		3,219,022
	Preferred Stock — 1.2%
		Germany — 1.2%
	358	Henkel AG & Co. KGaA (Cost $32,576)		40,845
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	63,437	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $63,437)		63,437
		Total Investments — 99.4% (Cost $3,267,131)		3,323,304
		Other Assets in Excess of Liabilities — 0.6%		19,805
		NET ASSETS — 100.0%	$	3,343,109

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		11.1	%
Pharmaceuticals		10.8
Insurance		7.2
Machinery		5.7
Tobacco		4.9
Semiconductors & Semiconductor Equipment		4.5
Textiles, Apparel & Luxury Goods		3.9
Oil, Gas & Consumable Fuels		3.7
Wireless Telecommunication Services		3.5
Automobiles		3.3
Real Estate Management & Development		3.2
Metals & Mining		3.0
Capital Markets		3.0
Chemicals		2.6
Beverages		2.5
Media		2.4
Electrical Equipment		2.3
Hotels, Restaurants & Leisure		2.3
Auto Components		2.0
Construction Materials		1.9
Software		1.7
Technology Hardware, Storage & Peripherals		1.6
Industrial Conglomerates		1.4
Personal Products		1.3
Household Products		1.2
Electronic Equipment, Instruments & Components		1.2
Health Care Equipment & Supplies		1.0
Others (each less than 1.0%)		4.9
Short-Term Investment		1.9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.0%
		Australia — 3.9%
	242	Suncorp Group Ltd.		2,289
	129	Transurban Group		1,130
	142	Westfield Corp.		1,088
				4,507
		Belgium — 2.6%
	25	Anheuser-Busch InBev S.A./N.V.		3,049
		Canada — 1.2%
	32	Toronto-Dominion Bank (The)		1,417
		Denmark — 1.5%
	59	Danske Bank A/S		1,677
		Finland — 2.5%
	148	UPM-Kymmene OYJ		2,842
		France — 4.8%
	17	Airbus Group SE		1,059
	24	Cie Generale des Etablissements Michelin		2,495
	8	Unibail-Rodamco SE		2,020
				5,574
		Germany — 9.0%
	10	Allianz SE		1,658
	25	Bayer AG		2,885
	11	Deutsche Boerse AG		885
	88	Deutsche Telekom AG		1,550
	73	Deutsche Wohnen AG		2,252
	22	ProSiebenSat.1 Media SE		1,107
				10,337
		Hong Kong — 0.9%
	286	Sands China Ltd.		1,019
		India — 1.3%
	81	Infosys Ltd., ADR		1,516
		Ireland — 1.3%
	19	Ryanair Holdings plc, ADR		1,517
		Israel — 3.6%
	1,227	Bezeq The Israeli Telecommunication Corp., Ltd.		2,585
	28	Teva Pharmaceutical Industries Ltd.		1,553
				4,138
		Italy — 2.5%
	101	Atlantia S.p.A.		2,824
		Japan — 17.1%
	83	Daiwa House Industry Co., Ltd.		2,220
	85	Honda Motor Co., Ltd., ADR		2,296
	73	Japan Airlines Co., Ltd.		2,624
	80	Japan Tobacco, Inc.		3,273

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	63	Nippon Telegraph & Telephone Corp.		2,837
	60	Sompo Japan Nipponkoa Holdings, Inc.		1,570
	206	Sumitomo Corp.		2,182
	455	Sumitomo Mitsui Financial Group, Inc., ADR		2,770
				19,772
		Netherlands — 5.3%
	133	ING Groep N.V., CVA		1,636
	61	NN Group N.V.		2,126
	89	Royal Dutch Shell plc, Class A		2,359
				6,121
		New Zealand — 2.0%
	907	Spark New Zealand Ltd.		2,346
		Norway — 2.4%
	113	DNB ASA		1,443
	78	Telenor ASA		1,339
				2,782
		Russia — 2.3%
	178	MMC Norilsk Nickel PJSC, ADR		2,624
		Spain — 0.8%
	57	Parques Reunidos Servicios Centrales S.A.U. (a) (e)		959
		Switzerland — 4.6%
	14	Novartis AG		1,078
	4	Roche Holding AG		1,053
	56	Wolseley plc		3,132
				5,263
		Taiwan — 3.5%
	301	Siliconware Precision Industries Co., Ltd., ADR		2,181
	77	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,823
				4,004
		United Kingdom — 20.1%
	235	3i Group plc		1,627
	345	BAE Systems plc		2,406
	37	British American Tobacco plc		2,241
	113	Compass Group plc		2,011
	342	Direct Line Insurance Group plc		1,810
	182	GlaxoSmithKline plc		3,880
	21	Imperial Brands plc		1,158
	40	InterContinental Hotels Group plc		1,598
	73	Persimmon plc		2,130
	170	RSA Insurance Group plc		1,142

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	136	WPP plc		3,180
				23,183
		United States — 1.8%
	42	Carnival plc		2,082
		Total Common Stocks (Cost $103,387)		109,553
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	5,006	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $5,006)		5,006
		Total Investments — 99.3% (Cost $108,393)		114,559
		Other Assets in Excess of Liabilities — 0.7%		797
		NET ASSETS — 100.0%	$	115,356

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Diversified Telecommunication Services		9.3	%
Insurance		9.2
Pharmaceuticals		9.1
Banks		7.8
Hotels, Restaurants & Leisure		6.7
Tobacco		5.8
Trading Companies & Distributors		4.6
Real Estate Management & Development		3.9
Media		3.7
Airlines		3.6
Semiconductors & Semiconductor Equipment		3.5
Transportation Infrastructure		3.5
Aerospace & Defense		3.0
Real Estate Investment Trusts (REITs)		2.7
Beverages		2.7
Paper & Forest Products		2.5
Metals & Mining		2.3
Auto Components		2.2
Oil, Gas & Consumable Fuels		2.1
Automobiles		2.0
Household Durables		1.9
Capital Markets		1.4
IT Services		1.3
Others (each less than 1.0%)		0.8
Short-Term Investment		4.4

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	344	GBP
	54,294	for JPY	Citibank, N.A.		05/20/16	$	510	#	$	502	#	$	(8	)
	774	GBP
	124,644	for JPY	Standard Chartered Bank		05/20/16		1,172	#		1,131	#		(41	)
	3,273	AUD	Societe Generale		05/20/16		2,556			2,487			(69	)
	1,432	AUD	Standard Chartered Bank		05/20/16		1,101			1,088			(13	)
	905,482	JPY	HSBC Bank, N.A.		05/20/16		8,319			8,514			195
						$	13,658		$	13,722		$	64

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	5,663	GBP	Goldman Sachs International		05/20/16	$	8,029	$	8,275	$	(246	)
	9,609	ILS	Citibank, N.A.		05/20/16		2,549		2,573		(24	)
	4,067	ILS	Deutsche Bank AG		05/20/16		1,081		1,088		(7	)
	31,701	JPY	Goldman Sachs International		05/20/16		290		299		(9	)
						$	11,949	$	12,235	$	(286	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2016 of the currency being sold, and the value at April 30, 2016 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 3.9%
	1,960	Australia & New Zealand Banking Group Ltd.		35,927
	5,597	Goodman Group		29,161
	2,560	Oil Search Ltd.		13,570
	3,210	Westfield Corp.		24,516
				103,174
		Belgium — 2.1%
	452	Anheuser-Busch InBev S.A./N.V.		56,052
		China — 0.8%
	4,174	ENN Energy Holdings Ltd.		20,359
		Denmark — 3.5%
	414	Chr Hansen Holding A/S		25,808
	178	Genmab A/S (a)		26,413
	700	Novo Nordisk A/S, Class B		39,088
				91,309
		Finland — 1.8%
	4,808	Nokia OYJ		28,386
	997	UPM-Kymmene OYJ		19,086
				47,472
		France — 8.6%
	516	Airbus Group SE		32,285
	1,307	AXA S.A.		33,008
	685	BNP Paribas S.A.		36,279
	786	Klepierre		36,973
	329	Renault S.A.		31,707
	394	Technip S.A. (a)		23,097
	372	Thales S.A.		32,178
				225,527
		Germany — 6.5%
	271	adidas AG		34,912
	164	Bayer AG		18,955
	309	Bayerische Motoren Werke AG		28,612
	135	Continental AG		29,820
	2,627	Infineon Technologies AG		37,482
	137	Linde AG		20,941
				170,722
		Hong Kong — 1.6%
	7,062	China Overseas Land & Investment Ltd.		22,417
	1,635	CK Hutchison Holdings Ltd.		19,561
				41,978
		India — 0.9%
	380	HDFC Bank Ltd., ADR		23,895

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 1.4%
	582	Shire plc		36,329
		Italy — 3.3%
	8,427	Enel S.p.A.		38,301
	3,867	Snam S.p.A.		23,650
	25,559	Telecom Italia S.p.A. (a)		24,958
				86,909
		Japan — 23.9%
	482	Daikin Industries Ltd.		38,269
	1,376	Daiwa House Industry Co., Ltd.		36,765
	645	Dentsu, Inc.		32,762
	2,217	DMG Mori Co., Ltd.		24,869
	818	Japan Airlines Co., Ltd.		29,443
	5,714	Kajima Corp.		35,496
	68	Keyence Corp.		40,819
	7,922	Mitsubishi UFJ Financial Group, Inc.		36,556
	1,590	Mitsui Fudosan Co., Ltd.		38,832
	796	NH Foods Ltd.		17,742
	1,396	Nippon Steel & Sumitomo Metal Corp.		29,056
	1,097	Nippon Telegraph & Telephone Corp.		49,109
	254	Oriental Land Co., Ltd.		17,631
	2,627	ORIX Corp.		37,157
	338	Seven & i Holdings Co., Ltd.		13,799
	1,017	Sompo Japan Nipponkoa Holdings, Inc.		26,692
	432	Suntory Beverage & Food Ltd.		18,871
	928	Tokio Marine Holdings, Inc.		30,357
	729	Toyota Motor Corp.		36,968
	1,793	Yamato Holdings Co., Ltd.		36,159
				627,352
		Netherlands — 5.3%
	417	ASML Holding N.V. (a)		40,292
	2,981	ING Groep N.V., CVA		36,522
	2,305	Royal Dutch Shell plc, Class A		60,892
				137,706
		Norway — 1.5%
	8,998	Norsk Hydro ASA		39,150
		Spain — 0.5%
	2,136	Distribuidora Internacional de Alimentacion S.A.		11,886
		Sweden — 2.2%
	1,017	Electrolux AB, Series B		29,550
	2,986	Nordea Bank AB		29,024
				58,574

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — 6.4%
	277	Nestle S.A.		20,704
	260	Roche Holding AG		65,683
	2,455	UBS Group AG		42,559
	670	Wolseley plc		37,533
				166,479
		United Kingdom — 22.9%
	445	Associated British Foods plc		19,950
	611	AstraZeneca plc		35,051
	2,659	Aviva plc		16,844
	915	British American Tobacco plc		55,819
	8,434	Centrica plc		29,452
	4,305	Dixons Carphone plc		26,796
	2,811	GlaxoSmithKline plc		60,070
	6,821	HSBC Holdings plc		45,203
	508	InterContinental Hotels Group plc		20,291
	5,792	Kingfisher plc		30,856
	2,231	Pennon Group plc		26,518
	1,455	Prudential plc		28,722
	465	Reckitt Benckiser Group plc		45,325
	991	Rio Tinto plc		33,243
	308	SABMiller plc		18,839
	1,860	Smith & Nephew plc		31,504
	10,210	Taylor Wimpey plc		27,542
	15,433	Vodafone Group plc		49,723
				601,748
		Total Common Stocks (Cost $2,439,767)		2,546,621
	Preferred Stock — 1.1%
		Germany — 1.1%
	256	Henkel AG & Co. KGaA (Cost $22,464)		29,248
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	50,458	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $50,458)		50,458
		Total Investments — 100.1% (Cost $2,512,689)		2,626,327
		Liabilities in Excess of Other Assets — (0.1)%		(3,149	)
		NET ASSETS — 100.0%	$	2,623,178

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.7	%
Banks		9.3
Insurance		5.2
Metals & Mining		3.9
Real Estate Management & Development		3.7
Automobiles		3.7
Beverages		3.6
Real Estate Investment Trusts (REITs)		3.5
Semiconductors & Semiconductor Equipment		3.0
Household Products		2.8
Oil, Gas & Consumable Fuels		2.8
Diversified Telecommunication Services		2.8
Aerospace & Defense		2.5
Food Products		2.2
Specialty Retail		2.2
Household Durables		2.2
Tobacco		2.1
Wireless Telecommunication Services		1.9
Chemicals		1.8
Gas Utilities		1.7
Capital Markets		1.6
Electronic Equipment, Instruments & Components		1.6
Electric Utilities		1.5
Building Products		1.5
Hotels, Restaurants & Leisure		1.4
Trading Companies & Distributors		1.4
Diversified Financial Services		1.4
Air Freight & Logistics		1.4
Construction & Engineering		1.4
Textiles, Apparel & Luxury Goods		1.3
Media		1.2
Health Care Equipment & Supplies		1.2
Auto Components		1.1
Multi-Utilities		1.1
Airlines		1.1
Communications Equipment		1.1
Water Utilities		1.0
Biotechnology		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		3.2
Short-Term Investment		1.9

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	8,335	AUD	Citibank, N.A.		05/11/16	$	6,391	$	6,335	$	(56	)
	100,904	AUD	Goldman Sachs International		05/11/16		71,385		76,697		5,312
	16,948	CHF	Goldman Sachs International		05/11/16		17,442		17,673		231
	24,630	CHF	Morgan Stanley		05/11/16		24,931		25,684		753
	41,057	CHF	Royal Bank of Canada		05/11/16		41,645		42,813		1,168
	9,705	CHF	Standard Chartered Bank		05/11/16		9,980		10,120		140
	35,881	CHF	Union Bank of Switzerland AG		05/11/16		37,084		37,416		332
	37,647	DKK	BNP Paribas		05/11/16		5,732		5,794		62
	16,688	EUR	BNP Paribas		05/11/16		18,152		19,113		961
	12,103	EUR	Goldman Sachs International		05/11/16		13,703		13,861		158
	39,685	EUR	HSBC Bank, N.A.		05/11/16		44,902		45,452		550
	39,771	EUR	Merrill Lynch International		05/11/16		45,059		45,550		491
	77,845	EUR	Union Bank of Switzerland AG		05/11/16		87,777		89,156		1,379
	9,167	GBP	Barclays Bank plc		05/11/16		12,860		13,395		535
	50,588	GBP	Goldman Sachs International		05/11/16		71,971		73,918		1,947
	61,405	HKD	Royal Bank of Canada		05/11/16		7,902		7,917		15
	78,133	HKD	Standard Chartered Bank		05/11/16		10,031		10,073		42
	641,704	JPY	BNP Paribas		05/11/16		5,721		6,032		311
	4,399,186	JPY	Royal Bank of Scotland		05/11/16		40,328		41,352		1,024
	1,058,617	JPY	Societe Generale		05/11/16		9,300		9,951		651
	2,293,032	JPY	Standard Chartered Bank		05/11/16		20,242		21,555		1,313
	2,034,787	JPY	Union Bank of Switzerland AG		05/11/16		17,867		19,127		1,260
	373,227	SEK	Goldman Sachs International		05/11/16		44,316		46,489		2,173
	37,640	SGD	Standard Chartered Bank		05/11/16		26,961		27,982		1,021
						$	691,682	$	713,455	$	21,773

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,300	CHF	Goldman Sachs International		05/11/16	$	7,348	$	7,613	$	(265	)
	50,579	DKK	Barclays Bank plc		05/11/16		7,538		7,783		(245	)
	40,369	DKK	Citibank, N.A.		05/11/16		5,890		6,212		(322	)
	41,295	DKK	Goldman Sachs International		05/11/16		6,243		6,355		(112	)
	36,471	DKK	Morgan Stanley		05/11/16		5,348		5,613		(265	)
	31,250	DKK	Standard Chartered Bank		05/11/16		4,719		4,809		(90	)
	34,171	EUR	Citibank, N.A.		05/11/16		37,232		39,136		(1,904	)
	33,580	EUR	Goldman Sachs International		05/11/16		37,572		38,460		(888	)
	14,319	EUR	HSBC Bank, N.A.		05/11/16		16,341		16,400		(59	)
	7,771	EUR	Royal Bank of Canada		05/11/16		8,456		8,899		(443	)
	65,293	EUR	State Street Corp.		05/11/16		73,943		74,781		(838	)
	142,196	GBP	HSBC Bank, N.A.		05/11/16		205,583		207,774		(2,191	)
	22,010	GBP	Royal Bank of Canada		05/11/16		31,002		32,160		(1,158	)
	3,904	GBP	Societe Generale		05/11/16		5,602		5,705		(103	)
	4,812	GBP	State Street Corp.		05/11/16		6,976		7,031		(55	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,247,209	JPY	Barclays Bank plc		05/11/16	$	10,985	$	11,724	$	(739	)
	6,313,189	JPY	Goldman Sachs International		05/11/16		57,958		59,344		(1,386	)
	6,645,111	JPY	HSBC Bank, N.A.		05/11/16		57,820		62,464		(4,644	)
	2,221,002	JPY	Standard Chartered Bank		05/11/16		19,520		20,878		(1,358	)
	100,414	NOK	Royal Bank of Canada		05/11/16		11,766		12,471		(705	)
	89,827	NOK	State Street Corp.		05/11/16		10,830		11,156		(326	)
	190,989	SEK	State Street Corp.		05/11/16		23,307		23,789		(482	)
						$	651,979	$	670,557	$	(18,578	)

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.2%
		Australia — 5.8%
	886	AMP Ltd.		3,935
	597	Australia & New Zealand Banking Group Ltd.		10,950
	449	BGP Holdings plc (a)		—	(h)
	663	BHP Billiton Ltd.		10,346
	214	Commonwealth Bank of Australia		11,935
	44	CSL Ltd.		3,509
	762	Dexus Property Group		4,859
	1,285	Goodman Group		6,696
	95	Macquarie Group Ltd.		4,555
	52	National Australia Bank Ltd.		1,070
	282	Wesfarmers Ltd.		9,146
	136	Westpac Banking Corp.		3,193
				70,194
		Belgium — 1.0%
	102	Anheuser-Busch InBev S.A./N.V.		12,690
		Denmark — 1.1%
	62	Chr Hansen Holding A/S		3,878
	161	Novo Nordisk A/S, Class B		9,008
				12,886
		Finland — 1.9%
	89	Cargotec Oyj, Class B		3,385
	1,543	Nokia OYJ		9,107
	512	Outokumpu OYJ (a)		2,153
	197	UPM-Kymmene OYJ		3,767
	103	Wartsila OYJ Abp		4,423
				22,835
		France — 9.4%
	108	Air Liquide S.A.		12,284
	142	Airbus Group SE		8,900
	73	Arkema S.A.		5,804
	516	AXA S.A.		13,029
	174	BNP Paribas S.A.		9,239
	67	Capgemini S.A.		6,268
	257	Engie S.A.		4,233
	836	Natixis S.A.		4,610
	84	Renault S.A.		8,064
	118	Sanofi		9,712
	64	Schneider Electric SE (a)		4,205
	39	Sodexo S.A.		3,966
	59	Thales S.A.		5,126
	221	TOTAL S.A.		11,157
	335	Vivendi S.A.		6,434
				113,031

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — 8.1%
	70	adidas AG		9,043
	14	Allianz SE		2,390
	24	BASF SE		1,980
	132	Bayer AG		15,205
	115	Brenntag AG		6,740
	189	Daimler AG		13,156
	57	Deutsche Bank AG		1,076
	86	Deutsche Post AG		2,519
	535	Deutsche Telekom AG		9,388
	314	E.ON SE		3,253
	43	HeidelbergCement AG		3,796
	540	Infineon Technologies AG		7,702
	31	Linde AG		4,691
	165	SAP SE		12,930
	41	Siemens AG		4,274
				98,143
		Hong Kong — 2.4%
	628	AIA Group Ltd.		3,761
	566	Cheung Kong Property Holdings Ltd.		3,867
	690	CK Hutchison Holdings Ltd.		8,251
	140	Hang Seng Bank Ltd.		2,539
	496	Power Assets Holdings Ltd.		4,724
	702	Sands China Ltd.		2,502
	619	Wharf Holdings Ltd. (The)		3,347
				28,991
		Ireland — 1.6%
	49	DCC plc		4,354
	62	Ryanair Holdings plc, ADR		4,996
	167	Shire plc		10,437
				19,787
		Israel — 0.3%
	59	Teva Pharmaceutical Industries Ltd., ADR		3,238
		Italy — 2.6%
	439	Assicurazioni Generali S.p.A.		6,713
	227	Atlantia S.p.A.		6,323
	2,229	Enel S.p.A.		10,131
	4,635	Telecom Italia S.p.A. (a)		4,526
	1,058	UniCredit S.p.A.		4,104
				31,797
		Japan — 21.8%
	326	Amada Holdings Co., Ltd.		3,279
	171	Bridgestone Corp.		6,283
	39	Central Japan Railway Co.		6,779

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	91		Daikin Industries Ltd.		7,207
	75		Dentsu, Inc.		3,826
	343		DMG Mori Co., Ltd.		3,852
	93		East Japan Railway Co.		8,147
	103		Electric Power Development Co., Ltd.		3,089
	919		Fujitsu Ltd.		3,212
	1,411		Hitachi Ltd.		6,465
	306		Honda Motor Co., Ltd.		8,263
	333		J. Front Retailing Co., Ltd.		4,005
	67		Japan Tobacco, Inc.		2,717
	205		JFE Holdings, Inc.		2,874
	982		JX Holdings, Inc.		4,220
	861		Kajima Corp.		5,349
	163		KDDI Corp.		4,698
	10		Keyence Corp.		5,994
	403		Kirin Holdings Co., Ltd.		5,806
	289		Kyowa Hakko Kirin Co., Ltd.		5,134
	296		Kyushu Electric Power Co., Inc.		2,968
	135		LIXIL Group Corp.		2,829
	112		Mabuchi Motor Co., Ltd.		5,560
	354		Mazda Motor Corp.		5,398
	257		Medipal Holdings Corp.		4,071
	2,353		Mitsubishi UFJ Financial Group, Inc.		10,857
	124		Mitsui & Co., Ltd.		1,515
	294		Mitsui Fudosan Co., Ltd.		7,173
	143		MS&AD Insurance Group Holdings, Inc.		3,777
	155		NGK Spark Plug Co., Ltd.		3,089
	61		Nidec Corp.		4,477
	163		Nippon Steel & Sumitomo Metal Corp.		3,400
	200		Nippon Telegraph & Telephone Corp.		8,946
	904		Nishi-Nippon City Bank Ltd. (The)		1,631
	—	(h)	Nitori Holdings Co., Ltd.		8
	165		Omron Corp.		5,243
	262		ORIX Corp.		3,706
	174		Otsuka Holdings Co., Ltd.		6,775
	224		Seiko Epson Corp.		3,671
	224		Seven & i Holdings Co., Ltd.		9,152
	123		Shin-Etsu Chemical Co., Ltd.		6,889
	267		Sony Corp.		6,479
	803		Sumitomo Bakelite Co., Ltd.		3,314
	301		Sumitomo Mitsui Financial Group, Inc.		9,049
	163		Sumitomo Realty & Development Co., Ltd.		4,739
	122		Suntory Beverage & Food Ltd.		5,312
	102		Suzuken Co., Ltd.		3,485
	388		Takashimaya Co., Ltd.		2,833

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	802	Tokyo Gas Co., Ltd.		3,539
	343	Toyota Motor Corp.		17,397
	273	Yamato Holdings Co., Ltd.		5,510
				263,991
		Luxembourg — 0.5%
	1,058	ArcelorMittal		5,970
		Netherlands — 6.3%
	741	Aegon N.V.		4,260
	84	ASML Holding N.V. (a)		8,135
	91	Heineken N.V.		8,544
	762	ING Groep N.V., CVA		9,334
	1,119	Koninklijke KPN N.V.		4,398
	292	Koninklijke Philips N.V.		8,028
	144	NN Group N.V.		4,983
	372	Royal Dutch Shell plc, Class A		9,733
	709	Royal Dutch Shell plc, Class B		18,605
				76,020
		New Zealand — 0.4%
	1,706	Spark New Zealand Ltd.		4,410
		Norway — 0.2%
	194	DNB ASA		2,483
		Portugal — 0.3%
	266	Galp Energia SGPS S.A.		3,656
		Singapore — 0.8%
	676	DBS Group Holdings Ltd.		7,648
	340	Singapore Exchange Ltd.		1,899
				9,547
		Spain — 2.3%
	1,035	Banco Santander S.A.		5,257
	4,189	Bankia S.A.		3,907
	563	Distribuidora Internacional de Alimentacion S.A.		3,134
	958	Iberdrola S.A.		6,822
	244	Repsol S.A.		3,214
	481	Telefonica S.A.		5,266
				27,600
		Sweden — 1.8%
	254	Electrolux AB, Series B		7,381
	781	Nordea Bank AB		7,594
	612	Sandvik AB		6,285
				21,260
		Switzerland — 9.6%
	40	Actelion Ltd. (a)		6,537

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	66	Cie Financiere Richemont S.A.		4,376
	158	Credit Suisse Group AG (a)		2,399
	162	LafargeHolcim Ltd. (a)		8,232
	394	Nestle S.A.		29,374
	218	Novartis AG		16,605
	87	Roche Holding AG		21,894
	10	Syngenta AG		3,872
	544	UBS Group AG		9,437
	165	Wolseley plc		9,215
	20	Zurich Insurance Group AG (a)		4,470
				116,411
		United Kingdom — 18.0%
	530	3i Group plc		3,673
	142	Associated British Foods plc		6,357
	200	AstraZeneca plc		11,479
	1,023	Aviva plc		6,481
	4,157	Barclays plc		10,438
	610	Barratt Developments plc		4,747
	1,511	BP plc		8,326
	317	British American Tobacco plc		19,302
	2,598	Centrica plc		9,071
	1,574	Debenhams plc		1,808
	814	Dixons Carphone plc		5,070
	244	Domino’s Pizza Group plc		3,287
	699	GlaxoSmithKline plc		14,945
	2,049	HSBC Holdings plc		13,581
	236	HSBC Holdings plc		1,571
	198	InterContinental Hotels Group plc		7,918
	837	ITV plc		2,757
	10,760	Lloyds Banking Group plc		10,562
	243	Prudential plc		4,799
	116	Reckitt Benckiser Group plc		11,289

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	109	Rio Tinto Ltd.		4,268
	69	Rio Tinto plc		2,323
	683	RSA Insurance Group plc		4,588
	122	SABMiller plc		7,498
	854	Standard Chartered plc		6,905
	1,309	Taylor Wimpey plc		3,531
	204	Unilever N.V., CVA		8,967
	4,401	Vodafone Group plc		14,179
	69	Whitbread plc		3,917
	144	WPP plc		3,369
				217,006
		Total Common Stocks (Cost $1,135,496)		1,161,946
	Preferred Stocks — 1.0%
		Germany — 1.0%
	79	Henkel AG & Co. KGaA		8,992
	22	Volkswagen AG		3,209
		Total Preferred Stocks (Cost $10,217)		12,201
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	24,061	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $24,061)		24,061
		Total Investments — 99.2% (Cost $1,169,774)		1,198,208
		Other Assets in Excess of Liabilities — 0.8%		9,752
		NET ASSETS — 100.0%	$	1,207,960

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.4	%
Pharmaceuticals		10.4
Insurance		5.3
Oil, Gas & Consumable Fuels		4.9
Automobiles		4.6
Diversified Telecommunication Services		3.6
Chemicals		3.6
Beverages		3.3
Food Products		3.0
Metals & Mining		2.6
Industrial Conglomerates		2.1
Electric Utilities		2.1
Household Durables		1.8
Tobacco		1.8
Hotels, Restaurants & Leisure		1.8
Food & Staples Retailing		1.8
Machinery		1.8

INDUSTRY	PERCENTAGE
Capital Markets		1.8	%
Household Products		1.7
Real Estate Management & Development		1.6
Wireless Telecommunication Services		1.6
Electronic Equipment, Instruments & Components		1.5
Trading Companies & Distributors		1.5
Multi-Utilities		1.4
Semiconductors & Semiconductor Equipment		1.3
Road & Rail		1.2
Electrical Equipment		1.2
Aerospace & Defense		1.2
Textiles, Apparel & Luxury Goods		1.1
Software		1.1
Construction Materials		1.0
Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		10.9
Short-Term Investment		2.0

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	38	TOPIX Index		06/09/16		JPY	$	4,532	$	(124	)
	28	SPI 200 Index		06/16/16		AUD		2,769		70
	182	Euro STOXX 50 Index		06/17/16		EUR		6,214		219
	65	FTSE 100 Index		06/17/16		GBP		5,915		176
									$	341

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Belgium — 2.9%
	22	Anheuser-Busch InBev S.A./N.V.		2,764
		Canada — 1.5%
	23	Canadian National Railway Co.		1,386
		China — 6.0%
	13	Baidu, Inc., ADR (a)		2,492
	1,862	CNOOC Ltd.		2,300
	39	JD.com, Inc., ADR (a)		989
				5,781
		Denmark — 1.7%
	28	Novo Nordisk A/S, Class B		1,590
		Finland — 3.4%
	544	Nokia OYJ		3,209
		France — 7.4%
	50	Accor S.A.		2,228
	142	Orange S.A.		2,351
	23	Pernod Ricard S.A.		2,533
				7,112
		Germany — 6.1%
	12	Continental AG		2,664
	53	Covestro AG (e) (a)		2,092
	33	Zalando SE (e) (a)		1,084
				5,840
		Hong Kong — 4.1%
	287	Cheung Kong Property Holdings Ltd.		1,957
	166	CK Hutchison Holdings Ltd.		1,986
				3,943
		India — 2.0%
	31	HDFC Bank Ltd., ADR		1,957
		Ireland — 1.5%
	23	Shire plc		1,424
		Israel — 3.4%
	59	Teva Pharmaceutical Industries Ltd., ADR		3,232
		Italy — 1.6%
	565	Intesa Sanpaolo S.p.A.		1,570
		Japan — 12.1%
	44	Japan Tobacco, Inc.		1,785
	66	KDDI Corp.		1,887
	3	Keyence Corp.		1,918
	118	Kubota Corp.		1,716
	60	Shiseido Co., Ltd.		1,330
	50	Sumitomo Mitsui Financial Group, Inc.		1,502
	23	Tokyo Electron Ltd.		1,487
				11,625

SHARES		SECURITY DESCRIPTION		VALUE($)
		Netherlands — 6.2%
	22	Akzo Nobel N.V.			1,573
	144	Altice N.V., Class A (a)			2,185
	179	ING Groep N.V., CVA			2,190
					5,948
		South Africa — 1.5%
	10	Naspers Ltd., Class N			1,434
		South Korea — 2.9%
	5	Samsung Electronics Co., Ltd., Reg. S, GDR			2,783
		Switzerland — 10.2%
	10	Actelion Ltd. (a)			1,562
	21	Cie Financiere Richemont S.A.			1,405
	47	LafargeHolcim Ltd. (a)			2,366
	11	Roche Holding AG			2,780
	94	UBS Group AG			1,631
			��
					9,744
		Taiwan — 1.8%
	72	Taiwan Semiconductor Manufacturing Co., Ltd., ADR			1,700
		United Kingdom — 20.3%
	106	ARM Holdings plc			1,456
	744	Barclays plc			1,867
	114	British Land Co. plc (The)			1,204
	2,110	Lloyds Banking Group plc			2,071
	340	Meggitt plc			2,042
	116	Prudential plc			2,283
	90	RELX N.V.			1,505
	107	Smith & Nephew plc			1,818
	157	Standard Chartered plc			1,268
	878	Vodafone Group plc			2,828
	47	WPP plc			1,101
					19,443
		Total Common Stocks (Cost $92,931)			92,485
	Short-Term Investment — 3.4%
		Investment Company — 3.4%
	3,281	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $3,281)			3,281
		Total Investments — 100.0% (Cost $96,212)			95,766
		Liabilities in Excess of Other Assets — 0.0% (g)			(23	)
		NET ASSETS — 100.0%		$	95,743

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, April 30, 2016

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		9.4
Media		6.5
Beverages		5.5
Wireless Telecommunication Services		4.9
Semiconductors & Semiconductor Equipment		4.8
Chemicals		3.8
Communications Equipment		3.4
Technology Hardware, Storage & Peripherals		2.9
Auto Components		2.8
Internet Software & Services		2.6
Construction Materials		2.5
Diversified Telecommunication Services		2.5
Oil, Gas & Consumable Fuels		2.4
Insurance		2.4
Hotels, Restaurants & Leisure		2.3

INDUSTRY	PERCENTAGE
Internet & Catalog Retail		2.2	%
Aerospace & Defense		2.1
Industrial Conglomerates		2.1
Real Estate Management & Development		2.0
Electronic Equipment, Instruments & Components		2.0
Health Care Equipment & Supplies		1.9
Tobacco		1.9
Machinery		1.8
Capital Markets		1.7
Biotechnology		1.6
Textiles, Apparel & Luxury Goods		1.5
Road & Rail		1.4
Personal Products		1.4
Real Estate Investment Trusts (REITs)		1.3
Short-Term Investment		3.4

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
			Australia — 3.1%
	2,489		Australia & New Zealand Banking Group Ltd.		45,622
	4,339		Goodman Group		22,608
					68,230
			Belgium — 2.1%
	133		Anheuser-Busch InBev S.A./N.V.		16,438
	528		KBC Groep N.V.		29,729
					46,167
			Canada — 0.7%
	384		TransCanada Corp.		15,945
			China — 1.1%
	18,972		CNOOC Ltd.		23,436
			Denmark — 0.7%
	119		Pandora A/S		15,481
			Finland — 1.8%
	2,846		Nokia OYJ		16,802
	1,217		UPM-Kymmene OYJ		23,299
					40,101
			France — 11.7%
	333		Airbus Group SE		20,821
	1,893		AXA S.A.		47,795
	722		BNP Paribas S.A.		38,227
	215		Capgemini S.A.		20,038
	1,929		Natixis S.A.		10,645
	350		Renault S.A.		33,801
	197		Schneider Electric SE (a)		12,884
	—	(h)	Thales S.A.		39
	1,454		TOTAL S.A.		73,467
					257,717
			Germany — 6.9%
	102		adidas AG		13,192
	314		Bayer AG		36,310
	342		Brenntag AG		20,066
	528		Daimler AG		36,798
	1,438		E.ON SE		14,905
	138		HeidelbergCement AG		12,274
	1,376		Infineon Technologies AG		19,625
					153,170
			Hong Kong — 1.8%
	3,494		China Overseas Land & Investment Ltd.		11,091
	2,442		CK Hutchison Holdings Ltd.		29,216
					40,307

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 1.4%
	128	Ryanair Holdings plc, ADR		10,400
	327	Shire plc		20,380
				30,780
		Israel — 1.2%
	468	Teva Pharmaceutical Industries Ltd., ADR		25,486
		Italy — 4.0%
	8,964	Enel S.p.A.		40,741
	11,213	Intesa Sanpaolo S.p.A.		31,171
	17,131	Telecom Italia S.p.A. (a)		16,728
				88,640
		Japan — 20.0%
	355	Daikin Industries Ltd.		28,172
	1,106	Daiwa House Industry Co., Ltd.		29,543
	427	Dentsu, Inc.		21,675
	1,202	DMG Mori Co., Ltd.		13,488
	991	Honda Motor Co., Ltd.		26,754
	632	Japan Airlines Co., Ltd.		22,756
	11,014	Mitsubishi UFJ Financial Group, Inc.		50,826
	1,396	Mitsui Fudosan Co., Ltd.		34,094
	568	NH Foods Ltd.		12,660
	1,270	Nippon Telegraph & Telephone Corp.		56,810
	847	Sompo Japan Nipponkoa Holdings, Inc.		22,239
	777	Sony Corp.		18,827
	487	Sumitomo Mitsui Financial Group, Inc.		14,667
	4,054	Sumitomo Mitsui Trust Holdings, Inc.		12,461
	306	Suzuken Co., Ltd.		10,500
	969	Suzuki Motor Corp.		26,565
	375	Toyota Motor Corp.		19,019
	1,067	Yamato Holdings Co., Ltd.		21,518
				442,574
		Luxembourg — 1.1%
	4,254	ArcelorMittal		24,013
		Netherlands — 7.8%
	2,611	ING Groep N.V., CVA		31,997
	1,139	Koninklijke Philips N.V.		31,303
	602	NN Group N.V.		20,894
	3,326	Royal Dutch Shell plc, Class A		87,109
				171,303
		Norway — 1.1%
	5,711	Norsk Hydro ASA		24,848
		South Korea — 0.9%
	19	Samsung Electronics Co., Ltd.		21,025

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 1.8%
	4,830	Banco Santander S.A.		24,528
	16,017	Bankia S.A.		14,941
				39,469
		Sweden — 2.9%
	751	Electrolux AB, Series B		21,832
	3,313	Nordea Bank AB		32,208
	1,062	Sandvik AB		10,913
				64,953
		Switzerland — 4.6%
	894	Credit Suisse Group AG (a)		13,610
	311	LafargeHolcim Ltd. (a)		15,814
	84	Roche Holding AG		21,252
	491	Wolseley plc		27,483
	100	Zurich Insurance Group AG (a)		22,429
				100,588
		United Kingdom — 19.9%
	2,500	Aviva plc		15,838
	7,251	Barclays plc		18,205
	1,400	Barratt Developments plc		10,906
	636	British American Tobacco plc		38,768
	7,053	Centrica plc		24,631
	1,893	Dixons Carphone plc		11,785
	2,640	GlaxoSmithKline plc		56,419
	552	InterContinental Hotels Group plc		22,058
	30,832	Lloyds Banking Group plc		30,262
	2,072	National Grid plc		29,566
	2,125	Prudential plc		41,955
	1,277	Rio Tinto plc		42,840
	1,887	RSA Insurance Group plc		12,676
	2,799	Standard Chartered plc		22,624
	18,664	Vodafone Group plc		60,132
				438,665
		Total Common Stocks (Cost $2,117,113)		2,132,898
	Preferred Stock — 0.5%
		Germany — 0.5%
	93	Henkel AG & Co. KGaA (Cost $10,409)		10,578

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	51,512	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.391% (b) (l) (Cost $51,512)		51,512
		Total Investments — 99.4% (Cost $2,179,034)		2,194,988
		Other Assets in Excess of Liabilities — 0.6%		13,003
		NET ASSETS — 100.0%	$	2,207,991

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		18.6	%
Oil, Gas & Consumable Fuels		9.1
Insurance		8.4
Pharmaceuticals		7.3
Automobiles		6.5
Metals & Mining		4.2
Real Estate Management & Development		3.4
Diversified Telecommunication Services		3.4
Multi-Utilities		3.1
Industrial Conglomerates		2.8
Wireless Telecommunication Services		2.7
Household Durables		2.3
Trading Companies & Distributors		2.2
Electric Utilities		1.9
Tobacco		1.8
Airlines		1.5
Textiles, Apparel & Luxury Goods		1.3
Building Products		1.3
Construction Materials		1.3
Machinery		1.1
Paper & Forest Products		1.1
Real Estate Investment Trusts (REITs)		1.0
Hotels, Restaurants & Leisure		1.0
Media		1.0
Air Freight & Logistics		1.0
Technology Hardware, Storage & Peripherals		1.0
Aerospace & Defense		1.0
Others (each less than 1.0%)		6.4
Short-Term Investment		2.3

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	5,849	CAD
	3,181	for GBP	Barclays Bank plc		05/27/16	$	4,649	#	$	4,662	#	$	13
	121,243	AUD	Goldman Sachs International		05/27/16		87,496			92,093			4,597
	29,153	CHF	Citibank, N.A.		05/27/16		29,784			30,421			637
	4,151	CHF	Morgan Stanley		05/27/16		4,206			4,331			125
	46,988	CHF	Royal Bank of Canada		05/27/16		47,364			49,032			1,668
	61,400	DKK	Deutsche Bank AG		05/27/16		9,074			9,453			379
	46,319	EUR	Deutsche Bank AG		05/27/16		52,568			53,075		��	507
	38,633	EUR	Goldman Sachs International		05/27/16		43,972			44,268			296
	18,555	EUR	Royal Bank of Scotland		05/27/16		20,702			21,261			559
	9,135	EUR	State Street Corp.		05/27/16		10,299			10,468			169
	13,387	GBP	Citibank, N.A.		05/27/16		19,047			19,562			515
	11,811	GBP	Deutsche Bank AG		05/27/16		17,073			17,258			185
	4,188	GBP	Goldman Sachs International		05/27/16		5,961			6,119			158
	9,984	GBP	Standard Chartered Bank		05/27/16		14,117			14,588			471
	3,679	GBP	State Street Corp.		05/27/16		5,123			5,376			253
	62,115	HKD	Union Bank of Switzerland AG		05/27/16		8,000			8,010			10
	4,158,839	JPY	BNP Paribas		05/27/16		37,058			39,108			2,050
	876,134	JPY	Goldman Sachs International		05/27/16		7,707			8,239			532
	1,683,693	JPY	HSBC Bank, N.A.		05/27/16		15,259			15,833			574
	787,033	JPY	State Street Corp.		05/27/16		6,980			7,401			421
	1,583,337	JPY	Union Bank of Switzerland AG		05/27/16		14,109			14,889			780
	40,864	NOK	Standard Chartered Bank		05/27/16		4,762			5,075			313
	42,929	SGD	State Street Corp.		05/27/16		30,465			31,899			1,434
						$	495,775		$	512,421		$	16,646
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,137	AUD	Australia & New Zealand Banking Group Ltd.		05/27/16	$	5,479		$	5,420		$	59
	12,830	AUD	Goldman Sachs International		05/27/16		9,568			9,746			(178	)
	19,818	CAD	Royal Bank of Scotland		05/27/16		15,732			15,795			(63	)
	8,601	CHF	Morgan Stanley		05/27/16		8,991			8,975			16
	4,600	CHF	State Street Corp.		05/27/16		4,791			4,801			(10	)
	68,696	DKK	Goldman Sachs International		05/27/16		10,169			10,577			(408	)
	9,074	EUR	Citibank, N.A.		05/27/16		10,142			10,397			(255	)
	7,513	EUR	Deutsche Bank AG		05/27/16		8,490			8,610			(120	)
	95,494	EUR	Goldman Sachs International		05/27/16		105,288			109,422			(4,134	)
	33,531	EUR	HSBC Bank, N.A.		05/27/16		37,526			38,421			(895	)
	6,685	EUR	Royal Bank of Canada		05/27/16		7,632			7,660			(28	)
	8,879	EUR	Standard Chartered Bank		05/27/16		10,091			10,175			(84	)
	8,117	EUR	State Street Corp.		05/27/16		9,017			9,302			(285	)
	56,985	GBP	BNP Paribas		05/27/16		80,571			83,269			(2,698	)
	5,807	GBP	Deutsche Bank AG		05/27/16		8,150			8,485			(335	)
	20,872	GBP	Morgan Stanley		05/27/16		29,259			30,499			(1,240	)
	3,661	GBP	Standard Chartered Bank		05/27/16		5,195			5,350			(155	)
	10,754	GBP	State Street Corp.		05/27/16		15,300			15,714			(414	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,577,115	JPY	Australia & New Zealand Banking Group Ltd.		05/27/16	$	14,310	$	14,831	$	(521	)
	723,537	JPY	Barclays Bank plc		05/27/16		6,636		6,804		(168	)
	539,904	JPY	Goldman Sachs International		05/27/16		4,792		5,077		(285	)
	737,073	JPY	HSBC Bank, N.A.		05/27/16		6,639		6,931		(292	)
	512,780	JPY	Morgan Stanley		05/27/16		4,740		4,822		(82	)
	809,313	JPY	Standard Chartered Bank		05/27/16		7,178		7,611		(433	)
	1,009,813	JPY	State Street Corp.		05/27/16		9,120		9,496		(376	)
	104,090	NOK	Royal Bank of Canada		05/27/16		12,085		12,926		(841	)
	53,746	SEK	State Street Corp.		05/27/16		6,387		6,699		(312	)
						$	453,278	$	467,815	$	(14,537	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2016 of the currency being sold, and the value at April 30, 2016 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Australia — 6.4%
	744	Australia & New Zealand Banking Group Ltd.		13,629
	1,147	Bendigo & Adelaide Bank Ltd.		8,076
	1,110	BHP Billiton Ltd.		17,328
	1,153	Challenger Ltd.		7,798
	14,885	Fairfax Media Ltd.		8,946
	306	Flight Centre Travel Group Ltd.		9,123
	2,716	GPT Group (The)		10,345
	2,837	Harvey Norman Holdings Ltd.		9,606
	965	LendLease Group		9,265
	194	Macquarie Group Ltd.		9,278
	7,366	South32 Ltd. (a)		9,212
	2,240	Star Entertainment Grp Ltd. (The)		9,563
	1,284	Westfield Corp.		9,807
	1,014	Westpac Banking Corp.		23,810
	460	Woodside Petroleum Ltd.		9,839
				165,625
		Belgium — 1.5%
	196	Ageas		7,693
	89	Anheuser-Busch InBev S.A./N.V.		11,064
	366	bpost S.A.		10,339
	90	Delhaize Group		9,504
				38,600
		China — 0.3%
	11,549	China Construction Bank Corp., Class H		7,335
		Denmark — 2.5%
	466	Danske Bank A/S		13,172
	587	Novo Nordisk A/S, Class B		32,748
	56	Pandora A/S		7,272
	147	Vestas Wind Systems A/S		10,510
				63,702
		Finland — 0.7%
	307	Tieto OYJ		8,058
	533	UPM-Kymmene OYJ		10,197
				18,255
		France — 11.1%
	693	Altran Technologies S.A.		10,279
	713	AXA S.A.		18,014
	367	BNP Paribas S.A.		19,414
	107	Capgemini S.A.		9,955
	758	Credit Agricole S.A.		8,389
	650	Engie S.A.		10,724
	198	Faurecia		8,180
	1,681	Natixis S.A.		9,275
	788	Orange S.A.		13,089

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	143	Publicis Groupe S.A.		10,558
	105	Renault S.A.		10,096
	149	Safran S.A.		10,243
	352	Sanofi		29,025
	180	Schneider Electric SE (a)		11,750
	347	Societe Generale S.A.		13,672
	82	Sodexo S.A.		8,319
	107	Teleperformance		9,578
	117	Thales S.A.		10,115
	633	TOTAL S.A.		31,979
	65	Valeo S.A.		10,336
	389	Veolia Environnement S.A.		9,568
	216	Vinci S.A.		16,102
				288,660
		Germany — 8.3%
	144	Allianz SE		24,564
	154	Bayer AG		17,768
	130	Bayerische Motoren Werke AG		12,037
	53	Continental AG		11,702
	210	Covestro AG (a) (e)		8,323
	301	Daimler AG		21,006
	274	Evonik Industries AG		8,697
	175	Freenet AG		5,349
	125	Fresenius Medical Care AG & Co. KGaA		10,863
	162	Fresenius SE & Co. KGaA		11,800
	89	Hannover Rueck SE		10,154
	124	HeidelbergCement AG		11,035
	764	Infineon Technologies AG		10,905
	95	Merck KGaA (a)		8,983
	177	OSRAM Licht AG		9,236
	103	Rheinmetall AG		8,034
	236	Siemens AG		24,657
				215,113
		Hong Kong — 3.6%
	3,384	BOC Hong Kong Holdings Ltd.		10,108
	1,031	Cheung Kong Infrastructure Holdings Ltd.		9,730
	1,475	Cheung Kong Property Holdings Ltd.		10,070
	3,226	China Overseas Land & Investment Ltd.		10,240
	1,067	CK Hutchison Holdings Ltd.		12,759
	9,686	New World Development Co., Ltd.		9,633
	2,764	Sands China Ltd.		9,847
	852	Swire Pacific Ltd., Class A		9,243
	670	Wheelock & Co., Ltd.		3,102
	11,446	Xinyi Glass Holdings Ltd.		7,797
				92,529

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		India — 0.3%
	134	HDFC Bank Ltd., ADR		8,439
		Ireland — 1.3%
	119	DCC plc		10,595
	114	Ryanair Holdings plc, ADR		9,251
	222	Shire plc		13,873
				33,719
		Israel — 0.6%
	298	Teva Pharmaceutical Industries Ltd., ADR		16,209
		Italy — 1.4%
	3,320	Enel S.p.A.		15,091
	4,099	Intesa Sanpaolo S.p.A.		11,395
	1,188	Mediobanca S.p.A.		9,787
				36,273
		Japan — 21.5%
	311	Ajinomoto Co., Inc.		7,162
	917	Amada Holdings Co., Ltd.		9,217
	787	Astellas Pharma, Inc.		10,615
	417	Bandai Namco Holdings, Inc.		8,882
	288	Bridgestone Corp.		10,601
	1,328	Citizen Holdings Co., Ltd.		7,492
	1,807	Concordia Financial Group Ltd. (a)		8,704
	730	Daicel Corp.		9,122
	170	FamilyMart Co., Ltd.		8,987
	2,429	Fuji Electric Co., Ltd.		10,336
	309	Fuji Heavy Industries Ltd.		10,153
	277	FUJIFILM Holdings Corp.		11,387
	117	Hikari Tsushin, Inc.		8,786
	709	Hitachi Metals Ltd.		7,195
	425	Honda Motor Co., Ltd.		11,480
	234	Hoya Corp.		8,942
	890	ITOCHU Corp.		11,312
	427	Japan Tobacco, Inc.		17,446
	708	JTEKT Corp.		9,009
	596	KDDI Corp.		17,174
	179	Koito Manufacturing Co., Ltd.		7,751
	96	Kose Corp.		8,744
	154	Matsumotokiyoshi Holdings Co., Ltd.		7,552
	621	Mazda Motor Corp.		9,460
	560	Mitsubishi Corp.		9,409
	949	Mitsubishi Electric Corp.		10,085
	4,383	Mitsubishi UFJ Financial Group, Inc.		20,227
	1,913	Mitsubishi UFJ Lease & Finance Co., Ltd.		8,336
	1,551	Mitsui Chemicals, Inc.		5,144
	405	Mitsui Fudosan Co., Ltd.		9,891

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	434	Nippon Steel & Sumitomo Metal Corp.		9,022
	318	Nippon Telegraph & Telephone Corp.		14,208
	80	Nitori Holdings Co., Ltd.		7,479
	139	Nitto Denko Corp.		7,483
	537	NTT DOCOMO, Inc.		12,875
	1,028	Obayashi Corp.		10,071
	818	ORIX Corp.		11,576
	262	Otsuka Holdings Co., Ltd.		10,226
	767	Sekisui Chemical Co., Ltd.		9,591
	549	Sekisui House Ltd.		9,532
	141	Shin-Etsu Chemical Co., Ltd.		7,914
	217	Shionogi & Co., Ltd.		11,071
	145	SoftBank Group Corp.		7,807
	299	Sompo Japan Nipponkoa Holdings, Inc.		7,837
	2,041	Sumitomo Chemical Co., Ltd.		9,225
	773	Sumitomo Electric Industries Ltd.		9,304
	2,235	Sumitomo Heavy Industries Ltd.		9,393
	475	Sumitomo Mitsui Financial Group, Inc.		14,288
	2,592	Sumitomo Mitsui Trust Holdings, Inc.		7,967
	674	T&D Holdings, Inc.		6,455
	1,438	Taisei Corp.		9,815
	724	Taiyo Yuden Co., Ltd.		7,225
	147	Tokyo Electron Ltd.		9,682
	506	Tokyo Tatemono Co., Ltd.		6,682
	390	Toyota Motor Corp.		19,744
	328	Yamaha Corp.		9,422
				556,495
		Luxembourg — 0.4%
	244	APERAM S.A.		9,619
		Netherlands — 5.2%
	1,413	Aegon N.V.		8,125
	141	Heineken N.V.		13,245
	1,482	ING Groep N.V., CVA		18,161
	417	Koninklijke Ahold N.V.		9,071
	277	NN Group N.V.		9,618
	181	Randstad Holding N.V.		9,741
	2,207	Royal Dutch Shell plc, Class B		57,932
	1,339	Steinhoff International Holdings N.V. (a)		8,375
				134,268
		Norway — 0.8%
	801	DNB ASA		10,246
	2,345	Norsk Hydro ASA		10,202
				20,448

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — 0.5%
	660	DBS Group Holdings Ltd.		7,467
	208	Jardine Cycle & Carriage Ltd.		5,958
				13,425
		South Korea — 0.3%
	158	POSCO, ADR		8,204
		Spain — 2.6%
	235	Amadeus IT Holding S.A., Class A		10,732
	2,204	Banco Santander S.A.		11,193
	427	Ferrovial S.A.		9,222
	453	Gas Natural SDG S.A.		9,443
	2,134	Iberdrola S.A.		15,188
	828	Repsol S.A.		10,907
				66,685
		Sweden — 2.7%
	574	Boliden AB		10,031
	593	Castellum AB		9,494
	241	Hexagon AB, Class B		9,636
	614	Securitas AB, Class B		9,712
	349	Svenska Cellulosa AB S.C.A., Class B		10,997
	508	Swedbank AB, Class A		10,967
	526	Trelleborg AB, Class B,		9,611
				70,448
		Switzerland — 8.1%
	66	Actelion Ltd. (a)		10,657
	153	Adecco S.A.		9,878
	12	Georg Fischer AG		9,742
	59	Lonza Group AG (a)		9,914
	515	Nestle S.A.		38,439
	379	Novartis AG		28,818
	196	Roche Holding AG		49,667
	2	Sika AG		9,368
	36	Swiss Life Holding AG (a)		9,001
	155	Swiss Re AG		13,800
	1,235	UBS Group AG		21,417
				210,701
		Taiwan — 0.3%
	338	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		7,967
		United Kingdom — 17.4%
	1,306	3i Group plc		9,058
	156	AstraZeneca plc		8,951
	1,641	Aviva plc		10,400
	5,293	Barclays plc		13,290

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	1,145	Barratt Developments plc		8,919
	2,499	Booker Group plc		5,927
	5,117	BP plc		28,191
	577	British American Tobacco plc		35,193
	906	British Land Co. plc (The)		9,536
	2,571	BT Group plc		16,666
	443	Burberry Group plc		7,706
	1,411	Carillion plc		6,073
	1,553	Direct Line Insurance Group plc		8,227
	1,349	Dixons Carphone plc		8,399
	650	Greene King plc		7,778
	2,733	HSBC Holdings plc		18,113
	353	Imperial Brands plc		19,216
	204	Intertek Group plc		9,738
	2,306	ITV plc		7,602
	1,885	J Sainsbury plc		7,976
	1,015	John Wood Group plc		9,282
	18,504	Lloyds Banking Group plc		18,161
	1,301	Marks & Spencer Group plc		8,067
	292	Persimmon plc		8,482
	526	Playtech plc		6,190
	870	Prudential plc		17,170
	235	Reckitt Benckiser Group plc		22,940
	589	Rio Tinto plc		19,744
	1,189	Segro plc		7,264
	1,074	UBM plc		8,952
	756	Unilever N.V., CVA		33,222
	8,834	Vodafone Group plc		28,462
	610	WPP plc		14,256
				449,151
		United States — 0.4%
	192	Carnival plc		9,596
		Total Common Stocks (Cost $2,577,422)		2,541,466
	Preferred Stock — 0.4%
		Germany — 0.4%
	94	Henkel AG & Co. KGaA (Cost $9,338)		10,703

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	70,048	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $70,048)		70,048
		Total Investments — 101.3% (Cost $2,656,808)		2,622,217
		Liabilities in Excess of Other Assets — (1.3)%		(34,173	)
		NET ASSETS — 100.0%	$	2,588,044

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		11.7	%
Pharmaceuticals		9.1
Insurance		5.8
Oil, Gas & Consumable Fuels		5.3
Metals & Mining		3.8
Automobiles		3.6
Real Estate Management & Development		3.0
Tobacco		2.7
Wireless Telecommunication Services		2.7
Auto Components		2.5
Chemicals		2.5
Industrial Conglomerates		2.1
Hotels, Restaurants & Leisure		2.1
Electrical Equipment		2.0
Construction & Engineering		2.0
Media		1.9
Capital Markets		1.9
Food & Staples Retailing		1.9
Machinery		1.8
Food Products		1.7
Household Durables		1.7
Household Products		1.7
Diversified Telecommunication Services		1.7
Personal Products		1.6
Electric Utilities		1.5
IT Services		1.5
Professional Services		1.5
Real Estate Investment Trusts (REITs)		1.4
Semiconductors & Semiconductor Equipment		1.1
Diversified Financial Services		1.1
Others (each less than 1.0%)		12.4
Short-Term Investment		2.7

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

J.P. Morgan International Equity Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CDI	—  CHESS Depository Interest
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
ILS	—  Israeli Shekel
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
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 April 30, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(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	$	1,102,353		$	2,191,711	$	2,641		$	6,835,706
Investments in affiliates, at value		17,419			49,636		—			—
Total investment securities, at value		1,119,772			2,241,347		2,641			6,835,706
Cash		853			1,167		115			—
Foreign currency, at value		507			1,206		1			563
Receivables:
Investment securities sold		1,882			—		11			8,944
Fund shares sold		162			9,574		—			5,812
Dividends from non-affiliates		853			2,342		11			16,004
Dividends from affiliates		4			15		—			5
Tax reclaims		11			—		—			6,763
Due from Adviser		—			—		30			—
Other assets		—			—		33			—
Total Assets		1,124,044			2,255,651		2,842			6,873,797
LIABILITIES:
Payables:
Due to custodian		—			—		—			2,310
Investment securities purchased		2,100			1,521		3			9,789
Fund shares redeemed		910			3,415		—			5,557
Accrued liabilities:
Investment advisory fees		855			1,717		—			373
Administration fees		28			80		—			—
Distribution fees		12			81		—	(a)		—	(a)
Shareholder servicing fees		12			60		1			1,405
Custodian and accounting fees		85			304		11			58
Trustees’ and Chief Compliance Officer’s fees		—	(a)		4		—	(a)		24
Deferred India capital gains tax		22			367		—			—
Audit fees		38			47		36			42
Sub-transfer agent fees		48			319		—	(a)		—
Other		30			182		2			47
Total Liabilities		4,140			8,097		53			19,605
Net Assets	$	1,119,904		$	2,247,554	$	2,789		$	6,854,192

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

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,362,298		$	2,209,605		$	3,269		$	6,685,675
Accumulated undistributed (distributions in excess of) net investment income		615			3,884			15			45,820
Accumulated net realized gains (losses)		(227,682	)		(129,261	)		(326	)		(262,254	)
Net unrealized appreciation (depreciation)		(15,327	)		163,326			(169	)		384,951
Total Net Assets	$	1,119,904		$	2,247,554		$	2,789		$	6,854,192
Net Assets:
Class A	$	50,346		$	284,714		$	114		$	20
Class C		2,728			38,732			40			19
Class R2		—			—			—			20
Class R5		2,779			—			18			—
Class R6		1,008,372			1,375,251			22			—
Institutional Class		—			285,067			—			—
Select Class		55,679			263,790			2,595			6,854,133
Total	$	1,119,904		$	2,247,554		$	2,789		$	6,854,192
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,758			14,471			9			1
Class C		260			2,020			3			1
Class R2		—			—			—			1
Class R5		258			—			2			—
Class R6		94,813			67,998			2			—
Institutional Class		—			14,072			—			—
Select Class		5,208			13,104			205			382,896
Net Asset Value (a):
Class A — Redemption price per share	$	10.58		$	19.68		$	12.61		$	18.00
Class C — Offering price per share (b)		10.48			19.17			12.59			18.06
Class R2 — Offering and redemption price per share		—			—			—			18.03
Class R5 — Offering and redemption price per share		10.78			—			12.64			—
Class R6 — Offering and redemption price per share		10.64			20.22			12.64			—
Institutional Class — Offering and redemption price per share		—			20.26			—			—
Select Class — Offering and redemption price per share		10.69			20.13			12.64			17.90
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)]	$	11.17		$	20.77		$	13.31		$	19.00
Cost of investments in non-affiliates	$	1,117,697		$	2,028,137		$	2,810		$	6,451,156
Cost of investments in affiliates		17,419			49,636			—			—
Cost of foreign currency		507			1,082			1			561

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited) (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	$	2,413		$	3,259,867	$	109,553		$	2,575,869
Investments in affiliates, at value		—			63,437		5,006			50,458
Total investment securities, at value		2,413			3,323,304		114,559			2,626,327
Cash		6			29		321			33
Foreign currency, at value		2			520		18			793
Receivables:
Investment securities sold		74			—		2,258			5,891
Fund shares sold		7			1,096		660			769
Dividends from non-affiliates		62			16,142		549			13,057
Dividends from affiliates		1			20		1			16
Tax reclaims		18			5,672		170			3,843
Unrealized appreciation on forward foreign currency exchange contracts		—			—		195			21,829
Due from Adviser		15			—		—			—
Other assets		10			—		—			—
Total Assets		2,608			3,346,783		118,731			2,672,558
LIABILITIES:
Payables:
Investment securities purchased		9			—		2,597			2,292
Fund shares redeemed		5			1,084		183			26,592
Unrealized depreciation on forward foreign currency exchange contracts		—			—		417			18,634
Accrued liabilities:
Investment advisory fees		—			1,993		42			1,327
Administration fees		—			114		—			181
Distribution fees		4			67		21			42
Shareholder servicing fees		4			66		20			51
Custodian and accounting fees		7			76		9			56
Trustees’ and Chief Compliance Officer’s fees		—	(a)		7		—	(a)		6
Audit fees		40			10		39			38
Sub-transfer agent fees		—	(a)		188		29			136
Other		6			69		18			25
Total Liabilities		75			3,674		3,375			49,380
Net Assets	$	2,533		$	3,343,109	$	115,356		$	2,623,178

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

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	3,669		$	3,287,924		$	117,930		$	2,574,261
Accumulated undistributed (distributions in excess of) net investment income		(68	)		18,464			(198	)		20,716
Accumulated net realized gains (losses)		(1,138	)		(19,939	)		(8,329	)		(89,096	)
Net unrealized appreciation (depreciation)		70			56,660			5,953			117,297
Total Net Assets	$	2,533		$	3,343,109		$	115,356		$	2,623,178
Net Assets:
Class A	$	766		$	256,450		$	71,821		$	202,152
Class C		309			24,556			11,304			1,565
Class R2		17			1,450			116			—
Class R5		17			55,680			19			—
Class R6		17			2,881,834			20			2,341,171
Institutional Class		—			—			—			51,369
Select Class		1,407			123,139			32,076			26,921
Total	$	2,533		$	3,343,109		$	115,356		$	2,623,178
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		56			18,366			4,846			14,542
Class C		23			1,853			767			116
Class R2		2			104			8			—
Class R5		1			3,926			1			—
Class R6		1			203,243			1			165,610
Institutional Class		—			—			—			3,631
Select Class		102			8,695			2,160			1,908
Net Asset Value (a):
Class A — Redemption price per share	$	13.73		$	13.96		$	14.82		$	13.90
Class C — Offering price per share (b)		13.66			13.25			14.73			13.46
Class R2 — Offering and redemption price per share		13.85			13.90			14.80			—
Class R5 — Offering and redemption price per share		13.81			14.18			14.86			—
Class R6 — Offering and redemption price per share		13.80			14.18			14.85			14.14
Institutional Class — Offering and redemption price per share		—			—			—			14.15
Select Class — Offering and redemption price per share		13.81			14.16			14.85			14.11
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)]	$	14.49		$	14.73		$	15.64		$	14.67
Cost of investments in non-affiliates	$	2,347		$	3,203,694		$	103,387		$	2,462,231
Cost of investments in affiliates		—			63,437			5,006			50,458
Cost of foreign currency		2			514			18			760

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited) (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	$	1,174,147	$	92,485		$	2,143,476	$	2,552,169
Investments in affiliates, at value		24,061		3,281			51,512		70,048
Total investment securities, at value		1,198,208		95,766			2,194,988		2,622,217
Cash		188		49			2,882		30
Foreign currency, at value		1,075		23			1,200		10
Deposits at broker for futures contracts		1,445		—			—		—
Receivables:
Due from custodian		—		—			—		16,419
Investment securities sold		—		—			2,466		16,947
Fund shares sold		1,916		166			8,205		739
Dividends from non-affiliates		4,246		522			10,712		12,922
Dividends from affiliates		15		1			13		19
Tax reclaims		2,079		39			3,528		3,081
Unrealized appreciation on forward foreign currency exchange contracts		—		—			16,721		—
Total Assets		1,209,172		96,566			2,240,715		2,672,384
LIABILITIES:
Payables:
Investment securities purchased		—		707			9,840		51,245
Fund shares redeemed		145		6			5,144		31,318
Variation margin on futures contracts		676		—			81		—
Unrealized depreciation on forward foreign currency exchange contracts		—		—			14,612		—
Accrued liabilities:
Investment advisory fees		42		44			1,066		1,247
Administration fees		—		—			145		170
Distribution fees		26		5			151		41
Shareholder servicing fees		203		3			231		44
Custodian and accounting fees		40		8			150		61
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)		9		6
Audit fees		3		43			41		30
Sub-transfer agent fees		40		2			1,013		138
Other		36		5			241		40
Total Liabilities		1,212		823			32,724		84,340
Net Assets	$	1,207,960	$	95,743		$	2,207,991	$	2,588,044

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

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	1,181,285		$	99,375		$	2,608,720		$	3,176,432
Accumulated undistributed (distributions in excess of) net investment income		8,783			426			15,106			20,955
Accumulated net realized gains (losses)		(10,918	)		(3,627	)		(433,917	)		(575,181	)
Net unrealized appreciation (depreciation)		28,810			(431	)		18,082			(34,162	)
Total Net Assets	$	1,207,960		$	95,743		$	2,207,991		$	2,588,044
Net Assets:
Class A	$	71,201		$	11,118		$	653,132		$	198,415
Class C		15,714			4,823			28,901			2,437
Class R2		3,814			19			1,521			481
Class R5		—			19			—			—
Class R6		—			69,437			28,671			2,338,722
Institutional Class		—			—			1,295,143			28,749
Select Class		1,117,231			10,327			200,623			19,240
Total	$	1,207,960		$	95,743		$	2,207,991		$	2,588,044
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,613			656			53,777			10,927
Class C		1,061			287			2,444			133
Class R2		252			1			127			27
Class R5		—			1			—			—
Class R6		—			4,059			2,315			125,924
Institutional Class		—			—			104,546			1,522
Select Class		71,836			603			16,097			1,019
Net Asset Value (a):
Class A — Redemption price per share	$	15.44		$	16.95		$	12.15		$	18.16
Class C — Offering price per share (b)		14.82			16.79			11.83			18.33
Class R2 — Offering and redemption price per share		15.11			16.94			11.97			18.04
Class R5 — Offering and redemption price per share		—			17.11			—			—
Class R6 — Offering and redemption price per share		—			17.11			12.38			18.57
Institutional Class — Offering and redemption price per share		—			—			12.39			18.88
Select Class — Offering and redemption price per share		15.55			17.13			12.46			18.88
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)]	$	16.30		$	17.89		$	12.82		$	19.17
Cost of investments in non-affiliates	$	1,145,713		$	92,931		$	2,127,522		$	2,586,760
Cost of investments in affiliates		24,061			3,281			51,512			70,048
Cost of foreign currency		1,081			22			1,192			10

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—		$	—		$	9
Interest income from affiliates		2			—			—			—	(a)
Dividend income from non-affiliates		10,858			18,571			42			87,119
Dividend income from affiliates		26			74			—			88
Foreign taxes withheld		(1,271	)		(1,504	)		(3	)		(3,866	)
Total investment income		9,615			17,141			39			83,350
EXPENSES:
Investment advisory fees		5,342			10,673			13			6,916
Administration fees		439			876			1			2,840
Distribution fees:
Class A		55			330			—	(a)		—	(a)
Class C		11			142			—	(a)		—	(a)
Class R2		—			—			—			—	(a)
Shareholder servicing fees:
Class A		55			330			—	(a)		—	(a)
Class C		4			48			—	(a)		—	(a)
Class R2		—			—			—			—	(a)
Class R5		3			—			—	(a)		—
Institutional Class		—			137			—			—
Select Class		70			347			3			8,645
Custodian and accounting fees		325			660			24			301
Interest expense to affiliates		1			1			—			9
Professional fees		51			57			33			76
Trustees’ and Chief Compliance Officer’s fees		4			14			2			38
Printing and mailing costs		15			2			3			58
Registration and filing fees		51			62			26			86
Transfer agent fees (See Note 2.J.)		10			60			—	(a)		30
Sub-transfer agent fees (See Note 2.J.)		52			431			—			8
Offering costs		—			—			14			—
Other		9			11			3			13
Total expenses		6,497			14,181			122			19,020
Less fees waived		(712	)		(1,695	)		(14	)		(7,360	)
Less expense reimbursements		(2	)		—			(91	)		(1	)
Net expenses		5,783			12,486			17			11,659
Net investment income (loss)		3,832			4,655			22			71,691
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(38,460	)		(84,948	)		(196	)		(172,253	)
Futures		(3,603	)		—			—			11,473
Foreign currency transactions		(522	)		(510	)		(2	)		146
Net realized gain (loss)		(42,585	)		(85,458	)		(198	)		(160,634	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		12,475	(b)		117,607	(c)		225			(35,404	)
Futures		979			—			—			(10,589	)
Foreign currency translations		54			129			—	(a)		744
Change in net unrealized appreciation/depreciation		13,508			117,736			225			(45,249	)
Net realized/unrealized gains (losses)		(29,077	)		32,278			27			(205,883	)
Change in net assets resulting from operations	$	(25,245	)	$	36,933		$	49		$	(134,192	)

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

(b) Net of change in India capital gains tax of approximately $(53,000) for Emerging Economies Fund.

(c) Net of change in India capital gains tax of approximately $34,000 for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—	(a)	$	—		$	1
Dividend income from non-affiliates		443			40,774			2,121			35,465
Dividend income from affiliates		6			97			5			66
Foreign taxes withheld		(17	)		(2,707	)		(174	)		(2,279	)
Total investment income		432			38,164			1,952			33,253
EXPENSES:
Investment advisory fees		115			11,971			359			7,300
Administration fees		14			1,229			42			999
Distribution fees:
Class A		35			283			81			210
Class C		1			94			35			6
Class R2		—	(a)		3			—	(a)		—
Shareholder servicing fees:
Class A		35			283			81			210
Class C		—	(a)		31			12			2
Class R2		—	(a)		2			—	(a)		—
Class R5		—	(a)		14			—	(a)		—
Institutional Class		—			—			—			26
Select Class		6			162			36			30
Custodian and accounting fees		23			241			29			163
Interest expense to affiliates		—	(a)		1			2			1
Professional fees		38			69			38			57
Trustees’ and Chief Compliance Officer’s fees		2			15			2			12
Printing and mailing costs		5			65			13			34
Registration and filing fees		47			60			28			53
Transfer agent fees (See Note 2.J.)		2			35			5			19
Sub-transfer agent fees (See Note 2.J.)		—	(a)		217			33			130
Other		4			12			3			11
Total expenses		327			14,787			799			9,263
Less fees waived		(125	)		(1,849	)		(185	)		(109	)
Less expense reimbursements		(88	)		(5	)		—	(a)		—
Net expenses		114			12,933			614			9,154
Net investment income (loss)		318			25,231			1,338			24,099
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,322			5,470			(7,362	)		(65,938	)
Futures		228			—			—			6,448
Foreign currency transactions		129			(739	)		(48	)		11,843
Net realized gain (loss)		5,679			4,731			(7,410	)		(47,647	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(41	)		(141,854	)		3,397			(31,361	)
Foreign currency translations		4			912			(206	)		4,606
Change in net unrealized appreciation/depreciation		(37	)		(140,942	)		3,191			(26,755	)
Net realized/unrealized gains (losses)		5,642			(136,211	)		(4,219	)		(74,402	)
Change in net assets resulting from operations	$	5,960		$	(110,980	)	$	(2,881	)	$	(50,303	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (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	$	5		$	—		$	—		$	10
Interest income from affiliates		—	(a)		—	(a)		—	(a)		1
Dividend income from non-affiliates		14,513			890			33,599			38,650
Dividend income from affiliates		40			4			35			82
Foreign taxes withheld		(1,165	)		(64	)		(2,565	)		(3,205	)
Total investment income		13,393			830			31,069			35,538
EXPENSES:
Investment advisory fees		888			286			6,645			6,726
Administration fees		364			34			909			921
Distribution fees:
Class A		92			10			804			204
Class C		61			15			108			10
Class R2		9			—	(a)		4			1
Shareholder servicing fees:
Class A		92			10			804			204
Class C		20			5			36			3
Class R2		4			—	(a)		2			—	(a)
Class R5		—			—	(a)		—			—
Institutional Class		—			—			664			19
Select Class		993			13			262			23
Custodian and accounting fees		81			35			168			191
Interest expense to affiliates		—	(a)		—	(a)		1			—	(a)
Professional fees		63			36			64			71
Trustees’ and Chief Compliance Officer’s fees		5			2			12			11
Printing and mailing costs		33			3			140			32
Registration and filing fees		33			24			76			56
Transfer agent fees (See Note 2.J.)		27			4			31			17
Sub-transfer agent fees (See Note 2.J.)		87			4			1,132			123
Other		6			4			15			5
Total expenses		2,858			485			11,877			8,617
Less fees waived		(1,162	)		(133	)		(239	)		(161	)
Less expense reimbursements		—	(a)		—	(a)		(2	)		—	(a)
Net expenses		1,696			352			11,636			8,456
Net investment income (loss)		11,697			478			19,433			27,082
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(7,865	)		(2,814	)		(76,920	)		(6,892	)
Futures		2,367			—			1,045			—
Foreign currency transactions		269			9			7,272			611
Net realized gain (loss)		(5,229	)		(2,805	)		(68,603	)		(6,281	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(29,456	)(b)		1,270			(90,020	)		(88,686	)
Futures		(47	)		—			—			—
Foreign currency translations		255			16			824			568
Change in net unrealized appreciation/depreciation		(29,248	)		1,286			(89,196	)		(88,118	)
Net realized/unrealized gains (losses)		(34,477	)		(1,519	)		(157,799	)		(94,399	)
Change in net assets resulting from operations	$	(22,780	)	$	(1,041	)	$	(138,366	)	$	(67,317	)

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

(b) Net of change in India capital gains tax of approximately $2,000 for International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,832		$	14,254		$	4,655		$	19,330
Net realized gain (loss)		(42,585	)		(84,340	)		(85,458	)		(27,573	)
Change in net unrealized appreciation/depreciation		13,508			(71,084	)		117,736			(380,760	)
Change in net assets resulting from operations		(25,245	)		(141,170	)		36,933			(389,003	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(378	)		(1,309	)		(1,590	)		(2,876	)
Class B (a)
From net investment income		—			—			—			(3	)
Class C
From net investment income		(1	)		(54	)		—			(188	)
Class R5
From net investment income		—			(17,780	)		—			—
Class R6 (b)
From net investment income		(12,736	)		—			(13,982	)		(14,467	)
Institutional Class
From net investment income		—			—			(2,796	)		(4,060	)
Select Class
From net investment income		(168	)		(4,910	)		(1,894	)		(5,672	)
Total distributions to shareholders		(13,283	)		(24,053	)		(20,262	)		(27,266	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		57,589			39,393			(34,968	)		147,146
NET ASSETS:
Change in net assets		19,061			(125,830	)		(18,297	)		(269,123	)
Beginning of period		1,100,843			1,226,673			2,265,851			2,534,974
End of period	$	1,119,904		$	1,100,843		$	2,247,554		$	2,265,851
Accumulated undistributed (distributions in excess of) net investment income	$	615		$	10,066		$	3,884		$	19,491

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

(b) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015 (a)			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	22		$	101		$	71,691		$	126,380
Net realized gain (loss)		(198	)		(129	)		(160,634	)		(89,014	)
Change in net unrealized appreciation/depreciation		225			(394	)		(45,249	)		101,877
Change in net assets resulting from operations		49			(422	)		(134,192	)		139,243
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		(2	)		—	(b)		(1	)
From net realized gains		—			—			—			(1	)
Class C
From net investment income		—	(b)		(1	)		—			—	(b)
From net realized gains		—			—			—			(1	)
Class R2
From net investment income		—			—			—	(b)		—	(b)
From net realized gains		—			—			—			(1	)
Class R5
From net investment income		—	(b)		—	(b)		—			—
Class R6
From net investment income		—	(b)		(1	)		—			—
Select Class
From net investment income		(18	)		(84	)		(138,054	)		(71,222	)
From net realized gains		—			—			—			(47,876	)
Total distributions to shareholders		(19	)		(88	)		(138,054	)		(119,102	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		66			3,203			(288,840	)		3,817,424
NET ASSETS:
Change in net assets		96			2,693			(561,086	)		3,837,565
Beginning of period		2,693			—			7,415,278			3,577,713
End of period	$	2,789		$	2,693		$	6,854,192		$	7,415,278
Accumulated undistributed (distributions in excess of) net investment income	$	15		$	12		$	45,820		$	112,183

(a) Commencement of operations was December 12, 2014.

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

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Global Unconstrained Equity Fund						International Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	318		$	38		$	25,231		$	52,700
Net realized gain (loss)		5,679			482			4,731			(11,664	)
Change in net unrealized appreciation/depreciation		(37	)		(275	)		(140,942	)		(93,907	)
Change in net assets resulting from operations		5,960			245			(110,980	)		(52,871	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(339	)		(2	)		(688	)		(3,160	)
From net realized gains		(6,015	)		(24	)		—			—
Class B (a)
From net investment income		—			—			—			(1	)
Class C
From net investment income		(2	)		(2	)		(49	)		(332	)
From net realized gains		(26	)		(36	)		—			—
Class R2
From net investment income		—	(b)		(1	)		(3	)		(13	)
From net realized gains		(2	)		(16	)		—			—
Class R5
From net investment income		—	(b)		(2	)		(249	)		(1,256	)
From net realized gains		(1	)		(16	)		—			—
Class R6
From net investment income		—	(b)		(2	)		(11,937	)		(36,053	)
From net realized gains		(1	)		(16	)		—			—
Select Class
From net investment income		(57	)		(89	)		(505	)		(8,468	)
From net realized gains		(780	)		(887	)		—			—
Total distributions to shareholders		(7,223	)		(1,093	)		(13,431	)		(49,283	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,155			(2,043	)		544,897			537,987
NET ASSETS:
Change in net assets		892			(2,891	)		420,486			435,833
Beginning of period		1,641			4,532			2,922,623			2,486,790
End of period	$	2,533		$	1,641		$	3,343,109		$	2,922,623
Accumulated undistributed (distributions in excess of) net investment income	$	(68	)	$	12		$	18,464		$	6,664

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Income Fund						International Opportunities Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,338		$	2,671		$	24,099		$	32,441
Net realized gain (loss)		(7,410	)		1,803			(47,647	)		(49,185	)
Change in net unrealized appreciation/depreciation		3,191			(6,667	)		(26,755	)		27,406
Change in net assets resulting from operations		(2,881	)		(2,193	)		(50,303	)		10,662
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(954	)		(2,802	)		(362	)		(1,196	)
From net realized gains		(1,055	)		(747	)		—			—
Class B (a)
From net investment income		—			—			—			(3	)
Class C
From net investment income		(127	)		(160	)		—	(b)		(26	)
From net realized gains		(151	)		(30	)		—			—
Class R2
From net investment income		(1	)		(19	)		—			—
From net realized gains		(1	)		(5	)		—			—
Class R5
From net investment income		—	(b)		(21	)		—			—
From net realized gains		—	(b)		(6	)		—			—
Class R6 (c)
From net investment income		—	(b)		(1	)		(13,758	)		(43,134	)
From net realized gains		(1	)		—			—			—
Institutional Class
From net investment income		—			—			(312	)		(1,208	)
Select Class
From net investment income		(484	)		(1,460	)		(55	)		(1,161	)
From net realized gains		(534	)		(342	)		—			—
Total distributions to shareholders		(3,308	)		(5,593	)		(14,487	)		(46,728	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		11,128			4,141			447,598			520,590
NET ASSETS:
Change in net assets		4,939			(3,645	)		382,808			484,524
Beginning of period		110,417			114,062			2,240,370			1,755,846
End of period	$	115,356		$	110,417		$	2,623,178		$	2,240,370
Accumulated undistributed (distributions in excess of) net investment income	$	(198	)	$	30		$	20,716		$	11,104

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

(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.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	11,697		$	21,426		$	478		$	235
Net realized gain (loss)		(5,229	)		5,781			(2,805	)		(835	)
Change in net unrealized appreciation/depreciation		(29,248	)		(31,203	)		1,286			(2,078	)
Change in net assets resulting from operations		(22,780	)		(3,996	)		(1,041	)		(2,678	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,772	)		(2,144	)		(18	)		(3	)
From net realized gains		(738	)		(14,822	)		—			(23	)
Class B (a)
From net investment income		—			(30	)		—			—
From net realized gains		—			(279	)		—			—
Class C
From net investment income		(316	)		(384	)		(3	)		(1	)
From net realized gains		(169	)		(3,366	)		—			(9	)
Class R2
From net investment income		(80	)		(65	)		—			(1	)
From net realized gains		(35	)		(441	)		—			(5	)
Class R5
From net investment income		—			—			—	(b)		(1	)
From net realized gains		—			—			—			(5	)
Class R6
From net investment income		—			—			(253	)		(1	)
From net realized gains		—			—			—			(5	)
Select Class
From net investment income		(19,237	)		(14,339	)		—			(44	)
From net realized gains		(7,017	)		(90,006	)		—			(267	)
Total distributions to shareholders		(29,364	)		(125,876	)		(274	)		(365	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		375,775			330,697			22,562			72,975
NET ASSETS:
Change in net assets		323,631			200,825			21,247			69,932
Beginning of period		884,329			683,504			74,496			4,564
End of period	$	1,207,960		$	884,329		$	95,743		$	74,496
Accumulated undistributed (distributions in excess of) net investment income	$	8,783		$	18,491		$	426		$	222

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	19,433		$	46,749		$	27,082		$	41,458
Net realized gain (loss)		(68,603	)		836			(6,281	)		(23,971	)
Change in net unrealized appreciation/depreciation		(89,196	)		(132,259	)		(88,118	)		(9,677	)
Change in net assets resulting from operations		(138,366	)		(84,674	)		(67,317	)		7,810
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(7,469	)		(17,828	)		(2,746	)		(1,178	)
Class B (a)
From net investment income		—			(34	)		—			—
Class C
From net investment income		(176	)		(874	)		(35	)		(7	)
Class R2
From net investment income		(18	)		(54	)		(3	)		(1	)
Class R6 (b)
From net investment income		(61	)		(1,141	)		(39,523	)		—
Institutional Class
From net investment income		(19,068	)		(104,543	)		(210	)		(23,132	)
Select Class
From net investment income		(2,865	)		(10,060	)		(365	)		(194	)
Total distributions to shareholders		(29,657	)		(134,534	)		(42,882	)		(24,512	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(68,182	)		(1,126,276	)		616,327			505,255
NET ASSETS:
Change in net assets		(236,205	)		(1,345,484	)		506,128			488,553
Beginning of period		2,444,196			3,789,680			2,081,916			1,593,363
End of period	$	2,207,991		$	2,444,196		$	2,588,044		$	2,081,916
Accumulated undistributed (distributions in excess of) net investment income	$	15,106		$	25,330		$	20,955		$	36,755

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

(b) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	17,631		$	39,047		$	58,894		$	141,966
Distributions reinvested		376			703			1,541			2,387
Cost of shares redeemed		(9,217	)		(68,699	)		(52,513	)		(164,706	)
Conversion from Class B Shares		—			—			—			1,651
Change in net assets resulting from Class A capital transactions	$	8,790		$	(28,949	)	$	7,922		$	(18,702	)
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	103
Distributions reinvested		—			—			—			3
Cost of shares redeemed		—			—			—			(954	)
Conversion to Class A Shares		—			—			—			(1,651	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(2,499	)
Class C
Proceeds from shares issued	$	171		$	694		$	3,693		$	10,799
Distributions reinvested		1			54			—			176
Cost of shares redeemed		(889	)		(1,667	)		(8,405	)		(14,202	)
Change in net assets resulting from Class C capital transactions	$	(717	)	$	(919	)	$	(4,712	)	$	(3,227	)
Class R5
Proceeds from shares issued	$	79,262		$	514,420		$	—		$	—
Distributions reinvested		—			17,780			—			—
Cost of shares redeemed		(157,035	)		(1,200,435	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(77,773	)	$	(668,235	)	$	—		$	—
Class R6 (b)
Proceeds from shares issued	$	462,944		$	743,085		$	367,934		$	600,665
Distributions reinvested		12,736			—			13,982			14,467
Cost of shares redeemed		(160,629	)		(150	)		(147,218	)		(448,676	)
Change in net assets resulting from Class R6 capital transactions	$	315,051		$	742,935		$	234,698		$	166,456
Institutional Class
Proceeds from shares issued	$	—		$	—		$	49,497		$	154,149
Distributions reinvested		—			—			1,936			2,196
Cost of shares redeemed		—			—			(82,028	)		(175,383	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	(30,595	)	$	(19,038	)
Select Class
Proceeds from shares issued	$	8,896		$	39,198		$	64,181		$	169,818
Distributions reinvested		86			4,292			1,651			5,148
Cost of shares redeemed		(196,744	)		(48,929	)		(308,113	)		(150,810	)
Change in net assets resulting from Select Class capital transactions	$	(187,762	)	$	(5,439	)	$	(242,281	)	$	24,156
Total change in net assets resulting from capital transactions	$	57,589		$	39,393		$	(34,968	)	$	147,146

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

(b) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,714			3,271			3,225			6,573
Reinvested		36			58			84			110
Redeemed		(912	)		(5,564	)		(2,901	)		(7,475	)
Conversion from Class B Shares		—			—			—			76
Change in Class A Shares		838			(2,235	)		408			(716	)
Class B (a)
Issued		—			—			—			5
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(43	)
Conversion to Class A Shares		—			—			—			(78	)
Change in Class B Shares		—			—			—			(116	)
Class C
Issued		17			56			206			507
Reinvested		—	(b)		5			—			8
Redeemed		(89	)		(141	)		(474	)		(691	)
Change in Class C Shares		(72	)		(80	)		(268	)		(176	)
Class R5
Issued		7,173			44,196			—			—
Reinvested		—			1,470			—			—
Redeemed		(14,254	)		(102,824	)		—			—
Change in Class R5 Shares		(7,081	)		(57,158	)		—			—
Class R6 (c)
Issued		42,515			65,993			18,850			28,601
Reinvested		1,219			—			745			646
Redeemed		(14,892	)		(22	)		(7,646	)		(19,445	)
Change in Class R6 Shares		28,842			65,971			11,949			9,802
Institutional Class
Issued		—			—			2,617			6,950
Reinvested		—			—			103			98
Redeemed		—			—			(4,364	)		(8,181	)
Change in Institutional Class Shares		—			—			(1,644	)		(1,133	)
Select Class
Issued		862			3,352			3,465			7,719
Reinvested		8			355			88			231
Redeemed		(17,340	)		(3,905	)		(15,614	)		(6,853	)
Change in Select Class Shares		(16,470	)		(198	)		(12,061	)		1,097

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

(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.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015 (a)			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	42		$	95		$	—		$	—
Distributions reinvested		1			2			—	(b)		2
Cost of shares redeemed		(16	)		—	(b)		—			(45	)
Change in net assets resulting from Class A capital transactions	$	27		$	97		$	—	(b)	$	(43	)
Class C
Proceeds from shares issued	$	7		$	37		$	—		$	—
Distributions reinvested		—	(b)		1			—			1
Cost of shares redeemed		—	(b)		—			—			(45	)
Change in net assets resulting from Class C capital transactions	$	7		$	38		$	—		$	(44	)
Class R2
Distributions reinvested	$	—		$	—		$	—	(b)	$	1
Cost of shares redeemed		—			—			—			(45	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	—	(b)	$	(44	)
Class R5
Proceeds from shares issued	$	—	(b)	$	20		$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		—	(b)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6
Proceeds from shares issued	$	7		$	20		$	—		$	—
Distributions reinvested		—	(b)		1			—			—
Cost of shares redeemed		(4	)		—			—			—
Change in net assets resulting from Class R6 capital transactions	$	3		$	21		$	—		$	—
Select Class
Proceeds from shares issued	$	11		$	2,943		$	795,065		$	4,477,297
Distributions reinvested		18			84			9,477			12,872
Cost of shares redeemed		—	(b)		—			(1,093,382	)		(672,614	)
Change in net assets resulting from Select Class capital transactions	$	29		$	3,027		$	(288,840	)	$	3,817,555
Total change in net assets resulting from capital transactions	$	66		$	3,203		$	(288,840	)	$	3,817,424

(a) Commencement of operations was December 12, 2014.

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015 (a)			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		3			7			—			—
Reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Redeemed		(1	)		—	(b)		—			(2	)
Change in Class A Shares		2			7			—	(b)		(2	)
Class C
Issued		—	(b)		3			—			—
Reinvested		—	(b)		—	(b)		—			—	(b)
Redeemed		—			—			—			(2	)
Change in Class C Shares		—	(b)		3			—			(2	)
Class R2
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			—			(2	)
Change in Class R2 Shares		—			—			—	(b)		(2	)
Class R5
Issued		1			1			—			—
Reinvested		—	(b)		—	(b)		—			—
Change in Class R5 Shares		1			1			—			—
Class R6
Issued		2			1			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(1	)		—			—			—
Change in Class R6 Shares		1			1			—			—
Select Class
Issued		—	(b)		196			46,459			245,025
Reinvested		2			7			538			703
Redeemed		—	(b)		—			(63,705	)		(36,321	)
Change in Select Class Shares		2			203			(16,708	)		209,407

(a) Commencement of operations was December 12, 2014.

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

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Global Unconstrained Equity Fund						International Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	121,355		$	237		$	73,049		$	132,476
Distributions reinvested		6,351			18			681			1,943
Cost of shares redeemed		(126,476	)		(64	)		(31,125	)		(86,116	)
Conversion from Class B Shares		—			—			—			650
Change in net assets resulting from Class A capital transactions	$	1,230		$	191		$	42,605		$	48,953
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	16
Distributions reinvested		—			—			—			1
Cost of shares redeemed		—			—			—			(370	)
Conversion to Class A Shares		—			—			—			(650	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(1,003	)
Class C
Proceeds from shares issued	$	27		$	311		$	1,484		$	8,119
Distributions reinvested		26			31			40			271
Cost of shares redeemed		(13	)		(59	)		(3,686	)		(5,118	)
Change in net assets resulting from Class C capital transactions	$	40		$	283		$	(2,162	)	$	3,272
Class R2
Proceeds from shares issued	$	—	(b)	$	7		$	699		$	437
Distributions reinvested		—			10			3			6
Cost of shares redeemed		—	(b)		(58	)		(386	)		(606	)
Change in net assets resulting from Class R2 capital transactions	$	—	(b)	$	(41	)	$	316		$	(163	)
Class R5
Proceeds from shares issued	$	—	(b)	$	8		$	3,604		$	12,066
Distributions reinvested		—			10			249			1,256
Cost of shares redeemed		—	(b)		(60	)		(2,661	)		(49,835	)
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	(42	)	$	1,192		$	(36,513	)
Class R6
Proceeds from shares issued	$	—	(b)	$	8		$	958,112		$	643,342
Distributions reinvested		—			11			11,937			36,053
Cost of shares redeemed		—	(b)		(61	)		(72,761	)		(200,977	)
Change in net assets resulting from Class R6 capital transactions	$	—	(b)	$	(42	)	$	897,288		$	478,418
Select Class
Proceeds from shares issued	$	14,969		$	915		$	18,239		$	190,845
Distributions reinvested		803			565			370			7,832
Cost of shares redeemed		(14,887	)		(3,872	)		(412,951	)		(153,654	)
Change in net assets resulting from Select Class capital transactions	$	885		$	(2,392	)	$	(394,342	)	$	45,023
Total change in net assets resulting from capital transactions	$	2,155		$	(2,043	)	$	544,897		$	537,987

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Unconstrained Equity Fund						International Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		9,121			14			5,390			8,553
Reinvested		477			1			49			124
Redeemed		(9,557	)		(4	)		(2,286	)		(5,716	)
Conversion from Class B Shares		—			—			—			40
Change in Class A Shares		41			11			3,153			3,001
Class B (a)
Issued		—			—			—			2
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(25	)
Conversion to Class A Shares		—			—			—			(42	)
Change in Class B Shares		—			—			—			(65	)
Class C
Issued		2			18			114			544
Reinvested		2			2			3			18
Redeemed		(1	)		(4	)		(284	)		(353	)
Change in Class C Shares		3			16			(167	)		209
Class R2
Issued		—			—	(b)		51			30
Reinvested		—			—	(b)		—	(b)		—	(b)
Redeemed		—			(2	)		(29	)		(40	)
Change in Class R2 Shares		—			(2	)		22			(10	)
Class R5
Issued		—			—	(b)		257			767
Reinvested		—			1			18			79
Redeemed		—			(4	)		(190	)		(3,196	)
Change in Class R5 Shares		—			(3	)		85			(2,350	)
Class R6
Issued		—			1			68,005			41,655
Reinvested		—			1			848			2,277
Redeemed		—			(5	)		(5,191	)		(13,127	)
Change in Class R6 Shares		—			(3	)		63,662			30,805
Select Class
Issued		1,090			56			1,315			12,232
Reinvested		60			33			26			491
Redeemed		(1,111	)		(238	)		(27,578	)		(9,778	)
Change in Select Class Shares		39			(149	)		(26,237	)		2,945

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	International Equity Income Fund						International Opportunities Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	25,111		$	58,461		$	71,815		$	136,311
Distributions reinvested		2,009			1,987			362			667
Cost of shares redeemed		(18,387	)		(63,685	)		(20,651	)		(88,624	)
Conversion to Class A Shares		—			—			—			98
Change in net assets resulting from Class A capital transactions	$	8,733		$	(3,237	)	$	51,526		$	48,452
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	—	(b)
Distributions reinvested		—			—			—			3
Cost of shares redeemed		—			—			—			(201	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(198	)
Class C
Proceeds from shares issued	$	3,784		$	6,733		$	215		$	812
Distributions reinvested		278			188			—	(b)		26
Cost of shares redeemed		(936	)		(1,399	)		(323	)		(485	)
Change in net assets resulting from Class C capital transactions	$	3,126		$	5,522		$	(108	)	$	353
Class R2
Proceeds from shares issued	$	70		$	245		$	—		$	—
Distributions reinvested		2			24			—			—
Cost of shares redeemed		(5	)		(798	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	67		$	(529	)	$	—		$	—
Class R5
Proceeds from shares issued	$	—		$	1		$	—		$	—
Distributions reinvested		—	(b)		27			—			—
Cost of shares redeemed		—			(600	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	(572	)	$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	—		$	20		$	644,098		$	566,773
Distributions reinvested		1			1			13,758			43,134
Cost of shares redeemed		—			—	(b)		(263,291	)		(114,856	)
Change in net assets resulting from Class R6 capital transactions	$	1		$	21		$	394,565		$	495,051
Institutional Class
Proceeds from shares issued	$	—		$	—		$	6,240		$	16,816
Distributions reinvested		—			—			243			832
Cost of shares redeemed		—			—			(7,944	)		(17,121	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	(1,461	)	$	527
Select Class
Proceeds from shares issued	$	21,824		$	32,401		$	5,674		$	11,466
Distributions reinvested		934			1,227			35			899
Cost of shares redeemed		(23,557	)		(30,692	)		(2,633	)		(35,960	)
Change in net assets resulting from Select Class capital transactions	$	(799	)	$	2,936		$	3,076		$	(23,595	)
Total change in net assets resulting from capital transactions	$	11,128		$	4,141		$	447,598		$	520,590

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

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Income Fund						International Opportunities Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,706			3,583			5,316			9,264
Reinvested		134			123			26			47
Redeemed		(1,240	)		(4,009	)		(1,531	)		(6,062	)
Conversion to Class A Shares		—			—			—			6
Change in Class A Shares		600			(303	)		3,811			3,255
Class B (a)
Issued		—			—			—			—	(b)
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(13	)
Change in Class B Shares		—			—			—			(13	)
Class C
Issued		257			413			16			56
Reinvested		19			12			—	(b)		2
Redeemed		(64	)		(86	)		(24	)		(34	)
Change in Class C Shares		212			339			(8	)		24
Class R2
Issued		4			16			—			—
Reinvested		—	(b)		1			—			—
Redeemed		—	(b)		(48	)		—			—
Change in Class R2 Shares		4			(31	)		—			—
Class R5
Reinvested		—	(b)		2			—			—
Redeemed		—			(37	)		—			—
Change in Class R5 Shares		—	(b)		(35	)		—			—
Class R6 (c)
Issued		—			1			47,529			38,682
Reinvested		—	(b)		—	(b)		975			2,979
Redeemed		—			—			(18,688	)		(7,635	)
Change in Class R6 Shares		—	(b)		1			29,816			34,026
Institutional Class
Issued		—			—			455			1,107
Reinvested		—			—			17			57
Redeemed		—			—			(586	)		(1,144	)
Change in Institutional Class Shares		—			—			(114	)		20
Select Class
Issued		1,481			1,976			423			778
Reinvested		62			76			2			62
Redeemed		(1,624	)		(1,921	)		(189	)		(2,328	)
Change in Select Class Shares		(81	)		131			236			(1,488	)

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

(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.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	International Research Enhanced Equity Fund							International Unconstrained Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015				Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,108		$	11,729			$	6,601		$	6,956
Distributions reinvested		2,436			16,487				18			26
Cost of shares redeemed		(11,250	)		(25,950	)			(1,179	)		(1,313	)
Conversion from Class B Shares		—			1,210				—			—
Change in net assets resulting from Class A capital transactions	$	(5,706	)	$	3,476			$	5,440		$	5,669
							��
Class B (a)
Proceeds from shares issued	$	—		$	4			$	—		$	—
Distributions reinvested		—			305				—			—
Cost of shares redeemed		—			(612	)			—			—
Conversion to Class A Shares		—			(1,210	)			—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(1,513	)		$	—		$	—
Class C
Proceeds from shares issued	$	685		$	3,206			$	1,875		$	3,688
Distributions reinvested		467			3,601				3			10
Cost of shares redeemed		(2,627	)		(5,182	)			(408	)		(334	)
Change in net assets resulting from Class C capital transactions	$	(1,475	)	$	1,625			$	1,470		$	3,364
Class R2
Proceeds from shares issued	$	1,223		$	2,346			$	—	(b)	$	—	(b)
Distributions reinvested		28			130				—			6
Cost of shares redeemed		(520	)		(1,185	)			—	(b)		(52	)
Change in net assets resulting from Class R2 capital transactions	$	731		$	1,291			$	—	(b)	$	(46	)
Class R5
Proceeds from shares issued	$	—		$	—			$	—	(b)	$	—	(b)
Distributions reinvested		—			—				—	(b)		6
Cost of shares redeemed		—			—				—	(b)		(53	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—			$	—	(b)	$	(47	)
Class R6
Proceeds from shares issued	$	—		$	—			$	64,930		$	5,150
Distributions reinvested		—			—				253			6
Cost of shares redeemed		—			—				4			(53	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—			$	65,187		$	5,103
Select Class
Proceeds from shares issued	$	393,504		$	282,422			$	5,100		$	63,186
Distributions reinvested		25,196			93,786				—			311
Cost of shares redeemed		(36,475	)		(50,390	)			(54,635	)		(4,565	)
Change in net assets resulting from Select Class capital transactions	$	382,225		$	325,818			$	(49,535	)	$	58,932
Total change in net assets resulting from capital transactions	$	375,775		$	330,697			$	22,562		$	72,975

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		204			687			396			387
Reinvested		157			1,007			1			2
Redeemed		(746	)		(1,492	)		(72	)		(77	)
Conversion from Class B Shares		—			69			—			—
Change in Class A Shares		(385	)		271			325			312
Class B (a)
Issued		—			—	(b)		—			—
Reinvested		—			21			—			—
Redeemed		—			(38	)		—			—
Conversion to Class A Shares		—			(76	)		—			—
Change in Class B Shares		—			(93	)		—			—
Class C
Issued		46			196			115			208
Reinvested		32			229			—	(b)		1
Redeemed		(179	)		(316	)		(25	)		(19	)
Change in Class C Shares		(101	)		109			90			190
Class R2
Issued		80			141			—			—
Reinvested		2			8			—			—	(b)
Redeemed		(35	)		(70	)		—			(2	)
Change in Class R2 Shares		47			79			—			(2	)
Class R5
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			—			(2	)
Change in Class R5 Shares		—			—			—	(b)		(2	)
Class R6
Issued		—			—			3,743			301
Reinvested		—			—			15			—	(b)
Redeemed		—			—			—	(b)		(3	)
Change in Class R6 Shares		—			—			3,758			298
Select Class
Issued		25,918			16,621			310			3,408
Reinvested		1,614			5,675			—			19
Redeemed		(2,408	)		(2,957	)		(3,086	)		(255	)
Change in Select Class Shares		25,124			19,339			(2,776	)		3,172

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	International Value Fund						Intrepid International Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	123,256		$	371,930		$	72,778		$	95,968
Distributions reinvested		7,392			17,402			2,735			490
Cost of shares redeemed		(125,313	)		(138,921	)		(21,997	)		(42,454	)
Conversion from Class B Shares		—			971			—			—
Change in net assets resulting from Class A capital transactions	$	5,335		$	251,382		$	53,516		$	54,004
Class B (a)
Proceeds from shares issued	$	—		$	25		$	—		$	—
Distributions reinvested		—			30			—			—
Cost of shares redeemed		—			(679	)		—			—
Conversion to Class A Shares		—			(971	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(1,595	)	$	—		$	—
Class C
Proceeds from shares issued	$	4,002		$	11,310		$	555		$	1,873
Distributions reinvested		154			726			32			6
Cost of shares redeemed		(4,475	)		(9,151	)		(777	)		(324	)
Change in net assets resulting from Class C capital transactions	$	(319	)	$	2,885		$	(190	)	$	1,555
Class R2
Proceeds from shares issued	$	579		$	867		$	273		$	215
Distributions reinvested		8			19			3			1
Cost of shares redeemed		(873	)		(577	)		(11	)		(81	)
Change in net assets resulting from Class R2 capital transactions	$	(286	)	$	309		$	265		$	135
Class R6 (b)
Proceeds from shares issued	$	27,312		$	2,297		$	626,420		$	1,949,477
Distributions reinvested		61			36			39,523			—
Cost of shares redeemed		(476	)		(29,993	)		(85,343	)		(16,332	)
Change in net assets resulting from Class R6 capital transactions	$	26,897		$	(27,660	)	$	580,600		$	1,933,145
Institutional Class
Proceeds from shares issued	$	198,640		$	578,308		$	2,321		$	387,580
Distributions reinvested		13,888			74,288			50			22,528
Cost of shares redeemed		(295,537	)		(1,957,791	)		(21,311	)		(1,897,256	)
Change in net assets resulting from Institutional Class capital transactions	$	(83,009	)	$	(1,305,195	)	$	(18,940	)	$	(1,487,148	)
Select Class
Proceeds from shares issued	$	40,700		$	63,280		$	4,004		$	8,368
Distributions reinvested		1,701			4,957			221			105
Cost of shares redeemed		(59,201	)		(114,639	)		(3,149	)		(4,909	)
Change in net assets resulting from Select Class capital transactions	$	(16,800	)	$	(46,402	)	$	1,076		$	3,564
Total change in net assets resulting from capital transactions	$	(68,182	)	$	(1,126,276	)	$	616,327		$	505,255

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

(b) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		10,351			27,494			4,117			4,850
Reinvested		600			1,313			148			26
Redeemed		(10,554	)		(10,221	)		(1,231	)		(2,172	)
Conversion from Class B Shares		—			69			—			—
Change in Class A Shares		397			18,655			3,034			2,704
Class B (a)
Issued		—			2			—			—
Reinvested		—			2			—			—
Redeemed		—			(49	)		—			—
Conversion to Class A Shares		—			(69	)		—			—
Change in Class B Shares		—			(114	)		—			—
Class C
Issued		339			847			30			92
Reinvested		13			56			2			—	(b)
Redeemed		(383	)		(700	)		(42	)		(16	)
Change in Class C Shares		(31	)		203			(10	)		76
Class R2
Issued		49			65			15			11
Reinvested		1			2			—	(b)		—	(b)
Redeemed		(73	)		(44	)		—	(b)		(4	)
Change in Class R2 Shares		(23	)		23			15			7
Class R6 (c)
Issued		2,173			163			34,937			94,346
Reinvested		5			3			2,101			—
Redeemed		(40	)		(2,138	)		(4,624	)		(836	)
Change in Class R6 Shares		2,138			(1,972	)		32,414			93,510
Institutional Class
Issued		16,426			41,907			128			19,195
Reinvested		1,108			5,511			3			1,164
Redeemed		(24,365	)		(139,563	)		(1,223	)		(91,679	)
Change in Institutional Class Shares		(6,831	)		(92,145	)		(1,092	)		(71,320	)
Select Class
Issued		3,330			4,565			217			405
Reinvested		135			365			12			5
Redeemed		(4,797	)		(8,265	)		(168	)		(241	)
Change in Select Class Shares		(1,332	)		(3,335	)		61			169

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

(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.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

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			Redemption fees
Emerging Economies Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	11.03	$	0.01	(g)	$	(0.37	)	$	(0.36	)	$	(0.09	)	$	—
Year Ended October 31, 2015		13.13		0.13	(g)		(2.03	)		(1.90	)		(0.20	)		—
Year Ended October 31, 2014		13.63		0.22			(0.57	)		(0.35	)		(0.15	)		—
Year Ended October 31, 2013		12.88		0.19			0.67			0.86			(0.11	)		—
Year Ended October 31, 2012		12.65		0.17			0.21			0.38			(0.15	)		—
Year Ended October 31, 2011		13.91		0.20			(1.44	)		(1.24	)		(0.02	)		—	(h)
Class C
Six Months Ended April 30, 2016 (Unaudited)		10.86		(0.01	)(g)		(0.37	)		(0.38	)		—	(h)		—
Year Ended October 31, 2015		12.92		0.10	(g)		(2.03	)		(1.93	)		(0.13	)		—
Year Ended October 31, 2014		13.44		0.15			(0.57	)		(0.42	)		(0.10	)		—
Year Ended October 31, 2013		12.72		0.13			0.66			0.79			(0.07	)		—
Year Ended October 31, 2012		12.58		0.15			0.15			0.30			(0.16	)		—
Year Ended October 31, 2011		13.87		0.08			(1.37	)		(1.29	)		—			—	(h)
Class R5
Six Months Ended April 30, 2016 (Unaudited)		11.11		(0.01	)(g)		(0.32	)		(0.33	)		—			—
Year Ended October 31, 2015		13.22		0.20	(g)		(2.06	)		(1.86	)		(0.25	)		—
Year Ended October 31, 2014		13.71		0.29			(0.58	)		(0.29	)		(0.20	)		—
Year Ended October 31, 2013		12.94		0.25			0.68			0.93			(0.16	)		—
Year Ended October 31, 2012		12.71		0.25			0.18			0.43			(0.20	)		—
Year Ended October 31, 2011		13.93		0.30			(1.47	)		(1.17	)		(0.05	)		—	(h)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		11.11		0.04	(g)		(0.37	)		(0.33	)		(0.14	)		—
September 1, 2015 (i) through October 31, 2015		10.46		(0.02	)(g)		0.67			0.65			—			—
Select Class
Six Months Ended April 30, 2016 (Unaudited)		11.06		0.02	(g)		(0.36	)		(0.34	)		(0.03	)		—
Year Ended October 31, 2015		13.17		0.18	(g)		(2.06	)		(1.88	)		(0.23	)		—
Year Ended October 31, 2014		13.67		0.26			(0.58	)		(0.32	)		(0.18	)		—
Year Ended October 31, 2013		12.91		0.21			0.70			0.91			(0.15	)		—
Year Ended October 31, 2012		12.68		0.22			0.18			0.40			(0.17	)		—
Year Ended October 31, 2011		13.92		0.25			(1.45	)		(1.20	)		(0.04	)		—	(h)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	10.58		(3.25	)%	$	50,346		1.54	%		0.28	%(g)		1.86	%		35	%
	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
	10.48		(3.46	)		2,728		2.05			(0.29	)(g)		2.43			35
	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
	10.78		(2.97	)		2,779		1.10			(0.17	)(g)		1.26			35
	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
	10.64		(2.96	)		1,008,372		1.05			0.77	(g)		1.17			35
	11.11		6.21			732,627		1.07			(0.92	)(g)		1.17			118
	10.69		(3.05	)		55,679		1.30			0.40	(g)		1.46			35
	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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	19.53	$	0.01	(g)	$	0.25		$	0.26		$	(0.11	)	$	—
Year Ended October 31, 2015		23.72		0.12	(g)		(4.12	)		(4.00	)		(0.19	)		—
Year Ended October 31, 2014		23.05		0.16	(g)		0.59			0.75			(0.08	)		—
Year Ended October 31, 2013		22.01		0.10			1.02			1.12			(0.08	)		—
Year Ended October 31, 2012		21.09		0.07			0.85			0.92			—			—
Year Ended October 31, 2011		23.45		0.06			(2.33	)		(2.27	)		(0.09	)		—	(h)
Class C
Six Months Ended April 30, 2016 (Unaudited)		18.96		(0.04	)(g)		0.25			0.21			—			—
Year Ended October 31, 2015		23.03		0.03	(g)		(4.02	)		(3.99	)		(0.08	)		—
Year Ended October 31, 2014		22.41		0.05	(g)		0.57			0.62			—			—
Year Ended October 31, 2013		21.44		(0.01	)		0.99			0.98			(0.01	)		—
Year Ended October 31, 2012		20.65		(0.04	)		0.83			0.79			—			—
Year Ended October 31, 2011		23.01		(0.05	)		(2.29	)		(2.34	)		(0.02	)		—	(h)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		20.13		0.05	(g)		0.25			0.30			(0.21	)		—
Year Ended October 31, 2015		24.44		0.22	(g)		(4.23	)		(4.01	)		(0.30	)		—
December 23, 2013 (i) through October 31, 2014		22.47		0.38	(g)		1.59			1.97			—			—
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		20.15		0.04	(g)		0.25			0.29			(0.18	)		—
Year Ended October 31, 2015		24.42		0.23	(g)		(4.26	)		(4.03	)		(0.24	)		—
Year Ended October 31, 2014		23.73		0.17	(g)		0.70			0.87			(0.18	)		—
Year Ended October 31, 2013		22.65		0.20			1.04			1.24			(0.16	)		—
Year Ended October 31, 2012		21.66		0.16			0.87			1.03			(0.04	)		—
Year Ended October 31, 2011		24.04		0.16			(2.40	)		(2.24	)		(0.14	)		—	(h)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		19.98		0.02	(g)		0.26			0.28			(0.13	)		—
Year Ended October 31, 2015		24.24		0.19	(g)		(4.21	)		(4.02	)		(0.24	)		—
Year Ended October 31, 2014		23.47		0.18	(g)		0.64			0.82			(0.05	)		—
Year Ended October 31, 2013		22.40		0.17			1.03			1.20			(0.13	)		—
Year Ended October 31, 2012		21.42		0.13			0.86			0.99			(0.01	)		—
Year Ended October 31, 2011		23.80		0.13			(2.38	)		(2.25	)		(0.13	)		—	(h)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	19.68		1.38	%	$	284,714		1.55	%		0.06	%(g)		1.84	%		11	%
	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
	19.17		1.11			38,732		2.05			(0.47	)(g)		2.34			11
	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
	20.22		1.58			1,375,251		1.05			0.58	(g)		1.16			11
	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
	20.26		1.53			285,067		1.15			0.43	(g)		1.30			11
	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
	20.13		1.43			263,790		1.30			0.26	(g)		1.52			11
	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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Emerging Markets Equity Income Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	12.50	$	0.10	$	0.09		$	0.19		$	(0.08	)
December 12, 2014 (h) through October 31, 2015		15.00		0.45		(2.52	)		(2.07	)		(0.43	)
Class C
Six Months Ended April 30, 2016 (Unaudited)		12.51		0.07		0.08			0.15			(0.07	)
December 12, 2014 (h) through October 31, 2015		15.00		0.42		(2.55	)		(2.13	)		(0.36	)
Class R5
Six Months Ended April 30, 2016 (Unaudited)		12.53		0.12		0.09			0.21			(0.10	)
December 12, 2014 (h) through October 31, 2015		15.00		0.51		(2.53	)		(2.02	)		(0.45	)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		12.53		0.13		0.08			0.21			(0.10	)
December 12, 2014 (h) through October 31, 2015		15.00		0.52		(2.53	)		(2.01	)		(0.46	)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		12.53		0.11		0.09			0.20			(0.09	)
December 12, 2014 (h) through October 31, 2015		15.00		0.49		(2.53	)		(2.04	)		(0.43	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended April 30, 2016 and for the period ended October 31, 2015.

(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) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		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) (f)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(g)
$	12.61		1.57	%	$	114		1.55	%		1.65	%		10.07	%		14	%
	12.50		(13.93	)		86		1.57			3.72			10.55			25
	12.59		1.25			40		2.05			1.17			10.76			14
	12.51		(14.26	)		32		2.08			3.32			12.02			25
	12.64		1.72			18		1.10			2.01			9.92			14
	12.53		(13.55	)		17		1.14			4.05			10.84			25
	12.64		1.73			22		1.05			2.25			9.56			14
	12.53		(13.51	)		17		1.08			4.10			10.82			25
	12.64		1.65			2,595		1.30			1.81			9.40			14
	12.53		(13.70	)		2,541		1.33			3.85			10.36			25

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 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) (b)		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
Six Months Ended April 30, 2016 (Unaudited)	$	18.52	$	0.16	$	(0.49	)	$	(0.33	)	$	(0.19	)	$	—		$	(0.19	)
Year Ended October 31, 2015		18.77		0.37		(0.15	)		0.22			(0.22	)		(0.25	)		(0.47	)
Year Ended October 31, 2014		17.33		0.34		1.35			1.69			(0.15	)		(0.10	)		(0.25	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19		2.14			2.33			—			—			—
Class C
Six Months Ended April 30, 2016 (Unaudited)		18.43		0.12		(0.49	)		(0.37	)		—			—			—
Year Ended October 31, 2015		18.68		0.28		(0.15	)		0.13			(0.13	)		(0.25	)		(0.38	)
Year Ended October 31, 2014		17.28		0.25		1.33			1.58			(0.08	)		(0.10	)		(0.18	)
February 28, 2013 (g) through October 31, 2013		15.00		0.14		2.14			2.28			—			—			—
Class R2
Six Months Ended April 30, 2016 (Unaudited)		18.47		0.14		(0.49	)		(0.35	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2015		18.72		0.32		(0.15	)		0.17			(0.17	)		(0.25	)		(0.42	)
Year Ended October 31, 2014		17.30		0.29		1.35			1.64			(0.12	)		(0.10	)		(0.22	)
February 28, 2013 (g) through October 31, 2013		15.00		0.17		2.13			2.30			—			—			—
Select Class
Six Months Ended April 30, 2016 (Unaudited)		18.56		0.18		(0.50	)		(0.32	)		(0.34	)		—			(0.34	)
Year Ended October 31, 2015		18.81		0.39		(0.12	)		0.27			(0.27	)		(0.25	)		(0.52	)
Year Ended October 31, 2014		17.37		0.39		1.33			1.72			(0.18	)		(0.10	)		(0.28	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19		2.18			2.37			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	18.00		(1.77	)%	$	20		0.59	%		1.83	%		2.93	%		21	%
	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
	18.06		(2.01	)		19		1.09			1.33			3.43			21
	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
	18.03		(1.88	)		20		0.84			1.58			3.18			21
	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
	17.90		(1.67	)		6,854,133		0.34			2.08			0.55			21
	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.

APRIL 30, 2016 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			Net realized gain			Total distributions
Global Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	16.12	$	0.14	(f)	$	(1.14	)	$	(1.00	)	$	(0.19	)	$	(1.20	)	$	(1.39	)
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
Six Months Ended April 30, 2016 (Unaudited)		16.01		0.05	(f)		(1.09	)		(1.04	)		(0.11	)		(1.20	)		(1.31	)
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
Six Months Ended April 30, 2016 (Unaudited)		16.11		0.07	(f)		(1.11	)		(1.04	)		(0.02	)		(1.20	)		(1.22	)
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 (h) through October 31, 2012		15.00		0.13			1.56			1.69			—			—			—
Class R5
Six Months Ended April 30, 2016 (Unaudited)		16.21		0.12	(f)		(1.11	)		(0.99	)		(0.21	)		(1.20	)		(1.41	)
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
Six Months Ended April 30, 2016 (Unaudited)		16.22		0.12	(f)		(1.10	)		(0.98	)		(0.24	)		(1.20	)		(1.44	)
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
Six Months Ended April 30, 2016 (Unaudited)		16.18		0.13	(f)		(1.12	)		(0.99	)		(0.18	)		(1.20	)		(1.38	)
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.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		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)
$	13.73		(6.20	)%	$	766		0.74	%		1.96	%		1.61	%		728	%
	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
	13.66		(6.48	)		309		1.14			0.73			10.37			728
	16.01		4.26			317		1.48			0.21	(g)		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
	13.85		(6.42	)		17		0.89			0.98			12.38			728
	16.11		4.55			20		1.46			0.45	(g)		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
	13.81		(6.05	)		17		0.19			1.68			11.70			728
	16.21		5.26			20		0.76			1.15	(g)		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
	13.80		(6.03	)		17		0.14			1.73			11.65			728
	16.22		5.34			20		0.71			1.20	(g)		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
	13.81		(6.08	)		1,407		0.36			1.90			3.63			728
	16.18		5.13			1,020		0.88			1.06	(g)		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.

APRIL 30, 2016 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Equity Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	14.75	$	0.08		$	(0.83	)	$	(0.75	)	$	(0.04	)	$	—
Year Ended October 31, 2015		15.25		0.23			(0.50	)		(0.27	)		(0.23	)		—
Year Ended October 31, 2014		15.92		0.37	(g)		(0.68	)		(0.31	)		(0.36	)		—
Year Ended October 31, 2013		13.36		0.20			2.56			2.76			(0.20	)		—
Year Ended October 31, 2012		12.61		0.22			0.74			0.96			(0.21	)		—
Year Ended October 31, 2011		13.40		0.22			(0.80	)		(0.58	)		(0.21	)		—	(h)
Class C
Six Months Ended April 30, 2016 (Unaudited)		14.02		0.04			(0.79	)		(0.75	)		(0.02	)		—
Year Ended October 31, 2015		14.52		0.15			(0.48	)		(0.33	)		(0.17	)		—
Year Ended October 31, 2014		15.20		0.26	(g)		(0.64	)		(0.38	)		(0.30	)		—
Year Ended October 31, 2013		12.78		0.12			2.45			2.57			(0.15	)		—
Year Ended October 31, 2012		12.08		0.16			0.69			0.85			(0.15	)		—
Year Ended October 31, 2011		12.85		0.14			(0.76	)		(0.62	)		(0.15	)		—	(h)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		14.69		0.06			(0.82	)		(0.76	)		(0.03	)		—
Year Ended October 31, 2015		15.19		0.20			(0.51	)		(0.31	)		(0.19	)		—
Year Ended October 31, 2014		15.87		0.30	(g)		(0.65	)		(0.35	)		(0.33	)		—
Year Ended October 31, 2013		13.31		0.11			2.61			2.72			(0.16	)		—
Year Ended October 31, 2012		12.58		0.15			0.77			0.92			(0.19	)		—
Year Ended October 31, 2011		13.37		0.18			(0.79	)		(0.61	)		(0.18	)		—	(h)
Class R5
Six Months Ended April 30, 2016 (Unaudited)		14.97		0.11			(0.84	)		(0.73	)		(0.06	)		—
Year Ended October 31, 2015		15.46		0.29			(0.49	)		(0.20	)		(0.29	)		—
Year Ended October 31, 2014		16.13		0.44	(g)		(0.69	)		(0.25	)		(0.42	)		—
Year Ended October 31, 2013		13.52		0.27			2.60			2.87			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29			0.74			1.03			(0.26	)		—
Year Ended October 31, 2011		13.55		0.23			(0.76	)		(0.53	)		(0.27	)		—	(h)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		14.97		0.12			(0.84	)		(0.72	)		(0.07	)		—
Year Ended October 31, 2015		15.46		0.32			(0.52	)		(0.20	)		(0.29	)		—
Year Ended October 31, 2014		16.13		0.45	(g)		(0.69	)		(0.24	)		(0.43	)		—
Year Ended October 31, 2013		13.52		0.28			2.59			2.87			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29			0.74			1.03			(0.26	)		—
November 30, 2010 (i) through October 31, 2011		12.85		0.28			(0.10	)		0.18			(0.28	)		—	(h)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		14.95		0.08			(0.81	)		(0.73	)		(0.06	)		—
Year Ended October 31, 2015		15.45		0.29			(0.53	)		(0.24	)		(0.26	)		—
Year Ended October 31, 2014		16.13		0.39	(g)		(0.67	)		(0.28	)		(0.40	)		—
Year Ended October 31, 2013		13.52		0.23			2.61			2.84			(0.23	)		—
Year Ended October 31, 2012		12.76		0.26			0.74			1.00			(0.24	)		—
Year Ended October 31, 2011		13.56		0.24			(0.80	)		(0.56	)		(0.24	)		—	(h)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	13.96		(5.07	)%	$	256,450		1.31	%		1.21	%		1.56	%		4	%
	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
	13.25		(5.32	)		24,556		1.81			0.57			2.06			4
	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
	13.90		(5.17	)		1,450		1.56			0.94			1.91			4
	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
	14.18		(4.85	)		55,680		0.86			1.58			1.03			4
	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
	14.18		(4.83	)		2,881,834		0.81			1.77			0.91			4
	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
	14.16		(4.90	)		123,139		1.06			1.22			1.23			4
	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.

APRIL 30, 2016 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) (b)			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
Six Months Ended April 30, 2016 (Unaudited)	$	15.66	$	0.19		$	(0.56	)	$	(0.37	)	$	(0.21	)	$	(0.26	)	$	(0.47	)
Year Ended October 31, 2015		16.41		0.39	(g)		(0.33	)		0.06			(0.65	)		(0.16	)		(0.81	)
Year Ended October 31, 2014		16.67		0.91	(h)		(0.38	)		0.53			(0.66	)		(0.13	)		(0.79	)
Year Ended October 31, 2013		14.12		0.43			2.55			2.98			(0.41	)		(0.02	)		(0.43	)
Year Ended October 31, 2012		13.37		0.31			0.88			1.19			(0.44	)		—			(0.44	)
February 28, 2011 (i) through October 31, 2011		15.00		0.33			(1.64	)		(1.31	)		(0.32	)		—			(0.32	)
Class C
Six Months Ended April 30, 2016 (Unaudited)		15.59		0.16			(0.58	)		(0.42	)		(0.18	)		(0.26	)		(0.44	)
Year Ended October 31, 2015		16.36		0.39	(g)		(0.42	)		(0.03	)		(0.58	)		(0.16	)		(0.74	)
Year Ended October 31, 2014		16.63		0.84	(h)		(0.40	)		0.44			(0.58	)		(0.13	)		(0.71	)
Year Ended October 31, 2013		14.11		0.34			2.55			2.89			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2012		13.35		0.36			0.77			1.13			(0.37	)		—			(0.37	)
February 28, 2011 (i) through October 31, 2011		15.00		0.30			(1.66	)		(1.36	)		(0.29	)		—			(0.29	)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		15.65		0.21			(0.60	)		(0.39	)		(0.20	)		(0.26	)		(0.46	)
Year Ended October 31, 2015		16.41		0.61	(g)		(0.60	)		0.01			(0.61	)		(0.16	)		(0.77	)
Year Ended October 31, 2014		16.67		0.87	(h)		(0.39	)		0.48			(0.61	)		(0.13	)		(0.74	)
Year Ended October 31, 2013		14.12		0.40			2.54			2.94			(0.37	)		(0.02	)		(0.39	)
Year Ended October 31, 2012		13.36		0.40			0.76			1.16			(0.40	)		—			(0.40	)
February 28, 2011 (i) through October 31, 2011		15.00		0.32			(1.66	)		(1.34	)		(0.30	)		—			(0.30	)
Class R5
Six Months Ended April 30, 2016 (Unaudited)		15.70		0.22			(0.56	)		(0.34	)		(0.24	)		(0.26	)		(0.50	)
Year Ended October 31, 2015		16.46		0.76	(g)		(0.63	)		0.13			(0.73	)		(0.16	)		(0.89	)
Year Ended October 31, 2014		16.72		0.99	(h)		(0.39	)		0.60			(0.73	)		(0.13	)		(0.86	)
Year Ended October 31, 2013		14.15		0.51			2.54			3.05			(0.46	)		(0.02	)		(0.48	)
Year Ended October 31, 2012		13.38		0.50			0.76			1.26			(0.49	)		—			(0.49	)
February 28, 2011 (i) through October 31, 2011		15.00		0.38			(1.65	)		(1.27	)		(0.35	)		—			(0.35	)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		15.69		0.22			(0.55	)		(0.33	)		(0.25	)		(0.26	)		(0.51	)
January 30, 2015 (l) through October 31, 2015		15.82		0.69	(g)		(0.41	)		0.28			(0.41	)		—			(0.41	)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		15.70		0.20			(0.55	)		(0.35	)		(0.24	)		(0.26	)		(0.50	)
Year Ended October 31, 2015		16.45		0.49	(g)		(0.37	)		0.12			(0.71	)		(0.16	)		(0.87	)
Year Ended October 31, 2014		16.71		0.96	(h)		(0.40	)		0.56			(0.69	)		(0.13	)		(0.82	)
Year Ended October 31, 2013		14.14		0.47			2.55			3.02			(0.43	)		(0.02	)		(0.45	)
Year Ended October 31, 2012		13.37		0.47			0.76			1.23			(0.46	)		—			(0.46	)
February 28, 2011 (i) through October 31, 2011		15.00		0.37			(1.66	)		(1.29	)		(0.34	)		—			(0.34	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	14.82		(2.38	)%	$	71,821		1.25	%		2.61	%		1.58	%		86	%
	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
	14.73		(2.69	)		11,304		1.75			2.20			2.09			86
	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
	14.80		(2.53	)		116		1.50			2.81			2.89			86
	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
	14.86		(2.14	)		19		0.80			3.00			3.38			86
	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
	14.85		(2.12	)		20		0.75			3.04			1.15			86
	15.69		1.66			21		0.75			5.70	(g)		1.15			238
	14.85		(2.26	)		32,076		0.90			2.74			1.33			86
	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.

APRIL 30, 2016 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) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Opportunities Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	14.48	$	0.10	$	(0.65	)	$	(0.55	)	$	(0.03	)	$	—
Year Ended October 31, 2015		14.80		0.20		(0.23	)		(0.03	)		(0.29	)		—
Year Ended October 31, 2014		15.25		0.36		(0.69	)		(0.33	)		(0.12	)		—
Year Ended October 31, 2013		12.45		0.25		2.83			3.08			(0.28	)		—
Year Ended October 31, 2012		12.00		0.23		0.56			0.79			(0.34	)		—
Year Ended October 31, 2011		13.20		0.19		(1.08	)		(0.89	)		(0.31	)		—	(g)
Class C
Six Months Ended April 30, 2016 (Unaudited)		14.04		0.05		(0.63	)		(0.58	)		—	(h)		—
Year Ended October 31, 2015		14.41		0.10		(0.19	)		(0.09	)		(0.28	)		—
Year Ended October 31, 2014		14.88		0.27		(0.66	)		(0.39	)		(0.08	)		—
Year Ended October 31, 2013		12.15		0.16		2.77			2.93			(0.20	)		—
Year Ended October 31, 2012		11.65		0.18		0.55			0.73			(0.23	)		—
Year Ended October 31, 2011		12.84		0.15		(1.07	)		(0.92	)		(0.27	)		—	(g)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		14.75		0.14		(0.65	)		(0.51	)		(0.10	)		—
Year Ended October 31, 2015		15.13		0.26		(0.21	)		0.05			(0.43	)		—
Year Ended October 31, 2014		15.57		0.44		(0.70	)		(0.26	)		(0.18	)		—
Year Ended October 31, 2013		12.69		0.32		2.88			3.20			(0.32	)		—
Year Ended October 31, 2012		12.20		0.31		0.56			0.87			(0.38	)		—
November 30, 2010 (h) through October 31, 2011		12.78		0.27		(0.48	)		(0.21	)		(0.37	)		—	(g)
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		14.76		0.12		(0.65	)		(0.53	)		(0.08	)		—
Year Ended October 31, 2015		15.13		0.24		(0.20	)		0.04			(0.41	)		—
Year Ended October 31, 2014		15.57		0.42		(0.69	)		(0.27	)		(0.17	)		—
Year Ended October 31, 2013		12.69		0.31		2.88			3.19			(0.31	)		—
Year Ended October 31, 2012		12.20		0.30		0.56			0.86			(0.37	)		—
Year Ended October 31, 2011		13.42		0.23		(1.09	)		(0.86	)		(0.36	)		—	(g)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		14.68		0.11		(0.65	)		(0.54	)		(0.03	)		—
Year Ended October 31, 2015		15.06		0.25		(0.24	)		0.01			(0.39	)		—
Year Ended October 31, 2014		15.50		0.40		(0.69	)		(0.29	)		(0.15	)		—
Year Ended October 31, 2013		12.64		0.29		2.87			3.16			(0.30	)		—
Year Ended October 31, 2012		12.15		0.28		0.56			0.84			(0.35	)		—
Year Ended October 31, 2011		13.37		0.26		(1.14	)		(0.88	)		(0.34	)		—	(g)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	13.90		(3.80	)%	$	202,152		1.29	%		1.41	%		1.36	%		28	%
	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
	13.46		(4.12	)		1,565		1.87			0.70			1.87			28
	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
	14.14		(3.47	)		2,341,171		0.71			2.04			0.71			28
	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
	14.15		(3.57	)		51,369		0.82			1.74			0.82			28
	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
	14.11		(3.65	)		26,921		1.05			1.63			1.05			28
	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.

APRIL 30, 2016 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) (b)			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
Six Months Ended April 30, 2016 (Unaudited)	$	16.54	$	0.17	(f)	$	(0.76	)	$	(0.59	)	$	(0.36	)	$	(0.15	)	$	(0.51	)	$	—
Year Ended October 31, 2015		20.38		0.43	(f)(g)		(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)		—
Year Ended October 31, 2014		21.20		0.47	(f)		(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)		—
Year Ended October 31, 2013		17.24		0.38	(f)		4.00			4.38			(0.42	)		—			(0.42	)		—
Year Ended October 31, 2012		16.83		0.37	(f)		0.45			0.82			(0.41	)		—			(0.41	)		—
Year Ended October 31, 2011		19.03		0.40	(f)		(2.16	)(h)		(1.76	)		(0.44	)		—			(0.44	)		—	(g)
Class C
Six Months Ended April 30, 2016 (Unaudited)		15.85		0.13	(f)		(0.73	)		(0.60	)		(0.28	)		(0.15	)		(0.43	)		—
Year Ended October 31, 2015		19.68		0.33	(f)(g)		(0.58	)		(0.25	)		(0.31	)		(3.27	)		(3.58	)		—
Year Ended October 31, 2014		20.51		0.36	(f)		(0.56	)		(0.20	)		(0.29	)		(0.34	)		(0.63	)		—
Year Ended October 31, 2013		16.68		0.27	(f)		3.86			4.13			(0.30	)		—			(0.30	)		—
Year Ended October 31, 2012		16.27		0.25	(f)		0.44			0.69			(0.28	)		—			(0.28	)		—
Year Ended October 31, 2011		18.41		0.26	(f)		(2.09	)(h)		(1.83	)		(0.31	)		—			(0.31	)		—	(g)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		16.21		0.15	(f)		(0.76	)		(0.61	)		(0.34	)		(0.15	)		(0.49	)		—
Year Ended October 31, 2015		20.07		0.37	(f)(g)		(0.58	)		(0.21	)		(0.38	)		(3.27	)		(3.65	)		—
Year Ended October 31, 2014		20.91		0.40	(f)		(0.54	)		(0.14	)		(0.36	)		(0.34	)		(0.70	)		—
Year Ended October 31, 2013		17.03		0.35	(f)		3.92			4.27			(0.39	)		—			(0.39	)		—
Year Ended October 31, 2012		16.66		0.32	(f)		0.45			0.77			(0.40	)		—			(0.40	)		—
Year Ended October 31, 2011		18.86		0.32	(f)		(2.12	)(h)		(1.80	)		(0.40	)		—			(0.40	)		—	(g)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		16.70		0.21	(f)		(0.80	)		(0.59	)		(0.41	)		(0.15	)		(0.56	)		—
Year Ended October 31, 2015		20.54		0.48	(f)(g)		(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)		—
Year Ended October 31, 2014		21.36		0.52	(f)		(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)		—
Year Ended October 31, 2013		17.36		0.40	(f)		4.06			4.46			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2012		16.96		0.41	(f)		0.45			0.86			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2011		19.17		0.45	(f)		(2.17	)(h)		(1.72	)		(0.49	)		—			(0.49	)		—	(g)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	15.44		(3.57	)%	$	71,201		0.60	%		2.25	%		1.02	%		16	%
	16.54		(0.29	)		82,667		0.60			2.51	(g)		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
	14.82		(3.80	)		15,714		1.10			1.75			1.54			16
	15.85		(0.77	)		18,423		1.10			2.01	(g)		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
	15.11		(3.73	)		3,814		0.85			2.09			1.33			16
	16.21		(0.50	)		3,331		0.85			2.22	(g)		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
	15.55		(3.53	)		1,117,231		0.35			2.70			0.59			16
	16.70		0.00	(j)		779,908		0.35			2.79	(g)		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.

APRIL 30, 2016 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			Net realized gain			Total distributions
International Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	17.61	$	0.08	(f)	$	(0.70	)	$	(0.62	)	$	(0.04	)	$	—		$	(0.04	)
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
Six Months Ended April 30, 2016 (Unaudited)		17.45		0.03	(f)		(0.68	)		(0.65	)		(0.01	)		—			(0.01	)
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
Six Months Ended April 30, 2016 (Unaudited)		17.57		0.03	(f)		(0.66	)		(0.63	)		—			—			—
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
Six Months Ended April 30, 2016 (Unaudited)		17.75		0.09	(f)		(0.67	)		(0.58	)		(0.06	)		—			(0.06	)
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
Six Months Ended April 30, 2016 (Unaudited)		17.76		0.11	(f)		(0.68	)		(0.57	)		(0.08	)		—			(0.08	)
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
Six Months Ended April 30, 2016 (Unaudited)		17.71		0.07	(f)		(0.65	)		(0.58	)		—			—			—
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.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		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)
$	16.95		(3.51	)%	$	11,118		1.24	%		0.92	%		1.60	%		24	%
	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
	16.79		(3.71	)		4,823		1.74			0.31			2.13			24
	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
	16.94		(3.59	)		19		1.49			0.40			3.98			24
	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
	17.11		(3.25	)		19		0.79			1.10			3.21			24
	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
	17.11		(3.21	)		69,437		0.74			1.33			1.04			24
	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
	17.13		(3.27	)		10,327		0.89			0.86			1.35			24
	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.

APRIL 30, 2016 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Value Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	13.02	$	0.09		$	(0.82	)	$	(0.73	)	$	(0.14	)	$	—
Year Ended October 31, 2015		14.14		0.18	(g)		(0.83	)		(0.65	)		(0.47	)		—
Year Ended October 31, 2014		15.02		0.47	(g)(h)		(1.07	)		(0.60	)		(0.28	)		—
Year Ended October 31, 2013		12.18		0.22			2.91			3.13			(0.29	)		—
Year Ended October 31, 2012		12.05		0.31			0.21			0.52			(0.39	)		—
Year Ended October 31, 2011		13.36		0.28			(1.17	)		(0.89	)		(0.42	)		—	(i)
Class C
Six Months Ended April 30, 2016 (Unaudited)		12.65		0.06			(0.81	)		(0.75	)		(0.07	)		—
Year Ended October 31, 2015		13.72		0.10	(g)		(0.78	)		(0.68	)		(0.39	)		—
Year Ended October 31, 2014		14.61		0.38	(g)(h)		(1.05	)		(0.67	)		(0.22	)		—
Year Ended October 31, 2013		11.84		0.16			2.83			2.99			(0.22	)		—
Year Ended October 31, 2012		11.72		0.25			0.19			0.44			(0.32	)		—
Year Ended October 31, 2011		13.01		0.21			(1.14	)		(0.93	)		(0.36	)		—	(i)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		12.83		0.07			(0.82	)		(0.75	)		(0.11	)		—
Year Ended October 31, 2015		13.93		0.14	(g)		(0.81	)		(0.67	)		(0.43	)		—
Year Ended October 31, 2014		14.78		0.42	(g)(h)		(1.05	)		(0.63	)		(0.22	)		—
Year Ended October 31, 2013		11.99		0.18			2.88			3.06			(0.27	)		—
Year Ended October 31, 2012		11.86		0.28			0.19			0.47			(0.34	)		—
Year Ended October 31, 2011		13.21		0.24			(1.15	)		(0.91	)		(0.44	)		—	(i)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		13.31		0.18			(0.90	)		(0.72	)		(0.21	)		—
Year Ended October 31, 2015		14.42		0.18	(g)		(0.76	)		(0.58	)		(0.53	)		—
Year Ended October 31, 2014		15.29		0.54	(g)(h)		(1.09	)		(0.55	)		(0.32	)		—
Year Ended October 31, 2013		12.38		0.30			2.96			3.26			(0.35	)		—
Year Ended October 31, 2012		12.26		0.37			0.21			0.58			(0.46	)		—
November 30, 2010 (j) through October 31, 2011		12.72		0.32			(0.30	)		0.02			(0.48	)		—	(i)
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		13.29		0.12			(0.85	)		(0.73	)		(0.17	)		—
Year Ended October 31, 2015		14.41		0.23	(g)		(0.83	)		(0.60	)		(0.52	)		—
Year Ended October 31, 2014		15.29		0.53	(g)(h)		(1.09	)		(0.56	)		(0.32	)		—
Year Ended October 31, 2013		12.38		0.29			2.95			3.24			(0.33	)		—
Year Ended October 31, 2012		12.26		0.36			0.20			0.56			(0.44	)		—
Year Ended October 31, 2011		13.59		0.33			(1.19	)		(0.86	)		(0.47	)		—	(i)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		13.37		0.11			(0.85	)		(0.74	)		(0.17	)		—
Year Ended October 31, 2015		14.48		0.23	(g)		(0.84	)		(0.61	)		(0.50	)		—
Year Ended October 31, 2014		15.19		0.45	(g)(h)		(1.04	)		(0.59	)		(0.12	)		—
Year Ended October 31, 2013		12.31		0.27			2.93			3.20			(0.32	)		—
Year Ended October 31, 2012		12.19		0.34			0.21			0.55			(0.43	)		—
Year Ended October 31, 2011		13.50		0.31			(1.18	)		(0.87	)		(0.44	)		—	(i)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	12.15		(5.63	)%	$	653,132		1.35	%		1.45	%		1.42	%		38	%
	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
	11.83		(5.93	)		28,901		1.85			0.95			1.90			38
	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
	11.97		(5.83	)		1,521		1.60			1.21			1.84			38
	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
	12.38		(5.44	)		28,671		0.74			3.02			0.74			38
	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
	12.39		(5.47	)		1,295,143		0.90			1.91			0.90			38
	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
	12.46		(5.57	)		200,623		1.02			1.79			1.02			38
	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.

APRIL 30, 2016 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Intrepid International Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	19.36	$	0.17		$	(1.04	)	$	(0.87	)	$	(0.33	)	$	—
Year Ended October 31, 2015		19.49		0.34	(g)		(0.26	)		0.08			(0.21	)		—
Year Ended October 31, 2014		19.79		0.39	(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
Six Months Ended April 30, 2016 (Unaudited)		19.52		0.11			(1.04	)		(0.93	)		(0.26	)		—
Year Ended October 31, 2015		19.63		0.23	(g)		(0.24	)		(0.01	)		(0.10	)		—
Year Ended October 31, 2014		19.92		0.36	(g)		(0.52	)		(0.16	)		(0.13	)		—
Year Ended October 31, 2013		16.00		0.17			3.90			4.07			(0.15	)		—
Year Ended October 31, 2012		15.36		0.18			0.50			0.68			(0.04	)		—
Year Ended October 31, 2011		16.61		0.15			(1.26	)		(1.11	)		(0.14	)		—	(h)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		19.21		0.17			(1.07	)		(0.90	)		(0.27	)		—
Year Ended October 31, 2015		19.31		0.38	(g)		(0.34	)		0.04			(0.14	)		—
Year Ended October 31, 2014		19.61		0.40	(g)		(0.53	)		(0.13	)		(0.17	)		—
Year Ended October 31, 2013		15.74		0.20			3.86			4.06			(0.19	)		—
Year Ended October 31, 2012		15.21		0.19			0.50			0.69			(0.16	)		—
Year Ended October 31, 2011		16.46		0.17			(1.22	)		(1.05	)		(0.20	)		—	(h)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		19.84		0.23			(1.09	)		(0.86	)		(0.41	)		—
May 29, 2015 (i) through October 31, 2015		21.08		0.12	(g)		(1.36	)		(1.24	)		—			—
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		19.83		0.16			(1.03	)		(0.87	)		(0.08	)		—
Year Ended October 31, 2015		19.95		0.52	(g)		(0.34	)		0.18			(0.30	)		—
Year Ended October 31, 2014		20.23		0.49	(g)		(0.46	)		0.03			(0.31	)		—
Year Ended October 31, 2013		16.24		0.34			3.97			4.31			(0.32	)		—
Year Ended October 31, 2012		15.66		0.33			0.50			0.83			(0.25	)		—
Year Ended October 31, 2011		16.94		0.32			(1.29	)		(0.97	)		(0.31	)		—	(h)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		20.13		0.20			(1.07	)		(0.87	)		(0.38	)		—
Year Ended October 31, 2015		20.22		0.42	(g)		(0.26	)		0.16			(0.25	)		—
Year Ended October 31, 2014		20.51		0.51	(g)		(0.53	)		(0.02	)		(0.27	)		—
Year Ended October 31, 2013		16.46		0.31			4.01			4.32			(0.27	)		—
Year Ended October 31, 2012		15.85		0.30			0.51			0.81			(0.20	)		—
Year Ended October 31, 2011		16.99		0.26			(1.28	)		(1.02	)		(0.12	)		—	(h)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and  reimbursements			Portfolio turnover rate (c)(f)
$	18.16		(4.54	)%	$	198,415		1.24	%		1.93	%		1.36	%		21	%
	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
	18.33		(4.81	)		2,437		1.75			1.24			1.85			21
	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
	18.04		(4.68	)		481		1.50			1.94			1.80			21
	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
	18.57		(4.34	)		2,338,722		0.71			2.48			0.72			21
	19.84		(5.88	)		1,854,941		0.73			1.47	(g)		0.74			33
	18.88		(4.39	)		28,749		0.83			1.75			0.84			21
	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
	18.88		(4.35	)		19,240		0.90			2.12			1.07			21
	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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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 April 30, 2016, 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 January 30, 2015, for International Equity Income Fund.

  *** Class R6 Shares commenced operations on May 29, 2015, for Intrepid International 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 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 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.

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

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 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.

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, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. 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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (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	$	24,627	$	—	$	—	$	24,627
China		23,418		266,349		—		289,767
Cyprus		2,202		—		—		2,202
Egypt		—		4,130		—		4,130
Hong Kong		625		57,268		—		57,893
Hungary		—		11,296		—		11,296
India		—		52,703		—		52,703
Mexico		18,685		—		—		18,685
Netherlands		—		13,832		—		13,832
Poland		—		25,499		—		25,499
Russia		13,703		73,205		—		86,908
Singapore		—		7,656		—		7,656
South Africa		7,058		6,667		—		13,725
South Korea		9,702		171,729		—		181,431
Taiwan		17,916		141,070		—		158,986
Thailand		—		25,834		—		25,834
Turkey		—		85,184		—		85,184
United Arab Emirates		—		21,331		—		21,331
Total Common Stocks		117,936		963,753		—		1,081,689
Preferred Stocks
Brazil		9,555		—		—		9,555
Russia		7,961		3,148		—		11,109
Total Preferred Stocks		17,516		3,148		—		20,664
Short-Term Investment
Investment Company		17,419		—		—		17,419
Total Investments in Securities	$	152,871	$	966,901	$	—	$	1,119,772

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	$	—	$	26,792	$	—	$	26,792
Brazil		236,678		—		—		236,678
China		94,983		143,744		—		238,727
Cyprus		4,606		—		—		4,606
Hong Kong		3,013		138,624		—		141,637
India		123,043		339,080		—		462,123
Indonesia		—		74,626		—		74,626
Mexico		55,600		—		—		55,600
Panama		20,012		—		—		20,012
Peru		29,932		—		—		29,932
Russia		13,438		119,103		—		132,541
South Africa		—		373,306		—		373,306
South Korea		—		90,293		—		90,293
Switzerland		21,451		—		—		21,451
Taiwan		81,613		54,815		—		136,428
Thailand		—		46,110		—		46,110
Turkey		—		12,680		—		12,680
United Kingdom		—		33,759		—		33,759
United States		10,865		—		—		10,865
Total Common Stocks		695,234		1,452,932		—		2,148,166

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

Emerging Markets Equity Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
Brazil	$	14,749	$	—	$	—	$	14,749
Structured Instruments
China		—		16,295		—		16,295
Warrant
Saudi Arabia		—		12,501		—		12,501
Short-Term Investment
Investment Company		49,636		—		—		49,636
Total Investments in Securities	$	759,619	$	1,481,728	$	—	$	2,241,347

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	$	246	$	—	$	—	$	246
Chile		72		—		—		72
China		—		65		—		65
Czech Republic		—		72		—		72
Hong Kong		36		235		—		271
Hungary		—		51		—		51
Indonesia		—		29		—		29
Mexico		93		—		—		93
Poland		—		44		—		44
Russia		73		118		—		191
Singapore		—		28		—		28
South Africa		46		346		—		392
South Korea		56		108		—		164
Taiwan		104		488		—		592
Thailand		—		56		—		56
Turkey		—		62		—		62
United Arab Emirates		—		46		—		46
Total Common Stocks		726		1,748		—		2,474
Preferred Stocks
Russia		22		—		—		22
Structured Instruments
China		—		92		—		92
Warrants
Saudi Arabia		—		53		—		53
Total Investments in Securities	$	748	$	1,893	$	—	$	2,641

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (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	$	—	$	183,871		$	—		$	183,871
Austria		—		—	(a)		—			—	(a)
Belgium		—		29,916			—			29,916
Canada		257,504		—			—			257,504
China		—		302			—			302
Colombia		—		—			—	(a)		—	(a)
Denmark		—		53,002			—			53,002
Finland		—		31,806			—			31,806
France		—		252,142			—			252,142
Germany		—		232,914			—			232,914
Hong Kong		467		79,101			—			79,568
Ireland		64,117		17,100			—			81,217
Israel		8,427		—			—			8,427
Italy		—		65,947			—			65,947
Japan		3,380		581,915			—			585,295
Luxembourg		—		7,977			—			7,977
Netherlands		12,093		139,704			—			151,797
New Zealand		—		5,588			—			5,588
Norway		—		12,742			—			12,742
Portugal		—		10,765			—			10,765
Singapore		31,054		29,870			—			60,924
Spain		—		69,067			—			69,067
Sweden		—		45,118			—			45,118
Switzerland		49,475		229,657			—			279,132
United Kingdom		39,588		421,863			—			461,451
United States		3,852,159		—			—			3,852,159
Total Common Stocks		4,318,264		2,500,367			—	(a)		6,818,631
Preferred Stocks
Germany		—		17,075			—			17,075
Total Investments in Securities	$	4,318,264	$	2,517,442		$	—	(a)	$	6,835,706

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
China	$	154	$	55	$	—	$	209
Finland		—		23		—		23
France		—		121		—		121
Germany		—		33		—		33
India		45		—		—		45
Ireland		53		—		—		53
Israel		85		—		—		85
Japan		—		134		—		134
Netherlands		62		—		—		62
South Africa		—		14		—		14
Switzerland		43		107		—		150
United Kingdom		—		132		—		132
United States		1,352		—		—		1,352
Total Common Stocks		1,794		619		—		2,413
Total Investments in Securities	$	1,794	$	619	$	—	$	2,413

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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	$	—	$	36,359	$	—	$	36,359
Belgium		—		52,541		—		52,541
China		28,717		75,324		—		104,041
Denmark		—		42,600		—		42,600
France		—		394,827		—		394,827
Germany		—		223,397		—		223,397
Hong Kong		—		145,109		—		145,109
India		33,727		—		—		33,727
Indonesia		—		19,860		—		19,860
Israel		36,324		—		—		36,324
Japan		—		720,038		—		720,038
Netherlands		—		185,776		—		185,776
South Africa		—		29,780		—		29,780
South Korea		—		71,670		—		71,670
Switzerland		—		399,258		—		399,258
Taiwan		39,021		—		—		39,021
United Kingdom		—		684,694		—		684,694
Total Common Stocks		137,789		3,081,233		—		3,219,022
Preferred Stocks
Germany		—		40,845		—		40,845
Short-Term Investment
Investment Company		63,437		—		—		63,437
Total Investments in Securities	$	201,226	$	3,122,078	$	—	$	3,323,304

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	$	—	$	4,507	$	—	$	4,507
Belgium		—		3,049		—		3,049
Canada		1,417		—		—		1,417
Denmark		—		1,677		—		1,677
Finland		—		2,842		—		2,842
France		—		5,574		—		5,574
Germany		—		10,337		—		10,337
Hong Kong		—		1,019		—		1,019
India		1,516		—		—		1,516
Ireland		1,517		—		—		1,517
Israel		—		4,138		—		4,138
Italy		—		2,824		—		2,824
Japan		5,066		14,706		—		19,772
Netherlands		—		6,121		—		6,121
New Zealand		—		2,346		—		2,346
Norway		—		2,782		—		2,782
Russia		—		2,624		—		2,624
Spain		959		—		—		959
Switzerland		—		5,263		—		5,263
Taiwan		4,004		—		—		4,004
United Kingdom		—		23,183		—		23,183
United States		—		2,082		—		2,082
Total Common Stocks		14,479		95,074		—		109,553

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

International Equity Income Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	5,006	$	—		$	—	$	5,006
Total Investments in Securities	$	19,485	$	95,074		$	—	$	114,559
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	195		$	—	$	195
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(417	)	$	—	$	(417	)

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	$	—	$	103,174		$	—	$	103,174
Belgium		—		56,052			—		56,052
China		—		20,359			—		20,359
Denmark		—		91,309			—		91,309
Finland		—		47,472			—		47,472
France		—		225,527			—		225,527
Germany		—		170,722			—		170,722
Hong Kong		—		41,978			—		41,978
India		23,895		—			—		23,895
Ireland		—		36,329			—		36,329
Italy		—		86,909			—		86,909
Japan		—		627,352			—		627,352
Netherlands		—		137,706			—		137,706
Norway		—		39,150			—		39,150
Spain		—		11,886			—		11,886
Sweden		—		58,574			—		58,574
Switzerland		—		166,479			—		166,479
United Kingdom		—		601,748			—		601,748
Total Common Stocks		23,895		2,522,726			—		2,546,621
Preferred Stocks
Germany		—		29,248			—		29,248
Short-Term Investment
Investment Company		50,458		—			—		50,458
Total Investments in Securities	$	74,353	$	2,551,974		$	—	$	2,626,327
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	21,829		$	—	$	21,829
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(18,634	)	$	—	$	(18,634	)

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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	$	—	$	70,194		$	—	(a)	$	70,194
Belgium		—		12,690			—			12,690
Denmark		—		12,886			—			12,886
Finland		—		22,835			—			22,835
France		—		113,031			—			113,031
Germany		—		98,143			—			98,143
Hong Kong		—		28,991			—			28,991
Ireland		4,996		14,791			—			19,787
Israel		3,238		—			—			3,238
Italy		—		31,797			—			31,797
Japan		—		263,991			—			263,991
Luxembourg		—		5,970			—			5,970
Netherlands		—		76,020			—			76,020
New Zealand		—		4,410			—			4,410
Norway		—		2,483			—			2,483
Portugal		—		3,656			—			3,656
Singapore		—		9,547			—			9,547
Spain		—		27,600			—			27,600
Sweden		—		21,260			—			21,260
Switzerland		—		116,411			—			116,411
United Kingdom		8,967		208,039			—			217,006
Total Common Stocks		17,201		1,144,745			—	(a)		1,161,946
Preferred Stocks
Germany		—		12,201			—			12,201
Short-Term Investment
Investment Company		24,061		—			—			24,061
Total Investments in Securities	$	41,262	$	1,156,946		$	—	(a)	$	1,198,208
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	465		$	—		$	465
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(124	)	$	—		$	(124	)

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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
Belgium	$	—	$	2,764	$	—	$	2,764
Canada		1,386		—		—		1,386
China		3,481		2,300		—		5,781
Denmark		—		1,590		—		1,590
Finland		—		3,209		—		3,209
France		—		7,112		—		7,112
Germany		—		5,840		—		5,840
Hong Kong		—		3,943		—		3,943
India		1,957		—		—		1,957
Ireland		—		1,424		—		1,424
Israel		3,232		—		—		3,232
Italy		—		1,570		—		1,570
Japan		—		11,625		—		11,625
Netherlands		—		5,948		—		5,948
South Africa		—		1,434		—		1,434
South Korea		—		2,783		—		2,783
Switzerland		—		9,744		—		9,744
Taiwan		1,700		—		—		1,700
United Kingdom		—		19,443		—		19,443
Total Common Stocks		11,756		80,729		—		92,485
Short-Term Investment
Investment Company		3,281		—		—		3,281
Total Investments in Securities	$	15,037	$	80,729	$	—	$	95,766

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	$	—	$	68,230	$	—	$	68,230
Belgium		—		46,167		—		46,167
Canada		15,945		—		—		15,945
China		—		23,436		—		23,436
Denmark		—		15,481		—		15,481
Finland		—		40,101		—		40,101
France		—		257,717		—		257,717
Germany		—		153,170		—		153,170
Hong Kong		—		40,307		—		40,307
Ireland		10,400		20,380		—		30,780
Israel		25,486		—		—		25,486
Italy		—		88,640		—		88,640
Japan		—		442,574		—		442,574
Luxembourg		—		24,013		—		24,013
Netherlands		—		171,303		—		171,303
Norway		—		24,848		—		24,848
South Korea		—		21,025		—		21,025
Spain		—		39,469		—		39,469
Sweden		—		64,953		—		64,953
Switzerland		—		100,588		—		100,588
United Kingdom		—		438,665		—		438,665
Total Common Stocks		51,831		2,081,067		—		2,132,898

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

International Value Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Preferred Stocks
Germany	$	—	$	10,578		$	—	$	10,578
Short-Term Investment
Investment Company		51,512		—			—		51,512
Total Investments in Securities	$	103,343	$	2,091,645		$	—	$	2,194,988
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	16,721		$	—	$	16,721
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(14,612	)	$	—	$	(14,612	)

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	$	—	$	165,625	$	—	$	165,625
Belgium		—		38,600		—		38,600
China		—		7,335		—		7,335
Denmark		—		63,702		—		63,702
Finland		—		18,255		—		18,255
France		—		288,660		—		288,660
Germany		—		215,113		—		215,113
Hong Kong		—		92,529		—		92,529
India		8,439		—		—		8,439
Ireland		9,251		24,468		—		33,719
Israel		16,209		—		—		16,209
Italy		—		36,273		—		36,273
Japan		8,704		547,791		—		556,495
Luxembourg		—		9,619		—		9,619
Netherlands		—		134,268		—		134,268
Norway		—		20,448		—		20,448
Singapore		—		13,425		—		13,425
South Korea		8,204		—		—		8,204
Spain		—		66,685		—		66,685
Sweden		—		70,448		—		70,448
Switzerland		—		210,701		—		210,701
Taiwan		7,967		—		—		7,967
United Kingdom		33,222		415,929		—		449,151
United States		—		9,596		—		9,596
Total Common Stocks		91,996		2,449,470		—		2,541,466
Preferred Stocks
Germany		—		10,703		—		10,703
Short-Term Investment
Investment Company		70,048		—		—		70,048
Total Investments in Securities		162,044		2,460,173		—		2,622,217

(a) Value is zero.

For the Emerging Economies Fund, Emerging Markets Equity Fund, Emerging Markets Equity Income Fund, International Equity Fund, International Equity Income Fund, International Opportunities Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund, International Value Equity Fund and Intrepid International Fund the transfers from level 2 to level 1 in the amounts of approximately $25,117,000,

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

$26,270,000, $64,000, $50,207,000, $1,626,000, $35,176,000, $7,189,000, $2,808,000, $44,479,000 and $16,191,000, respectively, are due to applying the fair value factors to certain securities as of April 30, 2016.

For the Global Research Enhanced Index Fund there were no significant transfers among any levels during the six months ended April 30, 2016.

For the Global Unconstrained Equity Fund there were no transfers among any levels during the six months ended April 30, 2016.

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 April 30, 2016, 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 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.

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 six months ended April 30, 2016 (amounts in thousands):

	Emerging Economies Fund		Global Research Enhanced Index Fund			Global Unconstrained Equity Fund			International Opportunities Fund			International Research Enhanced Equity Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	11,707	$	87,241	(a)	$	129,611	(b)	$	43,150	(c)	$	19,533	$	32,445	(b)
Ending Notional Balance Long		—		—			—			—			19,430		—

(a) For the period November 1, 2015 through March 31, 2016.

(b) For the period March 1, 2016 through March 31, 2016.

(c) For the period January 1, 2016 through January 31, 2016.

D. Forward Foreign Currency Exchange Contracts — International Equity Income 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

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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 April 30, 2016, 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 six months ended April 30, 2016 (amounts in thousands):

	International Equity Income Fund			International Opportunities Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	12,363	(a)	$	521,900	$	375,753
Average Settlement Value Sold		13,279	(b)		469,460		334,475
Ending Value Purchased		13,658			691,682		495,775
Ending Value Sold		11,949			651,979		453,278

(a) For the period February 1, 2016 through April 30, 2016.

(b) For the period March 1, 2016 through April 30, 2016.

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 April 30, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Equity Income Fund

Derivative Contracts	Statements of Assets and Liabilities
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	195
Gross Liabilities:
Foreign exchange contracts	Payables	$	(417	)

The following table presents the value of derivatives held as of April 30, 2016, 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
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	21,829
Gross Liabilities:
Foreign exchange contracts	Payables	$	(18,634	)

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 April 30, 2016 (amounts in thousands):

International Opportunities Fund

Counterparty	Gross Amount of Derivative Assets Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Barclays Bank plc	$	535	$	(535	)	$	—	$	—
BNP Paribas		1,334		—			—		1,334
Goldman Sachs International		9,821		(2,651	)		—		7,170
HSBC Bank, N.A.		550		(550	)		—		—
Merrill Lynch International		491		—			—		491
Morgan Stanley		753		(265	)		—		488
Royal Bank of Canada		1,183		(1,183	)		—		—
Royal Bank of Scotland		1,024		—			—		1,024
Societe Generale		651		(103	)		—		548
Standard Chartered Bank		2,516		(1,448	)		—		1,068
Union Bank of Switzerland AG		2,971		—			—		2,971
	$	21,829	$	(6,735	)	$	—	$	15,094
Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	984	$	(535	)			$	449
Citibank, N.A.		2,282		—			—		2,282
Goldman Sachs International		2,651		(2,651	)		—		—
HSBC Bank, N.A.		6,894		(550	)		—		6,344
Morgan Stanley		265		(265	)		—		—
Royal Bank of Canada		2,306		(1,183	)		—		1,123
Societe Generale		103		(103	)		—		—
Standard Chartered Bank		1,448		(1,448	)		—		—
State Street Corp.		1,701		—			—		1,701
	$	18,634	$	(6,735	)	$	—	$	11,899

(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.

The following table presents the value of derivatives held as of April 30, 2016, 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
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	465
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(124	)

(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.

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

The following table presents the value of derivatives held as of April 30, 2016, 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
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	16,721
Gross Liabilities:
Foreign exchange contracts	Payables	$	(14,612	)

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 April 30, 2016 (amounts in thousands):

International Value Fund

Counterparty	Gross Amount of Derivative Assets Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	59	$	(59	)	$	—	$	—
Barclays Bank plc		13		(13	)		—		—
BNP Paribas		2,050		(2,050	)		—		—
Citibank, N.A.		1,152		(255	)		—		897
Deutsche Bank AG		1,071		(455	)		—		616
Goldman Sachs International		5,583		(5,005	)		—		578
HSBC Bank, N.A.		574		(574	)		—		—
Morgan Stanley		141		(141	)		—		—
Royal Bank of Canada		1,668		(869	)		—		799
Royal Bank of Scotland		559		(63	)		—		496
Standard Chartered Bank		784		(672	)		—		112
State Street Corp.		2,277		(1,397	)		—		880
Union Bank of Switzerland AG		790		—			—		790
	$	16,721	$	(11,553	)	$	—	$	5,168
Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Australia & New Zealand Banking Group Ltd.	$	521	$	(59	)	$	—	$	462
Barclays Bank plc		168		(13	)		—		155
BNP Paribas		2,698		(2,050	)		—		648
Citibank, N.A.		255		(255	)		—		—
Deutsche Bank AG		455		(455	)		—		—
Goldman Sachs International		5,005		(5,005	)		—		—
HSBC Bank, N.A.		1,187		(574	)		—		613
Morgan Stanley		1,322		(141	)		—		1,181
Royal Bank of Canada		869		(869	)		—		—
Royal Bank of Scotland		63		(63	)		—		—
Standard Chartered Bank		672		(672	)		—		—
State Street Corp.		1,397		(1,397	)		—		—
	$	14,612	$	(11,553	)	$	—	$	3,059

(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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2016, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(3,603	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	979

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	11,473

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

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(10,589	)

Global Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	228

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

International Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts		$(41)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(222	)

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	6,448	$	—	$	6,448
Foreign exchange contracts		—		12,233		12,233
	$	6,448	$	12,233	$	18,681

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	3,912

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	2,367

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(47	)

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	1,045	$	—	$	1,045
Foreign exchange contracts		—		7,949		7,949
	$	1,045	$	7,949	$	8,994

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	373

The Funds’ derivatives contracts held at April 30, 2016 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

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

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 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 six months ended April 30, 2016, total offering costs amortized were approximately $14,000.

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2016 are as follows (amounts in thousands):

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class		Select Class			Total
Emerging Economies Fund
Transfer agent fees	$	3		$	1			n/a		$	1		$	2			n/a	$	3		$	10
Sub-transfer agent fees		39			3			n/a			1			—			n/a		9			52
Emerging Markets Equity Fund
Transfer agent fees		32			5			n/a			n/a			5		$	8		10			60
Sub-transfer agent fees		211			29			n/a			n/a			—			47		144			431
Emerging Markets Equity Income Fund
Transfer agent fees		—	(a)		—	(a)		n/a			—			—			n/a		—			—	(a)
Sub-transfer agent fees		—			—			n/a			—			—			n/a		—			—
Global Research Enhanced Index Fund
Transfer agent fees		—	(a)		—	(a)	$	—	(a)		n/a			n/a			n/a		30			30
Sub-transfer agent fees		—			—			—			n/a			n/a			n/a		8			8
Global Unconstrained Equity Fund
Transfer agent fees		1			—	(a)		—	(a)		—	(a)		—	(a)		n/a		1			2
Sub-transfer agent fees		—	(a)		—	(a)		—			—			—			n/a		—	(a)		—	(a)
International Equity Fund
Transfer agent fees		16			3			—	(a)		1			9			n/a		6			35
Sub-transfer agent fees		145			14			1			18			—			n/a		39			217
International Equity Income Fund
Transfer agent fees		2			1			1			—	(a)		—	(a)		n/a		1			5
Sub-transfer agent fees		21			3			—	(a)		—			—			n/a		9			33
International Opportunities Fund
Transfer agent fees		6			1			n/a			n/a			6			1		5			19
Sub-transfer agent fees		121			1			n/a			n/a			—			2		6			130

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Class A		Class C		Class R2			Class R5			Class R6			Institutional Class		Select Class		Total
International Research Enhanced Equity Fund
Transfer agent fees	$	19	$	2	$	—	(a)		n/a			n/a			n/a	$	6	$	27
Sub-transfer agent fees		48		15		4			n/a			n/a			n/a		20		87
International Unconstrained Equity Fund
Transfer agent fees		1		1		—	(a)	$	—	(a)	$	—	(a)		n/a		2		4
Sub-transfer agent fees		1		1		—			—			—			n/a		2		4
International Value Fund
Transfer agent fees		15		2		1			n/a			—	(a)	$	7		6		31
Sub-transfer agent fees		596		22		3			n/a			—			470		41		1,132
Intrepid International Fund
Transfer agent fees		4		1		—	(a)		n/a			8			3		1		17
Sub-transfer agent fees		112		1		—	(a)		n/a			—			1		9		123

(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 April 30, 2016, 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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, 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:

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
International Equity Fund	0.80
International Equity Income Fund	0.70

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

International Opportunities Fund	0.60	%
International Research Enhanced Equity Fund	0.20
International Unconstrained Equity Fund	0.70
International Value Fund	0.60
Intrepid International Fund	0.60

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

Effective May 20, 2016 the Advisory fee for the Emerging Economies Fund and the Emerging Markets Equity Fund was reduced from 1.00% to 0.85%.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator 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 six months ended April 30, 2016, 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.

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 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
Emerging Economies Fund		0.25	%		0.75	%		n/a
Emerging Markets Equity Fund		0.25			0.75			n/a
Emerging Markets Equity Income Fund		0.25			0.75			n/a
Global Research Enhanced Index Fund		0.25			0.75			0.50	%
Global Unconstrained Equity Fund		0.25			0.75			0.50
International Equity Fund		0.25			0.75			0.50
International Equity Income Fund		0.25			0.75			0.50
International Opportunities Fund		0.25			0.75			n/a
International Research Enhanced Equity Fund		0.25			0.75			0.50
International Unconstrained Equity Fund		0.25			0.75			0.50
International Value Fund		0.25			0.75			0.50
Intrepid International Fund		0.25			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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2016, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	2		$	—
Emerging Markets Equity Fund		47			—	(a)
Emerging Markets Equity Income Fund		—	(a)		—
Global Unconstrained Equity Fund		—	(a)		—
International Equity Fund		7			—
International Equity Income Fund		20			—	(a)
International Opportunities Fund		2			—
International Research Enhanced Equity Fund		2			—	(a)
International Unconstrained Equity Fund		9			—	(a)
International Value Fund		196			—
Intrepid International Fund		1			—

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

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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 charge a shareholder servicing fee. 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
Emerging Economies Fund		0.25	%		0.25	%		n/a			0.05	%		n/a			0.25	%
Emerging Markets Equity Fund		0.25			0.25			n/a			n/a			0.10	%		0.25
Emerging Markets Equity Income Fund		0.25			0.25			n/a			0.05			n/a			0.25
Global Research Enhanced Index Fund		0.25			0.25			0.25	%		n/a			n/a			0.25
Global Unconstrained Equity Fund		0.25			0.25			0.25			0.05			n/a			0.25
International Equity Fund		0.25			0.25			0.25			0.05			n/a			0.25
International Equity Income Fund		0.25			0.25			0.25			0.05			n/a			0.25
International Opportunities Fund		0.25			0.25			n/a			n/a			0.10			0.25
International Research Enhanced Equity Fund		0.25			0.25			0.25			n/a			n/a			0.25
International Unconstrained Equity Fund		0.25			0.25			0.25			0.05			n/a			0.25
International Value Fund		0.25			0.25			0.25			n/a			0.10			0.25
Intrepid International Fund		0.25			0.25			0.25			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 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/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Emerging Economies Fund		1.55	%		2.05	%		n/a			1.10	%		1.05	%		n/a			1.30	%
Emerging Markets Equity Fund		1.55			2.05			n/a			n/a			1.05			1.15	%		1.30
Emerging Markets Equity Income Fund		1.55			2.05			n/a			1.10			1.05			n/a			1.30
Global Research Enhanced Index Fund		0.59			1.09			0.84	%		n/a			n/a			n/a			0.34
Global Unconstrained Equity Fund*		0.75			1.25			1.00			0.30			0.25			n/a			0.40
International Equity Fund		1.31			1.81			1.56			0.86			0.81			n/a			1.06
International Equity Income Fund		1.25			1.75			1.50			0.80			0.75			n/a			0.90
International Opportunities Fund		1.31			1.92			n/a			n/a			0.81			0.91			1.06
International Research Enhanced Equity Fund		0.60			1.10			0.85			n/a			n/a			n/a			0.35
International Unconstrained Equity Fund		1.25			1.75			1.50			0.80			0.75			n/a			0.90
International Value Fund		1.35			1.85			1.60			n/a			0.85			0.95			1.10
Intrepid International Fund		1.25			1.75			1.50			n/a			0.75			0.85			0.90

* The expense limitation agreement was in effect for the six months ended April 30, 2016 and is in place until July 1, 2016. An additional expense limitation of 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, is in place until February 28, 2017.

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2016 and are in place until February 28, 2017.

Effective May 20, 2016, the contractual expense limitation for Emerging Economies Fund were reduced to 1.35%, 1.85%, 0.95%, 085% and 1.10% for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively until at least May 31, 2017.

Effective May 20, 2016, the contractual expense limitation for Emerging Markets Equity Fund were reduced to 1.35%, 1.85%, 0.85%, 095% and 1.10% for Class A, Class C, Class R6, Institutional Class and Select Class Shares, respectively until at least May 31, 2017.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

For the six months ended April 30, 2016, 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	$	377	$	251	$	58		$	686	$	2
Emerging Markets Equity Fund		695		463		483			1,641		—
Emerging Markets Equity Income Fund		13		1		—	(a)		14		91
Global Research Enhanced Index Fund		4,414		2,840		—	(a)		7,254		1
Global Unconstrained Equity Fund		24		14		3			41		88
International Equity Fund		933		619		237			1,789		5
International Equity Income Fund		125		42		15			182		—	(a)
International Opportunities Fund		—		—		58			58		—
International Research Enhanced Equity Fund		693		364		85			1,142		—	(a)
International Unconstrained Equity Fund		84		34		12			130		—	(a)
International Value Fund		—		—		216			216		2
Intrepid International Fund		—		—		110			110		—	(a)

	Voluntary Waivers
	Investment Advisory		Total
Global Unconstrained Equity Fund	$	82	$	82

(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). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 were as follows (amounts in thousands):

Emerging Economies Fund	$	26
Emerging Markets Equity Fund		54
Global Research Enhanced Index Fund		106
Global Unconstrained Equity Fund		2
International Equity Fund		60
International Equity Income Fund		3
International Opportunities Fund		51
International Research Enhanced Equity Fund		20
International Unconstrained Equity Fund		3
International Value Fund		23
Intrepid International Fund		51

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 six months ended April 30, 2016, International Equity Income Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

The Funds may use related party broker-dealers. For the six months ended April 30, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Emerging Economics Fund	$	3
Emerging Markets Equity Fund		3
Emerging Markets Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		3
Global Unconstrained Equity Fund		2
International Equity Income Fund		1
International Opportunities Fund		3
International Research Enhanced Equity Fund		5
International Unconstrained Equity Fund		1
International Value Fund		21
Intrepid International Fund

(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 six months ended April 30, 2016, 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	$	454,897	$	370,891
Emerging Markets Equity Fund		223,149		270,102
Emerging Markets Equity Income Fund		340		375
Global Research Enhanced Index Fund		1,447,707		1,592,875
Global Unconstrained Equity Fund		137,494		142,019
International Equity Fund		629,056		130,870
International Equity Income Fund		94,508		87,092
International Opportunities Fund		1,155,296		668,428
International Research Enhanced Equity Fund		485,351		142,336
International Unconstrained Equity Fund		39,611		18,852
International Value Fund		850,746		933,999
Intrepid International Fund		1,052,007		469,671

During the six months ended April 30, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,135,116	$	75,726	$	91,070	$	(15,344	)
Emerging Markets Equity Fund		2,077,773		340,620		177,046		163,574
Emerging Markets Equity Income Fund		2,810		135		304		(169	)
Global Research Enhanced Index Fund		6,451,156		676,179		291,629		384,550
Global Unconstrained Equity Fund		2,347		115		49		66
International Equity Fund		3,267,131		360,154		303,981		56,173
International Equity Income Fund		108,393		7,528		1,362		6,166
International Opportunities Fund		2,512,689		227,382		113,744		113,638
International Research Enhanced Equity Fund		1,169,774		88,581		60,147		28,434
International Unconstrained Equity Fund		96,212		4,510		4,956		(446	)
International Value Fund		2,179,034		149,725		133,771		15,954
Intrepid International Fund		2,656,808		150,968		185,559		(34,591	)

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

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 following Funds had 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 April 30, 2016. Average borrowings from the Facility for, or at any time during, the six months ended April 30, 2016, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	26,124		0.36	%		5	$	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.

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

As of April 30, 2016, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		15.2	%		66.5	%
Emerging Markets Equity Fund		n/a			45.2
International Equity Fund		10.3			67.5
International Opportunities Fund		n/a			85.3
International Research Enhanced Equity Fund		58.4			n/a
International Unconstrained Equity Fund		67.0			n/a
Intrepid International Fund		n/a			86.8

As of April 30, 2016, the Funds had individual shareholder accounts and/or omnibus accounts which collectively represented the following percentage of each Fund’s net assets:

	Number of Individual Affiliated Shareholder Accounts and/or Affiliated  Omnibus Accounts		% of the Fund			Number of Individual Non- affiliated Shareholder Accounts  and/or Non-affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Income Fund		1		94.3	%		n/a		n/a
Global Research Enhanced Index Fund		1		89.5			n/a		n/a
Global Unconstrained Equity Fund		1		16.6			3		41.3	%
International Value Fund		n/a		n/a			2		63.2

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 April 30, 2016, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Hong-Kong			India			Japan
Emerging Economies Fund		—	%		25.9	%		—	%		—	%		—	%		—	%
Emerging Markets Equity Fund		11.2			11.4			—			—			20.6			—
Emerging Markets Equity Income Fund		—			—			—			10.3			—			—
International Equity Fund		—			—			11.9			—			—			21.7
International Equity Income Fund		—			—			—			—			—			17.3
International Opportunities Fund		—			—			—			—			—			23.9
International Research Enhanced Equity Fund		—			—			—			—			—			22.0
International Unconstrained Equity Fund		—			—			—			—			—			12.1
International Value Fund		—			—			11.7			—			—			20.2
Intrepid International Fund		—			—			11.0			—			—			21.2

	South Africa			South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		—	%		16.2	%		—	%		14.2	%		—	%
Emerging Markets Equity Fund		16.6			—			—			—			—
Emerging Markets Equity Income Fund		14.9			—			—			22.4			—
International Equity Fund		—			—			12.0			—			20.6
International Equity Income Fund		—			—			—			—			20.2
International Opportunities Fund		—			—			—			—			22.9
International Research Enhanced Equity Fund		—			—			—			—			18.1
International Unconstrained Equity Fund		—			—			10.2			—			20.3
International Value Fund		—			—			—			—			20.0
Intrepid International Fund		—			—			—			—			17.1

As of April 30, 2016, 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.

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

8. Subsequent Event

During the period April 30, 2016 through June 21, 2016, International Value Fund had net redemptions of ($657,715,391). This amount represented 29.8% of the Fund’s net assets as of April 30, 2016.

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual	$	1,000.00	$	967.50	$	7.53		1.54	%
Hypothetical		1,000.00		1,017.21		7.72		1.54
Class C
Actual		1,000.00		965.40		10.02		2.05
Hypothetical		1,000.00		1,014.67		10.27		2.05
Class R5
Actual		1,000.00		970.30		5.39		1.10
Hypothetical		1,000.00		1,019.39		5.52		1.10
Class R6
Actual		1,000.00		970.40		5.14		1.05
Hypothetical		1,000.00		1,019.64		5.27		1.05
Select Class
Actual		1,000.00		969.50		6.37		1.30
Hypothetical		1,000.00		1,018.40		6.52		1.30
Emerging Markets Equity Fund
Class A
Actual		1,000.00		1,013.80		7.76		1.55
Hypothetical		1,000.00		1,017.16		7.77		1.55
Class C
Actual		1,000.00		1,011.10		10.25		2.05
Hypothetical		1,000.00		1,014.67		10.27		2.05
Class R6
Actual		1,000.00		1,015.80		5.26		1.05
Hypothetical		1,000.00		1,019.64		5.27		1.05
Institutional Class
Actual		1,000.00		1,015.30		5.76		1.15
Hypothetical		1,000.00		1,019.14		5.77		1.15

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Select Class
Actual	$	1,000.00	$	1,014.30	$	6.51		1.30	%
Hypothetical		1,000.00		1,018.40		6.52		1.30
Emerging Markets Equity Income Fund
Class A
Actual		1,000.00		1,015.70		7.77		1.55
Hypothetical		1,000.00		1,017.16		7.77		1.55
Class C
Actual		1,000.00		1,012.50		10.26		2.05
Hypothetical		1,000.00		1,014.67		10.27		2.05
Class R5
Actual		1,000.00		1,017.20		5.52		1.10
Hypothetical		1,000.00		1,019.39		5.52		1.10
Class R6
Actual		1,000.00		1,017.30		5.27		1.05
Hypothetical		1,000.00		1,019.64		5.27		1.05
Select Class
Actual		1,000.00		1,016.50		6.52		1.30
Hypothetical		1,000.00		1,018.40		6.52		1.30
Global Research Enhanced Index Fund
Class A
Actual		1,000.00		982.30		2.91		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class C
Actual		1,000.00		979.90		5.37		1.09
Hypothetical		1,000.00		1,019.44		5.47		1.09
Class R2
Actual		1,000.00		981.20		4.14		0.84
Hypothetical		1,000.00		1,020.69		4.22		0.84
Select Class
Actual		1,000.00		983.30		1.68		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34
Global Unconstrained Equity Fund
Class A
Actual		1,000.00		938.00		3.57		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
Class C
Actual		1,000.00		935.20		5.49		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R2
Actual		1,000.00		935.80		4.28		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R5
Actual		1,000.00		939.50		0.92		0.19
Hypothetical		1,000.00		1,023.92		0.96		0.19
Class R6
Actual		1,000.00		939.70		0.68		0.14
Hypothetical		1,000.00		1,024.17		0.70		0.14
Select Class
Actual		1,000.00		939.20		1.74		0.36
Hypothetical		1,000.00		1,023.07		1.81		0.36

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Fund
Class A
Actual	$	1,000.00	$	949.30	$	6.35		1.31	%
Hypothetical		1,000.00		1,018.35		6.57		1.31
Class C
Actual		1,000.00		946.80		8.76		1.81
Hypothetical		1,000.00		1,015.86		9.07		1.81
Class R2
Actual		1,000.00		948.30		7.56		1.56
Hypothetical		1,000.00		1,017.11		7.82		1.56
Class R5
Actual		1,000.00		951.50		4.17		0.86
Hypothetical		1,000.00		1,020.59		4.32		0.86
Class R6
Actual		1,000.00		951.70		3.93		0.81
Hypothetical		1,000.00		1,020.84		4.07		0.81
Select Class
Actual		1,000.00		951.00		5.14		1.06
Hypothetical		1,000.00		1,019.59		5.32		1.06
International Equity Income Fund
Class A
Actual		1,000.00		976.20		6.14		1.25
Hypothetical		1,000.00		1,018.65		6.27		1.25
Class C
Actual		1,000.00		973.10		8.59		1.75
Hypothetical		1,000.00		1,016.16		8.77		1.75
Class R2
Actual		1,000.00		974.70		7.36		1.50
Hypothetical		1,000.00		1,017.40		7.52		1.50
Class R5
Actual		1,000.00		978.60		3.94		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		978.80		3.69		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Select Class
Actual		1,000.00		977.40		4.42		0.90
Hypothetical		1,000.00		1,020.39		4.52		0.90
International Opportunities Fund
Class A
Actual		1,000.00		962.00		6.29		1.29
Hypothetical		1,000.00		1,018.45		6.47		1.29
Class C
Actual		1,000.00		958.80		9.11		1.87
Hypothetical		1,000.00		1,015.56		9.37		1.87
Class R6
Actual		1,000.00		965.30		3.47		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71
Institutional Class
Actual		1,000.00		964.30		4.00		0.82
Hypothetical		1,000.00		1,020.79		4.12		0.82
Select Class
Actual		1,000.00		963.50		5.13		1.05
Hypothetical		1,000.00		1,019.64		5.27		1.05

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
International Research Enhanced Equity Fund
Class A
Actual	$	1,000.00	$	964.30	$	2.93		0.60	%
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class C
Actual		1,000.00		962.00		5.37		1.10
Hypothetical		1,000.00		1,019.39		5.52		1.10
Class R2
Actual		1,000.00		962.70		4.15		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85
Select Class
Actual		1,000.00		964.70		1.71		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
International Unconstrained Equity Fund
Class A
Actual		1,000.00		964.90		6.06		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		962.90		8.49		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class R2
Actual		1,000.00		964.10		7.28		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R5
Actual		1,000.00		967.50		3.86		0.79
Hypothetical		1,000.00		1,020.93		3.97		0.79
Class R6
Actual		1,000.00		967.90		3.62		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
Select Class
Actual		1,000.00		967.30		4.35		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
International Value Fund
Class A
Actual		1,000.00		943.70		6.52		1.35
Hypothetical		1,000.00		1,018.15		6.77		1.35
Class C
Actual		1,000.00		940.70		8.93		1.85
Hypothetical		1,000.00		1,015.66		9.27		1.85
Class R2
Actual		1,000.00		941.70		7.72		1.60
Hypothetical		1,000.00		1,016.91		8.02		1.60
Class R6
Actual		1,000.00		945.60		3.58		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
Institutional Class
Actual		1,000.00		945.30		4.35		0.90
Hypothetical		1,000.00		1,020.39		4.52		0.90
Select Class
Actual		1,000.00		944.30		4.93		1.02
Hypothetical		1,000.00		1,019.79		5.12		1.02

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2016

	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid International Fund
Class A
Actual		1,000.00		954.60		6.03		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		951.90		8.49		1.75
Hypothetical		1,000.00		1,016.16		8.77		1.75
Class R2
Actual		1,000.00		953.20		7.28		1.50
Hypothetical		1,000.00		1,017.40		7.52		1.50
Class R6
Actual		1,000.00		956.60		3.45		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71
Institutional Class
Actual		1,000.00		956.10		4.04		0.83
Hypothetical		1,000.00		1,020.74		4.17		0.83
Select Class
Actual		1,000.00		956.50		4.38		0.90
Hypothetical		1,000.00		1,020.39		4.52		0.90

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 161

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., 2016.  All rights reserved. April 2016. SAN-INTEQ-416

Semi-Annual Report

J.P. Morgan Tax Aware Funds

April 30, 2016 (Unaudited)

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	26
Financial Highlights	32
Notes to Financial Statements	36
Schedule of Shareholder Expenses	44

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

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

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly

due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 1

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		(1.89)%
S&P 500 Index		0.43%
Net Assets as of 4/30/2016 (In Thousands)	$	1,247,192

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?

Overall, U.S. equity markets experienced a significant increase in volatility during the six month reporting period. While equity prices rose slightly through the end of 2015, the beginning of 2016 was marked by prolonged sell-off of equities, driven by falling oil prices and investor uncertainty about both the health of China’s economy and U.S. interest rate policy.

By March, market volatility declined somewhat as economic data showed signs of stability in China, oil prices rebounded and the U.S. Federal Reserve Chairwoman Janet Yellen reassured investors that interest rate policy would remain accommodative. By the end of April, leading U.S. equity indexes returned to positive territory for the year to date. For the six months ended April 30, 2016, the Standard & Poor’s 500 Index returned 0.43%.

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

The Fund (Institutional Class Shares) underperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2016.

The Fund’s security selection in the pharmaceutical/medical technology and big banks & brokers sectors was a leading detractor from relative performance.

The Fund’s security selection in the semiconductors & hardware sector and the media sector was a leading contributor to performance relative to the Benchmark.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Allergan, United Continental Holdings Inc. and Vertex Pharmaceuticals. Shares of Allergan, a pharmaceutical company, fell after its plan to merge with Pfizer Inc. collapsed in early April 2016. Shares of United Continental, an airline operator, declined on a drop in passenger traffic. Shares of Vertex, a drug maker, fell after U.S. regulators rejected an expanded use for the company’s best-selling cystic fibrosis drug Kalydeco and the U.K. health care cost agency rejected the company’s newest cystic fibrosis drug, Orkambi, as too expensive.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Broadcom Ltd., Bristol Myers Squibb Co. and UnitedHealth Group Inc. Shares of Broadcom, a semiconductor manufacturer, rose after the company forecast strong revenue growth and gross margin expansion. Shares of Bristol Myers, a drug maker, rose on strong sales of its cancer drug Optivo and its blood clot drug Eliquis. Shares of UnitedHealth Group, a health insurer, rose on better than expected earnings.

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 APRIL 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.8	%
	2.	Broadcom Ltd., (Singapore)	3.7
	3.	Microsoft Corp.	2.9
	4.	Time Warner, Inc.	2.6
	5.	Wells Fargo & Co.	2.6
	6.	Honeywell International, Inc.	2.5
	7.	UnitedHealth Group, Inc.	2.3
	8.	Bristol-Myers Squibb Co.	2.3
	9.	Lowe’s Cos., Inc.	2.3
	10.	Amazon.com, Inc.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.5	%
Consumer Discretionary	16.8
Financials	15.7
Health Care	14.4
Industrials	10.4
Energy	7.4
Consumer Staples	5.7
Materials	2.5
Utilities	1.6
Telecommunication Services	0.7
Short-Term Investment	0.3

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares			Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares			Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares			Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge**			(7.25	)%		(8.29	)%		(3.26	)%		(6.66	)%		(7.76	)%		(2.87	)%		9.02	%		8.45	%		7.13	%		6.16	%		5.76	%		4.95	%
Without Sales Charge			(2.12	)		(3.21	)		(0.30	)		(1.50	)		(2.66	)		0.10			10.20			9.63			8.10			6.74			6.33			5.44
CLASS C SHARES	March 22, 2011
With CDSC***			(3.38	)		(4.44	)		(1.05	)		(3.03	)		(4.09	)		(0.84	)		9.65			9.16			7.65			6.46			6.10			5.21
Without CDSC			(2.38	)		(3.44	)		(0.48	)		(2.03	)		(3.09	)		(0.28	)		9.65			9.16			7.65			6.46			6.10			5.21
INSTITUTIONAL CLASS SHARES	January 30, 1997		(1.89	)		(3.02	)		(0.15	)		(1.06	)		(2.31	)		0.42			10.66			10.00			8.47			6.97			6.53			5.63
SELECT CLASS SHARES	March 22, 2011		(1.98	)		(3.09	)		(0.21	)		(1.21	)		(2.43	)		0.31			10.48			9.86			8.32			6.88			6.45			5.55

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods 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 (4/30/06 to 4/30/16)

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 April 30, 2006 to

April 30, 2016. 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 APRIL 30, 2016

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.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.95%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		2.82%
Composite Benchmark**		3.39%
Net Assets as of 4/30/2016 (In Thousands)	$	1,622,592

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

HOW DID THE MARKET PERFORM?

The municipal bond sector continued to perform well during the six months ended April 30, 2016, amid investor demand for tax-exempt bonds. Overall, municipal credit conditions remained calm, despite the unresolved credit crisis in Puerto Rico that threatened to spill over into other parts of the municipal bond market.

However, in the first four months of 2016, municipal bonds overall underperformed the strongest sectors of the bond market, especially U.S. Treasury bonds and investment grade corporate bonds.

HOW DID THE FUND PERFORM?

The Fund’s Select Class Shares outperformed the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) but underperformed the Composite Benchmark for the six months ended April 30, 2016.

The Fund’s hedge against inflation was a leading contributor to absolute performance as inflation swap indexes rose during the period due to increased inflationary pressure driven by rising oil prices in the final months of the period.

Relative to the Benchmark, the Fund’s longer duration, particularly in the local general obligation, transportation and electric sectors made a positive contribution to 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, compared with bonds with shorter duration.

The Fund’s overall bias toward higher quality bonds detracted from relative performance, particularly its underweight to bonds rated A and BBB, as lower rated bonds generally outperformed higher rated bonds.

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 bias to high quality debt securities, 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 Fund’s portfolio managers reduced the hedge ratio to 92% from 96% as asset valuations rose.

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 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.

6 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares			Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares			Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares			Before Taxes			After Taxes on Distri butions			After Taxes on Distri butions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge**			(0.85	)%		(0.85	)%		0.07	%		(1.55	)%		(1.56	)%		0.24	%		0.61	%		0.61	%		1.04	%		1.99	%		1.99	%		2.13	%
Without Sales Charge			3.01			3.01			2.28			2.31			2.31			2.47			1.39			1.39			1.65			2.39			2.38			2.45
CLASS C SHARES	August 31, 2005
With CDSC***			1.57			1.57			1.31			0.62			0.62			1.22			0.73			0.73			0.99			1.74			1.74			1.81
Without CDSC			2.57			2.57			1.88			1.62			1.62			1.79			0.73			0.73			0.99			1.74			1.74			1.81
CLASS R6 SHARES	August 16, 2013		3.18			3.18			2.44			2.66			2.65			2.82			1.72			1.72			1.97			2.70			2.70			2.76
INSTITUTIONAL CLASS SHARES	August 31, 2005		3.03			3.03			2.34			2.57			2.57			2.73			1.64			1.64			1.90			2.66			2.66			2.72
SELECT CLASS SHARES	August 31, 2005		2.95			2.95			2.25			2.40			2.40			2.56			1.49			1.49			1.75			2.51			2.51			2.58

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods 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 (4/30/06 to 4/30/16)

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 April 30, 2006 to April 30, 2016. 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 APRIL 30, 2016

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.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Consumer Discretionary — 16.7%
		Auto Components — 1.0%
	50	Delphi Automotive plc, (United Kingdom)		3,660
	202	Johnson Controls, Inc.		8,346
				12,006
		Automobiles — 1.2%
	472	General Motors Co.		15,023
		Hotels, Restaurants & Leisure — 1.0%
	160	Carnival Corp.		7,853
	64	Yum! Brands, Inc.		5,060
				12,913
		Internet & Catalog Retail — 2.2%
	42	Amazon.com, Inc. (a)		27,745
		Media — 6.0%
	153	CBS Corp. (Non-Voting), Class B		8,565
	42	Charter Communications, Inc., Class A (a)		8,935
	173	Comcast Corp., Class A		10,483
	76	DISH Network Corp., Class A (a)		3,756
	426	Time Warner, Inc.		31,995
	350	Twenty-First Century Fox, Inc., Class A		10,597
				74,331
		Specialty Retail — 4.9%
	9	AutoZone, Inc. (a)		6,788
	195	Home Depot, Inc. (The)		26,140
	374	Lowe’s Cos., Inc.		28,394
				61,322
		Textiles, Apparel & Luxury Goods — 0.4%
	68	lululemon athletica, Inc., (Canada) (a)		4,481
		Total Consumer Discretionary		207,821
		Consumer Staples — 5.7%
		Beverages — 3.0%
	79	Constellation Brands, Inc., Class A		12,345
	149	Molson Coors Brewing Co., Class B		14,215
	112	PepsiCo, Inc.		11,528
				38,088
		Food & Staples Retailing — 0.9%
	77	Costco Wholesale Corp.		11,462
		Food Products — 0.8%
	220	Mondelez International, Inc., Class A		9,465
		Household Products — 1.0%
	154	Procter & Gamble Co. (The)		12,351
		Total Consumer Staples		71,366

SHARES			SECURITY DESCRIPTION	VALUE($)
			Energy — 7.4%
			Energy Equipment & Services — 0.4%
	126		Halliburton Co.		5,213
			Oil, Gas & Consumable Fuels — 7.0%
	329		Cabot Oil & Gas Corp.		7,699
	—	(h)	California Resources Corp.		—	(h)
	145		Chevron Corp.		14,775
	201		ConocoPhillips		9,615
	117		Diamondback Energy, Inc.		10,121
	54		EOG Resources, Inc.		4,474
	209		Occidental Petroleum Corp.		16,036
	83		Phillips 66		6,838
	102		Pioneer Natural Resources Co.		16,976
					86,534
			Total Energy		91,747
			Financials — 15.6%
			Banks — 6.1%
	1,464		Bank of America Corp.		21,317
	321		Citigroup, Inc.		14,866
	218		KeyCorp		2,676
	52		SVB Financial Group (a)		5,386
	639		Wells Fargo & Co.		31,950
					76,195
			Capital Markets — 3.5%
	31		BlackRock, Inc.		10,945
	264		Charles Schwab Corp. (The)		7,512
	22		Goldman Sachs Group, Inc. (The)		3,610
	99		Invesco Ltd.		3,061
	701		Morgan Stanley		18,976
					44,104
			Consumer Finance — 1.3%
	53		Capital One Financial Corp.		3,801
	151		Discover Financial Services		8,479
	116		Synchrony Financial (a)		3,539
					15,819
			Diversified Financial Services — 0.9%
	47		Intercontinental Exchange, Inc.		11,248
			Insurance — 3.8%
	190		Chubb Ltd., (Switzerland)		22,448
	199		Marsh & McLennan Cos., Inc.		12,573
	279		MetLife, Inc.		12,574
					47,595
			Total Financials		194,961

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 14.3%
		Biotechnology — 4.5%
	75	Alexion Pharmaceuticals, Inc. (a)		10,479
	41	Biogen, Inc. (a)		11,321
	181	Celgene Corp. (a)		18,703
	121	Gilead Sciences, Inc.		10,689
	61	Vertex Pharmaceuticals, Inc. (a)		5,134
				56,326
		Health Care Providers & Services — 3.7%
	68	Aetna, Inc.		7,664
	58	Humana, Inc.		10,293
	218	UnitedHealth Group, Inc.		28,697
				46,654
		Life Sciences Tools & Services — 0.7%
	67	Illumina, Inc. (a)		9,058
		Pharmaceuticals — 5.4%
	75	Allergan plc (a)		16,149
	396	Bristol-Myers Squibb Co.		28,585
	137	Eli Lilly & Co.		10,378
	359	Pfizer, Inc.		11,746
				66,858
		Total Health Care		178,896
		Industrials — 10.3%
		Aerospace & Defense — 3.2%
	268	Honeywell International, Inc.		30,664
	86	United Technologies Corp.		9,022
				39,686
		Airlines — 1.0%
	75	Spirit Airlines, Inc. (a)		3,308
	186	United Continental Holdings, Inc. (a)		8,508
				11,816
		Building Products — 2.5%
	136	Allegion plc, (Ireland)		8,921
	36	Lennox International, Inc.		4,804
	580	Masco Corp.		17,807
				31,532
		Commercial Services & Supplies — 0.5%
	98	Waste Connections, Inc.		6,620
		Industrial Conglomerates — 1.7%
	681	General Electric Co.		20,930
		Machinery — 1.2%
	61	PACCAR, Inc.		3,609
	104	Stanley Black & Decker, Inc.		11,628
				15,237

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 0.2%
	105	CSX Corp.		2,858
		Total Industrials		128,679
		Information Technology — 24.3%
		Electronic Equipment, Instruments & Components — 0.6%
	126	TE Connectivity Ltd., (Switzerland)		7,477
		Internet Software & Services — 5.1%
	25	Alphabet, Inc., Class A (a)		17,861
	33	Alphabet, Inc., Class C (a)		23,040
	192	Facebook, Inc., Class A (a)		22,629
				63,530
		IT Services — 4.2%
	114	Accenture plc, (Ireland), Class A		12,854
	130	Fidelity National Information Services, Inc.		8,546
	192	MasterCard, Inc., Class A		18,660
	119	Visa, Inc., Class A		9,222
	38	WEX, Inc. (a)		3,553
				52,835
		Semiconductors & Semiconductor Equipment — 6.0%
	312	Broadcom Ltd., (Singapore)		45,449
	230	Lam Research Corp.		17,595
	115	NXP Semiconductors N.V., (Netherlands) (a)		9,816
	32	Texas Instruments, Inc.		1,797
				74,657
		Software — 4.6%
	166	Adobe Systems, Inc. (a)		15,663
	731	Microsoft Corp.		36,451
	146	Oracle Corp.		5,816
				57,930
		Technology Hardware, Storage & Peripherals — 3.8%
	503	Apple, Inc.		47,132
		Total Information Technology		303,561
		Materials — 2.5%
		Chemicals — 1.5%
	221	Dow Chemical Co. (The)		11,645
	19	Eastman Chemical Co.		1,451
	50	PPG Industries, Inc.		5,520
				18,616
		Construction Materials — 1.0%
	71	Martin Marietta Materials, Inc.		12,050
		Total Materials		30,666

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.7%
	171	Verizon Communications, Inc.		8,704
		Utilities — 1.6%
		Electric Utilities — 0.5%
	53	NextEra Energy, Inc.		6,263
		Multi-Utilities — 1.1%
	156	CMS Energy Corp.		6,330
	302	NiSource, Inc.		6,850
				13,180
		Total Utilities		19,443
		Total Common Stocks (Cost $766,028)		1,235,844

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	3,842	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $3,842)		3,842
		Total Investments — 99.4% (Cost $769,870)		1,239,686
		Other Assets in Excess of Liabilities — 0.6%		7,506
		NET ASSETS — 100.0%	$	1,247,192

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 98.0% (t)
		Alaska — 1.0%
		Other Revenue — 1.0%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		16,655
		Arizona — 3.0%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,558
	275	Maricopa County Unified School District No. 48, Scottsdale, Unrefunded Balance, School Improvement, Series A, GO, NATL-RE, 5.000%, 07/01/16		277
				1,835
		Other Revenue — 0.2%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,278
	1,000	Series C, Rev., 5.000%, 07/01/24		1,184
				2,462
		Prerefunded — 0.2%
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,492
		Transportation — 2.4%
		Arizona State Transportation Board,
	16,705	Series A, Rev., GAN, 5.250%, 07/01/25		19,450
	17,135	Series A, Rev., GAN, 5.250%, 07/01/26		19,913
				39,363
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,666
		Total Arizona		48,818
		Arkansas — 0.1%
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		1,988
		California — 17.4%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		95
		Education — 3.2%
	7,500	California Educational Facilities Authority, Stanford University, Series U-3, Rev., 5.000%, 06/01/43		10,476

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,197
		California State University, Systemwide,
	3,000	Series A, Rev., 5.000%, 11/01/24		3,837
	1,500	Series A, Rev., 5.000%, 11/01/28		1,911
	2,625	Series A, Rev., 5.000%, 11/01/29		3,320
	5,000	Series A, Rev., 5.000%, 11/01/30		6,292
	4,875	Series A, Rev., 5.000%, 11/01/31		6,100
	4,000	Series A, Rev., 5.000%, 11/01/32		4,977
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,920
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,342
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		6,167
				51,539
		General Obligation — 7.7%
		Carlsbad Unified School District,
	2,500	Series B, GO, Zero Coupon, 05/01/16		2,500
	2,000	Series B, GO, Zero Coupon, 05/01/17		1,985
	1,490	Series B, GO, Zero Coupon, 05/01/19		1,434
	3,445	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		2,205
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,543
	1,000	GO, 5.000%, 08/01/22		1,196
	1,000	GO, 5.000%, 08/01/24		1,193
	145	Los Altos School District, Unrefunded Balance, GO, AMBAC, 5.000%, 08/01/21		147
	7,500	Los Angeles Community College District, Series A, GO, 4.000%, 08/01/32		8,423
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		159
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,053
	9,000	Series C, GO, 5.000%, 07/01/26		11,363
	5,000	Series D, GO, 5.250%, 07/01/24		5,707
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		671
	725	GO, AGM, 5.000%, 09/01/23		899

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,938
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,326
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,231
		State of California, Various Purpose,
	1,500	GO, 4.000%, 09/01/34		1,680
	1,000	GO, 4.000%, 09/01/35		1,114
	1,000	GO, 5.000%, 08/01/16		1,012
	310	GO, 5.000%, 04/01/17		323
	5,000	GO, 5.000%, 04/01/20		5,595
	10,010	GO, 5.000%, 03/01/25		12,740
	12,705	GO, 5.000%, 03/01/28		15,756
	10,370	GO, 5.000%, 08/01/30		12,674
	5,000	GO, 5.500%, 04/01/18		5,459
	5,000	GO, 5.500%, 04/01/21		5,676
	5,000	GO, 5.625%, 04/01/26		5,709
	6,600	GO, 6.500%, 04/01/33		7,691
				124,402
		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 — 0.4%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,937
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.000%, 07/01/24		224
	395	Series A, Rev., 5.000%, 07/01/25		512
	225	Series A, Rev., 5.000%, 07/01/26		291
				6,964
		Prerefunded — 1.9%
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250% 10/01/18 (p)		3,966
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		419
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		3,006
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/23 (p)		10,985

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	1,000	California State Public Works Board, University of California Research Project, Series E, Rev., 5.250%, 10/01/16 (p)		1,020
	105	Los Altos School District, GO, AMBAC, 5.000%, 08/01/16 (p)		106
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		11,825
				31,327
		Utility — 3.2%
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/21		2,246
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,088
	1,025	Series A, Rev., 5.000%, 07/01/30		1,235
	25,385	Series B, Rev., 5.000%, 07/01/28		31,211
	2,100	Series B, Rev., 5.000%, 07/01/31		2,566
	1,925	Series B, Rev., 5.000%, 07/01/32		2,341
	3,300	Series D, Rev., 5.000%, 07/01/32		4,057
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,835
				52,579
		Water & Sewer — 0.9%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		508
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		4,017
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		3,095
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,268
				14,888
		Total California		282,797
		Colorado — 2.0%
		General Obligation — 1.5%
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,790
	2,345	GO, 5.250%, 12/15/25		3,058
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		12,274
				24,122

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.5%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,422
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,843
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/19 (p)		1,379
				7,644
		Total Colorado		31,766
		Connecticut — 0.8%
		General Obligation — 0.6%
	200	City of Greenwich, GO, 5.000%, 06/01/20		218
	8,200	State of Connecticut, Series E, GO, 5.000%, 08/15/30		9,745
				9,963
		Prerefunded — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/17 (p)		1,046
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		284
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,507
				1,791
		Total Connecticut		12,800
		Delaware — 0.1%
		Education — 0.0% (g)
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,137
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,190
		Total Delaware		2,327
		District of Columbia — 0.9%
		Other Revenue — 0.1%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.000%, 12/01/20		2,359
		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		6,137
	5,000	Series C, Rev., 5.000%, 10/01/29		6,042
				12,179
		Total District of Columbia		14,538

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — 3.3%
		General Obligation — 2.7%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,961
	32,375	Series D, GO, 5.000%, 06/01/25		38,370
				44,331
		Other Revenue — 0.6%
	7,245	Palm Beach County, Public Improvement, Rev., 5.000%, 05/01/33 (w)		8,955
		Total Florida		53,286
		Georgia — 1.7%
		General Obligation — 0.1%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		350
	1,000	Series B, GO, 5.750%, 08/01/17		1,065
				1,415
		Transportation — 0.4%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		7,039
		Utility — 0.4%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		5,915
		Water & Sewer — 0.8%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,749
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,856
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		149
				13,754
		Total Georgia		28,123
		Hawaii — 0.2%
		Water & Sewer — 0.2%
	2,945	City & County of Honolulu, Wastewater System, Senior First Bond Resolution, Series A, Rev., 5.000%, 07/01/32		3,599
		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		9,072

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — 1.1%
		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		3,672
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		705
				4,554
		Prerefunded — 0.0% (g)
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		625
		Special Tax — 0.2%
		City of Chicago, Motor Fuel Tax,
	150	Rev., 5.000%, 01/01/20		160
	200	Rev., 5.000%, 01/01/21		215
	150	Rev., 5.000%, 01/01/22		163
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,046
				3,584
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,651
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		987
				4,638
		Water & Sewer — 0.3%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC-CR, 5.250%, 01/01/30		1,192
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,133
	400	Rev., 5.000%, 11/01/22		459
	1,000	Rev., 5.000%, 11/01/29		1,132
				3,916
		Total Illinois		17,317
		Indiana — 1.6%
		Education — 0.3%
	3,570	Purdue University, Student Facilities Systems, Series A, Rev., 5.250%, 07/01/20		4,200

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	1,030	South Bend Community School Corp., First Mortgage, Rev., AGM, 5.000%, 07/05/17		1,081
				5,281
		Other Revenue — 0.9%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,345
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,769
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		2,009
				15,123
		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,927
		Water & Sewer — 0.1%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		388
	375	Series B, Rev., 5.000%, 01/01/23		444
				832
		Total Indiana		26,163
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,470
		Kentucky — 1.4%
		Education — 0.5%
	1,190	Meade Country School District Finance Corp., School Building Rev., 5.000%, 09/01/26		1,502
	6,000	Oldham County, School District Finance Corp., School Building, Rev., 5.000%, 06/01/26		7,498
				9,000
		Other Revenue — 0.4%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		6,100
		Prerefunded — 0.5%
	7,145	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.000%, 11/01/18 (p)		7,891
				7,891
		Total Kentucky		22,991

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — 0.8%
		Prerefunded — 0.5%
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,191
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,123
				7,314
		Other Revenue — 0.2%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,547
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,444
		Total Louisiana		12,305
		Maryland — 0.4%
		General Obligation — 0.4%
	4,785	Harford County, Series B, GO, 5.000%, 07/01/23		5,994
		Massachusetts — 4.1%
		General Obligation — 2.7%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		10,272
	200	Series C, GO, AGM, 5.500%, 12/01/22		254
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,508
	2,500	Series C, GO, 5.000%, 07/01/23		3,053
	6,875	Series F, GO, 5.000%, 11/01/26		8,420
	13,300	Series F, GO, 5.000%, 11/01/27		16,250
				43,757
		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,967
		Transportation — 0.8%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		13,099
		Total Massachusetts		65,823
		Michigan — 1.2%
		Education — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/21		4,634

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.1%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,331
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,468
		Water & Sewer — 0.7%
	10,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.500%, 01/01/22		11,419
		Total Michigan		19,852
		Minnesota — 1.4%
		General Obligation — 0.7%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		920
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,674
				10,594
		Other Revenue — 0.7%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,675
		Total Minnesota		22,269
		Mississippi — 1.0%
		Prerefunded — 1.0%
	15,750	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		15,714
		Missouri — 2.8%
		Other Revenue — 1.0%
		Kansas City Industrial Development Authority, Downtown Redevelopment District,
	7,640	Series A, Rev., 5.000%, 09/01/20		8,745
	6,620	Series A, Rev., 5.000%, 09/01/21		7,740
				16,485
		Prerefunded — 0.0% (g)
		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water,
	20	Series A, Rev., 5.000%, 01/01/20 (p)		23
	15	Series B, Rev., 5.000%, 01/01/19 (p)		17
				40
		Transportation — 0.7%
	4,060	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,568

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	7,000	Missouri Highways & Transportation Commission, Senior Lien, Rev., 5.000%, 02/01/21		7,237
				11,805
		Water & Sewer — 1.1%
		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water,
	15,000	Series A, Rev., 5.000%, 01/01/21		17,205
	365	Series B, Rev., 5.000%, 07/01/25		429
				17,634
		Total Missouri		45,964
		Nebraska — 0.4%
		Prerefunded — 0.0% (g)
	155	Nebraska Public Power District, Series B, Rev., AGM, 5.000%, 07/01/17 (p)		163
		Utility — 0.4%
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		257
	445	Series B, Rev., AGM, 5.000%, 01/01/18		468
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,439
				6,164
		Total Nebraska		6,327
		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		1,181
	1,035	Series E, Rev., 5.000%, 01/15/24		1,189
	1,195	Series E, Rev., 5.000%, 01/15/26		1,366
	1,250	Series E, Rev., 5.000%, 01/15/27		1,423
		Total New Hampshire		5,159
		New Jersey — 2.8%
		Education — 1.7%
		New Jersey Economic Development Authority, School Facilities Construction,
	1,500	Series NN, Rev., 5.000%, 03/01/23		1,669
	5,000	Series NN, Rev., 5.000%, 03/01/29		5,387
	10,000	Series PP, Rev., 5.000%, 06/15/29		10,870
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,788
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,686
				27,400

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		996
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,273
	1,200	GO, 5.000%, 07/15/23		1,386
				3,655
		Transportation — 0.8%
	1,750	New Jersey State Turnpike Authority, Series E, Rev., 3.375%, 01/01/31		1,820
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		5,323
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,654
				12,797
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,849
		Total New Jersey		45,701
		New Mexico — 0.9%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,759
	1,690	Series B, Rev., 5.000%, 06/01/23		1,829
	1,820	Series B, Rev., 5.000%, 06/01/25		1,966
	1,965	Series B, Rev., 5.000%, 06/01/27		2,117
	4,200	Series C, Rev., 5.000%, 06/01/22		5,020
				12,691
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,621
		Total New Mexico		14,312
		New York — 25.1%
		General Obligation — 1.1%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,673
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.000%, 08/01/28		7,311
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,854
				17,838

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		528
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Rev., 5.000%, 09/15/30		11,369
		Other Revenue — 11.2%
		New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007,
	400	Series S-1, Rev., NATL-RE, 5.000%, 07/15/16		404
	6,750	Series S-2, Rev., NATL-RE, 5.000%, 01/15/22		6,957
	3,500	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/40		4,109
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,302
	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		10,648
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,942
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5, Rev., 5.500%, 04/01/19		8,954
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,599
		New York State Dormitory Authority, State Sales Tax,
	13,700	Series A, Rev., 5.000%, 03/15/21		16,276
	3,000	Series A, Rev., 5.000%, 03/15/28		3,704
	5,000	Series A, Rev., 5.000%, 03/15/29		6,134
	14,500	Series A, Rev., 5.000%, 03/15/31		17,609
	7,985	Series A, Rev., 5.000%, 03/15/32		9,658
	1,000	Series A, Rev., 5.000%, 03/15/33		1,205
	4,225	Series A, Rev., 5.000%, 03/15/34		5,073
	10,000	Series A, Rev., 5.000%, 03/15/44		11,730
	10,225	New York State Environmental Facilities Corp., State Clean Water & Drinking water, Series C, Rev., 5.000%, 06/15/21		10,742

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		16,416
	5,000	Series D, Rev., 5.500%, 01/01/19		5,613
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	4,500	Series A, Rev., 5.000%, 10/15/25		5,755
	1,800	Series A, Rev., 5.000%, 10/15/28		2,260
	7,500	Series A, Rev., 5.000%, 10/15/29		9,368
	1,850	Series A, Rev., 5.000%, 10/15/31		2,292
				180,750
		Prerefunded — 0.9%
	745	Metropolitan Transportation Authority, Series C, Rev., 6.500%, 11/15/18 (p)		853
	20	New York State Dormitory Authority, State Personal Income Tax, Education, Series C, Rev., 5.000%, 12/15/16 (p)		20
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/18 (p)		4,802
	1,000	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/17 (p)		1,071
	7,425	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B, Rev., 5.000%, 10/01/17 (p)		7,886
				14,632
		Special Tax — 3.4%
		New York State Dormitory Authority, State Personal Income Tax,
	7,250	Series C, Rev., 5.000%, 03/15/31		8,775
	12,500	Series C, Rev., 5.000%, 03/15/33		14,978
		New York State Dormitory Authority, State Personal Income Tax, Education,
	10,000	Series A, Rev., 5.000%, 03/15/21		10,801
	4,000	Series A, Rev., 5.000%, 03/15/23		4,457
	3,500	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.000%, 03/15/41		4,005
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,544
				54,560
		Transportation — 3.6%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.000%, 11/15/41		1,746

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	255	Series C, Rev., 6.500%, 11/15/28		292
	5,000	Subseries C-1, Rev., 5.250%, 11/15/28		6,360
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,385
	2,000	Rev., 5.000%, 05/01/35		2,277
	6,500	Rev., 5.000%, 10/15/41		7,783
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		30,148
	4,970	Series A-2, Rev., 5.000%, 11/15/28		5,470
	1,250	Series B, Rev., 5.000%, 11/15/31		1,507
				58,968
		Utility — 2.5%
		Utility Debt Securitization Authority,
	9,675	Rev., 5.000%, 12/15/35		11,901
	5,250	Rev., 5.000%, 12/15/36		6,427
	5,000	Rev., 5.000%, 12/15/37		6,097
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,944
	5,000	Series TE, Rev., 5.000%, 12/15/29		6,152
	4,250	Series TE, Rev., 5.000%, 12/15/41		5,062
				40,583
		Water & Sewer — 1.7%
	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)		399
	2,500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/29		2,716
	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		18,992
		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		3,677
	2,000	Series FF, Rev., 5.000%, 06/15/32		2,441
				28,225
		Total New York		407,453

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		North Carolina — 0.8%
		Other Revenue — 0.7%
		Wake County, Hammond Road Detention Center, Limited Obligation,
	3,905	Rev., 5.000%, 06/01/20		4,415
	5,950	Rev., 5.000%, 06/01/21		6,720
				11,135
		Water & Sewer — 0.1%
		City of High Point, Combined Enterprise System,
	1,000	Rev., AGM, 5.000%, 11/01/25		1,103
	1,170	Rev., AGM, 5.000%, 11/01/26		1,289
				2,392
		Total North Carolina		13,527
		Ohio — 1.1%
		General Obligation — 0.7%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,815
	5,725	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		6,350
				12,165
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		608
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,553
				3,161
		Prerefunded — 0.0% (g)
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		713
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		699
	1,500	Rev., 5.000%, 11/15/27		1,866
				2,565
		Total Ohio		18,604
		Oklahoma — 0.5%
		Transportation — 0.4%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,545
	2,000	Series A, Rev., 5.000%, 01/01/24		2,351
				5,896

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,709
		Total Oklahoma		7,605
		Oregon — 1.7%
		Certificate of Participation/Lease — 0.2%
	3,425	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/20		3,841
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		127
		Other Revenue — 0.8%
		Oregon State Department of Administrative Services, Lottery,
	1,500	Series A, Rev., 5.000%, 04/01/27		1,827
	8,975	Series C, Rev., 5.000%, 04/01/25		11,211
				13,038
		Prerefunded — 0.5%
	6,965	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/19 (p)		7,811
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,387
		Total Oregon		27,204
		Pennsylvania — 0.8%
		Education — 0.2%
		Pennsylvania State University,
	1,225	Series A, Rev., 5.000%, 03/01/22		1,357
	2,000	Series A, Rev., 5.000%, 03/01/23		2,209
				3,566
		General Obligation — 0.4%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		5,006
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/20		2,012
				7,018
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.206%, 12/01/24		2,925
		Total Pennsylvania		13,509

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Rhode Island — 0.1%
		Education — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.000%, 09/01/25		777
		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		1,250
		Total Rhode Island		2,027
		South Carolina — 0.7%
		Prerefunded — 0.1%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/19 (p)		2,467
		Utility — 0.6%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,803
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,479
				9,282
		Total South Carolina		11,749
		Tennessee — 0.1%
		General Obligation — 0.1%
	1,030	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		1,249
		Texas — 9.0%
		Education — 0.9%
		Southwest Higher Education Authority, Inc., Southern Methodist University Project,
	2,000	Rev., 5.000%, 10/01/20		2,282
	3,000	Rev., 5.000%, 10/01/21		3,413
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,399
	2,500	Series A, Rev., 5.000%, 04/15/22		2,795
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		549
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,451
	1,215	Series C, Rev., 5.000%, 03/01/22		1,308
				14,197
		General Obligation — 4.4%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,115
	945	Series C, GO, 5.000%, 02/15/22		1,057
	325	Series C, GO, 5.000%, 02/15/23		364

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,807
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,844
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,904
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		827
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		836
	3,500	GO, 5.000%, 08/01/24		4,155
	4,735	GO, 5.000%, 08/01/26		5,607
	2,735	GO, 5.000%, 08/01/27		3,230
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,861
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		919
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,654
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,598
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,510
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,188
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		2,036
	1,000	Hays County, GO, 5.000%, 02/15/23		1,141
		Hays County, Pass-Through Toll,
	1,500	GO, 5.000%, 02/15/23		1,712
	1,785	GO, 5.000%, 02/15/24		2,031
	2,410	GO, 5.000%, 02/15/25		2,728
		San Jacinto Community College District,
	390	GO, AMBAC, 5.000%, 02/15/20		403
	5,000	GO, 5.000%, 02/15/34		5,541
	2,600	GO, 5.000%, 02/15/40		2,976
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,740
	4,340	Series A, GO, 5.000%, 08/01/21		4,754
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/20		1,967
				71,505
		Prerefunded — 0.9%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		8,237

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	3,000	Dallas Area Rapid Transit, Senior Lien, Rev., 5.250%, 12/01/18 (p)		3,340
	2,000	Deer Park Independent School District, Limited Tax, GO, AGM, 5.250%, 02/15/17 (p)		2,074
				13,651
		Transportation — 1.4%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,528
	7,660	Dallas Area Rapid Transit, Senior Lien, Series A, Rev., 5.000%, 12/01/21		8,614
	2,000	Dallas-Fort Worth International Airport, Series A, Rev., 5.000%, 11/01/21		2,047
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,887
				23,076
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,872
		Water & Sewer — 1.2%
	1,250	City of San Antonio, Water System Junior Lien, Rev., 5.000%, 05/15/24		1,553
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		108
	3,315	Rev., 5.000%, 12/15/23		3,858
		North Texas Municipal Water District,
	2,695	Rev., 5.000%, 06/01/21		2,921
	2,955	Rev., 5.000%, 06/01/23		3,203
	3,405	Rev., 5.000%, 06/01/26		3,689
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,333
				19,665
		Total Texas		145,966
		Utah — 0.7%
		Prerefunded — 0.2%
	3,200	Utah State University of Agriculture & Applied Science, Rev., 5.000%, 06/01/19 (p)		3,605
				3,605
		Water & Sewer — 0.5%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/26		8,349
		Total Utah		11,954

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Vermont — 0.4%
		Education — 0.4%
		University of Vermont & State Agricultural College,
	4,230	Rev., AMBAC, 5.000%, 10/01/21		4,480
	2,355	Rev., AMBAC, 5.000%, 10/01/22		2,492
		Total Vermont		6,972
		Virginia — 2.7%
		Education — 0.7%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		11,410
		General Obligation — 1.9%
	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		19,881
	9,000	Fairfax County, Public Improvement, Series A, GO, 4.000%, 10/01/28		10,644
				30,762
		Other Revenue — 0.1%
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		27
	490	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		562
				589
		Prerefunded — 0.0% (g)
	475	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		542
		Total Virginia		43,303
		Washington — 2.6%
		General Obligation — 2.1%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,322

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		11,224
	2,000	Series D, GO, 5.000%, 02/01/24		2,470
	12,400	Series R-2010A, GO, 5.000%, 01/01/22		13,771
	4,690	Yakima County School District No. 7, GO, 5.500%, 12/01/23		5,408
				34,195
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,449
	1,000	Series B, Rev., 5.000%, 03/01/34		1,181
				5,630
		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,584
		Total Washington		41,409
		Total Municipal Bonds (Cost $1,469,175)		1,590,661
SHARES
	Short-Term Investment — 9.2%
		Investment Company — 9.2%
	148,315	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.160% (b) (l) † (Cost $148,315)		148,315
		Total Investments — 107.2% (Cost $1,617,490)		1,738,976
		Liabilities in Excess of Other Assets — (7.2)%		(116,384	)
		NET ASSETS — 100.0%	$	1,622,592

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.943% at termination	CPI-U at termination	06/14/16	$	5,000	$	(733	)
Barclays Bank plc	2.930% at termination	CPI-U at termination	06/15/16		3,000		(435	)
Barclays Bank plc	2.680% at termination	CPI-U at termination	07/15/16		25,000		(2,956	)
Barclays Bank plc	2.812% at termination	CPI-U at termination	10/12/19		25,000		(4,406	)
Barclays Bank plc	2.590% at termination	CPI-U at termination	12/31/19		35,000		(3,448	)
Barclays Bank plc	2.439% at termination	CPI-U at termination	05/15/24		18,000		(1,685	)
Barclays Bank plc	2.700% at termination	CPI-U at termination	09/03/44		5,000		(1,286	)
BNP Paribas	2.395% at termination	CPI-U at termination	05/31/16		25,000		(1,497	)
BNP Paribas	2.100% at termination	CPI-U at termination	08/26/18		25,000		(1,153	)
BNP Paribas	2.105% at termination	CPI-U at termination	08/26/18		12,000		(557	)
BNP Paribas	2.190% at termination	CPI-U at termination	09/03/19		13,000		(695	)
BNP Paribas	2.350% at termination	CPI-U at termination	07/06/20		25,000		(2,072	)
BNP Paribas	2.693% at termination	CPI-U at termination	09/03/44		4,000		(1,017	)
BNP Paribas	2.695% at termination	CPI-U at termination	09/03/44		4,000		(1,021	)
Citibank, N.A.	2.275% at termination	CPI-U at termination	07/02/18		50,000		(3,106	)
Citibank, N.A.	2.220% at termination	CPI-U at termination	07/06/18		50,000		(2,843	)
Citibank, N.A.	2.190% at termination	CPI-U at termination	09/02/19		9,000		(481	)
Citibank, N.A.	2.420% at termination	CPI-U at termination	05/24/20		25,000		(2,330	)
Citibank, N.A.	2.420% at termination	CPI-U at termination	06/30/20		50,000		(4,577	)
Citibank, N.A.	2.410% at termination	CPI-U at termination	07/01/20		50,000		(4,514	)
Citibank, N.A.	2.330% at termination	CPI-U at termination	07/06/20		50,000		(4,026	)
Citibank, N.A.	2.480% at termination	CPI-U at termination	07/01/22		50,000		(5,693	)
Citibank, N.A.	2.458% at termination	CPI-U at termination	05/21/24		10,000		(960	)
Citibank, N.A.	2.492% at termination	CPI-U at termination	08/27/24		22,000		(2,224	)
Citibank, N.A.	2.477% at termination	CPI-U at termination	09/02/24		15,000		(1,491	)
Citibank, N.A.	2.623% at termination	CPI-U at termination	10/07/24		14,000		(459	)
Credit Suisse International	2.250% at termination	CPI-U at termination	05/09/17		50,000		(2,932	)
Credit Suisse International	2.178% at termination	CPI-U at termination	05/28/18		65,000		(3,535	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	02/25/18		50,000		(3,447	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination	09/10/19		55,000		(2,777	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination	06/30/20		100,000		(9,034	)
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination	02/21/24		40,000		(3,877	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination	12/15/24		54,000		(1,169	)
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination	02/25/44		5,000		(1,296	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination	10/10/44		13,000		(2,338	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination	10/13/45		5,000		32
Goldman Sachs International	2.211% at termination	CPI-U at termination	08/29/19		20,000		(1,093	)
Goldman Sachs International	2.185% at termination	CPI-U at termination	09/02/19		12,000		(638	)
Goldman Sachs International	2.194% at termination	CPI-U at termination	09/02/19		19,000		(1,020	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination	10/01/18		20,000		(1,001	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination	06/23/19		20,000		(1,172	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination	01/27/24		30,000		(3,071	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination	02/04/24		34,000		(3,373	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination	09/12/44		3,000		(738	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination	06/28/20		25,000		(2,320	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination	06/30/20		75,000		(6,895	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination	03/17/24		7,000		(679	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination	07/31/29		49,000		(21,917	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination	02/10/44		9,000		(2,417	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination	04/22/18		50,000		(2,701	)
						$	(135,073	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

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

VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of April 30, 2016.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is 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).
(l)	—  The rate shown is the current yield as of April 30, 2016.
(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.
(w)	—  When-issued security.
†	—  Approximately $139,640,000 of this investment is restricted as collateral for swaps to various brokers.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	Tax Aware Equity Fund		Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,235,844	$	1,590,661
Investments in affiliates, at value		3,842		8,675
Investments in affiliates — restricted, at value		—		139,640
Total investment securities, at value		1,239,686		1,738,976
Cash		6		121
Receivables:
Investment securities sold		9,320		—
Fund shares sold		2,155		2,314
Interest and dividends from non-affiliates		1,021		18,936
Dividends from affiliates		1		3
Outstanding swap contracts, at value		—		32
Total Assets		1,252,189		1,760,382
LIABILITIES:
Payables:
Investment securities purchased		3,232		—
Fund shares redeemed		1,133		1,900
Outstanding swap contracts, at value		—		135,105
Accrued liabilities:
Investment advisory fees		361		411
Administration fees		84		73
Distribution fees		6		33
Shareholder servicing fees		114		126
Custodian and accounting fees		9		9
Collateral management fees		—		16
Trustees’ and Chief Compliance Officer’s fees		2		3
Other		56		114
Total Liabilities		4,997		137,790
Net Assets	$	1,247,192	$	1,622,592

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

	Tax Aware Equity Fund			Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	773,444		$	1,686,110
Accumulated undistributed (distributions in excess of) net investment income		928			16
Accumulated net realized gains (losses)		3,004			(49,947	)
Net unrealized appreciation (depreciation)		469,816			(13,587	)
Total Net Assets	$	1,247,192		$	1,622,592
Net Assets:
Class A	$	15,138		$	49,383
Class C		5,255			36,816
Class R6		—			189,137
Institutional Class		1,133,017			1,229,004
Select Class		93,782			118,252
Total	$	1,247,192		$	1,622,592
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		548			5,120
Class C		192			3,827
Class R6		—			19,570
Institutional Class		40,849			127,238
Select Class		3,384			12,246
Net Asset Value (a):
Class A — Redemption price per share	$	27.62		$	9.64
Class C — Offering price per share (b)		27.43			9.62
Class R6 — Offering and redemption price per share		—			9.66
Institutional Class — Offering and redemption price per share		27.74			9.66
Select Class — Offering and redemption price per share		27.71			9.66
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)]	$	29.15		$	10.02
Cost of investments in non-affiliates	$	766,028		$	1,469,175
Cost of investments in affiliates		3,842			8,675
Cost of investments in affiliates — restricted		—			139,640

(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.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	26,786
Interest income from affiliates		—			16
Dividend income from non-affiliates		10,860			—
Dividend income from affiliates		9			5
Total investment income		10,869			26,807
EXPENSES:
Investment advisory fees		2,197			2,842
Administration fees		513			667
Distribution fees:
Class A		17			64
Class C		18			146
Shareholder servicing fees:
Class A		17			64
Class C		6			49
Institutional Class		576			610
Select Class		107			160
Custodian and accounting fees		22			47
Professional fees		29			50
Collateral management fees		—			23
Trustees’ and Chief Compliance Officer’s fees		6			9
Printing and mailing costs		28			14
Registration and filing fees		19			49
Transfer agent fees (See Note 2.E.)		11			10
Sub-transfer agent fees (See Note 2.E.)		19			63
Other		9			8
Total expenses		3,594			4,875
Less fees waived		(28	)		(575	)
Net expenses		3,566			4,300
Net investment income (loss)		7,303			22,507
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		10,154			9,988
Swaps		—			(12,507	)
Net realized gain (loss)		10,154			(2,519	)
Distributions of capital gains received from investment company affiliates		—			1
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(44,068	)		16,482
Swaps		—			11,880
Change in net unrealized appreciation/depreciation		(44,068	)		28,362
Net realized/unrealized gains (losses)		(33,914	)		25,844
Change in net assets resulting from operations	$	(26,611	)	$	48,351

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,303		$	15,731		$	22,507		$	56,097
Net realized gain (loss)		10,154			56,837			(2,519	)		4,047
Distributions of capital gains received from investment company affiliates		—			—			1			1
Change in net unrealized appreciation/depreciation		(44,068	)		10,846			28,362			(114,372	)
Change in net assets resulting from operations		(26,611	)		83,414			48,351			(54,227	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(60	)		(84	)		(665	)		(1,839	)
From net realized gains		(526	)		(303	)		—			—
Class C
From net investment income		(13	)		(9	)		(374	)		(990	)
From net realized gains		(198	)		(80	)		—			—
Class R6
From net investment income		—			—			(2,717	)		(6,644	)
Institutional Class
From net investment income		(6,961	)		(14,056	)		(17,369	)		(43,614	)
From net realized gains		(51,885	)		(35,725	)		—			—
Select Class
From net investment income		(475	)		(803	)		(1,709	)		(4,759	)
From net realized gains		(3,533	)		(2,330	)		—			—
Total distributions to shareholders		(63,651	)		(53,390	)		(22,834	)		(57,846	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(29,613	)		(53,542	)		(133,229	)		(426,662	)
NET ASSETS:
Change in net assets		(119,875	)		(23,518	)		(107,712	)		(538,735	)
Beginning of period		1,367,067			1,390,585			1,730,304			2,269,039
End of period	$	1,247,192		$	1,367,067		$	1,622,592		$	1,730,304
Accumulated undistributed (distributions in excess of) net investment income	$	928		$	1,134		$	16		$	343

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,595		$	4,098		$	2,919		$	13,317
Distributions reinvested		464			294			595			1,615
Cost of shares redeemed		(1,386	)		(3,071	)		(11,591	)		(49,348	)
Change in net assets resulting from Class A capital transactions	$	3,673		$	1,321		$	(8,077	)	$	(34,416	)
Class C
Proceeds from shares issued	$	1,047		$	2,763		$	1,522		$	2,320
Distributions reinvested		211			79			271			708
Cost of shares redeemed		(381	)		(949	)		(8,419	)		(17,235	)
Change in net assets resulting from Class C capital transactions	$	877		$	1,893		$	(6,626	)	$	(14,207	)
Class R6
Proceeds from shares issued	$	—		$	—		$	1,194		$	2,543
Distributions reinvested		—			—			1,523			3,138
Cost of shares redeemed		—			—			—	(a)		(63,715	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	2,717		$	(58,034	)
Institutional Class
Proceeds from shares issued	$	102,133		$	192,338		$	261,337		$	405,663
Distributions reinvested		3,958			2,264			3,170			7,420
Cost of shares redeemed		(154,163	)		(250,487	)		(357,167	)		(710,114	)
Change in net assets resulting from Institutional Class capital transactions	$	(48,072	)	$	(55,885	)	$	(92,660	)	$	(297,031	)
Select Class
Proceeds from shares issued	$	19,170		$	13,376		$	21,095		$	67,605
Distributions reinvested		1,281			971			666			1,682
Cost of shares redeemed		(6,542	)		(15,218	)		(50,344	)		(92,261	)
Change in net assets resulting from Select Class capital transactions	$	13,909		$	(871	)	$	(28,583	)	$	(22,974	)
Total change in net assets resulting from capital transactions	$	(29,613	)	$	(53,542	)	$	(133,229	)	$	(426,662	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		173			140			305			1,371
Reinvested		17			10			62			167
Redeemed		(53	)		(107	)		(1,215	)		(5,075	)
Change in Class A Shares		137			43			(848	)		(3,537	)
Class C
Issued		39			96			160			238
Reinvested		8			3			28			74
Redeemed		(14	)		(33	)		(886	)		(1,783	)
Change in Class C Shares		33			66			(698	)		(1,471	)
Class R6
Issued		—			—			125			264
Reinvested		—			—			159			325
Redeemed		—			—			—	(a)		(6,623	)
Change in Class R6 Shares		—			—			284			(6,034	)
Institutional Class
Issued		3,804			6,574			27,360			41,759
Reinvested		142			80			332			770
Redeemed		(5,713	)		(8,493	)		(37,427	)		(73,359	)
Change in Institutional Class Shares		(1,767	)		(1,839	)		(9,735	)		(30,830	)
Select Class
Issued		731			456			2,214			6,911
Reinvested		46			34			70			174
Redeemed		(245	)		(515	)		(5,290	)		(9,552	)
Change in Select Class Shares		532			(25	)		(3,006	)		(2,467	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 31

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
Six Months Ended April 30, 2016 (Unaudited)	$	29.60	$	0.10	(f)	$	(0.73	)	$	(0.63	)	$	(0.12	)	$	(1.23	)	$	(1.35	)
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
Six Months Ended April 30, 2016 (Unaudited)		29.43		0.03	(f)		(0.73	)		(0.70	)		(0.07	)		(1.23	)		(1.30	)
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
Six Months Ended April 30, 2016 (Unaudited)		29.70		0.16	(f)		(0.72	)		(0.56	)		(0.17	)		(1.23	)		(1.40	)
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
Six Months Ended April 30, 2016 (Unaudited)		29.68		0.14	(f)		(0.73	)		(0.59	)		(0.15	)		(1.23	)		(1.38	)
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)(j)		4.13			4.42			(0.22	)(j)		—			(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) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011.

(j) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

		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)
$	27.62		(2.12	)%	$	15,138		1.00	%		0.70	%		1.01	%		26	%
	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	(i)		0.89	(i)		0.97	(i)		60
	27.43		(2.38	)		5,255		1.51			0.21			1.51			26
	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	(i)		0.39	(i)		1.47	(i)		60
	27.74		(1.89	)		1,133,017		0.55			1.19			0.55			26
	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
	27.71		(1.98	)		93,782		0.71			1.01			0.71			26
	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	(i)		1.14	(i)		0.72	(i)		60

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 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
Tax Aware Real Return Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	9.49	$	0.12	(f)	$	0.15		$	0.27		$	(0.12	)
Year Ended October 31, 2015		10.01		0.25	(f)		(0.51	)		(0.26	)		(0.26	)
Year Ended October 31, 2014		10.06		0.26	(f)		(0.04	)		0.22			(0.27	)
Year Ended October 31, 2013		10.51		0.25			(0.48	)		(0.23	)		(0.22	)
Year Ended October 31, 2012		10.19		0.24			0.32			0.56			(0.24	)
Year Ended October 31, 2011		10.07		0.26			0.12			0.38			(0.26	)
Class C
Six Months Ended April 30, 2016 (Unaudited)		9.47		0.09	(f)		0.15			0.24			(0.09	)
Year Ended October 31, 2015		9.98		0.19	(f)		(0.50	)		(0.31	)		(0.20	)
Year Ended October 31, 2014		10.03		0.19	(f)		(0.04	)		0.15			(0.20	)
Year Ended October 31, 2013		10.48		0.17			(0.47	)		(0.30	)		(0.15	)
Year Ended October 31, 2012		10.16		0.18			0.32			0.50			(0.18	)
Year Ended October 31, 2011		10.04		0.19			0.12			0.31			(0.19	)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		9.51		0.14	(f)		0.15			0.29			(0.14	)
Year Ended October 31, 2015		10.03		0.28	(f)		(0.50	)		(0.22	)		(0.30	)
Year Ended October 31, 2014		10.08		0.30	(f)		(0.05	)		0.25			(0.30	)
August 16, 2013 (g) through October 31, 2013		9.92		0.05			0.18			0.23			(0.07	)
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		9.51		0.13	(f)		0.16			0.29			(0.14	)
Year Ended October 31, 2015		10.03		0.27	(f)		(0.50	)		(0.23	)		(0.29	)
Year Ended October 31, 2014		10.08		0.29	(f)		(0.05	)		0.24			(0.29	)
Year Ended October 31, 2013		10.53		0.27			(0.48	)		(0.21	)		(0.24	)
Year Ended October 31, 2012		10.20		0.27			0.33			0.60			(0.27	)
Year Ended October 31, 2011		10.08		0.28			0.12			0.40			(0.28	)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		9.50		0.13	(f)		0.16			0.29			(0.13	)
Year Ended October 31, 2015		10.02		0.26	(f)		(0.51	)		(0.25	)		(0.27	)
Year Ended October 31, 2014		10.06		0.27	(f)		(0.04	)		0.23			(0.27	)
Year Ended October 31, 2013		10.51		0.25			(0.47	)		(0.22	)		(0.23	)
Year Ended October 31, 2012		10.19		0.26			0.31			0.57			(0.25	)
Year Ended October 31, 2011		10.07		0.27			0.12			0.39			(0.27	)

(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.

34 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

		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)
$	9.64		2.91	%	$	49,383		0.75	%		2.56	%		0.98	%		4	%
	9.49		(2.59	)		56,660		0.75			2.58			0.97			18
	10.01		2.15			95,153		0.75			2.58			0.97			11
	10.06		(2.22	)		153,819		0.75			2.31			0.97			16
	10.51		5.55			222,694		0.75			2.34			0.97			8
	10.19		3.80			183,105		0.75			2.53			0.97			14
	9.62		2.57			36,816		1.40			1.90			1.50			4
	9.47		(3.16	)		42,843		1.40			1.93			1.49			18
	9.98		1.48			59,850		1.40			1.93			1.46			11
	10.03		(2.85	)		83,639		1.40			1.67			1.47			16
	10.48		4.92			108,755		1.40			1.70			1.47			8
	10.16		3.13			100,908		1.40			1.88			1.48			14
	9.66		3.07			189,137		0.40			2.90			0.46			4
	9.51		(2.24	)		183,464		0.40			2.93			0.45			18
	10.03		2.52			253,993		0.40			2.94			0.46			11
	10.08		2.33			102,671		0.38			2.69			0.47			16
	9.66		3.03			1,229,004		0.50			2.80			0.56			4
	9.51		(2.33	)		1,302,381		0.50			2.83			0.56			18
	10.03		2.41			1,682,468		0.50			2.83			0.56			11
	10.08		(1.97	)		960,451		0.50			2.57			0.57			16
	10.53		5.91			944,652		0.50			2.58			0.57			8
	10.20		4.05			740,738		0.50			2.78			0.58			14
	9.66		3.05			118,252		0.65			2.65			0.74			4
	9.50		(2.49	)		144,956		0.65			2.68			0.73			18
	10.02		2.25			177,575		0.65			2.67			0.72			11
	10.06		(2.11	)		1,544,101		0.65			2.42			0.72			16
	10.51		5.66			1,979,923		0.65			2.46			0.72			8
	10.19		3.91			2,012,662		0.65			2.63			0.73			14

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

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 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.

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.

36 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

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):

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)	$	1,239,686	$	—	$	—	$	1,239,686

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)	$	148,315	$	1,590,661		$	—	$	1,738,976
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	32		$	—	$	32
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(135,105	)	$	—	$	(135,105	)

(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 six months ended April 30, 2016.

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.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by counterparty as of April 30, 2016 are as follows (amounts in thousands):

Counterparty		Value of swap contracts			Collateral amount
Barclays Bank plc	Collateral Posted	$	(14,949	)	$	15,420
BNP Paribas			(8,012	)		8,310
Citibank, N.A.			(32,704	)		33,620
Credit Suisse International			(6,467	)		6,520
Deutsche Bank AG, New York			(23,906	)		25,000
Goldman Sachs International			(2,751	)		2,720
Morgan Stanley Capital Services			(9,355	)		9,970
Royal Bank of Scotland			(34,228	)		35,010
Union Bank of Switzerland AG			(2,701	)		3,070

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 six months ended April 30, 2016 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,546,857
Ending Notional Balance — Pays Fixed Rate		1,429,000

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 April 30, 2016 (amounts in thousands):

Tax Aware Real Return Fund

Counterparty	Gross Amount of Derivative Assets Presented in the Statement of  Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received (b)		Net Amount Due From Counterparty (not less than zero)
Deutsche Bank AG, New York	$	32	$	(32	)	$	—	$	—

38 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

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	$	14,949	$	—		$	(14,949	)	$	—
BNP Paribas		8,012		—			(8,012	)		—
Citibank, N.A.		32,704		—			(32,704	)		—
Credit Suisse International		6,467		—			(6,467	)		—
Deutsche Bank AG, New York		23,938		(32	)		(23,906	)		—
Goldman Sachs International		2,751		—			(2,720	)		31	*
Morgan Stanley Capital Services		9,355		—			(9,355	)		—
Royal Bank of Scotland		34,228		—			(34,228	)		—
Union Bank of Switzerland AG		2,701		—			(2,701	)		—
	$	135,105	$	(32	)	$	(135,042	)	$	31	*

(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 April 30, 2016, additional collateral posted by the Fund.

The Fund’s derivatives contracts held at April 30, 2016 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.

Transfer agent and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent and sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2016 are as follows (amounts in thousands):

	Class A		Class C			Institutional Class		Class R6			Select Class		Total
Tax Aware Equity Fund
Transfer agent fees	$	1	$	—	(a)	$	8		n/a		$	2	$	11
Sub-transfer agent fees		2		1			12		n/a			4		19
Tax Aware Real Return Fund
Transfer agent fees		1		1			6		—	(a)		2		10
Sub-transfer agent fees		6		8			26		—			23		63

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

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 April 30, 2016, 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.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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:

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 six months ended April 30, 2016, the effective annualized 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

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 six months ended April 30, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge
Tax Aware Equity Fund	$	3
Tax Aware Real Return Fund		2

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 charge a shareholder servicing fee. 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 other than certain money market fund fees as

40 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

described below, dividend expenses related to short sales, interest expenses related to short sales (effective March 1, 2016), 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 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 six months ended April 30, 2016 and are in place until at least February 28, 2017.

For the six months ended April 30, 2016, 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	$	—	$	—	$	21	$	21
Tax Aware Real Return Fund		280		187		104		571

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	7
Tax Aware Real Return Fund		4

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 six months ended April 30, 2016, the Funds 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 six months ended April 30, 2016, 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 six months ended April 30, 2016, 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	$	326,016	$	413,123
Tax Aware Real Return Fund		64,691		188,269

During the six months ended April 30, 2016, there were no purchases or sales of U.S. Government securities.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	769,870	$	474,492	$	4,676	$	469,816
Tax Aware Real Return Fund		1,617,490		121,909		423		121,486

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 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	$	—

At 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

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 April 30, 2016, or at any time during the six months ended April 30, 2016.

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.

As of April 30, 2016, the Funds had affiliated omnibus accounts which collectively represent the following percentage of each Fund’s net assets as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		1		87.8	%
Tax Aware Real Return Fund		1		69.6	%

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

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

42 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

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.

APRIL 30, 2016 J.P. MORGAN TAX AWARE FUNDS 43

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	978.80	$	4.92		1.00	%
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class C
Actual		1,000.00		976.20		7.42		1.51
Hypothetical		1,000.00		1,017.35		7.57		1.51
Institutional Class
Actual		1,000.00		981.10		2.71		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Select Class
Actual		1,000.00		980.20		3.50		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71
Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,029.10		3.78		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,025.70		7.05		1.40
Hypothetical		1,000.00		1,017.90		7.02		1.40
Class R6
Actual		1,000.00		1,030.70		2.02		0.40
Hypothetical		1,000.00		1,022.87		2.01		0.40
Institutional Class
Actual		1,000.00		1,030.30		2.52		0.50
Hypothetical		1,000.00		1,022.38		2.51		0.50
Select Class
Actual		1,000.00		1,030.50		3.28		0.65
Hypothetical		1,000.00		1,021.63		3.27		0.65

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

44 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2016

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., 2016.  All rights reserved. April 2016. SAN-TA-416

Semi-Annual Report

J.P. Morgan Country/Region Funds

April 30, 2016 (Unaudited)

JPMorgan China Region Fund

JPMorgan Intrepid European Fund

JPMorgan Latin America Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan China Region Fund	3
JPMorgan Intrepid European Fund	5
JPMorgan Latin America Fund	7
Schedules of Portfolio Investments	9
Financial Statements	16
Financial Highlights	24
Notes to Financial Statements	30
Schedule of Shareholder Expenses	40

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

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

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory – an experiment that the Bank of Japan embarked upon at the end of January – and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 1

J.P. Morgan Country/Region Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

Financial market volatility rose sharply in the first two months of 2016 amid investor concerns about economic stability in China, falling global oil prices and uncertainty about the direction of central bank interest rate policy in the U.S. However, the U.S. Federal Reserve responded to global conditions by adopting a more accommodative policy stance and central banks in China, Japan and the European Union took further steps to stabilize markets and extend economic expansion. By the end of March, global prices for both equities and crude oil had rebounded from mid-February lows.

Emerging markets debt and equity prices came under pressure in late 2015 and early 2016 from weakness in commodities prices and slowing demand in China. However, as financial markets elsewhere stabilized somewhat, emerging market equities experienced a significant but brief rally in April. The MSCI World Index (net of foreign withholding taxes) returned -1.05% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned -0.13% for the six month reporting period.

2 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

JPMorgan China Region Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(7.79)%
Morgan Stanley Capital International (“MSCI”) Golden Dragon Index (net of foreign withholding taxes)	(6.01)%
Net Assets as of 4/30/2016 (In Thousands)	$23,332

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 underperformed the MSCI Golden Dragon Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016. The Fund’s security selection in the industrials and financials sectors was a leading detractor from performance relative to the Benchmark for the six month period. The Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to relative performance.

The Fund’s security selection in Taiwan and its overweight allocation to China detracted from relative performance, while the Fund’s security selection in Hong Kong helped relative performance.

Leading individual detractors from relative performance included its overweight positions in China Taiping Insurance Holdings Co., China Everbright International Ltd. and Catcher Technology Co. Shares of Taiping Insurance, a China-based insurer, fell amid increased government regulation of the insurance market in China. Shares of China Everbright, a China-based industrial conglomerate, fell amid investor concerns about earnings growth. Shares of Catcher Technology, a Taiwan maker of smartphone cases, fell on slowing sales of Apple Inc.’s iPhones.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Regina Miracle International Ltd. and Tencent Holdings Ltd. and its underweight position in China Life Insurance Co. Shares of Regina Miracle, a Hong Kong-based textiles manufacturer, rose on strong sales growth. Shares of Tencent Holding, a China-based Internet social media and entertainment company, rose on expectations for further strong earnings growth. Shares of China Life Insurance fell amid heightened equity market volatility during the six month period.

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 consumer, health care and environmental sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	9.9	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	8.5
	3.	AIA Group Ltd. (Hong Kong)	6.0
	4.	China Construction Bank Corp., Class H (China)	4.9
	5.	CNOOC Ltd. (China)	3.4
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.2
	7.	Hong Kong Exchanges and Clearing Ltd. (Hong Kong)	2.7
	8.	China Merchants Bank Co., Ltd., Class H (China)	2.7
	9.	Cheung Kong Property Holdings Ltd. (Hong Kong)	2.6
	10.	AAC Technologies Holdings, Inc. (China)	2.5

PORTFOLIO COMPOSITION BY COUNTRY***
China	54.9	%
Hong Kong	26.3
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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 3

JPMorgan China Region Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2007
With Sales Charge**			(12.76	)%		(27.97	)%		(2.27	)%		2.80	%
Without Sales Charge			(7.94	)		(23.99	)		(1.22	)		3.41
CLASS C SHARES	February 28, 2007
With CDSC***			(9.18	)		(25.36	)		(1.72	)		2.89
Without CDSC			(8.18	)		(24.36	)		(1.72	)		2.89
SELECT CLASS SHARES	February 28, 2007		(7.79	)		(23.74	)		(0.97	)		3.67

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/07 TO 4/30/16)

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 April 30, 2016. 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.

4 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

JPMorgan Intrepid European Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(6.50)%
Morgan Stanley Capital International (“MSCI”) Europe Index (net of foreign withholding taxes)		(4.48)%
Net Assets as of 4/30/2016 (In Thousands)	$	970,815

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, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.

The Fund’s underweight position in the consumer staples sector and its security selection in the industrials sector were leading detractors from performance relative to the Benchmark for the six month period. The Fund’s security selection in the health care sector and its underweight position in the telecommunication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Osram Licht AG and Next PLC and its underweight position in Nestle SA. Shares of Osram Licht, a German maker of lighting, fell as the company struggled to transition from traditional incandescent lighting to light-emitting diode technology. Shares of Next PLC, a U.K. apparel retail chain, fell on weakness in consumer spending. Shares of Nestle, a consumer products company, rose after the company proposed increasing its dividend and forecast growth in earnings.

Leading individual contributors to relative performance include the Fund’s overweight positions in Vestas Wind Systems A/S and Gamesa Corporacion Tecnologica SA, and its underweight position in Novartis AG. Shares of Vestas, a Danish provider of wind energy systems, rose on increased orders and the company’s first dividend in 12 years. Shares of Gamesa, a Spanish provider of wind energy systems, rose on news of a merger with Siemens AG. Shares of Novartis, a drug maker based in Switzerland that was not held in the Fund, fell after the company forecast weakness in income at its core business.

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.	Nestle S.A. (Switzerland)	3.0	%
	2.	Roche Holding AG (Switzerland)	2.8
	3.	Royal Dutch Shell plc, Class A (Netherlands)	2.8
	4.	Reckitt Benckiser Group plc (United Kingdom)	2.5
	5.	Siemens AG (Germany)	2.4
	6.	Novo Nordisk A/S, Class B (Denmark)	2.3
	7.	British American Tobacco plc (United Kingdom)	2.1
	8.	Unilever N.V., CVA (United Kingdom)	2.0
	9.	Anheuser-Busch InBev S.A./N.V. (Belgium)	1.9
	10.	HSBC Holdings plc (United Kingdom)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	23.5	%
France	17.4
Germany	15.3
Switzerland	12.2
Netherlands	6.0
Denmark	5.3
Italy	4.1
Spain	3.5
Belgium	2.5
Luxembourg	2.0
Norway	1.5
Others (each less than 1.0%)	1.4
Short-Term Investment	5.3

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 5

JPMorgan Intrepid European Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**			(11.40	)%		(13.71	)%		2.30	%		1.81	%
Without Sales Charge			(6.50	)		(8.92	)		3.41			2.36
CLASS C SHARES	November 1, 1998
With CDSC***			(7.73	)		(10.40	)		2.89			1.85
Without CDSC			(6.73	)		(9.40	)		2.89			1.85
INSTITUTIONAL CLASS SHARES	September 10, 2001		(6.29	)		(8.47	)		3.89			2.84
SELECT CLASS SHARES	September 10, 2001		(6.36	)		(8.64	)		3.69			2.63

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/06 to 4/30/16)

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 April 30, 2006 to April 30, 2016. 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.

6 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

JPMorgan Latin America Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	11.77%
Morgan Stanley Capital International (“MSCI”) Emerging Markets (“EM”) Latin America Index (net of foreign withholding taxes)	15.78%
Net Assets as of 4/30/2016 (In Thousands)	$73,667

INVESTMENT OBJECTIVE**

The JPMorgan Latin America Fund (the “Fund”) seeks 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 six months ended April 30, 2016.

By sector, the Fund’s stock selection in the financials and utilities sectors detracted from performance relative to the Benchmark during the six month period, while the Fund’s security selection and underweight position in the consumer staples sector and its underweight position in the telecommunication services sector contributed to relative performance.

By region, the Fund’s security selection and underweight position in Brazil and its overweight position and security selection in Mexico detracted from relative performance, while the Fund’s underweight position in Chile and its overweight position in Panama contributed to relative performance. Panama was not represented in the Benchmark.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Banco Bradesco SA and Petroleo Brasileiro SA (Petrobras) and its overweight position in Infraestructura Energetica Nova SAB. Shares of both Banco Bradesco, a Brazilian bank, and Petrobras, Brazil’s state controlled oil company, rose on investor expectations for a change in Brazil’s government. Shares of Infraestructura Energetica, a Mexican energy infrastructure company not held in the Benchmark, fell following a credit rating downgrade from Moody’s Corp., which cited the company’s increased exposure to Mexican government-controlled entities in the natural gas sector.

Leading individual contributors to the Fund’s relative performance included its underweight positions in America Movil SAB and BRF SA and its overweight position in Raia Drogasil SA. Shares of America Movil, a Mexican telecommunications provider, fell on increasing competition and weak earnings results. Shares of BRF, a Brazilian food processing company that was not held by the Fund, fell as higher corn prices hurt earnings. Shares of Raia Drogasil, a Brazilian retail pharmacy chain, rose amid mergers and acquisitions activity in Brazil drug store sector.

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 industrials and financials sectors and the Fund’s largest average underweight positions were in the telecom and materials sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	6.2	%
	2.	AMBEV S.A., ADR (Brazil)	5.2
	3.	Banco Bradesco S.A., ADR (Brazil)	4.6
	4.	Credicorp Ltd. (Peru)	4.3
	5.	Raia Drogasil S.A. (Brazil)	3.8
	6.	Fomento Economico Mexicano S.A.B. de C.V., ADR (Mexico)	3.8
	7.	BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros (Brazil)	3.6
	8.	Gentera S.A.B. de C.V. (Mexico)	2.9
	9.	BB Seguridade Participacoes S.A. (Brazil)	2.8
	10.	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR (Mexico)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
Brazil	53.2	%
Mexico	29.9
Peru	5.4
Chile	2.5
United States	2.4
Panama	1.9
Luxembourg	1.7
Colombia	1.1
Others (each less than 1.0%)	0.9
Short-Term Investment	1.0

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 7

JPMorgan Latin America Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 28, 2007
With Sales Charge**				5.87	%		(19.07	)%		(10.91	)%		(1.20	)%
Without Sales Charge				11.77			(14.59	)		(9.94	)		(0.62	)
CLASS C SHARES		February 28, 2007
With CDSC***				10.48			(16.08	)		(10.39	)		(1.11	)
Without CDSC				11.48			(15.08	)		(10.39	)		(1.11	)
CLASS R6 SHARES		November 2, 2015		12.04			(14.28	)		(9.69	)		(0.36	)
SELECT CLASS SHARES		February 28, 2007		11.90			(14.39	)		(9.71	)		(0.37	)

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/07 TO 4/30/16)

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.

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

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 April 30, 2016. 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.

8 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.1%
		China — 49.4%
	85	AAC Technologies Holdings, Inc.		586
	5	Alibaba Group Holding Ltd., ADR (a)		350
	229	BBMG Corp., Class H		167
	171	CAR, Inc. (a)		194
	769	CGN Power Co., Ltd., Class H(e)		245
	687	China CITIC Bank Corp., Ltd., Class H (a)		431
	121	China Conch Venture Holdings Ltd.		244
	1,782	China Construction Bank Corp., Class H		1,132
	362	China Harmony New Energy Auto Holding Ltd.		224
	170	China Machinery Engineering Corp., Class H		115
	288	China Merchants Bank Co., Ltd., Class H		630
	87	China Shenhua Energy Co., Ltd., Class H		146
	1,040	China Telecom Corp., Ltd., Class H		515
	218	China Vanke Co., Ltd., Class H		545
	106	Chongqing Changan Automobile Co., Ltd., Class B		184
	642	CNOOC Ltd.		793
	292	CSPC Pharmaceutical Group Ltd.		259
	13	JD.com, Inc., ADR (a)		340
	226	KWG Property Holding Ltd.		146
	149	MGM China Holdings Ltd.		208
	168	Phoenix Healthcare Group Co., Ltd.		254
	142	PICC Property & Casualty Co., Ltd., Class H		258
	157	Ping An Insurance Group Co. of China Ltd., Class H		737
	112	Tencent Holdings Ltd.		2,279
	12	Tuniu Corp., ADR (a)		131
	12	Vipshop Holdings Ltd., ADR (a)		158
	170	Wynn Macau Ltd.		242
				11,513
		Hong Kong — 26.1%
	231	AIA Group Ltd.		1,382
	156	Beijing Enterprises Water Group Ltd. (a)		93
	87	Cheung Kong Property Holdings Ltd.		592
	322	China Everbright International Ltd.		360
	25	China Mobile Ltd.		281
	114	China Resources Gas Group Ltd.		323
	151	China Taiping Insurance Holdings Co., Ltd. (a)		308
	23	CK Hutchison Holdings Ltd.		277
	25	Hong Kong Exchanges and Clearing Ltd.		630
	42	Hongkong Land Holdings Ltd.		263
	53	IMAX China Holding, Inc. (a) (e)		296
	262	Nexteer Automotive Group Ltd.		276
	36	Orient Overseas International Ltd.		135
	293	Regina Miracle International Holdings Ltd. (a) (e)		444

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	608	Sino Biopharmaceutical Ltd.		431
				6,091
		Taiwan — 18.6%
	263	Advanced Semiconductor Engineering, Inc.		253
	36	Catcher Technology Co., Ltd.		252
	72	Delta Electronics, Inc.		335
	705	E.Sun Financial Holding Co., Ltd.		390
	6	Largan Precision Co., Ltd.		419
	51	President Chain Store Corp.		361
	10	Silicon Motion Technology Corp., ADR		377
	83	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,957
				4,344
		Total Common Stocks (Cost $16,825)		21,948
	Structured Instruments — 5.0%
		China — 5.0%
		Low Exercise Cash Settled Call Warrants — 5.0%
	28	Beijing Originwater Technology Co., Ltd., expiring 07/01/16 (Strike Price $0.00) (issued through UBS AG) (a)		176
	40	GoerTek, Inc., expiring 04/23/18 (Strike Price $0.00) (issued through Morgan Stanley) (a)		177
	39	Hangzhou Hikvision Digital Technology Co., Ltd., expiring 09/07/18 (Strike Price $0.00) (issued through UBS AG) (a)		185
	27	Jiangsu Hengrui Medicine Co., Ltd., expiring 07/01/16 (Strike Price $1.00) (issued through UBS AG) (a)		193
	26	Spring Airlines Co., Ltd., expiring 06/16/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		185
	25	Wangsu Science & Technology Co., Ltd., expiring 10/31/18 (Strike Price $0.00) (issued through UBS AG) (a)		250
		Total Structured Instruments (Cost $1,210)		1,166
		Total Investments — 99.1% (Cost $18,035)		23,114
		Other Assets in Excess of Liabilities — 0.9%		218
		NET ASSETS — 100.0%	$	23,332

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 9

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.0	%
Insurance		11.6
Internet Software & Services		11.4
Semiconductors & Semiconductor Equipment		11.2
Real Estate Management & Development		6.7
Electronic Equipment, Instruments & Components		5.8
Oil, Gas & Consumable Fuels		4.1
Pharmaceuticals		3.8
Capital Markets		3.4
Diversified Financial Services		2.7
Hotels, Restaurants & Leisure		2.5
Diversified Telecommunication Services		2.2
Internet & Catalog Retail		2.2
Textiles, Apparel & Luxury Goods		1.9
Food & Staples Retailing		1.6
Commercial Services & Supplies		1.6
Gas Utilities		1.4
Media		1.3
Wireless Telecommunication Services		1.2
Industrial Conglomerates		1.2
Auto Components		1.2
Health Care Providers & Services		1.1
Technology Hardware, Storage & Peripherals		1.1
Independent Power & Renewable Electricity Producers		1.1
Machinery		1.1
Specialty Retail		1.0
Others (each less than 1.0%)		3.6

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.2%
		Belgium — 2.5%
	151	Anheuser-Busch InBev S.A./N.V.		18,786
	75	UCB S.A.		5,601
				24,387
		Denmark — 5.2%
	294	ISS A/S		11,178
	401	Novo Nordisk A/S, Class B		22,388
	37	Pandora A/S		4,833
	172	Vestas Wind Systems A/S		12,291
				50,690
		Finland — 0.8%
	415	UPM-Kymmene OYJ		7,945
		France — 17.3%
	513	Air France-KLM (a)		4,593
	666	AXA S.A.		16,825
	332	BNP Paribas S.A.		17,579
	78	Capgemini S.A.		7,289
	2,288	Natixis S.A.		12,623
	838	Orange S.A.		13,926
	478	Peugeot S.A. (a)		7,708
	97	Renault S.A.		9,359
	57	Sanofi		4,683
	72	SCOR SE		2,456
	131	Societe Generale S.A.		5,159
	62	Sodexo S.A.		6,219
	109	Technip S.A. (a)		6,405
	142	Thales S.A.		12,258
	277	TOTAL S.A.		14,008
	74	Valeo S.A.		11,773
	256	Veolia Environnement S.A.		6,298
	120	Vinci S.A.		8,986
				168,147
		Germany — 15.2%
	105	Adidas AG		13,496
	105	Allianz SE		17,879
	119	BASF SE		9,847
	57	Bayerische Motoren Werke AG		5,243
	68	Continental AG		15,077
	226	Deutsche Wohnen AG		6,937
	437	E.ON SE		4,533
	69	Hannover Rueck SE		7,847
	72	Hochtief AG		9,309
	563	Infineon Technologies AG		8,038
	60	Muenchener Rueckversicherungs-Gesellschaft AG		11,129

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — continued
	120	Rheinmetall AG		9,385
	158	Scout24 AG (a) (e)		5,781
	223	Siemens AG		23,297
				147,798
		Italy — 4.1%
	3,089	Enel S.p.A.		14,037
	3,360	Intesa Sanpaolo S.p.A.		9,340
	13,447	Saipem S.p.A. (a)		6,461
	2,509	UniCredit S.p.A.		9,731
				39,569
		Luxembourg — 2.0%
	338	APERAM S.A.		13,305
	1,011	ArcelorMittal		5,704
				19,009
		Netherlands — 6.0%
	1,756	Aegon N.V.		10,098
	220	Koninklijke Ahold N.V.		4,790
	190	NN Group N.V.		6,595
	1,026	Royal Dutch Shell plc, Class A		27,102
	246	Wolters Kluwer N.V.		9,380
				57,965
		Norway — 1.5%
	938	Marine Harvest ASA (a)		14,618
		Spain — 3.4%
	2,919	Banco Santander S.A.		14,826
	450	Gamesa Corp. Tecnologica S.A.		8,880
	880	Telefonica S.A.		9,625
				33,331
		Sweden — 0.6%
	201	Electrolux AB, Series B		5,827
		Switzerland — 12.2%
	758	ABB Ltd. (a)		16,046
	44	Actelion Ltd. (a)		7,102
	2,789	Glencore plc (a)		6,666
	524	Logitech International S.A.		8,054
	65	Lonza Group AG (a)		10,866
	392	Nestle S.A.		29,256
	108	Roche Holding AG		27,219
	22	Swiss Life Holding AG (a)		5,639
	425	UBS Group AG		7,370
				118,218

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 11

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — 23.4%
	1,639	Auto Trader Group plc (e)		9,001
	617	Barratt Developments plc		4,808
	2,504	BP plc		13,798
	334	British American Tobacco plc		20,362
	599	GlaxoSmithKline plc		12,812
	2,758	HSBC Holdings plc		18,278
	300	Imperial Brands plc		16,317
	427	International Consolidated Airlines Group S.A.		3,291
	2,173	ITV plc		7,164
	512	Land Securities Group plc		8,487
	2,533	Legal & General Group plc		8,277
	282	Persimmon plc		8,190
	697	Prudential plc		13,756
	250	Reckitt Benckiser Group plc		24,316
	521	Rio Tinto plc		17,482
	109	SABMiller plc		6,692
	2,810	Taylor Wimpey plc		7,581
	429	Unilever N.V., CVA		18,852
	321	WPP plc		7,508
				226,972
		Total Common Stocks (Cost $906,211)		914,476
	Short-Term Investment — 5.2%
		Investment Company — 5.2%
	50,714	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $50,714)		50,714
		Total Investments — 99.4% (Cost $956,925)		965,190
		Other Assets in Excess of Liabilities — 0.6%		5,625
		NET ASSETS — 100.0%	$	970,815

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Insurance		10.4	%
Banks		9.1
Pharmaceuticals		7.5
Oil, Gas & Consumable Fuels		5.7
Food Products		4.5
Metals & Mining		4.5
Electrical Equipment		3.9
Tobacco		3.8
Industrial Conglomerates		3.4
Auto Components		2.8
Household Durables		2.7
Beverages		2.6
Household Products		2.5
Media		2.5
Diversified Telecommunication Services		2.4
Automobiles		2.3
Personal Products		2.0
Textiles, Apparel & Luxury Goods		1.9
Construction & Engineering		1.9
Internet Software & Services		1.5
Electric Utilities		1.5
Energy Equipment & Services		1.3
Aerospace & Defense		1.3
Commercial Services & Supplies		1.2
Life Sciences Tools & Services		1.1
Multi-Utilities		1.1
Chemicals		1.0
Others (each less than 1.0%)		8.3
Short-Term Investment		5.3

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	910	Euro STOXX 50 Index		06/17/16		EUR	$	31,069	$	(627	)
	172	FTSE 100 Index		06/17/16		GBP		15,653		2
									$	(625	)

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.8%
		Argentina — 0.5%
	2	Banco Macro S.A., ADR		131
	13	Pampa Energia S.A., ADR (a)		256
				387
		Bermuda — 0.4%
	33	Wilson Sons Ltd., BDR		314
		Brazil — 48.7%
	671	AMBEV S.A., ADR		3,748
	27	Arezzo Industria e Comercio S.A.		194
	451	Banco Bradesco S.A., ADR		3,371
	233	BB Seguridade Participacoes S.A.		2,029
	518	BM&FBovespa S.A. — Bolsa de Valores Mercadorias e Futuros		2,576
	178	CCR S.A.		829
	60	CETIP S.A. — Mercados Organizados		731
	85	Embraer S.A.		495
	166	Ez Tec Empreendimentos e Participacoes S.A.		804
	83	Fibria Celulose S.A.		730
	111	Iochpe Maxion S.A.		473
	476	Itau Unibanco Holding S.A. (Preference Shares), ADR		4,540
	365	Kroton Educacional S.A.		1,362
	46	Linx S.A.		647
	85	Localiza Rent a Car S.A.		832
	306	Lojas Renner S.A.		1,840
	232	Odontoprev S.A.		715
	172	Raia Drogasil S.A.		2,774
	126	Tractebel Energia S.A.		1,398
	123	Transmissora Alianca de Energia Eletrica S.A.		716
	57	Ultrapar Participacoes S.A.		1,205
	175	Vale S.A.		1,009
	145	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.		1,461
	315	WEG S.A.		1,391
				35,870
		Chile — 2.5%
	3,819	Banco Santander Chile		184
	211	S.A.C.I. Falabella		1,631
				1,815
		Colombia — 1.0%
	20	Bancolombia S.A., ADR		765
		Luxembourg — 1.7%
	34	Globant S.A. (a)		1,220

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — 29.5%
	76	Alsea S.A.B. de C.V.		291
	672	Bolsa Mexicana de Valores S.A.B. de C.V.		1,116
	463	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		421
	562	Corp. Inmobiliaria Vesta S.A.B. de C.V.		916
	24	El Puerto de Liverpool S.A.B. de C.V., Class C1		270
	301	Fibra Uno Administracion S.A. de C.V.		717
	29	Fomento Economico Mexicano S.A.B. de C.V., ADR		2,741
	1,058	Gentera S.A.B. de C.V.		2,105
	99	Gruma S.A.B. de C.V., Class B		1,450
	235	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		1,359
	168	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,586
	12	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		1,881
	128	Grupo Financiero Banorte S.A.B. de C.V., Class O		725
	890	Grupo Financiero Santander Mexico S.A.B. de C.V., Class B		1,632
	283	Infraestructura Energetica Nova S.A.B. de C.V.		1,104
	138	Promotora y Operadora de Infraestructura S.A.B. de C.V.		1,754
	484	Qualitas Controladora S.A.B. de C.V. (a)		651
	77	Telesites S.A.B. de C.V. (a)		48
	134	Unifin Financiera S.A.B. de C.V. SOFOM ENR		395
	219	Wal-Mart de Mexico S.A.B. de C.V.		542
				21,704
		Panama — 1.8%
	21	Copa Holdings S.A., Class A		1,361
		Peru — 5.3%
	21	Credicorp Ltd.		3,102
	28	Intercorp Financial Services, Inc., Series INC		809
				3,911
		United States — 2.4%
	39	First Cash Financial Services, Inc.		1,776
		Total Common Stocks (Cost $67,990)		69,123
	Preferred Stocks — 3.6%
		Brazil — 3.6%
	623	Itausa — Investimentos Itau S.A.		1,559
	292	Suzano Papel e Celulose S.A.		1,119
		Total Preferred Stocks (Cost $3,436)		2,678

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 13

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	702	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $702)		702
		Total Investments — 98.4% (Cost $72,128)		72,503
		Other Assets in Excess of Liabilities — 1.6%		1,164
		NET ASSETS — 100.0%	$	73,667

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		23.2	%
Transportation Infrastructure		10.7
Beverages		9.0
Consumer Finance		5.9
Multiline Retail		5.2
Diversified Financial Services		5.1
Food & Staples Retailing		4.6
Insurance		3.7
Software		2.6
Machinery		2.6
Paper & Forest Products		2.5
Commercial Services & Supplies		2.0
Food Products		2.0
Independent Power & Renewable Electricity Producers		1.9

INDUSTRY	PERCENTAGE
Diversified Consumer Services		1.9	%
Airlines		1.9
Oil, Gas & Consumable Fuels		1.7
Real Estate Investment Trusts (REITs)		1.6
Gas Utilities		1.5
Metals & Mining		1.4
Electric Utilities		1.3
Real Estate Management & Development		1.3
Road & Rail		1.1
Household Durables		1.1
Capital Markets		1.0
Health Care Providers & Services		1.0
Others (each less than 1.0%)		1.2
Short-Term Investment		1.0

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

J.P. Morgan Country/Region Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016

ADR	—  American Depositary Receipt
BDR	—  Brazilian Depositary Receipt
CVA	—  Dutch Certification
EUR	—  Euro
GBP	—  British Pound
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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.
(l)	—  The rate shown is the current yield as of April 30, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 15

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	China Region Fund			Intrepid European Fund		Latin America Fund
ASSETS:
Investments in non-affiliates, at value	$	23,114		$	914,476	$	71,801
Investments in affiliates, at value		—			50,714		702
Total investment securities, at value		23,114			965,190		72,503
Cash		357			88		443
Foreign currency, at value		14			1,499		57
Deposits at broker for futures contracts		—			4,497		—
Receivables:
Due from custodian		—			13,811		110
Investment securities sold		267			24,743		1,007
Fund shares sold		63			1,248		46
Dividends from non-affiliates		5			3,675		226
Dividends from affiliates		—			12		1
Tax reclaims		—			2,111		—
Total Assets		23,820			1,016,874		74,393
LIABILITIES:
Payables:
Investment securities purchased		322			42,694		601
Fund shares redeemed		2			1,405		37
Variation margin on futures contracts		—			967		—
Accrued liabilities:
Investment advisory fees		—			510		24
Administration fees		—			65		—
Distribution fees		2			84		4
Shareholder servicing fees		3			142		2
Custodian and accounting fees		100			38		22
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—	(a)
Audit fees		32			1		32
Other		27			152		4
Total Liabilities		488			46,059		726
Net Assets	$	23,332		$	970,815	$	73,667

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	China Region Fund			Intrepid European Fund			Latin America Fund
NET ASSETS:
Paid-in-Capital	$	18,693		$	1,263,133		$	121,760
Accumulated undistributed (distributions in excess of) net investment income		(169	)		7,583			428
Accumulated net realized gains (losses)		(271	)		(307,470	)		(48,896	)
Net unrealized appreciation (depreciation)		5,079			7,569			375
Total Net Assets	$	23,332		$	970,815		$	73,667
Net Assets:
Class A	$	4,682		$	213,671		$	10,702
Class C		2,017			66,452			2,496
Class R6		—			—			47,121
Institutional Class		—			465,324			—
Select Class		16,633			225,368			13,348
Total	$	23,332		$	970,815		$	73,667
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		311			9,482			857
Class C		139			3,307			205
Class R6		—			—			3,767
Institutional Class		—			20,096			—
Select Class		1,073			9,823			1,048
Net Asset Value (a):
Class A — Redemption price per share	$	15.02		$	22.53		$	12.49
Class C — Offering price per share (b)		14.53			20.09			12.20
Class R6 — Offering and redemption price per share		—			—			12.51
Institutional Class — Offering and redemption price per share		—			23.16			—
Select Class — Offering and redemption price per share		15.51			22.94			12.74
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)]	$	15.85		$	23.78		$	13.18
Cost of investments in non-affiliates	$	18,035		$	906,211		$	71,426
Cost of investments in affiliates		—			50,714			702
Cost of foreign currency		14			1,498			57

(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.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 17

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	China Region Fund			Intrepid European Fund			Latin America Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	24		$	14,399		$	995
Dividend income from affiliates		—			40			2
Foreign taxes withheld		—			(1,257	)		(10	)
Total investment income		24			13,182			987
EXPENSES:
Investment advisory fees		133			3,228			306
Administration fees		11			408			25
Distribution fees:
Class A		6			268			12
Class C		9			258			9
Shareholder servicing fees:
Class A		6			268			12
Class C		3			86			3
Institutional Class		—			232			—
Select Class		24			309			11
Custodian and accounting fees		115			103			50
Interest expense to affiliates		—			1			—
Professional fees		28			45			38
Trustees’ and Chief Compliance Officer’s fees		2			7			2
Printing and mailing costs		13			41			10
Registration and filing fees		12			52			20
Transfer agent fees (See Note 2.G.)		5			29			6
Sub-transfer agent fees (See Note 2.G.)		5			216			15
Other		3			6			3
Total expenses		375			5,557			522
Less fees waived		(173	)		(28	)		(154	)
Less expense reimbursements		(13	)		—			(2	)
Net expenses		189			5,529			366
Net investment income (loss)		(165	)		7,653			621
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		959			(62,561	)		(6,611	)
Futures		—			348			—
Foreign currency transactions		1			(81	)		42
Net realized gain (loss)		960			(62,294	)		(6,569	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,282	)		(14,518	)		13,517
Futures		—			(951	)		—
Foreign currency translations		—	(a)		114			9
Change in net unrealized appreciation/depreciation		(3,282	)		(15,355	)		13,526
Net realized/unrealized gains (losses)		(2,322	)		(77,649	)		6,957
Change in net assets resulting from operations	$	(2,487	)	$	(69,996	)	$	7,578

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

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	China Region Fund						Intrepid European Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(165	)	$	1,948		$	7,653		$	18,063
Net realized gain (loss)		960			57,904			(62,294	)		(6,107	)
Change in net unrealized appreciation/depreciation		(3,282	)		(56,140	)		(15,355	)		14,213
Change in net assets resulting from operations		(2,487	)		3,712			(69,996	)		26,169
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(422	)		(17	)		(2,758	)		(5,957	)
From net realized gains		—			(1,561	)		—			—
Class B (a)
From net investment income		—			—			—			(83	)
Class C
From net investment income		(206	)		(1	)		(733	)		(1,910	)
From net realized gains		—			(524	)		—			—
Institutional Class
From net investment income		—			—			(8,098	)		(15,040	)
Select Class
From net investment income		(1,221	)		(2,062	)		(3,259	)		(13,713	)
From net realized gains		—			(56,611	)		—			—
Total distributions to shareholders		(1,849	)		(60,776	)		(14,848	)		(36,703	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(7,521	)		(245,912	)		(13,353	)		36,262
NET ASSETS:
Change in net assets		(11,857	)		(302,976	)		(98,197	)		25,728
Beginning of period		35,189			338,165			1,069,012			1,043,284
End of period	$	23,332		$	35,189		$	970,815		$	1,069,012
Accumulated undistributed (distributions in excess of) net investment income	$	(169	)	$	1,845		$	7,583		$	14,778

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Latin America Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	621		$	937
Net realized gain (loss)		(6,569	)		(13,613	)
Change in net unrealized appreciation/depreciation		13,526			(23,518	)
Change in net assets resulting from operations		7,578			(36,194	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			—
From net investment income		(111	)		(46	)
Class C		—			—
From net investment income		(24	)		(3	)
Class R6 (a)		—			—
From net investment income		(804	)		—
Select Class		—			—
From net investment income		(9	)		(366	)
Total distributions to shareholders		(948	)		(415	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,967			(9,057	)
NET ASSETS:
Change in net assets		9,597			(45,666	)
Beginning of period		64,070			109,736
End of period	$	73,667		$	64,070
Accumulated undistributed (distributions in excess of) net investment income	$	428		$	755

(a) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

	China Region Fund						Intrepid European Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	328		$	9,418		$	49,173		$	101,001
Distributions reinvested		417			1,558			2,662			5,618
Cost of shares redeemed		(856	)		(7,025	)		(39,506	)		(79,205	)
Conversion from Class B Shares		—			—			—			1,748
Change in net assets resulting from Class A capital transactions	$	(111	)	$	3,951		$	12,329		$	29,162
											��
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	21
Distributions reinvested		—			—			—			78
Cost of shares redeemed		—			—			—			(1,646	)
Conversion to Class A Shares		—			—			—			(1,748	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(3,295	)
Class C
Proceeds from shares issued	$	227		$	2,203		$	7,591		$	35,114
Distributions reinvested		155			403			641			1,620
Cost of shares redeemed		(555	)		(1,062	)		(10,979	)		(22,267	)
Change in net assets resulting from Class C capital transactions	$	(173	)	$	1,544		$	(2,747	)	$	14,467
Institutional Class
Proceeds from shares issued	$	—		$	—		$	353,972		$	211,567
Distributions reinvested		—			—			6,847			1,521
Cost of shares redeemed		—			—			(49,187	)		(389,848	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	311,632		$	(176,760	)
Select Class
Proceeds from shares issued	$	1,168		$	51,374		$	56,575		$	311,755
Distributions reinvested		217			1,507			1,756			8,848
Cost of shares redeemed		(8,622	)		(304,288	)		(392,898	)		(147,915	)
Change in net assets resulting from Select Class capital transactions	$	(7,237	)	$	(251,407	)	$	(334,567	)	$	172,688
Total change in net assets resulting from capital transactions	$	(7,521	)	$	(245,912	)	$	(13,353	)	$	36,262

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	China Region Fund						Intrepid European Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		21			394			2,141			4,087
Reinvested		26			84			115			237
Redeemed		(54	)		(352	)		(1,768	)		(3,257	)
Conversion from Class B Shares		—			—			—			69
Change in Class A Shares		(7	)		126			488			1,136
Class B (a)
Issued		—			—			—			—	(b)
Reinvested		—			—			—			4
Redeemed		—			—			—			(74	)
Conversion to Class A Shares		—			—			—			(77	)
Change in Class B Shares		—			—			—			(147	)
Class C
Issued		15			96			373			1,587
Reinvested		10			23			31			76
Redeemed		(38	)		(53	)		(549	)		(1,022	)
Change in Class C Shares		(13	)		66			(145	)		641
Institutional Class
Issued		—			—			14,177			8,326
Reinvested		—			—			288			62
Redeemed		—			—			(2,125	)		(15,520	)
Change in Institutional Class Shares		—			—			12,340			(7,132	)
Select Class
Issued		72			2,264			2,480			12,569
Reinvested		13			80			74			367
Redeemed		(519	)		(15,818	)		(16,069	)		(6,018	)
Change in Select Class Shares		(434	)		(13,474	)		(13,515	)		6,918

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

	Latin America Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,945		$	4,301
Distributions reinvested		105			45
Cost of shares redeemed		(4,418	)		(10,704	)
Change in net assets resulting from Class A capital transactions	$	(2,368	)	$	(6,358	)
Class C
Proceeds from shares issued	$	478		$	697
Distributions reinvested		24			3
Cost of shares redeemed		(329	)		(1,189	)
Change in net assets resulting from Class C capital transactions	$	173		$	(489	)
Class R6 (a)
Proceeds from shares issued	$	43,649		$	—
Distributions reinvested		804			—
Cost of shares redeemed		(1	)		—
Change in net assets resulting from Class R6 capital transactions	$	44,452		$	—
Select Class
Proceeds from shares issued	$	7,398		$	8,351
Distributions reinvested		9			351
Cost of shares redeemed		(46,697	)		(10,912	)
Change in net assets resulting from Select Class capital transactions	$	(39,290	)	$	(2,210	)
Total change in net assets resulting from capital transactions	$	2,967		$	(9,057	)
SHARE TRANSACTIONS:
Class A
Issued		177			296
Reinvested		10			3
Redeemed		(395	)		(760	)
Change in Class A Shares		(208	)		(461	)
Class C
Issued		45			53
Reinvested		2			—	(b)
Redeemed		(32	)		(84	)
Change in Class C Shares		15			(31	)
Class R6 (a)
Issued		3,690			—
Reinvested		77			—
Change in Class R6 Shares		3,767			—
Select Class
Issued		642			576
Reinvested		1			23
Redeemed		(3,974	)		(734	)
Change in Select Class Shares		(3,331	)		(135	)

(a) Commencement of offering of class of shares effective November 2, 2015.

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 23

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			Redemption fees
China Region Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	17.73	$	(0.11	)	$	(1.22	)	$	(1.33	)	$	(1.38	)	$	—		$	(1.38	)	$	—
Year Ended October 31, 2015		22.02		0.25	(g)		(0.57	)(h)		(0.32	)		(0.08	)		(3.89	)		(3.97	)		—
Year Ended October 31, 2014		20.62		0.09	(i)		1.37			1.46			(0.06	)		—			(0.06	)		—
Year Ended October 31, 2013		17.73		0.08			2.81			2.89			—			—			—			—
Year Ended October 31, 2012		16.64		0.10			1.13			1.23			(0.14	)		—			(0.14	)		—
Year Ended October 31, 2011		19.73		0.12			(3.18	)		(3.06	)		(0.03	)		—			(0.03	)		—	(j)
Class C
Six Months Ended April 30, 2016 (Unaudited)		17.20		(0.14	)		(1.19	)		(1.33	)		(1.34	)		—			(1.34	)		—
Year Ended October 31, 2015		21.50		0.08	(g)		(0.48	)(h)		(0.40	)		(0.01	)		(3.89	)		(3.90	)		—
Year Ended October 31, 2014		20.18		0.03	(i)		1.29			1.32			—			—			—			—
Year Ended October 31, 2013		17.43		0.01			2.74			2.75			—			—			—			—
Year Ended October 31, 2012		16.31		—	(j)		1.13			1.13			(0.01	)		—			(0.01	)		—
Year Ended October 31, 2011		19.41		0.01			(3.11	)		(3.10	)		—			—			—			—	(j)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		17.87		(0.09	)		(1.24	)		(1.33	)		(1.03	)		—			(1.03	)		—
Year Ended October 31, 2015		22.17		0.16	(g)		(0.43	)(h)		(0.27	)		(0.14	)		(3.89	)		(4.03	)		—
Year Ended October 31, 2014		20.75		0.09	(i)		1.44			1.53			(0.11	)		—			(0.11	)		—
Year Ended October 31, 2013		17.84		0.22			2.74			2.96			(0.05	)		—			(0.05	)		—
Year Ended October 31, 2012		16.75		0.12			1.15			1.27			(0.18	)		—			(0.18	)		—
Year Ended October 31, 2011		19.87		0.15			(3.19	)		(3.04	)		(0.08	)		—			(0.08	)		—	(j)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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) 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.

(i) 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.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	15.02		(7.94	)%	$	4,682		1.55	%		(1.37	)%		3.07	%		25	%
	17.73		(2.04	)		5,651		1.75			1.15	(g)		2.10			176
	22.02		7.12			4,237		1.85			0.42	(i)		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
	14.53		(8.18	)		2,017		2.05			(1.87	)		3.51			25
	17.20		(2.49	)		2,610		2.24			0.37	(g)		2.62			176
	21.50		6.54			1,857		2.35			0.15	(i)		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
	15.51		(7.79	)		16,633		1.30			(1.13	)		2.69			25
	17.87		(1.81	)		26,928		1.56			0.69	(g)		1.69			176
	22.17		7.39			332,071		1.60			0.43	(i)		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.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 25

FINANCIAL HIGHLIGHTS (continued)

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			Redemption fees
Intrepid European Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	24.41	$	0.14		$	(1.73	)	$	(1.59	)	$	(0.29	)	$	—
Year Ended October 31, 2015		24.54		0.36			0.32			0.68			(0.81	)		—
Year Ended October 31, 2014		24.79		0.66			(0.90	)		(0.24	)		(0.01	)		—
Year Ended October 31, 2013		17.89		0.27			6.87			7.14			(0.24	)		—
Year Ended October 31, 2012		16.98		0.26	(g)		1.19			1.45			(0.54	)		—
Year Ended October 31, 2011		18.28		0.27			(1.28	)		(1.01	)		(0.29	)		—	(h)
Class C
Six Months Ended April 30, 2016 (Unaudited)		21.77		0.08			(1.55	)		(1.47	)		(0.21	)		—
Year Ended October 31, 2015		21.99		0.21			0.29			0.50			(0.72	)		—
Year Ended October 31, 2014		22.32		0.47			(0.79	)		(0.32	)		(0.01	)		—
Year Ended October 31, 2013		16.11		0.18			6.16			6.34			(0.13	)		—
Year Ended October 31, 2012		15.33		0.22	(g)		1.01			1.23			(0.45	)		—
Year Ended October 31, 2011		16.53		0.16			(1.16	)		(1.00	)		(0.20	)		—	(h)
Institutional Class
Six Months Ended April 30, 2016 (Unaudited)		25.13		0.21			(1.77	)		(1.56	)		(0.41	)		—
Year Ended October 31, 2015		25.23		0.54			0.28			0.82			(0.92	)		—
Year Ended October 31, 2014		25.46		0.79			(0.93	)		(0.14	)		(0.09	)		—
Year Ended October 31, 2013		18.35		0.22			7.20			7.42			(0.31	)		—
Year Ended October 31, 2012		17.42		0.40	(g)		1.17			1.57			(0.64	)		—
Year Ended October 31, 2011		18.75		0.37			(1.32	)		(0.95	)		(0.38	)		—	(h)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		24.83		0.17			(1.75	)		(1.58	)		(0.31	)		—
Year Ended October 31, 2015		24.95		0.45			0.32			0.77			(0.89	)		—
Year Ended October 31, 2014		25.18		0.71			(0.88	)		(0.17	)		(0.06	)		—
Year Ended October 31, 2013		18.15		0.22			7.07			7.29			(0.26	)		—
Year Ended October 31, 2012		17.24		0.38	(g)		1.12			1.50			(0.59	)		—
Year Ended October 31, 2011		18.54		0.32			(1.30	)		(0.98	)		(0.32	)		—	(h)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) 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.

(h) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	22.53		(6.54	)%	$	213,671		1.40	%		1.28	%		1.40	%		76	%
	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	(g)		1.74			297
	16.98		(5.67	)		61,113		1.49			1.45			1.66			360
	20.09		(6.78	)		66,452		1.89			0.75			1.89			76
	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	(g)		2.26			297
	15.33		(6.13	)		11,605		1.99			0.93			2.16			360
	23.16		(6.25	)		465,324		0.89			1.81			0.90			76
	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	(g)		1.35			297
	17.42		(5.20	)		11,913		1.00			1.96			1.25			360
	22.94		(6.40	)		225,368		1.07			1.50			1.08			76
	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	(g)		1.51			297
	17.24		(5.43	)		17,629		1.23			1.71			1.40			360

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 27

FINANCIAL HIGHLIGHTS (continued)

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			Redemption fees
Latin America Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	11.31	$	0.09	$	1.22			$	1.31		$	(0.13	)	$	—
Year Ended October 31, 2015		17.43		0.14		(6.23	)			(6.09	)		(0.03	)		—
Year Ended October 31, 2014		18.47		0.10		(1.02	)			(0.92	)		(0.12	)		—
Year Ended October 31, 2013		18.46		0.10		(0.05	)			0.05			(0.04	)		—
Year Ended October 31, 2012		18.88		0.10		(0.49	)			(0.39	)		(0.03	)		—
Year Ended October 31, 2011		21.43		0.14		(2.71	)			(2.57	)		—			0.02
Class C
Six Months Ended April 30, 2016 (Unaudited)		11.06		0.06		1.19				1.25			(0.11	)		—
Year Ended October 31, 2015		17.11		0.06		(6.10	)			(6.04	)		(0.01	)		—
Year Ended October 31, 2014		18.12		0.02		(1.00	)	��		(0.98	)		(0.03	)		—
Year Ended October 31, 2013		18.21		0.01		(0.06	)			(0.05	)		(0.04	)		—
Year Ended October 31, 2012		18.72		0.01		(0.49	)			(0.48	)		(0.03	)		—
Year Ended October 31, 2011		21.35		0.04		(2.69	)			(2.65	)		—			0.02
Class R6
November 2, 2015 (g) through April 30, 2016 (Unaudited)		11.46		0.11		1.16				1.27			(0.22	)		—
Select Class
Six Months Ended April 30, 2016 (Unaudited)		11.40		0.13		1.22				1.35			(0.01	)		—
Year Ended October 31, 2015		17.58		0.17		(6.27	)			(6.10	)		(0.08	)		—
Year Ended October 31, 2014		18.63		0.16		(1.04	)			(0.88	)		(0.17	)		—
Year Ended October 31, 2013		18.59		0.15		(0.05	)			0.10			(0.06	)		—
Year Ended October 31, 2012		18.98		0.13		(0.48	)			(0.35	)		(0.04	)		—
Year Ended October 31, 2011		21.48		0.20		(2.71	)			(2.51	)		—			0.01

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	12.49		11.77	%	$	10,702		1.55	%		1.62	%		2.26	%		21	%
	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
	12.20		11.48			2,496		2.05			1.15			2.71			21
	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
	12.51		11.45			47,121		1.05			2.13			1.49			21
	12.74		11.90			13,348		1.30			2.24			1.82			21
	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.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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
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 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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

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 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.

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.

30 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

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, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. 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):

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	$	979	$	10,280	$	254		$	11,513
Hong Kong		—		6,091		—			6,091
Taiwan		2,334		2,010		—			4,344
Total Common Stocks		3,313		18,381		254			21,948
Structured Instruments
China		—		1,166		—			1,166
Total Investments in Securities	$	3,313	$	19,547	$	254	*	$	23,114

* Level 3 investments that are valued by brokers and pricing services. At April 30, 2016, the value of these investments was approximately $254,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Intrepid European Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	24,387		$	—	$	24,387
Denmark		—		50,690			—		50,690
Finland		—		7,945			—		7,945
France		—		168,147			—		168,147
Germany		—		147,798			—		147,798
Italy		—		39,569			—		39,569
Luxembourg		—		19,009			—		19,009
Netherlands		—		57,965			—		57,965
Norway		—		14,618			—		14,618
Spain		—		33,331			—		33,331
Sweden		—		5,827			—		5,827
Switzerland		—		118,218			—		118,218
United Kingdom		18,852		208,120			—		226,972
Total Common Stocks		18,852		895,624			—		914,476
Short-Term Investment
Investment Company		50,714		—			—		50,714
Total Investments in Securities		69,566		895,624			—		965,190
Appreciation in Other Financial Instruments
Futures Contracts		—		2			—		2
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(627	)	$	—	$	(627	)
Latin America Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	72,503	$	—		$	—	$	72,503

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

For China Region Fund and Intrepid European Fund, transfers from level 1 to level 2 in the amounts of approximately $471,000 and $10,408,000, respectively, are due to applying the fair value factors to certain securities as of April 30, 2016.

For Latin America Fund there were no transfers among any levels during the six months ended April 30, 2016.

32 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

JPMorgan China Region Fund	Balance as of October 31, 2015		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 April 30, 2016
Common Stocks — China	$	—	$	5	$	(74	)	$	—	$	54	$	(175	)	$	444	$	—	$	254

⁽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 period.

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 the price for the six months ended April 30, 2016.

The change in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $(74). 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 April 30, 2016, 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 six months ended April 30, 2016 (amounts in thousands):

	Intrepid European Fund
Futures Contracts:
Average Notional Balance Long	$	18,365	(a)
Ending Notional Balance Long		46,722

(a) For the period November 1, 2015 to November 30, 2015 and March 1, 2016 to April 30, 2016.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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

D. Structured Instruments — 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 Fund 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 Fund to counterparty risk.

E. 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.

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, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2016 are as follows (amounts in thousands):

	Class A		Class C		Class R6		Institutional Class		Select Class		Total
China Region Fund
Transfer agent fees	$	1	$	1		n/a		n/a	$	3	$	5
Sub-transfer agent fees		3		1		n/a		n/a		1		5
Intrepid European Fund
Transfer agent fees		17		4		n/a	$	2		6		29
Sub-transfer agent fees		110		34		n/a		24		48		216
Latin America Fund
Transfer agent fees		2		1	$	1		n/a		2		6
Sub-transfer agent fees		12		1		—		n/a		2		15

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 April 30, 2016, 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 remain subject to examination by the Internal Revenue Service.

34 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

I. 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.

J. 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.

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:

China Region Fund	1.00	%
Intrepid European Fund	0.65
Latin America Fund	1.00

The Adviser, on behalf of China Region Fund, has entered into investment sub-advisory agreement 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. The fee is accrued daily and paid monthly at an annual rate of 0.48% 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 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 six months ended April 30, 2016, 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.

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, 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
China Region Fund		0.25	%		0.75	%
Intrepid European Fund		0.25			0.75
Latin America Fund		0.25			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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
China Region Fund	$	1		$	—
Intrepid European Fund		39			—	(a)
Latin America Fund		—	(a)		—

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

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 charge a shareholder servicing fee. 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
China Region Fund		0.25	%		0.25	%		n/a			0.25	%
Intrepid European Fund		0.25			0.25			0.10	%		0.25
Latin America 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.

F. Waivers and Reimbursements — The Adviser, Administrator and/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R6			Institutional Class			Select Class
China Region Fund		1.55	%		2.05	%		n/a			n/a			1.30	%
Intrepid European Fund		1.50			2.00			n/a			1.00	%		1.25
Latin America Fund		1.55			2.05			1.05	%		n/a			1.30

The expense limitation agreements were in effect for the six months ended April 30, 2016 and are in place until at least February 28, 2017.

For the six months ended April 30, 2016, 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
China Region Fund	$	133	$	10	$	30	$	173	$	13
Latin America Fund		110		25		18		153		2

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 were as follows (amounts in thousands):

Intrepid European Fund	$	28
Latin America Fund		1

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.

36 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

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.

The Funds may use related party broker-dealers. For the six months ended April 30, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Intrepid European Fund	$	60
Latin America Fund		—	(a)

(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 six months ended April 30, 2016, 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)
China Region Fund	$	6,535	$	16,128
Intrepid European Fund		736,232		767,444
Latin America Fund		16,054		12,758

During the six months ended April 30, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
China Region Fund	$	18,035	$	5,583	$	504	$	5,079
Intrepid European Fund		956,925		44,235		35,970		8,265
Latin America Fund		72,128		8,271		7,896		375

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 (amounts in thousands):

	Capital Loss Carryforward Character
	Short- Term		Long- Term
Intrepid European Fund	$	42,293	$	—
Latin America Fund		15,691		19,043

At 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

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 April 30, 2016, or at any time during the six months then ended.

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.

As of April 30, 2016, the Funds had affiliated omnibus accounts, which collectively represent the following percentage of each applicable Fund’s net assets:

	Number of Affiliated Omnibus Accounts		% of the Fund
China Region Fund		2		72.5	%
Intrepid European Fund		1		14.1

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds
Intrepid European Fund		31.6	%
Latin America Fund		64.0

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 April 30, 2016, the Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Germany			Hong Kong			Mexico			Switzerland			Taiwan			United Kingdom
China Region Fund		—			54.9	%		—			—			26.3	%		—			—			18.8	%		—
Intrepid European Fund		—			—			17.4	%		15.3	%		—			—			12.2	%		—			23.5	%
Latin America Fund		53.2	%		—			—			—			—			29.9	%		—			—			—

As of April 30, 2016, 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 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.

38 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

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.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 39

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period		Annualized Expense Ratio
China Region Fund
Class A
Actual*	$	1,000.00	$	920.60	$	7.40		1.55	%
Hypothetical*		1,000.00		1,017.16		7.77		1.55
Class C
Actual*		1,000.00		918.20		9.78		2.05
Hypothetical*		1,000.00		1,014.67		10.27		2.05
Select Class
Actual*		1,000.00		922.10		6.21		1.30
Hypothetical*		1,000.00		1,018.40		6.52		1.30
Intrepid European Fund
Class A
Actual*		1,000.00		934.60		6.73		1.40
Hypothetical*		1,000.00		1,017.90		7.02		1.40
Class C
Actual*		1,000.00		932.20		9.08		1.89
Hypothetical*		1,000.00		1,015.47		9.47		1.89
Institutional Class
Actual*		1,000.00		937.50		4.29		0.89
Hypothetical*		1,000.00		1,020.44		4.47		0.89
Select Class
Actual*		1,000.00		936.00		5.15		1.07
Hypothetical*		1,000.00		1,019.54		5.37		1.07
Latin America Fund
Class A
Actual*		1,000.00		1,117.70		8.16		1.55
Hypothetical*		1,000.00		1,017.16		7.77		1.55

40 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2016

	Beginning Account Value November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Latin America Fund (continued)
Class C
Actual*	$	1,000.00	$	1,114.80	$	10.78		2.05	%
Hypothetical*		1,000.00		1,014.67		10.27		2.05
Class R6
Actual**		1,000.00		1,114.50		5.46		1.05
Hypothetical*		1,000.00		1,019.64		5.27		1.05
Select Class
Actual*		1,000.00		1,119.00		6.85		1.30
Hypothetical*		1,000.00		1,018.40		6.52		1.30

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 180/366 (to reflect the actual period.) Commencement of operations was November 2, 2015.

APRIL 30, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 41

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., 2016.  All rights reserved. April 2016. SAN-INTEQ-CO-416

Semi-Annual Report

J.P. Morgan SMA Funds

April 30, 2016 (Unaudited)

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	9
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	22
Schedule of Shareholder Expenses	30

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

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

May 18, 2016 (Unaudited)

Dear Shareholders,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory – an experiment that the Bank of Japan embarked upon at the end of January – and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions

in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

Financial market volatility rose sharply in the first two months of 2016 amid investor concerns about economic stability in China, falling global oil prices and uncertainty about the direction of central bank interest rate policy in the U.S. However, the U.S. Federal Reserve responded to global conditions by adopting a more accommodative policy stance and central banks in China, Japan and the European Union took further steps to stabilize markets and extend economic expansion. By the end of March, global prices for both equities and crude oil had rebounded from mid-February lows.

Emerging markets debt and equity prices came under pressure in late 2015 and early 2016 from weakness in commodities prices and slowing demand in China. However, as financial markets elsewhere stabilized somewhat, emerging market equities experienced a significant but brief rally in April.

2 J.P. MORGAN SMA FUNDS APRIL 30, 2016

JPMorgan International Value SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	(4.12)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)	(4.53)%
Net Assets as of 4/30/2016 (In Thousands)	$82,438

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 six months ended April 30, 2016.

By sector, the Fund’s underweight position in banks and its overweight position and security selection in the industrial cyclical were leading contributors to performance relative to the Benchmark. The Fund’s underweight position in the energy sector and its security selection in the insurance sector were leading detractors from relative performance.

By region, the Fund’s security selection in Continental Europe and Japan were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the U.K. and emerging markets were 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 Daikin Industries Ltd., NN Group NV and Goodman Group. Shares of Daikin, a Japanese manufacturer of air conditioners, rose as sales growth in emerging markets, an expanding presence in the U.S. and a weaker yen boosted earnings. Shares of NN Group, an insurance and investment management company,

rose as strong earnings raised investor expectations for a higher dividend. Shares of Goodman Group Property Ltd., a commercial and industrial real estate company, rose on better than expected earnings and after management raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in Dai-Ichi Life Insurance Co., Samsung Electronics Co. and Kawasaki Heavy Industries Ltd. Shares of Dai-Ichi Life, a Japanese insurer, fell as equity market turbulence and the Bank of Japan’s decision to adopt negative interest rates raised investor questions about the ability of life insurers to generate investment gains. Shares of Samsung Electronics, a consumer electronics company, declined amid slowing demand for its smartphones. Shares of Kawasaki Heavy Industries, a maker of transportation and industrial equipment, fell after the company reduced its earnings forecast.

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 offered as a component of the JPMorgan International Value SMA Managed Account Strategy (“SMA Strategy”) to participants in separately managed account programs. As a result, the Fund’s holdings depend on whether a particular security or instrument can be purchased directly on behalf of the participants in the separately managed account programs investing in the SMA Strategy.

* 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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Daimler AG (Germany)	6.4	%
	2.	Renault S.A. (France)	5.7
	3.	Daiwa House Industry Co., Ltd. (Japan)	5.2
	4.	Daikin Industries Ltd. (Japan)	4.7
	5.	Suzuki Motor Corp. (Japan)	4.5
	6.	Mitsui Fudosan Co., Ltd. (Japan)	4.3
	7.	UPM-Kymmene OYJ (Finland)	4.0
	8.	Standard Chartered plc (United Kingdom)	3.9
	9.	Japan Airlines Co., Ltd. (Japan)	3.9
	10.	Electrolux AB, Series B (Sweden)	3.9

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	39.6	%
Germany	13.4
France	11.2
United Kingdom	7.9
Sweden	5.8
Finland	4.0
Australia	3.8
South Korea	3.6
Netherlands	3.4
Spain	2.7
Denmark	2.5
Hong Kong	2.1

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SMA FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016

	INCEPTION DATE OF FUND	6 MONTH*			1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
International Value SMA Fund	August 17, 2007		(4.12	)%		(9.82	)%		(2.25	)%		(1.38	)%		(0.89	)%

* Not annualized.

LIFE OF FUND PERFORMANCE (8/17/07 TO 4/30/16)

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 April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		2.87%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		2.82%
Tax Aware Real Return Composite Benchmark**		3.39%
Net Assets as of 4/30/2016 (In Thousands)	$	10,082

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 positive absolute return and outperformed the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) but underperformed the Tax Aware Real Return Composite Benchmark for the six months ended April 30, 2016.

In terms of absolute performance, the Fund’s hedge against inflation made a positive contribution during the reporting period. While energy sector bond prices were volatile during the period, oil prices rose 75% from their February 2016 lows by the end of April and the increase fed overall inflation pressure. Relative to the Benchmark, the Fund’s longer duration in the electric, education and water & sewer sectors was a leading contributor to 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, compared with bonds of shorter duration. The Fund’s bias toward higher quality bonds and its underweight positions in debt rated A and BBB detracted from performance as lower rated bonds generally outperformed higher rated bonds during the reporting period.

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 invest-

ments. The Fund is managed in a manner consistent with its role in separately managed accounts.

During the period, the Fund’s portfolio managers reduced the hedge ratio to 92% from 96% and 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.

6 J.P. MORGAN SMA FUNDS APRIL 30, 2016

PORTFOLIO COMPOSITION****
Municipal Bonds	80.4	%
Short-Term Investment	19.6

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 7

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016

	INCEPTION DATE OF FUND	6 MONTH*			1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
Tax Aware Real Return SMA Fund	May 31, 2007
Before Taxes			2.87	%		2.43	%		0.10	%		1.56	%		3.23	%
After Taxes on Distributions			2.87			2.43			0.10			1.56			3.23
After Taxes on Distributions and Sale of Fund Shares			2.29			2.76			0.78			1.85			3.23

* Not annualized.

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 4/30/16)

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 April 30, 2016. 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.

8 J.P. MORGAN SMA FUNDS APRIL 30, 2016

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.2%
			Australia — 3.6%
	574		Goodman Group		2,993
			Denmark — 2.4%
	15		Pandora A/S		1,987
			Finland — 3.9%
	166		UPM-Kymmene OYJ		3,173
			France — 10.8%
	31		Capgemini S.A.		2,902
	261		Natixis S.A.		1,440
	47		Renault S.A.		4,540
	—	(h)	Thales S.A.		5
					8,887
			Germany — 11.1%
	45		Brenntag AG		2,618
	73		Daimler AG		5,095
	16		HeidelbergCement AG		1,468
					9,181
			Hong Kong — 2.0%
	510		China Overseas Land & Investment Ltd.		1,619
			Japan — 38.0%
	47		Daikin Industries Ltd.		3,723
	154		Daiwa House Industry Co., Ltd.		4,112
	59		Dentsu, Inc.		3,018
	168		DMG Mori Co., Ltd.		1,884
	85		Japan Airlines Co., Ltd.		3,056
	138		Mitsui Fudosan Co., Ltd.		3,370
	77		NH Foods Ltd.		1,716
	99		Sompo Japan Nipponkoa Holdings, Inc.		2,597
	39		Suzuken Co., Ltd.		1,350
	130		Suzuki Motor Corp.		3,568

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	144	Yamato Holdings Co., Ltd.		2,896
				31,290
		Netherlands — 3.3%
	78	NN Group N.V.		2,723
		South Korea — 3.4%
	3	Samsung Electronics Co., Ltd.		2,843
		Spain — 2.6%
	2,302	Bankia S.A.		2,147
		Sweden — 5.5%
	105	Electrolux AB, Series B		3,051
	145	Sandvik AB		1,492
				4,543
		United Kingdom — 7.6%
	203	Barratt Developments plc		1,582
	259	Dixons Carphone plc		1,615
	380	Standard Chartered plc		3,074
				6,271
		Total Common Stocks (Cost $71,525)		77,657
	Preferred Stock — 1.7%
		Germany — 1.7%
	13	Henkel AG & Co. KGaA (Cost $1,380)		1,441
		Total Investments — 95.9% (Cost $72,905)		79,098
		Other Assets in Excess of Liabilities — 4.1%		3,340
		NET ASSETS — 100.0%	$	82,438

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 9

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Automobiles		16.7	%
Real Estate Management & Development		11.5
Banks		8.4
Insurance		6.7
Household Durables		5.8
Building Products		4.7
Machinery		4.3
Paper & Forest Products		4.0
Airlines		3.9
Media		3.8
Real Estate Investment Trusts (REITs)		3.8

INDUSTRY	PERCENTAGE
IT Services		3.7	%
Air Freight & Logistics		3.7
Technology Hardware, Storage & Peripherals		3.6
Trading Companies & Distributors		3.3
Textiles, Apparel & Luxury Goods		2.5
Food Products		2.2
Specialty Retail		2.0
Construction Materials		1.9
Household Products		1.8
Health Care Providers & Services		1.7

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS APRIL 30, 2016

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 85.4% (t)
		California — 3.9%
		Education — 1.8%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		64
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		88
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		32
				184
		General Obligation — 2.1%
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.000%, 08/01/31		208
		Total California		392
		Connecticut — 4.4%
		Water & Sewer — 4.4%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		122
	150	Series A, Rev., 6.000%, 08/15/21		189
	100	Series A, Rev., 6.000%, 08/15/22		129
		Total Connecticut		440
		District of Columbia — 1.5%
		Transportation — 1.5%
	135	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/18		147
		Florida — 2.9%
		General Obligation — 2.9%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		296
		Georgia — 7.8%
		General Obligation — 3.9%
	300	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.000%, 12/01/26		389
		Water & Sewer — 3.9%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		330
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		68
				398
		Total Georgia		787

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Illinois — 2.5%
		General Obligation — 2.5%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		64
	165	Cook County Forest Preserve District, Limited Tax Project and Refunding, Series B, GO, 5.000%, 12/15/24		187
		Total Illinois		251
		Indiana — 1.2%
		Education — 1.2%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		121
		Louisiana — 2.3%
		Prerefunded — 2.3%
	200	Terrebonne Parish, Public Improvement, Series ST, Rev., 5.875%, 03/01/19 (p)		228
		Massachusetts — 5.1%
		Transportation — 5.1%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.250%, 07/01/27		197
	250	Series B, Rev., 5.250%, 07/01/23		316
		Total Massachusetts		513
		Missouri — 1.9%
		General Obligation — 1.9%
	175	Clay County, North Kansas City School District No. 74, Direct Deposit of State Aid Program, GO, 5.000%, 03/01/20		188
		Nevada — 2.5%
		Water & Sewer — 2.5%
	200	Truckee meadows water authority, Nevada, Rev., 5.000%, 07/01/31		248
		New Jersey — 1.6%
		Transportation — 1.6%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		89
	60	Series A, Rev., 5.500%, 12/15/21		68
		Total New Jersey		157
		New Mexico — 10.1%
		Other Revenue — 0.3%
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Rev., NATL-RE, 5.000%, 06/15/17		32

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 5.8%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		287
	250	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		293
				580
		Water & Sewer — 4.0%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		406
		Total New Mexico		1,018
		New York — 10.3%
		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 — 1.2%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		122
		Prerefunded — 1.0%
	85	City of New York, Series E-1, GO, 6.250%, 10/15/18 (p)		97
		Special Tax — 1.8%
	150	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.000%, 03/15/33		180
		Transportation — 6.0%
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	410	Series A, Rev., 5.000%, 01/01/26		494
	100	Series D, Rev., 5.000%, 11/15/18		111
				605
		Total New York		1,038
		Ohio — 4.1%
		General Obligation — 4.1%
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		306
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		111
		Total Ohio		417

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oregon — 4.7%
		General Obligation — 2.8%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		281
		Prerefunded — 1.9%
	175	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/19 (p)		196
		Total Oregon		477
		Pennsylvania — 0.2%
		General Obligation — 0.2%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		18
		South Carolina — 3.5%
		General Obligation — 3.5%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		357
		Tennessee — 0.5%
		Prerefunded — 0.5%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		54
		Texas — 10.5%
		General Obligation — 2.8%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		285
		Prerefunded — 0.7%
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/17 (p)		73
		Transportation — 2.4%
	210	Harris County, Series C, Rev., 5.000%, 08/15/22		238
		Utility — 4.2%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/24		428
		Water & Sewer — 0.4%
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		36
		Total Texas		1,060
		Virginia — 0.6%
		Education — 0.6%
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		61

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Washington — 2.2%
		General Obligation — 0.2%
	25	Snohomish County, Everett School District No. 2, GO, NATL-RE, FGIC, 5.000%, 12/01/16		26
		Transportation — 1.8%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		180
		Utility — 0.2%
	20	Energy Northwest Project 1, Electric, Series D, Rev., 5.000%, 07/01/16 (p)		20
		Total Washington		226
		Wisconsin — 1.1%
		Prerefunded — 1.1%
	100	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/18 (p)		109
		Total Municipal Bonds (Cost $7,862)		8,603

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 20.8%
		Investment Company — 20.8%
	2,102	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.160% (b) (l) † (Cost $2,102)		2,102
		Total Investments — 106.2% (Cost $9,964)		10,705
		Liabilities in Excess of Other Assets — (6.2)%		(623	)
		NET ASSETS — 100.0%	$	10,082

Percentages indicated are based on net assets.

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America N.A.	1.700% at termination		CPI-U at termination		04/04/18	$	1,000	$	(2	)
BNP Paribas	2.720% at termination		CPI-U at termination		04/01/21		6,000		(784	)
Royal Bank of Scotland	2.620% at termination		CPI-U at termination		06/28/25		1,000		(155	)
								$	(941	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 13

J.P. Morgan SMA Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

AGM	—  Insured by Assured Guaranty Municipal Corp.
CPI-U	—  Consumer Price Index for All Urban Consumers
FGIC	—  Insured by Financial Guaranty Insurance Co.
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 is 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 one thousand (shares or dollars).
(l)	—  The rate shown is the current yield as of April 30, 2016.
(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 $1,320,000 of this investment is restricted as collateral for swaps to various brokers.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS APRIL 30, 2016

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	79,098		$	8,603
Investments in affiliates, at value		—			782
Investments in affiliates — restricted, at value		—			1,320
Total investment securities, at value		79,098			10,705
Cash		2,968			—
Foreign currency, at value		98			—
Receivables:
Investment securities sold		305			—
Fund shares sold		1			231
Interest and dividends from non-affiliates		366			100
Dividends from affiliates		—			—	(a)
Tax reclaims		388			—
Due from Adviser		24			31
Total Assets		83,248			11,067
LIABILITIES:
Payables:
Investment securities purchased		721			—
Fund shares redeemed		25			—
Outstanding swap contracts, at value		—			941
Accrued liabilities:
Custodian and accounting fees		17			—
Collateral management fees		—			10
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		47			34
Total Liabilities		810			985
Net Assets	$	82,438		$	10,082
NET ASSETS:
Paid-in-Capital	$	91,780		$	10,501
Accumulated undistributed (distributions in excess of) net investment income		900			(1	)
Accumulated net realized gains (losses)		(16,422	)		(218	)
Net unrealized appreciation (depreciation)		6,180			(200	)
Total Net Assets	$	82,438		$	10,082
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		7,430			1,000
Net asset value, offering and redemption price per share (b)	$	11.09		$	10.08
Cost of investments in non-affiliates	$	72,905		$	7,862
Cost of investments in affiliates		—			782
Cost of investments in affiliates — restricted		—			1,320
Cost of foreign currency		98			—

(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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	157
Dividend income from non-affiliates		1,232			—
Dividend income from affiliates		—			—	(a)
Foreign taxes withheld		(167	)		—
Total investment income		1,065			157
EXPENSES:
Administration fees		36			4
Custodian and accounting fees		29			17
Professional fees		46			39
Collateral management fees		—			15
Trustees’ and Chief Compliance Officer’s fees		2			2
Printing and mailing costs		4			2
Registration and filing fees		10			9
Transfer agent fees		1			—	(a)
Sub-transfer agent fees		4			—	(a)
Other		3			2
Total expenses		135			90
Less fees waived		(36	)		(4	)
Less expense reimbursements		(99	)		(86	)
Net expenses		—			—
Net investment income (loss)		1,065			157
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(5,064	)		289
Futures		(223	)		—
Foreign currency transactions		(35	)		—
Swaps		—			(191	)
Net realized gain (loss)		(5,322	)		98
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		427			(136	)
Futures		—	(a)		—
Foreign currency translations		24			—
Swaps		—			179
Change in net unrealized appreciation/depreciation		451			43
Net realized/unrealized gains (losses)		(4,871	)		141
Change in net assets resulting from operations	$	(3,806	)	$	298

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	International Value SMA Fund						Tax Aware Real Return SMA Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,065		$	4,228		$	157		$	468
Net realized gain (loss)		(5,322	)		7,247			98			(304	)
Change in net unrealized appreciation/depreciation		451			(8,554	)		43			(639	)
Change in net assets resulting from operations		(3,806	)		2,921			298			(475	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,412	)		(7,972	)		(160	)		(486	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		13,432			43,621			1,796			2,728
Distributions reinvested		1,944			6,549			—			—
Cost of shares redeemed		(31,777	)		(256,024	)		(2,935	)		(11,631	)
Change in net assets resulting from capital transactions		(16,401	)		(205,854	)		(1,139	)		(8,903	)
NET ASSETS:
Change in net assets		(23,619	)		(210,905	)		(1,001	)		(9,864	)
Beginning of period		106,057			316,962			11,083			20,947
End of period	$	82,438		$	106,057		$	10,082		$	11,083
Accumulated undistributed (distributions in excess of) net investment income	$	900		$	3,247		$	(1	)	$	2
SHARE TRANSACTIONS:
Issued		1,276			3,544			179			268
Reinvested		173			541			—			—
Redeemed		(2,841	)		(20,060	)		(293	)		(1,146	)
Change in Shares		(1,392	)		(15,975	)		(114	)		(878	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 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
Six Months Ended April 30, 2016 (Unaudited)	$	12.02	$	0.13	(g)	$	(0.62	)	$	(0.49	)	$	(0.44	)
Year Ended October 31, 2015		12.78		0.26	(g)		(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	(g)		(1.00	)		(0.59	)		(0.24	)

(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) 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.

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(f)
$	11.09		(4.12	)%	$	82,438		—	%		2.44	%		0.31	%		44	%
	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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 19

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
Tax Aware Real Return SMA Fund
Six Months Ended April 30, 2016 (Unaudited)	$	9.95	$	0.15	(g)	$	0.13		$	0.28		$	(0.15	)
Year Ended October 31, 2015		10.52		0.31	(g)		(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) 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) 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.

(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) Amount rounds to less than 1%.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS APRIL 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(f)
$	10.08		2.87	%	$	10,082		—	%		3.03	%		1.73	%		9	%
	9.95		(2.27	)		11,083		—			3.07			1.01			—	(h)
	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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Funds’ shares may not be purchased directly by individuals.

Prior to April 1, 2016, JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

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 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.

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 are valued by applying international fair value factors provided by approved Pricing Services. 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 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.

22 J.P. MORGAN SMA FUNDS APRIL 30, 2016

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):

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)	$	—	$	79,098	$	—	$	79,098

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)	$	2,102	$	8,603		$	—	$	10,705
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(941	)	$	—	$	(941	)

(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 six months ended April 30, 2016.

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 April 30, 2016, International Value SMA Fund had no investments in restricted securities under the Securities Act.

C. 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

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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).

As of April 30, 2016, the Fund did not hold futures contracts.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2016 (amounts in thousands):

	International Value SMA Fund
Futures Contracts
Average Notional Balance Long	$	647

D. 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 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 April 30, 2016 are as follows (amounts in thousands):

Fund		Fund Counterparty	Value of swap contracts			Collateral amount
Tax Aware Real Return SMA Fund	Collateral Posted	BNP Paribas	$	(784	)	$	1,060
		Royal Bank of Scotland		(155	)		260

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.

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 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 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 gives 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.

24 J.P. MORGAN SMA FUNDS APRIL 30, 2016

The table below discloses the volume of the Fund’s swap activity during the six months ended April 30, 2016 (amounts in thousands):

	Tax Aware Real Return SMA Fund
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate	$	9,571
Ending Notional Balance — Pays Fixed Rate		8,000

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of April 30, 2016, 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
Gross Liabilities:		Swaps
Interest rate contracts	Payables	$	(941	)

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 April 30, 2016 (amounts in thousands):

Tax Aware Real Return SMA Fund

Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset		Collateral Posted			Net Amount Due To Counterparty (not less than zero)
BNP Paribas	$	2	$	—	$	(2	)(b)	$	—
Deutsche Bank AG, New York		784		—		—			784
Royal Bank of Scotland		155		—		(155	)(b)		—
	$	941	$	—	$	(157	)	$	784

(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.D. for actual swap collateral received or posted.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2016, by primary underlying risk exposure (amounts in thousands):

International Value SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(223	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	—	(a)

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

Tax Aware Real Return SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(191	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	179

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 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.

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 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.

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 April 30, 2016, 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 — 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.

K. 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.

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 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 six months ended April 30, 2016, 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.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.

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.

26 J.P. MORGAN SMA FUNDS APRIL 30, 2016

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 expenses related to short sales (effective March 1, 2016), interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) are borne by the Funds pursuant to contractual arrangements with the Adviser through February 28, 2017.

For the six months ended April 30, 2016, 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	$	36	$	99
Tax Aware Real Return SMA Fund		4		86

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 was as follows (amount in thousands):

Tax Aware Real Return SMA Fund $ —(a)

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

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.

The Funds may use related party broker-dealers. For the six months ended April 30, 2016, International Value SMA Fund incurred brokerage commissions with broker-dealers affiliated with the Adviser of approximately $2,000.

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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

4. Investment Transactions

During the six months ended April 30, 2016, 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	$	38,232	$	55,835
Tax Aware Real Return SMA Fund		926		3,717

During the six months ended April 30, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	72,905	$	8,069	$	1,876	$	6,193
Tax Aware Real Return SMA Fund		9,964		741		—		741

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 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	$	—

At 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

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 February 29, 2016, or at any time during the year then ended.

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.

28 J.P. MORGAN SMA FUNDS APRIL 30, 2016

International Value SMA Fund has three shareholders, which are accounts maintained by separately managed account sponsors on behalf of their clients, that own 90.2% 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 100.0% 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 April 30, 2016, International Value SMA Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

	France			Germany			Japan
International Value SMA Fund		11.2	%		13.4	%		39.6	%

As of April 30, 2016, 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.

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.

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.

APRIL 30, 2016 J.P. MORGAN SMA FUNDS 29

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period†*		Annualized Expense Ratio†
International Value SMA Fund
Actual	$	1,000.00	$	958.80	$	0.00		0.00	%
Hypothetical		1,000.00		1,024.86		0.00		0.00
Tax Aware Real Return SMA Fund
Actual	$	1,000.00	$	1,028.70	$	0.00		0.00	%
Hypothetical		1,000.00		1,024.86		0.00		0.00

† Reflects the fact that no fees or expenses are borne by the 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 182/366 (to reflect the one-half year period).

30 J.P. MORGAN SMA FUNDS APRIL 30, 2016

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., 2016.  All rights reserved. April 2016. SAN-SMA-416

Semi-Annual Report

J.P. Morgan Funds

April 30, 2016 (Unaudited)

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	88
Financial Highlights	94
Notes to Financial Statements	98
Schedule of Shareholder Expenses	115

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

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

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory – an experiment that the Bank of Japan embarked upon at the end of January – and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

Financial market volatility rose sharply in the first two months of 2016 amid investor concerns about economic stability in China, falling global oil prices and uncertainty about the direction of central bank interest rate policy in the U.S. However, the U.S. Federal Reserve responded to global conditions by adopting a more accommodative policy stance and central banks in China, Japan and the European Union took further steps to stabilize markets and extend economic expansion. By the end of March, global prices for both equities and crude oil had rebounded from mid-February lows.

Emerging markets debt and equity prices came under pressure in late 2015 and early 2016 from weakness in commodities prices and slowing demand in China. However, as financial markets elsewhere stabilized somewhat, emerging market equities experienced a significant but brief rally in April. The MSCI World Index (net of foreign withholding taxes) returned -1.05% and the Barclays U.S. Aggregate returned 2.82% for the six month period.

2 J.P. MORGAN FUNDS APRIL 30, 2016

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(1.07)%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		(1.05)%
Barclays U.S. Aggregate Index		2.82%
Global Allocation Composite Benchmark		0.60%
Net Assets as of 4/30/2016 (In Thousands)	$	1,340,091

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 six months ended April 30, 2016, 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.

Relative to the Benchmark, the Fund’s overweight allocation to non-U.S. sectors was a leading detractor from performance for the six month reporting period. Additionally, the Fund’s allocation to high yield bonds (also known as “junk bonds”) detracted from relative performance as high yield bonds underperformed core fixed income debt securities.

The Fund’s holdings in developed market equity securities and its bias away from emerging market equity 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 “Fed”).

The Fund’s portfolio managers’ decision to remove the hedged exposure to the euro, the British pound and the Japanese yen also helped relative performance as the U.S. dollar weakened against other developed market currencies during the six month period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to maintain a constructive view on developed market equities and extended credit. However, the Fund’s developed market equity exposure decreased in both Europe and Japan, given the portfolio managers’ views on slowing, but still positive, global growth. Japanese equity exposure decreased after the central bank’s negative interest rate policy hurt investor sentiment as evidenced by a strengthening yen, which hurt asset prices. The portfolio managers added to the Fund’s emerging market equity exposure toward the end of the reporting period given stabilization in emerging market currencies driven by less Fed tightening priced into the intermediate term. In fixed income assets, the portfolio managers maintained a positive view on credit as expressed through high yield bonds in the U.S. and Europe, as well as non-agency mortgages. Within core fixed income, the Fund increased its allocation to global government bonds as a way to play “defense” against the allocations to the equity market and the high yield market if global growth was challenged further.

APRIL 30, 2016 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Italy Buoni Poliennali Del Tesoro, (Italy), 5.500%, 11/01/22	1.7	%
	2.	France Government Bond OAT, (France), 1.750%, 11/25/24	1.7
	3.	U.S. Treasury Notes, (United States), 0.500%, 01/31/17	1.1
	4.	Republic of Canada, (Canada), 1.750%, 03/01/19	1.0
	5.	U.S. Treasury Notes, (United States), 2.125%, 06/30/22	0.6
	6.	S&P 500 Index, (United States), Expiring 06/17/2016 at $1,950.00, European Style 06/17/16	0.6
	7.	Alphabet, Inc., (United States), Class C	0.6
	8.	Government of Japan, (Japan), Series 154, 1.200%, 09/20/35	0.6
	9.	U.S. Treasury Notes, (United States), 2.250%, 11/15/24	0.5
	10.	HDFC Bank Ltd., (India), ADR	0.5

PORTFOLIO COMPOSITION***
Common Stocks	47.1	%
Corporate Bonds	25.0
Foreign Government Securities	6.3
Asset-Backed Securities	5.9
Collateralized Mortgage Obligations	3.2
U.S. Treasury Obligations	2.3
Others (each less than 1.0%)	3.2
Short-Term Investment	7.0

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS APRIL 30, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2011
With Sales Charge**				(5.65	)%		(7.58	)%		2.15	%		3.66	%
Without Sales Charge				(1.18	)		(3.25	)		3.74			4.64
CLASS C SHARES		May 31, 2011
With CDSC***				(2.44	)		(4.74	)		3.19			4.11
Without CDSC				(1.44	)		(3.74	)		3.19			4.11
CLASS R2 SHARES		May 31, 2011		(1.34	)		(3.51	)		3.47			4.37
SELECT CLASS SHARES		May 31, 2011		(1.07	)		(3.03	)		3.98			4.89

    * Not annualized.

  ** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/31/11 TO 4/30/16)

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 April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 5

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		0.67%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		(1.05)%
Barclays U.S. Aggregate Index		2.82%
Income Builder Composite Benchmark		0.60%
Net Assets as of 4/30/2016 (In Thousands)	$	11,949,132

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 six months ended April 30, 2016, the Fund’s Class A Shares, without a sales charge, outperformed both the MSCI World Index (net of foreign withholding taxes) and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Barclays U.S. Aggregate Index. The Fund underperformed the Barclays U.S. Aggregate Index. The Fund’s lower weighting toward equities in favor of high yield debt (also known as “junk bonds”) and investment grade corporate debt were positive contributors to performance relative to both the MSCI World Index and the Composite

Benchmark. The Funds’ allocation to global equities detracted from performance relative to the Barclays U.S. Aggregate Index, which holds no equity, as bonds generally outperformed equity prices during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers positioned the Fund to tactically pursue income. The portfolio managers expected slow but still positive growth in the U.S., with low recession risk. However, they believed the level of U.S. growth was too low and equity valuations were too high to ignore increasing risks from the global economy. During the reporting period, the portfolio managers reduced the Fund’s allocation to equities in favor of bonds by adding to the Fund’s position in high yield debt and U.S. investment-grade fixed income. In the low growth environment, the portfolio managers preferred quality and yield to capital growth. While interest rates were beginning to rise in the U.S. during the reporting period, they remained extremely low globally, so the portfolio managers believed that investors’ desire for yield and their own low expectations for recession would provide a solid backdrop for stable performance in high yield and other credit asset classes.

* 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 APRIL 30, 2016

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	Occidental Petroleum Corp. (United States) (Common Stock)	0.6	%
	2.	Home Depot, Inc. (The) (United States) (Common Stock)	0.6
	3.	Microsoft Corp. (United States) (Common Stock)	0.6
	4.	Unibail-Rodamco SE, (France) (Common Stock)	0.6
	5.	GlaxoSmithKline plc, (United Kingdom) (Common Stock)	0.6
	6.	Altria Group, Inc. (United States) (Common Stock)	0.6
	7.	Wells Fargo & Co. (United States) (Common Stock)	0.6
	8.	General Electric Co., Series D, VAR, 5.000%, 01/21/21 (United States) (Preferred Security)	0.5
	9.	Pfizer, Inc. (United States) (Common Stock)	0.5
	10.	CME Group, Inc. (United States) (Common Stock)	0.5

PORTFOLIO COMPOSITION*
Corporate Bonds	39.4	%
Common Stocks	34.5
Preferred Securities	6.4
Asset-Backed Securities	4.6
Collateralized Mortgage Obligations	3.7
Foreign Government Securities	3.4
Preferred Stocks	1.8
Commercial Mortgage-Backed Securities	1.4
Convertible Bonds	1.2
Others (each less than 1.0%)	1.4
Short-Term Investments	2.2

* Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2007
With Sales Charge**				(3.87	)%		(6.00	)%		3.83	%		4.45	%
Without Sales Charge				0.67			(1.57	)		4.78			4.99
CLASS C SHARES		May 31, 2007
With CDSC***				(0.58	)		(3.08	)		4.26			4.47
Without CDSC				0.42			(2.08	)		4.26			4.47
SELECT CLASS SHARES		May 31, 2007		0.73			(1.43	)		4.94			5.18

    * Not annualized.

  ** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/07 TO 4/30/16)

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 April 30, 2016. 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 APRIL 30, 2016

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 5.9%
		United States — 5.9%
	612	ABFC Trust, Series 2004-HE1, Class M1, VAR, 1.339%, 03/25/34		565
	1,657	Accredited Mortgage Loan Trust, Series 2004-3, Class 2A5, VAR, 1.519%, 10/25/34		1,537
		ACE Securities Corp. Home Equity Loan Trust,
	683	Series 2002-HE3, Class M1, VAR, 2.239%, 10/25/32		661
	1,735	Series 2003-HE1, Class M1, VAR, 1.414%, 11/25/33		1,620
	441	Series 2003-NC1, Class M1, VAR, 1.609%, 07/25/33		421
	518	Series 2003-OP1, Class M1, VAR, 1.489%, 12/25/33		490
	349	Series 2004-HE4, Class M1, VAR, 1.414%, 12/25/34		342
	146	Series 2005-HE7, Class A1B2, VAR, 1.039%, 11/25/35		143
		Ameriquest Mortgage Securities, Inc.,
	747	Series 2003-10, Class M1, VAR, 1.489%, 12/25/33		694
	328	Series 2003-10, Class M2, VAR, 2.989%, 12/25/33		316
	528	Series 2004-FR1W, Class A6, VAR, 4.640%, 05/25/34		527
	161	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-11, Class M3, VAR, 3.229%, 12/25/33		155
	447	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.314%, 10/25/34		415
		Argent Securities, Inc.,
	1,068	Series 2003-W5, Class M2, VAR, 3.214%, 10/25/33		1,009
	983	Series 2004-W4, Class A, VAR, 0.959%, 03/25/34		913
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	188	Series 2003-W9, Class M2, VAR, 3.019%, 01/25/34		181
	1,538	Series 2004-W2, Class M1, VAR, 1.279%, 04/25/34		1,411
	324	Series 2004-W5, Class M1, VAR, 1.339%, 04/25/34		305
		Asset Backed Securities Corp. Home Equity Loan Trust,
	762	Series 2004-HE2, Class M2, VAR, 2.314%, 04/25/34		681
	1,315	Series 2004-HE3, Class M2, VAR, 2.119%, 06/25/34		1,171

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	958	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE1, Class M1, VAR, 1.483%, 01/15/34		888
		Bear Stearns Asset-Backed Securities I Trust,
	1,125	Series 2004-FR2, Class M3, VAR, 2.239%, 06/25/34		1,086
	1,052	Series 2004-HE6, Class M2, VAR, 2.314%, 08/25/34		964
		Bear Stearns Asset-Backed Securities Trust,
	718	Series 2004-1, Class M1, VAR, 1.414%, 06/25/34		679
	238	Series 2004-2, Class M1, VAR, 1.639%, 08/25/34		217
	1,270	Chase Funding Trust, Series 2002-2, Class 2M1, VAR, 1.339%, 02/25/32		1,217
		Countrywide Asset-Backed Certificates,
	46	Series 2002-3, Class M1, VAR, 1.564%, 03/25/32		45
	68	Series 2002-4, Class M1, VAR, 1.564%, 12/25/32		62
	520	Series 2003-BC4, Class M2, VAR, 1.789%, 06/25/33		505
	295	Series 2003-BC6, Class M2, VAR, 2.164%, 10/25/33		262
	136	Series 2004-2, Class M1, VAR, 1.189%, 05/25/34		128
	545	Series 2004-3, Class M1, VAR, 1.189%, 06/25/34		520
	766	Series 2005-AB3, Class 1A1, VAR, 0.689%, 02/25/36		682
	1,561	Series 2006-4, Class 1A1M, VAR, 0.699%, 07/25/36		1,481
	1,061	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.384%, 01/25/35		961
		Credit-Based Asset Servicing and Securitization LLC,
	1,560	Series 2004-CB4, Class A5, SUB, 6.780%, 05/25/35		1,563
	649	Series 2004-CB5, Class M1, VAR, 1.354%, 01/25/34		604
	190	Series 2005-CB1, Class M2, VAR, 1.534%, 01/25/35		170
		CWABS, Inc. Asset-Backed Certificates,
	621	Series 2003-BC1, Class A1, VAR, 1.239%, 03/25/33		569
	291	Series 2004-1, Class M1, VAR, 1.189%, 03/25/34		278

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		CWABS, Inc. Asset-Backed Certificates Trust,
	976	Series 2004-4, Class M1, VAR, 1.159%, 07/25/34		903
	116	Series 2004-5, Class M3, VAR, 2.164%, 07/25/34		105
	2,738	Series 2004-6, Class 1A1, VAR, 0.979%, 12/25/34		2,521
	802	Series 2004-6, Class M1, VAR, 1.339%, 10/25/34		755
	99	Series 2004-6, Class M2, VAR, 1.414%, 10/25/34		93
	370	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		357
		First Franklin Mortgage Loan Trust,
	894	Series 2004-FF7, Class M1, VAR, 1.309%, 09/25/34		829
	632	Series 2005-FF10, Class A1, VAR, 0.739%, 11/25/35		559
		Fremont Home Loan Trust,
	65	Series 2003-B, Class M2, VAR, 2.869%, 12/25/33		63
	1,763	Series 2004-A, Class M1, VAR, 1.264%, 01/25/34		1,602
	3	Series 2005-D, Class 2A3, VAR, 0.689%, 11/25/35		4
		GSAMP Trust,
	454	Series 2004-AR1, Class M1, VAR, 1.414%, 06/25/34		432
	797	Series 2004-OPT, Class M1, VAR, 1.309%, 11/25/34		727
	419	Series 2006-HE3, Class A2C, VAR, 0.599%, 05/25/46		375
		Home Equity Asset Trust,
	1,272	Series 2003-3, Class M1, VAR, 1.729%, 08/25/33		1,211
	411	Series 2004-7, Class M1, VAR, 1.369%, 01/25/35		387
	1,363	Series 2007-2, Class 2A2, VAR, 0.624%, 07/25/37		1,308
		Home Equity Mortgage Loan Asset-Backed Trust,
	325	Series 2004-B, Class M3, VAR, 1.639%, 11/25/34		290
	358	Series 2004-B, Class M8, VAR, 3.739%, 11/25/34		289
	1,284	Series 2006-B, Class 2A3, VAR, 0.629%, 06/25/36		1,166

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Long Beach Mortgage Loan Trust,
	1,264	Series 2004-1, Class M1, VAR, 1.189%, 02/25/34		1,193
	1,165	Series 2004-3, Class M2, VAR, 1.339%, 07/25/34		1,093
	669	Series 2004-3, Class M4, VAR, 2.051%, 07/25/34		623
		MASTR Asset-Backed Securities Trust,
	171	Series 2003-NC1, Class M5, VAR, 6.439%, 04/25/33		146
	1,650	Series 2004-WMC2, Class M1, VAR, 1.339%, 04/25/34		1,530
	1,053	Series 2005-NC1, Class M2, VAR, 1.189%, 12/25/34		1,004
		Morgan Stanley ABS Capital I, Inc. Trust,
	334	Series 2003-HE2, Class M2, VAR, 2.914%, 08/25/33		324
	901	Series 2004-HE6, Class M1, VAR, 1.264%, 08/25/34		851
	38	Series 2004-HE8, Class M3, VAR, 1.564%, 09/25/34		35
	460	Series 2004-NC5, Class M1, VAR, 1.339%, 05/25/34		422
	559	Series 2004-NC6, Class M2, VAR, 2.314%, 07/25/34		488
	818	Series 2004-NC7, Class M2, VAR, 1.369%, 07/25/34		789
	64	Series 2005-HE1, Class M3, VAR, 1.219%, 12/25/34		51
	423	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 1.419%, 02/25/33		398
		New Century Home Equity Loan Trust,
	655	Series 2004-2, Class M3, VAR, 1.444%, 08/25/34		577
	1,342	Series 2004-4, Class M1, VAR, 1.204%, 02/25/35		1,200
	340	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 3.814%, 09/25/33		303
	1,859	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, VAR, 1.459%, 07/25/33		1,671
		Option One Mortgage Loan Trust,
	749	Series 2004-1, VAR, 2.089%, 01/25/34		660
	804	Series 2004-1, Class M1, VAR, 1.339%, 01/25/34		748
	38	Series 2004-3, Class M2, VAR, 1.294%, 11/25/34		34

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Pretium Mortgage Credit Partners I LLC,
	1,678	Series 2015-NPL3, Class A1, SUB, 4.375%, 10/27/30 (e)		1,673
	700	Series 2016-NPL3, Class A1, SUB, 4.375%, 10/25/54 (e)		700
	996	Pretium Mortgage Credit Partners LLC, Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		995
	709	RAMP Trust, Series 2006-EFC2, Class A3, VAR, 0.599%, 12/25/36		682
		RASC Trust,
	217	Series 2001-KS2, Class AI5, SUB, 7.514%, 06/25/31		224
	1,739	Series 2005-EMX1, Class M1, VAR, 1.084%, 03/25/35		1,627
		Renaissance Home Equity Loan Trust,
	734	Series 2003-2, Class A, VAR, 1.319%, 08/25/33		678
	427	Series 2003-2, Class M1, VAR, 1.676%, 08/25/33		394
	216	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		219
		Saxon Asset Securities Trust,
	481	Series 2003-3, Class M1, VAR, 1.414%, 12/25/33		453
	354	Series 2006-2, Class A3C, VAR, 0.589%, 09/25/36		336
	1,645	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M1, VAR, 1.414%, 08/25/34		1,543
	1,000	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.339%, 11/25/34		928
		Structured Asset Investment Loan Trust,
	486	Series 2003-BC11, Class M1, VAR, 1.414%, 10/25/33		469
	483	Series 2004-6, Class A3, VAR, 1.239%, 07/25/34		454
	505	Series 2004-7, Class M2, VAR, 1.564%, 08/25/34		440
	1,384	Series 2004-BNC1, Class A4, VAR, 1.379%, 09/25/34		1,285
	88	Series 2004-BNC1, Class A5, VAR, 1.679%, 09/25/34		80
	565	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.609%, 12/25/36		482
	1,728	Vericrest Opportunity Loan Trust, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		1,726

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,849	VOLT XLII LLC, Series 2016-NPL2, Class A1, SUB, 4.250%, 03/26/46 (e)		1,850
	1,152	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		1,143
	1,555	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,538
	1,369	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		1,352
	1,594	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		1,579
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	77	Series 2004-2, Class M6, VAR, 3.259%, 10/25/34		76
	97	Series 2004-2, Class M8A, VAR, 4.939%, 10/25/34 (e)		88
	1,015	Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates, Series 2004-1, Class 1A, VAR, 0.739%, 04/25/34		960
		Total Asset-Backed Securities (Cost $78,553)		78,528
	Collateralized Mortgage Obligations —3.2%
		Non-Agency CMO — 3.2%
		United States — 3.2%
		Alternative Loan Trust
	133	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		135
	725	Series 2004-27CB, Class A1, 6.000%, 12/25/34		722
	682	Series 2004-28CB, Class 3A1, 6.000%, 01/25/35		655
	180	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		180
	144	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		141
	33	Series 2005-19CB, Class A2, IF, 15.975%, 06/25/35 (u)		41
	133	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		125
	673	Banc of America Mortgage Trust, Series 2004-D, Class 2A2, VAR, 3.093%, 05/25/34		665
		Bear Stearns ALT-A Trust
	130	Series 2005-4, Class 23A1, VAR, 2.893%, 05/25/35		124
	260	Series 2005-4, Class 23A2, VAR, 2.893%, 05/25/35		254
	328	Series 2005-7, Class 12A3, VAR, 1.119%, 08/25/35		299

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Bear Stearns ARM Trust
	760	Series 2004-3, Class 2A, VAR, 2.675%, 07/25/34		738
	978	Series 2005-5, Class A2, VAR, 2.710%, 08/25/35		974
	464	Series 2005-9, Class A1, VAR, 2.660%, 10/25/35		446
	904	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		881
		Chase Mortgage Finance Trust
	380	Series 2006-S4, Class A5, 6.000%, 12/25/36		331
	204	Series 2007-A1, Class 1A1, VAR, 2.815%, 02/25/37		204
	449	Series 2007-A1, Class 1A5, VAR, 2.815%, 02/25/37		429
	294	Series 2007-A1, Class 8A1, VAR, 2.763%, 02/25/37		295
	339	Series 2007-A2, Class 2A1, VAR, 2.714%, 07/25/37		329
		CHL Mortgage Pass-Through Trust
	149	Series 2004-9, Class A7, 5.250%, 06/25/34		153
	775	Series 2004-25, Class 2A1, VAR, 1.119%, 02/25/35		667
	286	Series 2004-HYB7, Class 1A1, VAR, 2.693%, 11/20/34		280
	316	Series 2004-HYB7, Class 1A2, VAR, 2.693%, 11/20/34		310
	338	Series 2006-21, Class A14, 6.000%, 02/25/37		311
	390	Series 2007-10, Class A4, 5.500%, 07/25/37		318
		Citigroup Mortgage Loan Trust, Inc.
	896	Series 2005-3, Class 2A2A, VAR, 2.753%, 08/25/35		879
	979	Series 2005-4, Class A, VAR, 2.789%, 08/25/35		953
	779	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		775
	267	Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		263
		Credit Suisse First Boston Mortgage Securities Corp.
	64	Series 2003-25, Class 2A1, 4.500%, 10/25/18		63
	751	Series 2004-8, Class 5A1, 6.000%, 12/25/34		773

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		GSR Mortgage Loan Trust
	648	Series 2004-11, Class 2A2, VAR, 2.861%, 09/25/34		634
	368	Series 2005-AR6, Class 1A1, VAR, 2.926%, 09/25/35		376
	545	Series 2005-AR6, Class 4A5, VAR, 2.805%, 09/25/35		543
		Impac CMB Trust
	155	Series 2004-6, Class 1A2, VAR, 1.219%, 10/25/34		142
	416	Series 2007-A, Class M1, VAR, 0.839%, 05/25/37 (e)		385
		JP Morgan Mortgage Trust
	598	Series 2005-A5, Class 2A2, VAR, 2.774%, 08/25/35		596
	421	Series 2005-A8, Class 2A3, VAR, 2.556%, 11/25/35		389
	248	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.852%, 04/21/34		248
		MASTR Alternative Loan Trust
	211	Series 2004-6, Class 8A1, 5.500%, 07/25/34		214
	243	Series 2005-1, Class 1A1, 5.500%, 02/25/35		255
		Merrill Lynch Mortgage Investors Trust
	138	Series 2003-A4, Class 3A, VAR, 3.095%, 05/25/33		132
	136	Series 2005-1, Class 2A1, VAR, 2.394%, 04/25/35		132
	106	Series 2005-A2, Class A3, VAR, 2.643%, 02/25/35		101
	513	Series 2005-A5, Class A3, VAR, 2.563%, 06/25/35		500
		Morgan Stanley Mortgage Loan Trust
	242	Series 2004-5AR, Class 4A, VAR, 2.914%, 07/25/34		231
	582	Series 2004-7AR, Class 2A6, VAR, 2.606%, 09/25/34		568
	464	Series 2004-11AR, Class 1A2A, VAR, 0.749%, 01/25/35		432
	1,216	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.719%, 12/25/35		1,053
		Opteum Mortgage Acceptance Corp. Trust
	953	Series 2005-4, Class 1A2, VAR, 0.829%, 11/25/35		865

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	957	Series 2006-1, Class 1AC1, VAR, 0.739%, 04/25/36		827
	1,339	Series 2006-1, Class 1APT, VAR, 0.649%, 04/25/36		1,103
	1	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 0.000%, 04/25/18		1
	134	RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		125
		Residential Asset Securitization Trust
	37	Series 2004-A3, Class A1, 4.500%, 06/25/34		37
	403	Series 2004-A8, Class A1, 5.250%, 11/25/34		405
		RFMSI Trust
	38	Series 2003-S15, Class A1, 4.500%, 08/25/18		38
	48	Series 2003-S16, Class A2, 4.500%, 09/25/18		48
	112	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		113
	1,322	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.639%, 07/20/36		1,190
		Structured Adjustable Rate Mortgage Loan Trust
	492	Series 2004-16, Class 5A1, VAR, 2.702%, 11/25/34		470
	1,262	Series 2004-16, Class 5A2, VAR, 2.702%, 11/25/34		1,197
	581	Series 2005-17, Class 4A3, VAR, 2.736%, 08/25/35		566
		WaMu Mortgage Pass-Through Certificates Trust
	44	Series 2003-S8, Class A2, 5.000%, 09/25/18		45
	111	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		112
	1,238	Series 2005-AR3, Class A1, VAR, 2.799%, 03/25/35		1,203
	906	Series 2005-AR5, Class A6, VAR, 2.545%, 05/25/35		896
	628	Series 2005-AR7, Class A3, VAR, 2.498%, 08/25/35		615
	440	Series 2005-AR10, Class 1A3, VAR, 2.502%, 09/25/35		420
	568	Series 2005-AR14, Class 1A4, VAR, 2.525%, 12/25/35		546
	108	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		108

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	877	Wells Fargo Mortgage Backed Securities, Series 2005-AR14, Class A1, VAR, 2.751%, 08/25/35		858
	894	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR6, Class 7A1, VAR, 2.759%, 03/25/36		881
		Wells Fargo Mortgage-Backed Securities Trust
	351	Series 2003-H, Class A1, VAR, 2.740%, 09/25/33		349
	378	Series 2003-K, Class 1A1, VAR, 2.616%, 11/25/33		377
	394	Series 2003-M, Class A1, VAR, 2.787%, 12/25/33		394
	868	Series 2004-CC, Class A1, VAR, 2.838%, 01/25/35		872
	568	Series 2004-DD, Class 1A1, VAR, 2.833%, 01/25/35		564
	199	Series 2004-EE, Class 2A2, VAR, 2.763%, 12/25/34		203
	223	Series 2004-H, Class A1, VAR, 2.754%, 06/25/34		222
	128	Series 2004-K, Class 1A2, VAR, 2.745%, 07/25/34		127
	496	Series 2004-K, Class 2A6, VAR, 2.740%, 07/25/34		512
	119	Series 2004-N, Class A7, VAR, 2.731%, 08/25/34		118
	191	Series 2004-Z, Class 2A2, VAR, 2.851%, 12/25/34		190
	1,487	Series 2005-AR1, Class 1A1, VAR, 2.765%, 02/25/35		1,475
	461	Series 2005-AR1, Class 2A1, VAR, 2.764%, 02/25/35		454
	507	Series 2005-AR2, Class 2A2, VAR, 2.876%, 03/25/35		510
	189	Series 2005-AR2, Class 3A1, VAR, 2.855%, 03/25/35		190
	270	Series 2005-AR3, Class 1A1, VAR, 2.828%, 03/25/35		276
	786	Series 2005-AR10, Class 2A1, VAR, 2.825%, 06/25/35		786
	452	Series 2005-AR11, Class 1A1, VAR, 2.776%, 06/25/35		446
	482	Series 2005-AR16, Class 6A3, VAR, 2.831%, 10/25/35		482
	998	Series 2006-AR2, Class 2A1, VAR, 2.841%, 03/25/36		977
	90	Series 2006-AR2, Class 2A3, VAR, 2.841%, 03/25/36		88

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	312	Series 2006-AR3, Class A3, VAR, 3.035%, 03/25/36		305
		Total Collateralized Mortgage Obligations (Cost $43,199)		43,230
	Commercial Mortgage-Backed Securities —0.8%
		United States — 0.8%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,386	Series 2006-LDP8, Class AJ, VAR, 5.480%, 05/15/45		1,383
	1,000	Series 2007-LD11, Class AM, VAR, 5.929%, 06/15/49		994
	1,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		986
	1,700	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 6.096%, 07/15/44		1,659
	2,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		1,988
		Morgan Stanley Capital I Trust,
	469	Series 2006-HQ8, Class AJ, VAR, 5.590%, 03/12/44		468
	1,750	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		1,739
		Wachovia Bank Commercial Mortgage Trust,
	100	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		99
	1,000	Series 2007-C31, Class C, VAR, 5.829%, 04/15/47		970
		Total Commercial Mortgage-Backed Securities (Cost $10,291)		10,286
SHARES
	Common Stocks —47.1%
		Australia — 1.1%
	191	AMP Ltd.		847
	123	Australia & New Zealand Banking Group Ltd.		2,260
	138	BHP Billiton Ltd.		2,153
	46	Commonwealth Bank of Australia		2,592
	9	CSL Ltd.		730
	118	Dexus Property Group		753
	233	Goodman Group		1,213
	26	Macquarie Group Ltd.		1,243
	5	National Australia Bank Ltd.		112
	62	Oil Search Ltd.		327
	60	Wesfarmers Ltd.		1,937

SHARES		SECURITY DESCRIPTION	VALUE
		Australia — continued
	32	Westpac Banking Corp.		751
				14,918
		Belgium — 0.2%
	21	Anheuser-Busch InBev S.A./N.V.		2,631
		Bermuda — 0.1%
	28	Lazard Ltd., Class A		1,005
		Brazil — 0.6%
	321	AMBEV S.A., ADR		1,797
	181	CCR S.A.		844
	172	Cielo S.A.		1,666
	161	Lojas Renner S.A.		967
	80	Ultrapar Participacoes S.A.		1,686
	29	Vale S.A., ADR		132
	252	WEG S.A.		1,115
				8,207
		Canada — 0.0% (g)
	11	Brookfield Asset Management, Inc., Class A		380
	3	Novadaq Technologies, Inc. (a)		38
				418
		Chile — 0.1%
	47	Banco Santander Chile, ADR (a)		920
		China — 0.6%
	13	Baidu, Inc., ADR (a)		2,448
	814	CNOOC Ltd.		1,006
	1,235	Geely Automobile Holdings Ltd.		614
	159	Tencent Holdings Ltd.		3,225
	238	Tingyi Cayman Islands Holding Corp.		277
	220	Tsingtao Brewery Co., Ltd., Class H		830
				8,400
		Denmark — 0.2%
	13	Chr Hansen Holding A/S		837
	36	Novo Nordisk A/S, Class B		2,014
				2,851
		Finland — 0.4%
	20	Cargotec Oyj, Class B		740
	323	Nokia OYJ		1,908
	68	Outokumpu OYJ (a)		286
	44	UPM-Kymmene OYJ		836
	24	Wartsila OYJ Abp		1,027
				4,797

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		France — 1.8%
	23	Air Liquide S.A.		2,641
	34	Airbus Group SE		2,120
	14	Arkema S.A.		1,086
	104	AXA S.A.		2,615
	35	BNP Paribas S.A.		1,878
	13	Capgemini S.A.		1,170
	70	Engie S.A.		1,162
	197	Natixis S.A.		1,086
	17	Renault S.A.		1,642
	25	Sanofi		2,076
	14	Schneider Electric SE (a)		910
	8	Sodexo S.A.		825
	13	Thales S.A.		1,085
	46	TOTAL S.A.		2,324
	68	Vivendi S.A.		1,308
				23,928
		Germany — 1.5%
	14	adidas AG		1,770
	3	Allianz SE		593
	3	BASF SE		207
	28	Bayer AG		3,206
	24	Brenntag AG		1,389
	39	Daimler AG, Reg. S,		2,747
	6	Deutsche Bank AG		112
	29	Deutsche Post AG		847
	113	Deutsche Telekom AG		1,992
	70	E.ON SE		723
	9	HeidelbergCement AG		786
	114	Infineon Technologies AG		1,623
	7	Linde AG		1,078
	32	SAP SE		2,529
	9	Siemens AG		964
				20,566
		Hong Kong — 1.0%
	765	AIA Group Ltd.		4,579
	147	Cheung Kong Property Holdings Ltd.		1,003
	150	CK Hutchison Holdings Ltd.		1,793
	15	Hang Seng Bank Ltd.		267
	38	Jardine Matheson Holdings Ltd.		2,110
	115	Power Assets Holdings Ltd.		1,094
	428	Sands China Ltd.		1,525
	978	Sun Art Retail Group Ltd.		733

SHARES		SECURITY DESCRIPTION	VALUE
		Hong Kong — continued
	136	Wharf Holdings Ltd. (The)		735
				13,839
		India — 1.1%
	112	HDFC Bank Ltd., ADR		7,055
	287	Infosys Ltd., ADR		5,397
	114	Mahindra & Mahindra Ltd., GDR		2,256
				14,708
		Indonesia — 0.3%
	2,396	Astra International Tbk PT		1,216
	940	Bank Central Asia Tbk PT		927
	1,313	Bank Rakyat Indonesia Persero Tbk PT		1,026
	204	Unilever Indonesia Tbk PT		657
				3,826
		Ireland — 0.3%
	10	DCC plc		875
	13	Ryanair Holdings plc, ADR		1,056
	38	Shire plc		2,341
				4,272
		Israel — 0.1%
	8	Caesarstone Sdot-Yam Ltd. (a)		285
	26	Mobileye N.V. (a)		994
	10	Teva Pharmaceutical Industries Ltd., ADR		527
				1,806
		Italy — 0.5%
	91	Assicurazioni Generali S.p.A.		1,386
	48	Atlantia S.p.A.		1,336
	453	Enel S.p.A.		2,059
	1,216	Telecom Italia S.p.A. (a)		1,187
	235	UniCredit S.p.A.		912
				6,880
		Japan — 4.1%
	72	Amada Holdings Co., Ltd.		718
	40	Bridgestone Corp.		1,458
	8	Central Japan Railway Co.		1,436
	19	Daikin Industries Ltd.		1,492
	21	Dentsu, Inc.		1,087
	71	DMG Mori Co., Ltd.		798
	20	East Japan Railway Co.		1,759
	17	Electric Power Development Co., Ltd.		509
	194	Fujitsu Ltd.		678
	301	Hitachi Ltd.		1,379
	66	Honda Motor Co., Ltd.		1,784

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — continued
	69	J. Front Retailing Co., Ltd.		834
	7	Japan Tobacco, Inc.		286
	30	JFE Holdings, Inc.		417
	220	JX Holdings, Inc.		946
	182	Kajima Corp.		1,131
	43	KDDI Corp.		1,236
	2	Keyence Corp.		1,139
	81	Kirin Holdings Co., Ltd.		1,174
	60	Kyowa Hakko Kirin Co., Ltd.		1,068
	43	Kyushu Electric Power Co., Inc.		431
	31	LIXIL Group Corp.		643
	23	Mabuchi Motor Co., Ltd.		1,165
	80	Mazda Motor Corp.		1,219
	56	Medipal Holdings Corp.		880
	499	Mitsubishi UFJ Financial Group, Inc.		2,301
	32	Mitsui & Co., Ltd.		391
	61	Mitsui Fudosan Co., Ltd.		1,490
	33	MS&AD Insurance Group Holdings, Inc.		882
	26	NGK Spark Plug Co., Ltd.		512
	13	Nidec Corp.		938
	37	Nippon Steel & Sumitomo Metal Corp.		772
	43	Nippon Telegraph & Telephone Corp.		1,906
	94	Nishi-Nippon City Bank Ltd. (The)		170
	37	Omron Corp.		1,168
	57	ORIX Corp.		799
	39	Otsuka Holdings Co., Ltd.		1,513
	49	Seiko Epson Corp.		805
	47	Seven & i Holdings Co., Ltd.		1,897
	27	Shin-Etsu Chemical Co., Ltd.		1,495
	56	Sony Corp.		1,366
	116	Sumitomo Bakelite Co., Ltd.		479
	61	Sumitomo Mitsui Financial Group, Inc.		1,848
	36	Sumitomo Realty & Development Co., Ltd.		1,047
	28	Suntory Beverage & Food Ltd.		1,219
	18	Suzuken Co., Ltd.		630
	72	Takashimaya Co., Ltd.		526
	172	Tokyo Gas Co., Ltd.		759
	69	Toyota Motor Corp.		3,477
	61	Yamato Holdings Co., Ltd.		1,228
				55,285
		Luxembourg — 0.1%
	218	ArcelorMittal		1,228
		Malaysia — 0.1%
	160	Public Bank Bhd		766

SHARES		SECURITY DESCRIPTION	VALUE
		Mexico — 0.2%
	88	Fibra Uno Administracion S.A. de C.V.		210
	163	Grupo Financiero Banorte S.A.B. de C.V., Class O		923
	531	Wal-Mart de Mexico S.A.B. de C.V.		1,315
				2,448
		Netherlands — 1.3%
	164	Aegon N.V.		944
	16	ASML Holding N.V. (a)		1,547
	19	Heineken N.V.		1,737
	158	ING Groep N.V., CVA		1,936
	285	Koninklijke KPN N.V.		1,119
	59	Koninklijke Philips N.V.		1,614
	30	NN Group N.V.		1,055
	1	NXP Semiconductors N.V. (a)		108
	21	NXP Semiconductors N.V. (a)		1,833
	77	Royal Dutch Shell plc, Class A		2,027
	148	Royal Dutch Shell plc, Class B		3,880
				17,800
		New Zealand — 0.1%
	332	Spark New Zealand Ltd.		858
		Norway — 0.0% (g)
	22	DNB ASA		284
		Peru — 0.1%
	8	Credicorp Ltd.		1,175
		Portugal — 0.1%
	58	Galp Energia SGPS S.A.		795
		Russia — 0.4%
	40	Lukoil PJSC, ADR		1,698
	47	Magnit PJSC, Reg. S, GDR		1,615
	9	Mail.Ru Group Ltd., Reg. S, GDR (a)		187
	33	Mobile TeleSystems PJSC, ADR		309
	203	Sberbank of Russia PJSC, ADR		1,629
				5,438
		Singapore — 0.3%
	16	Broadcom Ltd.		2,387
	151	DBS Group Holdings Ltd.		1,710
	36	Singapore Exchange Ltd.		198
				4,295
		South Africa — 1.0%
	46	Aspen Pharmacare Holdings Ltd. (a)		1,092
	93	Bidvest Group Ltd. (The)		2,354
	17	Capitec Bank Holdings Ltd.		685
	436	FirstRand Ltd.		1,402

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		South Africa — continued
	49	Mr Price Group Ltd.		624
	129	MTN Group Ltd.		1,351
	8	Naspers Ltd., Class N		1,138
	100	Remgro Ltd.		1,802
	109	RMB Holdings Ltd.		445
	185	Sanlam Ltd.		899
	89	Shoprite Holdings Ltd.		1,068
	32	Tiger Brands Ltd.		794
				13,654
		South Korea — 0.4%
	14	Hyundai Motor Co.		1,772
	3	Samsung Electronics Co., Ltd.		3,160
				4,932
		Spain — 0.4%
	257	Banco Santander S.A.		1,305
	894	Bankia S.A.		834
	82	Distribuidora Internacional de Alimentacion S.A.		455
	179	Iberdrola S.A.		1,274
	35	Repsol S.A.		467
	120	Telefonica S.A.		1,311
				5,646
		Sweden — 0.3%
	53	Electrolux AB, Series B		1,534
	148	Nordea Bank AB		1,442
	142	Sandvik AB		1,461
				4,437
		Switzerland — 2.0%
	9	Actelion Ltd. (a)		1,462
	25	Allied World Assurance Co. Holdings AG		895
	10	Chubb Ltd.		1,207
	18	Cie Financiere Richemont S.A.		1,188
	23	Credit Suisse Group AG (a)		347
	29	LafargeHolcim Ltd. (a)		1,474
	82	Nestle S.A.		6,157
	47	Novartis AG		3,583
	19	Roche Holding AG		4,714
	2	Syngenta AG		717
	100	UBS Group AG		1,738
	34	Wolseley plc		1,897
	4	Zurich Insurance Group AG (a)		912
				26,291

SHARES		SECURITY DESCRIPTION	VALUE
		Taiwan — 0.6%
	276	Delta Electronics, Inc.		1,277
	218	President Chain Store Corp.		1,541
	200	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		4,718
				7,536
		Thailand — 0.2%
	96	Siam Cement PCL (The)		1,340
	344	Siam Commercial Bank PCL (The)		1,309
				2,649
		Turkey — 0.1%
	127	KOC Holding A.S.		665
	230	Turkiye Garanti Bankasi A.S.		708
				1,373
		United Kingdom — 3.6%
	115	3i Group plc		795
	30	Associated British Foods plc		1,345
	40	AstraZeneca plc		2,300
	211	Aviva plc		1,335
	890	Barclays plc		2,234
	109	Barratt Developments plc		845
	314	BP plc		1,732
	65	British American Tobacco plc		3,970
	512	Centrica plc		1,788
	165	Debenhams plc		189
	175	Dixons Carphone plc		1,089
	53	Domino’s Pizza Group plc		713
	146	GlaxoSmithKline plc		3,131
	455	HSBC Holdings plc		3,018
	41	InterContinental Hotels Group plc		1,645
	121	ITV plc		399
	2,155	Lloyds Banking Group plc		2,115
	56	Prudential plc		1,097
	24	Reckitt Benckiser Group plc		2,300
	23	Rio Tinto Ltd.		914
	7	Rio Tinto plc		243
	154	RSA Insurance Group plc		1,035
	74	SABMiller plc		4,529
	159	Standard Chartered plc		1,285
	258	Taylor Wimpey plc		695
	42	Unilever N.V., CVA		1,863
	1,062	Vodafone Group plc		3,422
	12	Whitbread plc		676
	31	WPP plc		718
				47,420

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — 21.8%
	32	Acadia Healthcare Co., Inc. (a)		2,010
	12	Acuity Brands, Inc.		2,970
	16	Adobe Systems, Inc. (a)		1,510
	26	Aetna, Inc.		2,905
	9	Affiliated Managers Group, Inc. (a)		1,476
	11	Air Products & Chemicals, Inc.		1,664
	1	Alleghany Corp. (a)		427
	12	Alphabet, Inc., Class C (a)		8,208
	7	Amazon.com, Inc. (a)		4,737
	27	American Electric Power Co., Inc.		1,706
	87	American Homes 4 Rent, Class A		1,374
	41	American International Group, Inc.		2,280
	31	Amphenol Corp., Class A		1,718
	10	Analog Devices, Inc.		551
	32	Apple, Inc.		3,034
	32	Aramark		1,065
	21	Arista Networks, Inc. (a)		1,393
	17	Arrow Electronics, Inc. (a)		1,056
	2	AutoZone, Inc. (a)		1,225
	21	Ball Corp.		1,532
	193	Bank of America Corp.		2,813
	22	Bed Bath & Beyond, Inc. (a)		1,062
	49	Best Buy Co., Inc.		1,580
	3	BlackRock, Inc.		1,151
	16	Brinker International, Inc.		757
	35	Bristol-Myers Squibb Co.		2,505
	42	Brixmor Property Group, Inc.		1,062
	46	Capital One Financial Corp.		3,303
	32	Carlisle Cos., Inc.		3,308
	80	CBRE Group, Inc., Class A (a)		2,364
	19	CBS Corp. (Non-Voting), Class B		1,078
	18	Celgene Corp. (a)		1,871
	91	Charles Schwab Corp. (The)		2,594
	7	Charter Communications, Inc., Class A (a)		1,476
	6	Cigna Corp.		818
	61	Cisco Systems, Inc.		1,669
	14	CIT Group, Inc.		495
	35	Citigroup, Inc.		1,632
	41	Citizens Financial Group, Inc.		946
	76	Clear Channel Outdoor Holdings, Inc., Class A		389
	36	ClubCorp Holdings, Inc.		486
	17	CNO Financial Group, Inc.		314
	14	Columbia Sportswear Co.		829
	21	Concho Resources, Inc. (a)		2,408
	17	ConocoPhillips		829

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	6	CoStar Group, Inc. (a)		1,218
	13	CVS Health Corp.		1,303
	82	Delta Air Lines, Inc.		3,420
	38	DISH Network Corp., Class A (a)		1,864
	28	Dollar General Corp.		2,313
	22	Dover Corp.		1,447
	12	Dr. Pepper Snapple Group, Inc.		1,064
	18	Duke Energy Corp.		1,457
	15	Eagle Materials, Inc.		1,138
	26	East West Bancorp, Inc.		974
	14	EastGroup Properties, Inc.		853
	16	Edison International		1,100
	42	Electronic Arts, Inc. (a)		2,572
	18	Energizer Holdings, Inc.		778
	48	Entercom Communications Corp., Class A (a)		539
	43	Envision Healthcare Holdings, Inc. (a)		964
	11	EOG Resources, Inc.		914
	12	EQT Corp.		835
	7	Equifax, Inc.		826
	25	Eversource Energy		1,395
	11	Expedia, Inc.		1,298
	48	Exxon Mobil Corp.		4,247
	58	Facebook, Inc., Class A (a)		6,789
	4	Fifth Third Bancorp		80
	5	First Republic Bank		356
	37	Fortune Brands Home & Security, Inc.		2,078
	33	Gap, Inc. (The)		762
	20	Genuine Parts Co.		1,880
	37	Gilead Sciences, Inc.		3,230
	39	GoDaddy, Inc., Class A (a)		1,172
	20	Guidewire Software, Inc. (a)		1,161
	28	Hanesbrands, Inc.		823
	32	Harris Corp.		2,573
	42	Hartford Financial Services Group, Inc. (The)		1,854
	14	HCA Holdings, Inc. (a)		1,123
	22	HCP, Inc.		751
	69	HD Supply Holdings, Inc. (a)		2,368
	40	Hewlett Packard Enterprise Co.		666
	126	Hilton Worldwide Holdings, Inc.		2,770
	36	HollyFrontier Corp.		1,278
	33	Home Depot, Inc. (The)		4,417
	13	Honeywell International, Inc.		1,477
	30	HP, Inc.		372
	6	Humana, Inc.		1,078
	11	Illinois Tool Works, Inc.		1,198

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	13	Illumina, Inc. (a)		1,704
	4	Intercept Pharmaceuticals, Inc. (a)		668
	23	Johnson & Johnson		2,579
	65	KapStone Paper & Packaging Corp.		1,037
	29	Kimco Realty Corp.		818
	66	Kinder Morgan, Inc.		1,165
	23	Kite Pharma, Inc. (a)		1,049
	13	KLA-Tencor Corp.		888
	39	Kohl’s Corp.		1,725
	33	Kroger Co. (The)		1,179
	59	La Quinta Holdings, Inc. (a)		755
	2	Lam Research Corp.		142
	16	Lennox International, Inc.		2,134
	77	Loews Corp.		3,041
	9	M&T Bank Corp.		1,037
	25	Marathon Petroleum Corp.		959
	11	Marsh & McLennan Cos., Inc.		682
	10	Martin Marietta Materials, Inc.		1,641
	29	MasterCard, Inc., Class A		2,841
	51	Media General, Inc. (a)		881
	42	Merck & Co., Inc.		2,304
	89	Microsoft Corp.		4,420
	19	Mohawk Industries, Inc. (a)		3,587
	8	Monster Beverage Corp. (a)		1,101
	33	Morgan Stanley		900
	17	Mosaic Co. (The)		488
	11	National Bank Holdings Corp., Class A		228
	18	Netflix, Inc. (a)		1,641
	10	Newell Brands, Inc.		442
	9	Nexstar Broadcasting Group, Inc., Class A		485
	15	NextEra Energy, Inc.		1,755
	1	NII Holdings, Inc. (a)		5
	12	Northern Trust Corp.		871
	33	Norwegian Cruise Line Holdings Ltd. (a)		1,637
	16	Old Dominion Freight Line, Inc. (a)		1,031
	33	Outfront Media, Inc.		706
	7	Palo Alto Networks, Inc. (a)		1,020
	71	PayPal Holdings, Inc. (a)		2,785
	26	PBF Energy, Inc., Class A		849
	122	Pfizer, Inc.		4,003
	15	Phillips 66		1,237
	23	PNC Financial Services Group, Inc. (The)		2,016
	14	Post Holdings, Inc. (a)		1,038
	18	PPG Industries, Inc.		1,989
	2	Priceline Group, Inc. (The) (a)		2,420

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	24	Procter & Gamble Co. (The)		1,923
	13	Prudential Financial, Inc.		989
	30	QUALCOMM, Inc.		1,522
	53	Rayonier, Inc.		1,311
	16	Red Rock Resorts, Inc. (a)		295
	4	Regeneron Pharmaceuticals, Inc. (a)		1,615
	28	Revance Therapeutics, Inc. (a)		507
	17	S&P Global, Inc.		1,862
	14	salesforce.com, Inc. (a)		1,042
	11	Sempra Energy		1,186
	16	ServiceNow, Inc. (a)		1,110
	5	Sherwin-Williams Co. (The)		1,384
	9	Signature Bank (a)		1,176
	14	SolarCity Corp. (a)		436
	24	Southwest Airlines Co.		1,070
	18	Splunk, Inc. (a)		925
	42	Sprouts Farmers Market, Inc. (a)		1,186
	35	Starbucks Corp.		1,956
	14	Stericycle, Inc. (a)		1,316
	9	SunTrust Banks, Inc.		378
	10	T. Rowe Price Group, Inc.		719
	6	TEGNA, Inc.		142
	5	Tesla Motors, Inc. (a)		1,091
	35	Texas Instruments, Inc.		1,976
	28	TherapeuticsMD, Inc. (a)		231
	20	Tiffany & Co.		1,439
	11	Time Warner, Inc.		850
	2	Time, Inc.		36
	37	T-Mobile U.S., Inc. (a)		1,461
	16	Travelers Cos., Inc. (The)		1,779
	15	TreeHouse Foods, Inc. (a)		1,310
	39	U.S. Bancorp		1,654
	8	Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,764
	19	United Technologies Corp.		1,931
	43	UnitedHealth Group, Inc.		5,723
	38	Unum Group		1,312
	29	Vantiv, Inc., Class A (a)		1,599
	41	Veeva Systems, Inc., Class A (a)		1,121
	36	Verizon Communications, Inc.		1,828
	16	Vertex Pharmaceuticals, Inc. (a)		1,356
	37	Visa, Inc., Class A		2,863
	16	Vulcan Materials Co.		1,689
	5	W.W. Grainger, Inc.		1,099
	47	Waste Connections, Inc.		3,157
	22	Wayfair, Inc., Class A (a)		842

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	114	Wells Fargo & Co.		5,721
	39	WestRock Co.		1,612
	23	Weyerhaeuser Co.		754
	12	Workday, Inc., Class A (a)		863
	42	Xcel Energy, Inc.		1,700
				292,049
		Total Common Stocks (Cost $618,473)		630,331
PRINCIPAL AMOUNT
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
	60	Liberty Interactive LLC, 3.750%, 02/15/30		34
	125	NRG Yield, Inc., 3.250%, 06/01/20 (e)		113
		Total Convertible Bonds (Cost $145)		147
	Corporate Bonds — 24.9%
		Bahamas — 0.0% (g)
	262	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		51
		Belgium — 0.1%
	EUR    700	Ontex Group N.V., Reg. S, 4.750%, 11/15/21		852
		Bermuda — 0.1%
		Aircastle Ltd.,
	320	5.125%, 03/15/21		338
	54	5.500%, 02/15/22		58
	10	6.250%, 12/01/19		11
	161	7.625%, 04/15/20		183
	10	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		10
		Weatherford International Ltd.,
	111	4.500%, 04/15/22		97
	236	7.000%, 03/15/38		185
	533	9.625%, 03/01/19		560
				1,442
		Canada — 0.8%
		1011778 B.C. ULC/New Red Finance, Inc.,
	189	4.625%, 01/15/22 (e)		194
	440	6.000%, 04/01/22 (e)		454
	220	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		227
	80	Baytex Energy Corp., 5.625%, 06/01/24 (e)		61
		Bombardier, Inc.,
	6	4.750%, 04/15/19 (e)		6
	30	5.500%, 09/15/18 (e)		29
	5	6.125%, 01/15/23 (e)		4

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Cascades, Inc.,
	86	5.500%, 07/15/22 (e)		83
	229	5.750%, 07/15/23 (e)		218
		Cenovus Energy, Inc.,
	306	5.700%, 10/15/19		317
	347	6.750%, 11/15/39		337
	880	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		816
		Encana Corp.,
	20	3.900%, 11/15/21		18
	51	6.500%, 02/01/38		46
	445	Garda World Security Corp., 7.250%, 11/15/21 (e)		359
	150	HudBay Minerals, Inc., 9.500%, 10/01/20		127
		Lundin Mining Corp.,
	270	7.500%, 11/01/20 (e)		273
	175	7.875%, 11/01/22 (e)		177
	210	Masonite International Corp., 5.625%, 03/15/23 (e)		219
	232	Mattamy Group Corp., 6.500%, 11/15/20 (e)		225
		MEG Energy Corp.,
	318	6.375%, 01/30/23 (e)		242
	20	6.500%, 03/15/21 (e)		16
	85	7.000%, 03/31/24 (e)		67
		New Gold, Inc.,
	380	6.250%, 11/15/22 (e)		350
	115	7.000%, 04/15/20 (e)		112
		NOVA Chemicals Corp.,
	54	5.000%, 05/01/25 (e)		53
	297	5.250%, 08/01/23 (e)		300
	735	Novelis, Inc., 8.750%, 12/15/20		759
	323	Open Text Corp., 5.625%, 01/15/23 (e)		331
		Precision Drilling Corp.,
	53	5.250%, 11/15/24		41
	120	6.500%, 12/15/21		103
	105	Quebecor Media, Inc., 5.750%, 01/15/23		109
		Ultra Petroleum Corp.,
	69	5.750%, 12/15/18		10
	177	6.125%, 10/01/24		27
		Valeant Pharmaceuticals International, Inc.,
	525	5.375%, 03/15/20 (e)		465
	30	5.500%, 03/01/23 (e)		25
	366	5.625%, 12/01/21 (e)		310
	578	5.875%, 05/15/23 (e)		484
	688	6.125%, 04/15/25 (e)		575
	280	6.375%, 10/15/20 (e)		254

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
	16	6.750%, 08/15/18 (e)		15
	362	6.750%, 08/15/21 (e)		319
	340	7.000%, 10/01/20 (e)		313
	135	7.250%, 07/15/22 (e)		119
	354	7.500%, 07/15/21 (e)		324
	EUR    250	Reg. S, 4.500%, 05/15/23		228
	482	Videotron Ltd., 5.375%, 06/15/24 (e)		503
				10,644
		Cayman Islands — 0.0% (g)
	30	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		21
		Transocean, Inc.,
	98	6.500%, 11/15/20		81
	325	7.125%, 12/15/21		265
	300	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		305
				672
		Finland — 0.0% (g)
	501	Nokia OYJ, 6.625%, 05/15/39		539
		France — 1.1%
	EUR    850	Areva SA, 3.500%, 03/22/21		860
	EUR 1,500	Casino Guichard Perrachon SA, 3.248%, 03/07/24		1,772
	EUR    650	Crown European Holdings S.A., Reg. S, 4.000%, 07/15/22		800
	EUR    450	Elis S.A., Reg. S, 3.000%, 04/30/22		522
	EUR 2,050	Europcar Groupe S.A., Reg. S, 5.750%, 06/15/22		2,461
	EUR    550	GIE PSA Tresorerie, 6.000%, 09/19/33		744
	EUR    450	Holdikks SAS, Reg. S, 6.750%, 07/15/21		510
	EUR    800	Horizon Holdings III SASU, Reg. S, 5.125%, 08/01/22		964
	EUR    400	Italcementi Finance S.A., 6.625%, 03/19/20		550
	EUR 1,100	Labeyrie Fine Foods SAS, Reg. S, 5.625%, 03/15/21		1,326
		Numericable-SFR S.A.,
	400	4.875%, 05/15/19 (e)		415
	800	6.000%, 05/15/22 (e)		801
	334	7.375%, 05/01/26 (e)		339
	EUR 1,550	Reg. S, 5.375%, 05/15/22		1,842
	200	Reg. S, 6.250%, 05/15/24 (e)		193
	EUR    250	Numericable-SFR SAS, Reg. S, 5.625%, 05/15/24		298
	EUR    625	WFS Global Holding SAS, Reg. S, 9.500%, 07/15/22		777
				15,174

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany — 1.0%
	EUR 1,500	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		1,849
	EUR    500	Douglas GmbH, Reg. S, 6.250%, 07/15/22		618
	EUR    800	HP Pelzer Holding GmbH, Reg. S, 7.500%, 07/15/21		972
	EUR    600	Pfleiderer GmbH, Reg. S, 7.875%, 08/01/19		721
	EUR    850	ProGroup AG, Reg. S, 5.125%, 05/01/22		1,034
	EUR 1,000	ThyssenKrupp AG, 1.750%, 11/25/20		1,142
	EUR    900	Trionista TopCo GmbH, Reg. S, 6.875%, 04/30/21		1,083
	400	Unitymedia GmbH, 6.125%, 01/15/25 (e)		412
	EUR    770	Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, Reg. S, 5.750%, 01/15/23		949
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	535	5.500%, 01/15/23 (e)		554
	EUR 1,000	Reg. S, 4.000%, 01/15/25		1,184
	EUR 2,088	Reg. S, 5.125%, 01/21/23		2,547
				13,065
		Ireland — 0.5%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	150	4.500%, 05/15/21		155
	770	4.625%, 10/30/20		801
	565	4.625%, 07/01/22		584
		Ardagh Packaging Finance plc,
	EUR    200	4.125%, 05/15/23 (e)		229
	EUR    714	6.750%, 05/15/24 (e)		818
	EUR    950	Reg. S, 9.250%, 10/15/20		1,142
	235	Ardagh Packaging Finance plc/Ardagh Holdings U.S.A., Inc., 7.250%, 05/15/24 (e) (w)		235
	200	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.000%, 06/30/21 (e)		197
	EUR    700	Bank of Ireland, VAR, 4.250%, 06/11/24		793
	400	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.000%, 07/15/23 (e)		393
	EUR    850	Smurfit Kappa Acquisitions, Reg. S, 3.250%, 06/01/21		1,039
				6,386
		Italy — 0.4%
	EUR    400	Banco Popolare SC, 3.500%, 03/14/19		476
	EUR 1,300	Finmeccanica S.p.A., 4.500%, 01/19/21		1,681
	EUR    400	Intesa Sanpaolo S.p.A., 6.625%, 09/13/23		549
	EUR 1,600	Telecom Italia S.p.A., 3.250%, 01/16/23		1,971
	EUR    400	UniCredit S.p.A., 6.950%, 10/31/22		526
				5,203

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Japan — 0.1%
		SoftBank Group Corp.,
	400	4.500%, 04/15/20 (e)		404
	EUR    500	4.750%, 07/30/25		609
				1,013
		Jersey — 0.0% (g)
	EUR    486	Lincoln Finance Ltd., 6.875%, 04/15/21 (e)		596
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	15	5.250%, 11/15/22		16
	1	7.500%, 10/15/27		1
				17
		Luxembourg — 3.1%
		Altice Luxembourg S.A.,
	200	7.625%, 02/15/25 (e)		193
	400	7.750%, 05/15/22 (e)		399
		Altice Financing S.A.,
	400	6.500%, 01/15/22 (e)		402
	600	6.625%, 02/15/23 (e)		593
	450	7.500%, 05/15/26 (e)		451
	EUR    900	Reg. S, 5.250%, 02/15/23		1,073
	EUR    600	Altice Finco S.A., Reg. S, 9.000%, 06/15/23		781
	EUR 2,250	Altice Luxembourg S.A., Reg. S, 7.250%, 05/15/22		2,622
		ArcelorMittal,
	EUR 1,000	3.125%, 01/14/22		1,096
	160	6.125%, 06/01/25		156
	20	6.500%, 03/01/21		21
	1,920	7.250%, 02/25/22		2,020
	153	8.000%, 10/15/39		142
	EUR 1,100	Ardagh Finance Holdings S.A., 8.375% (cash), 06/15/19 (v)		1,306
	EUR 1,850	Auris Luxembourg II S.A., Reg. S, 8.000%, 01/15/23		2,335
	161	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		162
	600	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		615
	EUR 1,300	Dufry Finance SCA, Reg. S, 4.500%, 08/01/23		1,587
		Fiat Chrysler Finance Europe,
	EUR    750	4.750%, 07/15/22		936
	EUR 2,300	6.750%, 10/14/19		3,030
	EUR    800	Galapagos S.A., Reg. S, 5.375%, 06/15/21		898
	GBP    119	Garfunkelux Holdco 2 S.A., Reg. S, 11.000%, 11/01/23		171

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
	EUR    600	Garfunkelux Holdco 3 S.A., Reg. S, 7.500%, 08/01/22		697
	EUR    850	Geo Debt Finance S.C.A., Reg. S, 7.500%, 08/01/18		939
	EUR    850	Gestamp Funding Luxembourg S.A., Reg. S, 5.875%, 05/31/20		1,005
	EUR 1,100	HeidelbergCement Finance Luxembourg S.A., 7.500%, 04/03/20		1,568
		Intelsat Jackson Holdings S.A.,
	330	5.500%, 08/01/23		209
	203	7.250%, 04/01/19		166
	355	7.250%, 10/15/20		259
	535	8.000%, 02/15/24 (e)		554
	31	Intelsat Luxembourg S.A., 7.750%, 06/01/21		10
	EUR    550	LSF9 Balta Issuer SA, Reg. S, 7.750%, 09/15/22		679
	63	Mallinckrodt International Finance S.A., 4.750%, 04/15/23		51
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	20	4.875%, 04/15/20 (e)		19
	90	5.500%, 04/15/25 (e)		81
	916	5.625%, 10/15/23 (e)		859
	441	5.750%, 08/01/22 (e)		416
	EUR    500	Matterhorn Telecom Holding S.A., Reg. S, 4.875%, 05/01/23		535
	EUR    700	Monitchem HoldCo 2 S.A., Reg. S, 6.875%, 06/15/22		732
	50	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		52
	EUR    800	Picard Bondco S.A., Reg. S, 7.750%, 02/01/20		981
	EUR    500	Play Finance 1 S.A., Reg. S, 6.500%, 08/01/19		596
	EUR 2,100	SIG Combibloc Holdings SCA, Reg. S, 7.750%, 02/15/23		2,579
	EUR 1,100	Swissport Investments S.A., Reg. S, 6.750%, 12/15/21		1,346
	EUR 1,600	Telenet Finance V Luxembourg S.C.A., Reg. S, 6.250%, 08/15/22		1,979
	EUR    250	Telenet Finance VI Luxembourg S.C.A., Reg. S, 4.875%, 07/15/27		290
	EUR    950	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., Reg. S, 6.375%, 05/01/22		1,112
		Wind Acquisition Finance S.A.,
	200	4.750%, 07/15/20 (e)		191
	EUR 2,100	Reg. S, 7.000%, 04/23/21		2,206
				41,100

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico — 0.2%
		Cemex S.A.B. de C.V.,
	400	5.700%, 01/11/25 (e)		385
	1,715	6.125%, 05/05/25 (e)		1,677
	200	7.250%, 01/15/21 (e)		212
	200	Cemex SAB de CV, 7.750%, 04/16/26 (e)		212
				2,486
		Netherlands — 0.9%
	276	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)		359
	400	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		200
		Fiat Chrysler Automobiles N.V.,
	437	4.500%, 04/15/20		447
	663	5.250%, 04/15/23		670
	EUR 1,000	Grupo Antolin Dutch B.V., Reg. S, 5.125%, 06/30/22		1,216
		NXP B.V./NXP Funding LLC,
	200	4.125%, 06/15/20 (e)		206
	400	4.625%, 06/15/22 (e)		415
	200	5.750%, 02/15/21 (e)		209
	EUR    600	PortAventura Entertainment Barcelona B.V., Reg. S, 7.250%, 12/01/20		718
	EUR    300	Repsol International Finance B.V., VAR, 4.500%, 03/25/75		296
	EUR 1,850	Schaeffler Finance B.V., Reg. S, 3.500%, 05/15/22		2,182
		Schaeffler Holding Finance B.V.,
	EUR    700	5.750% (cash), 11/15/21 (v)		857
	EUR    200	6.500% (cash), 11/15/21 (v)		245
		Sensata Technologies B.V.,
	241	4.875%, 10/15/23 (e)		243
	38	5.000%, 10/01/25 (e)		38
	7	5.625%, 11/01/24 (e)		7
	EUR 2,000	UPC Holding B.V., Reg. S, 6.375%, 09/15/22		2,445
		Ziggo Bond Finance B.V.,
	200	5.875%, 01/15/25 (e)		198
	EUR    700	Reg. S, 4.625%, 01/15/25		789
				11,740
		Norway — 0.0% (g)
	EUR    600	Lock A.S., Reg. S, 7.000%, 08/15/21		728
		Portugal — 0.1%
	EUR    700	EDP—Energias de Portugal S.A., VAR, 5.375%, 09/16/75		799

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Singapore — 0.0% (g)
		Flextronics International Ltd.,
	15	4.625%, 02/15/20		16
	195	5.000%, 02/15/23		199
				215
		Spain — 0.1%
	EUR 1,150	Campofrio Food Group S.A., Reg. S, 3.375%, 03/15/22		1,353
	150	Cemex Espana S.A., 9.875%, 04/30/19 (e)		157
				1,510
		Sweden — 0.2%
	EUR 1,600	Verisure Holding A.B., Reg. S, 6.000%, 11/01/22		1,964
	EUR 1,100	Volvo Treasury AB, VAR, 4.200%, 06/10/75		1,275
				3,239
		United Kingdom — 1.9%
	EUR    950	Alliance Automotive Finance plc, Reg. S, 6.250%, 12/01/21		1,165
		Anglo American Capital plc,
	EUR    800	2.500%, 04/29/21		816
	EUR    990	2.750%, 06/07/19		1,107
	425	4.450%, 09/27/20 (e)		402
	200	4.875%, 05/14/25 (e)		182
	400	Barclays Bank plc, 7.625%, 11/21/22		436
	GBP    500	Boparan Finance plc, Reg. S, 5.250%, 07/15/19		717
		Ensco plc,
	52	4.500%, 10/01/24		37
	105	4.700%, 03/15/21		88
	GBP    400	Galaxy Bidco Ltd., Reg. S, 6.375%, 11/15/20		576
	EUR 1,050	Ineos Finance plc, Reg. S, 4.000%, 05/01/23		1,174
	EUR 1,400	International Game Technology plc, Reg. S, 4.750%, 02/15/23		1,681
		Jaguar Land Rover Automotive plc,
	200	4.125%, 12/15/18 (e)		205
	409	4.250%, 11/15/19 (e)		422
	537	5.625%, 02/01/23 (e)		567
	GBP    450	Reg. S, 5.000%, 02/15/22		679
	EUR    550	Merlin Entertainments plc, Reg. S, 2.750%, 03/15/22		625
	GBP    500	New Look Secured Issuer plc, Reg. S, 6.500%, 07/01/22		709
	EUR    400	OTE plc, 7.875%, 02/07/18		483
	GBP 1,500	Pizzaexpress Financing 2 plc, Reg. S, 6.625%, 08/01/21		2,222
	EUR    500	R&R Ice Cream plc, Reg. S, 4.750%, 05/15/20		585

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds —continued
		United Kingdom — continued
		Royal Bank of Scotland Group plc,
	515	6.000%, 12/19/23		527
	862	6.100%, 06/10/23		893
	1,275	6.125%, 12/15/22		1,363
	200	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		214
	EUR 1,500	Synlab Unsecured Bondco plc, Reg. S, 8.250%, 07/01/23		1,777
	EUR 1,200	Tesco Corporate Treasury Services plc, 2.500%, 07/01/24		1,345
	GBP    500	Thomas Cook Group plc, 7.750%, 06/22/17		763
		Virgin Media Finance plc,
	600	6.375%, 04/15/23 (e)		618
	EUR 1,350	Reg. S, 4.500%, 01/15/25		1,488
	270	Virgin Media Secured Finance plc, 5.375%, 04/15/21 (e)		282
	GBP    250	Vougeot Bidco plc, Reg. S, 7.875%, 07/15/20		382
	EUR    500	Worldpay Finance plc, Reg. S, 3.750%, 11/15/22		600
				25,130
		United States — 14.3%
	120	A Schulman, Inc., 6.875%, 06/01/23 (e)		120
		Acadia Healthcare Co., Inc.,
	25	5.125%, 07/01/22		25
	255	5.625%, 02/15/23		261
	40	6.125%, 03/15/21		42
	115	6.500%, 03/01/24 (e)		121
	26	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		13
		Activision Blizzard, Inc.,
	130	5.625%, 09/15/21 (e)		137
	225	6.125%, 09/15/23 (e)		245
	710	ADT Corp. (The), 4.125%, 06/15/23		660
		Advanced Micro Devices, Inc.,
	564	6.750%, 03/01/19		475
	164	7.000%, 07/01/24		124
	21	7.750%, 08/01/20		17
		AECOM,
	313	5.750%, 10/15/22		327
	785	5.875%, 10/15/24		824
	53	Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		56
		AES Corp.,
	2	5.500%, 03/15/24		2
	1,000	5.500%, 04/15/25		1,002
	20	VAR, 3.635%, 06/01/19		20

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	171	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		130
	260	AK Steel Corp., 8.750%, 12/01/18		268
	1,185	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		1,268
	400	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		428
		Alcoa, Inc.,
	740	5.125%, 10/01/24		721
	220	5.400%, 04/15/21		223
	385	5.900%, 02/01/27		374
	25	6.150%, 08/15/20		27
	5	6.750%, 07/15/18		5
	120	6.750%, 01/15/28		119
		Alere, Inc.,
	205	6.375%, 07/01/23 (e)		209
	317	6.500%, 06/15/20		314
	230	Aleris International, Inc., 9.500%, 04/01/21 (e)		240
	160	Allegheny Technologies, Inc., 7.625%, 08/15/23		131
	218	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		210
		Ally Financial, Inc.,
	319	3.250%, 11/05/18		318
	102	3.600%, 05/21/18		103
	670	4.125%, 03/30/20		683
	566	4.125%, 02/13/22		574
	473	4.625%, 05/19/22		485
	25	4.625%, 03/30/25		25
	710	5.125%, 09/30/24		744
	400	5.750%, 11/20/25		405
	23	6.250%, 12/01/17		24
	448	8.000%, 11/01/31		536
	457	Altice U.S. Finance I Corp., 5.500%, 05/15/26 (e)		462
		AMC Entertainment, Inc.,
	200	5.750%, 06/15/25		205
	208	5.875%, 02/15/22		216
		AMC Networks, Inc.,
	300	4.750%, 12/15/22		302
	430	5.000%, 04/01/24		431
	550	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		582
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	250	6.750%, 05/20/20		258
	95	7.000%, 05/20/22		101

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	100	AmeriGas Partners LP/AmeriGas Finance Corp., 6.250%, 08/20/19		102
		Amsurg Corp.,
	55	5.625%, 11/30/20		56
	450	5.625%, 07/15/22		462
		Anadarko Petroleum Corp.,
	338	4.850%, 03/15/21		353
	69	5.550%, 03/15/26		74
	69	6.600%, 03/15/46		78
	425	Anixter, Inc., 5.500%, 03/01/23 (e)		435
		Antero Resources Corp.,
	388	5.125%, 12/01/22		373
	387	5.375%, 11/01/21		374
	100	6.000%, 12/01/20		100
		Apache Corp.,
	84	3.250%, 04/15/22		84
	134	4.750%, 04/15/43		131
	29	5.100%, 09/01/40		29
	68	6.000%, 01/15/37		73
	300	Aramark Services, Inc., 5.125%, 01/15/24		317
	25	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		20
	534	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		546
	297	Ashland, Inc., 4.750%, 08/15/22		299
	400	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		416
		Avaya, Inc.,
	740	7.000%, 04/01/19 (e)		472
	345	10.500%, 03/01/21 (e)		74
	292	Axiall Corp., 4.875%, 05/15/23		289
	165	B&G Foods, Inc., 4.625%, 06/01/21		168
		Ball Corp.,
	100	4.000%, 11/15/23		99
	215	4.375%, 12/15/20		224
	EUR 850	4.375%, 12/15/23		1,058
	150	5.000%, 03/15/22		157
	110	5.250%, 07/01/25		116
	50	Basic Energy Services, Inc., 7.750%, 10/15/22		16
		Belden, Inc.,
	3	5.250%, 07/15/24 (e)		3
	226	5.500%, 09/01/22 (e)		228
		Berry Plastics Corp.,
	230	5.125%, 07/15/23		232
	190	5.500%, 05/15/22		196
	135	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		142

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Blue Cube Spinco, Inc.,
	615	9.750%, 10/15/23 (e)		702
	859	10.000%, 10/15/25 (e)		990
	250	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		221
	349	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		306
		Boyd Gaming Corp.,
	120	6.375%, 04/01/26 (e)		123
	342	6.875%, 05/15/23		355
	185	Briggs & Stratton Corp., 6.875%, 12/15/20		201
	300	Buckeye Partners LP, 5.600%, 10/15/44		265
	923	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		928
		Cablevision Systems Corp.,
	145	7.750%, 04/15/18		152
	671	8.000%, 04/15/20		672
	371	8.625%, 09/15/17		393
		CalAtlantic Group, Inc.,
	100	5.375%, 10/01/22		103
	399	5.875%, 11/15/24		422
	70	8.375%, 01/15/21		82
	652	Caleres, Inc., 6.250%, 08/15/23		665
		California Resources Corp.,
	3	5.000%, 01/15/20		1
	20	5.500%, 09/15/21		8
	7	6.000%, 11/15/24		3
	71	8.000%, 12/15/22 (e)		49
		Calpine Corp.,
	4	5.375%, 01/15/23		4
	20	5.500%, 02/01/24		21
	7	5.750%, 01/15/25		7
	754	5.875%, 01/15/24 (e)		800
	500	6.000%, 01/15/22 (e)		528
	10	Cardtronics, Inc., 5.125%, 08/01/22		10
	535	Casella Waste Systems, Inc., 7.750%, 02/15/19		545
	105	CCM Merger, Inc., 9.125%, 05/01/19 (e)		109
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	32	5.375%, 05/01/25 (e)		33
	480	5.500%, 05/01/26 (e)		490
	30	5.750%, 09/01/23		31
	986	5.875%, 04/01/24 (e)		1,033
	71	6.625%, 01/31/22		75
	152	CCO Safari II LLC, 4.464%, 07/23/22 (e)		162

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	704	CCOH Safari LLC, 5.750%, 02/15/26 (e)		727
		CDW LLC/CDW Finance Corp.,
	105	5.000%, 09/01/23		108
	70	5.500%, 12/01/24		74
	134	6.000%, 08/15/22		143
	110	CEB, Inc., 5.625%, 06/15/23 (e)		110
		Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	500	5.250%, 03/15/21		521
	5	5.375%, 06/01/24		5
	600	Cemex Finance LLC, 6.000%, 04/01/24 (e)		598
		Centene Corp.,
	157	4.750%, 05/15/22		161
	295	5.625%, 02/15/21 (e)		310
	200	6.125%, 02/15/24 (e)		211
	477	Central Garden & Pet Co., 6.125%, 11/15/23		501
	5	Cenveo Corp., 8.500%, 09/15/22 (e)		3
	15	CF Industries, Inc., 7.125%, 05/01/20		17
		Change Healthcare Holdings, Inc.,
	280	6.000%, 02/15/21 (e)		283
	405	11.000%, 12/31/19		431
	403	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		274
	145	Choice Hotels International, Inc., 5.750%, 07/01/22		156
		CHS/Community Health Systems, Inc.,
	15	5.125%, 08/15/18		15
	260	5.125%, 08/01/21		261
	521	6.875%, 02/01/22		472
	320	7.125%, 07/15/20		309
	354	8.000%, 11/15/19		356
		Cimarex Energy Co.,
	91	4.375%, 06/01/24		93
	100	5.875%, 05/01/22		104
	570	Cincinnati Bell, Inc., 8.375%, 10/15/20		584
	568	Cinemark USA, Inc., 5.125%, 12/15/22		588
		CIT Group, Inc.,
	288	3.875%, 02/19/19		289
	1,995	5.000%, 08/15/22		2,090
	500	5.375%, 05/15/20		524
	39	5.500%, 02/15/19 (e)		41
	449	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		441
	149	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		145
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		104

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	17	8.875%, 03/15/19		5
	26	9.000%, 03/15/19 (e)		19
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.500%, 11/15/22		14
	545	Series B, 6.500%, 11/15/22		548
	55	Series A, 7.625%, 03/15/20		48
	685	Series B, 7.625%, 03/15/20		635
		Clearwater Paper Corp.,
	345	4.500%, 02/01/23		342
	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.,
	13	6.375%, 03/15/24		5
	36	8.500%, 12/15/19		16
	144	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		64
		CNO Financial Group, Inc.,
	39	4.500%, 05/30/20		40
	645	5.250%, 05/30/25		664
	215	Coeur Mining, Inc., 7.875%, 02/01/21		190
	611	Commercial Metals Co., 4.875%, 05/15/23		556
	68	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		70
		CommScope, Inc.,
	23	4.375%, 06/15/20 (e) (w)		24
	310	5.000%, 06/15/21 (e)		314
	295	5.500%, 06/15/24 (e)		296
	142	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		141
		Concho Resources, Inc.,
	100	5.500%, 10/01/22		101
	102	6.500%, 01/15/22		106
	289	ConocoPhillips Co., 4.300%, 11/15/44		280
	30	CONSOL Energy, Inc., 5.875%, 04/15/22		25
	306	Consolidated Communications, Inc., 6.500%, 10/01/22		277
		Constellation Brands, Inc.,
	100	4.250%, 05/01/23		104
	3	4.750%, 11/15/24		3
	270	4.750%, 12/01/25		287
	60	6.000%, 05/01/22		68
	15	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		16
	348	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		378

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	50	Continental Airlines 2012-3 Class C Pass-Through Certificates, 6.125%, 04/29/18		52
		Continental Resources, Inc.,
	936	5.000%, 09/15/22		874
	297	7.125%, 04/01/21		301
		Cott Beverages, Inc.,
	420	5.375%, 07/01/22		431
	392	6.750%, 01/01/20		411
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		99
	95	6.375%, 10/01/22		98
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	9	6.125%, 03/01/22		8
	324	6.250%, 04/01/23 (e)		296
	325	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		331
	168	Crown Castle International Corp., 5.250%, 01/15/23		186
	20	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		16
		D.R. Horton, Inc.,
	32	4.375%, 09/15/22		33
	154	4.750%, 02/15/23		159
	71	Dana Holding Corp., 5.500%, 12/15/24		69
	269	Darling Ingredients, Inc., 5.375%, 01/15/22		280
		DaVita HealthCare Partners, Inc.,
	335	5.000%, 05/01/25		335
	398	5.125%, 07/15/24		405
	115	5.750%, 08/15/22		121
	1,287	Dean Foods Co., 6.500%, 03/15/23 (e)		1,351
	40	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		46
	58	Denali International LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		61
	340	Diebold, Inc., 8.500%, 04/15/24 (e)		344
		DISH DBS Corp.,
	270	5.000%, 03/15/23		247
	346	5.875%, 11/15/24		325
	1,741	6.750%, 06/01/21		1,794
	110	7.875%, 09/01/19		121
	606	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		647
	266	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		253
	65	DR Horton, Inc., 5.750%, 08/15/23		71

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	705	DS Services of America, Inc., 10.000%, 09/01/21 (e)		800
	310	DuPont Fabros Technology LP, 5.875%, 09/15/21		325
		Dynegy, Inc.,
	562	5.875%, 06/01/23		509
	190	7.375%, 11/01/22		188
	330	7.625%, 11/01/24		322
		E*TRADE Financial Corp.,
	360	4.625%, 09/15/23		364
	115	5.375%, 11/15/22		122
	65	Eldorado Resorts, Inc., 7.000%, 08/01/23		68
	2,501	Embarq Corp., 7.995%, 06/01/36		2,501
	351	Endo Finance LLC, 5.750%, 01/15/22 (e)		344
	250	Endo Finance LLC/Endo Finco, Inc., 5.875%, 01/15/23 (e)		239
		Energy Transfer Equity LP,
	483	5.875%, 01/15/24		452
	60	7.500%, 10/15/20		60
	375	EnerSys, 5.000%, 04/30/23 (e)		373
	42	Entegris, Inc., 6.000%, 04/01/22 (e)		43
	280	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		285
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	148	6.375%, 06/15/23		85
	172	7.750%, 09/01/22		100
	216	9.375%, 05/01/20		141
		Equinix, Inc.,
	750	5.375%, 01/01/22		784
	47	5.375%, 04/01/23		49
	3	5.750%, 01/01/25		3
	86	5.875%, 01/15/26		91
	293	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		289
	51	FelCor Lodging LP, 6.000%, 06/01/25		53
	281	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		262
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		200
		First Data Corp.,
	435	5.000%, 01/15/24 (e)		439
	295	5.375%, 08/15/23 (e)		305
	423	5.750%, 01/15/24 (e)		429
	73	6.750%, 11/01/20 (e)		77
	1,092	7.000%, 12/01/23 (e)		1,122
		Freeport-McMoRan, Inc.,
	565	3.100%, 03/15/20		508
	795	3.875%, 03/15/23		666

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	392	5.400%, 11/14/34		300
	823	5.450%, 03/15/43		617
		Freescale Semiconductor, Inc.,
	130	5.000%, 05/15/21 (e)		135
	322	6.000%, 01/15/22 (e)		342
		Fresenius Medical Care U.S. Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		166
	220	4.750%, 10/15/24 (e)		228
	85	5.625%, 07/31/19 (e)		93
	200	5.875%, 01/31/22 (e)		220
	25	6.500%, 09/15/18 (e)		27
	300	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		328
		Frontier Communications Corp.,
	675	6.250%, 09/15/21		628
	15	7.125%, 03/15/19		16
	40	8.125%, 10/01/18		43
	375	8.500%, 04/15/20		396
	188	8.875%, 09/15/20 (e)		199
	744	9.250%, 07/01/21		776
	213	10.500%, 09/15/22 (e)		219
	542	11.000%, 09/15/25 (e)		547
	210	FTI Consulting, Inc., 6.000%, 11/15/22		221
	155	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		133
	352	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		385
		Genesis Energy LP/Genesis Energy Finance Corp.,
	307	5.625%, 06/15/24		278
	50	5.750%, 02/15/21		47
	27	6.000%, 05/15/23		25
	30	6.750%, 08/01/22		29
	3	GenOn Energy, Inc., 9.875%, 10/15/20		2
	125	Global Partners LP/GLP Finance Corp., 7.000%, 06/15/23		105
		GLP Capital LP/GLP Financing II, Inc.,
	20	4.375%, 04/15/21		20
	650	5.375%, 11/01/23		677
	85	5.375%, 04/15/26		89
	275	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		285
	142	Goodman Networks, Inc., 12.125%, 07/01/18		69
		Goodyear Tire & Rubber Co. (The),
	675	5.125%, 11/15/23		697
	100	6.500%, 03/01/21		105
	140	7.000%, 05/15/22		151

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Graphic Packaging International, Inc.,
	110	4.750%, 04/15/21		115
	100	4.875%, 11/15/22		103
	865	Gray Television, Inc., 7.500%, 10/01/20		906
	25	Greif, Inc., 6.750%, 02/01/17		26
	6	Griffon Corp., 5.250%, 03/01/22		6
	1,000	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		995
	4	Guitar Center, Inc., 6.500%, 04/15/19 (e)		4
	460	H&E Equipment Services, Inc., 7.000%, 09/01/22		465
	55	Halcon Resources Corp., 13.000%, 02/15/22 (e)		18
	150	Halyard Health, Inc., 6.250%, 10/15/22		152
	330	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		261
		Harland Clarke Holdings Corp.,
	250	6.875%, 03/01/20 (e)		227
	5	9.750%, 08/01/18 (e)		5
	240	HCA Holdings, Inc., 6.250%, 02/15/21		261
		HCA, Inc.,
	289	3.750%, 03/15/19		297
	205	4.250%, 10/15/19		213
	55	4.750%, 05/01/23		56
	346	5.000%, 03/15/24		358
	165	5.250%, 04/15/25		171
	295	5.250%, 06/15/26		306
	551	5.375%, 02/01/25		563
	290	5.875%, 03/15/22		317
	451	Series 1, 5.875%, 05/01/23		474
	535	5.875%, 02/15/26		555
	125	6.500%, 02/15/20		139
	472	7.500%, 02/15/22		535
	5	8.000%, 10/01/18		6
		HD Supply, Inc.,
	365	5.250%, 12/15/21 (e)		383
	141	5.750%, 04/15/24 (e)		148
	370	7.500%, 07/15/20		393
	204	Headwaters, Inc., 7.250%, 01/15/19		210
	320	Hecla Mining Co., 6.875%, 05/01/21		298
		Hexion, Inc.,
	1,094	6.625%, 04/15/20		916
	28	10.000%, 04/15/20		26
		Hiland Partners Holdings LP/Hiland Partners Finance Corp.,
	28	5.500%, 05/15/22 (e)		28
	24	7.250%, 10/01/20 (e)		25

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	437	5.000%, 12/01/24 (e)		406
	60	5.750%, 10/01/25 (e)		57
	170	7.625%, 04/15/21 (e)		174
	10	Reg. S, 7.625%, 04/15/21		10
	130	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		135
	165	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		172
	25	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		25
	333	Hologic, Inc., 5.250%, 07/15/22 (e)		349
	50	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		52
	865	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		826
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	35	4.875%, 03/15/19		35
	290	5.875%, 02/01/22		277
	315	6.000%, 08/01/20		314
		iHeartCommunications, Inc.,
	1,195	9.000%, 12/15/19		926
	30	9.000%, 03/01/21		21
	825	IHS, Inc., 5.000%, 11/01/22		862
	820	ILFC E-Capital Trust I, VAR, 4.240%, 12/21/65 (e)		672
	580	ILFC E-Capital Trust II, VAR, 4.490%, 12/21/65 (e)		476
	8	Infor Software Parent LLC/Infor Software Parent, Inc., 7.875% (cash), 05/01/21 (e) (v)		7
	324	Infor U.S., Inc., 5.750%, 08/15/20 (e)		341
	120	Infor US, Inc., 6.500%, 05/15/22		111
	325	Informatica LLC, 7.125%, 07/15/23 (e)		316
	215	Ingles Markets, Inc., 5.750%, 06/15/23		224
		International Lease Finance Corp.,
	340	4.625%, 04/15/21		352
	236	8.250%, 12/15/20		279
	40	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		40
	34	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		35
		Iron Mountain, Inc.,
	369	5.750%, 08/15/24		379
	266	6.000%, 10/01/20 (e)		281
	300	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		313
	4	J.C. Penney Corp., Inc., 8.125%, 10/01/19		4

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	245	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		255
		JBS USA LLC/JBS USA Finance, Inc.,
	736	5.750%, 06/15/25 (e)		673
	700	5.875%, 07/15/24 (e)		656
	550	7.250%, 06/01/21 (e)		565
	300	8.250%, 02/01/20 (e)		313
	150	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		140
	106	Kaiser Aluminum Corp., 5.875%, 05/15/24 (e) (w)		109
	44	Kennedy-Wilson, Inc., 5.875%, 04/01/24		43
	EUR   550	Kloeckner Pentaplast of America, Inc., Reg. S, 7.125%, 11/01/20		666
	1,000	KLX, Inc., 5.875%, 12/01/22 (e)		1,006
		L Brands, Inc.,
	385	5.625%, 02/15/22		425
	300	5.625%, 10/15/23		331
	325	6.875%, 11/01/35		357
		Lamar Media Corp.,
	175	5.000%, 05/01/23		182
	30	5.875%, 02/01/22		31
	225	Landry’s, Inc., 9.375%, 05/01/20 (e)		237
		Lennar Corp.,
	15	4.500%, 06/15/19		16
	25	4.500%, 11/15/19		26
	510	4.750%, 05/30/25		511
	154	4.875%, 12/15/23		156
	60	6.950%, 06/01/18		65
	5	Series B, 12.250%, 06/01/17		5
	385	Level 3 Communications, Inc., 5.750%, 12/01/22		396
		Level 3 Financing, Inc.,
	384	5.125%, 05/01/23		391
	177	5.250%, 03/15/26 (e)		180
	142	5.375%, 01/15/24 (e)		144
	291	5.375%, 05/01/25		296
	3	5.625%, 02/01/23		3
	200	6.125%, 01/15/21		209
	5	VAR, 4.101%, 01/15/18		5
	200	Levi Strauss & Co., 5.000%, 05/01/25		202
	251	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		274
	254	LifePoint Health, Inc., 5.500%, 12/01/21		264
	390	LIN Television Corp., 5.875%, 11/15/22		398
	410	Live Nation Entertainment, Inc., 5.375%, 06/15/22 (e)		423

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	5	Louisiana-Pacific Corp., 7.500%, 06/01/20		5
	338	M/I Homes, Inc., 6.750%, 01/15/21		338
	48	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		44
		Masco Corp.,
	379	4.450%, 04/01/25		396
	4	5.950%, 03/15/22		4
	757	MasTec, Inc., 4.875%, 03/15/23		696
	200	Match Group, Inc., 6.750%, 12/15/22 (e)		204
	101	Mediacom LLC/Mediacom Capital Corp., 7.250%, 02/15/22		106
	230	Meritage Homes Corp., 7.000%, 04/01/22		247
		MGM Resorts International,
	350	5.250%, 03/31/20		359
	320	6.000%, 03/15/23		332
	350	6.625%, 12/15/21		373
	600	6.750%, 10/01/20		640
	500	7.750%, 03/15/22		559
	45	11.375%, 03/01/18		52
	95	MGP Escrow Issuer LLC/MGP Escrow Co., Issuer, Inc., 5.625%, 05/01/24 (e)		99
		Micron Technology, Inc.,
	425	5.250%, 08/01/23 (e)		343
	76	5.250%, 01/15/24 (e)		61
	114	5.500%, 02/01/25		92
	14	5.625%, 01/15/26 (e)		11
	17	5.875%, 02/15/22		15
	304	7.500%, 09/15/23 (e)		315
	216	Microsemi Corp., 9.125%, 04/15/23 (e)		238
	550	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		552
		Momentive Performance Materials, Inc.,
	262	3.880%, 10/24/21		200
	35	8.875%, 10/15/20 (d)		—
	637	MPG Holdco I, Inc., 7.375%, 10/15/22		637
	705	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		736
		MPLX LP,
	218	4.500%, 07/15/23 (e)		212
	28	4.875%, 12/01/24 (e)		27
	197	4.875%, 06/01/25 (e)		190
	400	5.500%, 02/15/23 (e)		399
	404	MSCI, Inc., 5.250%, 11/15/24 (e)		422
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
	2	Mustang Merger Corp., 8.500%, 08/15/21 (e)		2

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	383	National Financial Partners Corp., 9.000%, 07/15/21 (e)		381
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	300	6.500%, 08/01/18		293
	15	6.500%, 07/01/21		13
	248	6.500%, 06/01/22		213
	45	7.875%, 10/01/20		43
	43	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		35
	285	Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc., 7.375%, 01/15/22 (e)		115
	270	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		163
	246	NBTY, Inc., 7.625%, 05/15/21 (e)		252
	225	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		241
		NCR Corp.,
	50	5.000%, 07/15/22		50
	4	5.875%, 12/15/21		4
	16	6.375%, 12/15/23		17
	250	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		217
		Netflix, Inc.,
	350	5.500%, 02/15/22		366
	115	5.750%, 03/01/24		120
	260	5.875%, 02/15/25		272
		New Albertsons, Inc.,
	121	Series C, 6.625%, 06/01/28		110
	204	7.450%, 08/01/29		199
	30	7.750%, 06/15/26		29
	47	8.000%, 05/01/31		47
	225	8.700%, 05/01/30		225
		Newfield Exploration Co.,
	231	5.375%, 01/01/26		229
	126	5.625%, 07/01/24		128
	193	5.750%, 01/30/22		196
		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
	425	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		443
	1,033	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		1,054

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	39	Noble Energy, Inc., 5.625%, 05/01/21		40
		NRG Energy, Inc.,
	850	6.250%, 05/01/24		829
	11	6.625%, 03/15/23		11
	113	7.875%, 05/15/21		117
	600	NRG Yield Operating LLC, 5.375%, 08/15/24		564
	332	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		339
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		31
		Oasis Petroleum, Inc.,
	297	6.875%, 03/15/22		265
	391	7.250%, 02/01/19		372
		ONEOK Partners LP,
	13	6.650%, 10/01/36		12
	15	6.850%, 10/15/37		15
		Orbital ATK, Inc.,
	113	5.250%, 10/01/21		118
	110	5.500%, 10/01/23 (e)		116
	66	Oshkosh Corp., 5.375%, 03/01/25		68
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	33	5.250%, 02/15/22		34
	455	5.625%, 02/15/24		473
	205	5.875%, 03/15/25		214
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		83
	5	5.375%, 01/15/25 (e)		5
	349	5.875%, 08/15/23 (e)		375
	17	6.375%, 08/15/25 (e)		18
	100	Parker Drilling Co., 6.750%, 07/15/22		78
	310	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		324
	167	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		163
	267	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		258
	75	Penn Virginia Corp., 8.500%, 05/01/20		15
	329	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		335
	85	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24 (e)		90
	204	Plantronics, Inc., 5.500%, 05/31/23 (e)		205
	555	PolyOne Corp., 5.250%, 03/15/23		556
		Post Holdings, Inc.,
	475	6.750%, 12/01/21 (e)		498
	200	7.750%, 03/15/24 (e)		217
	100	8.000%, 07/15/25 (e)		111

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Prestige Brands, Inc.,
	245	5.375%, 12/15/21 (e)		251
	90	6.375%, 03/01/24 (e)		94
	973	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		1,009
	135	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		118
	115	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21 (e)		109
	EUR    950	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		957
	237	PulteGroup, Inc., 5.500%, 03/01/26		245
	15	PVH Corp., 4.500%, 12/15/22		16
		QEP Resources, Inc.,
	399	5.250%, 05/01/23		375
	334	5.375%, 10/01/22		317
	236	Qorvo, Inc., 6.750%, 12/01/23 (e)		242
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		8
	564	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		530
	230	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		235
		Qwest Capital Funding, Inc.,
	7	6.875%, 07/15/28		6
	345	7.750%, 02/15/31		295
	25	Qwest Corp., 7.250%, 09/15/25		27
	56	R.R. Donnelley & Sons Co., 7.625%, 06/15/20		58
	126	Radian Group, Inc., 7.000%, 03/15/21		134
	25	Radio Systems Corp., 8.375%, 11/01/19 (e)		26
	382	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		329
		Range Resources Corp.,
	240	4.875%, 05/15/25		222
	181	5.000%, 03/15/23		167
	226	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		229
		Regal Entertainment Group,
	365	5.750%, 03/15/22		380
	50	5.750%, 06/15/23		51
	250	5.750%, 02/01/25		253
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	50	4.500%, 11/01/23		47
	25	5.000%, 10/01/22		25
	600	5.500%, 04/15/23		567
	9	5.875%, 03/01/22		9
	110	Revlon Consumer Products Corp., 5.750%, 02/15/21		112

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	410	5.750%, 10/15/20		425
	100	6.875%, 02/15/21		104
	250	8.250%, 02/15/21		259
	150	9.875%, 08/15/19		155
	200	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		206
	186	Rice Energy, Inc., 7.250%, 05/01/23		188
		Rite Aid Corp.,
	501	6.125%, 04/01/23 (e)		534
	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,
	425	6.000%, 01/15/19 (e)		433
	50	6.850%, 07/15/18 (e)		52
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	3	5.625%, 07/15/22		3
	20	5.625%, 11/15/23 (e)		16
	360	RSP Permian, Inc., 6.625%, 10/01/22		372
		Sabine Pass Liquefaction LLC,
	1,723	5.625%, 03/01/25		1,680
	100	5.750%, 05/15/24		97
	200	6.250%, 03/15/22		202
		Sabre GLBL, Inc.,
	40	5.250%, 11/15/23 (e)		40
	105	5.375%, 04/15/23 (e)		107
	11	Safeway, Inc., 5.000%, 08/15/19		11
		Sally Holdings LLC/Sally Capital, Inc.,
	75	5.500%, 11/01/23		79
	267	5.625%, 12/01/25		285
	150	5.750%, 06/01/22		157
	228	SBA Communications Corp., 4.875%, 07/15/22		230
	70	SBA Telecommunications, Inc., 5.750%, 07/15/20		72
		Scientific Games International, Inc.,
	510	7.000%, 01/01/22 (e)		520
	535	10.000%, 12/01/22		442
	200	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		212
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		109
	410	5.125%, 12/01/24 (e)		429

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	100	5.250%, 04/01/23 (e)		106
	16	SemGroup Corp., 7.500%, 06/15/21		14
	540	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		543
	278	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		293
		Service Corp. International,
	315	5.375%, 05/15/24		335
	80	8.000%, 11/15/21		94
	40	SESI LLC, 7.125%, 12/15/21		35
	305	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		334
	30	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		29
		Sinclair Television Group, Inc.,
	10	5.375%, 04/01/21		10
	750	5.625%, 08/01/24 (e)		771
	115	6.125%, 10/01/22		123
	5	6.375%, 11/01/21		5
		Sirius XM Radio, Inc.,
	230	4.625%, 05/15/23 (e)		228
	115	5.375%, 04/15/25 (e)		117
	120	5.750%, 08/01/21 (e)		126
	770	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		797
		SM Energy Co.,
	525	5.000%, 01/15/24		437
	314	5.625%, 06/01/25		264
	94	6.500%, 01/01/23		86
		Smithfield Foods, Inc.,
	321	5.250%, 08/01/18 (e)		326
	400	5.875%, 08/01/21 (e)		417
	425	6.625%, 08/15/22		450
	230	Solera LLC/Solera Finance, Inc., 10.500%, 03/01/24 (e)		241
		Spectrum Brands, Inc.,
	644	5.750%, 07/15/25		683
	14	6.125%, 12/15/24		15
	40	6.625%, 11/15/22		43
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10
		Springleaf Finance Corp.,
	43	7.750%, 10/01/21		43
	203	8.250%, 12/15/20		209

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Sprint Capital Corp.,
	151	6.875%, 11/15/28		112
	177	6.900%, 05/01/19		162
	598	8.750%, 03/15/32		475
		Sprint Communications, Inc.,
	381	6.000%, 12/01/16		383
	1,379	7.000%, 03/01/20 (e)		1,415
	630	7.000%, 08/15/20		523
	852	8.375%, 08/15/17		869
	95	9.125%, 03/01/17		98
		Sprint Corp.,
	256	7.125%, 06/15/24		192
	629	7.250%, 09/15/21		508
	43	7.625%, 02/15/25		32
	486	7.875%, 09/15/23		379
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		127
		Standard Industries, Inc.,
	94	5.125%, 02/15/21 (e)		98
	125	5.375%, 11/15/24 (e)		130
	158	5.500%, 02/15/23 (e)		165
	438	6.000%, 10/15/25 (e)		472
	215	Station Casinos LLC, 7.500%, 03/01/21		228
		Steel Dynamics, Inc.,
	165	5.125%, 10/01/21		169
	370	5.500%, 10/01/24		376
	285	6.375%, 08/15/22		300
	255	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		259
	40	Stone Energy Corp., 7.500%, 11/15/22		10
	85	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		84
	724	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		729
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	5	5.500%, 08/15/22		4
	11	7.500%, 07/01/21		10
		Sunoco LP/Sunoco Finance Corp.,
	65	5.500%, 08/01/20 (e)		65
	384	6.250%, 04/15/21 (e)		389
	500	6.375%, 04/01/23 (e)		507
	820	SUPERVALU, Inc., 7.750%, 11/15/22		722
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		117
	15	4.625%, 07/15/19 (e)		14
	100	6.500%, 06/01/25		89

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	150	4.250%, 11/15/23		138
	100	6.750%, 03/15/24 (e)		102
	150	6.875%, 02/01/21		153
	125	Taylor Morrison Communities, Inc./Monarch Communities Inc, 5.625%, 03/01/24 (e)		122
	85	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		85
	400	Team Health, Inc., 7.250%, 12/15/23 (e)		425
		TEGNA, Inc.,
	155	4.875%, 09/15/21 (e)		158
	30	5.125%, 07/15/20		31
	200	5.500%, 09/15/24 (e)		206
	570	6.375%, 10/15/23		616
	170	Teleflex, Inc., 5.250%, 06/15/24		177
	265	Tempur Sealy International, Inc., 5.625%, 10/15/23		276
		Tenet Healthcare Corp.,
	685	4.375%, 10/01/21		687
	753	4.500%, 04/01/21		762
	230	4.750%, 06/01/20		237
	201	5.000%, 03/01/19		199
	130	5.500%, 03/01/19		130
	49	6.000%, 10/01/20		52
	5	6.250%, 11/01/18		5
	18	6.750%, 02/01/20		18
	175	6.750%, 06/15/23		173
	223	8.000%, 08/01/20		230
	233	8.125%, 04/01/22		242
	84	Tenneco, Inc., 5.375%, 12/15/24		88
	189	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		168
		TerraForm Power Operating LLC,
	213	5.875%, 02/01/23 (e)		186
	487	6.125%, 06/15/25 (e)		419
	32	Tesoro Corp., 5.125%, 04/01/24		32
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	6	5.500%, 10/15/19		6
	10	5.875%, 10/01/20		10
	100	6.125%, 10/15/21		102
	576	6.250%, 10/15/22		591
	1,000	Texas Competitive Electric Holdings Co. LLC, VAR, 3.977%, 10/01/20		335
	342	Time Warner Cable, Inc., 7.300%, 07/01/38		420

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		T-Mobile USA, Inc.,
	3	5.250%, 09/01/18		3
	121	6.000%, 03/01/23		127
	92	6.000%, 04/15/24		96
	665	6.125%, 01/15/22		700
	35	6.250%, 04/01/21		37
	81	6.375%, 03/01/25		85
	359	6.500%, 01/15/24		382
	182	6.500%, 01/15/26		193
	229	6.625%, 11/15/20		237
	413	6.625%, 04/01/23		441
	220	6.633%, 04/28/21		232
	757	6.731%, 04/28/22		797
	442	6.836%, 04/28/23		471
		Toll Brothers Finance Corp.,
	211	4.875%, 11/15/25		213
	255	5.625%, 01/15/24		266
	134	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		120
	200	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		241
		TransDigm, Inc.,
	462	5.500%, 10/15/20		469
	821	6.000%, 07/15/22		831
		TreeHouse Foods, Inc.,
	19	4.875%, 03/15/22		20
	205	6.000%, 02/15/24 (e)		218
	244	Tronox Finance LLC, 7.500%, 03/15/22 (e)		203
	151	Tutor Perini Corp., 7.625%, 11/01/18		150
	224	U.S. Airways 2013-1 Class B Pass-Through Trust, Class B, 5.375%, 11/15/21		232
	26	U.S. Concrete, Inc., 8.500%, 12/01/18		27
	142	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		113
	131	Unit Corp., 6.625%, 05/15/21		89
		United Rentals North America, Inc.,
	25	4.625%, 07/15/23		25
	475	5.500%, 07/15/25		472
	775	5.750%, 11/15/24		786
	25	5.875%, 09/15/26 (w)		25
	135	6.125%, 06/15/23		140
	334	Univar USA, Inc., 6.750%, 07/15/23 (e)		332
		Universal Health Services, Inc.,
	2	3.750%, 08/01/19 (e)		2
	2	4.750%, 08/01/22 (e)		2

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Univision Communications, Inc.,
	600	5.125%, 05/15/23 (e)		605
	550	5.125%, 02/15/25 (e)		544
	853	6.750%, 09/15/22 (e)		904
	162	8.500%, 05/15/21 (e) (w)		169
	400	USI, Inc., 7.750%, 01/15/21 (e)		400
		VeriSign, Inc.,
	208	4.625%, 05/01/23		214
	54	5.250%, 04/01/25		55
	327	Vulcan Materials Co., 4.500%, 04/01/25		348
		W.R. Grace & Co.-Conn,
	200	5.125%, 10/01/21 (e)		209
	27	5.625%, 10/01/24 (e)		29
	7	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		7
	245	West Corp., 5.375%, 07/15/22 (e)		222
		Western Digital Corp.,
	162	7.375%, 04/01/23 (e)		164
	349	10.500%, 04/01/24 (e)		339
	211	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		202
	394	Whiting Petroleum Corp., 5.000%, 03/15/19		349
		Williams Partners LP/ACMP Finance Corp.,
	350	4.875%, 05/15/23		321
	330	6.125%, 07/15/22		328
		Windstream Services LLC,
	135	7.500%, 06/01/22		111
	134	7.500%, 04/01/23		108
	124	7.750%, 10/01/21		105
	130	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		120
		WMG Acquisition Corp.,
	450	5.625%, 04/15/22 (e)		458
	380	6.750%, 04/15/22 (e)		376
		WPX Energy, Inc.,
	611	5.250%, 09/15/24		515
	237	6.000%, 01/15/22		213
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	395	5.375%, 03/15/22		402
	295	5.500%, 03/01/25 (e)		282
		Yum! Brands, Inc.,
	395	3.750%, 11/01/21		384
	158	3.875%, 11/01/20		158
		Zayo Group LLC/Zayo Capital, Inc.,
	375	6.000%, 04/01/23		385

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	165	6.375%, 05/15/25 (e)		172
	100	10.125%, 07/01/20		107
	299	Zebra Technologies Corp., 7.250%, 10/15/22		324
		ZF North America Capital, Inc.,
	550	4.000%, 04/29/20 (e)		575
	572	4.500%, 04/29/22 (e)		585
	350	4.750%, 04/29/25 (e)		355
				191,193
		Total Corporate Bonds (Cost $327,753)		333,794
	Foreign Government Securities — 6.3%
		Canada — 0.9%
	CAD   15,755	Republic of Canada, 1.750%, 03/01/19		12,931
		France — 1.7%
	EUR   17,776	France Government Bond OAT, 1.750%, 11/25/24		22,647
		Italy — 2.0%
		Italy Buoni Poliennali Del Tesoro,
	EUR     2,169	4.750%, 09/01/44 (e)		3,554
	EUR   15,513	5.500%, 11/01/22		22,926
				26,480
		Japan — 0.6%
	JPY 720,650	Government of Japan, Series 154, 1.200%, 09/20/35		7,955
		Spain — 0.5%
	EUR     5,116	Kingdom of Spain, 4.000%, 04/30/20 (e)		6,712
		United Kingdom — 0.6%
		United Kingdom Gilt,
	GBP     2,674	1.750%, 01/22/17		3,943
	GBP     2,663	4.000%, 09/07/16		3,939
				7,882
		Total Foreign Government Securities (Cost $78,775)		84,607
	Loan Assignments — 0.6%
		Australia — 0.0% (g)
	299	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19 (w) ^		281
		Canada — 0.0% (g)
	200	Concordia Healthcare Corp. Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		197
		Netherlands — 0.0% (g)
	100	NXP B.V., Term B Loan, VAR, 3.750%, 12/07/20		100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Singapore — 0.0% (g)
	540	Avago Technologies Ltd., Term B-1 Dollar Loan, VAR, 4.250%, 02/01/23		540
		United States — 0.6%
	768	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		770
	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
	100	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		98
	75	Berry Plastics Corp., Term E Loan, VAR, 3.750%, 01/06/21		75
	998	Calpine Corp., Term Loan, VAR, 4.000%, 01/15/23 (w)		997
	353	Cincinnati Bell, Term Loan, VAR, 4.000%, 09/10/20		351
	765	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22		767
	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
	75	EMI Group NA Holdings, Term B-3 Loan, VAR, 4.000%, 08/19/22 (w) ^		75
	48	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		37
	554	First Data Corp.,Term Loan, VAR, 4.439%, 03/24/21		555
	60	Gemini HDPE LLC, Term Loan, VAR, 4.250%, 12/19/16		60
	250	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22 (w) ^		250
	75	Gray Television, Inc., Initial Term Loan, VAR, 3.938%, 06/13/21 (w) ^		75
	72	Intrawest Operations Group LLC, Initial Term Loan, VAR, 5.000%, 12/09/20 (w) ^		72
	498	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		499
	75	Media General, Inc., Term B Loan, VAR, 4.000%, 07/31/20 (w) ^		75
	471	Microsemi Corp., Closing Date Term B Loan, VAR, 5.250%, 01/15/23		474
	55	Novolex, 1st Lien Term Loan, VAR, 6.000%, 12/05/21 (w) ^		55
	142	On Semiconductor Corp., Term Loan B, VAR, 5.250%, 03/03/23		143

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	207	Petco Animal Supplies, Inc., Tranche B-1 Term Loan, VAR, 5.750%, 01/26/23		209
	30	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		30
	299	Pinnacle Foods Finance LLC, 1st Lien Term Loan I, VAR, 3.750%, 01/13/23		300
	5	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5
	245	Riverbed Technology, Inc., Term Loan, VAR, 5.750%, 04/25/22		246
	249	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.504%, 06/30/18		238
	100	Solar Winds Holdings, Inc., 1st Lien US Term Loan, VAR, 6.500%, 02/03/23		100
	250	Staples, Inc., Escrow Term Loan, VAR, 4.750%, 02/02/22		250
	100	Stardust Finance Holdings LLC, Senior Lien Term Loan, VAR, 6.500%, 03/14/22		100
	8	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		6
	210	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21		210
	212	Windstream, Term Loan B-6, VAR, 5.750%, 03/14/21		212
				7,354
		Total Loan Assignments (Cost 8,361)		8,472
NUMBER OF CONTRACTS
	Options Purchased — 0.8%
		United States — 0.8%
		Call Options Purchased — 0.8%
	7,058	iShares MSCI Emerging Markets ETF, Expiring 06/17/2016 at 34.00 USD, American Style		914
	386	S&P 500 Index, Expiring 06/17/2016 at $2,050.00, European Style		1,905
	661	S&P 500 Index, Expiring 06/17/2016 at $1,950.00, European Style		8,375
		Total Options Purchased (Cost $7,567)		11,194
PRINCIPAL AMOUNT
	Preferred Securities — 0.6% (x)
		Cayman Islands — 0.0% (g)
	780	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17		546

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
					–
			France — 0.1%
			Credit Agricole S.A.,
	200		VAR, 6.625%, 09/23/19 (e)		188
	248		VAR, 8.125%, 12/23/25 (e)		256
			Societe Generale S.A.,
	500		VAR, 8.000%, 09/29/25 (e)		495
	EUR    600		VAR, 9.375%, 09/04/19		827
					1,766
			Netherlands — 0.2%
	EUR 2,200		Telefonica Europe B.V., VAR, 5.000%, 03/31/20		2,519
			United Kingdom — 0.1%
	400		Barclays plc, VAR, 8.250%, 12/15/18		401
			Royal Bank of Scotland Group plc,
	400		VAR, 7.500%, 08/10/20		373
	200		VAR, 8.000%, 08/10/25		192
					966
			United States — 0.2%
			Bank of America Corp.,
	410		Series AA, VAR, 6.100%, 03/17/25		411
	30		Series K, VAR, 8.000%, 01/30/18		29
			Citigroup, Inc.,
	95		VAR, 5.950%, 01/30/23		94
	30		Series O, VAR, 5.875%, 03/27/20		29
	15		Series P, VAR, 5.950%, 05/15/25		15
	415		Series Q, VAR, 5.950%, 08/15/20		401
	560		Series R, VAR, 6.125%, 11/15/20		569
	240		Series T, VAR, 6.250%, 08/15/26		247
	338		Goldman Sachs Group, Inc. (The), Series M, VAR, 5.375%, 05/10/20		326
					2,121
			Total Preferred Securities (Cost $7,885)		7,918
SHARES
	Preferred Stocks — 0.3%
			Brazil — 0.1%
	188		Itau Unibanco Holding S.A. ($— par value)		1,796
			Cayman Islands — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, VAR, 3.748%, 05/31/16 ($1,000 par value) @		68

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
		Germany — 0.2%
	16	Henkel AG & Co. KGaA ($— par value)		1,796
	3	Volkswagen AG ($— par value)		466
				2,262
		United States — 0.0% (g)
	1	GMAC Capital Trust I, Series 2, VAR, 6.402%, 02/15/40 ($25 par value)		16
		Total Preferred Stocks (Cost $3,955)		4,142
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 2.3%
		U.S. Treasury Notes,
	14,351	0.500%, 01/31/17 (k)		14,348
	8,379	2.125%, 06/30/22		8,684
	6,879	2.250%, 11/15/24		7,153
		Total U.S. Treasury Obligations (Cost $29,710)		30,185
SHARES
	Short-Term Investment — 7.0%
		Investment Company — 7.0%
	94,184	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $94,184)		94,184
		Total Investments — 99.8% (Cost $1,308,851)		1,337,018
		Other Assets in Excess of Liabilities — 0.2%		3,073
		NET ASSETS — 100.0%	$	1,340,091

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		6.3	%
Banks		6.1
Asset-Backed Securities		5.9
Oil, Gas & Consumable Fuels		3.8
Media		3.6
Pharmaceuticals		3.4
Non-Agency CMO		3.2
Diversified Telecommunication Services		2.9
Insurance		2.7
Hotels, Restaurants & Leisure		2.5
Health Care Providers & Services		2.4
U.S. Treasury Notes		2.3
Automobiles		1.9
Internet Software & Services		1.8
Chemicals		1.8
Food Products		1.7
Food & Staples Retailing		1.7
IT Services		1.7
Semiconductors & Semiconductor Equipment		1.6
Metals & Mining		1.6
Specialty Retail		1.6
Wireless Telecommunication Services		1.5
Software		1.4
Beverages		1.4
Containers & Packaging		1.3
Electric Utilities		1.1
Construction Materials		1.1
Capital Markets		1.1
Diversified Financial Services		1.0
Industrial Conglomerates		1.0
Auto Components		1.0
Others (each less than 1.0%)		20.6
Short-Term Investment		7.0

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, expect number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	2		TOPIX Index		06/09/16		JPY		238			(14	)
	2		SPI 200 Index		06/16/16		AUD		198			5
	16		Euro STOXX 50 Index		06/17/16		EUR		546			(1	)
	5		FTSE 100 Index		06/17/16		GBP		455			11
	505		10 Year U.S. Treasury Note		06/21/16		USD		65,682			(153	)
	103		U.S. Long Bond		06/21/16		USD		16,821			(139	)
	115		U.S. Ultra Bond		06/21/16		USD		19,704			(11	)
	79		Long Gilt		06/28/16		GBP		13,806			(20	)
			Short Futures Outstanding
	(42	)	Euro Bund		06/08/16		EUR		(7,785	)		39
	(80	)	TOPIX Index		06/09/16		JPY		(9,540	)		469
	(10	)	Euro STOXX 50 Index		06/17/16		EUR		(341	)		(5	)
	(339	)	E-mini Russell 2000		06/17/16		USD		(38,263	)		(1,778	)
	(421	)	E-mini S&P 500		06/17/16		USD		(43,344	)		(206	)
	(72	)	FTSE 100 Index		06/17/16		GBP		(6,552	)		(122	)
	(518	)	Mini MSCI Emerging Markets Index		06/17/16		USD		(21,715	)		(1,261	)
	(134	)	5 Year U.S. Treasury Note		06/30/16		USD		(16,203	)		(54	)
												(3,240	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,463	AUD	Australia and New Zealand Banking Group Limited		06/28/16		1,116		1,110		(6	)
	543	AUD	Royal Bank of Scotland		06/28/16		417		411		(6	)
	602	CAD	BNP Paribas		06/28/16		453		480		27
	657	CAD	HSBC Bank, N.A.		06/28/16		526		524		(2	)
	388	EUR	BNP Paribas		06/28/16		437		445		8
	637	EUR	Citibank, N.A.		06/28/16		727		730		3
	160	EUR	Credit Suisse International		06/28/16		182		184		2
	160	EUR	Morgan Stanley		06/28/16		181		184		3
	212	EUR	Royal Bank of Canada		06/28/16		240		243		3
	2,353	EUR	Standard Chartered Bank		06/28/16		2,633		2,699		66
	103	GBP	Morgan Stanley		06/28/16		149		151		2
							7,061		7,161		100

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2016

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	536	AUD		Australia and New Zealand Banking Group Limited		06/28/16		405		406		(1	)
	1,660	AUD		Citibank, N.A.		06/28/16		1,252		1,259		(7	)
	406	CAD		Goldman Sachs International		06/28/16		306		323		(17	)
	17,325	CAD	��	HSBC Bank, N.A.		06/28/16		13,241		13,809		(568	)
	5,913	EUR		Australia and New Zealand Banking Group Limited		06/28/16		6,734		6,783		(49	)
	1,914	EUR		BNP Paribas		06/28/16		2,140		2,196		(56	)
	884	EUR		Citibank, N.A.		06/28/16		1,000		1,014		(14	)
	172	EUR		Credit Suisse International		06/28/16		194		198		(4	)
	1,042	EUR		Goldman Sachs International		06/28/16		1,177		1,195		(18	)
	371	EUR		Morgan Stanley		06/28/16		416		426		(10	)
	131,572	EUR		Royal Bank of Canada		06/28/16		147,752		150,928		(3,176	)
	2,719	EUR		Standard Chartered Bank		06/28/16		3,080		3,119		(39	)
	208	GBP		BNP Paribas		06/28/16		296		304		(8	)
	742	GBP		Morgan Stanley		06/28/16		1,059		1,085		(26	)
	8,814	GBP		Royal Bank of Canada		06/28/16		12,569		12,880		(311	)
	57,062	JPY		BNP Paribas		06/28/16		504		537		(33	)
	768,505	JPY		Deutsche Bank AG		06/28/16		6,903		7,234		(331	)
								199,028		203,696		(4,668	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 39

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.6%
		United States — 4.6%
		ABFC Trust,
	349	Series 2003-OPT1, Class A1A, VAR, 1.259%, 04/25/33		336
	1,142	Series 2004-HE1, Class M1, VAR, 1.339%, 03/25/34		1,055
	1,599	Series 2004-OPT3, Class M1, VAR, 1.189%, 09/25/33		1,499
	3,102	Series 2004-OPT5, Class A1, VAR, 1.139%, 06/25/34		2,881
	1,558	Series 2005-WF1, Class M1, VAR, 0.979%, 11/25/34		1,368
	1,678	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.309%, 01/25/35		1,553
		ACE Securities Corp. Home Equity Loan Trust,
	1,533	Series 2003-FM1, Class M1, VAR, 1.729%, 11/25/32		1,361
	1,629	Series 2003-HE1, Class M1, VAR, 1.414%, 11/25/33		1,521
	1,055	Series 2003-NC1, Class M1, VAR, 1.609%, 07/25/33		1,005
	4,711	Series 2003-OP1, Class M1, VAR, 1.489%, 12/25/33		4,454
	1,268	Series 2004-HE2, Class M1, VAR, 1.474%, 10/25/34		1,189
	3,770	Series 2004-HE4, Class M2, VAR, 1.414%, 12/25/34		3,700
	3,379	Series 2004-OP1, Class M2, VAR, 2.014%, 04/25/34		3,110
	1,090	American Homes 4 Rent, Series 2014-SFR1, Class D, VAR, 2.786%, 06/17/31 (e)		1,061
	839	Ameriquest Mortgage Securities, Inc. Asset-Backed Certificates, Series 2002-AR1, Class M1, VAR, 1.504%, 09/25/32		761
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,499	Series 2003-13, Class M1, VAR, 1.459%, 01/25/34		1,348
	652	Series 2003-13, Class M2, VAR, 2.989%, 01/25/34		609
	916	Series 2004-R1, Class A2, VAR, 1.039%, 02/25/34		868
	5,944	Series 2004-R1, Class M1, VAR, 1.234%, 02/25/34		5,428
	597	Series 2004-R1, Class M2, VAR, 1.309%, 02/25/34		539
	156	Series 2004-R3, Class A1B, VAR, 1.139%, 05/25/34		155

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	459	Series 2004-R8, Class M1, VAR, 1.399%, 09/25/34		457
		Argent Securities, Inc.,
	1,440	Series 2003-W5, Class M2, VAR, 3.214%, 10/25/33		1,361
	2,376	Series 2004-W3, Class A3, VAR, 1.259%, 02/25/34		2,128
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	878	Series 2004-W2, Class M2, VAR, 2.314%, 04/25/34		821
	647	Series 2004-W2, Class M3, VAR, 2.539%, 04/25/34		559
	1,922	Series 2004-W4, Class A, VAR, 0.959%, 03/25/34		1,785
	1,689	Series 2004-W6, Class M1, VAR, 1.264%, 05/25/34		1,603
	640	Series 2004-W7, Class M2, VAR, 1.339%, 05/25/34		586
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,698	Series 2001-HE3, Class A1, VAR, 0.973%, 11/15/31		2,535
	169	Series 2001-HE3, Class M1, VAR, 1.333%, 11/15/31		174
	244	Series 2003-HE3, Class M2, VAR, 3.433%, 06/15/33		233
	1,922	Series 2003-HE4, Class M1, VAR, 1.678%, 08/15/33		1,824
	2,101	Series 2004-HE2, Class M2, VAR, 2.314%, 04/25/34		1,879
	1,695	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		1,666
	590	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		587
		Bear Stearns Asset-Backed Securities I Trust,
	1,578	Series 2004-HE6, Class M2, VAR, 2.314%, 08/25/34		1,446
	2,804	Series 2004-HE11, Class M2, VAR, 2.014%, 12/25/34		2,746
		Bear Stearns Asset-Backed Securities Trust,
	887	Series 2003-1, Class M1, VAR, 2.089%, 11/25/42		848
	665	Series 2003-SD1, Class A, VAR, 1.339%, 12/25/33		620
	1,431	Series 2003-SD1, Class M1, VAR, 1.714%, 12/25/33		1,348

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,776	Series 2004-HE2, Class M2, VAR, 2.239%, 03/25/34		1,695
	2,388	Series 2004-SD4, Class A1, VAR, 1.339%, 08/25/44		2,275
	841	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 1.789%, 08/25/33		801
		Centex Home Equity Loan Trust,
	7,583	Series 2004-A, Class M1, VAR, 1.039%, 01/25/34		6,883
	954	Series 2004-C, Class M2, VAR, 1.234%, 06/25/34		813
	603	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		540
	1,618	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,159
	308	Series 2004-D, Class MV2, VAR, 1.129%, 09/25/34		242
	1,468	Series 2005-A, Class M1, VAR, 0.919%, 01/25/35		1,342
		Chase Funding Loan Acquisition Trust,
	1,418	Series 2004-AQ1, Class M1, VAR, 1.534%, 05/25/34		1,266
	2,230	Series 2004-OPT1, Class M2, VAR, 1.939%, 06/25/34		2,137
		Chase Funding Trust,
	1,734	Series 2003-4, Class 1A5, SUB, 5.337%, 05/25/33		1,783
	200	Series 2003-4, Class 2M1, VAR, 1.339%, 03/25/33		190
	568	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		499
	2,345	Series 2003-6, Class 2A2, VAR, 1.019%, 11/25/34		2,160
	2,798	Series 2003-6, Class 2M1, VAR, 1.189%, 11/25/34		2,590
	1,162	Series 2004-1, Class 1M1, 4.725%, 05/25/33		1,118
	1,337	Series 2004-1, Class 2M1, VAR, 1.189%, 09/25/33		1,222
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,040
		Citigroup Mortgage Loan Trust, Inc.,
	331	Series 2005-OPT1, Class M4, VAR, 1.489%, 02/25/35		249
	212	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		193
	384	Series 2006-WFH4, Class A3, VAR, 0.589%, 11/25/36		383

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Countrywide Asset-Backed Certificates,
	385	Series 2002-3, Class M1, VAR, 1.564%, 03/25/32		377
	1,280	Series 2002-4, Class M1, VAR, 1.564%, 12/25/32		1,175
	1,439	Series 2003-3, Class 3A, VAR, 0.979%, 11/25/33		1,320
	12,166	Series 2004-2, Class M1, VAR, 1.189%, 05/25/34		11,495
	4,092	Series 2004-3, Class M1, VAR, 1.189%, 06/25/34		3,908
	701	Series 2004-3, Class M2, VAR, 1.264%, 06/25/34		652
	371	Series 2004-BC4, Class M1, VAR, 1.489%, 11/25/34		354
	1,189	Series 2004-ECC2, Class M2, VAR, 1.414%, 12/25/34		1,136
	7,513	Series 2005-AB3, Class 1A1, VAR, 0.689%, 02/25/36		6,694
	79	Series 2006-2, Class 2A2, VAR, 0.629%, 10/25/34		77
	1,475	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.384%, 01/25/35		1,336
	829	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.114%, 12/25/35		821
		CWABS, Inc. Asset-Backed Certificates,
	4,647	Series 2003-BC1, Class A1, VAR, 1.239%, 03/25/33		4,256
	839	Series 2004-1, Class M2, VAR, 1.264%, 03/25/34		766
	1,506	Series 2004-1, Class M3, VAR, 1.414%, 02/25/34		1,391
	2,265	Series 2004-5, Class M2, VAR, 1.444%, 07/25/34		2,136
	902	Series 2004-6, Class M2, VAR, 1.414%, 10/25/34		843
	581	Series 2005-11, Class AF6, VAR, 4.770%, 02/25/36		598
		Equity One Mortgage Pass-Through Trust,
	352	Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		354
	546	Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		527
	221	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.384%, 11/25/34		193

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 41

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		First Franklin Mortgage Loan Asset Backed Certificates,
	1,088	Series 2004-FF3, Class M1, VAR, 1.264%, 05/25/34		999
	10,500	Series 2005-FF11, Class M1, VAR, 1.084%, 11/25/35		9,713
		First Franklin Mortgage Loan Trust,
	5,893	Series 2003-FF5, Class M1, VAR, 1.339%, 03/25/34		5,438
	7,956	Series 2004-FF4, Class M1, VAR, 1.294%, 06/25/34		7,149
	2,721	Series 2004-FF5, Class A1, VAR, 1.159%, 08/25/34		2,578
	13,768	Series 2005-FF10, Class A1, VAR, 0.739%, 11/25/35		12,175
	2,880	Series 2005-FF10, Class A4, VAR, 0.759%, 11/25/35		2,814
	733	Series 2005-FF11, Class A2D, VAR, 1.119%, 11/25/35		731
	1,721	Series 2006-FF8, Class IIA3, VAR, 0.589%, 07/25/36		1,636
		Fremont Home Loan Trust,
	2,390	Series 2003-A, Class M1, VAR, 1.414%, 08/25/33		2,210
	2,682	Series 2004-2, Class M2, VAR, 1.369%, 07/25/34		2,539
	576	Series 2004-B, Class M2, VAR, 1.384%, 05/25/34		504
	1,098	Series 2004-C, Class M1, VAR, 1.414%, 08/25/34		1,024
	1,742	GSAA Trust, Series 2005-6, Class A3, VAR, 0.809%, 06/25/35		1,656
		GSAMP Trust,
	2,632	Series 2003-HE1, Class M1, VAR, 1.684%, 06/20/33		2,558
	1,728	Series 2003-SEA, Class A1, VAR, 0.839%, 02/25/33		1,613
	1,131	Series 2005-HE3, Class M2, VAR, 1.444%, 06/25/35		1,113
	2,356	Series 2005-NC1, Class M1, VAR, 1.114%, 02/25/35		2,290
	465	Series 2005-SEA2, Class A1, VAR, 0.789%, 01/25/45 (e)		457
	3,754	Series 2006-FM1, Class A2C, VAR, 0.599%, 04/25/36		2,274
	5,555	Series 2006-HE3, Class A2C, VAR, 0.599%, 05/25/46		4,972
	3,011	Series 2006-HE4, Class A2C, VAR, 0.589%, 06/25/36		2,821

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	235	Series 2007-HE1, Class A2B, VAR, 0.539%, 03/25/47		234
	5,755	Series 2007-SEA1, Class A, VAR, 0.739%, 12/25/36 (e)		5,229
		Home Equity Asset Trust,
	4,614	Series 2002-5, Class M1, VAR, 2.139%, 05/25/33		4,396
	831	Series 2003-1, Class M1, VAR, 1.939%, 06/25/33		801
	1,170	Series 2003-3, Class M1, VAR, 1.729%, 08/25/33		1,114
	443	Series 2004-6, Class M2, VAR, 1.339%, 12/25/34		377
	4,100	Series 2005-7, Class M1, VAR, 0.889%, 01/25/36		3,822
		Home Equity Mortgage Loan Asset-Backed Trust,
	651	Series 2004-B, Class M2, VAR, 1.564%, 11/25/34		596
	3,117	Series 2004-C, Class M1, VAR, 1.279%, 03/25/35		2,825
	1,158	Series 2004-C, Class M2, VAR, 1.339%, 03/25/35		1,018
	1,582	Series 2006-B, Class 2A3, VAR, 0.629%, 06/25/36		1,437
		Invitation Homes Trust,
	2,520	Series 2013-SFR1, Class C, VAR, 2.291%, 12/17/30 (e)		2,478
	3,050	Series 2013-SFR1, Class E, VAR, 3.091%, 12/17/30 (e)		2,937
	462	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 0.609%, 04/25/36		455
		Long Beach Mortgage Loan Trust,
	1,029	Series 2001-2, Class M1, VAR, 1.279%, 07/25/31		968
	3,108	Series 2002-5, Class M1, VAR, 1.684%, 11/25/32		2,965
	514	Series 2003-4, Class M1, VAR, 1.459%, 08/25/33		488
	1,050	Series 2004-3, Class M2, VAR, 1.339%, 07/25/34		984
	685	Series 2004-3, Class M4, VAR, 2.051%, 07/25/34		638
	736	Series 2004-3, Class M6, VAR, 2.576%, 07/25/34		677
	2,250	Series 2004-4, Class M1, VAR, 1.339%, 10/25/34		2,041

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	433	Series 2005-WL2, Class M1, VAR, 1.144%, 08/25/35		429
		MASTR Asset-Backed Securities Trust,
	2,644	Series 2004-OPT2, Class M1, VAR, 1.339%, 09/25/34		2,483
	1,087	Series 2004-OPT2, Class M2, VAR, 1.414%, 09/25/34		943
	3,134	Series 2005-NC1, Class M2, VAR, 1.189%, 12/25/34		2,989
		Merrill Lynch Mortgage Investors Trust,
	831	Series 2003-OPT1, Class M1, VAR, 1.414%, 07/25/34		737
	511	Series 2004-HE2, Class M1, VAR, 1.639%, 08/25/35		484
	121	Series 2004-WMC5, Class M5, VAR, 2.164%, 07/25/35		115
	2,521	Series 2005-FM1, Class M1, VAR, 0.919%, 05/25/36		2,300
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,306	Series 2003-NC10, Class M1, VAR, 1.459%, 10/25/33		1,230
	10,257	Series 2004-HE1, Class M1, VAR, 1.294%, 01/25/34		9,719
	849	Series 2004-HE2, Class M2, VAR, 2.239%, 03/25/34		788
	1,033	Series 2004-HE2, Class M3, VAR, 2.614%, 03/25/34		534
	4,824	Series 2004-HE3, Class M1, VAR, 1.294%, 03/25/34		4,567
	1,588	Series 2004-HE3, Class M2, VAR, 2.314%, 03/25/34		1,502
	1,577	Series 2004-HE6, Class M1, VAR, 1.264%, 08/25/34		1,489
	1,521	Series 2004-HE6, Class M2, VAR, 1.339%, 08/25/34		1,426
	1,006	Series 2004-HE6, Class M3, VAR, 1.414%, 08/25/34		828
	1,668	Series 2004-HE7, Class M2, VAR, 1.384%, 08/25/34		1,647
	100	Series 2004-HE7, Class M3, VAR, 1.459%, 08/25/34		94
	1,839	Series 2004-HE8, Class M2, VAR, 1.459%, 09/25/34		1,779
	929	Series 2004-HE8, Class M3, VAR, 1.564%, 09/25/34		866
	3,131	Series 2004-NC3, Class M1, VAR, 1.234%, 03/25/34		2,977
	6,102	Series 2004-NC5, Class M1, VAR, 1.339%, 05/25/34		5,602

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	810	Series 2004-NC6, Class M2, VAR, 2.314%, 07/25/34		706
	316	Series 2004-NC7, Class M3, VAR, 1.414%, 07/25/34		275
	748	Series 2004-NC8, Class M3, VAR, 1.549%, 09/25/34		697
	2,275	Series 2004-OP1, Class M2, VAR, 1.354%, 11/25/34		2,207
	1,050	Series 2004-OP1, Class M3, VAR, 1.459%, 11/25/34		953
	2,494	Series 2004-WMC2, Class M1, VAR, 1.354%, 07/25/34		2,378
	1,253	Series 2004-WMC2, Class M2, VAR, 2.239%, 07/25/34		1,197
	554	Series 2005-HE1, Class M2, VAR, 1.144%, 12/25/34		475
	1,414	Series 2005-HE1, Class M3, VAR, 1.219%, 12/25/34		1,136
	331	Series 2005-NC1, Class M3, VAR, 1.204%, 01/25/35		262
		New Century Home Equity Loan Trust,
	697	Series 2003-3, Class M1, VAR, 1.624%, 07/25/33		666
	1,044	Series 2003-B, Class M2, VAR, 2.914%, 11/25/33		997
	3,617	Series 2004-1, Class M1, VAR, 1.324%, 05/25/34		3,305
	265	Series 2004-2, Class M2, VAR, 1.369%, 08/25/34		242
	1,231	Series 2004-2, Class M4, VAR, 2.239%, 08/25/34		1,139
	1,051	Series 2004-2, Class M6, VAR, 2.689%, 08/25/34		962
	3,176	Series 2004-3, Class M2, VAR, 1.414%, 11/25/34		3,068
	536	Series 2004-3, Class M3, VAR, 1.504%, 11/25/34		432
	679	Series 2004-4, Class M2, VAR, 1.234%, 02/25/35		567
	329	Series 2005-1, Class M3, VAR, 1.219%, 03/25/35		264
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 2.956%, 09/25/33		1,070
	962	Series 2003-3, Class M2, VAR, 2.089%, 12/25/33		949
	4,395	Series 2004-2, Class M4, VAR, 2.239%, 09/25/34		3,873

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 43

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	846	Series 2003-2, Class A2, VAR, 1.039%, 04/25/33		784
	1,939	Series 2003-2, Class M1, VAR, 1.414%, 04/25/33		1,751
	1,611	Series 2003-3, Class M1A, VAR, 1.999%, 06/25/33		1,511
	7,093	Series 2003-5, Class A1, VAR, 1.079%, 08/25/33		6,690
	592	Series 2003-5, Class A2, VAR, 1.079%, 08/25/33		560
	426	Series 2003-5, Class M2, VAR, 2.764%, 08/25/33		382
		Option One Mortgage Loan Trust,
	6,022	Series 2002-3, Class A1, VAR, 0.939%, 08/25/32		5,649
	1,054	Series 2002-3, Class A2, VAR, 0.979%, 08/25/32		967
	1,818	Series 2003-1, Class A2, VAR, 1.279%, 02/25/33		1,693
	10,518	Series 2004-2, Class M1, VAR, 1.234%, 05/25/34		9,699
	793	Series 2004-3, Class M2, VAR, 1.294%, 11/25/34		706
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 2.164%, 10/25/34		1,285
		Pretium Mortgage Credit Partners I LLC,
	5,815	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		5,769
	4,026	Series 2015-NPL3, Class A1, SUB, 4.125%, 10/27/30 (e)		4,015
	3,556	Series 2015-NPL4, Class A1, SUB, 4.375%, 11/27/30 (e)		3,550
	10,900	Series 2016-NPL3, Class A1, SUB, 4.375%, 10/25/54 (e)		10,900
	6,472	Pretium Mortgage Credit Partners LLC, Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		6,465
		Progress Residential Trust,
	5,463	Series 2014-SFR1, Class A, VAR, 1.536%, 10/17/31 (e)		5,412
	3,325	Series 2014-SFR1, Class E, VAR, 4.586%, 10/17/31 (e)		3,259
	3,454	RAAC Trust, Series 2005-RP3, Class M1, VAR, 1.233%, 05/25/39 (e)		3,340

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		RAMP Trust,
	791	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		806
	179	Series 2004-RS11, Class M1, VAR, 1.369%, 11/25/34		177
		RASC Trust,
	909	Series 2001-KS3, Class AII, VAR, 0.899%, 09/25/31		847
	6,431	Series 2005-EMX1, Class M1, VAR, 1.084%, 03/25/35		5,970
	3,291	Series 2006-KS5, Class A3, VAR, 0.599%, 07/25/36		3,171
	918	Series 2006-KS7, Class A3, VAR, 0.589%, 09/25/36		905
		Renaissance Home Equity Loan Trust,
	2,114	Series 2002-3, Class M1, VAR, 1.939%, 12/25/32		2,065
	666	Series 2003-1, Class M1, VAR, 1.939%, 06/25/33		591
	214	Series 2003-2, Class A, VAR, 1.319%, 08/25/33		198
	1,856	Series 2003-3, Class M1, VAR, 1.169%, 12/25/33		1,682
	1,611	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,511
	2,950	Series 2003-4, Class M1, VAR, 1.289%, 03/25/34		2,682
	1,295	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,089
	881	Series 2004-1, Class M1, VAR, 1.019%, 05/25/34		802
	936	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		950
	1,253	Series 2005-2, Class AV3, VAR, 0.809%, 08/25/35		1,130
	1,435	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,417
	1,754	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 2.014%, 08/25/34		1,644
		Saxon Asset Securities Trust,
	6,118	Series 2003-3, Class M1, VAR, 1.414%, 12/25/33		5,756
	420	Series 2004-2, Class AF3, VAR, 4.635%, 08/25/35		422
	1,629	Series 2004-2, Class MV2, VAR, 2.239%, 08/25/35		1,548
	913	Series 2006-2, Class A3C, VAR, 0.589%, 09/25/36		867

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States — continued
			Securitized Asset-Backed Receivables LLC Trust,
	3,284		Series 2004-NC1, Class M1, VAR, 1.219%, 02/25/34		3,050
	1,055		Series 2004-OP1, Class M2, VAR, 2.089%, 02/25/34		982
	4,722		Series 2004-OP2, Class M1, VAR, 1.414%, 08/25/34		4,430
	2,097		Series 2005-FR2, Class M2, VAR, 1.414%, 03/25/35		2,003
	2,996		Series 2005-OP1, Class M2, VAR, 1.114%, 01/25/35		2,723
	3,307		Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 0.609%, 06/25/36		3,031
			Specialty Underwriting & Residential Finance Trust,
	2,684		Series 2004-BC1, Class M2, VAR, 2.044%, 02/25/35		2,483
	1,799		Series 2004-BC3, Class M1, VAR, 1.369%, 07/25/35		1,717
			Structured Asset Investment Loan Trust,
	589		Series 2003-BC3, Class M1, VAR, 1.864%, 04/25/33		582
	3,966		Series 2003-BC6, Class M1, VAR, 1.564%, 07/25/33		3,738
	533		Series 2003-BC10, Class A4, VAR, 1.439%, 10/25/33		512
	2,295		Series 2003-BC11, Class M2, VAR, 2.989%, 10/25/33		2,276
	1,924		Series 2003-BC12, Class M1, VAR, 1.414%, 11/25/33		1,817
	4,085		Series 2004-1, Class M1, VAR, 1.414%, 02/25/34		3,912
	—	(h)	Series 2004-1, Class M2, VAR, 3.139%, 02/25/34		—	(h)
	4,255		Series 2004-5, Class M3, VAR, 1.369%, 05/25/34		4,029
	15,245		Series 2004-6, Class A3, VAR, 1.239%, 07/25/34		14,354
	2,691		Series 2004-6, Class M1, VAR, 1.339%, 07/25/34		2,475
	3,873		Series 2004-7, Class M1, VAR, 1.489%, 08/25/34		3,601
	628		Series 2004-8, Class M2, VAR, 1.369%, 09/25/34		554
	569		Series 2004-BNC1, Class A5, VAR, 1.679%, 09/25/34		514
	3,521		Series 2005-HE2, Class M1, VAR, 1.159%, 07/25/35		3,331

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	6,142	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.609%, 12/25/36		5,248
	188	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.789%, 04/25/33		183
	5,741	Vericrest Opportunity Loan Trust, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		5,736
	3,695	VOLT XLII LLC, Series 2016-NPL2, Class A1, SUB, 4.250%, 03/26/46 (e)		3,697
	9,145	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		9,071
	4,948	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		4,880
	3,500	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		3,460
	5,661	VOLT XXXVI LLC, Series 2015-NP10, Class A1, SUB, 3.625%, 07/25/45 (e)		5,597
	10,172	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		10,045
	8,056	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		7,981
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	108	Series 2004-2, Class A21B, VAR, 1.279%, 10/25/34		106
	1,268	Series 2004-2, Class M1, VAR, 1.339%, 10/25/34		1,207
	1,603	Series 2004-2, Class M4, VAR, 2.239%, 10/25/34		1,489
	944	Series 2004-2, Class M5, VAR, 2.314%, 10/25/34		896
	290	Series 2004-2, Class M8A, VAR, 4.939%, 10/25/34 (e)		264
	290	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		253
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	591	Series 2004-1, Class M2, VAR, 1.069%, 04/25/34		530
	923	Series 2004-1, Class M4, VAR, 1.589%, 04/25/34		826
		Total Asset-Backed Securities (Cost $534,099)		546,288

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUINDS 45

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 3.6%
		Non-Agency CMO — 3.6%
		United States — 3.6%
		Adjustable Rate Mortgage Trust
	6,613	Series 2004-2, Class 6A1, VAR, 2.890%, 02/25/35		6,538
	7,242	Series 2004-4, Class 4A1, VAR, 2.730%, 03/25/35		7,166
	2,590	Series 2005-2, Class 3A1, VAR, 3.014%, 06/25/35		2,450
		Alternative Loan Trust
	126	Series 2004-4CB, Class 3A1, 5.000%, 04/25/34		128
	1,554	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,592
	110	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		111
	621	Series 2004-27CB, Class A1, 6.000%, 12/25/34		618
	910	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		919
	177	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		178
	1,759	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,763
	6,578	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		6,528
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,642
	462	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		453
	7,614	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		6,951
	853	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		819
	7,531	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		7,298
	4,330	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		4,319
	3,298	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,241
	383	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		356
	7,447	Series 2005-21CB, Class A17, 6.000%, 06/25/35		7,188
	1,674	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,549
	3,783	Series 2005-23CB, Class A15, 5.500%, 07/25/35		3,638
	80	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		80

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,492	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,424
	3,777	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		3,603
	1,290	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		1,251
	827	Series 2005-86CB, Class A4, 5.500%, 02/25/36		737
	414	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		414
	1,004	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		1,001
	524	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		516
	87	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		87
	657	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		636
	699	Series 2005-J14, Class A3, 5.500%, 12/25/35		617
	1,938	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		1,820
	1,185	Series 2006-19CB, Class A15, 6.000%, 08/25/36		1,065
	546	Series 2006-25CB, Class A2, 6.000%, 10/25/36		488
	340	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		301
	938	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		843
	364	Series 2007-8CB, Class A9, 6.000%, 05/25/37		321
	287	Series 2007-19, Class 1A8, 6.000%, 08/25/37		223
	401	Series 2007-25, Class 2A1, 6.000%, 11/25/22		378
	186	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		162
	504	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 2.899%, 06/25/45		485
		Banc of America Alternative Loan Trust
	3,016	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		3,041
	751	Series 2004-9, Class 4A1, 5.500%, 10/25/19		752
	1,318	Series 2004-12, Class 4A1, 5.500%, 01/25/20		1,317

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	271	Series 2005-3, Class 2A1, 5.500%, 04/25/20		271
	273	Series 2005-4, Class 3A1, 5.500%, 05/25/20		271
	105	Series 2005-6, Class 5A4, 5.500%, 07/25/35		89
	161	Series 2005-6, Class 7A1, 5.500%, 07/25/20		157
	1,317	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,118
	867	Series 2005-12, Class 5A1, 5.250%, 01/25/21		865
	21	Series 2006-4, Class 2A1, 6.000%, 05/25/21		21
	1,390	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,136
	1,028	Series 2006-5, Class CB7, 6.000%, 06/25/46		834
		Banc of America Funding Trust
	5,257	Series 2005-6, Class 1A2, 5.500%, 10/25/35		4,948
	2,065	Series 2005-7, Class 4A7, 6.000%, 11/25/35		2,093
	1,028	Series 2006-2, Class 2A20, 5.750%, 03/25/36		972
	2,817	Series 2006-A, Class 1A1, VAR, 2.816%, 02/20/36		2,754
	317	Series 2007-4, Class 8A1, 5.500%, 11/25/34		303
		Banc of America Mortgage Trust
	1,701	Series 2004-A, Class 2A2, VAR, 2.945%, 02/25/34		1,612
	720	Series 2007-3, Class 1A1, 6.000%, 09/25/37		651
	623	Bear Stearns Alt-A Trust, Series 2006-8, Class 3A1, VAR, 0.599%, 02/25/34		543
	882	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 2.924%, 03/25/35		888
	1,108	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.444%, 10/25/34		521
	489	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		442
		Chase Mortgage Finance Trust
	2,097	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,732
	1,467	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,278

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	16,062	Series 2007-A2, Class 3A1, VAR, 2.840%, 07/25/37		15,968
	399	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		338
		CHL Mortgage Pass-Through Trust
	326	Series 2003-27, Class A1, VAR, 2.810%, 06/25/33		322
	695	Series 2003-37, Class 2A1, VAR, 2.690%, 09/25/33		638
	4,890	Series 2004-25, Class 2A1, VAR, 1.119%, 02/25/35		4,212
	415	Series 2005-5, Class A2, 5.500%, 03/25/35		419
	334	Series 2005-20, Class A7, 5.250%, 12/25/27		311
	413	Series 2005-30, Class A5, 5.500%, 01/25/36		393
	2,846	Series 2006-10, Class 1A16, 6.000%, 05/25/36		2,592
	189	Series 2006-15, Class A1, 6.250%, 10/25/36		174
	886	Series 2006-17, Class A2, 6.000%, 12/25/36		802
	5,431	Series 2006-18, Class 2A4, 6.000%, 12/25/36		5,038
	325	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		305
	302	Series 2007-2, Class A2, 6.000%, 03/25/37		280
	2,532	Series 2007-3, Class A18, 6.000%, 04/25/37		2,288
	280	Series 2007-10, Class A4, 5.500%, 07/25/37		229
	713	Series 2007-13, Class A4, 6.000%, 08/25/37		665
	1,015	Series 2007-18, Class 2A1, 6.500%, 11/25/37		840
	1,575	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,549
	1,142	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		1,124
		Citigroup Mortgage Loan Trust, Inc.
	621	Series 2005-3, Class 2A2A, VAR, 2.753%, 08/25/35		609
	1,465	Series 2005-4, Class A, VAR, 2.789%, 08/25/35		1,426
	1,678	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		1,669

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 47

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,900	Series 2005-9, Class 2A2, 5.500%, 11/25/35		1,844
	1,706	Series 2006-8, Class A3, VAR, 0.789%, 10/25/35 (e)		1,316
	37	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		37
		Credit Suisse First Boston Mortgage Securities Corp.
	607	Series 2003-29, Class 3A1, 5.500%, 12/25/33		622
	8,831	Series 2004-4, Class 4A1, 5.500%, 08/25/34		9,097
	249	Series 2004-8, Class 4A3, 5.500%, 12/25/34		253
	1,634	Series 2004-AR5, Class 6A1, VAR, 2.676%, 06/25/34		1,624
	3,171	Series 2005-2, Class 1A2, 5.250%, 01/25/28		3,178
	591	Series 2005-4, Class 3A17, 5.500%, 06/25/35		593
	3,616	Series 2005-10, Class 11A1, 5.500%, 11/25/20		3,362
	106	Series 2005-10, Class 12A1, 5.250%, 11/25/20		99
	693	Series 2005-10, Class 5A3, 5.500%, 11/25/35		624
		CSFB Mortgage-Backed Trust
	1,121	Series 2004-AR4, Class 2A1, VAR, 2.928%, 05/25/34		1,106
	6,068	Series 2004-AR4, Class 4A1, VAR, 2.915%, 05/25/34		6,052
	3,500	Series 2004-AR6, Class 7A1, VAR, 2.736%, 10/25/34		3,510
		CSMC Mortgage-Backed Trust
	126	Series 2006-8, Class 5A1, VAR, 5.693%, 10/25/26		108
	1,209	Series 2007-2, Class 3A13, 5.500%, 03/25/37		1,095
	249	Series 2007-3, Class 4A5, 5.000%, 04/25/37		233
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	296	Series 2005-1, Class 2A1, VAR, 5.840%, 02/25/20		300
	110	Series 2005-2, Class 2A1, VAR, 0.739%, 03/25/20		104
	5,180	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 0.696%, 08/19/45		4,365

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	880	Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M3, VAR, 4.039%, 04/25/24		859
		First Horizon Alternative Mortgage Securities Trust
	217	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		212
	1,062	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		1,057
		First Horizon Mortgage Pass-Through Trust
	575	Series 2004-AR7, Class 4A1, VAR, 2.641%, 02/25/35		567
	4,509	Series 2005-5, Class 1A6, 5.500%, 10/25/35		4,400
	862	Series 2006-2, Class 1A3, 6.000%, 08/25/36		810
	114	Series 2006-2, Class 1A7, 6.000%, 08/25/36		107
	866	Series 2006-3, Class 1A13, 6.250%, 11/25/36		823
		GMACM Mortgage Loan Trust
	1,327	Series 2004-AR2, Class 3A, VAR, 3.200%, 08/19/34		1,279
	815	Series 2005-AR1, Class 3A, VAR, 3.292%, 03/18/35		794
	1,886	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,537
		GSR Mortgage Loan Trust
	456	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		460
	607	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		615
	276	Series 2005-AR3, Class 6A1, VAR, 3.018%, 05/25/35		254
	5,950	Series 2005-AR4, Class 3A5, VAR, 2.816%, 07/25/35		5,505
	1,759	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,582
	2,849	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		2,548
	670	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		615
	958	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		899
	536	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.746%, 08/19/45		492

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Impac CMB Trust
	1,856	Series 2004-5, Class 1A1, VAR, 1.159%, 10/25/34		1,728
	676	Series 2004-5, Class 1M2, VAR, 1.309%, 10/25/34		618
	4,045	Series 2004-6, Class 1A2, VAR, 1.219%, 10/25/34		3,699
	1,452	Series 2004-7, Class 1A2, VAR, 1.359%, 11/25/34		1,339
	6,086	Series 2004-9, Class 1A1, VAR, 1.199%, 01/25/35		5,494
	1,318	Series 2004-10, Class 2A, VAR, 1.079%, 03/25/35		1,118
	2,474	Series 2004-10, Class 3A1, VAR, 1.139%, 03/25/35		2,217
	868	Series 2005-1, Class 1A1, VAR, 0.959%, 04/25/35		778
	924	Series 2005-4, Class 1A1A, VAR, 0.979%, 05/25/35		842
	1,107	Impac CMB Trust Series, Series 2005-2, Class 1A2, VAR, 1.059%, 04/25/35		953
	513	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		476
		IndyMac INDX Mortgage Loan Trust
	800	Series 2005-AR3, Class 3A1, VAR, 2.827%, 04/25/35		766
	1,994	Series 2005-AR14, Class 2A1A, VAR, 0.739%, 07/25/35		1,696
		JP Morgan Mortgage Trust
	364	Series 2004-A6, Class 1A1, VAR, 2.769%, 12/25/34		355
	1,032	Series 2005-A3, Class 6A6, VAR, 2.947%, 06/25/35		1,000
	425	Series 2005-A8, Class 1A1, VAR, 2.668%, 11/25/35		399
	254	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		236
	157	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		157
	861	Series 2007-A1, Class 2A2, VAR, 2.705%, 07/25/35		838
	145	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		143
	2,191	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		1,907
		Lehman XS Trust
	12,272	Series 2005-5N, Class 3A1A, VAR, 0.739%, 11/25/35		10,385

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	8,434	Series 2005-7N, Class 1A1A, VAR, 0.709%, 12/25/35		7,058
		MASTR Alternative Loan Trust
	855	Series 2004-8, Class 1A1, 6.500%, 09/25/34		896
	2,612	Series 2004-12, Class 3A1, 6.000%, 12/25/34		2,714
	889	Series 2005-3, Class 1A1, 5.500%, 04/25/35		885
	462	Series 2005-5, Class 3A1, 5.750%, 08/25/35		378
	1,422	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,245
	1,327	Series 2006-3, Class 3A1, 5.500%, 06/25/21		1,226
		Merrill Lynch Mortgage Investors Trust
	281	Series 2005-1, Class 2A1, VAR, 2.394%, 04/25/35		272
	887	Series 2005-1, Class 2A2, VAR, 2.394%, 04/25/35		856
	585	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		485
		Morgan Stanley Mortgage Loan Trust
	784	Series 2004-8AR, Class 4A1, VAR, 2.647%, 10/25/34		768
	1,249	Series 2004-9, Class 1A, VAR, 5.547%, 11/25/34		1,280
	188	Series 2005-4, Class 1A, 5.000%, 08/25/35		189
	2,195	Series 2006-2, Class 1A, 5.250%, 02/25/21		2,104
		MortgageIT Trust
	8,184	Series 2005-3, Class A1, VAR, 0.739%, 08/25/35		7,504
	1,099	Series 2005-5, Class A1, VAR, 0.699%, 12/25/35		980
	154	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		155
	3,955	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.719%, 12/25/35		3,426
		Opteum Mortgage Acceptance Corp. Trust
	1,082	Series 2005-4, Class 1A2, VAR, 0.829%, 11/25/35		982
	1,436	Series 2006-1, Class 1AC1, VAR, 0.739%, 04/25/36		1,240

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 49

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,183	Series 2006-1, Class 1APT, VAR, 0.649%, 04/25/36		975
		RALI Trust
	85	Series 2003-QS20, Class CB, 5.000%, 11/25/18		85
	3,441	Series 2004-QA3, Class CB2, VAR, 3.729%, 08/25/34		3,464
	566	Series 2004-QS15, Class A2, VAR, 0.839%, 11/25/34		547
	222	Series 2005-QS2, Class A1, 5.500%, 02/25/35		219
	3,973	Series 2005-QS6, Class A1, 5.000%, 05/25/35		3,462
	1,844	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,577
	3,668	Series 2006-QS4, Class A2, 6.000%, 04/25/36		3,003
	134	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		125
		Residential Asset Securitization Trust
	317	Series 2004-A6, Class A1, 5.000%, 08/25/19		317
	343	Series 2004-A8, Class A1, 5.250%, 11/25/34		345
	5,578	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,002
	3,314	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		3,104
	242	Series 2005-A14, Class A1, 5.500%, 12/25/35		213
		RFMSI Trust
	720	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		722
	260	Series 2005-S7, Class A6, 5.500%, 11/25/35		258
	218	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		216
	85	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		80
	1,959	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.639%, 07/20/36		1,763
		Structured Adjustable Rate Mortgage Loan Trust
	1,655	Series 2004-16, Class 5A2, VAR, 2.702%, 11/25/34		1,570
	823	Series 2005-17, Class 4A3, VAR, 2.736%, 08/25/35		801

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	1,013	Series 2003-35, Class B1, VAR, 5.508%, 12/25/33		842
	8,472	Series 2004-10, Class 1A1, VAR, 5.407%, 06/25/34		8,622
		Structured Asset Securities Corp. Trust
	671	Series 2005-6, Class 2A3, 5.500%, 05/25/35		684
	407	Series 2005-6, Class 5A2, 5.000%, 05/25/35		410
		WaMu Mortgage Pass-Through Certificates Trust
	2,249	Series 2004-AR10, Class A1B, VAR, 0.859%, 07/25/44		2,128
	2,862	Series 2004-AR11, Class A, VAR, 2.553%, 10/25/34		2,871
	8,485	Series 2005-AR5, Class A6, VAR, 2.545%, 05/25/35		8,387
	528	Series 2005-AR7, Class A3, VAR, 2.498%, 08/25/35		517
	4,321	Series 2005-AR14, Class 1A3, VAR, 2.525%, 12/25/35		4,134
	2,675	Series 2005-AR14, Class 1A4, VAR, 2.525%, 12/25/35		2,568
	83	Series 2005-AR15, Class A1A1, VAR, 0.699%, 11/25/45		76
	1,594	Series 2005-AR16, Class 1A1, VAR, 2.563%, 12/25/35		1,484
	194	Series 2005-AR18, Class 1A3A, VAR, 2.506%, 01/25/36		191
	777	Series 2006-AR2, Class 1A1, VAR, 2.513%, 03/25/36		703
	1,407	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,304
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	2,335	Series 2005-1, Class 1A3, 5.500%, 03/25/35		2,222
	1,177	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,091
	1,842	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,717
	396	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		326
	2,340	Series 2007-1, Class 2A1, 6.000%, 01/25/22		2,245

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Wells Fargo Mortgage-Backed Securities Trust
	1,086	Series 2004-BB, Class A5, VAR, 2.847%, 01/25/35		1,088
	10,551	Series 2004-DD, Class 1A1, VAR, 2.833%, 01/25/35		10,472
	401	Series 2004-DD, Class 2A6, VAR, 2.832%, 01/25/35		397
	5,525	Series 2004-M, Class A1, VAR, 2.746%, 08/25/34		5,537
	7,671	Series 2004-N, Class A6, VAR, 2.731%, 08/25/34		7,638
	7,284	Series 2004-N, Class A7, VAR, 2.731%, 08/25/34		7,252
	746	Series 2004-Q, Class 1A2, VAR, 2.741%, 09/25/34		750
	237	Series 2005-AR2, Class 2A2, VAR, 2.876%, 03/25/35		239
	835	Series 2005-AR3, Class 2A1, VAR, 2.765%, 03/25/35		839
	616	Series 2005-AR4, Class 2A2, VAR, 2.980%, 04/25/35		614
	2,930	Series 2005-AR5, Class 1A1, VAR, 3.049%, 04/25/35		2,904
	284	Series 2005-AR7, Class 2A1, VAR, 3.064%, 05/25/35		280
	5,322	Series 2005-AR8, Class 1A1, VAR, 2.881%, 06/25/35		5,381
	3,655	Series 2005-AR10, Class 1A1, VAR, 2.827%, 06/25/35		3,705
	705	Series 2005-AR11, Class 1A1, VAR, 2.776%, 06/25/35		696
	1,025	Series 2005-AR15, Class 1A6, VAR, 2.736%, 09/25/35		964
	3,826	Series 2005-AR16, Class 6A3, VAR, 2.831%, 10/25/35		3,825
	449	Series 2005-AR16, Class 7A1, VAR, 2.740%, 10/25/35		434
	1,895	Series 2006-4, Class 1A9, 5.750%, 04/25/36		1,934
	3,012	Series 2006-AR2, Class 2A1, VAR, 2.841%, 03/25/36		2,947
	531	Series 2006-AR2, Class 2A3, VAR, 2.841%, 03/25/36		520
	3,418	Series 2006-AR6, Class 5A1, VAR, 2.837%, 03/25/36		3,390
	631	Series 2006-AR19, Class A3, VAR, 5.647%, 12/25/36		589
	519	Series 2007-2, Class 1A13, 6.000%, 03/25/37		508

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	975	Series 2007-15, Class A1, 6.000%, 11/25/37		966
		Total Collateralized Mortgage Obligations (Cost $433,598)		433,660
	Commercial Mortgage-Backed Securities — 1.4%
		United States — 1.4%
		Banc of America Commercial Mortgage Trust,
	785	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		784
	3,270	Series 2006-2, Class B, VAR, 6.026%, 05/10/45		3,134
	2,350	Series 2007-3, Class AJ, VAR, 5.716%, 06/10/49		2,337
	5,000	Series 2007-3, Class B, VAR, 5.716%, 06/10/49		4,947
		Bear Stearns Commercial Mortgage Securities Trust,
	3,986	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		3,977
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		7,026
	7,080	Series 2007-PW16, Class AJ, VAR, 5.911%, 06/11/40		6,944
	5,790	Series 2007-PW17, Class AJ, VAR, 6.080%, 06/11/50		5,746
	5,769	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.454%, 07/15/44		5,763
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.326%, 11/15/44		2,476
	3,159	Series 2007-CD5, Class D, VAR, 6.326%, 11/15/44 (e)		3,162
	4,522	Citigroup Commercial Mortgage Trust, Series 2006-C4, Class AJ, VAR, 6.266%, 03/15/49		4,518
		COMM Mortgage Trust,
	4,585	Series 2006-C8, Class AJ, 5.377%, 12/10/46		4,421
	5,400	Series 2015-CR23, Class CMC, VAR, 3.807%, 05/10/48 (e)		5,045
	2,275	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.237%, 12/10/49		2,242
	2,133	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		2,132
	4,150	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		3,735

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 51

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000	Series 2006-LDP8, Class AJ, VAR, 5.480%, 05/15/45		998
	4,900	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		4,811
	6,350	Series 2007-LD11, Class AM, VAR, 5.929%, 06/15/49		6,310
	5,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		4,931
		LB-UBS Commercial Mortgage Trust,
	6,500	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		6,460
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		2,349
	4,800	Series 2007-C1, Class AJ, 5.484%, 02/15/40		4,773
	1,240	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		1,234
	9,200	Series 2007-C6, Class AJ, VAR, 6.324%, 07/15/40		9,129
	2,400	ML-CFC Commercial Mortgage Trust, Series 2006-3, Class AJ, VAR, 5.485%, 07/12/46		2,338
		Morgan Stanley Capital I Trust,
	1,053	Series 2005-HQ7, Class C, VAR, 5.359%, 11/14/42		1,051
	821	Series 2006-HQ8, Class AJ, VAR, 5.590%, 03/12/44		820
	3,480	Series 2006-HQ8, Class C, VAR, 5.590%, 03/12/44		3,343
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,561
	6,890	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		6,847
	5,225	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		5,150
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,869
	3,255	Series 2007-HQ12, Class B, VAR, 5.903%, 04/12/49		3,274
		Wachovia Bank Commercial Mortgage Trust,
	521	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		520
	3,900	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		3,812
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,318
	1,200	Series 2007-C31, Class C, VAR, 5.829%, 04/15/47		1,164

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,075	Series 2007-C33, Class AJ, VAR, 6.147%, 02/15/51		2,048
	2,650	Series 2007-C33, Class B, VAR, 6.147%, 02/15/51		2,497
	6,313	Series 2007-C33, Class C, VAR, 6.147%, 02/15/51		5,774
	2,500	Series 2007-C34, Class AJ, VAR, 6.141%, 05/15/46		2,466
	1,500	Series 2007-C34, Class B, VAR, 6.216%, 05/15/46		1,475
		Total Commercial Mortgage-Backed Securities (Cost $171,692)		165,711
SHARES
	Common Stocks — 34.1%
		Australia — 0.9%
	1,155	Dexus Property Group		7,364
	1,471	Goodman Group		7,664
	7,524	Mirvac Group		10,645
	4,508	Scentre Group		16,001
	1,930	Suncorp Group Ltd.		18,259
	2,374	Transurban Group		20,831
	3,553	Westfield Corp.		27,134
				107,898
		Belgium — 0.3%
	182	Ageas		7,158
	119	Anheuser-Busch InBev S.A./N.V.		14,710
	136	KBC Groep N.V.		7,639
	236	Proximus SADP		7,959
	26	Warehouses De Pauw CVA		2,398
				39,864
		Bermuda — 0.0% (g)
	32	Validus Holdings Ltd.		1,486
		Brazil — 0.2%
	1,236	AMBEV S.A., ADR		6,912
	199	Banco do Brasil S.A.		1,261
	617	BB Seguridade Participacoes S.A.		5,369
	371	Tractebel Energia S.A.		4,105
				17,647
		Canada — 0.2%
	382	Allied Properties Real Estate Investment Trust		10,762
	249	Canadian Apartment Properties REIT		5,925
	206	RioCan Real Estate Investment Trust		4,471
				21,158

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Chile — 0.1%
	303	Banco Santander Chile, ADR		5,887
		China — 0.1%
	6,444	China Construction Bank Corp., Class H		4,093
	2,018	Fuyao Glass Industry Group Co., Ltd., Class H (a) (e)		4,549
				8,642
		Czech Republic — 0.1%
	31	Komercni Banka A.S.		6,470
		Denmark — 0.3%
	1,098	Danske Bank A/S		31,065
	78	Pandora A/S		10,185
				41,250
		Finland — 0.8%
	235	Elisa OYJ		8,792
	218	Kone OYJ, Class B		9,951
	1,893	Nokia OYJ		11,175
	230	Nokian Renkaat OYJ		8,492
	236	Orion OYJ, Class B		8,235
	198	Sampo OYJ, Class A		8,640
	927	Stora Enso OYJ, Class R		8,101
	1,924	UPM-Kymmene OYJ		36,823
				100,209
		France — 2.4%
	205	Airbus Group SE		12,806
	603	AXA S.A.		15,232
	284	BNP Paribas S.A.		15,059
	225	Bouygues S.A.		7,502
	197	Cie Generale des Etablissements Michelin		20,561
	440	CNP Assurances		7,504
	834	Credit Agricole S.A.		9,234
	283	Eutelsat Communications S.A.		8,785
	59	Gecina S.A.		8,472
	416	Klepierre		19,562
	259	Lagardere S.C.A.		6,866
	1,149	Natixis S.A.		6,338
	689	Orange S.A.		11,453
	236	SCOR SE		8,025
	281	Societe Generale S.A.		11,062
	419	Suez Environnement Co.		7,722
	136	Technip S.A. (a)		7,997
	355	TOTAL S.A.		17,925
	253	Unibail-Rodamco SE		67,880
	392	Veolia Environnement S.A.		9,633

SHARES		SECURITY DESCRIPTION	VALUE
		France — continued
	464	Vivendi S.A.		8,916
				288,534
		Germany — 1.6%
	238	Allianz SE		40,516
	581	alstria office REIT-AG (a)		8,156
	241	Bayer AG		27,850
	419	Daimler AG		29,192
	1,645	Deutsche Telekom AG		28,870
	200	Deutsche Wohnen AG		6,126
	63	Hannover Rueck SE		7,232
	64	Muenchener Rueckversicherungs-Gesellschaft AG		11,819
	155	ProSiebenSat.1 Media SE		7,898
	175	Siemens AG		18,342
	511	TUI AG		7,423
				193,424
		Hong Kong — 0.3%
	530	China Mobile Ltd.		6,079
	2,036	China Resources Power Holdings Co., Ltd.		3,429
	245	Hang Seng Bank Ltd.		4,447
	2,008	HKT Trust & HKT Ltd.		2,910
	982	Hongkong Land Holdings Ltd.		6,218
	1,010	Link REIT		6,128
	2,125	New World Development Co., Ltd.		2,113
	1,319	Sands China Ltd.		4,700
	175	VTech Holdings Ltd.		1,809
				37,833
		Hungary — 0.0% (g)
	149	OTP Bank plc		3,949
		India — 0.1%
	710	Coal India Ltd.		3,082
	912	ITC Ltd.		4,466
				7,548
		Indonesia — 0.0% (g)
	8,535	Telekomunikasi Indonesia Persero Tbk PT (a)		2,290
		Ireland — 0.4%
	326	Accenture plc, Class A		36,778
	58	Paddy Power Betfair plc		7,857
				44,635
		Italy — 0.6%
	538	Assicurazioni Generali S.p.A.		8,225
	1,147	Atlantia S.p.A.		31,971
	4,115	Intesa Sanpaolo S.p.A.		11,438

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Italy — continued
	1,646	Snam S.p.A.		10,066
	1,331	Terna Rete Elettrica Nazionale S.p.A.		7,516
	1,999	UniCredit S.p.A.		7,751
				76,967
		Japan — 1.3%
	3	GLP J-Reit		4,109
	755	Japan Airlines Co., Ltd.		27,183
	2	Japan Logistics Fund, Inc.		5,291
	1	Japan Real Estate Investment Corp.		7,111
	2	Japan Retail Fund Investment Corp.		4,201
	856	Japan Tobacco, Inc.		34,983
	2,849	Mitsubishi UFJ Financial Group, Inc.		13,149
	3	Nippon Prologis REIT, Inc.		7,522
	821	Nippon Telegraph & Telephone Corp.		36,754
	4	Orix JREIT, Inc.		6,274
	259	Toyota Motor Corp.		13,144
				159,721
		Luxembourg — 0.1%
	92	RTL Group S.A.		7,684
		Mexico — 0.1%
	997	Bolsa Mexicana de Valores S.A.B. de C.V.		1,655
	2,445	Kimberly-Clark de Mexico S.A.B. de C.V., Class A		5,788
				7,443
		Netherlands — 1.5%
	1,082	Aegon N.V.		6,222
	61	Eurocommercial Properties N.V., CVA		2,847
	2,325	ING Groep N.V., CVA		28,490
	447	Koninklijke Ahold N.V.		9,737
	2,023	Koninklijke KPN N.V.		7,948
	906	NN Group N.V.		31,463
	1,804	Royal Dutch Shell plc, Class A		47,659
	1,387	Royal Dutch Shell plc, Class B		36,416
	170	Vastned Retail N.V.		7,484
				178,266
		Norway — 0.3%
	700	DNB ASA		8,964
	528	Gjensidige Forsikring ASA		9,040
	1,031	Orkla ASA		8,998
	190	Yara International ASA		7,606
				34,608
		Poland — 0.0% (g)
	362	Powszechny Zaklad Ubezpieczen S.A.		3,278

SHARES		SECURITY DESCRIPTION	VALUE
		Portugal — 0.2%
	2,718	EDP—Energias de Portugal S.A.		9,661
	576	Galp Energia SGPS S.A.		7,913
				17,574
		Russia — 0.1%
	98	Lukoil PJSC, ADR		4,156
	128	MegaFon PJSC, Reg. S, GDR		1,476
	147	MMC Norilsk Nickel PJSC, ADR		2,175
	217	Mobile TeleSystems PJSC, ADR		2,007
	2,563	Moscow Exchange MICEX-RTS PJSC		4,052
	166	Severstal PAO, Reg. S, GDR		1,928
				15,794
		Singapore — 0.0% (g)
	992	Ascendas Real Estate Investment Trust		1,811
	1,584	CapitaLand Commercial Trust Ltd.		1,681
	4,038	Hutchison Port Holdings Trust, Class U		1,793
				5,285
		South Africa — 0.3%
	582	AVI Ltd.		3,608
	443	Barclays Africa Group Ltd.		4,486
	223	Bidvest Group Ltd. (The)		5,661
	1,512	FirstRand Ltd.		4,859
	210	Imperial Holdings Ltd.		2,196
	1,640	Life Healthcare Group Holdings Ltd.		4,301
	2,400	MMI Holdings Ltd.		4,000
	269	Vodacom Group Ltd.		3,127
				32,238
		South Korea — 0.1%
	67	Kangwon Land, Inc.		2,497
	54	KT&G Corp.		5,839
	3	Samsung Electronics Co., Ltd.		3,161
	152	SK Telecom Co., Ltd., ADR		3,043
				14,540
		Spain — 1.0%
	432	Abertis Infraestructuras S.A.		7,290
	285	ACS Actividades de Construccion y Servicios S.A.		9,446
	43	Aena S.A. (a) (e)		6,206
	3,864	Banco de Sabadell S.A.		7,405
	2,300	Banco Popular Espanol S.A.		6,272
	2,475	Banco Santander S.A.		12,566
	300	Enagas S.A.		9,163
	436	Endesa S.A.		9,183
	292	Ferrovial S.A.		6,306

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Spain — continued
	389	Gas Natural SDG S.A.		8,121
	1,973	Iberdrola S.A.		14,046
	109	Red Electrica Corp. S.A.		9,729
	1,209	Telefonica S.A.		13,230
				118,963
		Sweden — 0.2%
	431	Electrolux AB, Series B		12,533
	203	ICA Gruppen AB		6,661
	335	Skanska AB, Class B		7,388
				26,582
		Switzerland — 0.7%
	90	Baloise Holding AG		11,095
	3	Banque Cantonale Vaudoise		2,212
	26	Cembra Money Bank AG (a)		1,790
	77	Chubb Ltd.		9,060
	92	Novartis AG		7,025
	27	Roche Holding AG		6,877
	132	Swiss Prime Site AG (a)		11,594
	318	Swiss Re AG		28,246
				77,899
		Taiwan — 0.5%
	233	Asustek Computer, Inc.		2,043
	1,690	Cheng Shin Rubber Industry Co., Ltd.		3,507
	502	Chicony Electronics Co., Ltd.		1,203
	1,082	Delta Electronics, Inc.		5,013
	921	Far EasTone Telecommunications Co., Ltd. (a)		2,077
	359	MediaTek, Inc.		2,546
	835	Novatek Microelectronics Corp.		2,910
	591	President Chain Store Corp.		4,179
	2,149	Quanta Computer, Inc.		3,454
	5,619	Siliconware Precision Industries Co., Ltd. (a)		8,319
	156	Simplo Technology Co., Ltd.		525
	1,463	Taiwan Mobile Co., Ltd.		4,823
	124	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,920
	219	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		5,160
	3,541	Vanguard International Semiconductor Corp.		5,396
				54,075
		Thailand — 0.0% (g)
	131	Siam Cement PCL (The)		1,835
	119	Siam Cement PCL (The), NVDR		1,657
				3,492

SHARES		SECURITY DESCRIPTION	VALUE
		Turkey — 0.0% (g)
	317	Eregli Demir ve Celik Fabrikalari TAS		528
	543	Tofas Turk Otomobil Fabrikasi A.S.		4,294
				4,822
		United Arab Emirates — 0.0% (g)
	1,025	First Gulf Bank PJSC		3,587
		United Kingdom — 4.8%
	268	Admiral Group plc		7,274
	702	Amec Foster Wheeler plc		5,088
	181	AstraZeneca plc		10,405
	6,298	BAE Systems plc		43,941
	964	Barratt Developments plc		7,509
	3,905	BP plc		21,517
	381	British American Tobacco plc		23,204
	1,918	British Land Co. plc (The)		20,177
	1,585	BT Group plc		10,277
	5,526	Direct Line Insurance Group plc		29,275
	295	easyJet plc		6,368
	3,097	GlaxoSmithKline plc		66,184
	256	Imperial Brands plc		13,916
	480	Inmarsat plc		6,528
	1,663	Intu Properties plc		7,407
	2,526	ITV plc		8,326
	1,881	J Sainsbury plc		7,959
	33,417	Lloyds Banking Group plc		32,799
	1,305	Marks & Spencer Group plc		8,094
	997	Meggitt plc		5,995
	988	National Grid plc		14,101
	92	Next plc		6,823
	1,157	Persimmon plc		33,657
	517	Petrofac Ltd.		6,411
	169	Provident Financial plc		7,223
	371	Rio Tinto plc		12,459
	1,117	Royal Mail plc		7,954
	1,921	Safestore Holdings plc		9,525
	2,334	Segro plc		14,261
	278	Severn Trent plc		9,072
	573	Sky plc		7,881
	440	SSE plc		9,712
	1,452	Standard Life plc		6,934
	861	Tate & Lyle plc		7,411
	3,066	Taylor Wimpey plc		8,271
	551	Unilever plc		24,639
	664	United Utilities Group plc		9,125
	10,333	Vodafone Group plc		33,290
				570,992

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States — 14.5%
	84		3M Co.		14,044
	53		AbbVie, Inc.		3,219
	1,050		Altria Group, Inc.		65,870
	159		American Campus Communities, Inc.		7,109
	101		Analog Devices, Inc.		5,679
	398		Apartment Investment & Management Co., Class A		15,933
	144		Apple, Inc.		13,501
	46		Arthur J. Gallagher & Co.		2,134
	759		AT&T, Inc.		29,459
	86		Automatic Data Processing, Inc.		7,639
	209		AvalonBay Communities, Inc.		36,896
	253		BB&T Corp.		8,960
	160		Boston Properties, Inc.		20,682
	240		Brandywine Realty Trust		3,591
	338		Bristol-Myers Squibb Co.		24,385
	—	(h)	California Resources Corp.		—	(h)
	115		Camden Property Trust		9,304
	98		Chevron Corp.		10,044
	109		Cincinnati Financial Corp.		7,165
	78		Cinemark Holdings, Inc.		2,718
	573		CME Group, Inc.		52,622
	193		CMS Energy Corp.		7,856
	196		Coca-Cola Co. (The)		8,785
	205		Columbia Pipeline Group, Inc.		5,264
	305		Comcast Corp., Class A		18,558
	109		ConocoPhillips		5,189
	1		Constar International, Inc., Class A (a)		—	(h)
	23		Cullen/Frost Bankers, Inc.		1,484
	306		DDR Corp.		5,347
	365		DiamondRock Hospitality Co.		3,253
	264		Douglas Emmett, Inc.		8,576
	74		Dr. Pepper Snapple Group, Inc.		6,684
	22		DTE Energy Co.		1,942
	353		Duke Realty Corp.		7,726
	4		Dynegy, Inc. (a)		66
	215		E.I. du Pont de Nemours & Co.		14,182
	80		Edison International		5,643
	7		EI du Pont de Nemours & Co.		434
	160		Eli Lilly & Co.		12,072
	325		Equity One, Inc.		9,185
	143		Extra Space Storage, Inc.		12,108
	217		Exxon Mobil Corp.		19,196
	127		Fidelity National Information Services, Inc.		8,338
	107		General Growth Properties, Inc.		3,002
	922		General Motors Co.		29,325

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	28		Gilead Sciences, Inc.		2,426
	1,042		HCP, Inc.		35,250
	196		Highwoods Properties, Inc.		9,162
	534		Home Depot, Inc. (The)		71,551
	143		Honeywell International, Inc.		16,368
	1,170		HP, Inc.		14,352
	137		Illinois Tool Works, Inc.		14,328
	372		Johnson & Johnson		41,723
	84		Kilroy Realty Corp.		5,427
	57		Kimberly-Clark Corp.		7,078
	1,261		Kimco Realty Corp.		35,473
	533		KLA-Tencor Corp.		37,273
	130		L Brands, Inc.		10,177
	766		LaSalle Hotel Properties		18,318
	507		Liberty Property Trust		17,689
	39		M&T Bank Corp.		4,620
	228		Macerich Co. (The)		17,331
	351		Merck & Co., Inc.		19,246
	727		MetLife, Inc.		32,780
	1,401		Microsoft Corp.		69,867
	274		Mondelez International, Inc., Class A		11,766
	558		Morgan Stanley		15,112
	117		National Health Investors, Inc.		7,982
	217		National Retail Properties, Inc.		9,505
	3		Nebraska Book Holdings, Inc. (a)		3
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B (a) (e)		100
	234		NextEra Energy, Inc.		27,507
	178		NII Holdings, Inc. (a)		938
	253		NiSource, Inc.		5,750
	135		Northern Trust Corp.		9,628
	979		Occidental Petroleum Corp.		75,046
	261		Omega Healthcare Investors, Inc.		8,801
	43		Parkway Properties, Inc.		713
	118		Pebblebrook Hotel Trust		3,269
	44		PepsiCo, Inc.		4,530
	1,755		Pfizer, Inc.		57,399
	169		Philip Morris International, Inc.		16,626
	146		PNC Financial Services Group, Inc. (The)		12,813
	60		PPG Industries, Inc.		6,571
	315		PPL Corp.		11,863
	130		Procter & Gamble Co. (The)		10,385
	1,019		Prologis, Inc.		46,272
	87		Public Storage		21,197
	289		Regency Centers Corp.		21,284
	245		Simon Property Group, Inc.		49,269

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	202	SL Green Realty Corp.		21,217
	23	Snap-on, Inc.		3,656
	3	Somerset Cayuga Holding Co., Inc. (a)		70
	2,013	Spirit Realty Capital, Inc.		23,007
	493	STORE Capital Corp.		12,643
	133	T. Rowe Price Group, Inc.		10,025
	186	Texas Instruments, Inc.		10,638
	134	Time Warner, Inc.		10,092
	175	Travelers Cos., Inc. (The)		19,186
	337	U.S. Bancorp		14,383
	149	United Technologies Corp.		15,599
	164	UnitedHealth Group, Inc.		21,643
	139	V.F. Corp.		8,764
	325	Verizon Communications, Inc.		16,556
	77	Vornado Realty Trust		7,338
	1,282	Wells Fargo & Co.		64,062
	215	Welltower, Inc.		14,941
	172	Xcel Energy, Inc.		6,904
				1,730,661
		Total Common Stocks (Cost $3,678,056)		4,073,195
PRINCIPAL AMOUNT
	Convertible Bonds — 1.2%
		Austria — 0.0% (g)
	EUR 20,065 Units	IMMOFINANZ AG, 4.250%, 03/08/18		1,006
	EUR1,800	Steinhoff Finance Holdings GmbH, 1.250%, 08/11/22		2,128
				3,134
		Bermuda — 0.0% (g)
	200	Horizon Pharma Investment Ltd., 2.500%, 03/15/22		175
		Cayman Islands — 0.1%
	HKD4,000	ASM Pacific Technology Ltd., 2.000%, 03/28/19		518
	3,000	China Overseas Finance Investment Cayman V Ltd., Zero Coupon, 01/05/23		3,023
	HKD8,000	Kingsoft Corp., Ltd., 1.250%, 04/11/19		1,002
		Qihoo 360 Technology Co., Ltd.,
	600	0.500%, 08/15/20		592
	1,400	1.750%, 08/15/21		1,383
	600	2.500%, 09/15/18		596
	1,739	SINA Corp., 1.000%, 12/01/18		1,707

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Cayman Islands — continued
	946	SouFun Holdings Ltd., 2.000%, 12/15/18		930
	500	TPK Holding Co., Ltd., Reg. S, Zero Coupon, 04/08/20		444
	1,286	Vipshop Holdings Ltd., 1.500%, 03/15/19		1,322
	620	YY, Inc., 2.250%, 04/01/19		611
	800	Zhen Ding Technology Holding Ltd., Zero Coupon, 06/26/19		797
				12,925
		France — 0.0% (g)
	EUR 17,092 Units	Air France-KLM, 2.030%, 02/15/23		2,207
	1,200	TOTAL S.A., 0.500%, 12/02/22		1,232
				3,439
		Germany — 0.0% (g)
	EUR800	Rocket Internet SE, 3.000%, 07/22/22		749
		Hong Kong — 0.0% (g)
	600	Baosteel Hong Kong Investment Co. Ltd., Zero Coupon, 12/01/18		564
		Japan — 0.0% (g)
	900	Joyo Bank Ltd. (The), Zero Coupon, 04/24/19		840
	JPY90,000	Kawasaki Kisen Kaisha Ltd., Zero Coupon, 09/26/18		831
	600	Yamaguchi Financial Group, Inc., VAR, 0.130%, 03/26/20		574
				2,245
		Luxembourg — 0.0% (g)
	EUR700	OHL Investments S.A., Reg. S, 4.000%, 04/25/18		736
	3,600	Subsea 7 S.A., Reg. S, 1.000%, 10/05/17		3,483
				4,219
		Malaysia — 0.0% (g)
	1,400	Cahaya Capital Ltd., Zero Coupon, 09/18/21		1,398
		Mexico — 0.0% (g)
	400	Cemex S.A.B. de C.V., 3.750%, 03/15/18		440
		Netherlands — 0.1%
	EUR1,900	America Movil B.V., 5.500%, 09/17/18		2,235
	EUR600	Amorim Energia B.V., Reg. S, 3.375%, 06/03/18		699
	4,680 Units	Fiat Chrysler Automobiles N.V., 7.875%, 12/15/16		3,304
	1,800	STMicroelectronics N.V., 1.000%, 07/03/21		1,648
	1,481	Yandex N.V., 1.125%, 12/15/18		1,335
				9,221

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Singapore — 0.1%
	SGD8,250	CapitaLand Ltd., Reg. S, 1.850%, 06/19/20		5,874
		South Africa — 0.0% (g)
	ZAR110	Shoprite Investments Pty Ltd., Reg. S, 6.500%, 04/03/17		807
		Spain — 0.1%
	EUR700	Criteria Caixa S.A., 1.000%, 11/25/17		794
	EUR1,900	International Consolidated Airlines Group S.A., 0.625%, 11/17/22		2,022
	EUR2,200	Telefonica Participaciones SAU, 4.900%, 09/25/17		2,199
	EUR4,300	Telefonica S.A., Reg. S, 6.000%, 07/24/17		4,748
				9,763
		Taiwan — 0.0% (g)
	500	Siliconware Precision Industries Co., Ltd., Zero Coupon, 10/31/19		516
		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
	EUR2,800	0.500%, 03/27/20		2,501
	EUR1,500	1.000%, 03/27/22		1,236
	2,800	DP World Ltd., Reg. S, 1.750%, 06/19/24		2,814
	1,200	National Bank of Abu Dhabi PJSC, 1.000%, 03/12/18		1,170
				7,721
		United Kingdom — 0.1%
	GBP700	Balfour Beatty Finance No.2 Ltd., Reg. S, 1.875%, 12/03/18		968
	GBP700	British Land White 2015 Ltd., Zero Coupon, 06/09/20		974
	HKD 14,000	Shine Power International Ltd., Zero Coupon, 07/28/19		1,764
		Vodafone Group plc,
	GBP700	Zero Coupon, 11/26/20		1,010
	GBP4,000	2.000%, 02/25/19		6,007
				10,723
		United States — 0.6%
	1,710	Akamai Technologies, Inc., Zero Coupon, 02/15/19		1,651
		Ares Capital Corp.,
	2,400	4.750%, 01/15/18		2,484
	2,374	4.875%, 03/15/17		2,433
	1,235	Brocade Communications Systems, Inc., 1.375%, 01/01/20		1,196
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		465

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	977	Cobalt International Energy, Inc., 3.125%, 05/15/24		418
	997	Colony Capital, Inc., 3.875%, 01/15/21		917
	621	Dycom Industries, Inc., 0.750%, 09/15/21 (e)		638
	1,590	Extra Space Storage LP, 3.125%, 10/01/35 (e)		1,751
	1,758	FireEye, Inc., Series B, 1.625%, 06/01/35 (e)		1,450
	649	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		625
	1,025	Impax Laboratories, Inc., 2.000%, 06/15/22 (e)		949
		Intel Corp.,
	5,169	2.950%, 12/15/35		6,400
	1,867	3.250%, 08/01/39		2,839
	456	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		422
	1,791	Liberty Interactive LLC, 4.000%, 11/15/29		1,017
	1,890	Liberty Media Corp., 1.375%, 10/15/23		1,900
	1,052	LinkedIn Corp., 0.500%, 11/01/19		982
	2,334	Microchip Technology, Inc., 1.625%, 02/15/25		2,420
	2,230	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,579
	GBP 1,300	National Grid North America, Inc., 0.900%, 11/02/20		1,941
	1,000	NRG Yield, Inc., 3.250%, 06/01/20 (e)		905
	1,564	Nuance Communications, Inc., 2.750%, 11/01/31		1,562
	950	NuVasive, Inc., 2.250%, 03/15/21 (e)		1,069
	2,079	ON Semiconductor Corp., 1.000%, 12/01/20 (e)		1,886
	2,357	Priceline Group, Inc. (The), 0.900%, 09/15/21		2,434
	1,036	Redwood Trust, Inc., 4.625%, 04/15/18		978
	546	Solarcity Corp., 1.625%, 11/01/19		355
		Spirit Realty Capital, Inc.,
	1,074	2.875%, 05/15/19		1,127
	1,082	3.750%, 05/15/21		1,173
	3,040	Starwood Property Trust, Inc., 3.750%, 10/15/17		3,019
	826	SunPower Corp., 0.875%, 06/01/21		658
	4,086	Tesla Motors, Inc., 1.250%, 03/01/21		3,741
	1,091	Trinity Industries, Inc., 3.875%, 06/01/36		1,191
		Twitter, Inc.,
	1,382	0.250%, 09/15/19		1,200

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
	1,870	1.000%, 09/15/21		1,570
	112	Upstate New York Power Producers, Inc., 20.000% (PIK), 06/15/17 (e) (v)		215
		VEREIT, Inc.,
	400	3.000%, 08/01/18		389
	2,646	3.750%, 12/15/20		2,577
	684	Verint Systems, Inc., 1.500%, 06/01/21		615
	1,688	Viavi Solutions, Inc., 0.625%, 08/15/33		1,628
	30	Whiting Petroleum Corp.,, 6.250%, 04/01/23		34
	1,616	Wright Medical Group, Inc., 2.000%, 02/15/20		1,536
	3,463	Yahoo!, Inc., Zero Coupon, 12/01/18		3,479
				67,818
		Total Convertible Bonds (Cost $146,953)		141,731
	Corporate Bonds — 39.0%
		Argentina — 0.0% (g)
		YPF S.A.,
	890	8.500%, 07/28/25 (e)		917
	950	Reg. S, 8.750%, 04/04/24		988
				1,905
		Australia — 0.1%
	7,035	BHP Billiton Finance USA Ltd., 5.000%, 09/30/43		7,857
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,580
				9,437
		Azerbaijan — 0.0% (g)
	2,800	State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/30		2,667
		Bahamas — 0.0% (g)
	5,100	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (d)		995
		Bermuda — 0.2%
		Aircastle Ltd.,
	1,062	5.000%, 04/01/23		1,082
	3,400	6.750%, 04/15/17		3,511
	7,097	7.625%, 04/15/20		8,055
	2,230	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		1,803
	425	Fly Leasing Ltd., 6.750%, 12/15/20		427
	1,076	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		1,106
		Weatherford International Ltd.,
	1,592	7.000%, 03/15/38		1,250
	831	9.625%, 03/01/19		872
				18,106

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil — 0.1%
	2,703	Banco Daycoval S.A., Reg. S, 5.750%, 03/19/19		2,703
	3,920	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		3,430
				6,133
		Canada — 1.6%
		1011778 B.C. ULC/New Red Finance, Inc.,
	1,280	4.625%, 01/15/22 (e)		1,312
	9,920	6.000%, 04/01/22 (e)		10,242
	1,632	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		1,681
		Baytex Energy Corp.,
	339	5.125%, 06/01/21 (e)		266
	359	5.625%, 06/01/24 (e)		273
		Bombardier, Inc.,
	965	4.750%, 04/15/19 (e)		897
	543	5.500%, 09/15/18 (e)		535
	648	6.125%, 01/15/23 (e)		564
	1,580	7.500%, 03/15/25 (e)		1,414
	5,963	7.750%, 03/15/20 (e)		5,889
		Cascades, Inc.,
	1,420	5.500%, 07/15/22 (e)		1,370
	1,450	5.750%, 07/15/23 (e)		1,381
		Cenovus Energy, Inc.,
	2,587	5.700%, 10/15/19		2,682
	1,672	6.750%, 11/15/39		1,624
	6,527	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		6,054
		Encana Corp.,
	178	3.900%, 11/15/21		163
	445	6.500%, 02/01/38		398
		First Quantum Minerals Ltd.,
	982	6.750%, 02/15/20 (e)		818
	600	7.250%, 10/15/19 (e)		510
	4,080	Garda World Security Corp., 7.250%, 11/15/21 (e)		3,295
	1,221	HudBay Minerals, Inc., 9.500%, 10/01/20		1,038
	2,175	Jupiter Resources, Inc., 8.500%, 10/01/22 (e)		1,381
		Lundin Mining Corp.,
	1,800	7.500%, 11/01/20 (e)		1,818
	1,795	7.875%, 11/01/22 (e)		1,817
	1,847	Masonite International Corp., 5.625%, 03/15/23 (e)		1,930
	2,118	Mattamy Group Corp., 6.500%, 11/15/20 (e)		2,052

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
		MEG Energy Corp.,
	10,225	6.375%, 01/30/23 (e)		7,790
	650	6.500%, 03/15/21 (e)		510
	2,680	7.000%, 03/31/24 (e)		2,104
		New Gold, Inc.,
	3,068	6.250%, 11/15/22 (e)		2,822
	1,054	7.000%, 04/15/20 (e)		1,028
		NOVA Chemicals Corp.,
	685	5.000%, 05/01/25 (e)		671
	2,317	5.250%, 08/01/23 (e)		2,340
	5,350	Novelis, Inc., 8.750%, 12/15/20		5,524
	1,957	Open Text Corp., 5.625%, 01/15/23 (e)		2,006
		Pacific Exploration & Production Corp.,
	1,350	5.375%, 01/26/19 (d) (e)		199
	1,350	Reg. S, 5.125%, 03/28/23 (d)		192
	880	Reg. S, 5.375%, 01/26/19 (d)		129
	1,709	Reg. S, 5.625%, 01/19/25 (d)		248
		Precision Drilling Corp.,
	1,347	5.250%, 11/15/24		1,051
	210	6.500%, 12/15/21		180
	9,545	Quebecor Media, Inc., 5.750%, 01/15/23		9,879
	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		583
	9,855	Transcanada Trust, VAR, 5.625%, 05/20/75		8,845
	4,028	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		3,253
		Ultra Petroleum Corp.,
	2,600	5.750%, 12/15/18 (d) (e)		390
	1,554	6.125%, 10/01/24 (d) (e)		233
		Valeant Pharmaceuticals International, Inc.,
	4,875	5.375%, 03/15/20 (e)		4,317
	996	5.500%, 03/01/23 (e)		847
	1,555	5.625%, 12/01/21 (e)		1,318
	28,839	5.875%, 05/15/23 (e)		24,153
	10,132	6.125%, 04/15/25 (e)		8,464
	2,675	6.375%, 10/15/20 (e)		2,424
	516	6.750%, 08/15/18 (e)		498
	7,840	6.750%, 08/15/21 (e)		6,899
	9,475	7.000%, 10/01/20 (e)		8,717
	7,262	7.250%, 07/15/22 (e)		6,409
	20,023	7.500%, 07/15/21 (e)		18,321
		Videotron Ltd.,
	3,741	5.000%, 07/15/22		3,881
	5,558	5.375%, 06/15/24 (e)		5,801
				193,430

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Cayman Islands — 0.1%
	1,470	Comcel Trust via Comunicaciones Celulares S.A., Reg. S, 6.875%, 02/06/24		1,393
	925	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		647
		Transocean, Inc.,
	460	6.500%, 11/15/20		379
	3,403	7.125%, 12/15/21		2,774
	7,407	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		7,537
	2,250	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		2,368
	1,913	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		2,022
				17,120
		Chile — 0.0% (g)
	4,040	Cencosud S.A., Reg. S, 5.500%, 01/20/21		4,293
	1,350	Empresa Electrica Angamos S.A., Reg. S, 4.875%, 05/25/29		1,262
				5,555
		Colombia — 0.1%
	7,282	Ecopetrol S.A., 7.375%, 09/18/43		6,790
		Croatia — 0.0% (g)
	2,540	Hrvatska Elektroprivreda, 5.875%, 10/23/22 (e)		2,626
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		965
	1,019	6.625%, 05/15/39		1,095
				2,060
		France — 0.3%
		Numericable-SFR S.A.,
	2,529	4.875%, 05/15/19 (e)		2,622
	18,441	6.000%, 05/15/22 (e)		18,465
	6,061	7.375%, 05/01/26 (e)		6,152
	3,730	Reg. S, 6.250%, 05/15/24 (e)		3,609
				30,848
		Georgia — 0.1%
		Georgian Railway JSC,
	4,580	7.750%, 07/11/22 (e)		4,946
	988	Reg. S, 7.750%, 07/11/22		1,067
				6,013
		Germany — 0.1%
	2,014	Unitymedia GmbH, 6.125%, 01/15/25 (e)		2,074
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	800	5.000%, 01/15/25 (e)		804

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Germany — continued
	EUR       524	5.125%, 01/21/23 (e)		639
	2,138	5.500%, 01/15/23 (e)		2,216
				5,733
		Hungary — 0.0% (g)
	3,820	MFB Magyar Fejlesztesi Bank Zrt, 6.250%, 10/21/20 (e)		4,226
		Indonesia — 0.1%
		Pertamina Persero PT,
	1,200	Reg. S, 4.875%, 05/03/22		1,237
	5,340	Reg. S, 5.250%, 05/23/21		5,614
	2,910	Reg. S, 6.000%, 05/03/42		2,801
	7,010	Reg. S, 6.450%, 05/30/44		7,111
				16,763
		Ireland — 0.5%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	500	3.750%, 05/15/19		507
	2,357	4.250%, 07/01/20		2,416
	3,260	4.500%, 05/15/21		3,366
	3,255	4.625%, 10/30/20		3,385
	783	4.625%, 07/01/22		811
	1,515	5.000%, 10/01/21		1,598
	12,283	Ardagh Packaging Finance plc, 9.125%, 10/15/20 (e)		12,928
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
	900	6.250%, 01/31/19 (e)		920
	1,000	6.750%, 01/31/21 (e)		1,003
	88	7.000%, 11/15/20 (e)		83
	5,375	7.250%, 05/15/24 (e) (w)		5,375
	350	9.125%, 10/15/20 (e)		368
	3,205	VAR, 3.634%, 12/15/19 (e)		3,237
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc.,
	10,650	6.000%, 07/15/23 (e)		10,450
	1,770	6.000%, 02/01/25 (e)		1,690
	920	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		947
	3,250	James Hardie International Finance Ltd., 5.875%, 02/15/23 (e)		3,307
	5,905	Perrigo Finance Unlimited Co., 4.900%, 12/15/44		5,648
	3,100	Russian Railways Via RZD Capital plc, Reg. S, 5.700%, 04/05/22		3,215
	2,150	Vnesheconombank Via VEB Finance plc, Reg. S, 5.942%, 11/21/23		2,150
				63,404

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Israel — 0.1%
	5,600	Israel Electric Corp., Ltd., Reg. S, Series 6, 5.000%, 11/12/24 (e)		6,020
		Italy — 0.1%
	8,600	Enel S.p.A., VAR, 8.750%, 09/24/73 (e)		9,922
	2,000	Telecom Italia S.p.A., 5.303%, 05/30/24 (e)		2,091
				12,013
		Japan — 0.0% (g)
	4,299	SoftBank Group Corp., 4.500%, 04/15/20 (e)		4,345
		Kazakhstan — 0.1%
		KazMunayGas National Co. JSC,
	11,596	Reg. S, 6.375%, 04/09/21		12,147
	2,500	Reg. S, 9.125%, 07/02/18		2,744
				14,891
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	1,315	5.250%, 11/15/22		1,409
	110	7.500%, 10/15/27		127
				1,536
		Luxembourg — 1.6%
		Actavis Funding SCS,
	6,715	4.750%, 03/15/45		6,792
	9,725	4.850%, 06/15/44		9,973
	5,150	Albea Beauty Holdings S.A., 8.375%, 11/01/19 (e)		5,408
		Altice Luxembourg S.A.,
	3,050	7.625%, 02/15/25 (e)		2,947
	9,228	7.750%, 05/15/22 (e)		9,205
		Altice Financing S.A.,
	724	6.500%, 01/15/22 (e)		728
	10,062	6.625%, 02/15/23 (e)		9,949
	3,685	7.500%, 05/15/26 (e)		3,690
	311	7.875%, 12/15/19 (e)		324
		Altice Finco S.A.,
	200	7.625%, 02/15/25 (e)		187
	200	9.875%, 12/15/20 (e)		217
		ArcelorMittal,
	2,375	6.125%, 06/01/25		2,322
	400	6.500%, 03/01/21		409
	15,585	7.250%, 02/25/22		16,393
	500	7.750%, 03/01/41		463
	2,000	8.000%, 10/15/39		1,860
	4,300	10.850%, 06/01/19		4,923

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Luxembourg — continued
	445	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, 5.625%, 12/15/16 (e)		444
	788	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		794
	5,534	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		5,672
	1,800	Gazprom OAO Via Gaz Capital S.A., Reg. S, 9.250%, 04/23/19		2,065
		INEOS Group Holdings S.A.,
	16,330	5.875%, 02/15/19 (e)		16,575
	1,378	6.125%, 08/15/18 (e)		1,395
		Intelsat Jackson Holdings S.A.,
	9,400	5.500%, 08/01/23		5,940
	5,355	6.625%, 12/15/22		3,467
	1,772	7.250%, 04/01/19		1,453
	28,072	7.250%, 10/15/20		20,493
	5,965	7.500%, 04/01/21		4,250
	2,895	8.000%, 02/15/24 (e)		2,996
	2,223	Intelsat Luxembourg S.A., 7.750%, 06/01/21		734
		Mallinckrodt International Finance S.A.,
	160	3.500%, 04/15/18		156
	539	4.750%, 04/15/23		440
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	1,675	4.875%, 04/15/20 (e)		1,608
	6,105	5.500%, 04/15/25 (e)		5,510
	8,248	5.625%, 10/15/23 (e)		7,733
	4,329	5.750%, 08/01/22 (e)		4,085
	2,550	Millicom International Cellular S.A., Reg. S, 6.625%, 10/15/21		2,582
	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)		5,463
		Russian Agricultural Bank OJSC Via RSHB Capital S.A.,
	2,010	Reg. S, 5.298%, 12/27/17		2,058
	1,650	Reg. S, 7.750%, 05/29/18		1,771
	3,650	Sberbank of Russia Via SB Capital SA, Reg. S, 4.950%, 02/07/17		3,714
	2,200	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.750%, 05/01/22 (e)		2,277
	2,081	VTB Bank OJSC Via VTB Capital S.A., Reg. S, 6.950%, 10/17/22		2,081

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
		Wind Acquisition Finance S.A.,
	6,237	4.750%, 07/15/20 (e)		5,953
	2,584	7.375%, 04/23/21 (e)		2,300
				192,786
		Malaysia — 0.0% (g)
	1,200	Petronas Capital Ltd., Reg. S, 4.500%, 03/18/45		1,252
		Mexico — 0.5%
		Alfa S.A.B. de C.V.,
	3,412	6.875%, 03/25/44 (e)		3,506
	4,500	Reg. S, 5.250%, 03/25/24		4,781
	2,600	BBVA Bancomer S.A., Reg. S, 6.750%, 09/30/22		2,840
		Cemex S.A.B. de C.V.,
	890	5.700%, 01/11/25 (e)		857
	6,160	6.125%, 05/05/25 (e)		6,021
	10,000	7.250%, 01/15/21 (e)		10,614
	300	VAR, 5.378%, 10/15/18 (e)		310
	2,150	Grupo KUO S.A.B. de C.V., Reg. S, 6.250%, 12/04/22		2,137
	2,154	Mexichem S.A.B. de C.V., Reg. S, 6.750%, 09/19/42		2,167
	3,229	Nemak S.A.B de C.V., Reg. S, 5.500%, 02/28/23		3,338
		Petroleos Mexicanos,
	3,649	5.625%, 01/23/46		3,247
	3,170	6.500%, 06/02/41		3,164
	7,320	6.625%, 06/15/35		7,430	��
	2,750	6.875%, 08/04/26 (e)		3,035
				53,447
		Morocco — 0.1%
		OCP S.A.,
	8,470	Reg. S, 5.625%, 04/25/24	��	8,904
	6,671	Reg. S, 6.875%, 04/25/44		6,953
				15,857
		Netherlands — 0.6%
	985	Basell Finance Co., B.V., 8.100%, 03/15/27 (e)		1,280
	2,680	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23		2,885
		Bluewater Holding B.V.,
	1,600	10.000%, 12/10/19 (e)		800
	3,000	Reg. S, 10.000%, 12/10/19 (e)		1,500

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Netherlands — continued
		Fiat Chrysler Automobiles N.V.,
	2,584	4.500%, 04/15/20		2,641
	7,732	5.250%, 04/15/23		7,819
	746	InterGen N.V., 7.000%, 06/30/23 (e)		515
	2,825	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.950%, 07/10/42		2,634
	4,372	LYB International Finance B.V., 4.875%, 03/15/44		4,566
	3,350	Majapahit Holding B.V., Reg. S, 7.750%, 01/20/20		3,827
		NXP B.V./NXP Funding LLC,
	162	3.500%, 09/15/16 (e)		163
	1,000	3.750%, 06/01/18 (e)		1,024
	2,281	4.125%, 06/15/20 (e)		2,344
	2,665	4.625%, 06/15/22 (e)		2,765
	5,902	5.750%, 02/15/21 (e)		6,182
	6,874	5.750%, 03/15/23 (e)		7,269
		Petrobras Global Finance B.V.,
	3,480	5.375%, 01/27/21		3,088
	1,650	5.750%, 01/20/20		1,514
		Schaeffler Finance B.V.,
	1,750	4.250%, 05/15/21 (e)		1,798
	975	4.750%, 05/15/21 (e)		1,002
	2,755	4.750%, 05/15/23 (e)		2,831
		Sensata Technologies B.V.,
	2,978	4.875%, 10/15/23 (e)		3,000
	3,095	5.000%, 10/01/25 (e)		3,111
	514	5.625%, 11/01/24 (e)		537
	1,620	Shell International Finance B.V., 4.375%, 05/11/45		1,724
	1,025	Ziggo Bond Finance B.V., 5.875%, 01/15/25 (e)		1,015
				67,834
		Peru — 0.1%
	2,950	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		3,068
	2,800	BBVA Banco Continental S.A., Reg. S, 5.000%, 08/26/22		3,020
	1,924	Consorcio Transmantaro S.A., Reg. S, 4.375%, 05/07/23		1,917
				8,005
		Singapore — 0.0% (g)
	480	Flextronics International Ltd., 5.000%, 02/15/23		491

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Sri Lanka — 0.0% (g)
	680	National Savings Bank, 5.150%, 09/10/19 (e)		646
		Turkey — 0.0% (g)
	1,550	Akbank TAS, Reg. S, 5.125%, 03/31/25		1,546
	1,500	Turkiye Garanti Bankasi AS, Reg. S, 5.250%, 09/13/22		1,539
				3,085
		United Arab Emirates — 0.0% (g)
	3,100	DP World Ltd., Reg. S, 6.850%, 07/02/37		3,216
		United Kingdom — 0.6%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		19
	3,646	Anglo American Capital plc, 4.875%, 05/14/25 (e)		3,328
		Ensco plc,
	429	4.500%, 10/01/24		308
	859	4.700%, 03/15/21		719
		International Game Technology plc,
	7,825	6.250%, 02/15/22 (e)		7,963
	5,975	6.500%, 02/15/25 (e)		6,050
		Jaguar Land Rover Automotive plc,
	3,528	4.125%, 12/15/18 (e)		3,625
	1,814	4.250%, 11/15/19 (e)		1,873
	300	5.625%, 02/01/23 (e)		317
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,576
	643	6.000%, 12/19/23		658
	6,288	6.100%, 06/10/23		6,515
	14,647	6.125%, 12/15/22		15,660
	2,631	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (e)		868
	9,661	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		10,313
	1,470	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		1,488
		Virgin Media Finance plc,
	889	5.750%, 01/15/25 (e)		896
	1,400	6.000%, 10/15/24 (e)		1,428
	1,343	6.375%, 04/15/23 (e)		1,383
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		978
	8,606	5.375%, 04/15/21 (e)		8,993
				74,958

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — 31.8%
		21st Century Fox America, Inc.,
	6,795	4.750%, 09/15/44		7,258
	4,795	4.950%, 10/15/45		5,318
	985	A Schulman, Inc., 6.875%, 06/01/23 (e)		987
	14,294	AbbVie, Inc., 4.700%, 05/14/45		15,181
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		527
	700	5.625%, 02/15/23		716
	528	6.125%, 03/15/21		549
	1,000	6.500%, 03/01/24 (e)		1,055
	9,395	ACCO Brands Corp., 6.750%, 04/30/20		9,959
	2,877	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		1,395
	2,375	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		2,452
		Activision Blizzard, Inc.,
	1,335	5.625%, 09/15/21 (e)		1,405
	835	6.125%, 09/15/23 (e)		909
		ADT Corp. (The),
	7,985	3.500%, 07/15/22		7,326
	5,830	4.125%, 06/15/23		5,422
		Advanced Micro Devices, Inc.,
	1,794	6.750%, 03/01/19		1,511
	2,728	7.000%, 07/01/24		2,053
	460	7.500%, 08/15/22		357
	1,406	7.750%, 08/01/20		1,139
		AECOM,
	2,780	5.750%, 10/15/22		2,898
	9,373	5.875%, 10/15/24		9,842
	5,371	Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		5,666
		AES Corp.,
	1,900	4.875%, 05/15/23		1,871
	2,849	5.500%, 03/15/24		2,885
	6,285	5.500%, 04/15/25		6,301
	6,704	7.375%, 07/01/21		7,693
	2,271	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		1,732
	4,785	Air Medical Merger Sub Corp., 6.375%, 05/15/23 (e)		4,594
	2,135	AK Steel Corp., 8.750%, 12/01/18		2,204
	6,461	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		6,911
	1,045	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		1,118
		Alcoa, Inc.,
	9,295	5.125%, 10/01/24		9,051
	2,063	5.400%, 04/15/21		2,094
	1,167	5.870%, 02/23/22		1,190

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,831	5.900%, 02/01/27		1,779
	524	6.150%, 08/15/20		556
	1,469	6.750%, 01/15/28		1,454
		Alere, Inc.,
	497	6.375%, 07/01/23 (e)		507
	3,955	6.500%, 06/15/20		3,915
		Aleris International, Inc.,
	240	7.875%, 11/01/20		213
	1,975	9.500%, 04/01/21 (e)		2,064
	1,430	Allegheny Technologies, Inc., 7.875%, 08/15/23		1,173
	1,939	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		1,866
	9,065	Allstate Corp. (The), VAR, 5.750%, 08/15/53		9,326
		Ally Financial, Inc.,
	1,353	3.250%, 02/13/18		1,353
	12,325	3.500%, 01/27/19		12,248
	1,872	3.600%, 05/21/18		1,881
	5,200	4.125%, 03/30/20		5,297
	3,039	4.125%, 02/13/22		3,085
	14,172	4.625%, 05/19/22		14,526
	11,685	4.625%, 03/30/25		11,802
	1,746	4.750%, 09/10/18		1,790
	3,835	5.125%, 09/30/24		4,017
	2,855	5.750%, 11/20/25		2,891
	4,070	8.000%, 11/01/31		4,874
		Altice U.S. Finance I Corp.,
	289	5.375%, 07/15/23 (e)		295
	3,703	5.500%, 05/15/26 (e)		3,740
	2,390	Amazon.com, Inc., 4.950%, 12/05/44		2,792
		AMC Entertainment, Inc.,
	5,075	5.750%, 06/15/25		5,202
	1,400	5.875%, 02/15/22		1,452
		AMC Networks, Inc.,
	2,100	4.750%, 12/15/22		2,116
	8,455	5.000%, 04/01/24		8,465
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,664
	3,925	6.625%, 10/15/22		4,150
	3,450	7.750%, 11/15/19		3,847
		American International Group, Inc.,
	4,240	4.500%, 07/16/44		4,096
	8,855	4.800%, 07/10/45		8,970
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		361
	1,950	7.000%, 05/20/22		2,060

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,314
	84	6.500%, 05/20/21		86
	8,290	Amgen, Inc., 4.400%, 05/01/45		8,611
		Amkor Technology, Inc.,
	9,149	6.375%, 10/01/22		8,714
	4,556	6.625%, 06/01/21		4,425
		Amsurg Corp.,
	1,000	5.625%, 11/30/20		1,025
	1,050	5.625%, 07/15/22		1,078
		Anadarko Petroleum Corp.,
	830	4.850%, 03/15/21		866
	581	5.550%, 03/15/26		623
	581	6.600%, 03/15/46		657
	19,490	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		22,103
		Anixter, Inc.,
	6,606	5.500%, 03/01/23 (e)		6,755
	2,060	5.625%, 05/01/19		2,183
		Antero Resources Corp.,
	4,043	5.125%, 12/01/22		3,881
	2,910	5.375%, 11/01/21		2,816
	3,660	5.625%, 06/01/23		3,550
	1,565	6.000%, 12/01/20		1,568
	3,640	Anthem, Inc., 5.100%, 01/15/44		4,004
		Apache Corp.,
	732	3.250%, 04/15/22		729
	1,172	4.750%, 04/15/43		1,146
	200	5.100%, 09/01/40		200
	341	6.000%, 01/15/37		368
	8,500	Apple, Inc., 4.650%, 02/23/46		9,334
	1,120	Aramark Services, Inc., 5.125%, 01/15/24		1,184
	920	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		722
	17,930	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		18,333
	15,942	Ashland, Inc., 4.750%, 08/15/22		16,034
		Ashtead Capital, Inc.,
	3,100	5.625%, 10/01/24 (e)		3,224
	7,485	6.500%, 07/15/22 (e)		7,897
		AT&T, Inc.,
	1,765	4.300%, 12/15/42		1,674
	4,700	4.350%, 06/15/45		4,405
	8,215	4.750%, 05/15/46		8,278

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,850	5.150%, 03/15/42		4,044
	3,610	5.650%, 02/15/47		4,067
	275	AutoNation, Inc., 5.500%, 02/01/20		300
		Avaya, Inc.,
	6,240	7.000%, 04/01/19 (e)		3,978
	5,235	9.000%, 04/01/19 (e)		3,324
	3,225	10.500%, 03/01/21 (e)		694
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	1,400	5.125%, 06/01/22 (e)		1,329
	9,095	5.500%, 04/01/23		8,693
	3,500	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B B.V., 7.375%, 05/01/21 (e)		3,701
	2,807	Axiall Corp., 4.875%, 05/15/23		2,775
	4,450	B&G Foods, Inc., 4.625%, 06/01/21		4,522
		Ball Corp.,
	495	4.000%, 11/15/23		490
	1,850	4.375%, 12/15/20		1,924
	905	5.000%, 03/15/22		948
	1,962	5.250%, 07/01/25		2,064
	1,233	Basic Energy Services, Inc., 7.750%, 10/15/22		391
	9,160	Baxalta, Inc., 5.250%, 06/23/45 (e)		9,889
	1,807	Becton, Dickinson and Co., 4.685%, 12/15/44		1,999
		Belden, Inc.,
	500	5.250%, 07/15/24 (e)		487
	5,499	5.500%, 09/01/22 (e)		5,554
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,894
	500	6.000%, 10/15/22 (e)		522
	7,755	Biogen, Inc., 5.200%, 09/15/45		8,837
	1,875	Blackboard, Inc., 7.750%, 11/15/19 (e)		1,500
	1,650	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		1,737
		Blue Cube Spinco, Inc.,
	5,012	9.750%, 10/15/23 (e)		5,720
	6,057	10.000%, 10/15/25 (e)		6,981
	5,997	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		5,307
	3,055	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		2,681
		Boyd Gaming Corp.,
	970	6.375%, 04/01/26 (e)		992
	6,065	6.875%, 05/15/23		6,292

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	940	7.875%, 04/15/22		66
	3,885	8.625%, 10/15/20		281
	1,500	Briggs & Stratton Corp., 6.875%, 12/15/20		1,631
	1,875	Buckeye Partners LP, 4.875%, 02/01/21		1,941
	7,840	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		7,879
	3,305	Burlington Northern Santa Fe LLC, 4.700%, 09/01/45		3,770
		Cablevision Systems Corp.,
	1,275	7.750%, 04/15/18		1,335
	5,900	8.000%, 04/15/20		5,912
	2,179	8.625%, 09/15/17		2,310
		Caesars Entertainment Operating Co., Inc.,
	5,850	8.500%, 02/15/20 (d)		5,280
	10,800	9.000%, 02/15/20 (d)		9,747
	6,390	11.250%, 06/01/17 (d)		5,719
		CalAtlantic Group, Inc.,
	1,240	5.375%, 10/01/22		1,278
	1,538	5.875%, 11/15/24		1,626
	1,275	8.375%, 01/15/21		1,501
	319	10.750%, 09/15/16		329
	2,759	Caleres, Inc., 6.250%, 08/15/23		2,814
		California Resources Corp.,
	153	5.000%, 01/15/20		66
	514	5.500%, 09/15/21		211
	178	6.000%, 11/15/24		74
	2,261	8.000%, 12/15/22 (e)		1,554
		Calpine Corp.,
	1,139	5.375%, 01/15/23		1,149
	1,500	5.500%, 02/01/24		1,515
	1,140	5.750%, 01/15/25		1,151
	4,467	5.875%, 01/15/24 (e)		4,741
	4,101	6.000%, 01/15/22 (e)		4,332
	4,775	Casella Waste Systems, Inc., 7.750%, 02/15/19		4,865
	905	CCM Merger, Inc., 9.125%, 05/01/19 (e)		943
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	5,810	5.125%, 05/01/23 (e)		5,926
	4,008	5.375%, 05/01/25 (e)		4,103
	9,840	5.500%, 05/01/26 (e)		10,037
	266	5.750%, 09/01/23		280
	18,762	5.875%, 04/01/24 (e)		19,653
	6,100	6.500%, 04/30/21		6,312

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	559	6.625%, 01/31/22		594
	857	7.000%, 01/15/19		872
	12,297	7.375%, 06/01/20		12,752
		CCO Safari II LLC,
	1,319	4.464%, 07/23/22 (e)		1,402
	19,170	6.484%, 10/23/45 (e)		22,647
	8,746	CCOH Safari LLC, 5.750%, 02/15/26 (e)		9,030
		CDW LLC/CDW Finance Corp.,
	1,861	5.000%, 09/01/23		1,906
	875	5.500%, 12/01/24		921
	996	CEB, Inc., 5.625%, 06/15/23 (e)		998
		Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	1,095	5.250%, 03/15/21		1,142
	575	5.375%, 06/01/24		600
	8,615	Celgene Corp., 5.000%, 08/15/45		9,461
		Cemex Finance LLC,
	225	6.000%, 04/01/24 (e)		224
	6,690	9.375%, 10/12/22 (e)		7,326
		Centene Corp.,
	2,570	5.625%, 02/15/21 (e)		2,705
	1,745	6.125%, 02/15/24 (e)		1,841
	2,138	Centerpoint Energy Resources Corp., 4.184%, 09/15/29		1,394
	650	Central Garden & Pet Co., 6.125%, 11/15/23		683
		CenturyLink, Inc.,
	13,146	Series T, 5.800%, 03/15/22		12,982
	7,375	Series W, 6.750%, 12/01/23		7,264
	1,275	Cenveo Corp., 8.500%, 09/15/22 (e)		701
		CF Industries, Inc.,
	4,540	4.950%, 06/01/43		4,262
	7,555	5.375%, 03/15/44		7,439
		Change Healthcare Holdings, Inc.,
	4,180	6.000%, 02/15/21 (e)		4,222
	4,435	11.000%, 12/31/19		4,720
		Chemours Co. (The),
	2,500	6.625%, 05/15/23 (e)		2,188
	1,500	7.000%, 05/15/25 (e)		1,301
	11,338	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		7,710
	828	Choice Hotels International, Inc., 5.750%, 07/01/22		890
		CHS/Community Health Systems, Inc.,
	750	5.125%, 08/15/18		759
	2,085	5.125%, 08/01/21		2,091
	4,257	6.875%, 02/01/22		3,853

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,575	7.125%, 07/15/20		2,486
	2,889	8.000%, 11/15/19		2,907
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		84
		Cimarex Energy Co.,
	975	4.375%, 06/01/24		994
	1,290	5.875%, 05/01/22		1,349
	4,767	Cincinnati Bell, Inc., 8.375%, 10/15/20		4,886
		Cinemark USA, Inc.,
	3,350	4.875%, 06/01/23		3,325
	2,412	5.125%, 12/15/22		2,497
		CIT Group, Inc.,
	1,149	4.250%, 08/15/17		1,165
	2,161	5.000%, 05/15/17		2,206
	7,263	5.000%, 08/15/22		7,608
	990	5.250%, 03/15/18		1,021
	9,242	5.375%, 05/15/20		9,692
	17,825	5.500%, 02/15/19 (e)		18,672
	2,580	6.625%, 04/01/18 (e)		2,719
	2,077	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		2,038
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,860
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		756
	3,518	8.875%, 03/15/19		967
	11,608	9.000%, 03/15/19 (e)		8,358
	6,200	Clean Harbors, Inc., 5.250%, 08/01/20		6,378
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.500%, 11/15/22		1,625
	33,035	Series B, 6.500%, 11/15/22		33,200
	115	Series A, 7.625%, 03/15/20		100
	21,463	Series B, 7.625%, 03/15/20		19,894
		Clearwater Paper Corp.,
	3,025	4.500%, 02/01/23		2,995
	900	5.375%, 02/01/25 (e)		895
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	416	6.375%, 03/15/24		144
	284	8.500%, 12/15/19		129
	2,530	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		1,126
		CNH Industrial Capital LLC,
	2,800	4.375%, 11/06/20		2,783
	8,650	4.875%, 04/01/21		8,650
		CNO Financial Group, Inc.,
	600	4.500%, 05/30/20		618
	5,015	5.250%, 05/30/25		5,162

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,977	Coeur Mining, Inc., 7.875%, 02/01/21		2,635
	954	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		937
	3,900	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		3,881
	1,930	Comcast Corp., 4.750%, 03/01/44		2,234
	2,832	Commercial Metals Co., 4.875%, 05/15/23		2,577
	9,502	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		9,740
		CommScope, Inc.,
	358	4.375%, 06/15/20 (e) (w)		370
	2,355	5.000%, 06/15/21 (e)		2,390
	5,188	5.500%, 06/15/24 (e)		5,204
		Communications Sales & Leasing, Inc./CSL Capital LLC,
	3,130	6.000%, 04/15/23 (e)		3,114
	7,150	8.250%, 10/15/23		6,775
		Concho Resources, Inc.,
	1,447	5.500%, 04/01/23		1,458
	1,834	6.500%, 01/15/22		1,907
	2,194	ConocoPhillips Co., 4.300%, 11/15/44		2,128
	1,855	CONSOL Energy, Inc., 5.875%, 04/15/22		1,544
	2,232	Consolidated Communications, Inc., 6.500%, 10/01/22		2,020
	1,270	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/54		1,402
	30	Constar International, Inc., 11.000%, 12/31/17 (d)		3
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		310
	995	4.750%, 11/15/24		1,055
	1,865	4.750%, 12/01/25		1,979
	510	6.000%, 05/01/22		580
	1,000	7.250%, 09/01/16		1,017
	1,181	Continental Airlines 2003-ERJ1 Pass-Through Trust, Series RJ03, 7.875%, 07/02/18		1,228
	50	Continental Airlines 2004-ERJ1 Pass-Through Trust, Series RJ04, 9.558%, 09/01/19		53
	996	Continental Airlines 2005-ERJ1 Pass-Through Trust, Series ERJ1, 9.798%, 04/01/21		1,083
	1,344	Continental Airlines 2012-3 Class C Pass-Through Certificates, Class C, 6.125%, 04/29/18		1,411
		Continental Resources, Inc.,
	9,294	5.000%, 09/15/22		8,678
	468	7.125%, 04/01/21		475

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Corrections Corp. of America,
	10,100	4.125%, 04/01/20		10,390
	2,400	4.625%, 05/01/23		2,445
		Cott Beverages, Inc.,
	3,076	5.375%, 07/01/22		3,160
	5,762	6.750%, 01/01/20		6,036
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		238
	577	6.375%, 10/01/22		594
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	349	6.000%, 12/15/20		330
	3,830	6.125%, 03/01/22		3,495
	1,409	6.250%, 04/01/23 (e)		1,286
	1,770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		1,805
	1,863	Crown Castle International Corp., 4.875%, 04/15/22		2,021
	1,600	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		1,256
	433	CST Brands, Inc., 5.000%, 05/01/23		438
	9,967	CVS Health Corp., 5.125%, 07/20/45		11,648
		D.R. Horton, Inc.,
	590	4.375%, 09/15/22		600
	964	4.750%, 02/15/23		998
		Dana Holding Corp.,
	7,550	5.500%, 12/15/24		7,342
	5,500	6.000%, 09/15/23		5,555
	1,359	6.750%, 02/15/21		1,407
	4,795	Darling Ingredients, Inc., 5.375%, 01/15/22		4,999
		DaVita HealthCare Partners, Inc.,
	7,480	5.000%, 05/01/25		7,480
	2,890	5.125%, 07/15/24		2,941
	1,275	5.750%, 08/15/22		1,336
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		7,075
	39	Delta Air Lines 2009-1 Series B Pass-Through Trust, Series B, 9.750%, 12/17/16		41
	375	Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.750%, 05/07/20		398
	470	Delta Air Lines 2012-1 Class B Pass-Through Trust, Series B, 6.875%, 05/07/19 (e)		510
	8,308	Denali International LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		8,744
		Denbury Resources, Inc.,
	4,635	4.625%, 07/15/23		2,723
	3,350	5.500%, 05/01/22		2,152

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	6,625	Devon Energy Corp., 5.000%, 06/15/45		5,701
	3,965	Diebold, Inc., 8.500%, 04/15/24 (e)		4,015
		DISH DBS Corp.,
	6,220	5.000%, 03/15/23		5,691
	20,775	5.875%, 07/15/22		20,204
	14,496	5.875%, 11/15/24		13,605
	24,719	6.750%, 06/01/21		25,466
	530	7.875%, 09/01/19		584
	6,950	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		6,081
	5,098	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		5,444
	1,857	Dominion Gas Holdings LLC, 4.600%, 12/15/44		1,849
		Dominion Resources, Inc.,
	4,755	4.700%, 12/01/44		5,062
	17,485	VAR, 5.750%, 10/01/54		16,829
	1,984	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		1,887
	4,775	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		5,085
	3,419	DS Services of America, Inc., 10.000%, 09/01/21 (e)		3,881
	1,668	DuPont Fabros Technology LP, 5.875%, 09/15/21		1,751
		Dynegy, Inc.,
	5,138	5.875%, 06/01/23		4,650
	5,020	7.375%, 11/01/22		4,959
	2,135	7.625%, 11/01/24		2,087
		E*TRADE Financial Corp.,
	4,424	4.625%, 09/15/23		4,478
	720	5.375%, 11/15/22		764
	560	Eldorado Resorts, Inc., 7.000%, 08/01/23		584
	20,060	Embarq Corp., 7.995%, 06/01/36		20,060
	491	Enable Midstream Partners LP, 5.000%, 05/15/44		366
	3,026	Endo Finance LLC, 5.750%, 01/15/22 (e)		2,965
	1,846	Endo Finance LLC/Endo Finco, Inc., 7.750%, 01/15/22 (e)		1,911
	8,500	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		8,501
		Energy Transfer Equity LP,
	6,102	5.875%, 01/15/24		5,705
	1,055	7.500%, 10/15/20		1,063
		Energy Transfer Partners LP,
	3,020	5.150%, 02/01/43		2,558
	2,945	6.125%, 12/15/45		2,818

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,670	EnerSys, 5.000%, 04/30/23 (e)		1,662
	455	EnLink Midstream Partners LP/EnLink Midstream Finance Corp., 7.125%, 06/01/22		434
	3,763	Entegris, Inc., 6.000%, 04/01/22 (e)		3,876
		Enterprise Products Operating LLC,
	2,890	4.850%, 03/15/44		2,917
��	7,000	4.900%, 05/15/46		7,085
	1,754	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		1,785
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	993	6.375%, 06/15/23		571
	4,036	7.750%, 09/01/22		2,341
	16,975	9.375%, 05/01/20		11,066
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,374
	3,098	5.375%, 01/01/22		3,237
	950	5.375%, 04/01/23		993
	948	5.750%, 01/01/25		992
	2,745	5.875%, 01/15/26		2,905
	3,517	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		3,469
		Exelon Corp.,
	4,355	4.450%, 04/15/46		4,496
	3,750	5.100%, 06/15/45 (e)		4,249
	5,835	Express Scripts Holding Co., 6.125%, 11/15/41		6,561
		FedEx Corp.,
	7,815	4.550%, 04/01/46		8,323
	2,215	4.750%, 11/15/45		2,428
	685	FelCor Lodging LP, 6.000%, 06/01/25		707
	2,085	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		1,944
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,605
		First Data Corp.,
	4,215	5.000%, 01/15/24 (e)		4,257
	13,050	5.375%, 08/15/23 (e)		13,491
	26,627	5.750%, 01/15/24 (e)		27,026
	5,563	6.750%, 11/01/20 (e)		5,841
	14,608	7.000%, 12/01/23 (e)		15,010
	16,120	Ford Motor Co., 4.750%, 01/15/43		16,758
	5,500	Ford Motor Credit Co. LLC, 5.000%, 05/15/18		5,850
		Freeport-McMoRan, Inc.,
	2,395	3.100%, 03/15/20		2,155

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	720	3.550%, 03/01/22		601
	6,980	3.875%, 03/15/23		5,846
	375	5.400%, 11/14/34		287
	7,205	5.450%, 03/15/43		5,404
		Freescale Semiconductor, Inc.,
	770	5.000%, 05/15/21 (e)		801
	549	6.000%, 01/15/22 (e)		582
		Fresenius Medical Care U.S. Finance II, Inc.,
	860	4.125%, 10/15/20 (e)		890
	2,965	4.750%, 10/15/24 (e)		3,076
	3,183	5.625%, 07/31/19 (e)		3,466
	3,357	5.875%, 01/31/22 (e)		3,693
	400	6.500%, 09/15/18 (e)		439
	1,850	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		2,026
		Frontier Communications Corp.,
	430	6.250%, 09/15/21		400
	865	7.125%, 03/15/19		913
	365	8.125%, 10/01/18		393
	5,988	8.500%, 04/15/20		6,332
	957	8.750%, 04/15/22		945
	715	8.875%, 09/15/20 (e)		757
	5,660	9.250%, 07/01/21		5,900
	12,248	10.500%, 09/15/22 (e)		12,602
	21,607	11.000%, 09/15/25 (e)		21,823
	900	FTI Consulting, Inc., 6.000%, 11/15/22		947
	1,625	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		1,389
	2,850	GCI, Inc., 6.750%, 06/01/21		2,879
	3,527	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		3,862
	5,100	General Cable Corp., 5.750%, 10/01/22		4,577
		General Motors Co.,
	12,250	4.875%, 10/02/23		13,114
	9,020	6.250%, 10/02/43		10,165
	3,665	6.750%, 04/01/46		4,423
		General Motors Financial Co., Inc.,
	3,796	3.250%, 05/15/18		3,883
	700	3.450%, 04/10/22		703
	205	4.250%, 05/15/23		211
	1,050	4.750%, 08/15/17		1,091
		Genesis Energy LP/Genesis Energy Finance Corp.,
	2,418	5.625%, 06/15/24		2,188
	859	6.000%, 05/15/23		795
	780	6.750%, 08/01/22		749

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		GenOn Energy, Inc.,
	1,000	9.500%, 10/15/18		775
	3,848	9.875%, 10/15/20		2,694
		GEO Group, Inc. (The),
	8,550	5.875%, 01/15/22		8,721
	2,215	6.000%, 04/15/26		2,269
	9,260	Gilead Sciences, Inc., 4.750%, 03/01/46		10,272
	1,250	Global Partners LP/GLP Finance Corp., 7.000%, 06/15/23		1,051
		GLP Capital LP/GLP Financing II, Inc.,
	160	4.375%, 04/15/21		164
	4,035	5.375%, 11/01/23		4,201
	1,555	5.375%, 04/15/26		1,621
	1,890	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		1,961
	3,076	Goodman Networks, Inc., 12.125%, 07/01/18		1,492
		Goodyear Tire & Rubber Co. (The),
	1,685	5.125%, 11/15/23		1,740
	3,980	6.500%, 03/01/21		4,191
	5,787	7.000%, 05/15/22		6,250
	3,179	8.750%, 08/15/20		3,767
		Graphic Packaging International, Inc.,
	1,187	4.750%, 04/15/21		1,239
	570	4.875%, 11/15/22		587
	2,550	Gray Television, Inc., 7.500%, 10/01/20		2,671
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,262
	755	Griffon Corp., 5.250%, 03/01/22		759
	2,460	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		2,448
	933	Guitar Center, Inc., 6.500%, 04/15/19 (e)		847
	9,544	H&E Equipment Services, Inc., 7.000%, 09/01/22		9,639
	5,608	Halcon Resources Corp., 13.000%, 02/15/22 (e)		1,795
	14,120	Halliburton Co., 5.000%, 11/15/45		14,465
	1,650	Halyard Health, Inc., 6.250%, 10/15/22		1,675
	2,100	Hanesbrands, Inc., 6.375%, 12/15/20		2,174
	2,870	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,267
		Harland Clarke Holdings Corp.,
	2,075	6.875%, 03/01/20 (e)		1,888
	395	9.750%, 08/01/18 (e)		395
	2,080	Harris Corp., 5.054%, 04/27/45		2,250
	650	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		702

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,450	HCA Holdings, Inc., 6.250%, 02/15/21		2,662
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,382
	1,410	4.250%, 10/15/19		1,466
	1,976	5.000%, 03/15/24		2,045
	2,275	5.250%, 04/15/25		2,355
	2,985	5.250%, 06/15/26		3,101
	31,146	5.375%, 02/01/25		31,847
	2,480	5.875%, 03/15/22		2,709
	2,735	Series 1, 5.875%, 05/01/23		2,877
	6,435	5.875%, 02/15/26		6,676
	15,576	6.500%, 02/15/20		17,250
	29,753	7.500%, 02/15/22		33,695
	1,400	8.000%, 10/01/18		1,584
		HD Supply, Inc.,
	13,485	5.250%, 12/15/21 (e)		14,159
	1,225	5.750%, 04/15/24 (e)		1,285
	1,882	7.500%, 07/15/20		1,997
	1,425	Headwaters, Inc., 7.250%, 01/15/19		1,468
		HealthSouth Corp.,
	2,820	5.750%, 11/01/24		2,912
	3,650	5.750%, 09/15/25		3,776
	1,005	7.750%, 09/15/22		1,045
	2,951	Hecla Mining Co., 6.875%, 05/01/21		2,744
		Hertz Corp. (The),
	6,151	5.875%, 10/15/20		6,246
	3,150	6.250%, 10/15/22		3,172
	7,030	7.375%, 01/15/21		7,250
		Hexion, Inc.,
	26,008	6.625%, 04/15/20		21,782
	1,600	8.875%, 02/01/18		1,240
	985	10.000%, 04/15/20		911
		Hiland Partners Holdings LP/Hiland Partners Finance Corp.,
	448	5.500%, 05/15/22 (e)		443
	921	7.250%, 10/01/20 (e)		963
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	1,234	5.000%, 12/01/24 (e)		1,148
	4,222	5.750%, 10/01/25 (e)		3,979
	2,393	7.625%, 04/15/21 (e)		2,441
	600	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		536
	7,723	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		8,003

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2016

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		4,062
	500	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		503
	4,617	Hologic, Inc., 5.250%, 07/15/22 (e)		4,836
	1,000	HRG Group, Inc., 7.875%, 07/15/19		1,055
	1,570	Hughes Satellite Systems Corp., 6.500%, 06/15/19		1,729
		Huntsman International LLC,
	7,450	4.875%, 11/15/20		7,506
	6,205	5.125%, 11/15/22		6,236
	7,805	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		7,454
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,470	4.875%, 03/15/19		2,451
	2,684	5.875%, 02/01/22		2,560
		iHeartCommunications, Inc.,
	2,813	9.000%, 12/15/19		2,180
	2,067	9.000%, 03/01/21		1,462
	1,805	IHS, Inc., 5.000%, 11/01/22		1,886
	8,163	ILFC E-Capital Trust I, VAR, 4.240%, 12/21/65 (e)		6,694
	4,720	ILFC E-Capital Trust II, VAR, 4.490%, 12/21/65 (e)		3,870
	7,311	IMS Health, Inc., 6.000%, 11/01/20 (e)		7,494
	1,209	Indiana Michigan Power Co., Series K, 4.550%, 03/15/46		1,274
	8,192	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		6,902
		Infor U.S., Inc.,
	1,248	5.750%, 08/15/20 (e)		1,315
	14,052	6.500%, 05/15/22		12,970
	6,824	Informatica LLC, 7.125%, 07/15/23 (e)		6,636
	1,910	Ingles Markets, Inc., 5.750%, 06/15/23		1,986
	4,780	Intel Corp., 4.900%, 07/29/45		5,473
		International Lease Finance Corp.,
	1,602	4.625%, 04/15/21		1,660
	1,480	5.875%, 04/01/19		1,587
	5,920	6.250%, 05/15/19		6,423
	2,575	8.250%, 12/15/20		3,042
	4,800	8.625%, 01/15/22		5,808
	14,485	8.750%, 03/15/17		15,253
	1,390	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		1,385

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,250	Interval Acquisition Corp., 5.625%, 04/15/23 (e)		2,295
	4,480	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		4,614
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,572
	4,028	6.000%, 10/01/20 (e)		4,260
	1,250	6.000%, 08/15/23		1,328
	4,578	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		4,773
	1,915	ITC Holdings Corp., 5.300%, 07/01/43		2,010
	449	J.C. Penney Corp., Inc., 8.125%, 10/01/19		462
	500	Jack Cooper Holdings Corp., 10.250%, 06/01/20 (e)		315
	2,310	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		2,400
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,060
		JBS USA LLC/JBS USA Finance, Inc.,
	4,689	5.750%, 06/15/25 (e)		4,290
	4,448	5.875%, 07/15/24 (e)		4,169
	9,834	7.250%, 06/01/21 (e)		10,104
	2,701	8.250%, 02/01/20 (e)		2,816
	1,960	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		1,833
	868	Kaiser Aluminum Corp., 5.875%, 05/15/24 (e) (w)		889
	606	Kennedy-Wilson, Inc., 5.875%, 04/01/24		592
		Kinder Morgan, Inc.,
	3,780	5.050%, 02/15/46		3,356
	726	5.625%, 11/15/23 (e)		750
	2,500	7.250%, 06/01/18		2,680
		Kindred Healthcare, Inc.,
	3,450	8.000%, 01/15/20		3,436
	2,850	8.750%, 01/15/23		2,832
		Kinetic Concepts, Inc./KCI USA, Inc.,
	1,000	7.875%, 02/15/21 (e)		1,081
	10,980	10.500%, 11/01/18		11,097
	6,400	KLX, Inc., 5.875%, 12/01/22 (e)		6,440
	2,065	Kohl’s Corp., 5.550%, 07/17/45		1,858
		Kraft Heinz Foods Co.,
	897	4.875%, 02/15/25 (e)		992
	15,502	5.200%, 07/15/45 (e)		17,848
	3,574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		2,823
	4,560	Kroger Co. (The), 5.150%, 08/01/43		5,335
		L Brands, Inc.,
	1,335	5.625%, 02/15/22		1,474
	4,100	5.625%, 10/15/23		4,520

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	6,925	6.625%, 04/01/21		7,877
	1,000	7.000%, 05/01/20		1,155
		Lamar Media Corp.,
	1,000	5.000%, 05/01/23		1,040
	2,290	5.750%, 02/01/26 (e)		2,422
	1,650	Landry’s, Inc., 9.375%, 05/01/20 (e)		1,735
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		2,842
		Lear Corp.,
	3,400	5.250%, 01/15/25		3,613
	2,000	5.375%, 03/15/24		2,125
		Lennar Corp.,
	950	4.500%, 06/15/19		983
	690	4.500%, 11/15/19		716
	3,105	4.750%, 05/30/25		3,113
	994	4.875%, 12/15/23		1,009
	175	6.950%, 06/01/18		188
	555	Series B, 12.250%, 06/01/17		612
	4,366	Level 3 Communications, Inc., 5.750%, 12/01/22		4,488
		Level 3 Financing, Inc.,
	8,501	5.125%, 05/01/23		8,650
	1,753	5.250%, 03/15/26 (e)		1,779
	325	5.375%, 08/15/22		332
	1,575	5.375%, 01/15/24 (e)		1,599
	8,989	5.375%, 05/01/25		9,146
	401	5.625%, 02/01/23		412
	1,680	Levi Strauss & Co., 5.000%, 05/01/25		1,701
	870	Liberty Interactive LLC, 8.250%, 02/01/30		903
	2,538	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,773
		LifePoint Health, Inc.,
	1,335	5.500%, 12/01/21		1,388
	200	6.625%, 10/01/20		207
	2,030	LIN Television Corp., 5.875%, 11/15/22		2,071
		Live Nation Entertainment, Inc.,
	1,365	5.375%, 06/15/22 (e)		1,410
	1,018	7.000%, 09/01/20 (e)		1,066
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		312
	3,700	LSB Industries, Inc., 7.750%, 08/01/19		3,552
	5,587	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		5,489
	2,495	M/I Homes, Inc., 6.750%, 01/15/21		2,495
	3,805	Magnachip Semiconductor Corp., 6.625%, 07/15/21		2,797
	4,280	Markel Corp., 5.000%, 04/05/46		4,410
	1,237	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		1,132

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Masco Corp.,
	3,375	4.450%, 04/01/25		3,523
	261	5.950%, 03/15/22		292
	56	7.125%, 03/15/20		65
	4,837	MasTec, Inc., 4.875%, 03/15/23		4,450
	7,280	McDonald’s Corp., 4.875%, 12/09/45		8,227
	3,775	McKesson Corp., 4.883%, 03/15/44		4,219
	4	Mediacom Broadband LLC/Mediacom Broadband Corp., 5.500%, 04/15/21		4
	869	Mediacom LLC/Mediacom Capital Corp., 7.250%, 02/15/22		910
		Meritage Homes Corp.,
	1,270	7.000%, 04/01/22		1,362
	420	7.150%, 04/15/20		447
	12,815	MetLife, Inc., 6.400%, 12/15/36		13,656
		MGM Resorts International,
	4,730	5.250%, 03/31/20		4,848
	22,455	6.000%, 03/15/23		23,325
	5,205	6.625%, 12/15/21		5,543
	750	6.750%, 10/01/20		801
	19,659	7.750%, 03/15/22		21,969
	5	8.625%, 02/01/19		6
	500	11.375%, 03/01/18		575
	790	MGP Escrow Issuer LLC/MGP Escrow Co., Issuer, Inc., 5.625%, 05/01/24 (e)		824
	2,165	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		2,268
		Micron Technology, Inc.,
	2,736	5.250%, 08/01/23 (e)		2,211
	12,498	5.250%, 01/15/24 (e)		10,030
	265	5.500%, 02/01/25		215
	1,297	5.625%, 01/15/26 (e)		1,025
	1,272	5.875%, 02/15/22		1,122
	4,871	7.500%, 09/15/23 (e)		5,041
	1,900	Microsemi Corp., 9.125%, 04/15/23 (e)		2,090
	13,370	Microsoft Corp., 4.750%, 11/03/55		15,244
	3,870	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		3,885
		Momentive Performance Materials, Inc.,
	1,350	3.880%, 10/24/21		1,033
	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)
	5,280	MPG Holdco I, Inc., 7.375%, 10/15/22		5,280

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	5,760	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		6,014
		MPLX LP,
	585	4.500%, 07/15/23 (e)		568
	9,039	4.875%, 12/01/24 (e)		8,810
	9,543	4.875%, 06/01/25 (e)		9,221
	5,200	5.500%, 02/15/23 (e)		5,187
	2,185	MSCI, Inc., 5.250%, 11/15/24 (e)		2,283
	182	Murphy Oil USA, Inc., 6.000%, 08/15/23		190
	778	Mustang Merger Corp., 8.500%, 08/15/21 (e)		813
	3,130	National Financial Partners Corp., 9.000%, 07/15/21 (e)		3,114
	7,005	National Rural Utilities Cooperative Finance Corp., VAR, 5.250%, 04/20/46		7,031
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	272	6.500%, 07/01/21		239
	1,028	6.500%, 06/01/22		881
	3,280	7.875%, 10/01/20		3,149
	421	9.625%, 05/01/19		439
	548	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		451
	3,680	Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc., 7.375%, 01/15/22 (e)		1,481
	2,038	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		1,228
	2,007	NBTY, Inc., 7.625%, 05/15/21 (e)		2,052
	1,800	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		1,926
		NCR Corp.,
	686	5.000%, 07/15/22		688
	903	6.375%, 12/15/23		939
	55	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e)		10
		Neiman Marcus Group Ltd. LLC,
	4,937	8.000%, 10/15/21 (e)		4,295
	3,425	8.750% (cash), 10/15/21 (e) (v)		2,843
		Neptune Finco Corp.,
	1,400	6.625%, 10/15/25 (e)		1,505
	7,700	10.125%, 01/15/23 (e)		8,451
	900	10.875%, 10/15/25 (e)		1,001
		Netflix, Inc.,
	1,164	5.375%, 02/01/21		1,231

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	700	5.500%, 02/15/22		731
	1,645	5.750%, 03/01/24		1,719
	700	5.875%, 02/15/25		734
	747	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		778
		New Albertsons, Inc.,
	675	6.625%, 06/01/28		611
	1,129	7.450%, 08/01/29		1,103
	645	7.750%, 06/15/26		632
	960	8.000%, 05/01/31		958
	2,042	8.700%, 05/01/30		2,042
	2,780	Newell Brands, Inc., 5.500%, 04/01/46		3,093
		Newfield Exploration Co.,
	1,000	5.375%, 01/01/26		990
	3,882	5.625%, 07/01/24		3,950
	2,832	5.750%, 01/30/22		2,878
		Nexstar Broadcasting, Inc.,
	4,380	6.125%, 02/15/22 (e)		4,391
	6,533	6.875%, 11/15/20		6,843
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	445	5.125%, 07/15/19		374
	750	6.875%, 10/15/21		630
	1,100	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		1,147
	12,144	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		12,387
		Noble Energy, Inc.,
	2,060	5.050%, 11/15/44		1,950
	3,150	5.250%, 11/15/43		2,983
	1,128	5.625%, 05/01/21		1,159
	2,899	Northwest Airlines 2007-1 Class A Pass-Through Trust, Series 07-1, 7.027%, 11/01/19		3,229
		NRG Energy, Inc.,
	600	6.250%, 07/15/22		588
	2,500	6.250%, 05/01/24		2,437
	3,766	6.625%, 03/15/23		3,700
	5,245	7.625%, 01/15/18		5,612
	2,236	7.875%, 05/15/21		2,325
	1,000	8.250%, 09/01/20		1,035
	1,000	NRG Yield Operating LLC, 5.375%, 08/15/24		940
	2,867	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		2,932
		Nucor Corp.,
	1,657	5.200%, 08/01/43		1,791
	3,360	6.400%, 12/01/37		3,949

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,010	NWH Escrow Corp., 7.500%, 08/01/21 (e)		773
		Oasis Petroleum, Inc.,
	7,490	6.875%, 03/15/22		6,685
	205	6.875%, 01/15/23		184
	2,518	7.250%, 02/01/19		2,392
	1,320	Oglethorpe Power Corp., 4.250%, 04/01/46		1,305
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		3,428
	10,650	Oracle Corp., 4.375%, 05/15/55		10,953
		Orbital ATK, Inc.,
	672	5.250%, 10/01/21		704
	870	5.500%, 10/01/23 (e)		913
		Oshkosh Corp.,
	2,475	5.375%, 03/01/22		2,553
	4,609	5.375%, 03/01/25		4,747
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	748	5.250%, 02/15/22		772
	4,980	5.625%, 02/15/24		5,179
	750	5.875%, 03/15/25		784
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		834
	545	5.375%, 01/15/25 (e)		558
	584	5.875%, 08/15/23 (e)		628
	1,084	6.375%, 08/15/25 (e)		1,168
		Parker Drilling Co.,
	755	6.750%, 07/15/22		589
	660	7.500%, 08/01/20		548
	2,540	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,655
	1,588	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		1,548
	879	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		850
		Penn Virginia Corp.,
	500	7.250%, 04/15/19		101
	1,100	8.500%, 05/01/20		226
	1,855	Philip Morris International, Inc., 4.875%, 11/15/43		2,160
	9,385	Phillips 66, 4.875%, 11/15/44		10,145
	2,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		2,133
	760	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24 (e)		804
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		459
	231	7.500%, 01/15/20		264

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,560	4.700%, 06/15/44		1,257
	1,490	4.900%, 02/15/45		1,221
	6,457	Plantronics, Inc., 5.500%, 05/31/23 (e)		6,473
	2,853	PolyOne Corp., 5.250%, 03/15/23		2,860
		Post Holdings, Inc.,
	2,200	6.000%, 12/15/22 (e)		2,259
	5,411	6.750%, 12/01/21 (e)		5,672
	18,250	7.375%, 02/15/22		19,231
	3,259	7.750%, 03/15/24 (e)		3,544
	350	8.000%, 07/15/25 (e)		388
	9,206	PPL Capital Funding, Inc., Series A, VAR, 6.700%, 03/30/67		7,123
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,764
	805	6.375%, 03/01/24 (e)		845
	7,940	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		8,238
	1,205	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		1,051
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		7,850
	23,245	VAR, 5.625%, 06/15/43		24,228
	20,685	VAR, 5.875%, 09/15/42		22,355
	1,626	PulteGroup, Inc., 5.500%, 03/01/26		1,679
		QEP Resources, Inc.,
	2,072	5.250%, 05/01/23		1,947
	3,625	5.375%, 10/01/22		3,435
	1,505	6.875%, 03/01/21		1,490
	2,241	Qorvo, Inc., 6.750%, 12/01/23 (e)		2,303
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		800
	14,386	QUALCOMM, Inc., 4.800%, 05/20/45		14,565
	4,262	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		4,006
	1,255	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		1,285
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		201
	2,995	7.750%, 02/15/31		2,564
	375	Qwest Corp., 7.250%, 09/15/25		406
		R.R. Donnelley & Sons Co.,
	765	7.000%, 02/15/22		748
	465	7.875%, 03/15/21		481
	1,098	Radian Group, Inc., 7.000%, 03/15/21		1,171
	1,525	Radio Systems Corp., 8.375%, 11/01/19 (e)		1,586

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Rain CII Carbon LLC/CII Carbon Corp.,
	1,770	8.000%, 12/01/18 (e)		1,522
	1,731	8.250%, 01/15/21 (e)		1,305
		Range Resources Corp.,
	5,714	4.875%, 05/15/25		5,293
	569	5.000%, 08/15/22		531
	3,029	5.000%, 03/15/23		2,794
	2,019	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		2,044
	1,500	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		1,568
		Regal Entertainment Group,
	8,309	5.750%, 03/15/22		8,652
	1,200	5.750%, 06/15/23		1,228
	315	5.750%, 02/01/25		319
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	292	4.500%, 11/01/23		272
	696	5.000%, 10/01/22		683
	5,245	5.500%, 04/15/23		4,958
	1,043	5.875%, 03/01/22		1,066
	1,145	6.500%, 07/15/21		1,169
	2,030	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		2,245
	600	Revlon Consumer Products Corp., 5.750%, 02/15/21		610
	15,350	Reynolds American, Inc., 5.850%, 08/15/45		18,842
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	9,485	5.750%, 10/15/20		9,841
	4,750	6.875%, 02/15/21		4,934
	2,630	7.125%, 04/15/19		2,679
	1,950	8.250%, 02/15/21		2,018
	13,175	9.000%, 04/15/19		13,373
	8,371	9.875%, 08/15/19		8,653
		RHP Hotel Properties LP/RHP Finance Corp.,
	3,460	5.000%, 04/15/21		3,572
	4,713	5.000%, 04/15/23		4,843
	1,125	Rice Energy, Inc., 7.250%, 05/01/23		1,136
		Rite Aid Corp.,
	12,172	6.125%, 04/01/23 (e)		12,971
	910	6.750%, 06/15/21		960
	1,600	9.250%, 03/15/20		1,696
	5,500	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		5,541

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	583	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		600
	4,000	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		4,080
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	656	5.625%, 07/15/22		538
	1,070	5.625%, 11/15/23 (e)		846
	6,390	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		6,662
	554	RSP Permian, Inc., 6.625%, 10/01/22		572
	182	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		2
		Sabine Pass Liquefaction LLC,
	11,944	5.625%, 04/15/23		11,705
	2,853	5.625%, 03/01/25		2,782
	3,337	5.625%, 02/01/21		3,316
	975	5.750%, 05/15/24		943
	3,513	6.250%, 03/15/22		3,557
		Sabre GLBL, Inc.,
	2,542	5.250%, 11/15/23 (e)		2,574
	8,087	5.375%, 04/15/23 (e)		8,228
		Sally Holdings LLC/Sally Capital, Inc.,
	500	5.500%, 11/01/23		529
	2,433	5.625%, 12/01/25		2,597
	5,495	5.750%, 06/01/22		5,756
	3,100	Sanchez Energy Corp., 6.125%, 01/15/23		2,317
	2,791	SBA Communications Corp., 4.875%, 07/15/22		2,810
	3,246	SBA Telecommunications, Inc., 5.750%, 07/15/20		3,351
		Scientific Games International, Inc.,
	3,170	7.000%, 01/01/22 (e)		3,232
	4,535	10.000%, 12/01/22		3,748
	7,683	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		8,125
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,458
	1,750	5.125%, 12/01/24 (e)		1,833
	1,233	5.250%, 04/01/23 (e)		1,302
	600	6.500%, 12/01/20 (e)		680
	3,905	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		3,925
	15,842	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		16,674

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Service Corp. International,
	3,041	5.375%, 01/15/22		3,185
	7,080	5.375%, 05/15/24		7,540
	2,735	7.500%, 04/01/27		3,214
	700	7.625%, 10/01/18		786
	1,240	8.000%, 11/15/21		1,451
	850	SESI LLC, 7.125%, 12/15/21		744
	408	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/19 (e)		432
	2,664	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,917
	910	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		887
		Sinclair Television Group, Inc.,
	7,729	5.375%, 04/01/21		8,019
	4,860	5.625%, 08/01/24 (e)		4,994
	4,230	6.125%, 10/01/22		4,515
		Sirius XM Radio, Inc.,
	1,505	4.625%, 05/15/23 (e)		1,490
	8,680	5.375%, 04/15/25 (e)		8,875
	4,010	5.750%, 08/01/21 (e)		4,206
	7,895	6.000%, 07/15/24 (e)		8,330
	2,230	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		2,308
		SM Energy Co.,
	1,760	5.000%, 01/15/24		1,465
	1,354	5.625%, 06/01/25		1,137
	1,957	6.500%, 11/15/21		1,820
	2,193	6.500%, 01/01/23		2,007
		Smithfield Foods, Inc.,
	2,625	5.250%, 08/01/18 (e)		2,668
	5,530	5.875%, 08/01/21 (e)		5,765
	4,075	6.625%, 08/15/22		4,309
	2,030	Solera LLC/Solera Finance, Inc., 10.500%, 03/01/24 (e)		2,126
	3,800	Southern Copper Corp., 5.875%, 04/23/45		3,423
		Southern Power Co.,
	1,380	5.150%, 09/15/41		1,441
	1,534	5.250%, 07/15/43		1,612
		Spectrum Brands, Inc.,
	5,538	5.750%, 07/15/25		5,874
	2,159	6.125%, 12/15/24		2,307
	2,200	6.375%, 11/15/20		2,322
	4,135	6.625%, 11/15/22		4,466

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,107
		Springleaf Finance Corp.,
	349	7.750%, 10/01/21		344
	1,688	8.250%, 12/15/20		1,741
		Sprint Capital Corp.,
	4,886	6.875%, 11/15/28		3,628
	1,336	6.900%, 05/01/19		1,222
	16,490	8.750%, 03/15/32		13,110
		Sprint Communications, Inc.,
	1,828	6.000%, 12/01/16		1,837
	2,727	6.000%, 11/15/22		2,006
	8,626	7.000%, 03/01/20 (e)		8,852
	5,925	7.000%, 08/15/20		4,918
	478	8.375%, 08/15/17		488
	17,095	9.000%, 11/15/18 (e)		18,078
	779	9.125%, 03/01/17		803
	305	11.500%, 11/15/21		277
		Sprint Corp.,
	1,188	7.125%, 06/15/24		891
	17,348	7.250%, 09/15/21		14,008
	18,803	7.625%, 02/15/25		14,173
	30,606	7.875%, 09/15/23		23,873
	1,560	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		1,619
		Standard Industries, Inc.,
	826	5.125%, 02/15/21 (e)		859
	1,606	5.375%, 11/15/24 (e)		1,674
	1,384	5.500%, 02/15/23 (e)		1,448
	3,241	6.000%, 10/15/25 (e)		3,492
	1,835	Station Casinos LLC, 7.500%, 03/01/21		1,944
		Steel Dynamics, Inc.,
	1,125	5.125%, 10/01/21		1,150
	625	5.250%, 04/15/23		635
	2,600	5.500%, 10/01/24	��	2,642
	1,935	6.375%, 08/15/22		2,037
	1,945	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		1,974
	1,623	Stone Energy Corp., 7.500%, 11/15/22		418
	2,545	Stryker Corp., 4.625%, 03/15/46		2,806
		Suburban Propane Partners LP/Suburban Energy Finance Corp.,
	650	5.500%, 06/01/24		642
	114	7.375%, 08/01/21		118
	6,195	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		6,241

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	510	5.500%, 08/15/22		413
	391	7.500%, 07/01/21		356
		Sunoco Logistics Partners Operations LP,
	5,150	5.300%, 04/01/44		4,597
	4,450	5.350%, 05/15/45		4,049
		Sunoco LP/Sunoco Finance Corp.,
	1,638	5.500%, 08/01/20 (e)		1,638
	3,029	6.250%, 04/15/21 (e)		3,067
	2,320	6.375%, 04/01/23 (e)		2,355
	7,575	SUPERVALU, Inc., 7.750%, 11/15/22		6,666
	4,815	Sysco Corp., 4.500%, 04/01/46		5,014
		Talen Energy Supply LLC,
	878	4.625%, 07/15/19 (e)		816
	2,351	6.500%, 06/01/25		2,087
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	850	5.250%, 05/01/23		816
	1,500	6.375%, 08/01/22		1,515
	2,750	6.750%, 03/15/24 (e)		2,798
	655	6.875%, 02/01/21		670
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	185	5.625%, 03/01/24 (e)		180
	1,795	5.875%, 04/15/23 (e)		1,791
	1,665	Team Health, Inc., 7.250%, 12/15/23 (e)		1,768
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,443
	384	5.125%, 07/15/20		400
	2,010	5.500%, 09/15/24 (e)		2,075
	5,870	6.375%, 10/15/23		6,340
	875	Teleflex, Inc., 5.250%, 06/15/24		910
		Tempur Sealy International, Inc.,
	3,155	5.625%, 10/15/23		3,281
	6,225	6.875%, 12/15/20		6,560
		Tenet Healthcare Corp.,
	3,935	4.375%, 10/01/21		3,945
	2,321	4.500%, 04/01/21		2,350
	11,600	4.750%, 06/01/20		11,948
	1,134	5.000%, 03/01/19		1,123
	2,995	5.500%, 03/01/19		2,995
	4,629	6.000%, 10/01/20		4,907
	510	6.250%, 11/01/18		546
	6,790	6.750%, 02/01/20		6,824
	8,195	6.750%, 06/15/23		8,092

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	10,318	8.000%, 08/01/20		10,627
	14,375	8.125%, 04/01/22		14,914
	1,072	Tenneco, Inc., 5.375%, 12/15/24		1,118
		Terex Corp.,
	9,835	6.000%, 05/15/21		9,737
	4,100	6.500%, 04/01/20		4,102
	1,402	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		1,243
		TerraForm Power Operating LLC,
	3,741	5.875%, 02/01/23 (e)		3,264
	4,273	6.125%, 06/15/25 (e)		3,675
	480	Tesoro Corp., 5.125%, 04/01/24		480
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	893	5.500%, 10/15/19		911
	5,079	5.875%, 10/01/20		5,180
	4,975	6.125%, 10/15/21		5,087
	5,267	6.250%, 10/15/22		5,399
	3,520	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		3,450
	2,654	Time Warner Cable, Inc., 7.300%, 07/01/38		3,263
		Time Warner, Inc.,
	1,890	4.650%, 06/01/44		1,941
	10,590	4.850%, 07/15/45		11,410
	5,500	Time, Inc., 5.750%, 04/15/22 (e)		5,240
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18		607
	2,880	6.000%, 03/01/23		3,024
	794	6.000%, 04/15/24		831
	1,715	6.125%, 01/15/22		1,804
	1,296	6.250%, 04/01/21		1,351
	2,355	6.375%, 03/01/25		2,473
	1,360	6.500%, 01/15/24		1,448
	8,195	6.500%, 01/15/26		8,687
	1,571	6.625%, 11/15/20		1,626
	4,187	6.625%, 04/01/23		4,475
	14,994	6.633%, 04/28/21		15,800
	14,410	6.731%, 04/28/22		15,166
	4,532	6.836%, 04/28/23		4,832
		Toll Brothers Finance Corp.,
	1,970	4.875%, 11/15/25		1,985
	935	5.625%, 01/15/24		977
	1,215	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		1,087
	1,320	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		1,594

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		1,015
	3,211	6.000%, 07/15/22		3,250
	4,181	6.500%, 07/15/24		4,212
	3,915	6.500%, 05/15/25		3,935
	1,380	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		1,468
		Triumph Group, Inc.,
	4,545	4.875%, 04/01/21		4,318
	1,686	5.250%, 06/01/22		1,568
	1,980	Tronox Finance LLC, 7.500%, 03/15/22 (e)		1,643
	3,170	Tutor Perini Corp., 7.625%, 11/01/18		3,146
	3,163	U.S. Airways 2013-1 Class B Pass-Through Trust, Series 2013-1, Class B, 5.375%, 11/15/21		3,276
	1,240	U.S. Concrete, Inc., 8.500%, 12/01/18		1,290
	563	UAL 2007-1 Pass-Through Trust, Series 071A, 6.636%, 07/02/22		591
	2,950	UCI International LLC, 8.625%, 02/15/19 (d)		649
	2,133	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		1,690
	3,616	Unit Corp., 6.625%, 05/15/21		2,450
		United Rentals North America, Inc.,
	1,498	4.625%, 07/15/23		1,492
	3,281	5.500%, 07/15/25		3,263
	2,520	5.750%, 11/15/24		2,555
	1,015	5.875%, 09/15/26 (w)		1,015
	6,478	6.125%, 06/15/23		6,721
	435	7.375%, 05/15/20		452
	11,342	7.625%, 04/15/22		12,108
	3,115	8.250%, 02/01/21		3,247
	2,120	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,109
		Universal Health Services, Inc.,
	288	3.750%, 08/01/19 (e)		295
	420	4.750%, 08/01/22 (e)		429
		Univision Communications, Inc.,
	5,175	5.125%, 05/15/23 (e)		5,214
	5,830	5.125%, 02/15/25 (e)		5,765
	5,253	6.750%, 09/15/22 (e)		5,568
	368	8.500%, 05/15/21 (e)		384
	4,131	USI, Inc., 7.750%, 01/15/21 (e)		4,131
		VeriSign, Inc.,
	1,800	4.625%, 05/01/23		1,850
	418	5.250%, 04/01/25		429

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Verizon Communications, Inc.,
	11,025	4.522%, 09/15/48		11,188
	11,945	4.862%, 08/21/46		12,802
	1,130	Viacom, Inc., 4.375%, 03/15/43		895
	1,300	Vista Outdoor, Inc., 5.875%, 10/01/23 (e)		1,365
	13,110	Voya Financial, Inc., VAR, 5.650%, 05/15/53		12,278
	2,043	Vulcan Materials Co., 4.500%, 04/01/25		2,176
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		251
		W.R. Grace & Co.-Conn,
	938	5.125%, 10/01/21 (e)		982
	312	5.625%, 10/01/24 (e)		330
	18,305	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		18,759
	433	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		446
	2,316	West Corp., 5.375%, 07/15/22 (e)		2,096
		Western Digital Corp.,
	7,185	7.375%, 04/01/23 (e)		7,252
	13,905	10.500%, 04/01/24 (e)		13,523
	1,071	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		1,025
	353	Western Refining, Inc., 6.250%, 04/01/21		327
	3,314	Whiting Petroleum Corp., 5.000%, 03/15/19		2,933
		Williams Partners LP/ACMP Finance Corp.,
	6,415	4.875%, 05/15/23		5,888
	7,443	6.125%, 07/15/22		7,403
		Windstream Services LLC,
	1,400	6.375%, 08/01/23		1,068
	2,134	7.500%, 06/01/22		1,750
	3,689	7.500%, 04/01/23		2,988
	21,007	7.750%, 10/01/21		17,803
	1,155	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		1,068
		WMG Acquisition Corp.,
	4,250	5.625%, 04/15/22 (e)		4,324
	6,215	6.000%, 01/15/21 (e)		6,386
	3,408	6.750%, 04/15/22 (e)		3,374
		WPX Energy, Inc.,
	2,158	5.250%, 09/15/24		1,817
	6,908	6.000%, 01/15/22		6,217
	800	8.250%, 08/01/23		752
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	1,835	5.375%, 03/15/22		1,867
	11,420	5.500%, 03/01/25 (e)		10,927
	6,545	XPO Logistics, Inc., 6.500%, 06/15/22 (e)		6,374

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Yum! Brands, Inc.,
	900	3.750%, 11/01/21		876
	550	3.875%, 11/01/20		549
		Zayo Group LLC/Zayo Capital, Inc.,
	12,810	6.000%, 04/01/23		13,162
	1,140	6.375%, 05/15/25 (e)		1,186
	660	10.125%, 07/01/20		704
	12,670	Zebra Technologies Corp., 7.250%, 10/15/22		13,717
		ZF North America Capital, Inc.,
	2,586	4.000%, 04/29/20 (e)		2,702
	10,105	4.500%, 04/29/22 (e)		10,345
	7,888	4.750%, 04/29/25 (e)		7,997
				3,796,545
		Venezuela — 0.1%
		Petroleos de Venezuela S.A.,
	6,430	5.375%, 04/12/27		2,260
	9,929	Reg. S, 6.000%, 11/15/26		3,349
				5,609
		Total Corporate Bonds (Cost $4,721,525)		4,656,347
	Foreign Government Securities — 3.4%
		Angola — 0.0% (g)
	1,640	Republic of Angola, 9.500%, 11/12/25 (e)		1,609
		Argentina — 0.2%
		Provincia de Buenos Aires,
	1,312	Reg. S, 9.625%, 04/18/28		1,458
	2,300	Reg. S, 9.950%, 06/09/21		2,507
	4,499	Reg. S, 10.875%, 01/26/21		5,034
		Republic of Argentina,
	3,060	6.250%, 04/22/19 (e)		3,186
	3,060	6.875%, 04/22/21 (e)		3,161
	1,400	7.000%, 04/17/17 (d)		1,425
	1,490	7.500%, 04/22/26 (e)		1,523
	1,830	7.625%, 04/22/46 (e)		1,803
				20,097
		Aruba — 0.0% (g)
	2,220	Government of Aruba, 4.625%, 09/14/23 (e)		2,176
		Belarus — 0.0% (g)
	4,800	Republic of Belarus, 8.950%, 01/26/18		5,028
		Brazil — 0.2%
		Federative Republic of Brazil,
	1,450	2.625%, 01/05/23		1,258
	5,740	4.250%, 01/07/25		5,329

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil — continued
	4,750	4.875%, 01/22/21		4,833
	7,912	5.000%, 01/27/45		6,389
	3,940	7.125%, 01/20/37		4,083
				21,892
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, Reg. S, 9.500%, 11/19/25		588
		Costa Rica — 0.1%
	1,370	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		1,396
		Republic of Costa Rica,
	3,370	7.158%, 03/12/45 (e)		3,168
	6,790	Reg. S, 9.995%, 08/01/20		8,241
				12,805
		Croatia — 0.1%
		Republic of Croatia,
	5,990	Reg. S, 6.000%, 01/26/24		6,552
	3,790	Reg. S, 6.750%, 11/05/19		4,159
				10,711
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	1,290	6.875%, 01/29/26 (e)		1,384
	2,105	7.450%, 04/30/44 (e)		2,231
	5,916	9.040%, 01/23/18 (e)		6,219
	5,340	Reg. S, 7.500%, 05/06/21		5,854
				15,688
		Ecuador — 0.0% (g)
	2,850	Republic of Ecuador, 10.500%, 03/24/20 (e)		2,693
		El Salvador — 0.1%
	5,990	Republic of El Salvador, Reg. S, 7.750%, 01/24/23		5,975
		Ethiopia — 0.0% (g)
	2,200	Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24 (e)		1,999
		Ghana — 0.1%
	6,350	Republic of Ghana, 10.750%, 10/14/30 (e)		6,239
		Honduras — 0.0% (g)
	4,180	Republic of Honduras, Reg. S, 8.750%, 12/16/20		4,718
		Hungary — 0.3%
		Republic of Hungary,
	6,280	5.375%, 03/25/24		6,971

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Hungary — continued
	6,340	5.750%, 11/22/23		7,164
	4,564	6.375%, 03/29/21		5,197
	9,352	7.625%, 03/29/41		13,198
				32,530
		Indonesia — 0.2%
		Republic of Indonesia,
	5,350	5.875%, 01/15/24 (e)		6,092
	5,950	6.750%, 01/15/44 (e)		7,281
	2,440	Reg. S, 5.375%, 10/17/23		2,705
	7,992	Reg. S, 11.625%, 03/04/19		10,000
				26,078
		Iraq — 0.1%
	11,385	Republic of Iraq, Reg. S, 5.800%, 01/15/28		8,055
		Ivory Coast — 0.0% (g)
	3,220	Republic of Ivory Coast, 6.375%, 03/03/28 (e)		3,051
		Jamaica — 0.1%
		Government of Jamaica,
	1,250	7.875%, 07/28/45		1,305
	5,440	8.000%, 06/24/19		5,923
				7,228
		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)		532
	2,420	Republic of Kenya, Reg. S, 6.875%, 06/24/24		2,278
				2,810
		Lebanon — 0.1%
		Republic of Lebanon,
	4,500	6.600%, 11/27/26		4,432
	5,050	Reg. S, 8.250%, 04/12/21		5,518
				9,950
		Mexico — 0.1%
		United Mexican States,
	600	3.600%, 01/30/25		610
	6,550	4.600%, 01/23/46		6,468
				7,078
		Morocco — 0.0% (g)
		Kingdom of Morocco,
	1,400	Reg. S, 4.250%, 12/11/22		1,449
	2,250	Reg. S, 5.500%, 12/11/42		2,374
				3,823

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Netherlands — 0.0% (g)
	2,100		Republic of Angola Via Northern Lights III BV, Reg. S, 7.000%, 08/16/19		2,117
			Pakistan — 0.1%
			Republic of Pakistan,
	3,465		8.250%, 04/15/24 (e)		3,651
	4,150		Reg. S, 6.750%, 12/03/19		4,316
	1,004		Reg. S, 6.875%, 06/01/17		1,040
					9,007
			Panama — 0.1%
			Republic of Panama,
	4,300		3.750%, 03/16/25		4,429
	1,540		3.875%, 03/17/28		1,567
	2,450		4.300%, 04/29/53		2,346
	2,150		6.700%, 01/26/36		2,752
					11,094
			Paraguay — 0.0% (g)
	670		Republic of Paraguay, 5.000%, 04/15/26 (e)		685
			Peru — 0.0% (g)
			Republic of Peru,
	1,900		5.625%, 11/18/50		2,209
	1,500		6.550%, 03/14/37		1,933
					4,142
			Philippines — 0.1%
			Republic of the Philippines,
	1,760		5.500%, 03/30/26		2,204
	7,080		10.625%, 03/16/25		11,567
					13,771
			Poland — 0.0% (g)
	3,450	��	Republic of Poland, 5.000%, 03/23/22		3,864
			Portugal — 0.0% (g)
	EUR 1,150		Republic of Portugal, 5.250%, 09/28/17		1,397
			Romania — 0.1%
			Republic of Romania,
	3,980		6.750%, 02/07/22 (e)		4,711
	9,030		Reg. S, 6.125%, 01/22/44		11,071
					15,782
			Russia — 0.3%
			Russian Federation,
	2,400		Reg. S, 3.500%, 01/16/19		2,424
	6,200		Reg. S, 4.875%, 09/16/23		6,591
	7,200		Reg. S, 5.875%, 09/16/43		7,765
	6,390		Reg. S, 12.750%, 06/24/28		10,983

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Russia — continued
	3,074	Reg. S, SUB, 7.500%, 03/31/30		3,738
				31,501
		Serbia — 0.1%
	8,330	Republic of Serbia, Reg. S, 7.250%, 09/28/21		9,434
		Slovenia — 0.1%
		Republic of Slovenia,
	1,720	Reg. S, 5.250%, 02/18/24		1,928
	4,020	Reg. S, 5.850%, 05/10/23		4,626
				6,554
		South Africa — 0.1%
		Republic of South Africa,
	1,210	4.875%, 04/14/26		1,207
	2,000	5.875%, 05/30/22		2,188
	5,334	5.875%, 09/16/25		5,754
	2,000	South Africa Government International Bond, 5.875%, 05/30/22		2,188
				11,337
		Sri Lanka — 0.0% (g)
		Republic of Sri Lanka,
	3,350	Reg. S, 5.875%, 07/25/22		3,225
	2,590	Reg. S, 6.250%, 10/04/20		2,632
				5,857
		Turkey — 0.3%
		Republic of Turkey,
	7,450	6.000%, 01/14/41		8,096
	6,810	6.250%, 09/26/22		7,627
	880	6.625%, 02/17/45		1,039
	13,040	7.375%, 02/05/25		15,795
				32,557
		Ukraine — 0.1%
		Republic of Ukraine,
	169	7.750%, 09/01/19 (e)		163
	4,277	7.750%, 09/01/20 (e)		4,102
	978	7.750%, 09/01/21 (e)		935
	3,078	7.750%, 09/01/22 (e)		2,933
	3,078	7.750%, 09/01/23 (e)		2,921
	978	7.750%, 09/01/24 (e)		927
	978	7.750%, 09/01/25 (e)		919
				12,900
		Uruguay — 0.1%
		Republic of Uruguay,
	3,060	5.100%, 06/18/50		2,869

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Uruguay — continued
	1,280	7.625%, 03/21/36		1,661
	1,230	8.000%, 11/18/22		1,542
				6,072
		Venezuela — 0.1%
		Republic of Venezuela,
	13,620	Reg. S, 7.650%, 04/21/25		4,954
	3,650	Reg. S, 7.750%, 10/13/19		1,465
	11,220	Reg. S, 9.000%, 05/07/23		4,278
				10,697
		Zambia — 0.0% (g)
		Republic of Zambia,
	2,090	8.500%, 04/14/24 (e)		1,732
	1,310	8.970%, 07/30/27 (e)		1,074
				2,806
		Total Foreign Government Securities (Cost $399,108)		404,395
	Loan Assignments — 0.9%
		Australia — 0.0% (g)
	2,080	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19		1,957
		Bermuda — 0.0% (g)
	833	Floatel International Ltd., Initial Term Loan, VAR, 6.000%, 06/27/20		425
		Canada — 0.0% (g)
	2,369	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		2,343
	302	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20		270
				2,613
		Cayman Islands — 0.0% (g)
	660	Shelf Drilling Midco Ltd., Term Loan, VAR, 10.000%, 10/08/18		330
		Luxembourg — 0.0% (g)
	1,700	Delta 2 Lux Sarl, 2nd Lien Facility, VAR, 7.750%, 07/29/22		1,597
	995	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, VAR, 4.250%, 03/11/22		992
				2,589
		Netherlands — 0.0% (g)
	871	NXP BV/NXP Funding LLC, Term B Loan, VAR, 3.750%, 12/07/20		873

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Singapore — 0.1%
	3,930	Avago Technologies Ltd., Term B-1 Dollar Loan, VAR, 4.250%, 02/01/23		3,931
		United States — 0.8%
	6,432	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		6,451
	183	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		183
	1,051	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		1,059
	399	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		391
	1,272	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		798
	640	Berry Plastics Corp., Term E Loan, VAR, 3.750%, 01/06/21		640
	1,534	Berry Plastics Corp., Term Loan F, VAR, 4.000%, 10/03/22		1,536
	747	Cenveo Corp., Series A Incremental Term Loan, VAR, 3.750%, 06/02/21		751
	845	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		846
	1,856	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		1,854
	2,220	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		2,206
	1,588	Coeur Mining, Inc., Term Loan, VAR, 9.000%, 06/23/20		1,604
	6,670	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22		6,691
	2,034	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		2,034
	725	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		711
	1,613	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.502%, 11/01/18		1,610
	805	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		473
	638	EMI Group NA Holdings, Term B-3 Loan, VAR, 4.000%, 08/19/22 ^		638
	640	Energy Future Intermediate Holdings Co. LLC., Term Loan, VAR, 4.250%, 12/19/16		639
	174	Entercom Radio LLC, Term B-2 Loan, VAR, 4.001%, 11/23/18		173
	806	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		622
	1,510	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		385
	2,499	First Data Corp.,Term Loan, VAR, 4.439%, 03/24/21		2,505

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	108	Fram Group Holdings, Inc., Term Loan, VAR, 7.000%, 07/29/17		96
	853	Go Daddy Group, Inc. (The), Initial Term Loan, VAR, 4.250%, 05/13/21		854
	1,856	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		1,856
	640	Gray Television, Inc., Initial Term Loan, VAR, 3.938%, 06/13/21 ^		641
	1,230	Gruden Acquisition, Inc., Term Loan, VAR, 9.500%, 08/18/23		892
	5,407	iHeartCommunications, Inc., Term Loan D, VAR, 7.185%, 01/30/19		4,031
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.935%, 07/30/19		1,392
	1,082	Intrawest Operations Group LLC, Initial Term Loan, VAR, 5.000%, 12/09/20 ^		1,081
	867	inVentiv Health, Inc., Term Loan B4, VAR, 7.750%, 05/15/18		867
	2,093	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		1,666
	1,475	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		1,478
	640	Media General, Inc., Term B Loan, VAR, 4.000%, 07/31/20 ^		640
	2,805	Microsemi Corp., Closing Date Term B Loan, VAR, 5.250%, 01/15/23		2,823
	457	Novolex/Hilex Poly, 1st Lien Term Loan, VAR, 6.000%, 12/05/21 ^		457
	1,247	On Semiconductor Corp., Term Loan B, VAR, 5.250%, 03/03/23		1,252
	1,273	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		1,269
	5,084	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		5,077
	1,272	Pinnacle Foods Finance LLC, 1st Lien Term Loan I, VAR, 3.750%, 01/13/23		1,277
	169	Quikrete Holdings, Inc., Initial Term Loan (second Lien), VAR, 7.000%, 03/26/21		168
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		396
	2,125	Rite Aid Corp.,Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,126
	634	Riverbed Technology, Inc., Term Loan, VAR, 5.750%, 04/25/22		638
	2,702	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		2,562
	1,217	Sabine Oil & Gas LLC, Term Loan, VAR, 12.000%, 12/31/18 (d)		30

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	712	Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		700
	1,593	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.504%, 06/30/18		1,524
	1,001	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		1,003
	972	Signode Industrial Group U.S., Inc. Initial Term B Loan, VAR, 3.750%, 05/01/21		962
	395	Solar Winds Holdings, Inc., 1st Lien US Term Loan, VAR, 6.500%, 02/03/23		395
	1,225	Staples, Inc., Escrow Term Loan, VAR, 4.750%, 02/02/22		1,228
	1,918	Stardust Finance Holding, Inc., Senior Lien Term Loan, VAR, 6.500%, 03/14/22		1,911
	1,036	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		828
	306	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		245
	1,001	Texas Competitive Electric Holdings Co. LLC, DIP Term Loan, VAR, 3.750%, 11/07/16 (d)		1,000
	16,772	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.913%, 10/10/17 (d)		5,671
	12,477	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.913%, 10/10/17 (d)		4,158
	765	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		764
	436	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		435
	1,686	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,683
	2,950	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21		2,945
	743	Veresen Midstream Ltd. Partnership, Initial Term Loan, VAR, 5.250%, 03/31/22		693
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 12/20/15 (d)		—	(h)
	1,894	Windstream, Term Loan B-6, VAR, 5.750%, 03/14/21		1,890
				96,404
		Total Loan Assignments (Cost $127,041)		109,122

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — 6.4% (x)
		Belgium — 0.1%
	EUR 10,775	KBC Groep N.V., VAR, 5.625%, 03/19/19		11,875
		Cayman Islands — 0.0% (g)
	3,924	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17 (a)		2,747
		France — 0.2%
	4,410	BNP Paribas S.A., VAR, 7.375%, 08/19/25 (e)		4,355
		Credit Agricole S.A.,
	12,935	VAR, 6.625%, 09/23/19 (e)		12,191
	4,435	VAR, 8.125%, 12/23/25 (e)		4,579
	2,290	Electricite de France S.A., VAR, 5.625%, 01/22/24 (e)		2,204
	GBP   2,000	Orange S.A., VAR, 5.875%, 02/07/22		3,017
				26,346
		Netherlands — 0.1%
	EUR   2,500	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, VAR, 5.500%, 06/29/20		2,742
	GBP   4,400	Telefonica Europe B.V., VAR, 6.750%, 11/26/20		6,557
				9,299
		Spain — 0.1%
		Banco Bilbao Vizcaya Argentaria S.A.,
	EUR   4,200	Reg. S, VAR, 7.000%, 02/19/19		4,424
	EUR   4,000	VAR, 6.750%, 02/18/20		4,214
	2,000	VAR, 9.000%, 05/09/18		2,067
				10,705
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, VAR, 5.750%, 05/13/20		4,876
	5,000	Svenska Handelsbanken AB, VAR, 5.250%, 03/01/21		4,863
	5,000	Swedbank AB, VAR, 5.500%, 03/17/20		4,959
				14,698
		Switzerland — 0.3%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e)		5,875
	10,481	VAR, 7.500%, 12/11/23 (e)		10,410
		UBS Group AG,
	5,000	VAR, 6.875%, 08/07/25 (a)		4,826
	5,000	VAR, 7.000%, 02/19/25		5,162
	2,000	VAR, 7.125%, 02/19/20		2,030
				28,303

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		United Kingdom — 0.2%
		HSBC Holdings plc,
	4,840	VAR, 6.375%, 09/17/24		4,580
	6,000	VAR, 6.375%, 03/30/25		5,795
	12,498	Lloyds Banking Group plc, VAR, 7.500%, 06/27/24		12,392
	GBP   3,809	Nationwide Building Society, VAR, 6.875%, 06/20/19		5,259
				28,026
		United States — 5.3%
		American Express Co.,
	8,825	VAR, 5.200%, 11/15/19		8,373
	21,560	Series C, VAR, 4.900%, 03/15/20		19,404
		Bank of America Corp.,
	15,338	Series AA, VAR, 6.100%, 03/17/25		15,348
	7,495	Series DD, VAR, 6.300%, 03/10/26		7,851
	19,619	Series K, VAR, 8.000%, 01/30/18		19,128
	14,315	Series M, VAR, 8.125%, 05/15/18		14,064
	8,705	Series U, VAR, 5.200%, 06/01/23		8,096
	30,445	Series V, VAR, 5.125%, 06/17/19		28,504
	11,220	Series X, VAR, 6.250%, 09/05/24		11,262
	16,930	Series Z, VAR, 6.500%, 10/23/24		17,819
		Bank of New York Mellon Corp. (The),
	12,235	Series D, VAR, 4.500%, 06/20/23		11,525
	20,375	Series E, VAR, 4.950%, 06/20/20		20,346
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20		21,527
		Citigroup, Inc.,
	18,431	VAR, 5.950%, 01/30/23		18,201
	16,980	Series D, VAR, 5.350%, 05/15/23		15,919
	10,670	Series M, VAR, 6.300%, 05/15/24		10,456
	21,330	Series N, VAR, 5.800%, 11/15/19		20,637
	10,010	Series O, VAR, 5.875%, 03/27/20		9,683
	20,570	Series P, VAR, 5.950%, 05/15/25		19,924
	8,065	Series R, VAR, 6.125%, 11/15/20		8,196
	10,340	Series T, VAR, 6.250%, 08/15/26		10,637
		Fifth Third Bancorp,
	17,625	VAR, 5.100%, 06/30/23		16,116
	6,175	Series J, VAR, 4.900%, 09/30/19		5,395
	58,839	General Electric Co., Series D, VAR, 5.000%, 01/21/21		61,119
		Goldman Sachs Group, Inc. (The),
	25,078	Series L, VAR, 5.700%, 05/10/19		24,420
	21,703	Series M, VAR, 5.375%, 05/10/20		20,954
	17,944	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		17,472

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Morgan Stanley,
	26,970	Series H, VAR, 5.450%, 07/15/19		25,689
	13,055	Series J, VAR, 5.550%, 07/15/20		12,924
		PNC Financial Services Group, Inc. (The),
	9,588	VAR, 6.750%, 08/01/21		10,607
	12,415	Series R, VAR, 4.850%, 06/01/23		11,887
	13,910	State Street Corp., Series F, VAR, 5.250%, 09/15/20		14,174
	12,540	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		12,415
	9,885	U.S. Bancorp, Series I, VAR, 5.125%, 01/15/21		10,108
	11,565	Wachovia Capital Trust III, VAR, 5.570%, 06/02/16		11,536
		Wells Fargo & Co.,
	12,480	Series K, VAR, 7.980%, 03/15/18		12,979
	27,592	Series S, VAR, 5.900%, 06/15/24		28,247
	16,775	Series U, VAR, 5.875%, 06/15/25		17,918
				630,860
		Total Preferred Securities (Cost $773,379)		762,859
SHARES
	Preferred Stocks — 1.8%
		Bermuda — 0.0% (g)
	12	Bunge Ltd., 4.875% ($100 par value)		1,080
		Brazil — 0.0% (g)
	305	Banco Bradesco S.A. (Preference Shares)		2,299
		Cayman Islands — 0.0% (g)
	3	XLIT Ltd., Series D, VAR, 3.748%, 05/31/16 ($1,000 par value) @		2,701
		Ireland — 0.1%
	7	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		5,474
		Israel — 0.0% (g)
	5	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18 ($1,000 par value)		4,722
		Russia — 0.0% (g)
	2,852	Surgutneftegas OAO ($1 par value)		1,851
		United States — 1.7%
	24	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		917
	256	Allstate Corp. (The), Series C, 6.750%, 10/15/18 ($25 par value) @		7,135

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
			United States — continued
	97		Allstate Corp. (The), Series E, 6.625%, 04/15/19 ($25 par value) @		2,672
	23		American Tower Corp., 5.500%, 02/15/18 ($100 par value)		2,405
	10		American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		1,013
	46		Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		2,129
	5		Bank of America Corp., Series L, 7.250% ($1,000 par value)		5,398
	508		BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,849
	52		BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,313
	117		Boston Properties, Inc., 5.250%, 03/27/18 ($25 par value) @		3,042
	85		Capital One Financial Corp., Series B, 6.000%, 09/01/17 ($25 par value) @		2,202
	365		Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		10,016
	—	(h)	Constar International, Inc., Class A ($0.01 par value)		—
	16		Crown Castle International Corp., Series A, 4.500%, 11/01/16 ($100 par value)		1,650
	307		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		8,107
	42		Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		2,064
	5		Dominion Resources, Inc., Series B, 6.000%, 07/01/16 ($50 par value)		287
	290		Duke Energy Corp., 5.125%, 01/15/73 ($25 par value)		7,632
	34		Exelon Corp., 6.500%, 06/01/17 ($50 par value)		1,638
	25		Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		2,630
	12		GMAC Capital Trust I, Series 2, VAR, 6.402%, 02/15/40 ($25 par value)		301
	675		Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		16,950
	430		Goldman Sachs Group, Inc. (The), Series K, VAR, 6.375%, 05/10/24 ($25 par value) @		12,040
	65		Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		2,071
	400		Morgan Stanley, Series E, VAR, 7.125%, 10/15/23 ($25 par value) @		11,500
	300		Morgan Stanley, Series F, VAR, 6.875%, 01/15/24 ($25 par value) @		8,232

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	500		Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		13,260
	37		NextEra Energy, Inc., 5.799%, 09/01/16 ($50 par value)		2,225
	1		Pitney Bowes International Holdings, Inc., Series F, 6.125%, 10/30/16 ($1,000 par value) (e) @		1,015
	274		SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		6,929
	56		Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		1,759
	4		Stanley Black & Decker, Inc., 6.250%, 11/17/16 ($100 par value)		415
	575		State Street Corp., 6.000%, 12/15/19 ($25 par value) @		15,537
	301		State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		8,184
	128		State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		3,365
	10		Stericycle, Inc., 5.250%, 09/15/18 ($100 par value)		756
	33		T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		2,222
	44		Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		3,202
	42		Vornado Realty Trust, Series G, 6.625%, 06/01/16 ($25 par value) @		1,092
	5		Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		6,695
	30		Welltower, Inc., Series I, 6.500% ($50 par value)		1,833
	25		Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		1,266
					195,948
			Total Preferred Stocks (Cost $205,273)		214,075
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
			United States — 0.0%
	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)
	—	(h)	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $14.88) (a)		—	(h)
			Total Warrants (Cost $— (h))		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligation — 0.4%
	51,505	U.S. Treasury Note, 0.500%, 01/31/17 (Cost $51,426) (k)		51,493
	Short-Term Investments — 2.1%
		Investment Company — 2.1%
	249,567	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)		249,567
		Time Deposit — 0.0% (g)
	5,000	Credit Agricole Corporate and Investment Bank, 0.360%, 05/03/16		5,000
		Total Short-Term Investments (Cost $254,567)		254,567
		Total Investments — 98.9% (Cost $11,496,717)		11,813,443
		Other Assets in Excess of Liabilities — 1.1%		135,689
		NET ASSETS — 100.0%	$	11,949,132

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Banks		8.0	%
Real Estate Investment Trusts (REITs)		7.8
Oil, Gas & Consumable Fuels		5.6
Diversified Telecommunication Services		5.2
Media		4.6
Asset-Backed Securities		4.6
Insurance		4.2
Pharmaceuticals		3.8
Non-Agency CMO		3.7
Foreign Government Securities		3.5
Health Care Providers & Services		2.6
Capital Markets		2.6
Wireless Telecommunication Services		2.1
Hotels, Restaurants & Leisure		1.9
Semiconductors & Semiconductor Equipment		1.8
Chemicals		1.6
Tobacco		1.6
Electric Utilities		1.6
Commercial Mortgage-Backed Securities		1.4
Food Products		1.3
Consumer Finance		1.3
Diversified Financial Services		1.3
Specialty Retail		1.3
Automobiles		1.2
Software		1.2
Metals & Mining		1.2
Aerospace & Defense		1.2
Auto Components		1.1
IT Services		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		16.6
Short-Term Investments		2.1

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(3,792	)	Euro FX		06/13/16		USD		(543,441	)		(19,654	)
	(2,653	)	GBP FX		06/13/16		USD		(242,302	)		(6,538	)
	(11,669	)	5 Year U. S. Treasury Note		06/30/16		USD		(1,410,946	)		2,163
												(24,029	)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS APRIL 30, 2016

J.P. Morgan Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

ADR	—  American Depositary Receipt
ARM	—  Adjustable Rate Mortgage
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
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 April 30, 2016. 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
DIP	—  Debtor-in-possession
ETF	—  Exchange Traded Fund
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 April 30, 2016. The rate may be subject to a cap and floor.
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
NVDR	—  Non Voting Depositary Receipt
PIK	—  Payment in-Kind
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
SGD	—  Singapore Dollar
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of April 30, 2016.
TOPIX	—  Tokyo Price Index
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of April 30, 2016.

ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 initial margin for future contracts.
(l)	—  The rate shown is the current yield as of April 30, 2016.
(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.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(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 April 30, 2016.
^	—  All or a portion of the security is unsettled as of April 30, 2016. 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 April 30, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Global Allocation Fund		Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	1,242,834	$	11,563,876
Investments in affiliates, at value		94,184		249,567
Total investment securities, at value		1,337,018		11,813,443
Cash		522		68,501
Foreign currency, at value		2,972		2,028
Deposits at broker for futures contracts		1,953		—
Receivables:
Due from custodian		—		11,781
Investment securities sold		2,793		84,573
Investment securities sold — delayed delivery securities		198		2,132
Fund shares sold		5,621		23,302
Interest and dividends from non-affiliates		7,757		111,305
Dividends from affiliates		31		70
Tax reclaims		176		5,582
Variation margin on futures contracts		2,559		—
Unrealized appreciation on forward foreign currency exchange contracts		114		—
Total Assets		1,361,714		12,122,717
LIABILITIES:
Payables:
Investment securities purchased		14,320		132,668
Investment securities purchased — delayed delivery securities		366		7,616
Fund shares redeemed		1,245		17,231
Variation margin on futures contracts		—		5,591
Unrealized depreciation on forward foreign currency exchange contracts		4,682		—
Accrued liabilities:
Investment advisory fees		447		2,541
Distribution fees		260		3,884
Shareholder servicing fees		247		1,738
Custodian and accounting fees		46		349
Trustees’ and Chief Compliance Officer’s fees		1		7
Other		9		1,960
Total Liabilities		21,623		173,585
Net Assets	$	1,340,091	$	11,949,132

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS APRIL 30, 2016

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Global Allocation Fund			Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	1,352,093		$	12,141,883
Accumulated undistributed (distributions in excess of) net investment income		2,721			(3,355	)
Accumulated net realized gains (losses)		(35,314	)		(482,229	)
Net unrealized appreciation (depreciation)		20,591			292,833
Total Net Assets	$	1,340,091		$	11,949,132
Net Assets:
Class A	$	298,749		$	4,020,573
Class C		331,279			5,017,021
Class R2		593			—
Select Class		709,470			2,911,538
Total	$	1,340,091		$	11,949,132
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		18,530			409,593
Class C		20,772			512,506
Class R2		37			—
Select Class		43,832			296,245
Net Asset Value (a):
Class A — Redemption price per share	$	16.12		$	9.82
Class C — Offering price per share (b)		15.95			9.79
Class R2 — Offering and redemption price per share		16.10			—
Select Class — Offering and redemption price per share		16.19			9.83
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)]	$	16.88		$	10.28
Cost of investments in non-affiliates	$	1,214,667		$	11,247,150
Cost of investments in affiliates		94,184			249,567
Cost of foreign currency		2,895			2,013

(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.

APRIL 30, 2016 J.P. MORGAN FUNDS 89

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	10,617		$	209,619
Interest income from affiliates		7			1
Dividend income from non-affiliates		5,980			93,309
Dividend income from affiliates		148			323
Foreign taxes withheld		(351	)		(4,729	)
Total investment income		16,401			298,523
EXPENSES:
Investment advisory fees		3,315			26,648
Administration fees		454			4,863
Distribution fees:
Class A		322			5,003
Class C		1,017			18,460
Class R2		1			—
Shareholder servicing fees:
Class A		322			5,003
Class C		339			6,153
Class R2		—	(a)		—
Select Class		720			3,649
Custodian and accounting fees		196			614
Interest expense to affiliates		—	(a)		1
Professional fees		45			93
Interest expense to non-affiliates		2			2
Trustees’ and Chief Compliance Officer’s fees		6			54
Printing and mailing costs		17			473
Registration and filing fees		64			166
Transfer agent fees (See Note 2.G.)		21			201
Sub-transfer agent fees (See Note 2.G.)		174			2,921
Other		8			53
Total expenses		7,023			74,357
Less fees waived		(1,480	)		(20,092	)
Less earnings credits		—			—	(a)
Less expense reimbursements		—	(a)		—
Net expenses		5,543			54,265
Net investment income (loss)		10,858			244,258
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(18,218	)		(246,426	)
Futures		(10,646	)		(6,356	)
Foreign currency transactions		613			(1,138	)
Net realized gain (loss)		(28,251	)		(253,920	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		25,987			73,558
Futures		(4,352	)		(17,352	)
Foreign currency translations		(5,531	)		445
Change in net unrealized appreciation/depreciation		16,104			56,651
Net realized/unrealized gains (losses)		(12,147	)		(197,269	)
Change in net assets resulting from operations	$	(1,289	)	$	46,989

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

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,858		$	3,853		$	244,258		$	469,773
Net realized gain (loss)		(28,251	)		(6,855	)		(253,920	)		(223,856	)
Change in net unrealized appreciation/depreciation		16,104			3,133			56,651			(294,145	)
Change in net assets resulting from operations		(1,289	)		131			46,989			(48,228	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,113	)		(853	)		(83,383	)		(172,786	)
From net realized gains		(289	)		(1,130	)		—			(7,433	)
Return of capital		—			—			—			(6,423	)
Class C
From net investment income		(1,736	)		(395	)		(90,993	)		(178,523	)
From net realized gains		(299	)		(557	)		—			(8,655	)
Return of capital		—			—			—			(7,578	)
Class R2
From net investment income		(2	)		(1	)		—			—
From net realized gains		—	(a)		(2	)		—			—
Select Class
From net investment income		(5,299	)		(1,166	)		(62,517	)		(130,741	)
From net realized gains		(591	)		(1,443	)		—			(5,361	)
Return of capital		—			—			—			(4,687	)
Total distributions to shareholders		(10,329	)		(5,547	)		(236,893	)		(522,187	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		577,292			692,385			(382,314	)		1,538,383
NET ASSETS:
Change in net assets		565,674			686,969			(572,218	)		967,968
Beginning of period		774,417			87,448			12,521,350			11,553,382
End of period	$	1,340,091		$	774,417		$	11,949,132		$	12,521,350
Accumulated undistributed (distributions in excess of) net investment income	$	2,721		$	1,013		$	(3,355	)	$	(10,720	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	131,548		$	204,328		$	477,987		$	1,287,287
Distributions reinvested		2,326			1,966			79,969			177,297
Cost of shares redeemed		(42,257	)		(20,198	)		(734,325	)		(1,032,043	)
Change in net assets resulting from Class A capital transactions	$	91,617		$	186,096		$	(176,369	)	$	432,541
Class C
Proceeds from shares issued	$	164,500		$	195,816		$	418,946		$	1,305,512
Distributions reinvested		1,684			942			77,811			165,251
Cost of shares redeemed		(30,807	)		(10,240	)		(525,849	)		(796,456	)
Change in net assets resulting from Class C capital transactions	$	135,377		$	186,518		$	(29,092	)	$	674,307
Class R2
Proceeds from shares issued	$	388		$	184		$	—		$	—
Distributions reinvested		2			3			—			—
Cost of shares redeemed		(9	)		(43	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	381		$	144		$	—		$	—
Select Class
Proceeds from shares issued	$	463,593		$	380,000		$	496,135		$	1,328,026
Distributions reinvested		4,532			2,440			48,485			106,503
Cost of shares redeemed		(118,208	)		(62,813	)		(721,473	)		(1,002,994	)
Change in net assets resulting from Select Class capital transactions	$	349,917		$	319,627		$	(176,853	)	$	431,535
Total change in net assets resulting from capital transactions	$	577,292		$	692,385		$	(382,314	)	$	1,538,383
SHARE TRANSACTIONS:
Class A
Issued		8,240			12,280			49,544			125,545
Reinvested		146			120			8,290			17,371
Redeemed		(2,674	)		(1,221	)		(76,358	)		(101,371	)
Change in Class A Shares		5,712			11,179			(18,524	)		41,545
Class C
Issued		10,430			11,928			43,511			127,706
Reinvested		106			58			8,085			16,237
Redeemed		(1,964	)		(626	)		(54,838	)		(78,507	)
Change in Class C Shares		8,572			11,360			(3,242	)		65,436
Class R2
Issued		26			11			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(1	)		(3	)		—			—
Change in Class R2 Shares		25			8			—			—
Select Class
Issued		29,025			23,045			51,428			129,365
Reinvested		283			149			5,020			10,424
Redeemed		(7,508	)		(3,778	)		(75,102	)		(98,588	)
Change in Select Class Shares		21,800			19,416			(18,654	)		41,201

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

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS APRIL 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2016 J.P. MORGAN FUNDS 93

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
Global Allocation Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	16.47	$	0.15	(f)	$	(0.35	)	$	(0.20	)	$	(0.13	)	$	(0.02	)	$	(0.15	)
Year Ended October 31, 2015		17.15		0.23	(f)(g)		(0.01	)		0.22			(0.34	)		(0.56	)		(0.90	)
Year Ended October 31, 2014		16.45		0.26	(f)(g)		0.97			1.23			(0.16	)		(0.37	)		(0.53	)
Year Ended October 31, 2013		14.52		0.19	(f)(g)		2.15			2.34			(0.41	)		—			(0.41	)
Year Ended October 31, 2012		13.53		0.38	(g)		0.98			1.36			(0.37	)		—			(0.37	)
May 31, 2011(i) through October 31, 2011		15.00		0.14	(g)		(1.58	)		(1.44	)		(0.03	)		—			(0.03	)
Class C
Six Months Ended April 30, 2016 (Unaudited)		16.30		0.11	(f)		(0.34	)		(0.23	)		(0.10	)		(0.02	)		(0.12	)
Year Ended October 31, 2015		17.04		0.15	(f)(g)		(0.02	)		0.13			(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.39		0.16	(f)(g)		0.98			1.14			(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.49		0.16	(f)(g)		2.09			2.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2012		13.52		0.31	(g)		0.99			1.30			(0.33	)		—			(0.33	)
May 31, 2011(i) through October 31, 2011		15.00		0.11	(g)		(1.58	)		(1.47	)		(0.01	)		—			(0.01	)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		16.44		0.14	(f)		(0.36	)		(0.22	)		(0.10	)		(0.02	)		(0.12	)
Year Ended October 31, 2015		17.13		0.19	(f)(g)		(0.01	)		0.18			(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.44		0.22	(f)(g)		0.96			1.18			(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.51		0.25	(f)(g)		2.04			2.29			(0.36	)		—			(0.36	)
Year Ended October 31, 2012		13.53		0.34	(g)		0.99			1.33			(0.35	)		—			(0.35	)
May 31, 2011(i) through October 31, 2011		15.00		0.12	(g)		(1.58	)		(1.46	)		(0.01	)		—			(0.01	)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		16.53		0.18	(f)		(0.36	)		(0.18	)		(0.14	)		(0.02	)		(0.16	)
Year Ended October 31, 2015		17.19		0.27	(f)(g)		(0.01	)		0.26			(0.36	)		(0.56	)		(0.92	)
Year Ended October 31, 2014		16.47		0.30	(f)(g)		0.97			1.27			(0.18	)		(0.37	)		(0.55	)
Year Ended October 31, 2013		14.53		0.33	(f)(g)		2.04			2.37			(0.43	)		—			(0.43	)
Year Ended October 31, 2012		13.53		0.41	(g)		1.00			1.41			(0.41	)		—			(0.41	)
May 31, 2011(i) through October 31, 2011		15.00		0.15	(g)		(1.58	)		(1.43	)		(0.04	)		—			(0.04	)

(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) is affected by timing of distributions from Underlying Funds.

(h) Does not include expenses of Underlying Funds.

(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.

94 J.P. MORGAN FUNDS APRIL 30, 2016

		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			Portfolio turnover rate (b)(e)
$	16.12		(1.24	)%	$	298,749		1.01	%		1.93	%		1.29	%		30	%
	16.47		1.38			211,120		1.02	(h)		1.40	(g)		1.43	(h)		44
	17.15		7.58			28,114		1.03	(h)		1.56	(g)		1.74	(h)		87
	16.45		16.36			2,253		1.05	(h)		1.18	(g)		3.30	(h)		120
	14.52		10.26			50		1.05	(h)		2.70	(g)		2.54	(h)		67
	13.53		(9.63	)		45		1.05	(h)(j)		2.36	(g)(j)		2.79	(h)(j)		51
	15.95		(1.44	)		331,279		1.51			1.45			1.79			30
	16.30		0.84			198,888		1.51	(h)		0.90	(g)		1.92	(h)		44
	17.04		7.07			14,308		1.53	(h)		0.97	(g)		2.22	(h)		87
	16.39		15.74			380		1.55	(h)		1.00	(g)		3.41	(h)		120
	14.49		9.75			49		1.55	(h)		2.19	(g)		3.04	(h)		67
	13.52		(9.83	)		45		1.55	(h)(j)		1.86	(g)(j)		3.28	(h)(j)		51
	16.10		(1.34	)		593		1.26			1.81			1.73			30
	16.44		1.14			203		1.27	(h)		1.17	(g)		1.77	(h)		44
	17.13		7.29			62		1.28	(h)		1.31	(g)		2.07	(h)		87
	16.44		16.06			58		1.30	(h)		1.61	(g)		2.79	(h)		120
	14.51		9.99			50		1.30	(h)		2.44	(g)		2.79	(h)		67
	13.53		(9.71	)		45		1.30	(h)(j)		2.10	(g)(j)		3.04	(h)(j)		51
	16.19		(1.07	)		709,470		0.76			2.22			1.02			30
	16.53		1.62			364,206		0.77	(h)		1.61	(g)		1.19	(h)		44
	17.19		7.88			44,964		0.78	(h)		1.79	(g)		1.55	(h)		87
	16.47		16.61			27,636		0.80	(h)		2.10	(g)		2.31	(h)		120
	14.53		10.58			19,856		0.80	(h)		2.95	(g)		2.29	(h)		67
	13.53		(9.56	)		17,959		0.80	(h)(j)		2.61	(g)(j)		2.55	(h)(j)		51

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 95

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			Return of capital			Total distributions			Redemption fees
Income Builder Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	9.96	$	0.21	(f)	$	(0.15	)	$	0.06		$	(0.20	)	$	—		$	—		$	(0.20	)	$	—
Year Ended October 31, 2015		10.41		0.41	(f)		(0.41	)		—	(g)		(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	)		—	(g)
Class C
Six Months Ended April 30, 2016 (Unaudited)		9.93		0.18	(f)		(0.14	)		0.04			(0.18	)		—			—			(0.18	)		—
Year Ended October 31, 2015		10.38		0.35	(f)		(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	)		—	(g)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		9.97		0.21	(f)		(0.14	)		0.07			(0.21	)		—			—			(0.21	)		—
Year Ended October 31, 2015		10.42		0.42	(f)		(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	)		—	(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 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) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS APRIL 30, 2016

		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)
$	9.82		0.67	%	$	4,020,573		0.75	%		4.30	%		1.10	%		26	%
	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
	9.79		0.42			5,017,021		1.25			3.80			1.61			26
	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
	9.83		0.73			2,911,538		0.60			4.45			0.86			26
	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.

APRIL 30, 2016 J.P. MORGAN FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

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 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.

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.

98 J.P. MORGAN FUNDS APRIL 30, 2016

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, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors 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.

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 April 30, 2016.

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	$	—	$	14,918	$	—	$	14,918
Belgium		—		2,631		—		2,631
Bermuda		1,005		—		—		1,005
Brazil		8,207		—		—		8,207
Canada		418		—		—		418
Chile		920		—		—		920
China		2,448		5,952		—		8,400
Denmark		—		2,851		—		2,851
Finland		—		4,797		—		4,797
France		—		23,928		—		23,928
Germany		—		20,566		—		20,566
Hong Kong		1,724		12,115		—		13,839
India		12,476		2,232		—		14,708
Indonesia		—		3,826		—		3,826
Ireland		1,056		3,216		—		4,272
Israel		1,806		—		—		1,806
Italy		—		6,880		—		6,880
Japan		—		55,285		—		55,285
Luxembourg		—		1,228		—		1,228
Malaysia		—		766		—		766
Mexico		2,448		—		—		2,448
Netherlands		1,941		15,859		—		17,800
New Zealand		—		858		—		858
Norway		—		284		—		284
Peru		1,175		—		—		1,175

APRIL 30, 2016 J.P. MORGAN FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

JPMorgan Global Allocation Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Portugal	$	—	$	795	$	—	$	795
Russia		496		4,942		—		5,438
Singapore		2,387		1,908		—		4,295
South Africa		—		13,654		—		13,654
South Korea		—		4,932		—		4,932
Spain		—		5,646		—		5,646
Sweden		—		4,437		—		4,437
Switzerland		2,102		24,189		—		26,291
Taiwan		4,718		2,818		—		7,536
Thailand		1,309		1,340		—		2,649
Turkey		—		1,373		—		1,373
United Kingdom		1,863		45,557		—		47,420
United States		292,049		—		—		292,049
Total Common Stocks		340,548		289,783		—		630,331
Preferred Stocks
Brazil		1,796		—		—		1,796
Cayman Islands		—		—		68		68
Germany		—		2,262		—		2,262
United States		16		—		—		16
Total Preferred Stocks		1,812		2,262		68		4,142
Debt Securities
Asset-Backed Securities
United States		—		23,847		54,681		78,528
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		42,845		385		43,230
Commercial Mortgage-Backed Securities
United States		—		10,286		—		10,286
Convertible Bonds
United States		—		147		—		147
Corporate Bonds
Bahamas		—		51		—		51
Belgium		—		852		—		852
Bermuda		—		1,442		—		1,442
Canada		—		10,644		—		10,644
Cayman Islands		—		672		—		672
Finland		—		539		—		539
France		—		15,174		—		15,174
Germany		—		13,065		—		13,065
Ireland		—		6,386		—		6,386
Italy		—		5,203		—		5,203
Japan		—		1,013		—		1,013
Jersey		—		596		—		596
Liberia		—		17		—		17
Luxembourg		—		41,100		—		41,100
Mexico		—		2,486		—		2,486
Netherlands		—		11,740		—		11,740
Norway		—		728		—		728
Portugal		—		799		—		799
Singapore		—		215		—		215
Spain		—		1,510		—		1,510
Sweden		—		3,239		—		3,239
United Kingdom		—		25,130		—		25,130
United States		—		190,941		252		191,193
Total Corporate Bonds		—		333,542		252		333,794

100 J.P. MORGAN FUNDS APRIL 30, 2016

JPMorgan Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Preferred Securities
Cayman Islands	$	—		$	546		$	—	$	546
France		—			1,766			—		1,766
Netherlands		—			2,519			—		2,519
United Kingdom		—			966			—		966
United States		—			2,121			—		2,121
Total Preferred Securities		—			7,918			—		7,918
Loan Assignments
Australia		—			281			—		281
Canada		—			197			—		197
Netherlands		—			100			—		100
Singapore		—			540			—		540
United States		—			7,354			—		7,354
Total Loan Assignments		—			8,472			—		8,472
Foreign Government Securities		—			84,607			—		84,607
U.S. Treasury Obligations		—	��		30,185			—		30,185
Options Purchased
Call Options Purchased		11,194			—			—		11,194
Short-Term Investment
Investment Company		94,184			—			—		94,184
Total Investments in Securities	$	447,738		$	833,894		$	55,386	$	1,337,018
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	114		$	—	$	114
Futures Contracts		39			485			—		524
Total Appreciation in Other Financial Instruments	$	39		$	599		$	—	$	638
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(4,682	)	$	—	$	(4,682	)
Futures Contracts		(3,622	)		(142	)		—		(3,764	)
Total Depreciation in Other Financial Instruments	$	(3,622	)	$	(4,824	)	$	—	$	(8,446	)

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	$	—	$	107,898	$	—	$	107,898
Belgium		—		39,864		—		39,864
Bermuda		1,486		—		—		1,486
Brazil		17,647		—		—		17,647
Canada		21,158		—		—		21,158
Chile		5,887		—		—		5,887
China		—		8,642		—		8,642
Czech Republic		—		6,470		—		6,470
Denmark		—		41,250		—		41,250
Finland		—		100,209		—		100,209
France		—		288,534		—		288,534
Germany		—		193,424		—		193,424
Hong Kong		2,910		34,923		—		37,833
Hungary		—		3,949		—		3,949
India		—		7,548		—		7,548
Indonesia		—		2,290		—		2,290

APRIL 30, 2016 J.P. MORGAN FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

JPMorgan Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Ireland	$	36,778	$	7,857	$	—		$	44,635
Italy		—		76,967		—			76,967
Japan		—		159,721		—			159,721
Luxembourg		—		7,684		—			7,684
Mexico		7,443		—		—			7,443
Netherlands		—		178,266		—			178,266
Norway		—		34,608		—			34,608
Poland		—		3,278		—			3,278
Portugal		—		17,574		—			17,574
Russia		9,340		6,454		—			15,794
Singapore		—		5,285		—			5,285
South Africa		3,608		28,630		—			32,238
South Korea		5,540		9,000		—			14,540
Spain		—		118,963		—			118,963
Sweden		—		26,582		—			26,582
Switzerland		9,060		68,839		—			77,899
Taiwan		8,080		45,995		—			54,075
Thailand		—		3,492		—			3,492
Turkey		—		4,822		—			4,822
United Arab Emirates		—		3,587		—			3,587
United Kingdom		—		570,992		—			570,992
United States		1,730,488		—		173			1,730,661
Total Common Stocks		1,859,425		2,213,597		173			4,073,195
Preferred Stocks
Bermuda		1,080		—		—			1,080
Brazil		2,299		—		—			2,299
Cayman Islands		—		—		2,701			2,701
Ireland		5,474		—		—			5,474
Israel		4,722		—		—			4,722
Russia		1,851		—		—			1,851
United States		191,166		4,782		—	(a)		195,948
Total Preferred Stocks		206,592		4,782		2,701			214,075
Debt Securities
Asset-Backed Securities
United States		—		66,391		479,897			546,288
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		431,237		2,423			433,660
Commercial Mortgage-Backed Securities
United States		—		106,083		59,628			165,711
Convertible Bonds
Austria		—		3,134		—			3,134
Bermuda		—		175		—			175
Cayman Islands		—		12,925		—			12,925
France		—		3,439		—			3,439
Germany		—		749		—			749
Hong Kong		—		564		—			564
Japan		—		2,245		—			2,245
Luxembourg		—		4,219		—			4,219
Malaysia		—		1,398		—			1,398
Mexico		—		440		—			440
Netherlands		—		9,221		—			9,221
Singapore		—		5,874		—			5,874

102 J.P. MORGAN FUNDS APRIL 30, 2016

JPMorgan Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Africa	$	—	$	807	$	—	$	807
Spain		—		9,763		—		9,763
Taiwan		—		516		—		516
United Arab Emirates		—		7,721		—		7,721
United Kingdom		—		10,723		—		10,723
United States		—		67,603		215		67,818
Total Convertible Bonds		—		141,516		215		141,731
Corporate Bonds
Argentina		—		1,905		—		1,905
Australia		—		9,437		—		9,437
Azerbaijan		—		2,667		—		2,667
Bahamas		—		995		—		995
Bermuda		—		18,106		—		18,106
Brazil		—		6,133		—		6,133
Canada		—		193,430		—		193,430
Cayman Islands		—		17,120		—		17,120
Chile		—		5,555		—		5,555
Colombia		—		6,790		—		6,790
Croatia		—		2,626		—		2,626
Finland		—		2,060		—		2,060
France		—		30,848		—		30,848
Georgia		—		6,013		—		6,013
Germany		—		5,733		—		5,733
Hungary		—		4,226		—		4,226
Indonesia		—		16,763		—		16,763
Ireland		—		63,404		—		63,404
Israel		—		6,020		—		6,020
Italy		—		12,013		—		12,013
Japan		—		4,345		—		4,345
Kazakhstan		—		14,891		—		14,891
Liberia		—		1,536		—		1,536
Luxembourg		—		192,786		—		192,786
Malaysia		—		1,252		—		1,252
Mexico		—		53,447		—		53,447
Morocco		—		15,857		—		15,857
Netherlands		—		67,834		—		67,834
Peru		—		8,005		—		8,005
Singapore		—		491		—		491
Sri Lanka		—		646		—		646
Turkey		—		3,085		—		3,085
United Arab Emirates		—		3,216		—		3,216
United Kingdom		—		74,958		—		74,958
United States		—		3,769,300		27,245		3,796,545
Venezuela		—		5,609		—		5,609
Total Corporate Bonds		—		4,629,102		27,245		4,656,347
Preferred Securities
Belgium		—		11,875		—		11,875
Cayman Islands		—		2,747		—		2,747
France		—		26,346		—		26,346
Netherlands		—		9,299		—		9,299
Spain		—		10,705		—		10,705
Sweden		—		14,698		—		14,698
Switzerland		—		28,303		—		28,303
United Kingdom		—		28,026		—		28,026
United States		—		630,860		—		630,860
Total Preferred Securities		—		762,859		—		762,859

APRIL 30, 2016 J.P. MORGAN FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

JPMorgan Income Builder Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Loan Assignments
Australia	$	—		$	1,957	$	—		$	1,957
Bermuda		—			425		—			425
Canada		—			2,613		—			2,613
Cayman Islands		—			330		—			330
Luxembourg		—			2,589		—			2,589
Netherlands		—			873		—			873
Singapore		—			3,931		—			3,931
United States		—			94,800		1,604			96,404
Total Loan Assignments		—			107,518		1,604			109,122
Foreign Government Securities		—			403,863		532			404,395
U.S. Treasury Obligations		—			51,493		—			51,493
Warrants
United States		—			—		—	(a)		—	(a)
Short-Term Investment
Investment Company		249,567			—		—			249,567
Time Deposit		—			5,000		—			5,000
Total Investments in Securities	$	2,315,584		$	8,923,441	$	574,418		$	11,813,443
Appreciation in Other Financial Instruments
Futures Contracts	$	2,163		$	—	$	—		$	2,163
Depreciation in Other Financial Instruments
Futures Contracts	$	(26,192	)	$	—	$	—		$	(26,192	)

(a) Value is zero.

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

For Global Allocation Fund, there were no significant transfers between any levels during the period ended April 30, 2016.

For Income Builder Fund, the transfers from level 1 to level 2 in the amount of approximately $7,189,000 are due to applying fair value factors to certain securities as of April 30, 2016.

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, 2015		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 April 30, 2016
Asset-Backed Securities — United States	$	31,322	$	2		$	(68	)	$	75	$	24,413	$	(4,082	)	$	3,552	$	(533	)	$	54,681
Collateralized Mortgage Obligations — Non-Agency CMO		423		—			(9	)		1		—		(30	)		—		—			385
Corporate Bonds — Bahamas		166		—			—			—		—		—			—		(166	)		—
Corporate Bonds — United States		—		(110	)		(15	)		1		—		(133	)		509		—			252
Preferred Stock — Cayman Islands		—		—			(2	)		—		—		—			70		—			68
Total	$	31,911	$	(108	)	$	(94	)	$	77	$	24,413	$	(4,245	)	$	4,131	$	(699	)	$	55,386

104 J.P. MORGAN FUNDS APRIL 30, 2016

JPMorgan Income Builder Fund	Balance as of October 31, 2016			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 April 30, 2016
Asset-Backed Securities — United States	$	471,259		$	—		$	(3,746	)	$	1,059		$	53,162	$	(48,461	)	$	17,485	$	(10,861	)	$	479,897
Collateralized Mortgage Obligations — Non-Agency CMO		3,628			—			(192	)		11			—		(202	)		—		(822	)		2,423
Commercial Mortgage-Backed Securities — United States		62,029			—	(b)		(1,221	)		(3	)		4,745		(4,568	)		3,565		(4,919	)		59,628
Common Stocks — United States		180			—			(7	)		—			—		—			—		—			173
Convertible Bonds — United States		277			(48	)		27			—			15		(56	)		—		—			215
Corporate Bonds — Bahamas		3,239			—			—			—			—		—			—		(3,239	)		—
Corporate Bonds — Canada		—	(b)		—	(b)		—	(b)		—			—		—	(b)		—		—			—
Corporate Bonds — United States		105			(821	)		(1,957	)		68			302		(803	)		30,351		—			27,245
Foreign Government Securities		5,053			(6,119	)		6,224			60			—		(4,686	)		—		—			532
Loan Assignments — United States		1,556			—			56			—	(b)		—		(8	)		—		—			1,604
Preferred Stock — Cayman Islands		—			—			(63	)		—			—		—			2,764		—			2,701
Preferred Stock — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — United States		—	(b)		—			—	(b)		—			—		—			—		—			—	(b)
Total	$	547,326		$	(6,988	)	$	(879	)	$	1,195		$	58,224	$	(58,784	)	$	54,165	$	(19,841	)	$	574,418

(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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2016, which were valued using significant unobservable inputs (Level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	(92	)
Income Builder Fund		(7,036	)

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 April 30, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	54,681		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 12.00% (4.03%)
					Constant Default Rate		2.00% - 38.00% (7.52%)
					Yield (Discount Rate of Cash Flows)		2.56% - 10.41% (4.19%)
Asset-Backed Securities		54,681
		385		Discounted Cash Flow	Constant Prepayment Rate		11.43% (11.43%)
					Constant Default Rate		3.00% (3.00%)
					Yield (Discount Rate of Cash Flows)		3.73% (3.73%)
Collateralized Mortgage Obligations		385
		252		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		8.78% - 49.25% (17.31%)
		—	(a)	Pending Distribution	Discount for Potential Outcome		100.00% (100.00%)
Corporate Bonds		252
		68		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.65% (4.65%)
Preferred Stock		68
Total	$	55,386

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

APRIL 30, 2016 J.P. MORGAN FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	70		Pending Sale Amount (a)	Discount for lack of marketability (b)		10.00% - 100.00% (10.00%)
Common Stocks		70
		2,701		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.65% (4.65%)
		—	(c)	Pending Sale Amount (a)	Discount for lack of marketability (b)		100.00% (100.00%)
Preferred Stock		2,701
		27,241		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		8.78% - 86.44% (16.79%)
		219		Pending Sale Amount	Discount for lack of marketability (b)		15.00% - 50.00% (15.16%)
Corporate Bonds		27,460
		479,897		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 12.00% (3.67%)
					Constant Default Rate		0.00% - 38.00% (7.76%)
					Yield (Discount Rate of Cash Flows)		1.38% - 10.31% (4.07%)
Asset-Backed Securities		479,897
		2,423		Discounted Cash Flow	Constant Prepayment Rate		4.00% - 21.26% (12.94%)
					Constant Default Rate		1.84% - 7.82% (3.74%)
					Yield (Discount Rate of Cash Flows)		3.94% - 10.78% (7.67%)
Collateralized Mortgage Obligations		2,423
		54,585		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.84% - 148.82% (16.94%)
Commercial Mortgage-Backed Securities		54,585
		1,604		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		LIBOR + 783 bps
		—	(d)	Pending Distribution	Projected Losses		100% (100%)
Loan Assignments		1,604
Warrants		—	(d)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	568,740

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2016, the value of these investments was approximately $5,678,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2A.

(a) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c) Value is zero.

(d) 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 April 30, 2016, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulations under the Securities Act.

C. 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,

106 J.P. MORGAN FUNDS APRIL 30, 2016

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.

D. Derivatives — The Funds used derivative 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 D(1) — D(3) below describe the various derivatives used by the Funds.

(1). Options — Global Allocation Fund purchased 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

APRIL 30, 2016 J.P. MORGAN FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

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 — Global Allocation 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. Global Allocation 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 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.

The Global Allocation 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 April 30, 2016, 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 April 30, 2016, 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
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	11,194	$	485		$	—		$	11,679
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation				39			—			39
Foreign exchange contracts	Receivables		—		—			114			114
Total		$	11,194	$	524		$	114		$	11,832
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(3,387	)	$	—		$	(3,387	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(377	)		—			(377	)
Foreign exchange contracts	Payables		—		—			(4,682	)		(4,682	)
Total		$	—	$	(3,764	)	$	(4,682	)	$	(8,446	)

(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.

108 J.P. MORGAN FUNDS APRIL 30, 2016

Income Builder Fund

Derivative Contract	Statement of Assets and Liabilities
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,163
Gross Liabilities:
Currency contracts	Payables, Net Assets — Unrealized Depreciation	$	(26,192	)

(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 six months ended April 30, 2016, by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(460	)	$	(12,800	)	$	—		$	(13,260	)
Foreign exchange contracts		—			—			1,676			1,676
Interest rate contracts		—			2,154			—			2,154
Total	$	(460	)	$	(10,646	)	$	1,676		$	(9,430	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(290	)	$	(3,379	)	$	—		$	(3,669	)
Foreign exchange contracts		—			(973	)		(5,796	)		(6,769	)
Total	$	(290	)	$	(4,352	)	$	(5,796	)	$	(10,438	)

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(20,449	)
Foreign exchange contracts		37,894
Interest rate contracts		(23,801	)
Total	$	(6,356	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	12,234
Foreign exchange contracts		(28,337	)
Interest rate contracts		(1,249	)
Total	$	(17,352	)

The Funds’ derivatives contracts held at April 30, 2016 are not accounted for as hedging instruments under GAAP.

APRIL 30, 2016 J.P. MORGAN FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and options activity during the six months ended April 30, 2016. 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 Short	$	—	$	1,024,345
Ending Notional Balance Short		—		785,743
Equity
Average Notional Balance Long		68,032		7,625
Average Notional Balance Short		97,201		60,682
Ending Notional Balance Long		1,437		—
Ending Notional Balance Short		119,755		—
Interest Rate
Average Notional Balance Long		90,185		138,917	(a)
Average Notional Balance Short		32,554		1,585,310
Ending Notional Balance Long		116,013		—
Ending Notional Balance Short		23,988		1,410,946
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		22,966		—
Average Settlement Value Sold		193,094		—
Ending Value Purchased		7,061		—
Ending Value Sold		199,028		—
Exchange-Traded Options:
Average Number of Contracts Purchased		15,455		—
Ending Number of Contracts Purchased		8,105		—

(a) For the period November 1, 2015 through November 30, 2015.

E. 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.

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, is recorded on the ex-dividend date or when a fund first learns of the dividend.

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.

110 J.P. MORGAN FUNDS APRIL 30, 2016

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2016 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Select Class		Total
Global Allocation Fund
Transfer agent fees	$	7	$	6	$	—	(a)	$	8	$	21
Sub-transfer agent fees		56		57		—	(a)		61		174
Income Builder Fund
Transfer agent fees	$	76	$	94		n/a		$	31	$	201
Sub-transfer agent fees		848		1,285		n/a			788		2,921

(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 April 30, 2016, 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.

I. 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.

J. 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.

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 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 six months ended April 30, 2016, 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 six months ended April 30, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	167	$	2
Income Builder Fund		745		14

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			Select Class
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.

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 other than certain money market fund fees as described below, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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

The expense limitation agreements were in effect for the six months ended April 30, 2016 and are in place until at least February 28, 2017.

For the six months ended April 30, 2016, 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	$	822	$	454	$	95	$	1,371	$	—	(a)
Income Builder Fund		10,697		4,863		4,262		19,822		—

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

112 J.P. MORGAN FUNDS APRIL 30, 2016

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 was as follows (amounts in thousands):

Global Allocation Fund	$	109
Income Builder Fund		270

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 six months ended April 30, 2016, the Funds 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 six months ended April 30, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Global Allocation Fund	$	1
Income Builder Fund		86

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 six months ended April 30, 2016, 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	$	838,606	$	281,026	$	29,577	$	9,819
Income Builder Fund		2,944,167		3,287,074		38,510		28,790

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	1,308,851	$	55,088	$	26,921	$	28,167
Income Builder Fund		11,496,717		696,764		380,038		316,726

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

APRIL 30, 2016 J.P. MORGAN FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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).

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 April 30, 2016, or at any time during the six months ended April 30, 2016.

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.

As of April 30, 2016, the Funds had omnibus accounts which collectively represented the following percentage of each Fund’s net assets as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus  Accounts		% of the Fund
Global Allocation Fund		1		13.3	%		2		28.6	%
Income Builder Fund		1		15.0	%		3		37.6	%

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. 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.

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.

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.

114 J.P. MORGAN FUNDS APRIL 30, 2016

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual	$	1,000.00	$	987.60	$	4.99		1.01	%
Hypothetical		1,000.00		1,019.84		5.07		1.01
Class C
Actual		1,000.00		985.60		7.45		1.51
Hypothetical		1,000.00		1,017.35		7.57		1.51
Class R2
Actual		1,000.00		986.60		6.22		1.26
Hypothetical		1,000.00		1,018.60		6.32		1.26
Select Class
Actual		1,000.00		989.30		3.76		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Income Builder Fund
Class A
Actual		1,000.00		1,006.70		3.74		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,004.20		6.23		1.25
Hypothetical		1,000.00		1,018.65		6.27		1.25
Select Class
Actual		1,000.00		1,007.30		2.99		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2016 J.P. MORGAN FUNDS 115

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., 2016.  All rights reserved. April 2016. SAN-IB-GAL-416

Semi-Annual Report

J.P. Morgan Funds

April 30, 2016 (Unaudited)

JPMorgan Emerging Markets Local Currency Debt Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	10
Financial Highlights	16
Notes to Financial Statements	18
Schedule of Shareholder Expenses	29

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when 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 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

MAY 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Local Currency Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	7.88%
J.P. Morgan GBI – EM Global Diversified Index	8.93%
Net Assets as of 4/30/2016 (In Thousands)	$81,099
Duration as of 4/30/2016	5.1 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 six months ended April 30, 2016.

Relative to the Benchmark, the Fund’s underweight position in Russia was a leading detractor from performance. Russia’s economy improved as the government moved to improve its fiscal condition and the Central Bank of Russia managed to lower inflation expectations, and investors increasingly sought investment opportunities in Russian assets. The Fund’s U.S. Treasury bond hedge, which was used to manage the potential risk of market expectations for tightening monetary policy in the U.S., also detracted from relative performance. The Fund’s underweight positions in the currencies of Brazil and Turkey also detracted from relative performance.

The Fund’s longer duration position relative to the Benchmark was a leading contributor to performance relative to the Benchmark, as generally stable currencies in several emerging market nations led to normalized inflation pressure and generally stable interest rates. 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, compared with bonds with shorter duration. Through interest rate swaps contracts, the Fund’s overweight exposure to interest rates in Brazil and Turkey also contributed to relative performance. The Fund’s underweight position in South Africa made a contribution to performance relative to the Benchmark amid weak economic growth and government missteps.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in sovereign 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 was overweight in the U.S. dollar, Mexican peso and the Indian rupee. The Fund was underweight in the Chinese yuan, the Brazilian real and the Thai baht.

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 Hungary, Indonesia and Mexico and underweight in South Africa, Thailand and Romania.

2 J.P. MORGAN FUNDS APRIL 30, 2016

PORTFOLIO COMPOSITION***
Foreign Government Securities	63.8	%
Options Purchased	0.1
Short-Term Investment	36.1

PORTFOLIO COMPOSITION BY COUNTRY***
Indonesia	10.7	%
Turkey	8.2
Poland	6.5
Mexico	5.6
South Africa	5.6
Hungary	4.9
Thailand	4.6
Brazil	4.4
Colombia	4.2
Malaysia	4.0
Russia	2.8
Peru	1.4
Others (each less than 1.0%)	1.0
Short-Term Investment	36.1

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Local Currency Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
With Sales Charge**			3.82	%		(7.81	)%		(9.60	)%		(5.64	)%
Without Sales Charge			7.80			(4.23	)		(8.45	)		(4.70	)
CLASS C SHARES	June 29, 2012
With CDSC***			6.63			(5.63	)		(8.87	)		(5.16	)
Without CDSC			7.63			(4.63	)		(8.87	)		(5.16	)
CLASS R2 SHARES	June 29, 2012		7.71			(4.48	)		(8.66	)		(4.92	)
CLASS R5 SHARES	June 29, 2012		8.12			(3.73	)		(8.00	)		(4.25	)
CLASS R6 SHARES	June 29, 2012		8.10			(3.73	)		(7.96	)		(4.21	)
SELECT CLASS SHARES	June 29, 2012		7.88			(3.98	)		(8.21	)		(4.45	)

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (6/29/12 TO 4/30/16)

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 April 30, 2016. 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 APRIL 30, 2016

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 62.4%
		Brazil — 4.3%
	BRL 1,320	Brazil Notas do Tesouro Nacional Series B, 6.000%, 08/15/50		1,086
		Brazil Notas do Tesouro Nacional Series F,
	BRL 4,200	10.000%, 01/01/21		1,116
	BRL 1,846	10.000%, 01/01/23		475
	BRL 3,179	10.000%, 01/01/25		798
				3,475
		Colombia — 4.1%
		Republic of Colombia,
	COP 3,793,200	6.000%, 04/28/28		1,107
	COP 6,700,000	7.750%, 09/18/30		2,218
				3,325
		Hungary — 4.8%
		Republic of Hungary,
	HUF 326,010	3.000%, 06/26/24		1,185
	HUF 621,280	5.500%, 06/24/25		2,696
				3,881
		Indonesia — 10.5%
		Republic of Indonesia,
	IDR 4,955,000	8.250%, 07/15/21		388
	IDR 14,600,000	8.250%, 05/15/36		1,143
	IDR 35,010,000	8.375%, 03/15/24		2,745
	IDR 1,370,000	8.375%, 09/15/26		108
	IDR 14,450,000	8.375%, 03/15/34		1,143
	IDR 6,290,000	8.750%, 05/15/31		512
	IDR 22,334,000	9.000%, 03/15/29		1,836
	IDR 6,600,000	10.500%, 08/15/30		610
				8,485
		Kenya — 0.5%
	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)		426
		Malaysia — 3.9%
		Malaysia Government Bond,
	MYR 2,000	3.844%, 04/15/33		479
	MYR 5,980	3.892%, 03/15/27		1,497
	MYR 2,170	3.955%, 09/15/25		557
	MYR 2,400	4.498%, 04/15/30		630
				3,163
		Mexico — 5.5%
		United Mexican States,
	MXN 2,935	4.000%, 11/15/40		183
	MXN 11,300	7.500%, 06/03/27		735

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
	MXN 10,500	7.750%, 11/13/42		705
	MXN 30,020	8.500%, 05/31/29		2,106
	MXN 3,235	10.000%, 12/05/24		242
	MXN 6,000	10.000%, 11/20/36		490
				4,461
		Peru — 1.3%
		Republic of Peru,
	PEN 1,991	Reg. S, 6.900%, 08/12/37, GDN		619
	PEN 1,431	Reg. S, 6.950%, 08/12/31, GDN		450
				1,069
		Philippines — 0.4%
	PHP 9,200	Republic of Philippines, 8.000%, 07/19/31		286
		Poland — 6.3%
		Republic of Poland,
	PLN 2,000	2.000%, 04/25/21		518
	PLN 3,000	2.500%, 07/25/26		747
	PLN 980	3.250%, 07/25/25		263
	PLN 7,020	5.750%, 10/25/21		2,161
	PLN 3,000	5.750%, 09/23/22		936
	PLN 1,586	5.750%, 04/25/29		518
				5,143
		Russia — 2.8%
		Russian Federation,
	RUB 66,899	7.000%, 08/16/23		938
	RUB 90,700	7.600%, 07/20/22		1,318
				2,256
		South Africa — 5.5%
		Republic of South Africa,
	ZAR 33,300	6.250%, 03/31/36		1,662
	ZAR 107	8.750%, 01/31/44		7
	ZAR 4,625	8.750%, 02/28/48		293
	ZAR 18,323	8.875%, 02/28/35		1,209
	ZAR 16,500	10.500%, 12/21/26		1,278
				4,449
		Thailand — 4.5%
		Thailand Government Bond,
	THB 19,200	3.580%, 12/17/27		642
	THB 35,570	3.650%, 12/17/21		1,129
	THB 56,500	3.850%, 12/12/25		1,906
				3,677

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Turkey — 8.0%
		Republic of Turkey,
	TRY 2,560	7.100%, 03/08/23		824
	TRY 4,900	7.400%, 02/05/20		1,660
	TRY 774	8.000%, 03/12/25		258
	TRY 2,568	8.500%, 09/14/22		894
	TRY 3,540	9.000%, 07/24/24		1,259
	TRY 650	9.400%, 07/08/20		236
	TRY 640	9.500%, 01/12/22		233
	TRY 1,230	10.400%, 03/20/24		472
	TRY 1,700	10.700%, 02/17/21		648
				6,484
		Total Foreign Government Securities (Cost $54,373)		50,580

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
	Options Purchased — 0.0%(g)
		Foreign Exchange Currency Options — 0.0%(g)
		European Union — 0.0%(g)
	EUR 2,742	USD Put/EUR Call, Expiring 05/05/16 @ 1.13 USD to 1 EUR, Vanilla, European Style		39
	EUR 1,742	HUF Put/EUR Call, Expiring 07/12/16 @ 317 HUF to 1 EUR, Vanilla, European Style		13
		Total Options Purchased (Cost $41)		52
SHARES
	Short-Term Investment — 35.3%
		Investment Company — 35.3%
	28,590	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $28,590)		28,590
		Total Investments — 97.7% (Cost $83,004)		79,222
		Other Assets in Excess of Liabilities — 2.3%		1,877
		NET ASSETS — 100.0%	$	81,099

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(36	)	90-Day Eurodollar		06/13/16		USD		(8,939	)		(13	)
	(19	)	90-Day Eurodollar		03/13/17		USD		(4,706	)		(29	)
	(16	)	90-Day Eurodollar		12/18/17		USD		(3,956	)		(26	)
												(68	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,534	AUD	HSBC Bank, N.A.		06/15/16		1,169		1,164		(5	)
	1,029	AUD	National Australia Bank		06/15/16		769		781		12
	5,973	BRL	HSBC Bank, N.A.†		06/15/16		1,582		1,712		130
	16,285	BRL	Deutsche Bank AG†		07/15/16		4,482		4,624		142
	530	BRL	Union Bank of Switzerland AG†		07/15/16		145		150		5
	763	CAD	Royal Bank of Canada		06/15/16		609		608		(1	)
	1,033,751	CLP	Societe Generale†		06/15/16		1,501		1,558		57
	87,719	CLP	HSBC Bank, N.A.†		07/15/16		129		132		3
	2,356,279	COP	HSBC Bank, N.A.†		06/15/16		805		822		17
	5,814,939	COP	Deutsche Bank AG†		07/15/16		1,885		2,017		132

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2016

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	656	EUR	Goldman Sachs International		05/09/16		744		751		7
	190,036	HUF	Morgan Stanley		07/15/16		696		697		1
	5,032,339	IDR	Standard Chartered Bank†		07/15/16		376		376		—	(h)
	107,000	INR	HSBC Bank, N.A.†		06/15/16		1,598		1,598		—	(h)
	27,058	INR	Credit Suisse International†		07/15/16		402		402		—	(h)
	872,370	KRW	HSBC Bank, N.A.†		06/15/16		760		761		1
	684,099	KRW	Standard Chartered Bank†		06/15/16		599		596		(3	)
	875,864	KRW	Standard Chartered Bank†		07/15/16		765		763		(2	)
	13,558	MXN	Citibank, N.A.		06/15/16		772		785		13
	13,687	MXN	Goldman Sachs International		06/15/16		783		792		9
	71,324	MXN	Standard Chartered Bank		07/15/16		4,025		4,115		90
	17,666	MYR	Credit Suisse International†		07/15/16		4,544		4,502		(42	)
	1,161	PEN	Deutsche Bank AG†		07/15/16		351		350		(1	)
	34,933	PHP	Credit Suisse International†		07/15/16		756		738		(18	)
	6,091	PHP	Standard Chartered Bank†		07/15/16		131		129		(2	)
	2,099	PLN	Deutsche Bank AG		07/15/16		545		549		4
	1,084	PLN	HSBC Bank, N.A.		07/15/16		285		284		(1	)
	8,485	PLN	Standard Chartered Bank		07/15/16		2,257		2,220		(37	)
	1,740	PLN	State Street Corp.		07/15/16		455		455		—	(h)
	8,538	RON	Deutsche Bank AG		07/15/16		2,183		2,184		1
	1,542	RON	Societe Generale		07/15/16		393		394		1
	37,598	RUB	Credit Suisse International†		07/15/16		566		570		4
	1,839	SGD	HSBC Bank, N.A.		06/15/16		1,359		1,366		7
	88,455	THB	HSBC Bank, N.A.		07/15/16		2,509		2,528		19
	4,405	TRY	HSBC Bank, N.A.		06/15/16		1,505		1,555		50
	573	TRY	TD Bank Financial Group		06/15/16		201		202		1
	7,044	TRY	Deutsche Bank AG		07/15/16		2,421		2,468		47
	1,415	TRY	TD Bank Financial Group		07/15/16		497		496		(1	)
	65	ZAR	Deutsche Bank AG		05/03/16		5		5		—	(h)
	11,440	ZAR	HSBC Bank, N.A.		06/15/16		756		796		40
	46,602	ZAR	Deutsche Bank AG		07/15/16		3,119		3,225		106
							49,434		50,220		786

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,029	AUD	Societe Generale		06/15/16		780		781		(1	)
	1,042	AUD	TD Bank Financial Group		06/15/16		786		791		(5	)
	1,027	AUD	Westpac Banking Corp.		06/15/16		775		780		(5	)
	5,973	BRL	HSBC Bank, N.A.†		06/15/16		1,545		1,711		(166	)
	999	BRL	Deutsche Bank AG†		07/15/16		280		284		(4	)
	1,952	BRL	Goldman Sachs International†		07/15/16		553		554		(1	)
	1,019	CAD	Goldman Sachs International		06/15/16		805		812		(7	)
	1,033,751	CLP	HSBC Bank, N.A.†		06/15/16		1,501		1,559		(58	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	848	CNY	HSBC Bank, N.A.†		07/15/16		130		130		—	(h)
	14,984	CNY	Standard Chartered Bank†		07/15/16		2,303		2,301		2
	1,779,728	COP	Credit Suisse International†		06/15/16		620		620		—	(h)
	328	EUR	HSBC Bank, N.A.		05/09/16		369		376		(7	)
	328	EUR	Standard Chartered Bank		05/09/16		372		375		(3	)
	90,137	HUF	Deutsche Bank AG		07/15/16		328		331		(3	)
	1,831,650	IDR	Standard Chartered Bank†		07/15/16		137		137		—	(h)
	79,975	INR	Credit Suisse International†		06/15/16		1,193		1,194		(1	)
	918,184	KRW	Credit Suisse International†		06/15/16		798		800		(2	)
	872,370	KRW	HSBC Bank, N.A.†		06/15/16		720		761		(41	)
	13,156	MXN	Goldman Sachs International		06/15/16		745		761		(16	)
	10,660	MXN	Societe Generale		06/15/16		618		618		—	(h)
	13,296	MXN	Deutsche Bank AG		07/15/16		755		767		(12	)
	38,040	PHP	Standard Chartered Bank†		07/15/16		805		804		1
	1,979	PLN	State Street Corp.		07/15/16		509		518		(9	)
	1,089	SGD	HSBC Bank, N.A.		06/15/16		789		808		(19	)
	1,023	SGD	State Street Corp.		06/15/16		737		760		(23	)
	3,845	TRY	HSBC Bank, N.A.		06/15/16		1,314		1,358		(44	)
	5,521	TRY	HSBC Bank, N.A.		07/15/16		1,904		1,934		(30	)
	2,922	ZAR	Citibank, N.A.		06/15/16		201		203		(2	)
	11,440	ZAR	State Street Corp.		06/15/16		728		797		(69	)
	8,175	ZAR	Standard Chartered Bank		07/15/16		569		565		4
							23,669		24,190		(521	)

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.	6 month BUBOR semi-annually	1.390% annually		11/06/17		HUF		900,000		26
Bank of America N.A.	Brazilian CDI at maturity	15.950% at maturity		01/02/19		BRL		12,300		225
Bank of America N.A.	Brazilian CDI at maturity	16.630% at maturity		01/02/19		BRL		6,700		148
Bank of America N.A.	1.800% annually	6 month BUBOR semi-annually		11/06/20		HUF		400,000		(39	)
Bank of America N.A.	Brazilian CDI at maturity	12.240% at maturity		01/04/21		BRL		5,000		(15	)
Bank of America N.A.	Colombian IBR at maturity	6.650% quarterly		03/11/21		COP		600,000		1
Bank of America N.A.	3.120% annually	6 month BUBOR semi-annually		06/04/25		HUF		250,000		(98	)
Bank of America N.A.	6 month BUBOR semi-annually	2.660% annually		11/06/25		HUF		200,000		36
Bank of America N.A.	2.200% semi-annually	3 month BUBOR quarterly		05/02/26		HUF		119,000		2
Citibank, N.A.	6 month BUBOR semi-annually	1.190% annually		04/04/21		HUF		136,000		(4	)
Citibank, N.A.	8.445% quarterly	3 month KLIBOR quarterly		04/07/21		ZAR		15,000		(13	)
Citibank, N.A.	6.730% quarterly	Colombian IBR at maturity		04/08/21		COP		2,600,000		(6	)
Citibank, N.A.	3 month KLIBOR quarterly	4.295% quarterly		09/24/23		MYR		5,880		39
Citibank, N.A.	6 month THBFIX semi-annually	3.870% semi-annually		09/26/23		THB		25,000		89
Citibank, N.A.	6 month WIBOR semi-annually	2.833% annually		06/05/25		PLN		2,100		33
Citibank, N.A.	1 month TIIE monthly	6.310% monthly		07/08/25		MXN		36,000		51
Deutsche Bank AG, New York	3 month JIBAR quarterly	7.865% quarterly		09/23/23		ZAR		21,000		(44	)
										431

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2016

FOREIGN EXCHANGE CURRENCY OPTIONS WRITTEN

Call Options Written
DESCRIPTION	EXERCISE PRICE			EXPIRATION DATE		NOTIONAL AMOUNT		VALUE		PREMIUMS RECEIVED
HUF Put/EUR Call, Vanilla, European Style		EUR	327		07/12/16		1,742		5		EUR	7
USD Put/EUR Call, Vanilla, European Style			1.13		05/05/16		1,371		19			18
USD Put/EUR Call, Vanilla, European Style			1.13		05/05/16		1,371		19			13
									43

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
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 April 30, 2016. 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
CNY	—  China Yuan
COP	—  Colombian Peso
EUR	—  Euro
GDN	—  Global Depository Note
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
INR	—  Indian Rupee
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 Bhat
TRY	—  Turkish Lira
ZAR	—  South African Rand
(b)	—  Investment in affiliate. Money market fund is 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).
(l)	—  The rate shown is the current yield as of April 30, 2016.
(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.

APRIL 30, 2016 J.P. MORGAN FUNDS 9

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	Emerging Markets Local Currency Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	50,632
Investments in affiliates, at value		28,590
Total investment securities, at value		79,222
Cash		794
Foreign currency, at value		900
Deposits at broker for futures contracts		30
Receivables:
Investment securities sold		37
Fund shares sold		—	(a)
Interest from non-affiliates		1,081
Dividends from affiliates		8
Tax reclaims		16
Unrealized appreciation on forward foreign currency exchange contracts		906
Outstanding swap contracts, at value		650
Due from Adviser		2
Total Assets		83,646
LIABILITIES:
Payables:
Investment securities purchased		1,464
Fund shares redeemed		1
Variation margin on futures contracts		1
Unrealized depreciation on forward foreign currency exchange contracts		641
Outstanding options written, at fair value		43
Outstanding swap contracts, at value		219
Accrued liabilities:
Distribution fees		—	(a)
Shareholder servicing fees		—	(a)
Custodian and accounting fees		58
Collateral management fees		8
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		112
Total Liabilities		2,547
Net Assets	$	81,099

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

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2016

	Emerging Markets Local Currency Debt Fund
NET ASSETS:
Paid-in-Capital	$	121,972
Accumulated undistributed (distributions in excess of) net investment income		3,064
Accumulated net realized gains (losses)		(40,821	)
Net unrealized appreciation (depreciation)		(3,116	)
Total Net Assets	$	81,099
Net Assets:
Class A	$	1,408
Class C		37
Class R2		20
Class R5		20
Class R6		77,560
Select Class		2,054
Total	$	81,099
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		173
Class C		5
Class R2		2
Class R5		2
Class R6		9,380
Select Class		250
Net Asset Value (a):
Class A — Redemption price per share	$	8.16
Class C — Offering price per share (b)		8.04
Class R2 — Offering and redemption price per share		8.10
Class R5 — Offering and redemption price per share		8.26
Class R6 — Offering and redemption price per share		8.27
Select Class — Offering and redemption price per share		8.21
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	8.48
Cost of investments in non-affiliates	$	54,414
Cost of investments in affiliates		28,590
Cost of foreign currency		892
Premiums received from options written		38

(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.

APRIL 30, 2016 J.P. MORGAN FUNDS 11

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2,450
Dividend income from affiliates		39
Foreign taxes withheld		(54	)
Total investment income		2,435
EXPENSES:
Investment advisory fees		370
Administration fees		43
Distribution fees:
Class A		12
Class C		—	(a)
Class R2		—	(a)
Shareholder servicing fees:
Class A		12
Class C		—	(a)
Class R2		—	(a)
Class R5		—	(a)
Select Class		5
Custodian and accounting fees		124
Professional fees		54
Collateral management fees		12
Trustees’ and Chief Compliance Officer’s fees		3
Printing and mailing costs		21
Registration and filing fees		21
Transfer agent fees (See Note 2.F.)		4
Sub-transfer agent fees (See Note 2.F.)		42
Other		4
Total expenses		727
Less fees waived		(339	)
Less expense reimbursements		(31	)
Net expenses		357
Net investment income (loss)		2,078
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(24,867	)
Futures		11
Foreign currency transactions		(1,896	)
Options written		19
Swaps		(421	)
Net realized gain (loss)		(27,154	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		24,458
Futures		(86	)
Foreign currency translations		1,867
Options Written		(5	)
Swaps		834
Change in net unrealized appreciation/depreciation		27,068
Net realized/unrealized gains (losses)		(86	)
Change in net assets resulting from operations	$	1,992

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

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,078		$	11,647
Net realized gain (loss)		(27,154	)		(51,896	)
Change in net unrealized appreciation/depreciation		27,068			(19,971	)
Change in net assets resulting from operations		1,992			(60,220	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
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		(112,914	)		(61,596	)
NET ASSETS:
Change in net assets		(110,922	)		(122,081	)
Beginning of period		192,021			314,102
End of period	$	81,099		$	192,021
Accumulated undistributed (distributions in excess of) net investment income	$	3,064		$	986

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,370		$	18,885
Distributions reinvested		—			5
Cost of shares redeemed		(28,484	)		(11,352	)
Change in net assets resulting from Class A capital transactions	$	(25,114	)	$	7,538
Class C
Proceeds from shares issued	$	16		$	—	(a)
Cost of shares redeemed		—			(27	)
Change in net assets resulting from Class C capital transactions	$	16		$	(27	)
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	$	21,807		$	15,613
Distributions reinvested		—			160
Cost of shares redeemed		(82,133	)		(4,667	)
Change in net assets resulting from Class R6 capital transactions	$	(60,326	)	$	11,106
Select Class
Proceeds from shares issued	$	703		$	1,904
Distributions reinvested		—			87
Cost of shares redeemed		(28,193	)		(82,161	)
Change in net assets resulting from Select Class capital transactions	$	(27,490	)	$	(80,170	)
Total change in net assets resulting from capital transactions	$	(112,914	)	$	(61,596	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2016

	Emerging Markets Local Currency Debt Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		457			2,288
Reinvested		—			1
Redeemed		(3,923	)		(1,374	)
Change in Class A Shares		(3,466	)		915
Class C
Issued		2			—
Redeemed		—			(3	)
Change in Class C Shares		2			(3	)
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		2,814			1,836
Reinvested		—			18
Redeemed		(11,084	)		(556	)
Change in Class R6 Shares		(8,270	)		1,298
Select Class
Issued		98			233
Reinvested		—			10
Redeemed		(3,714	)		(10,889	)
Change in Select Class Shares		(3,616	)		(10,646	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 15

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
Emerging Markets Local Currency Debt Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	7.56	$	0.14	(f)(g)	$	0.46		$	0.60		$	—		$	—		$	—		$	—
Year Ended October 31, 2015		9.30		0.31	(f)(g)		(2.05	)		(1.74	)		—			—			—	(h)		—	(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	)		(0.15	)
June 29, 2012(j) through October 31, 2012		10.00		0.11			0.21			0.32			(0.05	)		—			—			(0.05	)
Class C
Six Months Ended April 30, 2016 (Unaudited)		7.47		0.10	(f)(g)		0.47			0.57			—			—			—			—
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	)		(0.12	)
June 29, 2012(j) through October 31, 2012		10.00		0.09			0.22			0.31			(0.04	)		—			—			(0.04	)
Class R2
Six Months Ended April 30, 2016 (Unaudited)		7.52		0.11	(f)(g)		0.47			0.58			—			—			—			—
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	)		(0.14	)
June 29, 2012(j) through October 31, 2012		10.00		0.10			0.21			0.31			(0.04	)		—			—			(0.04	)
Class R5
Six Months Ended April 30, 2016 (Unaudited)		7.64		0.14	(f)(g)		0.48			0.62			—			—			—			—
Year Ended October 31, 2015		9.36		0.37	(f)(g)		(2.08	)		(1.71	)		—	(h)		—			(0.01	)		(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	)		(0.18	)
June 29, 2012(j) through October 31, 2012		10.00		0.12			0.22			0.34			(0.07	)		—			—			(0.07	)
Class R6
Six Months Ended April 30, 2016 (Unaudited)		7.65		0.15	(f)(g)		0.47			0.62			—			—			—			—
Year Ended October 31, 2015		9.37		0.36	(f)(g)		(2.07	)		(1.71	)		—	(h)		—			(0.01	)		(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	)		(0.18	)
June 29, 2012(j) through October 31, 2012		10.00		0.13			0.21			0.34			(0.07	)		—			—			(0.07	)
Select Class
Six Months Ended April 30, 2016 (Unaudited)		7.61		0.14	(f)(g)		0.46			0.60			—			—			—			—
Year Ended October 31, 2015		9.33		0.34	(f)(g)		(2.05	)		(1.71	)		—	(h)		—			(0.01	)		(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	)		(0.17	)
June 29, 2012(j) through October 31, 2012		10.00		0.12			0.21			0.33			(0.06	)		—			—			(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.

16 J.P. MORGAN FUNDS APRIL 30, 2016

		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)
$	8.16		7.94	%	$	1,408		1.13	%		3.85	%(g)		2.49	%		42	%
	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
	9.69		(4.26	)		170		1.21	(i)		3.33	(i)		1.59	(i)		221
	10.27		3.22			52		1.25	(i)		3.23	(i)		5.26	(i)		65
	8.04		7.63			37		1.61			2.82	(g)		3.74			42
	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
	9.67		(4.75	)		49		1.72	(i)		2.72	(i)		2.31	(i)		221
	10.27		3.06			51		1.75	(i)		2.73	(i)		5.75	(i)		65
	8.10		7.71			20		1.36			3.07	(g)		4.40			42
	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
	9.68		(4.53	)		49		1.47	(i)		2.97	(i)		2.06	(i)		221
	10.27		3.14			51		1.50	(i)		2.98	(i)		5.50	(i)		65
	8.26		8.12			20		0.66			3.77	(g)		3.66			42
	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
	9.71		(3.82	)		50		0.77	(i)		3.67	(i)		1.36	(i)		221
	10.27		3.36			52		0.80	(i)		3.68	(i)		4.80	(i)		65
	8.27		8.10			77,560		0.62			3.95	(g)		1.25			42
	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
	9.72		(3.70	)		9,086		0.71	(i)		3.75	(i)		1.11	(i)		221
	10.27		3.38			52		0.75	(i)		3.73	(i)		4.75	(i)		65
	8.21		7.88			2,054		0.88			3.85	(g)		1.51			42
	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
	9.70		(4.03	)		141,078		0.97	(i)		3.63	(i)		1.46	(i)		221
	10.27		3.29			10,069		1.00	(i)		3.48	(i)		5.00	(i)		65

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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 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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s administrator under the Administration Agreement.

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 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.

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.

18 J.P. MORGAN FUNDS APRIL 30, 2016

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.

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	$	—		$	50,154		$	426	$	50,580
Options Purchased
Put Options Purchased		—			52			—		52
Short-Term Investment
Investment Company		28,590			—			—		28,590
Total Investments in Securities	$	28,590		$	50,206		$	426	$	79,222
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	906		$	—	$	906
Interest Rate Swaps		—			650			—		650
Total Appreciation in Other Financial Instruments	$	—		$	1,556		$	—	$	1,556
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(641	)	$	—	$	(641	)
Futures Contracts		(68	)		—			—		(68	)
Interest Rate Swaps		—			(219	)		—		(219	)
Written Options
Call Options Written		—			(43	)		—		(43	)
Total Depreciation in Other Financial Instruments	$	(68	)	$	(903	)	$	—	$	(971	)

There were no transfers among any levels during the six months ended April 30, 2016.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

	Balance as of October 31, 2015		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 April 30, 2016
Debt Securities — Foreign Government Securities	$	439	$	—	$	(13	)	$	—	$	—	$	—	$	—	$	—	$	426
Total	$	439	$	—	$	(13	)	$	—	$	—	$	—	$	—	$	—	$	426

(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 into, and out of, level 3 are valued utilizing values as of the beginning of the period.

APRIL 30, 2016 J.P. MORGAN FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

The change in unrealized appreciation (depreciation) attributable to securities owned at April 30, 2016, which were valued using significant unobservable inputs (level 3), amounted to approximately $(13,000). These amounts are 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 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 April 30, 2016, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A 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 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 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 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 (“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 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.

20 J.P. MORGAN FUNDS APRIL 30, 2016

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 period ended April 30, 2016 were as follows (amounts in thousands):

	Foreign Exchange Currency Options
	Number of Contracts			Premiums Received
Options outstanding at October 31, 2015	$	—		$	—
Options written		6,495			56
Options expired		(2,011	)		(18	)
Options closed		—			—
Options outstanding at April 30, 2016	$	4,484		$	38

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 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 out 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.

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 April 30, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions, including interest rate swaps to manage interest rate (e.g., duration, yield curve) risks 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.).

As of April 30, 2016, the Fund did not post or receive collateral for outstanding swap contracts.

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 April 30, 2016, 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
Gross Assets:		Options			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—		$	—		$	—		$	650		$	650
Foreign exchange contracts	Receivables		52			—			906			—			958
Total		$	52		$	—		$	906		$	650		$	1,608
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—		$	(68	)	$	—		$	(219	)	$	(287	)
Foreign exchange contracts	Payables		(43	)		—			(641	)		—			(684	)
Total		$	(43	)	$	(68	)	$	(641	)	$	(219	)	$	(971	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

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 April 30, 2016 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Presented on 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.	$	438	$	(152	)	$	—	$	286
Citibank, N.A.		225		(25	)		—		200
Credit Suisse International		4		(4	)		—		—
Deutsche Bank AG		432		(64	)		—		368
Goldman Sachs International		16		(16	)		—		—
HSBC Bank, N.A.		267		(267	)		—		—
Morgan Stanley		1		—			—		1
National Australia Bank		12		—			—		12
Societe Generale		58		(1	)		—		57
Standard Chartered Bank		97		(47	)		—		50
TD Bank Financial Group		1		(1	)		—		—
Union Bank of Switzerland AG		5		—			—		5
Exchange Traded Futures & Options Contracts (b)		52		—			—		52
	$	1,608	$	(577	)	$	—	$	1,031

22 J.P. MORGAN FUNDS APRIL 30, 2016

Counterparty	Gross Amount of Derivative Liabilities Presented on 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.	$	152		$	(152	)	$	—	$	—
Citibank, N.A.		25			(25	)		—		—
Credit Suisse International		63			(4	)		—		59
Deutsche Bank AG		64			(64	)		—		—
Goldman Sachs International		24			(16	)		—		8
HSBC Bank, N.A.		371			(267	)		—		104
Royal Bank of Canada		1			—			—		1
Societe Generale		1			(1	)		—		—
Standard Chartered Bank		47			(47	)		—		—
State Street Corp.		101			—			—		101
TD Bank Financial Group		6			(1	)		—		5
Westpac Banking Corp.		5			—			—		5
Exchange Traded Futures & Options Contracts (b)		68	(c)		—			—		68
	$	928		$	(577	)	$	—	$	351

(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.

The following table presents the effect of derivatives on the Statement of Operations for the six months ended April 30, 2016, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options (a)			Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	11		$	—		$	(421	)	$	(410	)
Foreign exchange contracts		(3	)		—			(1,635	)		—			(1,638	)
Total	$	(3	)	$	11		$	(1,635	)	$	(421	)	$	(2,048	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options (a)			Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	(86	)	$	—		$	834		$	748
Foreign exchange contracts		6			—			1,795			—			1,801
Total	$	6		$	(86	)	$	1,795		$	834		$	2,549

(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 April 30, 2016 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 six months ended April 30, 2016 (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	$	29,075	(a)
Average Notional Balance Short		29,087
Ending Notional Balance Short		17,601

APRIL 30, 2016 J.P. MORGAN FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	135,458
Average Settlement Value Sold		100,965
Ending Settlement Value Purchased		49,436
Ending Settlement Value Sold		23,669
OTC Options:
Average Notional Balance Purchased	$	3,613	(b)
Average Notional Balance Written		4,484	(c)
Ending Notional Balance Purchased		4,484
Ending Notional Balance Written		4,484
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed Rate	$	11,513
Average Notional Balance — Receives Fixed Rate		35,160
Ending Notional Balance — Pays Fixed Rate		5,000
Ending Notional Balance — Receives Fixed Rate		17,854

(a) For the period November 1, 2015 through February 29, 2016.

(b) For the period March 1, 2016 through April 30, 2016.

(c) For the period April 1, 2016 through April 30, 2016.

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 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 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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Fund for the six months ended April 30, 2016 are as follows (amounts in thousands):

	Class A		Class C			Class R2			Class R5			Class R6		Select Class		Total
Transfer agent fees	$	2	$	—	(a)	$	—	(a)	$	—	(a)	$	1	$	1	$	4
Sub-transfer agent fees		41		—	(a)		—			—			—		1		42

(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 April 30, 2016, 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.

24 J.P. MORGAN FUNDS APRIL 30, 2016

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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser 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 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 six months ended April 30, 2016, the effective annualized 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	%

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 six months ended April 30, 2016, the Distributor retained the following:

Front-End Sales Charge	CDSC
$—(a)	$	—

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

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 charge a shareholder servicing fee. 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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 six months ended April 30, 2016 and are in place until at least February 28, 2017.

For the six months ended April 30, 2016, 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		Reimbursements
$	240	$	43	$	14	$	297	$	31

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 was approximately $42.

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.

The Fund may use related party broker-dealers. For the six months ended April 30, 2016, 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 six months ended April 30, 2016, 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
	$29,858	$	98,186	$	—	$	1,827

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	83,004	$	1,395	$	5,177	$	(3,782	)

26 J.P. MORGAN FUNDS APRIL 30, 2016

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.

At October 31, 2015, the Fund had net capital loss carryforwards as follows (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 April 30, 2016, or at any time during the six months 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 April 30, 2016 the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

JPMorgan SmartRetirement Funds
	85.7	%

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 April 30, 2016, the Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

Indonesia
	10.7	%

As of April 30, 2016, a significant portion 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

28 J.P. MORGAN FUNDS APRIL 30, 2016

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Local Currency Debt Fund
Class A
Actual	$	1,000.00	$	1,079.40	$	5.84		1.13	%
Hypothetical		1,000.00		1,019.24		5.67		1.13
Class C
Actual		1,000.00		1,076.30		8.31		1.61
Hypothetical		1,000.00		1,016.86		8.07		1.61
Class R2
Actual		1,000.00		1,077.10		7.02		1.36
Hypothetical		1,000.00		1,018.10		6.82		1.36
Class R5
Actual		1,000.00		1,081.20		3.42		0.66
Hypothetical		1,000.00		1,021.58		3.32		0.66
Class R6
Actual		1,000.00		1,081.00		3.21		0.62
Hypothetical		1,000.00		1,021.78		3.12		0.62
Select Class
Actual		1,000.00		1,078.80		4.55		0.88
Hypothetical		1,000.00		1,020.49		4.42		0.88

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2016 J.P. MORGAN FUNDS 29

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., 2016.  All rights reserved. April 2016. SAN-CUR-416

Semi-Annual Report

J.P. Morgan Funds

April 30, 2016 (Unaudited)

JPMorgan Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	7
Consolidated Financial Highlights	12
Notes to Consolidated Financial Statements	14
Schedule of Shareholder Expenses	23

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 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

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly

due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(1.98)%
Bloomberg Commodity Index Total Return	(2.06)%
Net Assets as of 4/30/2016 (In Thousands)	$48,115,851

INVESTMENT OBJECTIVE**

The JPMorgan Commodities Strategy Fund (the “Fund”) seeks total return.

HOW DID THE COMMODITIES MARKET PERFORM DURING THE REPORTING PERIOD?

Overall, commodities prices ended the six month reporting period slightly lower, though returns among various sectors and commodities diverged widely. Prices for energy sector commodities bottomed out in mid-February and March and then began to rebound as members of the Organization of Petroleum Exporting Countries discussed the possibility of a cap on total production. At the same time, declining capital investment in U.S. energy projects, particularly for shale oil rigs, also provided support for rising oil prices in April.

Meanwhile, precious metals prices generally performed well as investor sentiment about China’s economy improved, which drove both real and speculative demand for metals. Gold prices rose about 13% during the period. Most other commodities sectors ended the reporting period little changed.

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

The Fund’s Select Class Shares outperformed the Bloomberg Commodity Index Total Return Index (the “Benchmark”) for the six months ended April 30, 2016. During the six 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 and its short positions in crude oil and crude oil spreads were a leading contributor to performance. The Fund’s position in longer dated futures for natural gas also contributed to relative performance as U.S. inventories failed to shrink as much as expected, which led to weaker prices for short dated contracts.

The Fund’s underweight position in copper was a leading detractor from performance relative to the Benchmark. Metals prices fell in the early part of the reporting period but then rose in the second half of the period as China’s economy showed improvement, which led to an increase in both real and speculative investment in metals, including copper.

HOW WAS THE FUND POSITIONED?

During the six 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 APRIL 30, 2016

CASH INVESTMENTS***
U.S. Government Agency Securities	59.6	%
U.S. Treasury Obligations	25.3
Investment Company	15.1
PORTFOLIO COMPOSITION BY COUNTRY***
United States	100	%

COMMODITY MATURITY***
0 - 3 Months	59.4	%
3 - 6 Months	23.3
> 6 Months	17.3
COMMODITY-LINKED INVESTMENTS****
Energy	33.2	%
Brent Crude	8.6
Unleaded Gas	4.2
Heating Oil	4.1
Natural Gas	7.2
WTI Crude Oil	9.1
Agricultural	28.7
Coffee	2.0
Corn	6.9
Cotton	0.6
Kansas Wheat	1.0
Soybean Meal	2.9
Soybean Oil	2.8
Soybeans	5.7
Sugar	3.8
Wheat	3.0
Industrial Metals	16.5
Aluminum	4.5
Copper	7.1
Nickel	2.2
Zinc	2.7
Precious Metals	16.3
Gold	11.9
Silver	4.4
Livestock	6.3
Lean Hogs	3.7
Live Cattle	2.6

FIXED INCOME MATURITY***
< One Month	100.0	%

COMMODITY ALLOCATION	Index			Fund****
Energy		33.1	%		33.2	%
Agricultural		29.4			28.7
Industrial Metals		16.5			16.5
Precious Metals		16.1			16.3
LiveStock		4.9			6.3

* 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 April 30, 2016. 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		December 17, 2012
With Sales Charge**				(7.26	)%		(22.50	)%		(16.04	)%		(15.95	)%
Without Sales Charge				(2.11	)		(18.18	)		(14.52	)		(14.59	)
CLASS C SHARES		December 17, 2012
With CDSC***				(3.25	)		(19.50	)		(14.93	)		(15.00	)
Without CDSC				(2.25	)		(18.50	)		(14.93	)		(15.00	)
CLASS R6 SHARES		December 17, 2012		(1.97	)		(17.83	)		(14.17	)		(14.24	)
SELECT CLASS SHARES		December 17, 2012		(1.98	)		(17.90	)		(14.28	)		(14.36	)

* Not annualized.

** Sales Charge for Class A Shares is 5.25%

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (12/17/12 TO 4/30/16)

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 April 30, 2016. 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 APRIL 30, 2016

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 54.4%
	446,000	Federal Farm Credit Bank, DN, 0.199%, 05/02/16 (n)		446,000
	9,400,000	Federal Home Loan Bank, DN, 0.255%, 05/16/16 (n)		9,399,088
	1,324,000	Federal Home Loan Mortgage Corp., DN, 0.200%, 05/02/16 (n)		1,324,000
		Federal National Mortgage Association,
	5,000,000	DN, 0.290%, 05/13/16 (n)		4,999,620
	10,000,000	DN, 0.310%, 05/09/16 (n)		9,999,510
		Total U.S. Government Agency Securities (Cost $26,167,819)		26,168,218
	U.S. Treasury Obligations — 23.0%
		U.S. Treasury Bills,
	3,300,000	0.165%, 05/26/16 (n)		3,299,637
	4,300,000	0.200%, 05/05/16 (n)		4,299,957
	3,500,000	0.201%, 05/12/16 (n)		3,499,860
		Total U.S. Treasury Obligations (Cost $11,099,312)		11,099,454

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment— 13.8%
		Investment Company — 13.8%
	6,619,036	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) ^ (Cost $6,619,036)		6,619,036
		Total Investments — 91.2% (Cost $43,886,167)		43,886,708	��
		Other Assets in Excess of Liabilities — 8.8%		4,229,143
		NET ASSETS — 100.0%	$	48,115,851

Percentages indicated are based on net assets.

Futures Contracts ^
NUMBER OF CONTRACTS			DESCRIPTION		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	87		Brent Crude Oil Futures			05/31/16		USD	$	4,121,190		$	231,069
	94		WTI Crude Oil Futures			06/20/16		USD		4,388,860			589,134
	24		E-mini Natural Gas Futures			06/27/16		USD		139,320			3,657
	52		Natural Gas Futures			06/28/16		USD		1,207,440			31,494
	3		Gasoline RBOB Futures			06/30/16		USD		202,658			8,359
	23		Lean Hogs Futures			07/15/16		USD		752,330			4,762
	37		Lean Hogs Futures			10/14/16		USD		1,031,930			22,071
	84		WTI Crude Oil Futures			12/19/16		USD		4,063,920			306,531
			Short Futures Outstanding
	(4	)	Live Cattle Futures			06/30/16		USD		(183,880	)		19,688
	(2	)	Cotton No.2 Futures	��		07/07/16		USD		(63,770	)		119
	(2	)	Soybean Futures			07/14/16		USD		(102,975	)		(9,581	)
	(1	)	Wheat Futures			07/14/16		USD		(24,425	)		(1,065	)
	(2	)	Silver Futures			07/27/16		USD		(178,190	)		(1,020	)
	(1	)	Soybean Oil Futures			09/14/16		USD		(20,034	)		405
	(2	)	Coffee ‘C’ Futures			09/20/16		USD		(92,512	)		(3,456	)
	(84	)	WTI Crude Oil Futures			11/18/16		USD		(4,050,480	)		(308,649	)
	(1	)	Gold 100 OZ Futures			12/28/16		USD		(129,630	)		(4,303	)
												$	889,215

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Return Swaps on Commodities ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	CME Live Cattle June 2016 Futures		06/02/16	$	1,518,690	$	(93,588	)
	NYBOT-ICE Cotton No. 2 July 2016 Futures		06/22/16		691,495		41,837
	CBOT Corn July 2016 Futures		06/28/16		3,254,306		55,947
	CBOT Soybean July 2016 Futures		06/28/16		2,465,400		417,642
	CBOT Soybean Meal July 2016 Futures		06/28/16		1,208,340		197,698
	CBOT Wheat July 2016 Futures		06/28/16		1,486,500		(20,987	)
	CBOT Wheat July 2016 Futures		06/28/16		511,613		(9,182	)
	COMEX Silver July 2016 Futures		06/28/16		1,980,160		336,102
	NYBOT-ICE Sugar No. 11 July 2016 Futures		06/29/16		1,591,128		218,296
	NYBOT-ICE Coffee September 2016 Futures		08/19/16		1,062,600		1,292
	CBOT Soybean Oil September 2016 Futures		08/29/16		1,311,966		70,286
	CBOT Soybean November 2016 Futures		10/27/16		1,701,700		11,451
	CBOT Cotton No. 2 December 2016 Futures		11/21/16		998,800		4,708
	COMEX Gold December 2016 Futures		11/28/16		5,588,100		244,620
	Short Positions
	NYBOT-ICE Cotton No. 2 July 2016 Futures		06/22/16		1,005,840		(14,472	)
	CBOT Soybean July 2016 Futures		06/28/16		1,735,275		(15,290	)
						$	1,446,360
Morgan Stanley Capital Services
	Short Position
	NYBOT-ICE Cotton No. 2 July 2016 Futures		06/10/16		384,120	$	1,499
						$	1,447,859

Return Swaps on Commodity Indices ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	BBG Heat Oil Index		05/05/16	$	1,559,097	$	397,829
	BBG Unleaded Gasoline Index		05/05/16		1,425,362		389,365
	BBG Industrial Metals Index		05/19/16		7,240,000		715,052
	BBG Natural Gas Index		12/08/16		1,810,420		326,448
						$	1,828,694

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
RBOB	—  Reformulated gasoline blendstock for oxygen blending

USD	—  United States Dollar
WTI	—  West Texas Intermediate
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of April 30, 2016.
(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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2016

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

	Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	37,267,672
Investments in affiliates, at value		6,619,036
Total investment securities, at value		43,886,708
Cash		29
Deposits at broker for futures contracts		1,055,000
Receivables:
Fund shares sold		6,844
Dividends from affiliates		2,089
Outstanding swap contracts, at value		3,430,072
Due from Adviser		6,886
Total Assets		48,387,628
LIABILITIES:
Payables:
Investment securities purchased		2
Variation margin on futures contracts		15,173
Outstanding swap contracts, at value		153,519
Accrued liabilities:
Administration fees		820
Distribution fees		294
Shareholder servicing fees		74
Collateral management fees		4,197
Trustees’ and Chief Compliance Officer’s fees		1,236
Audit fees		71,503
Other		24,959
Total Liabilities		271,777
Net Assets	$	48,115,851

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 7

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited) (continued)

	Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	51,064,141
Accumulated undistributed (distributions in excess of) net investment income		(552,245	)
Accumulated net realized gains (losses)		(6,562,354	)
Net unrealized appreciation (depreciation)		4,166,309
Total Net Assets	$	48,115,851
Net Assets:
Class A	$	1,079,082
Class C		177,012
Class R6		45,165,318
Select Class		1,694,439
Total	$	48,115,851
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		122,307
Class C		20,402
Class R6		5,050,449
Select Class		190,384
Net Asset Value (a):
Class A — Redemption price per share	$	8.82
Class C — Offering price per share (b)		8.68
Class R6 — Offering and redemption price per share		8.94
Select Class — Offering and redemption price per share		8.90
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.31
Cost of investments in non-affiliates	$	37,267,131
Cost of investments in affiliates		6,619,036

(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.

8 J.P. MORGAN FUNDS APRIL 30, 2016

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED April 30, 2016 (Unaudited)

	Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	38,616
Dividend income from affiliates		6,185
Total investment income		44,801
EXPENSES:
Investment advisory fees		232,876
Administration fees		23,380
Distribution fees:
Class A		1,181
Class C	��	365
Shareholder servicing fees:
Class A		1,181
Class C		122
Select Class		4,151
Custodian and accounting fees		57,568
Collateral management fees		6,296
Professional fees		65,091
Trustees’ and Chief Compliance Officer’s fees		20,141
Printing and mailing costs		8,197
Registration and filing fees		14,906
Transfer agent fees (See Note 2.D.)		1,898
Sub-transfer agent fees (See Note 2.D.)		3
Other		2,960
Total expenses		440,316
Less fees waived		(218,018	)
Less expense reimbursements		(32,604	)
Net expenses		189,694
Net investment income (loss)		(144,893	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,484
Futures		(1,577,279	)
Options written		1,360
Swaps		(4,993,694	)
Net realized gain (loss)		(6,560,129	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(875	)
Futures		804,116
Swaps		4,768,989
Change in net unrealized appreciation/depreciation		5,572,230
Net realized/unrealized gains (losses)		(987,899	)
Change in net assets resulting from operations	$	(1,132,792	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Commodities Strategy Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(144,893	)	$	(745,996	)
Net realized gain (loss)		(6,560,129	)		(29,420,693	)
Change in net unrealized appreciation/depreciation		5,572,230			1,581,377
Change in net assets resulting from operations		(1,132,792	)		(28,585,312	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,081,471	)		(44,324,046	)
NET ASSETS:
Change in net assets		(2,214,263	)		(72,909,358	)
Beginning of period		50,330,114			123,239,472
End of period	$	48,115,851		$	50,330,114
Accumulated undistributed (distributions in excess of) net investment income	$	(552,245	)	$	(407,352	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2016

	Commodities Strategy Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	359,916		$	1,028,164
Cost of shares redeemed		(107,353	)		(234,223	)
Change in net assets resulting from Class A capital transactions	$	252,563		$	793,941
Class C
Proceeds from shares issued	$	139,668		$	61,515
Cost of shares redeemed		(35,556	)		(43,377	)
Change in net assets resulting from Class C capital transactions	$	104,112		$	18,138
Class R6
Proceeds from shares issued	$	29,162,783		$	1,716,562
Cost of shares redeemed		(255,181	)		(24,505,761	)
Change in net assets resulting from Class R6 capital transactions	$	28,907,602		$	(22,789,199	)
Select Class
Proceeds from shares issued	$	318,145		$	2,781,036
Cost of shares redeemed		(30,663,893	)		(25,127,962	)
Change in net assets resulting from Select Class capital transactions	$	(30,345,748	)	$	(22,346,926	)
Total change in net assets resulting from capital transactions	$	(1,081,471	)	$	(44,324,046	)
SHARE TRANSACTIONS:
Class A
Issued		43,888			100,553
Redeemed		(13,020	)		(22,149	)
Change in Class A Shares		30,868			78,404
Class C
Issued		17,282			5,926
Redeemed		(4,478	)		(4,456	)
Change in Class C Shares		12,804			1,470
Class R6
Issued		3,196,116			160,113
Redeemed		(31,572	)		(2,154,434	)
Change in Class R6 Shares		3,164,544			(1,994,321	)
Select Class
Issued		39,626			259,188
Redeemed		(3,402,114	)		(2,763,591	)
Change in Select Class Shares		(3,362,488	)		(2,504,403	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 11

CONSOLIDATED 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 asset value, end of period
Commodities Strategy Fund
Class A
Six Months Ended April 30, 2016 (Unaudited)	$	9.01	$	(0.04	)	$	(0.15	)	$	(0.19	)	$	—		$	8.82
Year Ended October 31, 2015		12.30		(0.11	)		(3.18	)		(3.29	)		—			9.01
Year Ended October 31, 2014		13.18		(0.16	)		(0.72	)		(0.88	)		—			12.30
December 17, 2012 (g) through October 31, 2013		15.00		(0.14	)		(1.68	)		(1.82	)		—			13.18
Class C
Six Months Ended April 30, 2016 (Unaudited)		8.88		(0.06	)		(0.14	)		(0.20	)		—			8.68
Year Ended October 31, 2015		12.19		(0.17	)		(3.14	)		(3.31	)		—			8.88
Year Ended October 31, 2014		13.12		(0.22	)		(0.71	)		(0.93	)		—			12.19
December 17, 2012 (g) through October 31, 2013		15.00		(0.20	)		(1.68	)		(1.88	)		—			13.12
Class R6
Six Months Ended April 30, 2016 (Unaudited)		9.12		(0.03	)		(0.15	)		(0.18	)		—			8.94
Year Ended October 31, 2015		12.40		(0.08	)		(3.20	)		(3.28	)		—			9.12
Year Ended October 31, 2014		13.22		(0.10	)		(0.72	)		(0.82	)		—	(i)		12.40
December 17, 2012 (g) through October 31, 2013		15.00		(0.09	)		(1.69	)		(1.78	)		—			13.22
Select Class
Six Months Ended April 30, 2016 (Unaudited)		9.08		(0.03	)		(0.15	)		(0.18	)		—			8.90
Year Ended October 31, 2015		12.36		(0.10	)		(3.18	)		(3.28	)		—			9.08
Year Ended October 31, 2014		13.21		(0.13	)		(0.72	)		(0.85	)		—			12.36
December 17, 2012 (g) through October 31, 2013		15.00		(0.11	)		(1.68	)		(1.79	)		—			13.21

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

(b) Calculated based upon average shares outstanding.

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

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

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

12 J.P. MORGAN FUNDS APRIL 30, 2016

					Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)
	(2.11	)%	$	1,079,082		1.22	%		(1.01	)%		2.57	%		0	%
	(26.75	)		823,931		1.21			(1.14	)		2.30			0
	(6.68	)		160,388		1.20			(1.16	)		2.03			0
	(12.13	)		43,924		1.22	(h)		(1.16	)(h)		2.74	(h)		0
	(2.25	)		177,012		1.71			(1.50	)		3.48			0
	(27.15	)		67,492		1.73			(1.68	)		2.84			0
	(7.09	)		74,710		1.71			(1.67	)		2.53			0
	(12.53	)		43,733		1.72	(h)		(1.66	)(h)		3.24	(h)		0
	(1.97	)		45,165,318		0.82			(0.62	)		1.93			0
	(26.45	)		17,191,700		0.82			(0.77	)		1.64			0
	(6.19	)		48,113,945		0.82			(0.78	)		1.53			0
	(11.87	)		38,913,194		0.82	(h)		(0.76	)(h)		1.86	(h)		0
	(1.98	)		1,694,439		0.99			(0.81	)		2.18			0
	(26.54	)		32,246,991		0.98			(0.92	)		1.90			0
	(6.43	)		74,890,429		0.97			(0.93	)		1.79			0
	(11.93	)		92,256,260		0.97	(h)		(0.91	)(h)		2.10	(h)		0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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.

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 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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s Administrator under the Administration Agreement.

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 April 30, 2016, net assets of the Fund were $48,115,851 of which $10,876,079, or approximately 22.6%, represented the Subsidiary’s net assets. Net realized losses in the Subsidiary amounted to $(6,560,174). 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.

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 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.

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.

14 J.P. MORGAN FUNDS APRIL 30, 2016

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)	$	6,619,036		$	37,267,672		$	—	$	43,886,708
Appreciation in Other Financial Instruments
Futures Contracts	$	1,217,289		$	—		$	—	$	1,217,289
Return Swaps		—			3,430,072			—		3,430,072
Total Appreciation in Other Financial Instruments	$	1,217,289		$	3,430,072		$	—	$	4,647,361
Depreciation in Other Financial Instruments
Futures Contracts	$	(328,074	)	$	—		$	—	$	(328,074	)
Return Swaps		—			(153,519	)		—		(153,519	)
Total Depreciation in Other Financial Instruments	$	(328,074	)	$	(153,519	)	$	—	$	(481,593	)

(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 six months ended April 30, 2016.

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 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 derivatives 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.

Options Written — Premiums received by the Fund for options written are included on the CSAL as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of options written on the CSOP. 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.

16 J.P. MORGAN FUNDS APRIL 30, 2016

Transactions in options written during the six months ended April 30, 2016 were as follows:

	Options
	Number of Contracts			Premiums Received
Options outstanding at October 31, 2015		—		$	—
Options written		4			5,530
Options expired		—			—
Options closed		(4	)		(5,530	)
Options outstanding at April 30, 2016		—		$	—

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 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 April 30, 2016 is as follows:

Counterparty		Value of swap contracts		Collateral amount
Macquarie Bank Ltd.	Collateral Received	$	3,275,054	$	(360,000	)

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 two counterparties. 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 April 30, 2016:

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.	$	3,428,573		$	(153,519	)	$	(360,000	)(d)	$	2,915,054
Morgan Stanley Capital Services		1,499			—			—			1,499
Exchange-Traded Futures & Options Contracts (b)		1,217,289	(c)		—			—			1,217,289
	$	4,647,361		$	(153,519	)	$	(360,000	)	$	4,133,842

APRIL 30, 2016 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.	$	153,519		$	(153,519	)	$	—	$	—
Exchange-Traded Futures & Options Contracts (b)		328,074	(c)		—			—		328,074
	$	481,593		$	(153,519	)	$	—	$	328,074

(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.

Derivatives Volume — The table below discloses the volume of the Fund’s futures contracts, options and swap activity during the six months ended April 30, 2016.

Futures Contracts:
Average Notional Balance Long	$	13,142,633
Average Notional Balance Short		4,169,600
Ending Notional Balance Long		15,907,648
Ending Notional Balance Short		4,845,896
Exchange-Traded Options:
Average Number of Contracts Purchased		4	(a)
Average Number of Contracts Written		4	(a)
Return Swaps on Commodities:
Average Notional Balance Long	$	32,291,260
Average Notional Balance Short		3,067,834
Ending Notional Balance Long		25,370,798
Ending Notional Balance Short		3,125,235
Return Swaps on Commodity Indices:
Average Notional Balance Long		9,038,460
Ending Notional Balance Long		12,034,879

(a) For the period February 1, 2016 through February 29, 2016.

The Fund’s derivatives contracts held at April 30, 2016 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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Fund for the six months ended April 30, 2016 are as follows:

	Class A		Class C		Class R6		Select Class		Total
Transfer agent fees	$	658	$	265	$	435	$	540	$	1,898
Sub-transfer agent fees		—		—		—		3		3

18 J.P. MORGAN FUNDS APRIL 30, 2016

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 April 30, 2016, 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 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 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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser 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 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 six months ended April 30, 2016, the effective annualized 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 six months ended April 30, 2016, the Distributor retained the following amounts:

Front-End Sales Charge		CDSC
$	304	$	—

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 charge a shareholder servicing fee. 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.

APRIL 30, 2016 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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 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/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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 six months ended April 30, 2016 and is in place until at least February 28, 2017.

For the six months ended April 30, 2016, 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
$	190,059	$	18,440	$	3,377	$	211,876	$	32,604

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016 the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

Waivers resulting from investments in these money market funds for the six months ended April 30, 2016 were $6,142.

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.

The Fund may use related party broker-dealers. For the six months ended April 30, 2016, 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 six months ended April 30, 2016, there were no purchases or sales of long-term investments. Additionally, during the six months ended April 30, 2016, there were no purchases or sales of long-term U.S. Government securities.

20 J.P. MORGAN FUNDS APRIL 30, 2016

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at April 30, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	43,886,167	$	541	$	—	$	541

At October 31, 2015, the Fund had net capital loss carryforwards as follows:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	2,225	$	—

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 April 30, 2016, or at any time during the six months 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 April 30, 2016, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
	58.0	%		27.6	%

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.

APRIL 30, 2016 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

22 J.P. MORGAN FUNDS APRIL 30, 2016

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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	978.90	$	6.00		1.22	%
Hypothetical		1,000.00		1,018.80		6.12		1.22
Class C
Actual		1,000.00		977.50		8.41		1.71
Hypothetical		1,000.00		1,016.36		8.57		1.71
Class R6
Actual		1,000.00		980.30		4.04		0.82
Hypothetical		1,000.00		1,020.79		4.12		0.82
Select Class
Actual		1,000.00		980.20		4.87		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2016 J.P. MORGAN FUNDS 23

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., 2016.  All rights reserved. April 2016. SAN-CSTRAT-416

Semi-Annual Report

J.P. Morgan Funds

April 30, 2016 (Unaudited)

JPMorgan Systematic Alpha Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	36
Consolidated Financial Highlights	42
Notes to Consolidated Financial Statements	44
Schedule of Shareholder Expenses	55

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 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

MAY 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

  “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.”

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2016 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-1.70%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.14%
Net Assets as of 4/30/2016	$329,273,735

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Financial market volatility rose sharply in the first two months of 2016 amid investor concerns about economic stability in China, falling global oil prices and uncertainty about the direction of central bank interest rate policy in the U.S. However, the U.S. Federal Reserve responded to global conditions by adopting a more accommodative policy stance and central banks in China, Japan and the European Union took further steps to stabilize markets and extend economic expansion. By the end of March, global prices for both equities and crude oil had rebounded from mid-February lows.

Emerging markets debt and equity prices came under pressure in late 2015 and early 2016 from weakness in commodities prices and slowing demand in China. However, as financial markets elsewhere stabilized, emerging market equities experienced significant but brief rally in April. In the U.S., corporate bonds generally outperformed equities during the six months ended April 30, 2016.

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

The Fund (Select Class Shares) underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2016. 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 six months ended April 30, 2016, the Fund’s alternative investment strategies experienced mixed performance with gains from event-driven and global macro strategies offset

by losses across equity market neutral and convertible bond arbitrage strategies.

The equity market neutral strategy, which was the Fund’s primary detractor over the period, suffered a drawdown that began in the middle of February as market trends and risk sentiment reversed course. From a return factor perspective, momentum was particularly challenged as the factor experienced its worst performance since Fund inception. The value factor also underperformed over the period.

The Fund’s event-driven strategy, which was expanded to include five additional sub-strategies over the period, generated a positive overall return. The merger arbitrage sub-strategy led the way, benefitting from an environment with wide deal spreads despite a high proportion of “friendly” mergers. Friendly mergers generally have a higher likelihood of being consummated than “hostile” deals, which tends to benefit the sub-strategy’s performance.

The Fund’s macro investment strategies also generated positive returns, with gains across fixed income, foreign exchange and commodity-based return factors. Carry (or yield) factors generally outperformed momentum over the period, led by fixed income yield curve and commodity roll yield trades. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

The convertible bond arbitrage strategy detracted from Fund performance, driven primarily by a cheapening of U.S. convertible bonds during the fourth quarter of 2015 that continued into January.

HOW WAS THE FUND POSITIONED?

During the six month reporting period, the Fund’s risk was diversified across its investment strategies. The Fund’s event-driven strategy entered the period below the long-term targeted risk level, but rose to target as sub-strategies were added and merger activity picked up towards period-end (albeit from muted levels). Macro risk similarly increased as underlying factors offset less risk.

2 J.P. MORGAN FUNDS APRIL 30, 2016

RISK ALLOCATION AS OF APRIL 30, 2016
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		10.4	%
Equity Market Neutral (2)		41.8
Event Driven (3)		27.5
Macro Based (4)		20.3

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	Time Warner Cable, Inc.	1.3	%
	2.	Rexam plc. (United Kingdom)	1.1
	3.	ITC Holdings Corp.	1.1
	4.	TNT Express N.V. (Netherlands)	1.1
	5.	ADT Corp. (The)	1.1
	6.	Questar Corp.	1.1
	7.	Piedmont Natural Gas Co., Inc.	1.1
	8.	Columbia Pipeline Group, Inc.	1.0
	9.	Syngenta AG, (Switzerland)	1.0
	10.	Valspar Corp. (The)	1.0

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Koninklijke Ahold N.V. (Netherlands)	1.2	%
	2.	New York Community Bancorp, Inc.	0.9
	3.	Toyota Motor Corp. (Japan)	0.9
	4.	Deutsche Boerse AG (Germany)	0.9
	5.	Halliburton Co.	0.8
	6.	KeyCorp.	0.8
	7.	Huntington Bancshares, Inc.	0.7
	8.	Fortis, Inc. (Canada)	0.6
	9.	Lam Research Corp.	0.6
	10.	Marriott International, Inc., Class A	0.6

* 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 April 30, 2016 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) Convertible Arbitrage strategies seek to profit from the complexity of the pricing of convertible bonds (which contain elements of both a fixed income security and an equity option).

(2) 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.

(3) 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.

(4) Macro Based Strategies aim to exploit macro economic imbalances across the global through a broad range of asset classes including, but not limited to fixed income, currency and commodities.

(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 April 30, 2016. The Fund’s portfolio composition is subject to change.

APRIL 30, 2016 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	February 12, 2013
With Sales Charge**			(6.23	)%		(3.45	)%		0.13	%		1.22	%
Without Sales Charge			(1.81	)		1.11			1.68			2.69
CLASS C SHARES	February 12, 2013
With CDSC***			(3.11	)		(0.45	)		1.16			2.17
Without CDSC			(2.11	)		0.55			1.16			2.17
CLASS R6 SHARES	February 12, 2013		(1.63	)		1.57			2.12			3.13
SELECT CLASS SHARES	February 12, 2013		(1.70	)		1.34			1.92			2.94

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/12/13 TO 4/30/16)

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 April 30, 2016. 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 APRIL 30, 2016

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 57.1%
		Consumer Discretionary — 11.0%
		Auto Components — 0.7%
	71,000	Calsonic Kansei Corp., (Japan)		484,939
	26,500	Dana Holding Corp.		342,645
	18,426	Goodyear Tire & Rubber Co. (The)		533,801
	7,100	Tenneco, Inc. (a)		378,430
	982,000	Xinyi Glass Holdings Ltd., (Hong Kong)		668,915
				2,408,730
		Automobiles — 0.5%
	83,800	Fiat Chrysler Automobiles N.V., (United Kingdom)		677,942
	14,300	Fuji Heavy Industries Ltd., (Japan)		469,540
	7,500	Harley-Davidson, Inc.		358,725
				1,506,207
		Diversified Consumer Services — 0.2%
	9,700	H&R Block, Inc.		196,328
	8,700	Houghton Mifflin Harcourt Co. (a)		178,437
	14,300	Sotheby’s		389,532
				764,297
		Hotels, Restaurants & Leisure — 3.3%
	10,300	Aramark		345,153
	7,200	BJ’s Restaurants, Inc. (a)		321,120
	7,800	Bob Evans Farms, Inc.		355,212
	11,734	Carnival Corp.		575,553
	2,400	Churchill Downs, Inc.		322,032
	3,923	Cracker Barrel Old Country Store, Inc.		574,367
	2,400	Domino’s Pizza, Inc.		290,112
	19,249	Flight Centre Travel Group Ltd., (Australia)		573,149
	30,300	Hilton Worldwide Holdings, Inc.		668,115
	7,100	Hyatt Hotels Corp., Class A (a)		339,948
	4,700	Jack in the Box, Inc.		317,485
	1,160	Kuoni Reisen Holding AG, (Switzerland) (a)		446,200
	5,400	Marriott Vacations Worldwide Corp.		338,256
	4,639	McDonald’s Corp.		586,787
	1,600	Panera Bread Co., Class A (a)		343,184
	11,800	Sonic Corp.		405,566
	136,320	Star Entertainment Grp Ltd. (The), (Australia)		582,083
	30,940	Starwood Hotels & Resorts Worldwide, Inc.		2,533,367
	13,300	Yum! Brands, Inc.		1,058,148
				10,975,837
		Household Durables — 0.5%
	17,146	D.R. Horton, Inc.		515,409
	46,500	Haseko Corp., (Japan)		420,480

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Durables — continued
	26,800	Iida Group Holdings Co., Ltd., (Japan)		500,519
	9,600	PulteGroup, Inc.		176,544
				1,612,952
		Internet & Catalog Retail — 0.1%
	72,600	Groupon, Inc. (a)		262,812
		Leisure Products — 0.2%
	25,300	Heiwa Corp., (Japan)		531,445
		Media — 3.1%
	96,517	Cablevision Systems Corp., Class A		3,222,702
	12,291	Carmike Cinemas, Inc. (a)		368,607
	6,700	CBS Corp. (Non-Voting), Class B		374,597
	13,300	Discovery Communications, Inc., Class C (a)		356,174
	47,216	DreamWorks Animation SKG, Inc., Class A (a)		1,884,863
	756,893	Fairfax Media Ltd., (Australia)		454,937
	29,255	Gannett Co., Inc.		492,947
	22,316	Interpublic Group of Cos., Inc. (The)		511,929
	13,670	Meredith Corp.		701,408
	13,686	Scholastic Corp.		497,897
	17,130	Sinclair Broadcast Group, Inc., Class A		549,359
	88,300	Sirius XM Holdings, Inc. (a)		348,785
	6,800	Starz, Series A (a)		185,028
	12,000	Twenty-First Century Fox, Inc., Class A		363,120
				10,312,353
		Multiline Retail — 0.3%
	3,800	Dillard’s, Inc., Class A		267,710
	7,500	Macy’s, Inc.		296,925
	6,200	Nordstrom, Inc.		317,006
				881,641
		Specialty Retail — 1.6%
	20,416	Abercrombie & Fitch Co., Class A		545,719
	5,600	Asbury Automotive Group, Inc. (a)		339,472
	19,600	Ascena Retail Group, Inc. (a)		172,676
	6,300	AutoNation, Inc. (a)		319,095
	10,000	Best Buy Co., Inc.		320,800
	3,400	Cabela’s, Inc. (a)		177,310
	74,500	DCM Holdings Co., Ltd., (Japan)		563,225
	24,210	Express, Inc. (a)		440,138
	4,900	Genesco, Inc. (a)		338,982
	11,500	GNC Holdings, Inc., Class A		280,140
	9,100	Hibbett Sports, Inc. (a)		328,510
	10,300	Outerwall, Inc.		425,493
	19,354	RONA, Inc., (Canada)		368,354

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks ��� continued
		Specialty Retail — continued
	10,300	Sally Beauty Holdings, Inc. (a)		323,420
	12,200	Urban Outfitters, Inc. (a)		369,904
				5,313,238
		Textiles, Apparel & Luxury Goods — 0.5%
	11,100	Movado Group, Inc.		313,131
	45,712	Tumi Holdings, Inc. (a)		1,219,596
				1,532,727
		Total Consumer Discretionary		36,102,239
		Consumer Staples — 4.1%
		Beverages — 0.3%
	9,936	Coca-Cola Enterprises, Inc.		521,441
	21,100	Coca-Cola West Co., Ltd., (Japan)		571,948
				1,093,389
		Food & Staples Retailing — 2.1%
	7,171	George Weston Ltd., (Canada)		622,283
	38,488	Jean Coutu Group PJC, Inc. (The), (Canada), Class A		585,280
	436,849	Metcash Ltd., (Australia) (a)		581,581
	409,463	Rite Aid Corp. (a)		3,296,177
	123,300	SUPERVALU, Inc. (a)		620,199
	7,500	Sysco Corp.		345,525
	8,266	Wal-Mart Stores, Inc.		552,747
	10,500	Whole Foods Market, Inc.		305,340
				6,909,132
		Food Products — 1.2%
	9,692	Campbell Soup Co.		598,093
	28,151	ConAgra Foods, Inc.		1,254,409
	4,500	Mead Johnson Nutrition Co.		392,175
	105,000	Morinaga & Co. Ltd., (Japan)		502,789
	6,560	Sanderson Farms, Inc.		601,815
	7,776	Tyson Foods, Inc., Class A		511,816
				3,861,097
		Household Products — 0.4%
	4,062	Clorox Co. (The)		508,684
	15,029	Energizer Holdings, Inc.		653,611
				1,162,295
		Personal Products — 0.1%
	11,300	Coty, Inc., Class A		343,520
		Total Consumer Staples		13,369,433

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 2.2%
		Energy Equipment & Services — 0.4%
	50,080	Noble Corp. plc, (United Kingdom)		562,398
	153,680	WorleyParsons Ltd., (Australia)		807,619
				1,370,017
		Oil, Gas & Consumable Fuels — 1.8%
	72,795	Bankers Petroleum Ltd., (Canada) (a)		110,234
	35,672	Cameco Corp., (Canada)		446,362
	30,100	Canadian Natural Resources Ltd., (Canada)		903,936
	127,744	Columbia Pipeline Group, Inc.		3,272,801
	6,751	Exxon Mobil Corp.		596,789
	9,900	HollyFrontier Corp.		352,440
	5,500	Valero Energy Corp.		323,785
				6,006,347
		Total Energy		7,376,364
		Financials — 4.9%
		Banks — 1.2%
	10,492	Bank of Montreal, (Canada)		683,523
	62,642	Bank of Queensland Ltd., (Australia)		532,678
	8,665	Canadian Imperial Bank of Commerce, (Canada)		699,857
	116,000	Hiroshima Bank Ltd. (The), (Japan)		419,958
	150,600	Resona Holdings, Inc., (Japan)		532,411
	18,800	Talmer Bancorp, Inc., Class A		364,720
	13,350	Toronto-Dominion Bank (The), (Canada)		594,243
				3,827,390
		Capital Markets — 0.3%
	3,800	Ameriprise Financial, Inc.		364,420
	16,000	LPL Financial Holdings, Inc.		422,400
				786,820
		Diversified Financial Services — 0.4%
	59,400	Element Financial Corp., (Canada)		666,575
	4,500	MSCI, Inc.		341,730
	11,000	Voya Financial, Inc.		357,170
				1,365,475
		Insurance — 2.6%
	8,637	Aflac, Inc.		595,694
	5,100	Allstate Corp. (The)		331,755
	6,400	American International Group, Inc.		357,248
	5,220	American National Insurance Co.		606,146
	10,245	Argo Group International Holdings Ltd., (Bermuda)		563,168
	35,852	Assured Guaranty Ltd., (Bermuda)		927,491

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	9,172	Axis Capital Holdings Ltd., (Bermuda)		488,593
	18,500	CNO Financial Group, Inc.		339,845
	2,947	Everest Re Group Ltd., (Bermuda)		544,900
	12,430	Hartford Financial Services Group, Inc. (The)		551,643
	8,900	Loews Corp.		353,152
	48,600	MBIA, Inc. (a)		379,080
	28,077	Old Republic International Corp.		519,144
	2,900	RenaissanceRe Holdings Ltd., (Bermuda)		321,639
	13,950	Selective Insurance Group, Inc.		484,205
	18,345	Sun Life Financial, Inc., (Canada)		625,780
	3,000	Travelers Cos., Inc. (The)		329,700
	400	White Mountains Insurance Group Ltd.		332,000
				8,651,183
		Real Estate Management & Development — 0.3%
	20,500	Brookfield Asset Management, Inc., (Canada), Class A		692,755
	21,000	St. Joe Co. (The) (a)		353,850
				1,046,605
		Thrifts & Mortgage Finance — 0.1%
	28,000	Nationstar Mortgage Holdings, Inc. (a)		324,520
		Total Financials		16,001,993
		Health Care — 3.2%
		Biotechnology — 0.2%
	1,200	Biogen, Inc. (a)		329,988
	3,700	Gilead Sciences, Inc.		326,377
				656,365
		Health Care Equipment & Supplies — 1.0%
	61,071	Alere, Inc. (a)		2,381,769
	9,165	ResMed, Inc.		511,407
	3,480	Teleflex, Inc.		542,114
				3,435,290
		Health Care Providers & Services — 1.3%
	7,135	Amsurg Corp. (a)		577,792
	31,600	ExamWorks Group, Inc. (a)		1,139,180
	5,600	Magellan Health, Inc. (a)		394,576
	33,700	Medipal Holdings Corp., (Japan)		533,175
	9,788	Molina Healthcare, Inc. (a)		506,627
	12,878	Patterson Cos., Inc.		558,261
	13,100	Suzuken Co., Ltd., (Japan)		448,913
				4,158,524
		Health Care Technology — 0.2%
	40,108	Quality Systems, Inc.		564,721

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.2%
	6,100	PRA Health Sciences, Inc. (a)		289,445
	3,759	Thermo Fisher Scientific, Inc.		542,236
				831,681
		Pharmaceuticals — 0.3%
	6,500	Kaken Pharmaceutical Co., Ltd., (Japan)		355,116
	30,500	Mitsubishi Tanabe Pharma Corp., (Japan)		543,037
				898,153
		Total Health Care		10,544,734
		Industrials — 9.9%
		Aerospace & Defense — 0.4%
	4,600	Curtiss-Wright Corp.		352,268
	22,900	DigitalGlobe, Inc. (a)		507,464
	3,300	United Technologies Corp.		344,421
				1,204,153
		Air Freight & Logistics — 1.0%
	371,733	TNT Express N.V., (Netherlands) (a)		3,374,510
		Airlines — 1.7%
	8,000	American Airlines Group, Inc.		277,520
	10,058	Delta Air Lines, Inc.		419,117
	10,984	Hawaiian Holdings, Inc. (a)		462,097
	26,945	SkyWest, Inc.		633,207
	11,085	Southwest Airlines Co.		494,502
	58,357	Virgin America, Inc. (a)		3,249,901
				5,536,344
		Building Products — 0.1%
	7,600	Trex Co., Inc. (a)		360,620
		Commercial Services & Supplies — 1.9%
	17,209	ACCO Brands Corp. (a)		164,174
	79,031	ADT Corp. (The)		3,317,721
	21,836	Brady Corp., Class A		578,436
	8,500	Copart, Inc. (a)		364,140
	8,452	Gategroup Holding AG, (Switzerland) (a)		466,116
	16,780	Herman Miller, Inc.		506,252
	15,538	KAR Auction Services, Inc.		584,229
	18,100	Pitney Bowes, Inc.		379,557
				6,360,625
		Construction & Engineering — 1.4%
	19,113	CIMIC Group Ltd., (Australia)		516,930
	10,170	EMCOR Group, Inc.		493,042
	189,177	Fomento de Construcciones y Contratas S.A., (Spain) (a)		1,646,787
	36,700	Kinden Corp., (Japan)		431,049

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Construction & Engineering — continued
	18,337	NCC AB, (Sweden), Class B		627,306
	30,000	Nippo Corp., (Japan)		497,418
	16,100	Quanta Services, Inc. (a)		381,892
				4,594,424
		Electrical Equipment — 0.5%
	6,400	EnerSys		373,568
	171,000	Fuji Electric Co., Ltd., (Japan)		727,647
	54,000	Mitsubishi Electric Corp., (Japan)		573,881
				1,675,096
		Industrial Conglomerates — 0.2%
	7,100	Danaher Corp.		686,925
		Machinery — 1.9%
	6,800	AGCO Corp.		363,596
	21,241	American Railcar Industries, Inc.		871,094
	27,312	Briggs & Stratton Corp.		578,195
	6,000	Lincoln Electric Holdings, Inc.		376,020
	43,900	Meritor, Inc. (a)		373,150
	4,500	Nordson Corp.		345,285
	74,000	OKUMA Corp., (Japan)		577,322
	9,700	Oshkosh Corp.		473,845
	111,000	Sumitomo Heavy Industries Ltd., (Japan)		466,487
	42,700	Takeuchi Manufacturing Co., Ltd., (Japan)		636,894
	35,555	Terex Corp.		849,409
	10,900	Timken Co. (The)		388,367
				6,299,664
		Marine — 0.0% (g)
	3,230	Wilh Wilhelmsen ASA, (Norway)		17,224
		Professional Services — 0.3%
	5,900	Huron Consulting Group, Inc. (a)		328,099
	7,100	Insperity, Inc.		374,667
	4,200	ManpowerGroup, Inc.		323,526
				1,026,292
		Road & Rail — 0.2%
	89,000	Sankyu, Inc., (Japan)		413,641
	18,200	Swift Transportation Co. (a)		302,484
				716,125
		Trading Companies & Distributors — 0.3%
	40,100	ITOCHU Corp., (Japan)		509,615
	1,500	WW Grainger, Inc.		351,780
				861,395
		Total Industrials		32,713,397

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 9.1%
		Communications Equipment — 1.1%
	7,313	Harris Corp.		585,113
	8,672	InterDigital, Inc.		494,131
	642	InterDigital, Inc./PA		36,581
	25,049	Juniper Networks, Inc.		586,147
	4,400	Motorola Solutions, Inc.		330,836
	15,071	NETGEAR, Inc. (a)		639,010
	15,604	Plantronics, Inc.		599,974
	15,800	Polycom, Inc. (a)		188,810
	9,900	Ubiquiti Networks, Inc. (a)		352,638
				3,813,240
		Electronic Equipment, Instruments & Components — 2.5%
	17,800	Corning, Inc.		332,326
	88,873	Ingram Micro, Inc., Class A		3,106,111
	22,257	Jabil Circuit, Inc.		386,381
	12,496	Newport Corp. (a)		287,283
	66,593	QLogic Corp. (a)		871,702
	7,377	Rofin-Sinar Technologies, Inc. (a)		237,466
	27,254	Sanmina Corp. (a)		644,557
	8,600	ScanSource, Inc. (a)		349,848
	6,410	SYNNEX Corp.		529,274
	5,700	TE Connectivity Ltd., (Switzerland)		339,036
	7,056	Tech Data Corp. (a)		484,677
	43,449	Vishay Intertechnology, Inc.		528,340
				8,097,001
		Internet Software & Services — 0.6%
	774	Alphabet, Inc., Class A (a)		547,899
	5,600	Cornerstone OnDemand, Inc. (a)		192,360
	12,351	Cvent, Inc. (a)		436,608
	6,800	GrubHub, Inc. (a)		178,296
	34,919	Opera Software ASA, (Norway)		285,263
	15,200	Rackspace Hosting, Inc. (a)		347,624
				1,988,050
		IT Services — 1.1%
	9,272	Broadridge Financial Solutions, Inc.		554,836
	5,817	CACI International, Inc., Class A (a)		559,305
	13,047	Leidos Holdings, Inc.		647,262
	16,489	Sykes Enterprises, Inc. (a)		480,654
	13,000	Teradata Corp. (a)		328,900
	99,300	Xerox Corp.		953,280
				3,524,237

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 1.9%
	10,300	Cree, Inc. (a)		252,453
	155,659	Fairchild Semiconductor International, Inc. (a)		3,113,180
	16,900	Integrated Device Technology, Inc. (a)		325,832
	11,270	Mellanox Technologies Ltd., (Israel) (a)		487,427
	16,352	NVIDIA Corp.		580,987
	7,500	Qorvo, Inc. (a)		337,725
	25,100	Rambus, Inc. (a)		291,662
	17,800	Ulvac, Inc., (Japan)		545,778
	10,386	Xilinx, Inc.		447,429
				6,382,473
		Software — 1.1%
	11,100	CA, Inc.		329,226
	16,187	Citrix Systems, Inc. (a)		1,324,744
	3,400	Intuit, Inc.		343,026
	17,500	Konami Holdings Corp., (Japan)		551,766
	24,426	Nuance Communications, Inc. (a)		419,639
	10,616	Open Text Corp., (Canada)		594,384
				3,562,785
		Technology Hardware, Storage & Peripherals — 0.8%
	12,400	FUJIFILM Holdings Corp., (Japan)		508,999
	45,774	Lexmark International, Inc., Class A		1,766,876
	13,800	NCR Corp. (a)		401,442
				2,677,317
		Total Information Technology		30,045,103
		Materials — 6.7%
		Chemicals — 4.8%
	23,328	Airgas, Inc.		3,322,840
	11,791	Cabot Corp.		575,283
	35,100	Daicel Corp., (Japan)		438,468
	1,771,000	Fufeng Group Ltd., (China)		553,591
	58,000	Huntsman Corp.		912,920
	267,303	Incitec Pivot Ltd., (Australia)		649,582
	4,100	LyondellBasell Industries N.V., Class A		338,947
	102,000	Mitsubishi Gas Chemical Co., Inc., (Japan)		559,349
	3,600	Monsanto Co.		337,248
	127,000	Sumitomo Chemical Co., Ltd., (Japan)		574,017
	8,133	Syngenta AG, (Switzerland)		3,262,677
	149,000	Tosoh Corp., (Japan)		681,045
	240,000	Ube Industries Ltd., (Japan)		455,829
	30,548	Valspar Corp. (The)		3,259,166
				15,920,962

SHARES		SECURITY DESCRIPTION	VALUE($)
		Construction Materials — 0.4%
	253,388	CSR Ltd., (Australia)		654,235
	131,000	Sumitomo Osaka Cement Co., Ltd., (Japan)		564,783
				1,219,018
		Containers & Packaging — 0.3%
	8,551	Avery Dennison Corp.		620,888
	10,376	Bemis Co., Inc.		520,668
				1,141,556
		Metals & Mining — 1.0%
	111,983	BlueScope Steel Ltd., (Australia)		546,740
	11,400	Carpenter Technology Corp.		403,674
	34,203	Commercial Metals Co.		612,918
	211,184	Northern Star Resources Ltd., (Australia)		628,124
	22,646	Steel Dynamics, Inc.		570,906
	18,289	Worthington Industries, Inc.		690,410
				3,452,772
		Paper & Forest Products — 0.2%
	8,200	Clearwater Paper Corp. (a)		489,868
		Total Materials		22,224,176
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.8%
	14,101	AT&T, Inc.		547,401
	7,771	Atlantic Tele-Network, Inc.		558,812
	11,870	BCE, Inc., (Canada)		556,652
	219	Inteliquent, Inc.		3,633
	118,425	Vonage Holdings Corp. (a)		553,045
	45,000	Windstream Holdings, Inc.		390,600
				2,610,143
		Wireless Telecommunication Services — 0.3%
	21,900	KDDI Corp., (Japan)		630,846
	32,294	NTELOS Holdings Corp. (a)		298,719
				929,565
		Total Telecommunication Services		3,539,708
		Utilities — 4.9%
		Electric Utilities — 0.7%
	24,190	Empire District Electric Co. (The)		814,477
	43,647	Hawaiian Electric Industries, Inc.		1,426,821
				2,241,298
		Gas Utilities — 2.8%
	42,390	AGL Resources, Inc.		2,791,805
	55,015	Piedmont Natural Gas Co., Inc.		3,289,897
	132,180	Questar Corp.		3,313,753
				9,395,455

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power Producers & Energy Traders — 0.2%
	35,740	Capital Power Corp., (Canada)		506,177
		Multi-Utilities — 1.2%
	38,641	AGL Energy Ltd., (Australia)		535,232
	121,534	TECO Energy, Inc.		3,374,999
				3,910,231
		Total Utilities		16,053,161
		Total Common Stocks (Cost $183,164,938)		187,970,308
	Preferred Stocks — 2.7%
		Consumer Staples — 0.3%
		Food Products — 0.3%
	14,650	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		1,068,571
		Total Consumer Staples		1,068,571
		Financials — 1.1%
		Banks — 0.5%
	773	Bank of America Corp., Series L, 7.250% ($1,000 par value)		910,826
	745	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		928,270
				1,839,096
		Real Estate Investment Trusts (REITs) — 0.6%
	4,900	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		520,086
	5,700	Crown Castle International Corp., Series A, 4.500%, 11/01/16 ($100 par value)		605,426
	4,750	Welltower, Inc., Series I, 6.500% ($50 par value)		293,217
	9,600	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		494,496
				1,913,225
		Total Financials		3,752,321
		Health Care — 0.1%
		Health Care Providers & Services — 0.1%
	8,150	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		377,752
		Materials — 0.2%
		Metals & Mining — 0.2%
	15,350	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		584,528

SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.2%
	6,800	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		709,240
		Wireless Telecommunication Services — 0.2%
	8,800	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		596,728
		Total Telecommunication Services		1,305,968
		Utilities — 0.6%
		Electric Utilities — 0.4%
	16,200	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		785,052
		NextEra Energy, Inc.,
	3,450	5.799%, 09/01/16 ($50 par value)		208,552
	6,900	6.371%, 09/01/18 ($50 par value)		412,620
				1,406,224
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	3,750	6.375%, 07/01/17 ($50 par value)		184,988
	4,300	Series B, 6.000%, 07/01/16 ($49 par value)		238,693
				423,681
		Total Utilities		1,829,905
		Total Preferred Stocks (Cost $8,706,745)		8,919,045
PRINCIPAL AMOUNT($)
	Convertible Bonds — 11.0%
		Consumer Discretionary — 1.4%
		Automobiles — 0.1%
	600,000	Fiat Chrysler Automobiles N.V., (Netherlands), 7.875%, 12/15/16		423,645
		Internet & Catalog Retail — 0.8%
	893,000	Ctrip.com International Ltd., (Cayman Islands), 1.250%, 10/15/18		1,136,343
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		180,745
	125,000	1.000%, 03/15/18		185,234
	639,000	Shutterfly, Inc., 0.250%, 05/15/18		637,003
	506,000	Vipshop Holdings Ltd., (Cayman Islands), 1.500%, 03/15/19		520,231
				2,659,556

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Media — 0.4%
	574,000	Liberty Interactive LLC, 1.000%, 09/30/43 (e)		492,564
	646,000	Liberty Media Corp., 1.375%, 10/15/23		649,230
				1,141,794
		Textiles, Apparel & Luxury Goods — 0.1%
		Iconix Brand Group, Inc.,
	194,000	1.500%, 03/15/18		145,864
	195,000	2.500%, 06/01/16		195,122
				340,986
		Total Consumer Discretionary		4,565,981
		Energy — 0.4%
		Energy Equipment & Services — 0.4%
	816,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		499,800
	798,000	SEACOR Holdings, Inc., 2.500%, 12/15/27		778,549
		Total Energy		1,278,349
		Financials — 0.5%
		Capital Markets — 0.2%
	672,000	Prospect Capital Corp., 4.750%, 04/15/20		626,220
		Real Estate Investment Trusts (REITs) — 0.3%
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		289,628
	244,000	3.750%, 05/15/21		264,435
		Starwood Property Trust, Inc.,
	355,000	4.000%, 01/15/19		362,544
	233,000	4.550%, 03/01/18		237,077
				1,153,684
		Total Financials		1,779,904
		Health Care — 2.2%
		Biotechnology — 0.9%
	740,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		659,987
	741,000	Aegerion Pharmaceuticals, Inc., 2.000%, 08/15/19		351,975
		BioMarin Pharmaceutical, Inc.,
	357,000	0.750%, 10/15/18		418,806
	348,000	1.500%, 10/15/20		421,950
	591,000	Cepheid, 1.250%, 02/01/21		506,783
	661,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		611,838
				2,971,339

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 0.3%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		207,165
	174,000	Series 2012, SUB, 2.000%, 03/01/42		220,001
	454,000	NuVasive, Inc., 2.750%, 07/01/17		602,685
				1,029,851
		Health Care Providers & Services — 0.4%
	360,000	Anthem, Inc., 2.750%, 10/15/42		699,075
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		380,860
	341,000	1.625%, 08/15/44		380,641
				1,460,576
		Health Care Technology — 0.2%
	593,000	Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20		610,790
		Life Sciences Tools & Services — 0.1%
	187,000	Illumina, Inc., 0.500%, 06/15/21		192,610
		Pharmaceuticals — 0.3%
	800,000	Jazz Investments I Ltd., (Bermuda), 1.875%, 08/15/21		890,000
		Total Health Care		7,155,166
		Industrials — 0.3%
		Machinery — 0.1%
	436,000	Trinity Industries, Inc., 3.875%, 06/01/36		476,058
		Transportation Infrastructure — 0.2%
	530,000	Macquarie Infrastructure Corp., 2.875%, 07/15/19		599,231
		Total Industrials		1,075,289
		Information Technology — 5.7%
		Communications Equipment — 0.7%
	797,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20		771,596
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		225,622
	391,000	Palo Alto Networks, Inc., Zero Coupon, 07/01/19		574,770
	651,000	Viavi Solutions, Inc., 0.625%, 08/15/33		627,808
				2,199,796
		Internet Software & Services — 1.3%
	643,000	Akamai Technologies, Inc., Zero Coupon, 02/15/19		620,897
	544,000	j2 Global, Inc., 3.250%, 06/15/29		596,700
	598,000	MercadoLibre, Inc., 2.250%, 07/01/19		700,781
	400,000	Qihoo 360 Technology Co., Ltd., (Cayman Islands), 2.500%, 09/15/18		397,500

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Internet Software & Services — continued
	597,000	SINA Corp., (Cayman Islands), 1.000%, 12/01/18		586,179
	926,000	Yandex N.V., (Netherlands), 1.125%, 12/15/18		834,558
	637,000	YY, Inc., (Cayman Islands), 2.250%, 04/01/19		627,445
				4,364,060
		IT Services — 0.3%
	800,000	Euronet Worldwide, Inc., 1.500%, 10/01/44		976,500
		Semiconductors & Semiconductor Equipment — 1.7%
		Intel Corp.,
	221,000	2.950%, 12/15/35		273,626
	189,000	3.250%, 08/01/39		287,398
	273,000	Lam Research Corp., 1.250%, 05/15/18		379,811
	400,000	Microchip Technology, Inc., 1.625%, 02/15/25		414,750
	932,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		659,972
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		229,712
	524,000	NVIDIA Corp., 1.000%, 12/01/18		933,703
	800,000	NXP Semiconductors N.V., (Netherlands), 1.000%, 12/01/19		906,000
	725,000	ON Semiconductor Corp., Series B, 2.625%, 12/15/26		770,766
	550,000	Xilinx, Inc., 2.625%, 06/15/17		824,312
				5,680,050
		Software — 1.3%
	821,000	Citrix Systems, Inc., 0.500%, 04/15/19		927,217
	873,000	Nuance Communications, Inc., 2.750%, 11/01/31		871,909
	478,000	Red Hat, Inc., 0.250%, 10/01/19		588,836
	746,000	Rovi Corp., 0.500%, 03/01/20		707,301
	483,000	salesforce.com, Inc., 0.250%, 04/01/18		609,184
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		486,224
				4,190,671
		Technology Hardware, Storage & Peripherals — 0.4%
	751,000	Electronics For Imaging, Inc., 0.750%, 09/01/19		769,305
		SanDisk Corp.,
	232,000	0.500%, 10/15/20		240,265
	270,000	1.500%, 08/15/17		422,044
				1,431,614
		Total Information Technology		18,842,691

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Materials — 0.5%
		Metals & Mining — 0.5%
	695,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		755,378
	756,000	Royal Gold, Inc., 2.875%, 06/15/19		762,142
		Total Materials		1,517,520
		Total Convertible Bonds (Cost $37,071,858)		36,214,900
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics International Ltd. (a)		—
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	3,314	Leap Wireless International, Inc. (a)		8,351
		Total Rights (Cost $—)		8,351
SHARES
	Short-Term Investments — 25.6%
		Investment Companies — 25.6%
	84,341,457	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) ^^ (Cost $84,341,457)		84,341,457
		Total Investments — 96.4% (Cost 313,284,998)		317,454,061
		Other Assets in Excess of Liabilities — 3.6%		11,819,674
		NET ASSETS — 100.0%	$	329,273,735

Percentages indicated are based on net assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2016

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	6		LME Nickel Futures^		05/16/16		USD		339,012			18,258
	6		LME Zinc Futures^		05/16/16		USD		290,100			21,719
	63		LME Aluminum Futures^		05/16/16		USD		2,636,156			187,291
	2		Feeder Cattle Futures^		05/26/16		USD		140,425			(14,993	)
	66		Euro Bobl		06/08/16		EUR		9,888,766			(36,121	)
	21		Euro Bund		06/08/16		EUR		3,892,576			(21,862	)
	147		Euro Schatz		06/08/16		EUR		18,812,547			(26,131	)
	9		Euro-Buxl 30-Year Bond		06/08/16		EUR		1,684,735			(27,344	)
	7		10 Year Japanese Government Bond		06/13/16		JPY		9,966,447			21,590
	3		LME Aluminum Futures^		06/13/16		USD		125,981			2,916
	6		LME Zinc Futures^		06/13/16		USD		290,250			17,382
	14		Lean Hogs Futures^		06/14/16		USD		457,520			(2,551	)
	256		10 Year Australian Government Bond		06/15/16		AUD		25,429,782			(78,665	)
	5		E-mini S&P 500		06/17/16		USD		514,775			(5,673	)
	1		FTSE 100 Index		06/17/16		GBP		91,006			(284	)
	10		10 Year Canadian Government Bond		06/21/16		CAD		1,109,110			(23,266	)
	296		10 Year U.S. Treasury Note		06/21/16		USD		38,498,500			(68,922	)
	12		U.S. Long Bond		06/21/16		USD		1,959,750			(8,362	)
	17		Gold 100 OZ Futures^		06/28/16		USD		2,193,850			237,226
	196		Long Gilt		06/28/16		GBP		34,251,693			(443,158	)
	38		2 Year U.S. Treasury Note		06/30/16		USD		8,307,750			6,111
	47		5 Year U.S. Treasury Note		06/30/16		USD		5,682,961			16,181
	39		Live Cattle Futures^		06/30/16		USD		1,792,830			(138,255	)
	69		Sugar No. 11 (World Markets) Futures^		06/30/16		USD		1,261,210			133,617
	69		Cotton No.2 Futures^		07/07/16		USD		2,200,065			210,484
	37		Cocoa Futures^		07/14/16		USD		1,196,210			93,872
	21		Soybean Futures^		07/14/16		USD		1,081,238			36,226
	4		Coffee ‘C’ Futures^		07/19/16		USD		182,250			(2,262	)
	5		Copper Futures^		07/27/16		USD		285,438			3,212
	14		Silver Futures^		07/27/16		USD		1,247,330			137,783
	15		Feeder Cattle Futures^		08/25/16		USD		1,052,813			(80,544	)
	6		Gold 100 OZ Futures^		08/29/16		USD		775,560			32,864
	28		Live Cattle Futures^		08/31/16		USD		1,259,160			(77,433	)
	42		Cocoa Futures^		09/15/16		USD		1,357,440			93,378
			Short Futures Outstanding
	(30	)	LME Nickel Futures^		05/16/16		USD		(1,695,060	)		(150,247	)
	(6	)	LME Zinc Futures^		05/16/16		USD		(290,100	)		(22,666	)
	(5	)	CAC 40 Index		05/20/16		EUR		(250,758	)		(1,089	)
	(2	)	IBEX 35 Index		05/20/16		EUR		(206,781	)		(10,186	)
	(42	)	WTI Crude Oil Futures^		05/20/16		USD		(1,928,640	)		(239,939	)
	(131	)	Natural Gas Futures^		05/26/16		USD		(2,853,180	)		(119,012	)
	(2	)	Hang Seng Index		05/30/16		HKD		(267,913	)		6,566
	(127	)	Euro Bund		06/08/16		EUR		(23,540,809	)		136,405
	(4	)	TOPIX Index		06/09/16		JPY		(477,019	)		23,102
	(23	)	10 Year Japanese Government Bond		06/13/16		JPY		(32,746,898	)		(48,264	)
	(7	)	LME Aluminum Futures^		06/13/16		USD		(293,956	)		(33,246	)
	(103	)	Lean Hogs Futures^		06/14/16		USD		(3,366,040	)		(89,234	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	(30	)	3 Year Australian Government Bond		06/15/16	AUD		(2,556,069	)		(9,676	)
	(3	)	SPI 200 Index		06/16/16	AUD		(296,647	)		(6,310	)
	(1	)	DAX Index		06/17/16	EUR		(289,383	)		(2,686	)
	(8	)	Euro STOXX 50 Index		06/17/16	EUR		(273,138	)		3,223
	(601	)	E-mini S&P 500		06/17/16	USD		(61,875,955	)		(2,352,652	)
	(4	)	FTSE/MIB Index		06/17/16	EUR		(419,193	)		4,339
	(263	)	10 Year Canadian Government Bond		06/21/16	CAD		(29,169,586	)		406,185
	(11	)	WTI Crude Oil Futures^		06/21/16	USD		(513,590	)		(55,069	)
	(42	)	Natural Gas Futures^		06/28/16	USD		(975,240	)		(51,360	)
	(32	)	Cotton No.2 Futures^		07/07/16	USD		(1,020,320	)		342
	(126	)	CBOT Wheat Futures^		07/14/16	USD		(3,077,550	)		(86,147	)
	(8	)	Cocoa Futures^		07/14/16	USD		(258,640	)		(24,983	)
	(27	)	Corn Futures^		07/14/16	USD		(528,863	)		(36,530	)
	(16	)	Coffee ‘C’ Futures^		07/19/16	USD		(729,000	)		23,110
	(5	)	Feeder Cattle Futures^		08/25/16	USD		(350,938	)		5,060
	(62	)	CBOT Wheat Futures^		09/14/16	USD		(1,544,575	)		(31,408	)
	(11	)	Coffee ‘C’ Futures^		09/20/16	USD		(508,819	)		33,174
											(2,514,914	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,016,728 710,383	CAD for EUR	Royal Bank of Canada		05/18/16	$	813,780	#	$	810,335	#	$	(3,445	)
	7,983,843	AUD	Merrill Lynch International		05/18/16		6,010,677			6,066,676			55,999
	560,697	AUD	Royal Bank of Canada		05/18/16		421,640			426,056			4,416
	8,518,927	BRL	Goldman Sachs International†		05/18/16		2,300,858			2,464,273			163,415
	919,698	CAD	HSBC Bank, N.A.		05/18/16		717,116			733,001			15,885
	756,821	CAD	Royal Bank of Canada		05/18/16		575,333			603,188			27,855
	292,220	CAD	Standard Chartered Bank		05/18/16		223,437			232,900			9,463
	9,231,176	CAD	State Street Corp.		05/18/16		7,053,897			7,357,269			303,372
	369,837	GBP	Royal Bank of Canada		05/18/16		526,205			540,407			14,202
	11,758,045	HKD	State Street Corp.		05/18/16		1,515,861			1,516,059			198
	158,381,606	INR	HSBC Bank, N.A.†		05/18/16		2,370,982			2,376,194			5,212
	42,361,176	JPY	BNP Paribas		05/18/16		390,029			398,264			8,235
	344,877,601	JPY	HSBC Bank, N.A.		05/18/16		3,142,042			3,242,414			100,372
	89,335,771	JPY	Merrill Lynch International		05/18/16		804,596			839,903			35,307
	69,481,217	JPY	Morgan Stanley		05/18/16		630,137			653,237			23,100
	70,687,933	JPY	Royal Bank of Canada		05/18/16		658,600			664,582			5,982
	184,599,087	JPY	Standard Chartered Bank		05/18/16		1,694,011			1,735,533			41,522
	6,901,593	NZD	Standard Chartered Bank		05/18/16		4,676,014			4,815,025			139,011
	161,134,867	RUB	Credit Suisse International†		05/18/16		2,373,715			2,477,339			103,624
	6,760,050	TRY	Citibank, N.A.		05/18/16		2,338,039			2,406,110			68,071
	35,371,954	ZAR	Deutsche Bank AG		05/18/16		2,321,175			2,476,845			155,670
						$	41,558,144		$	42,835,610		$	1,277,466

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2016 of the currency being sold, and the value at April 30, 2016 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2016

Forward Foreign Currency Exchange Contracts
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	694,058	AUD	State Street Corp.		05/18/16	$	527,591	$	527,393	$	198
	8,994,633	AUD	Union Bank of Switzerland AG		05/18/16		6,773,975		6,834,744		(60,769	)
	9,482,430	CAD	HSBC Bank, N.A.		05/18/16		7,247,092		7,557,519		(310,427	)
	3,528,394	CAD	State Street Corp.		05/18/16		2,696,182		2,812,138		(115,956	)
	9,901,475	CHF	Deutsche Bank AG		05/18/16		10,373,925		10,328,138		45,787
	446,280	CHF	Union Bank of Switzerland AG		05/18/16		464,573		465,511		(938	)
	56,771,006	CZK	Citibank, N.A.		05/18/16		2,390,974		2,404,352		(13,378	)
	4,129,482	EUR	Royal Bank of Canada		05/18/16		4,706,218		4,730,534		(24,316	)
	5,957,595	GBP	Citibank, N.A.		05/18/16		8,392,306		8,705,266		(312,960	)
	6,435,387	HKD	Goldman Sachs International		05/18/16		829,744		829,766		(22	)
	16,485,743	HKD	Union Bank of Switzerland AG		05/18/16		2,125,880		2,125,639		241
	8,969,796	ILS	Merrill Lynch International		05/18/16		2,371,483		2,401,083		(29,600	)
	57,850,773	JPY	BNP Paribas		05/18/16		520,765		543,892		(23,127	)
	116,534,240	JPY	HSBC Bank, N.A.		05/18/16		1,056,840		1,095,612		(38,772	)
	2,192,949,916	JPY	Royal Bank of Canada		05/18/16		20,190,362		20,617,319		(426,957	)
	207,943,828	JPY	Standard Chartered Bank		05/18/16		1,907,059		1,955,013		(47,954	)
	9,359,056	MYR	HSBC Bank, N.A.†		05/18/16		2,392,091		2,388,100		3,991
	23,324,332	NOK	Citibank, N.A.		05/18/16		2,814,019		2,896,589		(82,570	)
	8,918,705	PLN	Deutsche Bank AG		05/18/16		2,363,988		2,335,766		28,222
	6,382,707	SEK	State Street Corp.		05/18/16		782,854		795,234		(12,380	)
	77,435,089	TWD	Goldman Sachs International†		05/18/16		2,387,540		2,397,000		(9,460	)
						$	83,315,461	$	84,746,608	$	(1,431,147	)

Total Return Basket Swaps* Outstanding at April 30, 2016
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		VALUE**
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	$	(4,100	)
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		812,967
Total				$	808,867

  * See the accompanying “Additional Information — Total Return Basket Swap” for further details

** This represents the value of the swap subsequent to reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
CBOT	—  Chicago Board of Trade
CHF	—  Swiss Franc
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
IBEX	—  International Business Exchange
ILS	—  Israeli Shekel
INR	—  Indian Rupee
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
MSCI	—  Morgan Stanley Capital International
MYR	—  Malaysian Ringgit
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
PA	—  Port Authority
PLN	—  Polish Zloty
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 April 30, 2016.

TOPIX	—  Tokyo Stock Price Index
TRY	—  New Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
WTI	—  West Texas Intermediate
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 April 30, 2016.
†	—  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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2016

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 3.1%
Automobiles — 0.8%
Daihatsu Motor Co., Ltd. (Japan)		214,800		3,028,195		2,866,520		(161,675	)
Internet & Catalog Retail — 0.2%
Home Retail Group plc (United Kingdom)		233,182		581,258		582,043		785
Media — 1.5%
Media General, Inc. (a)		48,548		841,337		841,337		—
Time Warner Cable, Inc.		18,660		3,957,972		3,957,972		—
		67,208		4,799,309		4,799,309		—
Specialty Retail — 0.6%
Office Depot, Inc. (a)		345,070		2,029,012		2,029,012		—
Total Consumer Discretionary		860,260		10,437,774		10,276,884		(160,890	)
Consumer Staples — 2.1%
Beverages — 0.9%
SABMiller plc (United Kingdom)		51,936		3,175,841		3,180,871		5,030
Food & Staples Retailing — 1.2%
Delhaize Group (Belgium)		30,607		3,207,810		3,216,326		8,516
METRO AG (Germany)		21,833		693,747		696,553		2,806
		52,440		3,901,557		3,912,879		11,322
Total Consumer Staples		104,376		7,077,398		7,093,750		16,352
Energy — 0.7%
Energy Equipment & Services — 0.7%
Baker Hughes, Inc.		45,463		2,198,591		2,198,591		—
Financials — 3.6%
Banks — 1.7%
First Niagara Financial Group, Inc.		289,635		3,058,546		3,058,546		—
FirstMerit Corp.		121,837		2,699,908		2,699,908		—
		411,472		5,758,454		5,758,454		—
Diversified Financial Services — 1.0%
London Stock Exchange Group plc (United Kingdom)		77,396		3,068,054		3,074,311		6,257
Thrifts & Mortgage Finance — 0.9%
Astoria Financial Corp.		197,781		2,974,626		2,974,626		—
Total Financials		686,649		11,801,134		11,807,391		6,257
Health Care — 1.7%
Biotechnology — 0.3%
Baxalta, Inc.		20,220		848,229		848,229		—
Health Care Equipment & Supplies — 0.9%
St. Jude Medical, Inc.		39,931		3,042,742		3,042,742		—
Health Care Providers & Services — 0.2%
Cigna Corp.		4,842		670,811		670,811		—
Pharmaceuticals — 0.3%
Meda AB (Sweden), Class A		61,276		1,130,070		1,132,382		2,312
Total Health Care		126,269		5,691,852		5,694,164		2,312
Industrials — 0.1%
Professional Services — 0.1%
Insperity Inc.		3,200		168,864		168,864		—
Information Technology — 2.1%
Communications Equipment — 0.3%
Polycom, Inc. (a)		46,056		550,369		550,369		—
Ruckus Wireless Inc (a)		42,620		585,599		585,599		—
		88,676		1,135,968		1,135,968		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
IT Services — 0.0% (g)
Global Payments, Inc.		231		16,674		16,674		—
Semiconductors & Semiconductor Equipment — 1.0%
KLA-Tencor Corp.		45,503		3,182,480		3,182,480		—
Software — 0.1%
TiVo, Inc. (a)		36,800		367,264		367,264		—
Technology Hardware, Storage & Peripherals — 0.7%
EMC Corp.		27,056		706,432		706,432		—
SanDisk Corp. (a)		19,631		1,474,877		1,474,877		—
		46,687		2,181,309		2,181,309		—
Total Information Technology		217,897		6,883,695		6,883,695		—
Materials — 1.4%
Chemicals — 0.3%
Axiall Corp.		43,855		1,032,785		1,032,785		—
Containers & Packaging — 1.1%
Rexam plc (United Kingdom)		389,486		3,556,859		3,562,120		5,261
Total Materials		433,341		4,589,644		4,594,905		5,261
Telecommunication Services — 0.1%
Diversified Telecommunication Services — 0.1%
Cable & Wireless Communications plc		380,345		409,026		410,072		1,046
Utilities — 1.1%
Electric Utilities — 1.1%
ITC Holdings Corp.		80,530		3,548,957		3,548,957		—
Total Long Positions of Total Return Basket Swap		2,938,330		52,806,935		52,677,273		(129,662	)
Short Positions
Common Stocks
Consumer Discretionary — 2.2%
Automobiles — 0.9%
Toyota Motor Corp. (Japan)		55,300		2,938,592		2,803,143		135,449
Hotels, Restaurants & Leisure — 0.5%
Marriott International, Inc., Class A		24,504		1,717,485		1,717,485		—
Media — 0.6%
Charter Communications, Inc., Class A (a)		7,225		1,533,434		1,533,434		—
Nexstar Broadcasting Group, Inc., Class A		6,002		308,083		308,083		—
		13,227		1,841,517		1,841,517		—
Specialty Retail — 0.2%
Staples, Inc.		74,745		762,399		762,399		—
Total Consumer Discretionary		167,776		7,259,993		7,124,544		135,449
Consumer Staples — 1.1%
Food & Staples Retailing — 1.1%
Koninklijke Ahold N.V. (Netherlands)		170,065		3,699,925		3,703,034		(3,109	)
Energy — 0.8%
Energy Equipment & Services — 0.8%
Halliburton Co.		59,833		2,471,701		2,471,701		—
Oil, Gas & Consumable Fuels — 0.0% (g)
Royal Dutch Shell plc (Netherlands), Class A		31		806		812		(6	)
Total Energy		59,864		2,472,507		2,472,513		(6	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Financials — 3.1%
Banks — 1.4%
Huntington Bancshares, Inc.		207,463		2,087,078		2,087,078		—
KeyCorp		194,981		2,396,316		2,396,316		—
		402,444		4,483,394		4,483,394		—
Diversified Financial Services — 0.8%
Deutsche Boerse AG (Germany)		33,874		2,780,672		2,787,444		(6,772	)
Thrifts & Mortgage Finance — 0.9%
New York Community Bancorp, Inc.		195,803		2,942,919		2,942,919		—
Total Financials		632,121		10,206,985		10,213,757		(6,772	)
Health Care — 0.7%
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories		34,423		1,339,055		1,339,055		—
Pharmaceuticals — 0.3%
Mylan N.V. (a)		4,683		195,328		195,328		—
Shire plc (Ireland)		3,377		632,917		632,917		—
		8,060		828,245		828,245		—
Total Health Care		42,483		2,167,300		2,167,300		—
Information Technology — 0.8%
Communications Equipment — 0.3%
Brocade Communications Systems, Inc.		31,645		304,108		304,108		—
Mitel Networks Corp. (Canada) (a)		80,221		559,943		559,943		—
		111,866		864,051		864,051		—
Semiconductors & Semiconductor Equipment — 0.5%
Lam Research Corp.		22,523		1,720,757		1,720,757		—
Technology Hardware, Storage & Peripherals — 0.0% (g)
Western Digital Corp.		4,685		191,453		191,453		—
Total Information Technology		139,074		2,776,261		2,776,261		—
Materials — 0.5%
Chemicals — 0.1%
Westlake Chemical Corp.		8,540		428,622		428,622		—
Containers & Packaging — 0.4%
Ball Corp.		17,207		1,228,236		1,228,236		—
Total Materials		25,747		1,656,858		1,656,858		—
Utilities — 0.9%
Electric Utilities — 0.9%
Fortis, Inc. (Canada)		59,952		1,901,721		1,901,721		—
NextEra Energy, Inc.		10,427		1,226,007		1,226,007		—
Total Utilities		70,379		3,127,728		3,127,728		—
Total Short Positions of Total Return Basket Swap		1,307,509		33,367,557		33,241,995		125,562
Total of Long and Short Positions of Total Return Basket Swap		1,630,821		19,439,378		19,435,278		(4,100	)
Outstanding swap contract, at value							$	(4,100	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 5.5%
Auto Components — 1.1%
Cooper Tire & Rubber Co.		14,602		504,353		504,353		—
Cooper-Standard Holding, Inc. (a)		7,215		556,349		556,349		—
GKN plc (United Kingdom)		126,986		517,115		518,220		1,105
Lear Corp.		4,108		472,954		472,954		—
Linamar Corp. (Canada)		10,802		467,739		467,739		—
Magna International, Inc. (Canada)		12,090		507,805		507,805		—
Valeo S.A. (France)		3,386		536,790		537,084		294
		179,189		3,563,105		3,564,504		1,399
Automobiles — 0.5%
Peugeot S.A. (France) (a)		31,391		505,196		505,902		706
Renault S.A. (France)		5,134		495,456		495,368		(88	)
Thor Industries, Inc.		8,128		520,355		520,355		—
		44,653		1,521,007		1,521,625		618
Distributors — 0.1%
Inchcape plc (United Kingdom)		46,863		463,910		464,834		924
Hotels, Restaurants & Leisure — 0.6%
Carnival plc		9,120		452,674		454,895		2,221
Ladbrokes plc (United Kingdom)		322,239		551,824		552,864		1,040
William Hill plc (United Kingdom)		110,440		504,602		505,629		1,027
Wyndham Worldwide Corp.		6,202		440,032		440,032		—
		448,001		1,949,132		1,953,420		4,288
Household Durables — 1.0%
Barratt Developments plc (United Kingdom)		57,217		445,184		445,572		388
Bellway plc (United Kingdom)		12,802		457,727		458,404		677
Berkeley Group Holdings plc (United Kingdom)		9,593		419,804		420,370		566
Bovis Homes Group plc (United Kingdom)		36,089		459,818		460,588		770
KB Home		36,297		492,550		492,550		—
Persimmon plc (United Kingdom)		19,726		572,706		573,752		1,046
Taylor Wimpey plc (United Kingdom)		195,220		525,708		526,617		909
		366,944		3,373,497		3,377,853		4,356
Media — 0.3%
ProSiebenSat.1 Media SE (Germany)		9,311		474,653		475,653		1,000
Publicis Groupe S.A. (France)		7,498		554,886		554,876		(10	)
		16,809		1,029,539		1,030,529		990
Multiline Retail — 0.7%
Big Lots, Inc.		10,626		487,308		487,308		—
Dillard’s, Inc., Class A		5,977		421,080		421,080		—
Macy’s, Inc.		11,756		465,420		465,420		—
Marks & Spencer Group plc (United Kingdom)		71,133		440,168		441,240		1,072
Target Corp.		7,067		561,827		561,827		—
		106,559		2,375,803		2,376,875		1,072
Specialty Retail — 1.2%
American Eagle Outfitters, Inc.		37,037		529,999		529,999		—
Best Buy Co., Inc.		14,742		472,923		472,923		—
Children’s Place, Inc. (The)		6,210		483,821		483,821		—
Foot Locker, Inc.		9,000		552,960		552,960		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Specialty Retail — continued
GameStop Corp., Class A		19,659		644,815		644,815		—
Outerwall, Inc.		15,086		623,203		623,203		—
WH Smith plc (United Kingdom)		19,570		478,962		479,427		465
		121,304		3,786,683		3,787,148		465
Total Consumer Discretionary		1,330,322		18,062,676		18,076,788		14,112
Consumer Staples — 2.3%
Beverages — 0.2%
Dr. Pepper Snapple Group, Inc.		6,433		584,824		584,824		—
Food & Staples Retailing — 0.7%
Delhaize Group (Belgium)		5,558		582,514		584,061		1,547
Metro, Inc. (Canada)		17,481		585,022		585,022		—
SpartanNash Co.		17,101		473,698		473,698		—
Wm Morrison Supermarkets plc (United Kingdom)		216,111		603,437		604,698		1,261
		256,251		2,244,671		2,247,479		2,808
Food Products — 1.1%
Cal-Maine Foods, Inc.		9,624		488,514		488,514		—
Darling Ingredients, Inc. (a)		39,357		570,283		570,283		—
Dean Foods Co.		29,926		515,625		515,625		—
Ebro Foods S.A. (Spain)		28,257		640,319		641,154		835
Fresh Del Monte Produce, Inc.		13,980		604,775		604,775		—
Ingredion, Inc.		4,854		558,647		558,647		—
Pinnacle Foods, Inc.		11,039		470,151		470,151		—
		137,037		3,848,314		3,849,149		835
Tobacco — 0.3%
Imperial Brands plc (United Kingdom)		9,976		542,025		542,427		402
Universal Corp.		9,262		505,242		505,242		—
		19,238		1,047,267		1,047,669		402
Total Consumer Staples		418,959		7,725,076		7,729,121		4,045
Energy — 4.5%
Energy Equipment & Services — 0.8%
Baker Hughes, Inc.		7,961		384,994		384,994		—
Hunting plc (United Kingdom)		124,904		668,875		671,345		2,470
John Wood Group plc (United Kingdom)		56,791		518,211		519,528		1,317
Petrofac Ltd. (United Kingdom)		43,489		536,947		538,807		1,860
Rowan Cos plc, Class A (a)		32,194		605,569		605,569		—
		265,339		2,714,596		2,720,243		5,647
Oil, Gas & Consumable Fuels — 3.7%
Alon USA Energy, Inc.		51,708		542,934		542,934		—
BP plc (United Kingdom)		105,472		575,988		581,086		5,098
Chevron Corp.		5,650		577,317		577,317		—
CVR Energy, Inc.		20,566		499,342		499,342		—
Enbridge Income Fund Holdings, Inc. (Canada)		22,781		526,358		526,358		—
Eni S.p.A. (Italy)		36,700		596,731		599,565		2,834
Galp Energia SGPS S.A. (Portugal)		40,307		553,612		553,795		183
HollyFrontier Corp.		12,475		444,110		444,110		—
Koninklijke Vopak N.V. (Netherlands)		10,506		570,759		571,203		444
Marathon Petroleum Corp.		17,241		673,778		673,778		—
Neste Oil OYJ (Finland)		18,402		588,730		589,684		954
Nordic American Tankers Ltd. (Norway)		35,635		549,135		549,135		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
OMV AG (Austria)		20,937		628,356		629,995		1,639
PBF Energy, Inc., Class A		15,612		502,394		502,394		—
Phillips 66		5,877		482,560		482,560		—
Ship Finance International Ltd. (Norway)		35,081		532,179		532,179		—
Tesoro Corp.		6,026		480,212		480,212		—
TOTAL S.A. (France)		11,339		570,375		573,082		2,707
Valero Energy Corp.		8,006		471,313		471,313		—
Veresen, Inc. (Canada)		76,966		556,987		556,987		—
Western Refining, Inc.		20,277		542,613		542,613		—
World Fuel Services Corp.		11,588		541,507		541,507		—
		589,152		12,007,290		12,021,149		13,859
Total Energy		854,491		14,721,886		14,741,392		19,506
Financials — 4.7%
Banks — 0.6%
Erste Group Bank AG (Austria) (a)		17,900		514,869		515,273		404
Fulton Financial Corp.		38,739		541,959		541,959		—
National Bank of Canada (Canada)		17,644		630,555		630,555		—
Virgin Money Holdings UK plc (United Kingdom)		96,939		517,136		518,287		1,151
		171,222		2,204,519		2,206,074		1,555
Capital Markets — 0.5%
3i Group plc (United Kingdom)		74,223		513,624		514,816		1,192
Jafco Co., Ltd. (Japan)		17,500		511,513		484,144		(27,369	)
Mediobanca S.p.A. (Italy)		81,905		672,910		674,689		1,779
		173,628		1,698,047		1,673,649		(24,398	)
Diversified Financial Services — 0.2%
Groupe Bruxelles Lambert S.A. (Belgium)		6,330		559,051		560,043		992
Insurance — 3.2%
Aegon N.V. (Netherlands)		96,076		551,379		552,373		994
Allianz SE (Germany)		2,977		505,357		506,471		1,114
American Financial Group, Inc.		7,366		509,064		509,064		—
Aspen Insurance Holdings Ltd. (Bermuda)		12,076		559,723		559,723		—
Aviva plc (United Kingdom)		79,978		505,302		506,700		1,398
AXA S.A. (France)		21,803		549,616		550,517		901
Baloise Holding AG (Switzerland)		4,504		557,307		558,300		993
First American Financial Corp.		14,775		532,196		532,196		—
Hannover Rueck SE (Germany)		4,386		500,110		501,412		1,302
Hanover Insurance Group, Inc. (The)		6,820		584,883		584,883		—
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		3,019		559,846		561,249		1,403
NN Group N.V. (Netherlands)		14,658		507,888		508,817		929
Power Corp. of Canada (Canada)		26,122		634,781		634,781		—
Reinsurance Group of America, Inc.		5,400		514,188		514,188		—
SCOR SE (France)		13,495		459,478		459,716		238
Swiss Life Holding AG (Switzerland) (a)		2,024		510,800		511,903		1,103
Swiss Re AG (Switzerland)		5,318		471,762		472,656		894
Talanx AG (Germany)		15,483		513,692		515,281		1,589
Universal Insurance Holdings, Inc.		24,379		429,314		429,314		—
Validus Holdings Ltd. (Bermuda)		12,394		571,239		571,239		—
		373,053		10,527,925		10,540,783		12,858

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Thrifts & Mortgage Finance — 0.2%
Aareal Bank AG (Germany)		16,135		573,106		574,408		1,302
Total Financials		740,368		15,562,648		15,554,957		(7,691	)
Health Care — 2.9%
Health Care Equipment & Supplies — 0.3%
CR Bard, Inc.		2,557		542,519		542,519		—
Hill-Rom Holdings, Inc.		10,811		522,712		522,712		—
		13,368		1,065,231		1,065,231		—
Health Care Providers & Services — 1.8%
Aetna, Inc.		4,594		515,768		515,768		—
Cardinal Health, Inc.		7,305		573,150		573,150		—
Chemed Corp.		3,857		500,561		500,561		—
Express Scripts Holding Co. (a)		5,765		425,053		425,053		—
Humana, Inc.		3,235		572,821		572,821		—
Magellan Health, Inc. (a)		7,630		537,610		537,610		—
Owens & Minor, Inc.		12,823		466,629		466,629		—
Quest Diagnostics, Inc.		7,946		597,301		597,301		—
RHOEN-KLINIKUM AG (Germany)		16,841		523,267		523,957		690
UnitedHealth Group, Inc.		4,859		639,833		639,833		—
Universal Health Services, Inc., Class B		4,511		603,031		603,031		—
		79,366		5,955,024		5,955,714		690
Life Sciences Tools & Services — 0.2%
Lonza Group AG (Switzerland) (a)		3,254		541,372		542,729		1,357
Pharmaceuticals — 0.6%
Johnson & Johnson		4,790		536,863		536,863		—
Roche Holding AG (Switzerland)		1,878		480,610		481,452		842
Sanofi (France)		6,473		534,473		533,547		(926	)
STADA Arzneimittel AG (Germany)		13,746		583,161		584,454		1,293
		26,887		2,135,107		2,136,316		1,209
Total Health Care		122,875		9,696,734		9,699,990		3,256
Industrials — 5.1%
Aerospace & Defense — 0.3%
Huntington Ingalls Industries, Inc.		3,848		557,075		557,075		—
QinetiQ Group plc (United Kingdom)		166,069		542,812		543,890		1,078
		169,917		1,099,887		1,100,965		1,078
Air Freight & Logistics — 0.2%
Royal Mail plc (United Kingdom)		81,752		581,612		582,284		672
Airlines — 0.6%
Alaska Air Group, Inc.		7,477		526,605		526,605		—
Deutsche Lufthansa AG (Germany)		32,421		503,397		504,790		1,393
easyJet plc (United Kingdom)		19,034		409,664		410,246		582
JetBlue Airways Corp. (a)		24,341		481,708		481,708		—
		83,273		1,921,374		1,923,349		1,975
Building Products — 0.2%
Owens Corning		10,963		505,065		505,065		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Commercial Services & Supplies — 0.7%
ABM Industries, Inc.		16,042		516,071		516,071		—
Deluxe Corp.		9,984		626,795		626,795		—
RR Donnelley & Sons Co.		31,605		549,927		549,927		—
Tetra Tech, Inc.		20,572		604,817		604,817		—
		78,203		2,297,610		2,297,610		—
Construction & Engineering — 1.1%
ACS Actividades de Construccion y Servicios S.A. (Spain)		17,618		582,510		584,329		1,819
Boskalis Westminster N.V. (Netherlands)		12,151		506,521		506,734		213
Carillion plc (United Kingdom)		103,135		443,045		443,909		864
Comfort Systems USA, Inc.		16,315		481,129		481,129		—
Eiffage S.A. (France)		6,940		551,736		552,094		358
MasTec, Inc. (a)		25,609		580,300		580,300		—
Vinci S.A. (France)		7,118		531,737		531,631		(106	)
		188,886		3,676,978		3,680,126		3,148
Electrical Equipment — 0.3%
AZZ, Inc.		9,718		533,713		533,713		—
OSRAM Licht AG (Germany)		9,940		518,725		519,056		331
		19,658		1,052,438		1,052,769		331
Machinery — 0.6%
Barnes Group, Inc.		13,111		425,976		425,976		—
Kennametal, Inc.		23,047		538,839		538,839		—
KION Group AG (Germany) (a)		9,007		490,715		491,850		1,135
Wabash National Corp. (a)		46,408		661,314		661,314		—
		91,573		2,116,844		2,117,979		1,135
Marine — 0.1%
Matson, Inc.		11,099		431,529		431,529		—
Professional Services — 0.8%
Adecco S.A. (Switzerland)		7,939		511,032		512,490		1,458
Korn/Ferry International		17,319		470,038		470,038		—
ManpowerGroup, Inc.		5,596		431,060		431,060		—
Randstad Holding N.V. (Netherlands)		8,859		475,804		476,050		246
USG People N.V. (Netherlands)		29,361		585,321		586,101		780
		69,074		2,473,255		2,475,739		2,484
Transportation Infrastructure — 0.2%
Aena S.A. (Spain) (a)		4,034		575,313		576,278		965
Total Industrials		808,432		16,731,905		16,743,693		11,788
Information Technology — 5.4%
Communications Equipment — 0.1%
Cisco Systems, Inc.		17,430		479,151		479,151		—
Electronic Equipment, Instruments & Components — 0.3%
Corning, Inc.		24,812		463,240		463,240		—
Methode Electronics, Inc.		20,896		621,238		621,238		—
		45,708		1,084,478		1,084,478		—
Internet Software & Services — 0.3%
j2 Global, Inc.		7,306		464,077		464,077		—
Match Group, Inc. (a)		46,865		534,261		534,261		—
		54,171		998,338		998,338		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
IT Services — 2.2%
Amdocs Ltd.		9,521		538,317		538,317		—
Atos SE (France)		6,667		593,089		593,407		318
Capgemini S.A. (France)		6,336		591,503		591,419		(84	)
CGI Group, Inc. (Canada), Class A (a)		13,583		620,529		620,529		—
Computer Sciences Corp.		16,867		558,804		558,804		—
Convergys Corp.		22,162		587,293		587,293		—
CSG Systems International, Inc.		14,227		631,394		631,394		—
NeuStar, Inc., Class A (a)		26,014		611,069		611,069		—
Nihon Unisys Ltd. (Japan)		40,700		514,105		498,411		(15,694	)
Science Applications International Corp.		10,319		547,836		547,836		—
Total System Services, Inc.		13,892		710,437		710,437		—
Western Union Co. (The)		25,651		513,020		513,020		—
		205,939		7,017,396		7,001,936		(15,460	)
Semiconductors & Semiconductor Equipment — 1.3%
Advanced Energy Industries, Inc. (a)		14,899		481,983		481,983		—
BE Semiconductor Industries N.V. (Netherlands)		23,098		695,856		695,790		(66	)
Integrated Device Technology, Inc. (a)		25,358		488,902		488,902		—
Intel Corp.		14,925		451,929		451,929		—
MaxLinear, Inc., Class A (a)		28,018		469,302		469,302		—
MKS Instruments, Inc.		13,767		493,685		493,685		—
Teradyne, Inc.		26,208		495,593		495,593		—
Tessera Technologies, Inc.		17,381		499,182		499,182		—
		163,654		4,076,432		4,076,366		(66	)
Software — 1.1%
Activision Blizzard, Inc.		14,516		500,367		500,367		—
Mentor Graphics Corp.		25,496		508,900		508,900		—
Micro Focus International plc (United Kingdom)		23,621		527,717		528,342		625
Nexon Co., Ltd. (Japan)		31,800		497,323		477,490		(19,833	)
Oracle Corp.		15,670		624,606		624,606		—
Software AG (Germany)		13,387		511,522		512,487		965
Synopsys, Inc. (a)		10,916		518,728		518,728		—
		135,406		3,689,163		3,670,920		(18,243	)
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.		4,214		395,020		395,020		—
Total Information Technology		626,522		17,739,978		17,706,209		(33,769	)
Materials — 2.8%
Chemicals — 0.6%
Celanese Corp., Series A		7,240		511,868		511,868		—
Dow Chemical Co. (The)		9,979		524,995		524,995		—
LyondellBasell Industries N.V., Class A		5,521		456,421		456,421		—
Trinseo S.A. (a)		14,081		602,526		602,526		—
		36,821		2,095,810		2,095,810		—
Construction Materials — 0.2%
Taiheiyo Cement Corp. (Japan)		233,000		639,436		616,522		(22,914	)
Containers & Packaging — 0.2%
DS Smith plc (United Kingdom)		83,161		463,320		463,813		493
Metals & Mining — 1.0%
Aurubis AG (Germany)		12,258		665,097		666,175		1,078
Centamin plc (Jersey)		520,529		919,531		920,502		971
Kaiser Aluminum Corp.		6,558		621,895		621,895		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Metals & Mining — continued
OZ Minerals Ltd. (Australia)		133,450		596,636		592,468		(4,168	)
Reliance Steel & Aluminum Co.		7,491		554,109		554,109		—
		680,286		3,357,268		3,355,149		(2,119	)
Paper & Forest Products — 0.8%
Domtar Corp.		15,337		592,622		592,622		—
Hokuetsu Kishu Paper Co., Ltd. (Japan)		91,100		595,917		576,065		(19,852	)
Schweitzer-Mauduit International, Inc.		12,251		421,312		421,312		—
Stora Enso OYJ (Finland), Class R		52,334		456,629		457,561		932
UPM-Kymmene OYJ (Finland)		27,153		518,607		519,765		1,158
		198,175		2,585,087		2,567,325		(17,762	)
Total Materials		1,231,443		9,140,921		9,098,619		(42,302	)
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.6%
CenturyLink, Inc.		16,218		501,947		501,947		—
Koninklijke KPN N.V. (Netherlands)		125,756		494,630		494,178		(452	)
TELUS Corp. (Canada)		14,141		448,337		448,337		—
Verizon Communications, Inc.		9,584		488,209		488,209		—
		165,699		1,933,123		1,932,671		(452	)
Wireless Telecommunication Services — 0.1%
Freenet AG (Germany)		17,969		548,746		550,056		1,310
Total Telecommunication Services		183,668		2,481,869		2,482,727		858
Utilities — 2.6%
Electric Utilities — 1.5%
Acciona S.A. (Spain)		7,460		597,433		598,676		1,243
American Electric Power Co., Inc.		9,508		603,758		603,758		—
EDP — Energias de Portugal S.A. (Portugal)		159,960		568,535		568,668		133
Emera, Inc. (Canada)		14,198		514,532		514,532		—
Entergy Corp.		6,538		491,527		491,527		—
FirstEnergy Corp.		14,410		469,622		469,622		—
Iberdrola S.A. (Spain)		76,798		545,565		546,705		1,140
Pinnacle West Capital Corp.		7,905		574,298		574,298		—
Terna Rete Elettrica Nazionale S.p.A. (Italy)		91,851		517,877		518,797		920
		388,628		4,883,147		4,886,583		3,436
Gas Utilities — 0.6%
AGL Resources, Inc.		10,816		712,342		712,342		—
ONE Gas, Inc.		8,483		496,001		496,001		—
Snam S.p.A. (Italy)		104,377		637,025		638,307		1,282
		123,676		1,845,368		1,846,650		1,282
Multi-Utilities — 0.5%
CenterPoint Energy, Inc.		24,777		531,467		531,467		—
Consolidated Edison, Inc.		8,485		632,981		632,981		—
National Grid plc (United Kingdom)		36,232		516,062		516,980		918
		69,494		1,680,510		1,681,428		918
Total Utilities		581,798		8,409,025		8,414,661		5,636
Total Long Positions of Total Return Basket Swap		6,898,878		120,272,718		120,248,157		(24,561	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions
Common Stocks
Consumer Discretionary — 7.4%
Auto Components — 0.1%
NGK Spark Plug Co., Ltd. (Japan)		21,300		450,623		424,794		25,829
Diversified Consumer Services — 0.2%
2U, Inc. (a)		19,509		546,837		546,837		—
Hotels, Restaurants & Leisure — 1.8%
Accor S.A. (France)		10,298		456,163		456,029		134
Belmond Ltd. (United Kingdom), Class A (a)		49,552		453,896		453,896		—
Buffalo Wild Wings, Inc. (a)		3,257		435,331		435,331		—
Chipotle Mexican Grill, Inc. (a)		769		323,726		323,726		—
ClubCorp Holdings, Inc.		25,234		336,874		336,874		—
Crown Resorts Ltd. (Australia)		46,473		417,315		414,731		2,584
Fiesta Restaurant Group, Inc. (a)		11,038		354,430		354,430		—
Merlin Entertainments plc (United Kingdom)		66,575		419,746		420,534		(788	)
NH Hotel Group S.A. (Spain) (a)		95,810		460,770		462,446		(1,676	)
Resorttrust, Inc. (Japan)		17,000		367,960		351,483		16,477
Scientific Games Corp., Class A (a)		45,466		451,023		451,023		—
Tabcorp Holdings Ltd. (Australia)		148,887		501,504		499,394		2,110
Whitbread plc (United Kingdom)		7,190		406,779		407,543		(764	)
Wynn Resorts Ltd.		4,719		416,688		416,688		—
		532,268		5,802,205		5,784,128		18,077
Household Durables — 0.1%
Newell Brands, Inc.		9,955		453,351		453,351		—
Internet & Catalog Retail — 0.4%
Rakuten, Inc. (Japan)		38,000		435,893		413,112		22,781
TripAdvisor, Inc. (a)		6,157		397,681		397,681		—
Yoox Net-A-Porter Group (Italy) (a)		15,510		453,938		455,076		(1,138	)
		59,667		1,287,512		1,265,869		21,643
Media — 1.8%
Altice N.V., (Netherlands), Class A (a)		24,977		378,949		378,647		302
Atresmedia Corp de Medios de Comunicacion S.A. (Spain)		40,503		527,317		528,951		(1,634	)
Axel Springer SE (Germany)		8,304		463,634		464,335		(701	)
Charter Communications, Inc., Class A (a)		2,767		587,268		587,268		—
EW Scripps Co. (The), Class A		28,282		429,321		429,321		—
Liberty Broadband Corp., Class C (a)		7,609		435,615		435,615		—
Lions Gate Entertainment Corp.		25,429		564,524		564,524		—
Live Nation Entertainment, Inc. (a)		20,220		434,326		434,326		—
Madison Square Garden Co. (The), Class A (a)		3,124		490,406		490,406		—
Mediaset S.p.A. (Italy)		106,926		481,172		483,055		(1,883	)
Numericable-SFR S.A. (France)		10,423		341,158		341,502		(344	)
Societe Television Francaise 1 (France)		34,452		414,020		414,970		(950	)
Telenet Group Holding N.V. (Belgium) (a)		9,217		458,040		458,835		(795	)
		322,233		6,005,750		6,011,755		(6,005	)
Multiline Retail — 0.6%
Next plc (United Kingdom)		5,738		426,330		427,057		(727	)
Ollie’s Bargain Outlet Holdings, Inc. (a)		23,324		616,920		616,920		—
Ryohin Keikaku Co., Ltd. (Japan)		2,100		486,908		467,804		19,104
Takashimaya Co., Ltd. (Japan)		54,000		409,568		394,244		15,324
		85,162		1,939,726		1,906,025		33,701

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Specialty Retail — 0.8%
Burlington Stores, Inc. (a)		7,840		446,645		446,645		—
CST Brands, Inc.		14,611		551,857		551,857		—
Dufry AG (Switzerland) (a)		3,912		514,640		515,672		(1,032	)
Fast Retailing Co., Ltd. (Japan)		1,500		411,443		394,954		16,489
Five Below, Inc. (a)		10,666		444,772		444,772		—
Restoration Hardware Holdings, Inc. (a)		10,027		433,868		433,868		—
		48,556		2,803,225		2,787,768		15,457
Textiles, Apparel & Luxury Goods — 1.6%
Asics Corp. (Japan)		25,800		536,126		510,978		25,148
Cie Financiere Richemont S.A. (Switzerland)		6,420		426,974		428,087		(1,113	)
Columbia Sportswear Co.		8,525		499,309		499,309		—
Crocs, Inc. (a)		47,279		394,780		394,780		—
Gildan Activewear, Inc. (Canada)		14,500		450,359		450,359		—
Hanesbrands, Inc.		15,558		451,649		451,649		—
Hugo Boss AG (Germany)		6,781		432,409		432,737		(328	)
Kate Spade & Co. (a)		17,277		444,537		444,537		—
lululemon athletica, Inc. (Canada) (a)		8,107		531,414		531,414		—
Luxottica Group S.p.A. (Italy)		8,019		436,795		437,594		(799	)
Salvatore Ferragamo S.p.A. (Italy)		17,719		410,043		410,696		(653	)
Under Armour, Inc., Class A (a)		6,198		272,340		272,340		—
		182,183		5,286,735		5,264,480		22,255
Total Consumer Discretionary		1,280,833		24,575,964		24,445,007		130,957
Consumer Staples — 3.2%
Beverages — 0.4%
Anheuser-Busch InBev N.V. (Belgium)		4,243		525,198		526,360		(1,162	)
Boston Beer Co., Inc. (The), Class A (a)		2,034		317,467		317,467		—
Brown-Forman Corp., Class B		4,478		431,321		431,321		—
		10,755		1,273,986		1,275,148		(1,162	)
Food & Staples Retailing — 0.8%
Cosmos Pharmaceutical Corp. (Japan)		3,200		556,391		547,833		8,558
Costco Wholesale Corp.		3,185		471,794		471,794		—
PriceSmart, Inc.		5,136		444,469		444,469		—
Sprouts Farmers Market, Inc. (a)		15,183		426,187		426,187		—
Tesco plc (United Kingdom) (a)		161,924		407,181		407,084		97
United Natural Foods, Inc. (a)		10,843		386,770		386,770		—
		199,471		2,692,792		2,684,137		8,655
Food Products — 1.3%
Aryzta AG (Switzerland) (a)		11,013		427,639		428,363		(724	)
Associated British Foods plc (United Kingdom)		11,033		493,943		494,947		(1,004	)
Barry Callebaut AG (Switzerland) (a)		433		508,695		509,394		(699	)
House Foods Group, Inc. (Japan)		24,500		485,395		470,102		15,293
Kagome Co., Ltd. (Japan)		22,900		502,337		488,932		13,405
Kerry Group plc (Ireland), Class A		4,777		423,918		425,977		(2,059	)
Kewpie Corp. (Japan)		20,200		548,855		527,296		21,559
WhiteWave Foods Co. (The) (a)		11,414		458,957		458,957		—
Yakult Honsha Co., Ltd. (Japan)		10,200		528,214		505,621		22,593
		116,470		4,377,953		4,309,589		68,364

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Household Products — 0.4%
B&M European Value Retail S.A. (United Kingdom)		115,471		468,030		468,598		(568	)
Pigeon Corp. (Japan)		17,300		476,238		454,396		21,842
Unicharm Corp. (Japan)		25,600		551,579		529,179		22,400
		158,371		1,495,847		1,452,173		43,674
Personal Products — 0.3%
Beiersdorf AG (Germany)		4,469		400,986		401,296		(310	)
Edgewell Personal Care Co.		6,376		523,278		523,278		—
		10,845		924,264		924,574		(310	)
Total Consumer Staples		495,912		10,764,842		10,645,621		119,221
Energy — 3.8%
Energy Equipment & Services — 0.2%
Weatherford International plc (Switzerland) (a)		73,182		594,970		594,970		—
Oil, Gas & Consumable Fuels — 3.6%
Anadarko Petroleum Corp.		9,468		499,532		499,532		—
Cabot Oil & Gas Corp.		19,415		454,311		454,311		—
Cheniere Energy, Inc. (a)		11,621		451,824		451,824		—
Cobalt International Energy, Inc. (a)		196,467		634,588		634,588		—
Concho Resources, Inc. (a)		5,221		606,524		606,524		—
Continental Resources, Inc. (a)		14,523		541,127		541,127		—
EQT Corp.		6,555		459,506		459,506		—
Gulfport Energy Corp. (a)		15,702		491,473		491,473		—
Magnum Hunter Resources		290		—		—		—
Matador Resources Co. (a)		23,255		501,145		501,145		—
MEG Energy Corp. (Canada) (a)		87,661		464,610		464,610		—
Memorial Resource Development Corp. (a)		42,927		561,485		561,485		—
Oil Search Ltd. (Australia)		88,099		470,912		467,077		3,835
Parsley Energy, Inc., Class A (a)		19,509		456,901		456,901		—
Range Resources Corp.		16,813		741,621		741,621		—
Rice Energy, Inc. (a)		31,584		546,719		546,719		—
RSP Permian, Inc. (a)		18,650		570,877		570,877		—
Seven Generations Energy Ltd. (Canada), Class A (a)		29,370		517,316		517,316		—
SM Energy Co.		23,528		733,132		733,132		—
Synergy Resources Corp. (a)		65,935		476,051		476,051		—
Tourmaline Oil Corp. (Canada) (a)		23,670		545,955		545,955		—
Tullow Oil plc (United Kingdom) (a)		185,879		759,657		763,824		(4,167	)
WPX Energy, Inc. (a)		63,078		609,333		609,333		—
		999,220		12,094,599		12,094,931		(332	)
Total Energy		1,072,402		12,689,569		12,689,901		(332	)
Financials — 5.5%
Banks — 0.7%
Banco Comercial Portugues S.A. (Portugal), Class R (a)		10,283,551		455,699		456,889		(1,190	)
Banco Espirito Santo S.A. (Portugal) (a)		35,937		4,938		4,938		—
KBC Groep N.V. (Belgium) (a)		8,535		479,170		480,196		(1,026	)
Liberbank S.A. (Spain) (a)		401,426		482,636		483,591		(955	)
Royal Bank of Scotland Group plc (United Kingdom) (a)		137,970		463,668		464,179		(511	)
Standard Chartered plc (United Kingdom)		66,705		538,110		539,150		(1,040	)
		10,934,124		2,424,221		2,428,943		(4,722	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS		SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Capital Markets — 1.4%
Anima Holding S.p.A. (Italy)			59,095		418,180		419,695		(1,515	)
Banca Generali S.p.A. (Italy)			14,552		432,065		433,025		(960	)
Charles Schwab Corp. (The)			17,571		499,192		499,192		—
Eaton Vance Corp.			13,871		478,966		478,966		—
Financial Engines, Inc.			14,028		451,842		451,842		—
Julius Baer Group Ltd. (Switzerland) (a)			10,842		463,495		464,642		(1,147	)
SEI Investments Co.			10,242		492,435		492,435		—
State Street Corp.			7,529		469,057		469,057		—
Stifel Financial Corp. (a)			14,896		490,227		490,227		—
TD Ameritrade Holding Corp.			13,984		417,143		417,143		—
			176,610		4,612,602		4,616,224		(3,622	)
Consumer Finance — 0.5%
First Cash Financial Services, Inc.			9,573		437,773		437,773		—
LendingClub Corp. (a)			67,256		531,322		531,322		—
SLM Corp. (a)			83,140		562,858		562,858		—
			159,969		1,531,953		1,531,953		—
Diversified Financial Services — 0.6%
Leucadia National Corp.			22,593		376,851		376,851		—
Moody’s Corp.			4,908		469,794		469,794		—
Onex Corp. (Canada)			8,669		537,744		537,744		—
S&P Global, Inc.			4,455		476,017		476,017		—
			40,625		1,860,406		1,860,406		—
Insurance — 0.5%
Insurance Australia Group Ltd. (Australia)			130,708		573,445		569,580		3,865
Japan Post Holdings Co., Ltd. (Japan)			38,600		538,731		520,044		18,687
Standard Life plc (United Kingdom)			87,086		414,948		415,859		(911	)
			256,394		1,527,124		1,505,483		21,641
Real Estate Management & Development — 1.8%
Aeon Mall Co., Ltd. (Japan)			29,500		424,479		405,718		18,761
Alexander & Baldwin, Inc.			15,410		589,278		589,278		—
Howard Hughes Corp. (The) (a)			4,164		437,928		437,928		—
Hulic Co., Ltd. (Japan)			47,600		492,105		473,761		18,344
IMMOFINANZ AG (Austria) (a)			234,658		553,243		553,550		(307	)
Kennedy-Wilson Holdings, Inc.			23,460		506,971		506,971		—
Mitsubishi Estate Co., Ltd. (Japan)			23,000		458,487		437,060		21,427
Mitsui Fudosan Co., Ltd. (Japan)			18,000		460,996		439,604		21,392
NTT Urban Development Corp. (Japan)			48,800		478,827		456,668		22,159
Realogy Holdings Corp. (a)			12,210		436,385		436,385		—
Sumitomo Realty & Development Co., Ltd. (Japan)			14,000		426,974		407,068		19,906
Tokyu Fudosan Holdings Corp. (Japan)			67,700		482,299		460,274		22,025
Vonovia SE (Germany)			12,261		412,550		413,296		(746	)
			550,763		6,160,522		6,017,561		142,961
Total Financials			12,118,485		18,116,828		17,960,570		156,258
Health Care — 3.1%
Health Care Equipment & Supplies — 1.1%
DexCom, Inc. (a)			6,493		418,019		418,019		—
Endologix, Inc. (a)			56,757		636,246		636,246		—
Insulet Corp. (a)			13,297		442,790		442,790		—
Neogen Corp. (a)	��		8,534		403,146		403,146		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies — continued
NxStage Medical, Inc. (a)		28,722		462,999		462,999		—
Olympus Corp. (Japan)		12,400		506,372		483,062		23,310
Wright Medical Group N.V. (Netherlands) (a)		21,517		404,089		404,089		—
Zeltiq Aesthetics, Inc. (a)		17,513		523,639		523,639		—
		165,233		3,797,300		3,773,990		23,310
Health Care Providers & Services — 0.7%
Brookdale Senior Living, Inc. (a)		27,765		512,542		512,542		—
Diplomat Pharmacy, Inc. (a)		16,092		487,427		487,427		—
ExamWorks Group, Inc. (a)		7,041		253,828		253,828		—
Healthscope Ltd. (Australia)		221,778		458,670		456,751		1,919
Ramsay Health Care Ltd. (Australia)		11,317		558,887		556,523		2,364
		283,993		2,271,354		2,267,071		4,283
Health Care Technology — 0.3%
M3, Inc. (Japan)		21,400		605,395		577,297		28,098
Medidata Solutions, Inc. (a)		10,594		462,216		462,216		—
		31,994		1,067,611		1,039,513		28,098
Life Sciences Tools & Services — 0.2%
MorphoSys AG (Germany) (a)		11,362		568,540		570,130		(1,590	)
Pharmaceuticals — 0.8%
Akorn, Inc. (a)		17,203		437,816		437,816		—
BTG plc (United Kingdom) (a)		45,274		391,621		392,518		(897	)
Catalent, Inc. (a)		16,532		488,190		488,190		—
Medicines Co. (The) (a)		13,878		493,918		493,918		—
Nektar Therapeutics (a)		31,936		500,757		500,756		1
Pacira Pharmaceuticals, Inc. (a)		7,693		416,268		416,268		—
		132,516		2,728,570		2,729,466		(896	)
Total Health Care		625,098		10,433,375		10,380,170		53,205
Industrials — 8.1%
Aerospace & Defense — 1.1%
Airbus Group SE (France)		6,848		428,214		428,121		93
Bombardier, Inc. (Canada), Class B (a)		503,355		758,222		758,222		—
Finmeccanica S.p.A. (Italy) (a)		38,524		486,554		488,366		(1,812	)
Hexcel Corp.		10,087		456,638		456,638		—
Rolls-Royce Holdings plc (United Kingdom) (a)		3,346,629		4,890		4,890		—
Rolls-Royce Holdings plc (United Kingdom) (a)		45,837		448,396		449,672		(1,276	)
TASER International, Inc. (a)		22,461		410,138		410,138		—
Zodiac Aerospace (France)		22,790		534,309		534,689		(380	)
		3,996,531		3,527,361		3,530,736		(3,375	)
Air Freight & Logistics — 0.2%
Yamato Holdings Co., Ltd. (Japan)		24,300		509,067		490,103		18,964
Building Products — 0.6%
Advanced Drainage Systems, Inc.		20,700		478,584		478,584		—
Armstrong World Industries, Inc.		9,971		406,917		406,917		—
Masonite International Corp. (a)		6,732		455,487		455,487		—
Nippon Sheet Glass Co., Ltd. (Japan) (a)		771,000		623,176		602,040		21,136
		808,403		1,964,164		1,943,028		21,136

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Commercial Services & Supplies — 1.3%
Bilfinger SE (Germany) (a)		10,520		458,528		459,223		(695	)
Brambles Ltd. (Australia)		52,653		499,633		497,318		2,315
Clean Harbors, Inc. (a)		9,839		486,047		486,047		—
Covanta Holding Corp.		28,580		464,711		464,711		—
Edenred (France)		24,259		478,333		478,524		(191	)
G4S plc (United Kingdom)		153,347		422,134		422,857		(723	)
Serco Group plc (United Kingdom) (a)		334,042		468,562		469,923		(1,361	)
Stericycle, Inc. (a)		3,755		358,828		358,828		—
Tyco International plc		14,125		544,095		544,095		—
		631,120		4,180,871		4,181,526		(655	)
Construction & Engineering — 0.1%
OCI N.V. (Netherlands) (a)		22,513		445,066		444,859		207
Electrical Equipment — 0.4%
Legrand S.A. (France)		8,012		456,321		456,666		(345	)
Nidec Corp. (Japan)		6,700		515,409		490,936		24,473
Sensata Technologies Holding N.V. (a)		11,098		418,062		418,062		—
		25,810		1,389,792		1,365,664		24,128
Machinery — 1.4%
Donaldson Co., Inc.		13,817		451,540		451,540		—
EnPro Industries, Inc.		9,046		529,915		529,915		—
Flowserve Corp.		9,928		484,586		484,586		—
GEA Group AG (Germany)		9,176		425,427		426,404		(977	)
IMI plc (United Kingdom)		32,689		446,589		447,344		(755	)
KUKA AG (Germany)		5,258		518,018		519,339		(1,321	)
Melrose Industries plc (United Kingdom)		86,417		471,359		472,174		(815	)
Navistar International Corp. (a)		35,217		531,425		531,425		—
OC Oerlikon Corp. AG (Switzerland) (a)		43,048		415,536		416,450		(914	)
Proto Labs, Inc. (a)		5,719		342,168		342,168		—
		250,315		4,616,563		4,621,345		(4,782	)
Professional Services — 0.3%
Bureau Veritas S.A. (France)		22,474		532,691		532,706		(15	)
SEEK Ltd. (Australia)		41,662		518,564		515,564		3,000
		64,136		1,051,255		1,048,270		2,985
Road & Rail — 1.8%
Genesee & Wyoming, Inc., Class A (a)		7,032		457,854		457,854		—
Heartland Express, Inc.		26,450		479,010		479,010		—
Hertz Global Holdings, Inc. (a)		35,112		325,137		325,137		—
JB Hunt Transport Services, Inc.		5,234		433,794		433,794		—
Kansas City Southern		6,099		577,880		577,880		—
Keikyu Corp. (Japan)		59,000		550,630		534,076		16,554
Keio Corp. (Japan)		62,000		565,225		546,093		19,132
Kintetsu Group Holdings Co., Ltd. (Japan)		112,000		473,684		460,602		13,082
Knight Transportation, Inc.		19,728		524,173		524,173		—
Odakyu Electric Railway Co., Ltd. (Japan)		47,000		526,983		510,396		16,587
Old Dominion Freight Line, Inc. (a)		7,740		511,227		511,227		—
Tobu Railway Co., Ltd. (Japan)		90,000		475,376		461,256		14,120
		477,395		5,900,973		5,821,498		79,475

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Trading Companies & Distributors — 0.3%
Ashtead Group plc (United Kingdom)		35,497		470,689		472,089		(1,400	)
MISUMI Group, Inc. (Japan)		34,100		498,039		470,914		27,125
		69,597		968,728		943,003		25,725
Transportation Infrastructure — 0.6%
Abertis Infraestructuras S.A. (Spain)		32,502		548,012		548,712		(700	)
Groupe Eurotunnel SE (France)		37,649		480,676		480,692		(16	)
Mitsubishi Logistics Corp. (Japan)		38,000		541,786		519,501		22,285
Qube Holdings Ltd. (Australia)		309,081		585,174		582,405		2,769
		417,232		2,155,648		2,131,310		24,338
Total Industrials		6,787,352		26,709,488		26,521,342		188,146
Information Technology — 6.7%
Communications Equipment — 0.2%
Infinera Corp. (a)		26,972		320,697		320,697		—
ViaSat, Inc. (a)		6,000		460,200		460,200		—
		32,972		780,897		780,897		—
Electronic Equipment, Instruments & Components — 0.6%
Cognex Corp.		14,159		503,069		503,069		—
Hamamatsu Photonics KK (Japan)		20,000		579,888		555,816		24,072
Japan Display, Inc. (Japan) (a)		180,300		366,023		345,129		20,894
Keyence Corp. (Japan)		800		504,963		479,515		25,448
		215,259		1,953,943		1,883,529		70,414
Internet Software & Services — 1.9%
Benefitfocus, Inc. (a)		13,730		520,367		520,367		—
carsales.com Ltd. (Australia)		57,928		517,976		515,973		2,003
CoStar Group, Inc. (a)		2,692		531,159		531,159		—
Demandware, Inc. (a)		11,277		519,644		519,644		—
Envestnet, Inc. (a)		17,549		550,688		550,688		—
GoDaddy, Inc., Class A (a)		13,638		414,186		414,186		—
Hortonworks, Inc. (a)		35,848		414,761		414,761		—
LinkedIn Corp., Class A (a)		4,683		586,827		586,827		—
Marketo, Inc. (a)		22,530		495,435		495,435		—
New Relic, Inc. (a)		19,953		514,388		514,388		—
Pandora Media, Inc. (a)		41,631		413,396		413,396		—
Twitter, Inc. (a)		26,641		389,491		389,491		—
Yelp, Inc. (a)		20,252		425,292		425,292		—
		288,352		6,293,610		6,291,607		2,003
IT Services — 0.6%
EPAM Systems, Inc. (a)		5,905		430,652		430,652		—
FleetCor Technologies, Inc. (a)		3,496		540,761		540,761		—
InterXion Holding N.V. (Netherlands) (a)		12,751		432,004		432,004		—
Unisys Corp. (a)		57,261		441,482		441,482		—
		79,413		1,844,899		1,844,899		—
Semiconductors & Semiconductor Equipment — 0.7%
Advanced Micro Devices, Inc. (a)		174,094		618,034		618,034		—
ASML Holding N.V. (Netherlands) (a)		5,507		532,208		532,283		(75	)
Cavium, Inc. (a)		8,122		400,983		400,983		—
M/A-COM Technology Solutions Holdings, Inc. (a)		12,219		499,635		499,635		—
Veeco Instruments, Inc. (a)		24,302		447,400		447,400		—
		224,244		2,498,260		2,498,335		(75	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Software — 2.4%
Autodesk, Inc. (a)		7,938		474,851		474,851		—
Barracuda Networks, Inc. (a)		28,631		504,478		504,478		—
CommVault Systems, Inc. (a)		10,213		447,023		447,023		—
Fair Isaac Corp.		4,944		527,574		527,574		—
FireEye, Inc. (a)		23,454		406,927		406,927		—
Fortinet, Inc. (a)		14,395		467,981		467,981		—
HubSpot, Inc. (a)		10,061		445,602		445,602		—
Imperva, Inc. (a)		8,731		405,817		405,817		—
Mobileye N.V. (Israel) (a)		12,837		489,732		489,732		—
NetSuite, Inc. (a)		6,566		532,109		532,109		—
Proofpoint, Inc. (a)		8,198		477,615		477,615		—
ServiceNow, Inc. (a)		7,105		507,865		507,865		—
Splunk, Inc. (a)		9,521		494,902		494,902		—
Tableau Software, Inc., Class A (a)		11,764		608,199		608,199		—
Workday, Inc., Class A (a)		7,351		551,178		551,178		—
Zendesk, Inc. (a)		21,066		476,092		476,092		—
		192,775		7,817,945		7,817,945		—
Technology Hardware, Storage & Peripherals — 0.3%
Nimble Storage, Inc. (a)		52,158		384,926		384,926		—
Stratasys Ltd. (a)		18,854		461,357		461,357		—
		71,012		846,283		846,283		—
Total Information Technology		1,104,027		22,035,837		21,963,495		72,342
Materials — 3.9%
Chemicals — 1.7%
Axalta Coating Systems Ltd. (a)		15,100		429,897		429,897		—
FMC Corp.		10,922		472,486		472,486		—
Johnson Matthey plc (United Kingdom)		11,321		477,558		478,481		(923	)
Kansai Paint Co., Ltd. (Japan)		32,400		591,361		566,665		24,696
Linde AG (Germany)		2,868		438,086		438,809		(723	)
Methanex Corp. (Canada)		13,756		481,082		481,082		—
Nippon Kayaku Co., Ltd. (Japan)		48,000		537,293		515,333		21,960
Nippon Paint Holdings Co., Ltd. (Japan)		23,300		646,443		611,785		34,658
Potash Corp of Saskatchewan, Inc. (Canada)		25,969		459,482		459,482		—
Victrex plc (United Kingdom)		23,414		478,959		480,069		(1,110	)
WR Grace & Co. (a)		5,376		412,232		412,232		—
		212,426		5,424,879		5,346,321		78,558
Construction Materials — 0.1%
Summit Materials, Inc., Class A (a)		21,900		457,710		457,710		—
Metals & Mining — 2.0%
Allegheny Technologies, Inc.		30,907		505,020		505,020		—
Alumina Ltd. (Australia)		550,282		625,518		621,385		4,133
Antofagasta plc (Chile)		57,832		408,310		409,581		(1,271	)
Eldorado Gold Corp. (Canada)		135,087		569,547		569,547		—
First Quantum Minerals Ltd. (Canada)		83,945		715,208		715,208		—
Franco-Nevada Corp. (Canada)		7,199		505,485		505,485		—
Fresnillo plc (Mexico)		37,843		615,426		616,863		(1,437	)
Hecla Mining Co.		158,602		683,575		683,575		—
Outokumpu OYJ (Finland) (a)		109,684		459,924		461,699		(1,775	)
South32 Ltd. (Australia) (a)		424,196		535,412		530,516		4,896
Stillwater Mining Co. (a)		41,400		505,080		505,080		—
thyssenkrupp AG (Germany)		20,024		465,677		466,596		(919	)
		1,657,001		6,594,182		6,590,555		3,627

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Paper & Forest Products — 0.1%
West Fraser Timber Co., Ltd. (Canada)		13,224		435,706			435,706			—
Total Materials		1,904,551		12,912,477			12,830,292			82,185
Telecommunication Services — 1.0%
Diversified Telecommunication Services — 0.7%
Cogent Communications Holdings, Inc.		14,023		542,690			542,690			—
Iliad S.A. (France)		1,728		377,626			377,841			(215	)
SBA Communications Corp., Class A (a)		4,378		451,109			451,109			—
Sunrise Communications Group AG (Switzerland) (a)		6,327		387,152			387,516			(364	)
Zayo Group Holdings, Inc. (a)		18,190		472,212			472,212			—
		44,646		2,230,789			2,231,368			(579	)
Wireless Telecommunication Services — 0.3%
SoftBank Group Corp. (Japan)		8,800		495,248			473,180			22,068
Sprint Corp. (a)		132,842		455,648			455,648			—
		141,642		950,896			928,828			22,068
Total Telecommunication Services		186,288		3,181,685			3,160,196			21,489
Utilities — 1.4%
Electric Utilities — 0.1%
Kyushu Electric Power Co., Inc. (Japan)		39,700		414,910			398,458			16,452
Independent Power & Renewable Electricity Producers — 0.5%
Calpine Corp. (a)		29,065		458,646			458,646			—
Drax Group plc (United Kingdom)		120,741		563,840			564,683			(843	)
Pattern Energy Group, Inc.		23,121		485,541			485,541			—
		172,927		1,508,027			1,508,870			(843	)
Multi-Utilities — 0.4%
Canadian Utilities Ltd., (Canada), Class A		15,796		454,354			454,354			—
Dominion Resources, Inc.		5,869		419,457			419,457			—
Sempra Energy		5,329		550,752			550,752			—
		26,994		1,424,563			1,424,563			—
Water Utilities — 0.4%
American States Water Co.		11,202		467,011			467,011			—
Pennon Group plc (United Kingdom)		38,695		459,098			459,844			(746	)
United Utilities Group plc (United Kingdom)		34,137		468,616			469,422			(806	)
		84,034		1,394,725			1,396,277			(1,552	)
Total Utilities		323,655		4,742,225			4,728,168			14,057
Total Short Positions of Total Return Basket Swap		25,898,603		146,162,290			145,324,762			837,528
Total of Long and Short Positions of Total Return Basket Swap		18,999,725		(25,889,572	)		(25,076,605	)		812,967
Outstanding swap contract, at value									$	812,967

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 April 30, 2016 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 subsequent to the swap reset.

(a) Non-income producing security.

(g) Amount rounds to less than 0.1%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 35

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

	Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	233,112,604
Investments in affiliates, at value		84,341,457
Total investment securities, at value		317,454,061
Restricted cash		5,870,000
Cash		2,240,514
Foreign currency, at value		1,615,644
Deposits at broker for futures contracts		8,918,000
Receivables:
Investment securities sold		1,275,360
Fund shares sold		488,323
Interest and dividends from non-affiliates		560,095
Dividends from affiliates		28,337
Tax reclaims		34,442
Variation margin on futures contracts		862,032
Unrealized appreciation on forward foreign currency exchange contracts		1,359,350
Outstanding swap contract, at value		812,967
Total Assets		341,519,125
LIABILITIES:
Payables:
Investment securities purchased		3,396,395
Fund shares redeemed		897,702
Unrealized depreciation on forward foreign currency exchange contracts		1,513,031
Outstanding swap contract, at value		4,100
Due to counterparty for swap contracts		6,098,679
Accrued liabilities:
Investment advisory fees		136,063
Administration fees		3,521
Distribution fees		9,006
Shareholder servicing fees		15,978
Custodian and accounting fees		11,430
Trustees’ and Chief Compliance Officer’s fees		7,190
Other		152,295
Total Liabilities		12,245,390
Net Assets	$	329,273,735

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2016

	Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	336,943,652
Accumulated undistributed (distributions in excess of) net investment income		(1,131,982	)
Accumulated net realized gains (losses)		(8,905,754	)
Net unrealized appreciation (depreciation)		2,367,819
Total Net Assets	$	329,273,735
Net Assets:
Class A	$	38,814,721
Class C		802,013
Class R6		249,915,405
Select Class		39,741,596
Total	$	329,273,735
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,642,421
Class C		55,298
Class R6		16,747,488
Select Class		2,636,830
Net Asset Value (a):
Class A — Redemption price per share	$	14.69
Class C — Offering price per share (b)		14.50
Class R6 — Offering and redemption price per share		14.92
Select Class — Offering and redemption price per share		15.07
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.38
Cost of investments in non-affiliates	$	228,943,541
Cost of investments in affiliates		84,341,457
Cost of foreign currency		1,577,363

(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.

APRIL 30, 2016 J.P. MORGAN FUNDS 37

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED April 30, 2016 (Unaudited)

	Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,820,870
Dividend income from affiliates		138,256
Interest income from non-affiliates		388,678
Interest income from affiliates		1,388
Foreign taxes withheld		(56,661	)
Total investment income		2,292,531
EXPENSES:
Investment advisory fees		1,367,811
Administration fees		153,473
Distribution fees:
Class A		58,540
Class C		2,582
Shareholder servicing fees:
Class A		58,540
Class C		861
Select Class		38,423
Custodian and accounting fees		94,816
Interest expense to affiliates		797
Professional fees		92,190
Trustees’ and Chief Compliance Officer’s fees		19,700
Printing and mailing costs		17,171
Registration and filing fees		35,243
Transfer agent fees (See Note 2.F.)		2,612
Sub-transfer agent fees (See Note 2.F.)		20,003
Other		11,319
Total expenses		1,974,081
Less fees waived		(727,586	)
Net expenses		1,246,495
Net investment income (loss)		1,046,036
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,839,465	)
Futures		1,152,456
Foreign currency transactions		(1,975,131	)
Swaps		(6,029,798	)
Net realized gain (loss)		(8,691,938	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,665,225
Futures		(1,353,402	)
Foreign currency translations		(848,931	)
Swaps		808,867
Change in net unrealized appreciation/depreciation		2,271,759
Net realized/unrealized gains (losses)		(6,420,179	)
Change in net assets resulting from operations	$	(5,374,143	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2016

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Systematic Alpha Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,046,036		$	581,513
Net realized gain (loss)		(8,691,938	)		7,058,593
Change in net unrealized appreciation/depreciation		2,271,759			(802,491	)
Change in net assets resulting from operations		(5,374,143	)		6,837,615
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(988,643	)		(602,143	)
From net realized gains		—			(84,343	)
Class C
From net investment income		(13,623	)		(501	)
From net realized gains		—			(75	)
Class R6
From net investment income		(6,365,412	)		—
From net realized gains		—			(75	)
Select Class
From net investment income		—			(2,421,131	)
From net realized gains		—			(275,840	)
Total distributions to shareholders		(7,367,678	)		(3,384,108	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		21,749,743			123,857,479
NET ASSETS:
Change in net assets		9,007,922			127,310,986
Beginning of period		320,265,813			192,954,827
End of period	$	329,273,735		$	320,265,813
Accumulated undistributed (distributed in excess of) net investment income	$	(1,131,982	)	$	5,189,660

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2016 J.P. MORGAN FUNDS 39

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Systematic Alpha Fund
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	15,652,172		$	19,065,321
Distributions reinvested		988,643			301,494
Cost of shares redeemed		(24,146,978	)		(33,011,158	)
Change in net assets resulting from Class A capital transactions	$	(7,506,163	)	$	(13,644,343	)
Class C
Proceeds from shares issued	$	430,408		$	427,538
Distributions reinvested		13,623			576
Cost of shares redeemed		(68,978	)		(33,402	)
Change in net assets resulting from Class C capital transactions	$	375,053		$	394,712
Class R6
Proceeds from shares issued	$	264,216,961		$	13,391,975
Distributions reinvested		6,365,412			75
Cost of shares redeemed		(20,226,794	)		(3,998,172	)
Change in net assets resulting from Class R6 capital transactions	$	250,355,579		$	9,393,878
Select Class
Proceeds from shares issued	$	27,513,890		$	141,739,914
Distributions reinvested		—			2,658,018
Cost of shares redeemed		(248,988,616	)		(16,684,700	)
Change in net assets resulting from Select Class capital transactions	$	(221,474,726	)	$	127,713,232
Total change in net assets resulting from capital transactions	$	21,749,743		$	123,857,479
SHARE TRANSACTIONS:
Class A
Issued		1,039,948			1,268,908
Reinvested		66,219			20,021
Redeemed		(1,611,545	)		(2,202,664	)
Change in Class A Shares		(505,378	)		(913,735	)
Class C
Issued		28,860			28,857
Reinvested		922			38
Redeemed		(4,706	)		(2,248	)
Change in Class C Shares		25,076			26,647
Class R6
Issued		17,027,111			886,788
Reinvested		420,437			5
Redeemed		(1,327,662	)		(262,792	)
Change in Class R6 Shares		16,119,886			624,001
Select Class
Issued		1,795,892			9,381,975
Reinvested		—			176,444
Redeemed		(16,243,824	)		(1,114,350	)
Change in Select Class Shares		(14,447,932	)		8,444,069

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2016 J.P. MORGAN FUNDS 41

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
Six Months Ended April 30, 2016 (Unaudited)	$	15.27	$	0.02	(f)(g)	$	(0.29	)	$	(0.27	)	$	(0.31	)	$	—		$	(0.31	)
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
Six Months Ended April 30, 2016 (Unaudited)		15.14		(0.02	)(f)(g)		(0.29	)		(0.31	)		(0.33	)		—			(0.33	)
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
Six Months Ended April 30, 2016 (Unaudited)		15.56		0.06	(f)(g)		(0.31	)		(0.25	)		(0.39	)		—			(0.39	)
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
Six Months Ended April 30, 2016 (Unaudited)		15.33		0.02	(f)(g)		(0.28	)		(0.26	)		—			—			—
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.

42 J.P. MORGAN FUNDS APRIL 30, 2016

		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)
$	14.69		(1.81	)%	$	38,814,721		1.17	%		0.23	%(g)		1.68	%		60	%
	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
	14.50		(2.11	)		802,013		1.67			(0.24	)(g)		2.22			60
	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
	14.92		(1.63	)		249,915,405		0.67			0.77	(g)		1.11			60
	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
	15.07		(1.70	)		39,741,596		0.93			0.32	(g)		1.40			60
	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.

APRIL 30, 2016 J.P. MORGAN FUNDS 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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.

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 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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s administrator under the Administration Agreement.

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 April 30, 2016, net assets of the Fund were $329,273,735 of which $42,794,911, or approximately 13.0%, represented the Subsidiary’s net assets. The net realized gain in the Subsidiary amounted to $1,682,871. 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.

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 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.

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.

44 J.P. MORGAN FUNDS APRIL 30, 2016

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, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. 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. 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	$	30,853,007	$	5,249,232	$	—	$	36,102,239
Consumer Staples		11,713,115		1,656,318		—		13,369,433
Energy		6,568,745		807,619		—		7,376,364
Financials		14,516,946		1,485,047		—		16,001,993
Health Care		8,664,493		1,880,241		—		10,544,734
Industrials		21,230,569		11,482,828		—		32,713,397
Information Technology		28,153,297		1,891,806		—		30,045,103
Materials		12,655,736		9,568,440		—		22,224,176
Telecommunication Services		2,908,862		630,846		—		3,539,708
Utilities		15,517,929		535,232		—		16,053,161
Total Common Stocks		152,782,699		35,187,609		—		187,970,308
Preferred Stocks
Consumer Staples		1,068,571		—		—		1,068,571
Financials		3,752,321		—		—		3,752,321
Health Care		—		377,752		—		377,752
Materials		584,528		—		—		584,528
Telecommunication Services		1,305,968		—		—		1,305,968
Utilities		1,044,853		785,052		—		1,829,905
Total Preferred Stocks		7,756,241		1,162,804		—		8,919,045

APRIL 30, 2016 J.P. MORGAN FUNDS 45

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Debt Securities
Convertible Bonds
Consumer Discretionary	$	—		$	4,565,981		$	—	$	4,565,981
Energy		—			1,278,349			—		1,278,349
Financials		—			1,779,904			—		1,779,904
Health Care		—			7,155,166			—		7,155,166
Industrials		—			1,075,289			—		1,075,289
Information Technology		—			18,842,691			—		18,842,691
Materials		—			1,517,520			—		1,517,520
Total Convertible Bonds		—			36,214,900			—		36,214,900
Rights
Health Care		—			—			—		—
Telecommunication Services		—			—			8,351		8,351
Total Rights		—			—			8,351		8,351
Short-Term Investments
Investment Company		84,341,457			—			—		84,341,457
Total Investments in Securities	$	244,880,397		$	72,565,313		$	8,351	$	317,454,061
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,359,350		$	—	$	1,359,350
Futures Contracts		1,874,386			37,230			—		1,911,616
Swap		—			812,967			—		812,967
Total Appreciation in Other Financial Instruments	$	1,874,386		$	2,209,547		$	—	$	4,083,933
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,513,031	)	$	—	$	(1,513,031	)
Futures Contracts		(4,405,975	)		(20,555	)		—		(4,426,530	)
Swaps		—			(4,100	)		—		(4,100	)
Total Depreciation in Other Financial Instruments	$	(4,405,975	)	$	(1,537,686	)	$	—	$	(5,943,661	)

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

Transfers from level 1 to level 2 in the amount of $3,142,610 are due to applying the fair value factors to certain securities as of April 30, 2016.

There were no significant transfers between levels 2 and 3 during the period ended April 30, 2016.

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 April 30, 2016, 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 derivative instruments including futures, forward foreign currency exchange contracts and swaps, 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

46 J.P. MORGAN FUNDS APRIL 30, 2016

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 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 index, treasury and 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 April 30, 2016, 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

APRIL 30, 2016 J.P. MORGAN FUNDS 47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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, accrued financing costs and net dividends, are part of the monthly reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contract on the CSAL and as net realized gain (loss) on transactions from swaps on the CSOP.

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 reported on the CSAL 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.

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 positions; 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 value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP.

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 April 30, 2016, 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	$	586,472		$	—		$	—		$	586,472
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		37,230			—			812,967			850,197
Foreign exchange contracts	Receivables		—			1,359,350			—			1,359,350
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		1,287,914			—			—			1,287,914
Total		$	1,911,616		$	1,359,350		$	812,967		$	4,083,933
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(791,771	)	$	—		$	—		$	(791,771	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,378,880	)		—			(4,100	)		(2,382,980	)
Foreign exchange contracts	Payables		—			(1,513,031	)		—			(1,513,031	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(1,255,879	)		—			—			(1,255,879	)
Total		$	(4,426,530	)	$	(1,513,031	)	$	(4,100	)	$	(5,943,661	)

(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.

48 J.P. MORGAN FUNDS APRIL 30, 2016

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 April 30, 2016:

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)
BNP Paribas	$	8,235		$	(8,235	)	$	—	$	—
Citibank, N.A.		68,071			(68,071	)		—		—
Credit Suisse International		103,624			—			—		103,624
Deutsche Bank AG		229,679			—			—		229,679
Goldman Sachs International		163,415			(9,482	)		—		153,933
HSBC Bank, N.A.		125,460			(125,460	)		—		—
Merrill Lynch International		91,306			(29,600	)		—		61,706
Morgan Stanley		23,100			—			—		23,100
Royal Bank of Canada		52,455			(52,455	)		—		—
Standard Chartered Bank		189,996			(47,954	)		—		142,042
State Street Corp.		303,768			(128,336	)		—		175,432
Union Bank of Switzerland AG		813,208			(65,807	)		—		747,401
Exchange Traded Futures (b)		1,911,616	(c)		—			—		1,911,616
	$	4,083,933		$	(535,400	)	$	—	$	3,548,533
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	$	23,127		$	(8,235	)	$	—	$	14,892
Citibank, N.A.		408,908			(68,071	)		—		340,837
Goldman Sachs International		9,482			(9,482	)		—		—
HSBC Bank, N.A.		349,199			(125,460	)		—		223,739
Merrill Lynch International		29,600			(29,600	)		—		—
Royal Bank of Canada		454,718			(52,455	)		—		402,263
Standard Chartered Bank		47,954			(47,954	)		—		—
State Street Corp.		128,336			(128,336	)		—		—
Union Bank of Switzerland AG		65,807			(65,807	)		—		—
Exchange Traded Futures (b)		4,426,530	(c)		—			—		4,426,530
	$	5,943,661		$	(535,400	)	$	—	$	5,408,261

(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 six months ended April 30, 2016, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	$	725,638		$	—		$	—		$	725,638
Equity contracts		(1,280,301	)		—			(6,029,798	)		(7,310,099	)
Foreign exchange contracts		—			(2,008,466	)		—			(2,008,466	)
Commodity contracts		1,707,119			—			—			1,707,119
Total	$	1,152,456		$	(2,008,466	)	$	(6,029,798	)	$	(6,885,808	)

APRIL 30, 2016 J.P. MORGAN FUNDS 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps		Total
Interest rate contracts	$	77,587		$	—		$	—	$	77,587
Equity contracts		(747,515	)		—			808,867		61,352
Foreign exchange contracts		—			(901,092	)		—		(901,092	)
Commodity contracts		(683,474	)		—			—		(683,474	)
Total	$	(1,353,402	)	$	(901,092	)	$	808,867	$	(1,445,627	)

The Fund’s derivatives contracts held at April 30, 2016 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 six months ended April 30, 2016. 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	$	14,806,646
Average Notional Balance Short		20,127,524
Ending Notional Balance Long		20,164,838
Ending Notional Balance Short		19,934,511
Equity
Average Notional Balance Long	$	267,173
Average Notional Balance Short		44,893,816
Ending Notional Balance Long		605,781
Ending Notional Balance Short		64,356,787
Interest
Average Notional Balance Long	$	118,676,616
Average Notional Balance Short		56,866,079
Ending Notional Balance Long		159,484,617
Ending Notional Balance Short		88,013,362
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	33,345,659
Average Settlement Value Sold		74,286,992
Ending Settlement Value Purchased		41,558,144
Ending Settlement Value Sold		83,315,461
Total Return Basket Swaps:
Average Notional Balance Long	$	174,658,796
Average Notional Balance Short		187,824,408
Ending Notional Balance Long		173,079,653
Ending Notional Balance Short		179,529,847

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.

50 J.P. MORGAN FUNDS APRIL 30, 2016

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.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Fund for the six months ended April 30, 2016 are as follows:

	Class A		Class C		Class R6		Select Class		Total
Transfer agent fees	$	1,018	$	191	$	63	$	1,340	$	2,612
Sub-transfer agent fees		15,647		180		—		4,176		20,003

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 April 30, 2016, 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 remains 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.

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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser 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 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 six months ended April 30, 2016, the effective annualized 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 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.

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.

APRIL 30, 2016 J.P. MORGAN FUNDS 51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

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 six months ended April 30, 2016, the Distributor retained the following:

Front-End Sales Charge		CDSC
$	117	$	—

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 charge a shareholder servicing fee. 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/or Distributor have contractually agreed to waive fees and/or reimburse the Fund to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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 six months ended April 30, 2016, and is in place until at least February 28, 2017.

For the six months ended April 30, 2016, 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
$	451,996	$	132,724	$	22,532	$	607,252

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016 the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 was $120,334.

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.

52 J.P. MORGAN FUNDS APRIL 30, 2016

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.

The Fund may use related party broker-dealers. For the six months ended April 30, 2016, the Fund incurred $465 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 six months ended April 30, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	181,745,926	$	120,188,496

During the six months ended April 30, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at April 30, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	313,284,998	$	11,775,720	$	7,606,657	$	4,169,063

At 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 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 April 30, 2016, or at any time during the six months 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.

In addition, as of April 30, 2016, the J.P. Morgan Investor Funds, which are affiliated funds of funds, own in the aggregate, 72.4% of the net assets of the Fund.

APRIL 30, 2016 J.P. MORGAN FUNDS 53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

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.

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.

54 J.P. MORGAN FUNDS APRIL 30, 2016

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, November 1, 2015 and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 November 1, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	981.90	$	5.77		1.17	%
Hypothetical		1,000.00		1,019.05		5.87		1.17
Class C
Actual		1,000.00		978.90		8.22		1.67
Hypothetical		1,000.00		1,016.56		8.37		1.67
Class R6
Actual		1,000.00		983.70		3.30		0.67
Hypothetical		1,000.00		1,021.53		3.37		0.67
Select Class
Actual		1,000.00		983.00		4.59		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2016 J.P. MORGAN FUNDS 55

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., 2016.  All rights reserved. April 2016. SAN-SA-416

J.P. Morgan International

Equity Funds

Semi-Annual Report

April 30, 2016

(Unaudited)

JPMorgan International Discovery Fund

JPMorgan International Discovery Fund

Semi-Annual Report

April 30, 2016 (Unaudited)

Contents
CEO’s Letter	1
Fund Summary	3
Schedule of Portfolio Investments	6
Financial Statements	11
Financial Highlights	16
Notes to Financial Statements	17
Schedule of Shareholder Expenses	22
Board Approval of Investment Advisory Agreement	23

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund including management fees and other expenses. Please read it carefully before investing.

JPMorgan International Discovery Fund

CEO’S LETTER

May 18, 2016 (Unaudited)

Dear Shareholder,

Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.

In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.

However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.

Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory – an experiment that the Bank of Japan embarked upon at the end of January – and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.

While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.

Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.

1

Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.

In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.

Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.

Sincerely yours,

George C. W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

2

JPMorgan International Discovery Fund

Fund Summary

For the period December 21, 2015 (Fund Inception Date) through April 30, 2016 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*	(3.87)%
MSCI EAFE SMID Cap Index (net of foreign withholding taxes)	1.63%
Net Assets as of 4/30/2016	$4,806,233

Investment objective** and strategies The JPMorgan International Discovery Fund (the “Fund”) seeks to provide long-term capital appreciation. The Fund primarily invests in equity and equity like securities and expects to invest a significant portion of the assets in small and mid cap companies tied economically to Europe and the Asia-Pacific Regions. The Fund intends to maintain geographic exposures similar to those in the MSCI EAFE SMID Cap Index (net of foreign withholding taxes) over time. The Fund seeks to utilize behavioral finance principals to capture investment opportunities based on market inefficiencies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
1. Provident Financial plc (United Kingdom)	1.5%
2. ITV plc (United Kingdom)	1.5
3. London Stock Exchange Group plc (United Kingdom)	1.4
4. Valeo S.A. (France)	1.3
5. Sopra Steria Group (France)	1.3
6. OVS S.p.A. (Italy)	1.3
7. Recordati S.p.A. (Italy)	1.3
8. SGS S.A. (Switzerland)	1.3
9. Givaudan S.A. (Switzerland)	1.3
10. Buzzi Unicem S.p.A. (Italy)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	27.5%
United Kingdom	17.8
Australia	9.6
France	8.1
Switzerland	5.5
Sweden	4.7
Germany	4.1
Italy	3.8
Netherlands	3.4
Ireland	2.6
Denmark	2.4
Hong Kong	2.1
Spain	2.1
Finland	1.8
Norway	1.4
New Zealand	1.3
Others (each less than 1.0%)	1.8

* 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 April 30, 2016. The Fund’s portfolio composition is subject to change.

3

TOTAL RETURNS AS OF APRIL 30, 2016

	INCEPTION DATE OF CLASS	SINCE INCEPTION*
CLASS A SHARES	12/21/15
With Sales Charge**		(8.98)%
Without Sales Charge		(3.95)
CLASS C SHARES	12/21/15
With CDSC***		(5.16)
Without CDSC		(4.16)
CLASS R5 SHARES	12/21/15	(3.80)
CLASS R6 SHARES	12/21/15	(3.80)
SELECT CLASS SHARES	12/21/15	(3.87)

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (12/21/15 TO 4/30/16)

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.

4

The Fund commenced operations on December 21, 2015.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Discovery Fund and the MSCI EAFE SMID Cap Index (net of foreign withholding taxes) from December 21, 2015 to April 30, 2016. 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 SMID Cap Index (net of foreign withholding taxes) 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 EAFE SMID Cap Index captures mid and small cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. With 2,659 constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

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, noninfringement, 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)

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

Since the Fund’s inception, it has not experienced any shareholder activity. If 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.

5

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.7%
		Australia — 9.1%
	6,703	Aristocrat Leisure Ltd.		50,672
	83	Blackmores Ltd.		10,108
	6,241	Challenger Ltd.		42,217
	1,105	Domino’s Pizza Enterprises Ltd.		51,754
	14,994	Evolution Mining Ltd.		22,651
	6,340	Fortescue Metals Group Ltd.		16,294
	1,737	Magellan Financial Group Ltd.		28,177
	5,295	Origin Energy Ltd.		21,760
	422	Ramsay Health Care Ltd.		20,752
	15,364	Regis Resources Ltd.		34,171
	11,032	Santos Ltd.		39,743
	15,891	South32 Ltd. (a)		19,874
	4,932	TPG Telecom Ltd.		39,974
	5,707	Treasury Wine Estates Ltd.		40,184
				438,331
		Denmark — 2.3%
	1,108	ISS A/S		42,087
	780	Royal Unibrew A/S		35,241
	470	Vestas Wind Systems A/S		33,644
				110,972
		Finland — 1.7%
	1,071	Huhtamaki OYJ		42,128
	1,308	Tieto OYJ		34,372
	851	YIT OYJ		5,810
				82,310
		France — 7.7%
	682	Faurecia		28,179
	1,681	Plastic Omnium S.A.		55,703
	711	Rubis S.C.A.		55,543
	269	SEB S.A.		30,137
	512	Sopra Steria Group		59,556
	328	Thales S.A.		28,384
	1,834	UBISOFT Entertainment (a)		53,232
	378	Valeo S.A.		59,958
				370,692
		Germany — 2.8%
	257	Bechtle AG		26,878
	116	GRENKELEASING AG		22,895
	556	KION Group AG (a)		30,362
	847	Software AG		32,425
	995	TLG Immobilien AG		21,077
				133,637

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 2.0%
	5,000	Galaxy Entertainment Group Ltd.		16,806
	4,000	Kerry Properties Ltd.		10,870
	1,500	Link REIT		9,100
	25,400	Noble Group Ltd. (a)		8,611
	11,000	Techtronic Industries Co., Ltd.		41,236
	2,000	Wheelock & Co., Ltd.		9,259
				95,882
		Ireland — 2.4%
	500	DCC plc		44,348
	3,580	Irish Continental Group plc		21,316
	897	James Hardie Industries plc, CDI		12,547
	285	Paddy Power Betfair plc		38,132
				116,343
		Italy — 3.6%
	2,980	Buzzi Unicem S.p.A.		56,604
	8,987	OVS S.p.A. (a) (e)		58,825
	2,291	Recordati S.p.A.		58,297
				173,726
		Japan — 26.1%
	7,600	Acom Co., Ltd. (a)		39,646
	12,000	Aozora Bank Ltd.		42,576
	900	Bandai Namco Holdings, Inc.		19,160
	500	Casio Computer Co., Ltd.		9,514
	100	Daito Trust Construction Co., Ltd.		14,143
	1,700	DMG Mori Co., Ltd.		19,073
	300	Don Quijote Holdings Co., Ltd.		10,673
	2,600	EDION Corp.		21,037
	4,000	Fukuoka Financial Group, Inc.		13,674
	1,500	Hino Motors Ltd.		14,474
	3,200	Hitachi Metals Ltd.		32,493
	1,500	Idemitsu Kosan Co., Ltd.		32,043
	1,700	Iida Group Holdings Co., Ltd.		31,749
	40	Invincible Investment Corp.		30,373
	1,100	Japan Exchange Group, Inc.		16,383
	800	Kanamoto Co., Ltd.		20,564
	28,000	Kobe Steel Ltd.		26,886
	400	Kose Corp.		36,586
	2,000	M3, Inc.		53,953
	2,000	Minebea Co., Ltd.		16,382
	4,000	Mitsubishi Chemical Holdings Corp.		20,874
	2,000	Nexon Co., Ltd.		30,031
	2,700	Next Co., Ltd.		30,192
	600	Nihon M&A Center, Inc.		34,554

SEE NOTES TO FINANCIAL STATEMENTS.

6

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	12,200	Nippon Light Metal Holdings Co., Ltd.		21,529
	14	Nippon Prologis REIT, Inc.		33,570
	400	Nitori Holdings Co., Ltd.		37,208
	1,200	Nomura Real Estate Holdings, Inc.		21,930
	3,300	NSK Ltd.		28,802
	2,200	Obayashi Corp.		21,561
	1,000	Open House Co., Ltd.		21,257
	800	Park24 Co., Ltd.		22,422
	6,000	Ryobi Ltd.		21,766
	100	Ryohin Keikaku Co., Ltd.		22,276
	3,000	SCREEN Holdings Co., Ltd.		23,146
	1,100	Seiko Epson Corp.		18,026
	17,000	Shinsei Bank Ltd.		23,827
	3,000	Sumitomo Chemical Co., Ltd.		13,560
	1,500	Sumitomo Rubber Industries Ltd.		22,835
	2,100	Sun Frontier Fudousan Co., Ltd.		19,418
	2,300	Suruga Bank Ltd.		44,721
	11,000	Taiheiyo Cement Corp.		29,106
	6,000	Taisei Corp.		40,953
	5,800	Takara Leben Co., Ltd.		36,898
	300	TDK Corp.		17,554
	6,000	Teijin Ltd.		21,481
	3,200	Tokyo Electric Power Co. Holdings, Inc. (a)		17,139
	300	Trend Micro, Inc.		11,377
	8,600	Yamada Denki Co., Ltd.		43,295
				1,252,690
		Luxembourg — 0.7%
	3,017	Regus plc		12,909
	420	Stabilus S.A. (a)		20,994
				33,903
		Malta — 0.0% (g)
	128	Unibet Group plc, SDR		1,446
		Netherlands — 3.2%
	1,326	Flow Traders (e)		52,635
	749	Gemalto N.V.		48,686
	2,711	Intertrust N.V. (a) (e)		54,945
				156,266
		New Zealand — 1.2%
	16,167	Air New Zealand Ltd.		27,740
	11,772	Spark New Zealand Ltd.		30,440
				58,180

SHARES		SECURITY DESCRIPTION	VALUE($)
		Norway — 1.4%
	1,090	Salmar ASA		27,083
	1,191	Veidekke ASA		16,341
	1,850	XXL ASA (e)		22,327
				65,751
		Singapore — 0.3%
	6,700	Sembcorp Industries Ltd.		14,321
		Spain — 2.0%
	233	Aena S.A. (a) (e)		33,285
	1,561	CIE Automotive S.A.		28,245
	1,696	Gamesa Corp. Tecnologica S.A.		33,493
				95,023
		Sweden — 4.5%
	2,372	Bravida Holding AB (a) (e)		16,024
	1,403	Fastighets AB Balder, Class B (a)		35,786
	388	Indutrade AB		21,771
	1,197	Intrum Justitia AB		43,028
	1,301	Inwido AB		16,390
	943	NCC AB, Class B		32,260
	550	NetEnt AB (a)		34,636
	1,147	Thule Group AB (The) (e)		16,511
				216,406
		Switzerland — 5.2%
	817	Adecco S.A.		52,740
	43	dorma+kaba Holding AG, Class B		27,923
	29	Givaudan S.A.		57,242
	26	SGS S.A.		57,327
	1,029	Temenos Group AG (a)		53,399
				248,631
		United Kingdom — 16.9%
	1,840	Admiral Group plc		50,009
	3,150	Ashtead Group plc		41,893
	3,700	Auto Trader Group plc (e)		20,322
	3,500	Beazley plc		16,682
	4,800	Dixons Carphone plc		29,880
	1,047	easyJet plc		22,566
	919	Greggs plc		13,901
	6,500	Howden Joinery Group plc		47,018
	2,050	Informa plc		19,640
	1,416	Inmarsat plc		19,266
	583	InterContinental Hotels Group plc		23,300
	1,623	Intermediate Capital Group plc		14,590
	20,072	ITV plc		66,162

SEE NOTES TO FINANCIAL STATEMENTS.

7

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	3,050	JD Sports Fashion plc		55,732
	1,650	London Stock Exchange Group plc		65,541
	3,550	Merlin Entertainments plc (e)		22,424
	2,160	Micro Focus International plc		48,314
	3,512	OneSavings Bank plc		14,712
	1,350	Persimmon plc		39,266
	1,630	Provident Financial plc		69,521
	950	Rightmove plc		53,690
	13,700	Taylor Wimpey plc		36,957
	800	WH Smith plc		19,598
				810,984
		United States — 0.6%
	600	Carnival plc		29,927
		Total Common Stocks (Cost $4,462,243)		4,505,421
	Preferred Stocks — 1.1%
		Germany — 1.1%
	279	Jungheinrich AG		26,322
	105	Sartorius AG		25,948
		Total Preferred Stocks (Cost $50,815)		52,270
		Total Investments — 94.8% (Cost $4,513,058)		4,557,691
		Other Assets in Excess of Liabilities — 5.2%		248,542
		NET ASSETS — 100.0%	$	4,806,233

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2016

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

INDUSTRY	PERCENTAGE
Software	6.1%
Specialty Retail	6.1
Hotels, Restaurants & Leisure	5.1
Auto Components	4.3
Real Estate Management & Development	4.2
Household Durables	4.1
Capital Markets	4.1
Machinery	3.9
Metals & Mining	3.8
Commercial Services & Supplies	3.6
Diversified Financial Services	3.2
Banks	2.7
IT Services	2.7
Construction & Engineering	2.6
Media	2.5
Chemicals	2.5
Professional Services	2.4
Consumer Finance	2.4
Internet Software & Services	2.4
Construction Materials	2.2
Oil, Gas & Consumable Fuels	2.1
Trading Companies & Distributors	2.0
Diversified Telecommunication Services	2.0
Beverages	1.7
Real Estate Investment Trusts (REITs)	1.6
Electrical Equipment	1.5
Insurance	1.5
Textiles, Apparel & Luxury Goods	1.3
Industrial Conglomerates	1.3
Pharmaceuticals	1.3
Gas Utilities	1.2
Health Care Technology	1.2
Airlines	1.1
Personal Products	1.0
Others (each less than 1.0%)	8.3

SEE NOTES TO FINANCIAL STATEMENTS.

9

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:
CDI	—	CHESS Depository Interest
REIT	—	Real Estate Investment Trust
SDR	—	Swedish Depository Receipt
(a)	—	Non-income producing 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%.

SEE NOTES TO FINANCIAL STATEMENTS.

10

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited)

	International Discovery Fund
ASSETS:
Investments in non-affiliates, at value	$	4,557,691
Cash		130,496
Foreign currency, at value		755
Receivables:
Investment securities sold		103,044
Dividends from non-affiliates		18,551
Tax reclaims		1,342
Due from Adviser		45,759
Deferred offering cost		14,621
Total Assets		4,872,259
LIABILITIES:
Payables:
Investment securities purchased		9,821
Accrued liabilities:
Distribution fees		16
Shareholder servicing fees		786
Custodian and accounting fees		17,885
Audit fees		35,162
Other		2,356
Total Liabilities		66,026
Net Assets	$	4,806,233

SEE NOTES TO FINANCIAL STATEMENTS.

11

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2016 (Unaudited) (continued)

	International         Discovery Fund
NET ASSETS:
Paid-in-Capital	$	5,003,203
Accumulated undistributed net investment income		18,815
Accumulated net realized gains (losses)		(261,673)
Net unrealized appreciation (depreciation)		45,888
Total Net Assets	$	4,806,233
Net Assets:
Class A	$	19,204
Class C		19,171
Class R5		19,235
Class R6		19,239
Select Class		4,729,384
Total	$	4,806,233
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,334
Class C		1,334
Class R5		1,334
Class R6		1,334
Select Class		328,209
Net Asset Value (a):
Class A - Redemption price per share	$	14.40
Class C - Offering price per share (b)		14.37
Class R5 - Offering and redemption price per share		14.42
Class R6 - Offering and redemption price per share		14.42
Select Class - Offering and redemption price per share		14.41
Class A maximum sales charge		5.25%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	15.20
Cost of investments in non-affiliates	$	4,513,058
Cost of foreign currency		746

(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.

12

STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2016 (Unaudited)

	International     Discovery Fund (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	42,094
Dividend income from affiliates		18
Interest income from non-affiliates		5
Foreign taxes withheld		(3,964)
Total investment income		38,153
EXPENSES:
Investment advisory fees		11,851
Administration fees		1,391
Distribution fees:
Class A		17
Class C		51
Shareholder servicing fees:
Class A		17
Class C		17
Class R5		4
Select Class		4,164
Custodian and accounting fees		35,757
Professional fees		37,188
Trustees’ and Chief Compliance Officer’s fees		2,016
Printing and mailing costs		1,449
Registration and filing fees		98
Transfer agent fees (See Note 2.E.)		486
Offering costs		8,122
Other		2,440
Total expenses		105,068
Less fees waived		(14,200)
Less expense reimbursements		(74,733)
Net expenses		16,135
Net investment income (loss)		22,018
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(260,970)
Foreign currency transactions		(703)
Net realized gain (loss)		(261,673)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		44,633
Foreign currency translations		1,255
Change in net unrealized appreciation/depreciation		45,888
Net realized/unrealized gains (losses)		(215,785)
Change in net assets resulting from operations	$	(193,767)

(a) Commencement of operations was December 21, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

13

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED

	International Discovery   Fund
	Period Ended April 30,   2016 (a) (Unaudited)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	22,018
Net realized gain (loss)		(261,673)
Change in net unrealized appreciation/depreciation		45,888
Change in net assets resulting from operations		(193,767)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(11)
Class C
From net investment income		(9)
Class R5
From net investment income		(14)
Class R6
From net investment income		(14)
Select Class
From net investment income		(3,155)
Total distributions to shareholders		(3,203)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,003,203
NET ASSETS:
Change in net assets		4,806,233
Beginning of period		—
End of period	$	4,806,233
Accumulated undistributed net investment income	$	18,814

(a) Commencement of operations was December 21, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

14

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED (Continued)

	International Discovery   Fund
	Period Ended April 30,   2016 (a) (Unaudited)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,000
Distributions reinvested		11
Change in net assets resulting from Class A capital transactions	$	20,011
Class C
Proceeds from shares issued	$	20,000
Distributions reinvested		9
Change in net assets resulting from Class C capital transactions	$	20,009
Class R5
Proceeds from shares issued	$	20,000
Distributions reinvested		14
Change in net assets resulting from Class R5 capital transactions	$	20,014
Class R6
Proceeds from shares issued	$	20,000
Distributions reinvested		14
Change in net assets resulting from Class R6 capital transactions	$	20,014
Select Class
Proceeds from shares issued	$	4,920,000
Distributions reinvested		3,155
Change in net assets resulting from Select Class capital transactions	$	4,923,155
Total change in net assets resulting from capital transactions	$	5,003,203
SHARE TRANSACTIONS:
Class A
Issued		1,333
Reinvested		1
Change in Class A Shares		1,334
Class C
Issued		1,333
Reinvested		1
Change in Class C Shares		1,334
Class R5
Issued		1,333
Reinvested		1
Change in Class R5 Shares		1,334
Class R6
Issued		1,333
Reinvested		1
Change in Class R6 Shares		1,334
Select Class
Issued		328,000
Reinvested		209
Change in Select Class Shares		328,209

(a) Commencement of operations was December 21, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

15

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance												Ratios/Supplemental data
			Investment operations						Distributions								Ratios to average net assets (a)
	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 asset value, end of period		Total return (excludes sales charge) (c)(d)		Net assets, end of period		Net expenses (e)(f)		Net investment income (loss) (b)(f)		Expenses without waivers and reimbursements (f)		Portfolio turnover rate (c)(g)
International Discovery Fund
Class A
December 21, 2015 (h) through April 30, 2016 (Unaudited)	$	15.00	$	0.05	$	(0.64)	$	(0.59)	$	(0.01)	$	14.40		(3.95)%	$	19,204		1.25%		1.01%		7.64%		87%
Class C
December 21, 2015 (h) through April 30, 2016 (Unaudited)		15.00		0.03		(0.65)		(0.62)		(0.01)		14.37		(4.16)		19,171		1.75		0.51		8.06		87
Class R5
December 21, 2015 (h) through April 30, 2016 (Unaudited)		15.00		0.07		(0.64)		(0.57)		(0.01)		14.42		(3.80)		19,235		0.80		1.45		7.12		87
Class R6
December 21, 2015 (h) through April 30, 2016 (Unaudited)		15.00		0.08		(0.65)		(0.57)		(0.01)		14.42		(3.80)		19,239		0.75		1.50		7.07		87
Select Class
December 21, 2015 (h) through April 30, 2016 (Unaudited)		15.00		0.07		(0.65)		(0.58)		(0.01)		14.41		(3.87)		4,729,384		0.95		1.30		5.91		87

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2016.

(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) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

16

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2016 (Unaudited)

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
International Discovery Fund	Class A, Class C, Class R5, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide long-term capital appreciation.

The Fund commenced operations on December 21, 2015. Currently, the Fund is 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 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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s administrator under the Administration Agreement.

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 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.

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.

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 are valued by applying international fair value factors provided by approved Pricing Services. 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.

• 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.

17

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	–	$	438,331	$	–	$	438,331
Denmark		–		110,972		–		110,972
Finland		–		82,310		–		82,310
France		–		370,692		–		370,692
Germany		–		133,637		–		133,637
Hong Kong		–		95,882		–		95,882
Ireland		21,316		95,027		–		116,343
Italy		–		173,726		–		173,726
Japan		–		1,252,690		–		1,252,690
Luxembourg		–		33,903		–		33,903
Malta		–		1,446		–		1,446
Netherlands		54,945		101,321		–		156,266
New Zealand		–		58,180		–		58,180
Norway	��	–		65,751		–		65,751
Singapore		–		14,321		–		14,321
Spain		–		95,023		–		95,023
Sweden		16,024		200,382		–		216,406
Switzerland		–		248,631		–		248,631
United Kingdom		14,712		796,272		–		810,984
United States		–		29,927		–		29,927
Total Common Stocks	$	106,997	$	4,398,424	$	–	$	4,505,421
Preferred Stocks
Germany		–		52,270		–		52,270
Total Investments in Securities	$	106,997	$	4,450,694	$	–	$	4,557,691

There were no transfers among any levels for the period ended April 30, 2016.

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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

C. Offering and Organizational Costs — Total offering costs of approximately $22,743 incurred in connection with the offering of shares of the 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 Statement of Operations. For the period ended April 30, 2016, total offering costs amortized were $8,122.

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

E. Allocation of 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.

18

Transfer agent fees are class-specific expenses. The amounts of the transfer agent fees charged to each class of the Fund for the period ended April 30, 2016 are as follows:

	Class A	Class C	Class R5	Class R6	Select Class	Total
Transfer agent fees	$97	$97	$97	$98	$97	$486

F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 April 30, 2016, 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.

G. 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.

H. Distributions to Shareholders — Distributions from net investment income, 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. 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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser 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 0.70% of the Fund’s average daily net assets.

The Adviser, on behalf of the Fund, has entered into investment sub-advisory agreement 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. The fee is accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets managed by JFIMI.

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 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 period ended April 30, 2016, the effective annualized 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 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 period ended April 30, 2016, the Distributor did not retain any front-end sales charges or CDSC.

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 R5		Select Class
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.

19

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 on the Statement of Operations.

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

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 other than certain money market fund fees as described below, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A	Class C	Class R5	Class R6	Select Class
1.25%	1.75%	0.80%	0.75%	0.95%

The expense limitation agreement was in effect for the period ended April 30, 2016 and is in place until at least February 28, 2017.

For the period ended April 30, 2016, 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 Reimbursement
	$11,851	$1,391	$958	$14,200	$74,733

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.

There were no waivers/reimbursements resulting from investments in these money market funds for the period ended April 30, 2016.

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.

The Fund may use related party broker-dealers. For the period ended April 30, 2016, the Fund incurred $148 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 period ended April 30, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
	$8,891,211		$4,117,156

During the period ended April 30, 2016, there were no purchases or sales of U.S. Government Securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows:

Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
$4,513,058	$199,685	$155,052	$44,633

20

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 April 30, 2016, or at any time during the period 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’s shares are currently held by the Adviser.

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 April 30, 2016, the Fund had the following non-U.S. country allocations representing greater than 10% of the Fund’s total investments:

Japan	United Kingdom
27.5%	17.8%

21

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, December 21, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.

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 December 21, 2015		Ending Account Value April 30, 2016		Expenses Paid During the Period		Annualized Expense Ratio
International Discovery Fund
Class A
Actual*		$1,000.00		$960.50		$4.39		1.25	%
Hypothetical**		1,000.00		1,018.65		6.27		1.25
Class C
Actual*		1,000.00		958.40		6.13		1.75
Hypothetical**		1,000.00		1,016.16		8.77		1.75
Class R5
Actual*		1,000.00		962.00		2.81		0.80
Hypothetical**		1,000.00		1,020.89		4.02		0.80
Class R6
Actual*		1,000.00		962.00		2.63		0.75
Hypothetical**		1,000.00		1,021.13		3.77		0.75
Select Class
Actual*		1,000.00		961.30		3.33		0.95
Hypothetical**		1,000.00		1,020.14		4.77		0.95

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over

the period, multiplied by 131/366 (to reflect the actual period). The Fund commenced operations on December 21, 2015.

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over

the period, multiplied by 182/366 (to reflect the one-half year period).

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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 subcommittees (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 approvals of initial advisory agreements for new funds. At their November 2015 in-person meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial investment advisory agreement and the initial sub-advisory agreement (collectively, the “New Advisory Agreements”) for the Fund whose semi-annual report is contained herein.

In connection with the approval of the New Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreements, the Trustees reviewed the New Advisory Agreements with representatives of the Adviser and with 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 agreements. The Trustees also discussed the proposed agreement in an executive session 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 New Advisory Agreements.

The Trustees considered information provided with respect to the Fund and the approval of the New Advisory Agreements. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund and by the sub-adviser from the Adviser under the New Advisory Agreements was fair and reasonable and that the initial approval of the New Advisory Agreements was in the best interests of the Fund and its potential 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

In connection with the approval of the New Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory Agreements, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex and the Trustees’ experience with the Adviser and sub-adviser and their services. The Trustees considered the background and experience of the Adviser’s and sub-adviser’s senior management and investment personnel, as well as the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy and investment process for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

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The Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser and sub-adviser to the J.P. Morgan 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 and their affiliates, the commitment of the Adviser and sub-adviser to provide high quality service to the J.P. Morgan Funds, their overall confidence in the Adviser’s and sub-adviser’s integrity and the Adviser’s and sub-adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s and sub-adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan 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 to be provided to the Fund by the Adviser and sub-adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser, sub-adviser and their affiliates as a result of their relationship with the J.P. Morgan Funds. The Trustees also considered 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.

The Trustees also considered that JPMorgan Funds Management, Inc. (“JPMFM”) and JPMorgan Distribution Services, Inc. (“JPMDS”), affiliates of the Adviser, will earn fees from the Fund for providing administrative and shareholder services (effective April 1, 2016, JPMFM merged into the Adviser). 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 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. The Trustees also considered that any fall-out benefits would be comparable to those related to the other actively managed funds in the complex and were consistent with the process of approving advisory agreements for new funds.

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 allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser may share economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business, 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 and sub-adviser’s reinvestment in its operations to serve the Fund and its shareholders.

24

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be 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 also considered the fee paid by the Adviser to the sub-adviser out of the advisory fee. 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 projected expenses and the expense ratios for the Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for the Fund and considered the net advisory fee rate after taking into account any projected 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 noted that the Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees paid to the Adviser and sub-adviser were reasonable.

25

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.

^© JPMorgan Chase & Co., 2016. All rights reserved. April 2016.

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.

Not applicable to a semi-annual 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.

(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)).

(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 to a semi-annual report.

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.

(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.

(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.

(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.

(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.

(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.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable to a semi-annual report.

(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.

(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.

Not applicable to a semi-annual report.

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 to a semi-annual report.

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.

Not applicable.

(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 Office June 29, 2016

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 June 29, 2016

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato Treasurer and Principal Financial Officer June 29, 2016