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, 2016 through April 30, 2017

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, 2017 (Unaudited)

JPMorgan Opportunistic 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 Market Neutral Fund	6
Schedules of Portfolio Investments	9
Financial Statements	24
Financial Highlights	30
Notes to Financial Statements	34
Schedule of Shareholder Expenses	42

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

U.S. Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in both developed and emerging markets.

During the final quarter of 2016 and into 2017, leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President’s Trumps’ administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

The performance of fixed-income markets was mixed. High-yield bonds, also known as junk bonds, and U.S. Treasury bonds generally outperformed other debt securities during in the reporting period.

For the six months ended April 30, 2017, the Standard & Poor’s 500 returned 13.32%, while the BofA Merrill Lynch 3-Month U.S. Treasury Index returned 0.23%.

2 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*	6.39%
Standard & Poor’s 500 Index	13.32%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.23%
Net Assets as of 4/30/2017 (In Thousands)	$192,465

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’s Class I Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended April 30, 2017. The Fund’s long positions in the industrials sector and its short positions in the real estate sector were leading detractors from performance relative to the Benchmark. The Fund’s short positions in the consumer discretionary sector and long positions in the information technology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s long positions in Newell Brands Inc. and Canadian Pacific Railway Ltd., and its short position in Host Hotels & Resorts Inc. Shares of Newell Brands, a household products company, fell after the company reported lower-than-expected sales. Shares of Canadian Pacific Railway, a freight railroad operator, fell after the departure of the company’s chief executive. Shares of Host Hotels & Resorts, a real estate investment trust, rose after the company reported better-than-expected earnings and revenue.

Leading individual contributors to relative performance included the Fund’s long positions in Royal Caribbean Cruises Ltd. and Comcast Corp. and its short position in Alliance Data Systems Corp. Shares of Royal Caribbean Cruises, a cruise ship operator, rose after the company reported better-than-expected earnings and revenue, raised its earnings forecast and unveiled a share repurchase program. Shares of Comcast, a cable TV provider, rose on better-than-expected earnings. Shares of Alliance Data Systems, a provider of marketing and customer loyalty programs, fell on disappointing earnings results.

HOW WAS THE FUND POSITIONED?

During the six months ended April 30, 2017, the Fund invested an average of 107% 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 107% and its average net exposure was 49%.

¹  Effective April 3, 2017, Select Class Shares were renamed Class I.

* 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, 2017 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc.	6.7	%
	2.	Canadian Pacific Railway Ltd., (Canada)	6.0
	3.	Harley-Davidson, Inc.	5.5
	4.	Thermo Fisher Scientific, Inc.	5.5
	5.	Alphabet, Inc., Class A	5.3
	6.	Fiserv, Inc.	4.9
	7.	3M Co.	4.8
	8.	UnitedHealth Group, Inc.	3.8
	9.	Newell Brands, Inc.	3.4
	10.	Walt Disney Co. (The)	3.3

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Kellogg Co.	5.4	%
	2.	CVS Health Corp.	4.4
	3.	General Mills, Inc.	4.2
	4.	AutoZone, Inc.	4.1
	5.	Molson Coors Brewing Co., Class B	3.6
	6.	Enbridge, Inc., (Canada)	3.4
	7.	Sealed Air Corp.	2.6
	8.	General Motors Co.	2.5
	9.	O’Reilly Automotive, Inc.	2.3
	10.	United Parcel Service, Inc., Class B	2.1

LONG PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	33.2	%
Industrials	20.6
Information Technology	18.0
Health Care	12.3
Materials	3.7
Financials	3.7
Consumer Staples	2.5
Utilities	2.1
Energy	0.1
Call Options Purchased	0.1
Real Estate	0.1
Short-Term Investment	3.6

SHORT PORTFOLIO COMPOSITION BY SECTOR****
Consumer Staples	23.0	%
Consumer Discretionary	22.2
Financials	9.9
Industrials	9.1
Materials	8.4
Energy	7.6
Real Estate	5.8
Health Care	5.2
Information Technology	4.7
Utilities	4.1

*** Percentages indicated are based on total long investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge**			0.66	%		4.06	%		5.87	%
Without Sales Charge			6.25			9.84			8.03
CLASS C SHARES	August 29, 2014
With CDSC***			4.96			8.32			7.50
Without CDSC			5.96			9.32			7.50
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	August 29, 2014		6.39			10.10			8.30
CLASS R2 SHARES	August 29, 2014		6.11			9.58			7.77
CLASS R5 SHARES	August 29, 2014		6.48			10.31			8.52
CLASS R6 SHARES	August 29, 2014		6.47			10.36			8.56

* 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.

LIFE OF FUND PERFORMANCE (8/29/14 TO 4/30/17)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1*		4.18%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.23%
Net Assets as of 4/30/2017 (In Thousands)	$	235,760

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’s Class L Shares outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2017.

The Fund’s security selection in the semiconductors and retail sectors was a leading contributor to performance relative to the Benchmark, while security selection in the financial services and insurance sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its short positions in Mattel Inc. and Verizon Communications Inc., and its long position in Broadcom Ltd. Shares of Mattel, a toy maker, fell after the company reported a decline in sales and a wider-than-expected loss in the first quarter of 2017. Shares of Verizon Communications, a provider of telecommunications services, fell after the company reported a decline in customers for its wireless services. Shares of Broadcom, a semiconductor manufacturer, rose on sales growth following its merger with Avago Technologies Inc.

Leading individual detractors from relative performance included the Fund’s short positions in Boeing Co. and Whole Foods Market Inc., and its long position in Wex Inc. Shares of

Boeing, an aircraft manufacturer, rose amid growth in orders for new aircraft and investor expectations that the company’s military defense business would grow. Shares of Whole Foods Market, an upscale supermarket chain, rose on news reports than Albertsons Cos. was exploring a takeover offer for the company. Shares of Wex, a payment processing company, declined on news of the company’s $1.1 billion acquisition of Electronic Funds Source LLC.

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.

¹  Effective December 1, 2016, Institutional Class Shares were renamed Class L Shares.

* 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, 2017

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	3.0	%
	2.	Union Pacific Corp.	2.9
	3.	EOG Resources, Inc.	2.1
	4.	Walt Disney Co. (The)	2.1
	5.	Stanley Black & Decker, Inc.	1.8
	6.	Molson Coors Brewing Co., Class B	1.8
	7.	PepsiCo, Inc.	1.7
	8.	UnitedHealth Group, Inc.	1.7
	9.	Starbucks Corp.	1.6
	10.	Canadian Pacific Railway Ltd., (Canada)	1.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Southern Co. (The), (United States)	2.7	%
	2.	Exxon Mobil Corp., (United States)	2.4
	3.	Intel Corp., (United States)	2.3
	4.	Boeing Co. (The), (United States)	1.9
	5.	LyondellBasell Industries NV, Class A, (United States)	1.7
	6.	Coca-Cola Co. (The), (United States)	1.6
	7.	Verizon Communications, Inc., (United States)	1.5
	8.	Dominion Resources, Inc., (United States)	1.5
	9.	Procter & Gamble Co. (The), (United States)	1.5
	10.	US Bancorp, (United States)	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	16.9	%
Information Technology	15.1
Industrials	13.0
Financials	12.8
Consumer Staples	9.0
Health Care	7.8
Utilities	6.3
Materials	5.7
Energy	5.5
Real Estate	1.8
Others (each less than 1.0%)	0.5
Short-Term Investments	5.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.6	%
Financials	13.5
Industrials	13.4
Information Technology	12.5
Consumer Staples	11.4
Health Care	8.1
Utilities	7.4
Energy	6.2
Materials	6.0
Telecommunication Services	2.5
Real Estate	2.4

*** Percentages indicated are based on total long investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(1.44	)%		(1.23	)%		(0.51	)%		0.20	%
Without Sales Charge			4.05			4.27			0.58			0.74
CLASS C SHARES	November 2, 2009
With CDSC***			2.75			2.75			0.06			0.24
Without CDSC			3.75			3.75			0.06			0.24
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	November 2, 2009		4.18			4.54			0.83			1.06
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	December 31, 1998		4.24			4.67			1.05			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 FUND PERFORMANCE (4/30/07 to 4/30/17)

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

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.

The graph illustrates comparative performance for $3,000,000 invested in Class L 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, 2007 to April 30, 2017. 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.

Class L 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 redemptions 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, 2017

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.1%
	Common Stocks — 95.4%
			Consumer Discretionary — 32.9%
			Auto Components — 0.0% (g)
	—	(h)	Delphi Automotive plc		20
			Automobiles — 5.6%
	185		Harley-Davidson, Inc.		10,507
	1		Tesla, Inc. (a)		221
					10,728
			Hotels, Restaurants & Leisure — 3.2%
	—	(h)	Hilton Worldwide Holdings, Inc.		19
	34		Royal Caribbean Cruises Ltd.		3,586
	26		Wyndham Worldwide Corp.		2,522
					6,127
			Household Durables — 10.1%
	1		DR Horton, Inc.		19
	55		Mohawk Industries, Inc. (a)		12,806
	137		Newell Brands, Inc. (j)		6,554
					19,379
			Internet & Direct Marketing Retail — 0.5%
	1		Amazon.com, Inc. (a)		806
	1		Netflix, Inc. (a)		198
					1,004
			Media — 10.5%
	—	(h)	Charter Communications, Inc., Class A (a)		20
	51		DISH Network Corp., Class A (a)		3,279
	59		Time Warner, Inc. (j)		5,852
	161		Twenty-First Century Fox, Inc., Class B		4,809
	54		Walt Disney Co. (The)		6,265
					20,225
			Multiline Retail — 0.0% (g)
	—	(h)	Dollar General Corp.		19
	1		Macy’s, Inc.		18
					37
			Specialty Retail — 1.6%
	—	(h)	Best Buy Co., Inc.		22
	—	(h)	Home Depot, Inc. (The)		20
	31		Lithia Motors, Inc., Class A		2,963
	—	(h)	Lowe’s Cos., Inc.		20
	—	(h)	Ross Stores, Inc.		18
	—	(h)	TJX Cos., Inc. (The)		19
					3,062

SHARES			SECURITY DESCRIPTION	VALUE($)
			Textiles, Apparel & Luxury Goods — 1.4%
	50		NIKE, Inc., Class B		2,781
			Total Consumer Discretionary		63,363
			Consumer Staples — 2.5%
			Beverages — 2.4%
	41		PepsiCo, Inc.		4,641
			Food & Staples Retailing — 0.1%
	—	(h)	Costco Wholesale Corp.		20
	1		Kroger Co. (The)		19
	—	(h)	Walgreens Boots Alliance, Inc.		19
					58
			Food Products — 0.0% (g)
	—	(h)	Kraft Heinz Co. (The)		19
	—	(h)	Mondelez International, Inc., Class A		19
					38
			Personal Products — 0.0% (g)
	—	(h)	Estee Lauder Cos., Inc. (The), Class A		19
			Total Consumer Staples		4,756
			Energy — 0.1%
			Oil, Gas & Consumable Fuels — 0.1%
	—	(h)	Anadarko Petroleum Corp.		17
	1		Cabot Oil & Gas Corp.		19
	—	(h)	Chevron Corp.		18
	—	(h)	Concho Resources, Inc. (a)		18
	—	(h)	Continental Resources, Inc. (a)		17
	—	(h)	Diamondback Energy, Inc. (a)		18
	—	(h)	EOG Resources, Inc.		17
	—	(h)	EQT Corp.		18
	1		Kinder Morgan, Inc.		18
	—	(h)	Pioneer Natural Resources Co.		17
	1		Plains GP Holdings LP, Class A		17
	—	(h)	TransCanada Corp., (Canada)		19
			Total Energy		213
			Financials — 3.7%
			Banks — 0.2%
	1		Bank of America Corp.		17
	—	(h)	Citigroup, Inc.		19
	—	(h)	First Republic Bank		18
	1		KeyCorp		18
	3		PNC Financial Services Group, Inc. (The)		357
	—	(h)	SVB Financial Group (a)		17
	—	(h)	Wells Fargo & Co.		17
					463

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Capital Markets — 1.1%
	—	(h)	Ameriprise Financial, Inc.		18
	—	(h)	Bank of New York Mellon Corp. (The)		18
	—	(h)	BlackRock, Inc.		19
	—	(h)	Charles Schwab Corp. (The)		17
	9		Goldman Sachs Group, Inc. (The) (j)		2,010
	—	(h)	Intercontinental Exchange, Inc.		19
	—	(h)	Morgan Stanley		18
					2,119
			Consumer Finance — 2.3%
	1		Ally Financial, Inc.		17
	54		American Express Co. (j)		4,304
	—	(h)	Capital One Financial Corp.		16
	1		Synchrony Financial		14
					4,351
			Diversified Financial Services — 0.0% (g)
	—	(h)	Voya Financial, Inc.		17
			Insurance — 0.1%
	—	(h)	American International Group, Inc.		18
	—	(h)	Arthur J Gallagher & Co.		19
	—	(h)	Chubb Ltd.		19
	—	(h)	Everest Re Group Ltd.		20
	—	(h)	Hartford Financial Services Group, Inc. (The)		18
	—	(h)	MetLife, Inc.		18
					112
			Total Financials		7,062
			Health Care — 12.1%
			Biotechnology — 0.1%
	—	(h)	Biogen, Inc. (a)		17
	—	(h)	Celgene Corp. (a)		19
	—	(h)	Incyte Corp. (a)		17
	—	(h)	Vertex Pharmaceuticals, Inc. (a)		24
					77
			Health Care Equipment & Supplies — 0.0% (g)
	—	(h)	Abbott Laboratories (j)		18
	—	(h)	Becton Dickinson and Co.		19
	1		Boston Scientific Corp. (a)		20
	—	(h)	Zimmer Biomet Holdings, Inc.		19
					76
			Health Care Providers & Services — 6.6%
	—	(h)	Aetna, Inc.		19
	25		Humana, Inc.		5,557

SHARES			SECURITY DESCRIPTION	VALUE($)
			Health Care Providers & Services — continued
	—	(h)	McKesson Corp.		17
	41		UnitedHealth Group, Inc.		7,184
					12,777
			Life Sciences Tools & Services — 5.4%
	63		Thermo Fisher Scientific, Inc. (j)		10,419
			Pharmaceuticals — 0.0% (g)
	—	(h)	Allergan plc		19
	—	(h)	Bristol-Myers Squibb Co.		19
	—	(h)	Eli Lilly & Co.		18
					56
			Total Health Care		23,405
			Industrials — 20.4%
			Aerospace & Defense — 2.0%
	8		Northrop Grumman Corp.		1,912
	12		Raytheon Co.		1,910
					3,822
			Airlines — 0.0% (g)
	—	(h)	United Continental Holdings, Inc. (a)		18
			Building Products — 0.0% (g)
	—	(h)	Johnson Controls International plc		19
	1		Masco Corp.		21
					40
			Commercial Services & Supplies — 0.0% (g)
	—	(h)	Waste Connections, Inc., (Canada)		20
			Electrical Equipment — 2.2%
	56		Eaton Corp. plc		4,258
			Industrial Conglomerates — 4.8%
	47		3M Co.		9,162
	1		General Electric Co.		18
	—	(h)	Honeywell International, Inc.		19
					9,199
			Machinery — 2.0%
	37		Caterpillar, Inc.		3,741
	—	(h)	Ingersoll-Rand plc		21
	—	(h)	PACCAR, Inc.		18
					3,780
			Road & Rail — 9.4%
	75		Canadian Pacific Railway Ltd., (Canada) (j)		11,418
	92		CSX Corp.		4,698
	—	(h)	Kansas City Southern		19

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Road & Rail — continued
	17		Norfolk Southern Corp.		1,957
	—	(h)	Union Pacific Corp.		19
					18,111
			Trading Companies & Distributors — 0.0% (g)
	—	(h)	AerCap Holdings NV, (Ireland) (a)		19
			Total Industrials		39,267
			Information Technology — 17.9%
			Electronic Equipment, Instruments & Components — 0.0% (g)
	—	(h)	TE Connectivity Ltd.		20
			Internet Software & Services — 5.6%
	11		Alphabet, Inc., Class A (a) (j)		10,115
	4		Facebook, Inc., Class A (a)		611
					10,726
			IT Services — 11.1%
	46		Fidelity National Information Services, Inc.		3,835
	79		Fiserv, Inc. (a) (j)		9,397
	25		Mastercard, Inc., Class A (j)		2,894
	58		Visa, Inc., Class A (j)		5,255
	—	(h)	WEX, Inc. (a)		18
					21,399
			Semiconductors & Semiconductor Equipment — 0.1%
	—	(h)	Broadcom Ltd.		19
	—	(h)	Maxim Integrated Products, Inc.		19
	—	(h)	Microchip Technology, Inc.		19
	1		Micron Technology, Inc. (a)		20
	1		ON Semiconductor Corp. (a)		17
	—	(h)	QUALCOMM, Inc.		18
	—	(h)	Texas Instruments, Inc.		19
					131
			Software — 1.1%
	—	(h)	Mobileye NV (a)		25
	18		ServiceNow, Inc. (a)		1,729
	17		Snap, Inc., Class A (a)		372
	—	(h)	Workday, Inc., Class A (a)		20
					2,146
			Technology Hardware, Storage & Peripherals — 0.0% (g)
	1		Hewlett Packard Enterprise Co.		19
			Total Information Technology		34,441
			Materials — 3.7%
			Chemicals — 1.1%
	17		Ecolab, Inc. (j)		2,157

SHARES			SECURITY DESCRIPTION	VALUE($)
			Chemicals — continued
	—	(h)	EI du Pont de Nemours & Co.		19
	1		Mosaic Co. (The)		17
	1		Olin Corp.		19
					2,212
			Construction Materials — 0.0% (g)
	—	(h)	Vulcan Materials Co.		19
			Containers & Packaging — 2.5%
	—	(h)	Ball Corp.		19
	95		Berry Global Group, Inc. (a)		4,759
	—	(h)	WestRock Co.		19
					4,797
			Metals & Mining — 0.1%
	1		Alcoa Corp.		17
	6		TimkenSteel Corp. (a)		91
					108
			Total Materials		7,136
			Real Estate — 0.1%
			Equity Real Estate Investment Trusts (REITs) — 0.1%
	—	(h)	AvalonBay Communities, Inc.		19
	1		HCP, Inc.		19
	1		Kimco Realty Corp.		16
	1		Omega Healthcare Investors, Inc.		19
	1		Quality Care Properties, Inc. (a)		17
	—	(h)	SBA Communications Corp., Class A (a)		21
	—	(h)	SL Green Realty Corp.		17
	1		STORE Capital Corp.		19
			Total Real Estate		147
			Utilities — 2.0%
			Electric Utilities — 2.0%
	—	(h)	Edison International		19
	29		NextEra Energy, Inc.		3,832
	—	(h)	PG&E Corp.		19
	—	(h)	Pinnacle West Capital Corp.		19
					3,889
			Multi-Utilities — 0.0% (g)
	1		NiSource, Inc.		19
			Water Utilities — 0.0% (g)
	—	(h)	American Water Works Co., Inc.		20
			Total Utilities		3,928
			Total Common Stocks (Cost $167,501)		183,718

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Options Purchased — 0.1%
		Call Options Purchased — 0.1%
	701	Newell Brands, Inc., expiring 01/19/18 at $50.00, American Style (a) (Cost $259)		198
SHARES
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	6,842	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $6,842)		6,842
		Total Investments — 99.1% (Cost $174,602)		190,758
		Other Assets in Excess of Liabilities — 0.9%		1,707
		NET ASSETS — 100.0%	$	192,465
	Short Positions — 34.3%
	Common Stocks — 34.3%
		Consumer Discretionary — 7.6%
		Auto Components — 0.1%
	3	Autoliv, Inc., (Sweden)		305
		Automobiles — 1.6%
	120	Ford Motor Co.		1,375
	47	General Motors Co.		1,626
				3,001
		Hotels, Restaurants & Leisure — 0.4%
	1	Chipotle Mexican Grill, Inc. (a)		374
	4	Darden Restaurants, Inc.		382
				756
		Household Durables — 0.5%
	6	Whirlpool Corp.		1,025
		Leisure Products — 0.2%
	3	Hasbro, Inc.		331
		Media — 1.2%
	5	CBS Corp. (Non-Voting), Class B		301
	13	Interpublic Group of Cos., Inc. (The)		310
	16	Omnicom Group, Inc.		1,349
	4	Scripps Networks Interactive, Inc., Class A		300
				2,260
		Multiline Retail — 0.5%
	8	Kohl’s Corp.		312
	7	Nordstrom, Inc.		325
	5	Target Corp.		289
				926

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 2.8%
	4	AutoZone, Inc. (a)		2,698
	7	Bed Bath & Beyond, Inc.		276
	6	O’Reilly Automotive, Inc. (a)		1,544
	45	Sally Beauty Holdings, Inc. (a)		862
				5,380
		Textiles, Apparel & Luxury Goods — 0.3%
	4	Carter’s, Inc.		342
	4	Ralph Lauren Corp.		328
				670
		Total Consumer Discretionary		14,654
		Consumer Staples — 7.9%
		Beverages — 1.2%
	25	Molson Coors Brewing Co., Class B		2,356
		Food & Staples Retailing — 2.0%
	35	CVS Health Corp.		2,878
	6	Sysco Corp.		325
	5	Wal-Mart Stores, Inc.		341
	11	Whole Foods Market, Inc.		404
				3,948
		Food Products — 3.5%
	49	General Mills, Inc.		2,799
	3	Hershey Co. (The)		323
	51	Kellogg Co.		3,599
				6,721
		Household Products — 0.4%
	7	Church & Dwight Co., Inc.		335
	3	Clorox Co. (The)		357
				692
		Personal Products — 0.8%
	19	Coty, Inc., Class A		345
	16	Edgewell Personal Care Co. (a)		1,123
				1,468
		Total Consumer Staples		15,185
		Energy — 2.6%
		Energy Equipment & Services — 0.5%
	5	Helmerich & Payne, Inc.		281
	8	National Oilwell Varco, Inc.		286
	4	Schlumberger Ltd.		311
				878
		Oil, Gas & Consumable Fuels — 2.1%
	54	Enbridge, Inc., (Canada)		2,256

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	4	Exxon Mobil Corp.		306
	7	Hess Corp.		331
	20	Marathon Oil Corp.		296
	12	Murphy Oil Corp.		312
	9	Noble Energy, Inc.		304
	6	ONEOK, Inc.		315
				4,120
		Total Energy		4,998
		Financials — 3.4%
		Banks — 1.2%
	11	Fifth Third Bancorp		281
	15	First Horizon National Corp.		284
	17	Fulton Financial Corp.		321
	3	M&T Bank Corp.		533
	17	People’s United Financial, Inc.		300
	7	US Bancorp		345
	6	Webster Financial Corp.		305
				2,369
		Capital Markets — 0.7%
	3	CME Group, Inc.		314
	11	Federated Investors, Inc., Class B		299
	8	Franklin Resources, Inc.		337
	5	Nasdaq, Inc.		316
				1,266
		Insurance — 1.5%
	4	Aflac, Inc.		325
	5	Axis Capital Holdings Ltd.		319
	5	Principal Financial Group, Inc.		333
	3	Prudential Financial, Inc.		325
	2	RenaissanceRe Holdings Ltd., (Bermuda)		309
	4	Torchmark Corp.		323
	3	Travelers Cos., Inc. (The)		308
	3	Willis Towers Watson plc		332
	5	WR Berkley Corp.		358
				2,932
		Total Financials		6,567
		Health Care — 1.8%
		Biotechnology — 0.4%
	6	AbbVie, Inc.		370
	2	Amgen, Inc.		327
				697

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 0.9%
	6	Baxter International, Inc.		338
	1	CR Bard, Inc.		436
	4	Medtronic plc		331
	3	Stryker Corp.		368
	4	Varian Medical Systems, Inc. (a)		365
				1,838
		Health Care Providers & Services — 0.3%
	4	AmerisourceBergen Corp.		305
	4	Cardinal Health, Inc.		302
				607
		Pharmaceuticals — 0.2%
	3	Johnson & Johnson		326
		Total Health Care		3,468
		Industrials — 3.1%
		Aerospace & Defense — 0.3%
	2	Boeing Co. (The)		329
	3	United Technologies Corp.		332
				661
		Air Freight & Logistics — 0.9%
	4	CH Robinson Worldwide, Inc.		287
	13	United Parcel Service, Inc., Class B		1,403
				1,690
		Airlines — 0.2%
	7	American Airlines Group, Inc.		303
		Commercial Services & Supplies — 0.3%
	5	Republic Services, Inc.		337
	5	Waste Management, Inc.		337
				674
		Electrical Equipment — 0.2%
	6	Emerson Electric Co.		347
		Machinery — 0.5%
	5	AGCO Corp.		345
	8	Donaldson Co., Inc.		364
	3	Illinois Tool Works, Inc.		348
				1,057
		Professional Services — 0.2%
	2	Equifax, Inc.		335
		Road & Rail — 0.2%
	4	JB Hunt Transport Services, Inc.		316

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Trading Companies & Distributors — 0.3%
	8	Air Lease Corp.		313
	7	Fastenal Co.		313
				626
		Total Industrials		6,009
		Information Technology — 1.6%
		Communications Equipment — 0.4%
	10	Cisco Systems, Inc.		352
	12	Juniper Networks, Inc.		368
				720
		Electronic Equipment, Instruments & Components — 0.2%
	5	Amphenol Corp., Class A		349
		Internet Software & Services — 0.2%
	22	Twitter, Inc. (a)		361
		Semiconductors & Semiconductor Equipment — 0.3%
	9	Intel Corp.		319
	6	Xilinx, Inc.		372
				691
		Software — 0.2%
	4	salesforce.com, Inc. (a)		349
		Technology Hardware, Storage & Peripherals — 0.3%
	8	NetApp, Inc.		324
	7	Seagate Technology plc		296
				620
		Total Information Technology		3,090
		Materials — 2.9%
		Chemicals — 0.7%
	3	Agrium, Inc., (Canada)		313
	2	Air Products & Chemicals, Inc.		348
	4	LyondellBasell Industries NV, Class A		318
	3	Praxair, Inc.		355
				1,334
		Containers & Packaging — 2.0%
	4	AptarGroup, Inc.		350
	10	Bemis Co., Inc.		464
	6	Greif, Inc., Class A		353
	7	International Paper Co.		367
	3	Packaging Corp. of America		338
	39	Sealed Air Corp.		1,708
	6	Sonoco Products Co.		315
				3,895

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.2%
	9	Domtar Corp.		338
		Total Materials		5,567
		Real Estate — 2.0%
		Equity Real Estate Investment Trusts (REITs) — 2.0%
	4	Crown Castle International Corp.		336
	3	Digital Realty Trust, Inc.		365
	2	Federal Realty Investment Trust		308
	11	Healthcare Realty Trust, Inc.		348
	10	Healthcare Trust of America, Inc., Class A		312
	3	Simon Property Group, Inc.		480
	20	Tanger Factory Outlet Centers, Inc.		611
	9	UDR, Inc.		350
	5	Ventas, Inc.		349
	5	Welltower, Inc.		366
		Total Real Estate		3,825
		Utilities — 1.4%
		Electric Utilities — 0.5%
	4	Duke Energy Corp.		341
	6	Eversource Energy		338
	7	Southern Co. (The)		357
				1,036
		Gas Utilities — 0.2%
	6	National Fuel Gas Co.		312
		Multi-Utilities — 0.5%
	5	Consolidated Edison, Inc.		359
	5	Dominion Resources, Inc.		358
	5	SCANA Corp.		321
				1,038
		Water Utilities — 0.2%
	10	Aqua America, Inc.		338
		Total Utilities		2,724
		Total Securities Sold Short (Proceeds $67,053)	$	66,087

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.1%
	Common Stocks — 93.5%
		Consumer Discretionary — 16.8%
		Auto Components — 0.4%
	12	Delphi Automotive plc		979
		Hotels, Restaurants & Leisure — 3.5%
	21	Hilton Worldwide Holdings, Inc.		1,220
	3	McDonald’s Corp.		364
	23	Royal Caribbean Cruises Ltd.		2,451
	63	Starbucks Corp.		3,754
	7	Yum Brands, Inc.		486
				8,275
		Household Durables — 1.0%
	11	DR Horton, Inc.		346
	35	MDC Holdings, Inc.		1,093
	37	PulteGroup, Inc.		838
				2,277
		Internet & Direct Marketing Retail — 1.1%
	3	Amazon.com, Inc. (a)		2,620
		Media — 5.6%
	5	Charter Communications, Inc., Class A (a)		1,719
	48	Comcast Corp., Class A		1,881
	17	DISH Network Corp., Class A (a)		1,117
	141	Sirius XM Holdings, Inc.		697
	94	Twenty-First Century Fox, Inc., Class B		2,807
	43	Walt Disney Co. (The) (j)		4,960
				13,181
		Multiline Retail — 0.2%
	13	Macy’s, Inc.		372
		Specialty Retail — 4.3%
	11	Best Buy Co., Inc. (j)		551
	19	Home Depot, Inc. (The)		2,910
	32	Lowe’s Cos., Inc.		2,756
	4	O’Reilly Automotive, Inc. (a)		1,096
	37	TJX Cos., Inc. (The)		2,916
				10,229
		Textiles, Apparel & Luxury Goods — 0.7%
	30	NIKE, Inc., Class B		1,679
		Total Consumer Discretionary		39,612
		Consumer Staples — 9.0%
		Beverages — 5.1%
	8	Brown-Forman Corp., Class B		365
	21	Constellation Brands, Inc., Class A		3,548
	43	Molson Coors Brewing Co., Class B		4,131

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	35	PepsiCo, Inc.		3,981
				12,025
		Food & Staples Retailing — 1.4%
	9	Costco Wholesale Corp.		1,534
	21	Walgreens Boots Alliance, Inc.		1,782
				3,316
		Food Products — 1.8%
	8	Kraft Heinz Co. (The)		694
	51	Mondelez International, Inc., Class A		2,278
	14	Post Holdings, Inc. (a)		1,152
				4,124
		Personal Products — 0.2%
	5	Estee Lauder Cos., Inc. (The), Class A		468
		Tobacco — 0.5%
	11	Philip Morris International, Inc. (j)		1,167
		Total Consumer Staples		21,100
		Energy — 5.4%
		Oil, Gas & Consumable Fuels — 5.4%
	5	Concho Resources, Inc. (a)		661
	25	Diamondback Energy, Inc. (a)		2,494
	54	EOG Resources, Inc.		5,011
	13	Marathon Petroleum Corp.		672
	19	Pioneer Natural Resources Co.		3,351
	9	Valero Energy Corp.		604
		Total Energy		12,793
		Financials — 12.6%
		Banks — 3.9%
	99	Bank of America Corp. (j)		2,316
	23	Citigroup, Inc.		1,344
	11	Comerica, Inc.		764
	10	East West Bancorp, Inc.		554
	46	KeyCorp		835
	19	PNC Financial Services Group, Inc. (The)		2,303
	3	SVB Financial Group (a)		579
	11	Wells Fargo & Co.		579
				9,274
		Capital Markets — 3.9%
	13	Ameriprise Financial, Inc.		1,693
	14	Bank of New York Mellon Corp. (The)		635
	55	Charles Schwab Corp. (The)		2,130
	29	Intercontinental Exchange, Inc.		1,773

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — continued
	61	Morgan Stanley (j)		2,655
	5	State Street Corp.		394
				9,280
		Insurance — 4.8%
	13	American International Group, Inc.		766
	39	Arthur J Gallagher & Co.		2,191
	25	Chubb Ltd. (j)		3,429
	50	Hartford Financial Services Group, Inc. (The)		2,427
	15	Lincoln National Corp.		987
	28	MetLife, Inc.		1,445
				11,245
		Total Financials		29,799
		Health Care — 7.8%
		Biotechnology — 2.0%
	5	Alexion Pharmaceuticals, Inc. (a)		634
	6	Biogen, Inc. (a)		1,671
	3	BioMarin Pharmaceutical, Inc. (a)		280
	11	Celgene Corp. (a) (j)		1,345
	7	Vertex Pharmaceuticals, Inc. (a)		779
				4,709
		Health Care Equipment & Supplies — 0.6%
	40	Boston Scientific Corp. (a)		1,044
	3	Zimmer Biomet Holdings, Inc.		342
				1,386
		Health Care Providers & Services — 3.4%
	5	Aetna, Inc. (j)		686
	15	Humana, Inc.		3,381
	22	UnitedHealth Group, Inc.		3,911
				7,978
		Life Sciences Tools & Services — 0.2%
	7	Agilent Technologies, Inc.		366
		Pharmaceuticals — 1.6%
	4	Allergan plc		1,089
	15	Bristol-Myers Squibb Co.		851
	13	Eli Lilly & Co.		1,047
	25	Pfizer, Inc.		841
				3,828
		Total Health Care		18,267
		Industrials — 12.9%
		Aerospace & Defense — 1.2%
	6	General Dynamics Corp.		1,241

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	3	Huntington Ingalls Industries, Inc.		532
	5	L3 Technologies, Inc.		934
				2,707
		Air Freight & Logistics — 0.2%
	3	FedEx Corp.		527
		Airlines — 1.2%
	10	Alaska Air Group, Inc.		890
	18	Delta Air Lines, Inc.		796
	16	United Continental Holdings, Inc. (a)		1,120
				2,806
		Building Products — 0.2%
	6	Allegion plc (j)		488
		Electrical Equipment — 1.3%
	16	Eaton Corp. plc (j)		1,194
	12	Rockwell Automation, Inc.		1,960
				3,154
		Industrial Conglomerates — 1.0%
	18	Honeywell International, Inc.		2,333
		Machinery — 2.8%
	14	Ingersoll-Rand plc		1,270
	12	PACCAR, Inc.		832
	2	Snap-on, Inc.		311
	31	Stanley Black & Decker, Inc. (j)		4,239
				6,652
		Road & Rail — 4.8%
	24	Canadian Pacific Railway Ltd., (Canada) (j)		3,666
	8	Norfolk Southern Corp.		980
	60	Union Pacific Corp.		6,770
				11,416
		Trading Companies & Distributors — 0.2%
	9	HD Supply Holdings, Inc. (a)		355
		Total Industrials		30,438
		Information Technology — 14.9%
		Electronic Equipment, Instruments & Components — 0.6%
	19	TE Connectivity Ltd.		1,456
		Internet Software & Services — 3.4%
	8	Alphabet, Inc., Class C (a) (j)		6,978
	7	Facebook, Inc., Class A (a)		1,023
				8,001

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — 3.0%
	20	Accenture plc, Class A (j)		2,471
	17	Fidelity National Information Services, Inc. (j)		1,391
	18	Vantiv, Inc., Class A (a) (j)		1,101
	10	Visa, Inc., Class A		892
	13	WEX, Inc. (a) (j)		1,340
				7,195
		Semiconductors & Semiconductor Equipment — 4.6%
	18	Analog Devices, Inc.		1,363
	17	Broadcom Ltd. (j)		3,652
	7	Maxim Integrated Products, Inc.		325
	18	Microchip Technology, Inc.		1,383
	47	ON Semiconductor Corp. (a)		661
	43	Texas Instruments, Inc.		3,386
				10,770
		Software — 2.8%
	18	Adobe Systems, Inc. (a) (j)		2,395
	36	Microsoft Corp.		2,484
	4	Mobileye NV (a)		249
	28	Snap, Inc., Class A (a)		640
	9	Workday, Inc., Class A (a)		824
				6,592
		Technology Hardware, Storage & Peripherals — 0.5%
	8	Apple, Inc.		1,196
		Total Information Technology		35,210
		Materials — 5.7%
		Chemicals — 3.8%
	16	Celanese Corp., Series A		1,431
	29	Dow Chemical Co. (The)		1,838
	18	Eastman Chemical Co.		1,419
	26	EI du Pont de Nemours & Co.		2,035
	37	Olin Corp.		1,184
	15	Westlake Chemical Corp.		917
				8,824
		Containers & Packaging — 1.5%
	9	Avery Dennison Corp.		760
	18	Crown Holdings, Inc. (a)		996
	33	WestRock Co.		1,760
				3,516
		Metals & Mining — 0.4%
	29	Alcoa Corp.		976
		Total Materials		13,316

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 1.7%
		Equity Real Estate Investment Trusts (REITs) — 1.7%
	5	AvalonBay Communities, Inc.		1,028
	5	Public Storage		982
	10	SBA Communications Corp., Class A (a)		1,251
	5	SL Green Realty Corp.		506
	14	STORE Capital Corp.		339
		Total Real Estate		4,106
		Telecommunication Services — 0.5%
		Wireless Telecommunication Services — 0.5%
	18	T-Mobile US, Inc. (a) (j)		1,182
		Utilities — 6.2%
		Electric Utilities — 4.5%
	31	Edison International		2,441
	15	NextEra Energy, Inc. (j)		2,034
	45	PG&E Corp.		3,039
	18	Pinnacle West Capital Corp.		1,493
	33	Xcel Energy, Inc.		1,508
				10,515
		Multi-Utilities — 1.4%
	14	Ameren Corp.		750
	32	CMS Energy Corp. (j)		1,474
	45	NiSource, Inc.		1,100
				3,324
		Water Utilities — 0.3%
	11	American Water Works Co., Inc.		844
		Total Utilities		14,683
		Total Common Stocks (Cost $162,425)		220,506
	Short-Term Investments — 5.6%
		Investment Company — 5.5%
	12,873	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l)		12,873
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	318	U.S. Treasury Bill, 0.970% 03/01/18 (k) (n)		315
		Total Short-Term Investments (Cost $13,188)		13,188
		Total Investments — 99.1% (Cost $175,613)		233,694
		Other Assets in Excess of Liabilities — 0.9%		2,066
		NET ASSETS — 100.0%	$	235,760

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — 91.8%
	Common Stocks — 91.8%
		Consumer Discretionary — 15.3%
		Auto Components — 0.6%
	8	Autoliv, Inc., (Sweden)		807
	12	BorgWarner, Inc.		512
				1,319
		Automobiles — 0.7%
	40	Ford Motor Co.		461
	27	General Motors Co.		946
	2	Harley-Davidson, Inc.		131
				1,538
		Hotels, Restaurants & Leisure — 2.0%
	11	Aramark		391
	18	Bloomin’ Brands, Inc.		395
	8	Brinker International, Inc.		349
	4	Cheesecake Factory, Inc. (The)		256
	2	Chipotle Mexican Grill, Inc. (a)		1,044
	9	Darden Restaurants, Inc.		756
	13	Dunkin’ Brands Group, Inc.		737
	15	Hyatt Hotels Corp., Class A (a)		838
				4,766
		Household Durables — 0.2%
	10	Garmin Ltd.		508
		Internet & Direct Marketing Retail — 1.2%
	11	Netflix, Inc. (a)		1,679
	1	Priceline Group, Inc. (The) (a)		1,108
				2,787
		Leisure Products — 1.1%
	8	Hasbro, Inc.		763
	80	Mattel, Inc.		1,797
				2,560
		Media — 4.6%
	31	Discovery Communications, Inc., Class A (a)		891
	73	Interpublic Group of Cos., Inc. (The)		1,724
	127	News Corp., Class A		1,610
	40	Omnicom Group, Inc.		3,250
	54	Regal Entertainment Group, Class A		1,192
	29	Scripps Networks Interactive, Inc., Class A		2,172
				10,839
		Multiline Retail — 2.0%
	39	Kohl’s Corp.		1,532
	18	Nordstrom, Inc.		859
	44	Target Corp.		2,441
				4,832

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 2.0%
	17	Abercrombie & Fitch Co., Class A		204
	107	Ascena Retail Group, Inc. (a)		418
	6	AutoNation, Inc. (a)		239
	56	Bed Bath & Beyond, Inc.		2,187
	22	DSW, Inc., Class A		458
	22	Gap, Inc. (The)		576
	11	L Brands, Inc.		602
				4,684
		Textiles, Apparel & Luxury Goods — 0.9%
	7	Lululemon Athletica, Inc. (a)		374
	12	Michael Kors Holdings Ltd. (a)		437
	3	Ralph Lauren Corp.		234
	31	Under Armour, Inc., Class A (a)		656
	22	Under Armour, Inc., Class C (a)		435
				2,136
		Total Consumer Discretionary		35,969
		Consumer Staples — 10.4%
		Beverages — 1.5%
	83	Coca-Cola Co. (The)		3,564
		Food & Staples Retailing — 2.6%
	25	CVS Health Corp.		2,062
	11	Kroger Co. (The)		338
	4	Sysco Corp.		226
	13	Wal-Mart Stores, Inc.		940
	68	Whole Foods Market, Inc.		2,484
				6,050
		Food Products — 1.9%
	12	Campbell Soup Co.		685
	39	General Mills, Inc.		2,248
	24	Kellogg Co.		1,684
				4,617
		Household Products — 3.9%
	54	Church & Dwight Co., Inc.		2,661
	22	Clorox Co. (The)		2,941
	5	Colgate-Palmolive Co.		368
	38	Procter & Gamble Co. (The)		3,284
				9,254
		Personal Products — 0.2%
	26	Coty, Inc., Class A		455
		Tobacco — 0.3%
	10	Altria Group, Inc.		704
		Total Consumer Staples		24,644

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Energy — 5.6%
		Energy Equipment & Services — 1.1%
	12	Helmerich & Payne, Inc.		734
	26	Schlumberger Ltd.		1,916
				2,650
		Oil, Gas & Consumable Fuels — 4.5%
	18	Chevron Corp.		1,889
	16	ConocoPhillips		762
	7	Enbridge, Inc., (Canada)		302
	62	Exxon Mobil Corp.		5,087
	30	Hess Corp.		1,465
	37	Marathon Oil Corp.		547
	9	Murphy Oil Corp.		241
	12	Noble Energy, Inc.		388
				10,681
		Total Energy		13,331
		Financials — 12.4%
		Banks — 4.3%
	26	Associated Banc-Corp.		645
	18	Bank of Hawaii Corp.		1,476
	23	First Hawaiian, Inc.		685
	48	First Horizon National Corp.		883
	45	Fulton Financial Corp.		837
	7	M&T Bank Corp.		1,027
	71	People’s United Financial, Inc.		1,241
	64	US Bancorp		3,281
				10,075
		Capital Markets — 2.6%
	2	BlackRock, Inc.		654
	7	CME Group, Inc.		778
	21	Federated Investors, Inc., Class B		553
	31	Franklin Resources, Inc.		1,354
	2	Goldman Sachs Group, Inc. (The)		358
	9	Nasdaq, Inc.		606
	13	Northern Trust Corp.		1,161
	9	T Rowe Price Group, Inc.		645
				6,109
		Insurance — 5.5%
	27	Aflac, Inc.		2,007
	8	Allstate Corp. (The)		618
	3	Aon plc		395
	13	Arch Capital Group Ltd. (a)		1,254
	11	Axis Capital Holdings Ltd.		705

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	9	Principal Financial Group, Inc.		573
	30	Progressive Corp. (The)		1,201
	5	RenaissanceRe Holdings Ltd., (Bermuda)		697
	18	Torchmark Corp.		1,408
	16	Travelers Cos., Inc. (The)		1,934
	6	Willis Towers Watson plc		849
	21	WR Berkley Corp.		1,447
				13,088
		Total Financials		29,272
		Health Care — 7.5%
		Biotechnology — 2.2%
	39	AbbVie, Inc.		2,544
	13	Amgen, Inc.		2,172
	1	Regeneron Pharmaceuticals, Inc. (a)		350
				5,066
		Health Care Equipment & Supplies — 2.1%
	9	Baxter International, Inc.		524
	6	Becton Dickinson and Co.		1,178
	1	CR Bard, Inc.		338
	20	Medtronic plc		1,684
	13	Varian Medical Systems, Inc. (a)		1,134
				4,858
		Health Care Providers & Services — 1.9%
	7	AmerisourceBergen Corp.		566
	20	Cardinal Health, Inc.		1,423
	18	DaVita, Inc. (a)		1,259
	11	Express Scripts Holding Co. (a)		662
	2	Laboratory Corp. of America Holdings (a)		280
	4	Patterson Cos., Inc.		165
	2	Quest Diagnostics, Inc.		179
				4,534
		Pharmaceuticals — 1.3%
	25	Johnson & Johnson		3,140
		Total Health Care		17,598
		Industrials — 12.3%
		Aerospace & Defense — 3.5%
	19	Arconic, Inc.		515
	23	Boeing Co. (The)		4,211
	11	Lockheed Martin Corp.		2,903
	4	Raytheon Co.		559
				8,188

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Air Freight & Logistics — 1.3%
	19	CH Robinson Worldwide, Inc.		1,381
	16	Expeditors International of Washington, Inc.		869
	8	United Parcel Service, Inc., Class B		871
				3,121
		Electrical Equipment — 0.2%
	9	Emerson Electric Co.		530
		Industrial Conglomerates — 1.8%
	16	3M Co.		3,133
	42	General Electric Co.		1,212
				4,345
		Machinery — 1.4%
	7	AGCO Corp.		416
	4	Caterpillar, Inc.		399
	9	Donaldson Co., Inc.		421
	14	Flowserve Corp.		717
	10	Illinois Tool Works, Inc.		1,334
				3,287
		Professional Services — 0.9%
	11	Equifax, Inc.		1,529
	12	Nielsen Holdings plc		506
				2,035
		Road & Rail — 2.4%
	6	Canadian National Railway Co., (Canada)		455
	151	Heartland Express, Inc.		3,037
	34	Knight Transportation, Inc.		1,154
	33	Werner Enterprises, Inc.		897
				5,543
		Trading Companies & Distributors — 0.8%
	7	Air Lease Corp.		278
	13	Fastenal Co.		565
	5	WW Grainger, Inc.		1,041
				1,884
		Total Industrials		28,933
		Information Technology — 11.5%
		Communications Equipment — 1.8%
	71	Cisco Systems, Inc.		2,428
	59	Juniper Networks, Inc.		1,759
				4,187
		Electronic Equipment, Instruments & Components — 0.4%
	12	Amphenol Corp., Class A		889

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 1.7%
	55	eBay, Inc. (a)		1,838
	15	GrubHub, Inc. (a)		653
	92	Twitter, Inc. (a)		1,518
				4,009
		IT Services — 0.8%
	3	Alliance Data Systems Corp.		749
	3	International Business Machines Corp.		459
	15	PayPal Holdings, Inc. (a)		692
				1,900
		Semiconductors & Semiconductor Equipment — 4.5%
	13	Applied Materials, Inc.		532
	139	Intel Corp.		5,007
	2	KLA-Tencor Corp.		197
	2	Lam Research Corp.		319
	7	Qorvo, Inc. (a)		469
	19	QUALCOMM, Inc.		1,021
	3	Skyworks Solutions, Inc.		249
	55	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		1,829
	17	Xilinx, Inc.		1,079
				10,702
		Software — 1.6%
	2	Intuit, Inc.		238
	28	Oracle Corp.		1,264
	17	salesforce.com, Inc. (a)		1,472
	7	SAP SE, (Germany), ADR		672
				3,646
		Technology Hardware, Storage & Peripherals — 0.7%
	11	NetApp, Inc.		423
	31	Seagate Technology plc		1,293
				1,716
		Total Information Technology		27,049
		Materials — 5.5%
		Chemicals — 3.9%
	10	Air Products & Chemicals, Inc.		1,405
	11	CF Industries Holdings, Inc.		286
	5	Ecolab, Inc.		594
	44	LyondellBasell Industries NV, Class A		3,746
	5	PPG Industries, Inc.		527
	13	Praxair, Inc.		1,625
	3	Sherwin-Williams Co. (The)		971
				9,154

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Containers & Packaging — 0.7%
	10	AptarGroup, Inc.		795
	5	Bemis Co., Inc.		243
	12	Sonoco Products Co.		633
				1,671
		Metals & Mining — 0.4%
	15	Compass Minerals International, Inc.		990
		Paper & Forest Products — 0.5%
	27	Domtar Corp.		1,082
		Total Materials		12,897
		Real Estate — 2.2%
		Equity Real Estate Investment Trusts (REITs) — 2.2%
	68	CBL & Associates Properties, Inc.		627
	8	Crown Castle International Corp.		766
	3	Federal Realty Investment Trust		367
	18	Healthcare Trust of America, Inc., Class A		564
	26	Pennsylvania REIT		355
	4	Taubman Centers, Inc.		231
	7	Ventas, Inc.		468
	47	Washington Prime Group, Inc.		411
	21	Welltower, Inc.		1,481
		Total Real Estate		5,270
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 2.3%
	52	AT&T, Inc.		2,064
	73	Verizon Communications, Inc.		3,336
		Total Telecommunication Services		5,400

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 6.8%
		Electric Utilities — 2.8%
	14	Eversource Energy		820
	116	Southern Co. (The)		5,777
				6,597
		Gas Utilities — 0.3%
	4	National Fuel Gas Co.		222
	9	UGI Corp.		446
				668
		Multi-Utilities — 3.6%
	20	Consolidated Edison, Inc.		1,617
	43	Dominion Resources, Inc.		3,329
	34	SCANA Corp.		2,255
	21	WEC Energy Group, Inc.		1,283
				8,484
		Water Utilities — 0.1%
	9	Aqua America, Inc.		291
		Total Utilities		16,040
		Total Securities Sold Short (Proceeds $215,587)	$	216,403

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(37	)	E-mini S&P 500		06/16/17		USD	$	(4,404	)	$	(18	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 21

J.P. Morgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

ADR	—  American Depositary Receipt
REIT	—  Real Estate Investment Trust
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 0.05%.
(h)	—  Amount rounds to less than 500.

(j)	—  All or a portion of this security is segregated as collateral for short sales. The total values of securities segregated as collateral for JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund were approximately $34,302,000 and $39,842,000, respectively.
(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, 2017.
(n)	—  The rate shown is the effective yield as of April 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017

(Amounts in thousands, except per share amounts)

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	183,916		$	220,821
Investments in affiliates, at value		6,842			12,873
Total investment securities, at value		190,758			233,694
Deposits at broker for securities sold short		58,414			216,740
Restricted cash for securities sold short		—			3
Receivables:
Investment securities sold		30,360			5,396
Fund shares sold		152			131
Dividends from non-affiliates		79			258
Dividends from affiliates		12			6
Variation margin on futures contracts		—			10
Total Assets		279,775			456,238
LIABILITIES:
Payables:
Due to custodian		35			108
Securities sold short, at value		66,087			216,403
Dividend expense to non-affiliates on securities sold short		87			239
Investment securities purchased		20,767			3,348
Fund shares redeemed		28			108
Accrued liabilities:
Investment advisory fees		170			123
Administration fees		5			—
Distribution fees		11			12
Service fees		36			28
Custodian and accounting fees		10			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		74			98
Total Liabilities		87,310			220,478
Net Assets	$	192,465		$	235,760

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	175,591		$	247,969
Accumulated undistributed (distributions in excess of) net investment income		(2,084	)		(8,510	)
Accumulated net realized gains (losses)		1,836			(60,946	)
Net unrealized appreciation (depreciation)		17,122			57,247
Total Net Assets	$	192,465		$	235,760
Net Assets:
Class A	$	46,697		$	19,585
Class C		2,868			12,419
Class I (formerly Select Class)		134,635			43,948
Class L (formerly Institutional Class)		—			159,808
Class R2		22			—
Class R5		23			—
Class R6		8,220			—
Total	$	192,465		$	235,760
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,568			1,360
Class C		160			916
Class I (formerly Select Class)		7,353			2,936
Class L (formerly Institutional Class)		—			10,489
Class R2		1			—
Class R5		1			—
Class R6		446			—
Net Asset Value (a):
Class A — Redemption price per share	$	18.19		$	14.40
Class C — Offering price per share (b)		17.95			13.55
Class I (formerly Select Class) — Offering and redemption price per share		18.31			14.97
Class L (formerly Institutional Class) — Offering and redemption price per share		—			15.24
Class R2 — Offering and redemption price per share		18.07			—
Class R5 — Offering and redemption price per share		18.41			—
Class R6 — Offering and redemption price per share		18.43			—
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.20		$	15.20
Cost of investments in non-affiliates	$	167,760		$	162,740
Cost of investments in affiliates		6,842			12,873
Proceeds from securities sold short		67,053			215,587

(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, 2017 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF OPERATIONS

For the Six Months Ended April 30, 2017 (Unaudited)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	1
Interest income from affiliates		—	(a)		—	(a)
Interest income to non-affiliates on securities sold short		136			548
Dividend income from non-affiliates		928			2,315
Dividend income from affiliates		90			35
Foreign taxes withheld		—	(a)		1
Total investment income		1,154			2,900
EXPENSES:
Investment advisory fees		1,198			1,169
Administration fees		82			120
Distribution fees:
Class A		55			27
Class C		11			50
Class R2		—	(a)		—
Service fees:
Class A		55			27
Class C		3			17
Class I (formerly Select Class)		181			60
Class L (formerly Institutional Class)		—			105
Class R2		—	(a)		—
Class R5		—	(a)		—
Custodian and accounting fees		29			15
Interest expense to affiliates		1			6
Professional fees		44			31
Interest expense to non-affiliates		—			1
Trustees’ and Chief Compliance Officer’s fees		13			13
Printing and mailing costs		18			32
Registration and filing fees		48			22
Transfer agency fees (See Note 2.F.)		3			9
Sub-transfer agency fees (See Note 2.F.)		28			47
Other		6			3
Dividend expense to non-affiliates on securities sold short		529			3,560
Total expenses		2,304			5,314
Less fees waived		(164	)		(387	)
Less expense reimbursements		—	(a)		—
Net expenses		2,140			4,927
Net investment income (loss)		(986	)		(2,027	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		10,611			50,067
Futures		—			(457	)
Securities sold short		(5,455	)		(19,759	)
Net realized gain (loss)		5,156			29,851
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		7,966			(10,887	)
Futures		—			(66	)
Securities sold short		(146	)		(5,150	)
Change in net unrealized appreciation/depreciation		7,820			(16,103	)
Net realized/unrealized gains (losses)		12,976			13,748
Change in net assets resulting from operations	$	11,990		$	11,721

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(986	)	$	(1,625	)	$	(2,027	)	$	(8,226	)
Net realized gain (loss)		5,156			(760	)		29,851			19,177
Change in net unrealized appreciation/depreciation		7,820			2,877			(16,103	)		(27,397	)
Change in net assets resulting from operations		11,990			492			11,721			(16,446	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		—			(567	)		—			—
Class C
From net realized gains		—			(18	)		—			—
Class I (formerly Select Class)
From net realized gains		—			(1,173	)		—			—
Class R2
From net realized gains		—			—	(a)		—			—
Class R5
From net realized gains		—			—	(a)		—			—
Class R6
From net realized gains		—			—	(a)		—			—
Total distributions to shareholders		—			(1,758	)		—			—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(33,159	)		67,443			(123,312	)		(293,232	)
NET ASSETS:
Change in net assets		(21,169	)		66,177			(111,591	)		(309,678	)
Beginning of period		213,634			147,457			347,351			657,029
End of period	$	192,465		$	213,634		$	235,760		$	347,351
Accumulated undistributed (distributions in excess of) net investment income	$	(2,084	)	$	(1,098	)	$	(8,510	)	$	(6,483	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,030		$	64,846		$	971		$	11,078
Distributions reinvested		—			567			—			—
Cost of shares redeemed		(9,365	)		(51,340	)		(7,621	)		(46,582	)
Change in net assets resulting from Class A capital transactions	$	665		$	14,073		$	(6,650	)	$	(35,504	)
Class C
Proceeds from shares issued	$	196		$	3,353		$	154		$	674
Distributions reinvested		—			18			—			—
Cost of shares redeemed		(766	)		(916	)		(3,232	)		(8,689	)
Change in net assets resulting from Class C capital transactions	$	(570	)	$	2,455		$	(3,078	)	$	(8,015	)
Class I (formerly Select Class)
Proceeds from shares issued	$	11,492		$	101,558		$	2,834		$	8,216
Distributions reinvested		—			1,148			—			—
Cost of shares redeemed		(44,013	)		(59,796	)		(14,064	)		(288,879	)
Change in net assets resulting from Class I capital transactions	$	(32,521	)	$	42,910		$	(11,230	)	$	(280,663	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	9,424		$	303,966
Cost of shares redeemed		—			—			(111,778	)		(273,016	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(102,354	)	$	30,950
Class R2
Distributions reinvested	$	—		$	—	(a)	$	—		$	—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—	(a)	$	—		$	—
Class R5
Distributions reinvested	$	—		$	—	(a)	$	—		$	—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—	(a)	$	—		$	—
Class R6
Proceeds from shares issued	$	227		$	9,490		$	—		$	—
Distributions reinvested		—			—	(a)		—			—
Cost of shares redeemed		(960	)		(1,485	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(733	)	$	8,005		$	—		$	—
Total change in net assets resulting from capital transactions	$	(33,159	)	$	67,443		$	(123,312	)	$	(293,232	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		577			3,830			68			789
Reinvested		—			34			—			—
Redeemed		(538	)		(3,089	)		(543	)		(3,369	)
Change in Class A Shares		39			775			(475	)		(2,580	)
Class C
Issued		12			199			11			51
Reinvested		—			1			—			—
Redeemed		(45	)		(55	)		(244	)		(663	)
Change in Class C Shares		(33	)		145			(233	)		(612	)
Class I (formerly Select Class)
Issued		655			6,047			194			570
Reinvested		—			68			—			—
Redeemed		(2,515	)		(3,566	)		(961	)		(19,768	)
Change in Class I Shares		(1,860	)		2,549			(767	)		(19,198	)
Class L (formerly Institutional Class)
Issued		—			—			634			20,509
Redeemed		—			—			(7,505	)		(18,650	)
Change in Class L Shares		—			—			(6,871	)		1,859
Class R2
Reinvested		—			—	(a)		—			—
Change in Class R2 Shares		—			—	(a)		—			—
Class R5
Reinvested		—			—	(a)		—			—
Change in Class R5 Shares		—			—	(a)		—			—
Class R6
Issued		13			571			—			—
Reinvested		—			—	(a)		—			—
Redeemed		(54	)		(85	)		—			—
Change in Class R6 Shares		(41	)		486			—			—

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations			Net realized gain
Opportunistic Equity Long/Short Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	17.12	$	(0.10	)	$	1.17	$	1.07		$	—
Year Ended October 31, 2016		17.37		(0.16	)		0.07		(0.09	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.25	)		1.93		1.68			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.06	)		0.81		0.75			—
Class C
Six Months Ended April 30, 2017 (Unaudited)		16.94		(0.14	)		1.15		1.01			—
Year Ended October 31, 2016		17.27		(0.24	)		0.07		(0.17	)		(0.16	)
Year Ended October 31, 2015		15.73		(0.37	)		1.97		1.60			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.07	)		0.80		0.73			—
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		17.21		(0.08	)		1.18		1.10			—
Year Ended October 31, 2016		17.42		(0.12	)		0.07		(0.05	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.26	)		1.99		1.73			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.05	)		0.80		0.75			—
Class R2
Six Months Ended April 30, 2017 (Unaudited)		17.03		(0.12	)		1.16		1.04			—
Year Ended October 31, 2016		17.32		(0.20	)		0.07		(0.13	)		(0.16	)
Year Ended October 31, 2015		15.74		(0.35	)		1.99		1.64			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.06	)		0.80		0.74			—
Class R5
Six Months Ended April 30, 2017 (Unaudited)		17.29		(0.07	)		1.19		1.12			—
Year Ended October 31, 2016		17.47		(0.08	)		0.06		(0.02	)		(0.16	)
Year Ended October 31, 2015		15.76		(0.23	)		2.00		1.77			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.04	)		0.80		0.76			—
Class R6
Six Months Ended April 30, 2017 (Unaudited)		17.31		(0.06	)		1.18		1.12			—
Year Ended October 31, 2016		17.48		(0.08	)		0.07		(0.01	)		(0.16	)
Year Ended October 31, 2015		15.76		(0.23	)		2.01		1.78			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.04	)		0.80		0.76			—

(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 1.80% and 2.00% for the period ended April 30, 2017, 1.80% and 2.07% for the year ended October 31, 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 2.31% and 2.50% for the period ended April 30, 2017, 2.29% and 2.52% for the year ended October 31, 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 I (formerly Select Class) are 1.55% and 1.71% for the period ended April 30, 2017, 1.54% and 1.71% for the year ended October 31, 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; for Class R2 are 2.05% and 2.36% for the period ended April 30, 2017, 2.05% and 4.35% for the year ended October 31, 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 1.36% and 1.67% for the period ended April 30, 2017, 1.35% and 3.70% for the year ended October 31, 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 1.31% and 1.44% for the period ended April 30, 2017, 1.29% and 1.60% for the year ended October 31, 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, respectively.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

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

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

		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 (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)			Portfolio turnover rate (including securities sold short) (c)
$	18.19		6.25	%	$	46,697		2.33	%		(1.19	)%		2.53	%		214	%		351	%
	17.12		(0.53	)		43,298		2.26			(0.96	)		2.53			463			749
	17.37		10.74			30,480		2.38	(g)		(1.70	)(g)		2.77	(g)		347			734
	15.75		5.00			52		2.65	(g)		(2.24	)(g)		12.33	(g)		94			178
	17.95		5.96			2,868		2.84			(1.66	)		3.03			214			351
	16.94		(1.00	)		3,273		2.75			(1.46	)		2.98			463			749
	17.27		10.25			823		2.96	(g)		(2.17	)(g)		3.75	(g)		347			734
	15.73		4.87			52		3.15	(g)		(2.74	)(g)		12.82	(g)		94			178
	18.31		6.39			134,635		2.08			(0.92	)		2.24			214			351
	17.21		(0.29	)		158,589		2.00			(0.69	)		2.17			463			749
	17.42		11.06			116,091		2.23	(g)		(1.53	)(g)		2.77	(g)		347			734
	15.75		5.00			4,989		2.40	(g)		(1.99	)(g)		12.07	(g)		94			178
	18.07		6.11			22		2.58			(1.44	)		2.89			214			351
	17.03		(0.76	)		21		2.51			(1.18	)		4.81			463			749
	17.32		10.49			21		2.78	(g)		(2.01	)(g)		4.70	(g)		347			734
	15.74		4.93			52		2.90	(g)		(2.49	)(g)		12.57	(g)		94			178
	18.41		6.48			23		1.89			(0.75	)		2.20			214			351
	17.29		(0.12	)		21		1.81			(0.48	)		4.16			463			749
	17.47		11.31			21		2.09	(g)		(1.32	)(g)		4.00	(g)		347			734
	15.76		5.07			53		2.20	(g)		(1.79	)(g)		11.88	(g)		94			178
	18.43		6.47			8,220		1.84			(0.71	)		1.97			214			351
	17.31		(0.06	)		8,432		1.75			(0.45	)		2.06			463			749
	17.48		11.37			21		2.04	(g)		(1.27	)(g)		3.96	(g)		347			734
	15.76		5.07			53		2.15	(g)		(1.74	)(g)		11.82	(g)		94			178

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY 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) (b)			Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net realized gain
Research Market Neutral Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	13.84	$	(0.12	)	$	0.68		$	0.56		$	—
Year Ended October 31, 2016		14.25		(0.28	)		(0.13	)		(0.41	)		—
Year Ended October 31, 2015		15.17		(0.31	)		(0.22	)		(0.53	)		(0.39	)
Year Ended October 31, 2014		14.58		(0.34	)		0.93			0.59			—
Year Ended October 31, 2013		14.44		(0.35	)		0.49			0.14			—
Year Ended October 31, 2012		14.71		(0.35	)		0.08			(0.27	)		—
Class C
Six Months Ended April 30, 2017 (Unaudited)		13.06		(0.14	)		0.63			0.49			—
Year Ended October 31, 2016		13.51		(0.32	)		(0.13	)		(0.45	)		—
Year Ended October 31, 2015		14.48		(0.35	)		(0.23	)		(0.58	)		(0.39	)
Year Ended October 31, 2014		13.99		(0.39	)		0.88			0.49			—
Year Ended October 31, 2013		13.91		(0.41	)		0.49			0.08			—
Year Ended October 31, 2012		14.25		(0.41	)		0.07			(0.34	)		—
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.37		(0.10	)		0.70			0.60			—
Year Ended October 31, 2016		14.76		(0.25	)		(0.14	)		(0.39	)		—
Year Ended October 31, 2015		15.66		(0.26	)		(0.25	)		(0.51	)		(0.39	)
Year Ended October 31, 2014		15.02		(0.31	)		0.95			0.64			—
Year Ended October 31, 2013		14.83		(0.32	)		0.51			0.19			—
Year Ended October 31, 2012		15.08		(0.32	)		0.07			(0.25	)		—
Class L (formerly Institutional Class)
Six Months Ended April 30, 2017 (Unaudited)		14.62		(0.10	)		0.72			0.62			—
Year Ended October 31, 2016		14.99		(0.23	)		(0.14	)		(0.37	)		—
Year Ended October 31, 2015		15.87		(0.23	)		(0.26	)		(0.49	)		(0.39	)
Year Ended October 31, 2014		15.17		(0.27	)		0.97			0.70			—
Year Ended October 31, 2013		14.95		(0.29	)		0.51			0.22			—
Year Ended October 31, 2012		15.16		(0.29	)		0.08			(0.21	)		—

(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 0.005% or 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 1.23% and 1.50% for the period ended April 30, 2017, 1.22% and 1.53% for the year ended October 31, 2016, 1.43% and 1.89% for the year ended October 31, 2015, 1.49% and 1.91% for the year ended October 31, 2014, 1.49% and 1.93% for the year ended October 31, 2013 and 1.49% and 1.99% for the year ended October 31, 2012; for Class C 1.74% and 2.11% for the period ended April 30, 2017, 1.72% and 2.02% for the year ended October 31, 2016, 1.90% and 2.32% for the year ended October 31, 2015, 1.99% and 2.41% for the year ended October 31, 2014, 1.99% and 2.43% for the year ended October 31, 2013 and 1.99% and 2.49% for the year ended October 31, 2012; for Class I (formerly Select Class) are 0.97% and 1.29% for the period ended April 30, 2017, 0.96% and 1.27% for the year ended October 31, 2016, 1.18% and 1.57% for the year ended October 31, 2015, 1.25% and 1.66% for the year ended October 31, 2014, 1.24% and 1.66% for the year ended October 31, 2013 and 1.24% and 1.74% for the year ended October 31, 2012; for Class L (formerly Institutional Class) 0.83% and 1.08% for the period ended April 30, 2017, 0.81% and 1.06% for the year ended October 31, 2016, 0.95% and 1.44% for the year ended October 31, 2015, 0.99% and 1.51% for the year ended October 31, 2014, 0.99% and 1.53% for the year ended October 31, 2013 and 0.99% and 1.59% for the year ended October 31, 2012, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

		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 (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 short sales) (c)			Portfolio turnover rate (including short sales) (c)
$	14.40		4.05	%	$	19,585		3.66	%		(1.68	)%		3.93	%		59	%		154	%
	13.84		(2.88	)		25,393		3.33			(2.07	)		3.64			133			298
	14.25		(3.59	)		62,910		3.57			(1.94	)		4.03			163			370
	15.17		4.05			82,477		3.82			(2.26	)		4.24			90			192
	14.58		0.97			88,944		4.24			(2.42	)		4.68			75			149
	14.44		(1.84	)		116,146		4.46			(2.47	)		4.96			82			186
	13.55		3.75			12,419		4.17			(2.19	)		4.54			59			154
	13.06		(3.33	)		15,003		3.83			(2.53	)		4.13			133			298
	13.51		(4.12	)		23,790		4.04			(2.63	)		4.46			163			370
	14.48		3.50			10,933		4.32			(2.76	)		4.74			90			192
	13.99		0.58			14,209		4.74			(2.92	)		5.18			75			149
	13.91		(2.39	)		19,275		4.96			(2.97	)		5.46			82			186
	14.97		4.18			43,948		3.40			(1.43	)		3.72			59			154
	14.37		(2.64	)		53,221		3.07			(1.82	)		3.38			133			298
	14.76		(3.34	)		337,990		3.32			(1.74	)		3.71			163			370
	15.66		4.26			348,525		3.57			(2.01	)		3.99			90			192
	15.02		1.28			292,993		3.99			(2.15	)		4.43			75			149
	14.83		(1.66	)		290,794		4.17			(2.19	)		4.67			82			186
	15.24		4.24			159,808		3.26			(1.28	)		3.51			59			154
	14.62		(2.47	)		253,734		2.92			(1.61	)		3.17			133			298
	14.99		(3.17	)		232,339		3.09			(1.48	)		3.58			163			370
	15.87		4.61			271,595		3.32			(1.76	)		3.84			90			192
	15.17		1.47			316,843		3.74			(1.91	)		4.28			75			149
	14.95		(1.39	)		337,565		3.99			(1.98	)		4.59			82			186

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017

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
Opportunistic Equity Long/Short Fund	Class A, Class C, Class R2, Class R5, Class R6 and Class I^	Non-Diversified
Research Market Neutral Fund	Class A, Class C, Class L* and Class I^	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

* Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis.

The investment objective of Opportunistic Equity Long/Short Fund is to seek 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, Class L and Class I 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

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.

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

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

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

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

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

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

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

34 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

• 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)	$	190,758		$	—	$	—	$	190,758
Total Liabilities for Securities Sold Short (a)	$	(66,087	)	$	—	$	—	$	(66,087	)
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)	$	233,379		$	315	$	—	$	233,694
Total Liabilities for Securities Sold Short (a)	$	(216,403	)	$	—	$	—	$	(216,403	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(18	)	$	—	$	—	$	(18	)

(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 as initial margin for futures contracts. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the six months end April 30, 2017.

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.

The table below discloses the volume of the Fund’s options contracts activity during the six months ended April 30, 2017:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased	$	698	(a)
Ending Number of Contracts Purchased		701

(a) For the period January 1, 2017 through April 30, 2017.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

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 on 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 amounts of income or fees are included as interest income or interest expense on securities sold short on 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, 2017, 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 SOI and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended April 30, 2017 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Short	$	4,537
Ending Notional Balance Short		4,404

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.

36 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

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 agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee.

The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2017 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		R2			R5			R6		Total
Opportunistic Equity Long/Short Fund
Transfer agency fees	$	1	$	—	(a)	$	2		n/a	$	—	(a)	$	—	(a)		n/a	$	3
Sub-transfer agency fees		13		1			14		n/a		—			—			n/a		28
Research Market Neutral Fund
Transfer agency fees		4		1			2	$	2		n/a			n/a			n/a		9
Sub-transfer agency fees		—		9			18		20		n/a			n/a			n/a		47

(a) Amount rounds to less than 500.

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, 2017 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 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.

The reclassifications for the Funds relate primarily to dividend expense for securities sold short and net operating loss.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an 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 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, 2017 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.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class R5, Class R6, Class L and Class I Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the JPMDS, 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 Market Neutral Fund		0.25			0.75			n/a

In addition, the JPMDS 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, 2017, the JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	—	(a)	$	—
Research Market Neutral Fund		—	(a)		—	(a)

(a) Amount rounds to less than 500.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the JPMDS under which the JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, the JPMDS 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			Class L			Class I
Opportunistic Equity Long/Short Fund		0.25	%		0.25	%		0.25	%		0.10	%		n/a			0.25	%
Research Market Neutral Fund		0.25			0.25			n/a			n/a			0.10	%		0.25

The JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing 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 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 JPMDS 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			Class L			Class I
Opportunistic Equity Long/Short Fund		1.85	%		2.35	%		2.10	%		1.40	%		1.35	%		n/a			1.60	%
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, 2017 and are in place until at least February 28, 2018.

38 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

For the six months ended April 30, 2017 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 Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Opportunistic Equity Long/Short Fund	$	54	$	36	$	30	$	120	$	—	(a)
Research Market Neutral Fund		223		120		27		370		—

(a) Amount rounds to less than 500.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2017 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	44
Research Market Neutral Fund		17

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the JPMDS. 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, 2017 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, 2017, 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, 2017, 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	$	371,312	$	332,095	$	211,753	$	199,252
Research Market Neutral Fund		161,500		303,562		130,481		261,641

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	174,602	$	16,437	$	281	$	16,156
Research Market Neutral Fund		175,613		58,589		508		58,081

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

At October 31, 2016, the following Funds had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character Short-Term			Long-Term
Research Market Neutral Fund		68,342	*	$	—

* 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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2017.

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, 2017, the Fund had individual shareholder accounts and/or omnibus accounts which owned more than 10% of the Funds outstanding shares as follows:

	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		35.3	%		2		24.3	%

40 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate 48.8% 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, 2017, the Research Market Neutral Fund pledged substantially all of its assets to Citibank for securities sold short. For the Research Market Neutral Fund, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citibank. The Opportunistic Equity Long/Short Fund pledged substantially all of its assets to Citigroup Global Markets, Inc. for securities sold short. For the Opportunistic Equity Long/Short Fund, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The com-pliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures.

APRIL 30, 2017 J.P. MORGAN SPECIALTY FUNDS 41

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,062.50	$	11.92		2.33	%
Hypothetical		1,000.00		1,013.19		11.63		2.33
Class C
Actual		1,000.00		1,059.60		14.50		2.84
Hypothetical		1,000.00		1,010.76		14.16		2.84
Class I (formerly Select Class)
Actual		1,000.00		1,063.90		10.64		2.08
Hypothetical		1,000.00		1,014.48		10.39		2.08
Class R2
Actual		1,000.00		1,061.10		13.18		2.58
Hypothetical		1,000.00		1,011.95		12.87		2.58
Class R5
Actual		1,000.00		1,064.80		9.68		1.89
Hypothetical		1,000.00		1,015.42		9.44		1.89
Class R6
Actual		1,000.00		1,064.70		9.42		1.84
Hypothetical		1,000.00		1,015.72		9.20		1.84
Research Market Neutral Fund
Class A
Actual		1,000.00		1,040.50		18.52		3.66
Hypothetical		1,000.00		1,006.60		18.21		3.66
Class C
Actual		1,000.00		1,037.50		21.07		4.17
Hypothetical		1,000.00		1,004.17		20.72		4.17
Class I (formerly Select Class)
Actual		1,000.00		1,041.80		17.21		3.40
Hypothetical		1,000.00		1,007.98		16.93		3.40
Class L (formerly Institutional Class)
Actual		1,000.00		1,042.40		16.51		3.26
Hypothetical		1,000.00		1,008.53		16.24		3.26

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

42 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2017

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., 2017. All rights reserved. April 2017. SAN-SPEC-417

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2017 (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 Discovery 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 Discovery Fund	16
JPMorgan International Equity Fund	20
JPMorgan International Equity Income Fund	22
JPMorgan International Opportunities Fund	26
JPMorgan International Research Enhanced Equity Fund	29
JPMorgan International Unconstrained Equity Fund	31
JPMorgan International Value Fund	34
JPMorgan Intrepid International Fund	37
Schedules of Portfolio Investments	40
Financial Statements	88
Financial Highlights	122
Notes to Financial Statements	148
Schedule of Shareholder Expenses	177

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in many developed and emerging markets.

During the final quarter of 2016 and into 2017, certain leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President Trump’s administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

In Europe, a pickup in corporate earnings and improvements in consumer sentiment also proved attractive to investors during the reporting period. Electoral defeats of anti-European Union (EU) politicians in Austria and the Netherlands also helped lift investor sentiment across the EU and other developed markets.

Emerging markets also saw investment inflows during the six month reporting period amid economic and financial market stability in China. Notably, the Chinese government’s efforts to curb excessive leverage in its financial markets appeared to adversely impact the Shanghai Stock Exchange Composite Index in April 2017. Meanwhile, several previously underperforming economies – particularly Brazil, Argentina, Russia, Turkey and South Africa – showed signs of improvement toward the end of the reporting period.

Commodities prices showed signs of stabilization during the reporting period and global oil prices reached 15-month highs in October 2016. Oil prices were further bolstered by the December 2016 decision by the Organization of Petroleum Exporting Countries’ to curb production. However, by the end of the reporting period, overproduction pushed global oil prices lower.

For the six months ended April 30, 2017, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 11.47% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 8.88%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		11.03%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		8.88%
Net Assets as of 4/30/2017 (In Thousands)	$	1,881,826

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 Class I Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

The Fund’s security selection in the energy sector and its security selection and overweight position in the materials sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the utilities sector and its security selection and overweight position in the consumer staples sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Polski Koncern Naftowy SA, KGHM Polska Miedz SA and AAC Technologies Holdings Inc. Shares of Polski Koncern Naftowy, a Polish crude oil processor, benefitted from rising oil prices during most of the reporting period. Shares of KGHM Polska Miedz, a Polish metals mining and smelting company, rose amid investor expectations for higher demand for base metals. Shares of AAC Technologies Holdings, a Chinese maker of acoustical components for consumer electronics, rose on expectations for continued growth in smartphone sales.

Leading individual detractors from relative performance included the Fund’s underweight position in Samsung Electronics Co. and its overweight positions in Micro-Star International Co. and Emlak Konut Gayrimenkul Yatiri

Ortakligi AS. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, rose after the company reported strong earnings growth. Shares of Micro-Star International, a Taiwanese maker of computer hardware, declined as the company transitioned to new products, which reduced sales. Shares of Emlak Konus Gayrimenkul, a Turkish real estate investment trust, fell after the company announced it would eliminate regular dividend payments.

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, 2017, were to China, South Korea and Taiwan and its smallest average country exposures were to Chile, Singapore and Vietnam. From a sector perspective, the Fund’s largest average weightings were in the financials, information technology and energy sectors, while its smallest average weightings were in the telecommunication services, health care and real estate sectors.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Samsung Electronics Co. Ltd. (South Korea)	2.3	%
	2.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.2
	3.	Itau Unibanco Holding SA, ADR (Brazil)	1.9
	4.	Tencent Holdings Ltd. (China)	1.7
	5.	Alibaba Group Holding Ltd., ADR (China)	1.6
	6.	Polski Koncern Naftowy ORLEN SA (Poland)	1.5
	7.	NetEase, Inc., ADR (China)	1.5
	8.	China Construction Bank Corp., Class H (China)	1.5
	9.	Bank of China Ltd., Class H (China)	1.4
	10.	Copa Holdings SA, Class A (Panama)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	21.9	%
South Korea	17.0
Taiwan	14.1
Brazil	9.4
Russia	8.6
Thailand	4.6
Turkey	4.3
India	3.1
Hong Kong	2.8
Poland	2.5
South Africa	2.5
Hungary	1.5
Panama	1.4
Malaysia	1.3
United Arab Emirates	1.2
Others (each less than 1.0%)	2.1
Short-Term Investment	1.7

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2008
With Sales Charge**			5.03	%		14.62	%		(1.33	)%		(0.97	)%
Without Sales Charge			10.85			21.01			(0.26	)		(0.39	)
CLASS C SHARES	February 28, 2008
With CDSC***			9.64			19.45			(0.74	)		(0.88	)
Without CDSC			10.64			20.45			(0.74	)		(0.88	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2008		11.03			21.31			0.00	(a)		(0.13	)
CLASS R5 SHARES	February 28, 2008		11.10			21.52			0.20			0.06
CLASS R6 SHARES	September 1, 2015		11.10			21.54			0.22			0.07

* 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.

(a) Amount rounds to less than 0.005%.

LIFE OF FUND PERFORMANCE (2/28/08 TO 4/30/17)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1*		10.00%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		8.88%
Net Assets as of 4/30/2017 (In Thousands)	$	3,562,217

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 Class L Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

The Fund’s security selection in the financials and consumer staples sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the information technology and energy sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Sberbank of Russia OJSC, JD.com Inc. and AAC Technologies Holdings Inc. Shares of Sberbank, a Russian bank, rose along with a general rebound in Russian equities during the reporting period. Shares of JD.com, a Chinese retailer of consumer electronics, rose on revenue growth and expanding profit margins. Shares of AAC Technologies Holdings, a Chinese maker of acoustical components for consumer electronics, rose on expectations for continued growth in smartphone sales.

Leading individual detractors from relative performance included the Fund’s underweight position in Samsung Electronics Co. and its overweight positions in Magnit PJSC and BB Seguridade Participacoes SA. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, rose after

the company reported strong earnings growth. Shares of Magnit, a Russian operator of retail stores, fell on weak sales growth. Shares of BB Seguridade Participacoes, a Brazilian insurance company, fell after the company forecast slower profit growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers 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 during the reporting period were in the financials, information technology and consumer discretionary sectors, while the Fund’s smallest average sector positions were in the utilities, materials and health care sectors. The Fund’s largest average country positions were in China, India and South Africa and its smallest average positions were in Turkey, Egypt and Papua New Guinea.

¹ Effective December 1, 2016, the Fund’s Institutional Class Shares were renamed Class L Shares.

* 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, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	6.5	%
	2.	Alibaba Group Holding Ltd., ADR (China)	4.0
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	4.0
	4.	AIA Group Ltd. (Hong Kong)	3.7
	5.	Housing Development Finance Corp. Ltd. (India)	3.5
	6.	Samsung Electronics Co. Ltd. (South Korea)	3.2
	7.	Bid Corp. Ltd. (South Africa)	2.6
	8.	Tata Consultancy Services Ltd. (India)	2.3
	9.	JD.com, Inc., ADR (China)	2.2
	10.	HDFC Bank Ltd., ADR (India)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
India	18.6	%
China	18.5
South Africa	11.1
Brazil	10.1
Taiwan	7.7
Hong Kong	6.6
South Korea	5.1
Russia	4.1
United States	3.4
Indonesia	3.1
Mexico	2.6
Argentina	1.6
Panama	1.3
Peru	1.2
Switzerland	1.0
Others (each less than 1.0%)	2.7
Short-Term Investment	1.3

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			4.14	%		15.38	%		0.86	%		1.90	%
Without Sales Charge			9.92			21.77			1.95			2.45
CLASS C SHARES	February 28, 2006
With CDSC***			8.62			20.12			1.44			1.94
Without CDSC			9.62			21.12			1.44			1.94
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		10.00			22.02			2.20			2.70
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	November 15, 1993		10.06			22.17			2.35			2.87
CLASS R5 SHARES	September 9, 2016		10.09			22.20			2.36			2.87
CLASS R6 SHARES	December 23, 2013		10.16			22.37			2.43			2.90

* 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.

TEN YEAR PERFORMANCE (4/30/07 TO 4/30/17)

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 Class L Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Class L Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2007 to April 30, 2017. 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.

Class L 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 redemptions 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, 2017

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)(1)*		5.55%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		8.88%
Net Assets as of 4/30/2017 (In Thousands)	$	16,087

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 Class I Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

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

Leading individual detractors from relative performance included the Fund’s underweight position in Samsung Electronics Co. and its overweight positions in Engie Brasil Energia SA and BB Seguridade Participacoes SA. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer that was not held in the Fund, rose after the company reported strong earnings growth. Shares of Engie Brasil Energia, a Brazilian electricity generator, fell amid investor concerns about the company’s transition toward renewable energy and electricity transmission. Shares of BB Seguridade Participacoes, a Brazilian insurance company, fell after the company forecast slower profit growth.

Leading individual contributors to relative performance included the Fund’s overweight positions in Fuyao Glass Industry Group Co. and GD Midea Holding Co. and its underweight position in Petroleo Brasiliero SA. Shares of Fuyao Glass Industry Group, a Chinese maker of glass for the automobile industry, rose on investor expectations for growing auto sales. Shares of GD Midea Holding, a Chinese appliance manufacturer not held in the Benchmark, rose on investor expectations for growth in the retail market for home appliances. Shares of Petroleo Brasiliero, Brazil’s state-controlled petroleum company, which was not held in the Fund, fell amid a global oversupply of oil at the end of the reporting period.

HOW THE FUND WAS MANAGED?

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

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.0	%
	2.	Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)	3.0
	3.	Banco Santander Chile, ADR (Chile)	3.0
	4.	Moscow Exchange MICEX-RTS PJSC (Russia)	2.7
	5.	Fuyao Glass Industry Group Co. Ltd., Class A (China)	2.7
	6.	China Mobile Ltd. (China)	2.7
	7.	Ambev SA, ADR (Brazil)	2.7
	8.	Samsung Electronics Co. Ltd. (South Korea)	2.5
	9.	BB Seguridade Participacoes SA (Brazil)	2.5
	10.	China Resources Power Holdings Co. Ltd. (China)	2.4

SUMMARY OF INVESTMENTS BY COUNTRY***
Taiwan	19.5	%
China	13.1
South Africa	12.2
Brazil	7.4
Russia	7.4
South Korea	6.6
Mexico	6.3
Hong Kong	6.0
Thailand	4.3
Turkey	3.4
Czech Republic	3.0
Chile	3.0
Indonesia	2.1
Hungary	1.7
United Arab Emirates	1.5
United States	1.4
France	0.9
Short-Term Investment	0.2

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 12, 2014
With Sales Charge**			(0.17	)%		7.99	%		(2.42	)%
Without Sales Charge			5.39			13.98			(0.18	)
CLASS C SHARES	December 12, 2014
With CDSC***			4.18			12.33			(0.68	)
Without CDSC			5.18			13.33			(0.68	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	December 12, 2014		5.55			14.18			0.07
CLASS R5 SHARES	December 12, 2014		5.72			14.47			0.28
CLASS R6 SHARES	December 12, 2014		5.67			14.52			0.32

* 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 4/30/17)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		12.78%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)2		12.12%
Net Assets as of 4/30/2017 (In Thousands)	$	7,716,152

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 Class I Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the telecommunications and banks-finance sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the banks-capital markets and basic industries sectors was a leading detractor from relative performance. By region, the Fund’s security selection in North America was the leading contributor to relative performance, while the Fund’s underweight allocation to Europe and its overweight allocation to Japan detracted from relative performance.

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

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc. (United States)	2.3	%
	2.	Microsoft Corp. (United States)	1.7
	3.	Amazon.com, Inc. (United States)	1.2
	4.	Facebook, Inc., Class A (United States)	1.2
	5.	Alphabet, Inc., Class C (United States)	1.0
	6.	Wells Fargo & Co. (United States)	0.9
	7.	Bank of America Corp. (United States)	0.9
	8.	Alphabet, Inc., Class A (United States)	0.8
	9.	Exxon Mobil Corp. (United States)	0.8
	10.	General Electric Co. (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	59.8	%
Japan	8.7
United Kingdom	5.6
France	4.1
Germany	3.7
Canada	3.4
Switzerland	2.9
Australia	2.6
Netherlands	2.0
Spain	1.4
Hong Kong	1.2
Others (each less than 1.0%)	4.0
Short-Term Investment	0.6

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

²  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, 2017. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2013
With Sales Charge**			6.72	%		9.36	%		3.84	%		8.05	%
Without Sales Charge			12.62			15.44			5.72			9.46
CLASS C SHARES	February 28, 2013
With CDSC***			11.36			13.84			5.20			8.91
Without CDSC			12.36			14.84			5.20			8.91
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2013		12.78			15.74			5.99			9.73
CLASS R2 SHARES	February 28, 2013		12.46			15.14			5.45			9.18

* 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 4/30/17)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*	14.34%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	11.76%
Net Assets as of 4/30/2017 (In Thousands)	$2,125

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 Class I Shares outperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the health care and energy sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in North America and its security selection and underweight position in Japan were leading contributors to relative performance, while the Fund’s security selection in Europe, including the U.K., was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Time Inc., Harman International Industries Inc. and Vertex Pharmaceuticals Inc. Shares of Time, a magazine publisher not held in the Benchmark, rose on news that the company was soliciting takeover offers. Shares of Harman International, an auto parts manufacturer, rose ahead of its takeover by Samsung Electronics Co. Shares of Vertex Pharmaceuticals, a drug maker, rose following positive results from clinical trials of its treatment for cystic fibrosis.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Teva Pharmaceutical Industries Ltd., Alexion Pharmaceuticals Inc. and BT Group PLC. Shares of Teva Pharmaceutical, an Israel-based maker of generic and specialty drugs, fell amid investor concerns about the company’s patent on a key drug and general concerns about pricing pressure on generic drugs. Shares of Alexion Pharmaceuticals, a drug maker, fell amid management changes and investor concerns about increased competition for the company’s drugs. Share of BT Group, a telecommunications provider, fell after the company significantly reduced its earnings forecast.

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.	Alphabet, Inc., Class C (United States)	5.0	%
	2.	Citigroup, Inc. (United States)	3.3
	3.	Molson Coors Brewing Co., Class B (United States)	3.1
	4.	Vodafone Group plc (United Kingdom)	3.1
	5.	Amazon.com, Inc. (United States)	2.7
	6.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	2.6
	7.	Shire plc, ADR (United States)	2.5
	8.	Novartis AG (Registered) (Switzerland)	2.4
	9.	AXA SA (France)	2.4
	10.	Kroger Co. (The) (United States)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
United States	49.4	%
United Kingdom	10.1
China	8.9
France	7.8
Japan	5.7
Switzerland	3.9
Israel	2.6
Denmark	1.8
Hong Kong	1.6
Canada	1.5
Luxembourg	1.5
Netherlands	1.4
India	1.1
Others (each less than 1.0%)	0.8
Short-Term Investment	1.9

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**			8.12	%		11.26	%		3.67	%		8.24	%		9.55	%
Without Sales Charge			14.09			17.42			5.55			9.42			10.65
CLASS C SHARES	November 30, 2011
With CDSC***			12.84			15.84			5.04			8.88			10.10
Without CDSC			13.84			16.84			5.04			8.88			10.10
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	November 30, 2011		14.34			17.82			5.90			9.75			10.98
CLASS R2 SHARES	November 30, 2011		14.05			17.18			5.30			9.15			10.38
CLASS R5 SHARES	November 30, 2011		14.35			18.00			6.03			9.92			11.15
CLASS R6 SHARES	November 30, 2011		14.41			18.07			6.09			9.97			11.21

* 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 (11/30/11 TO 4/30/17)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Discovery Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*	12.11%
MSCI Europe, Australasia and Far East Small and Mid Cap Index (“MSCI EAFE SMID Cap Index”)	12.29%
Net Assets as of 4/30/2017 (In Thousands)	$6,762

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the MSCI EAFE SMID Cap Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

Relative to the Benchmark, the Fund’s security selection in the materials and diversified financials sectors was a leading detractor from performance, while the Fund’s overweight position and security selection in the capital goods sector and its security selection in the retailing sector were leading contributors to relative performance.

By region, the Fund’s security selection in the Pacific, excluding Japan, was a leading detractor from relative performance, while its security selection in emerging markets was a leading contributor to relative performance.

Leading individual detractors included the Fund’s underweight positions in Plus500 Ltd., Noble Group Ltd. and M3 Inc. Shares of Plus500, a U.K. online securities trading platform operator, rose after the company named a new chairwoman and reached a settlement in a dispute with Belgian regulators. Shares of Noble Group, a Chinese commodities supply chain operator, rose on news reports that Sinochem was seeking to buy a stake in the company. Shares of M3, a Japanese provider of online

health care services, rose after Sony Corp. announced plans to sell its stake in the company.

Leading individual contributors to relative performance included the Fund’s positions in JD Sports Fashion PLC, Ashtead Group PLC and Ipsen. Shares of JD Sports Fashion, a U.K.

apparel retailer, rose after the company reported better-than-expected earnings. Shares of Ashtead Group, a U.K. equipment rental company, rose after the company reported strong earnings growth. Shares of Ipsen, a French drug maker, rose amid the company’s successful launch of two new drugs.

HOW WAS THE FUND POSITIONED?

The Fund’s assets were primarily invested in equity and equity-like securities of foreign companies, including foreign subsidiaries of U.S. companies. At April 30, 2017, the Fund’s largest sector holdings were in the industrials, consumer discretionary and materials sectors, while the Fund’s smallest sector holdings were in the utilities, telecommunications services and energy sectors. By region, the Fund’s largest positions were in Europe and Japan.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Ashtead Group plc (United Kingdom)	1.8	%
	2.	JD Sports Fashion plc (United Kingdom)	1.7
	3.	Micro Focus International plc (United Kingdom)	1.4
	4.	Aristocrat Leisure Ltd. (Australia)	1.4
	5.	AAC Technologies Holdings, Inc. (China)	1.4
	6.	Electrocomponents plc (United Kingdom)	1.4
	7.	Treasury Wine Estates Ltd. (Australia)	1.3
	8.	Challenger Ltd. (Australia)	1.3
	9.	Mitsubishi Motors Corp. (Japan)	1.2
	10.	Domino’s Pizza Enterprises Ltd. (Australia)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.9	%
United Kingdom	16.4
France	8.5
Australia	8.4
Switzerland	7.1
Italy	6.8
Hong Kong	4.7
Germany	4.1
China	3.5
Sweden	3.2
Finland	2.2
Norway	2.1
United States	1.4
Denmark	1.3
Georgia	1.1
Others (each less than 1.0%)	4.3

*** Percentages indicated are based upon total investments as of April 30, 2017. The Fund’s composition is subject to change.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Discovery Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	SINCE INCEPTION
CLASS A SHARES	December 21, 2015
With Sales Charge**		6.06%	9.55%		3.84	%
Without Sales Charge		11.91	15.64		8.04
CLASS C SHARES	December 21, 2015
With CDSC***		10.62	14.12		7.50
Without CDSC		11.62	15.12		7.50
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	December 21, 2015	12.11	16.08		8.40
CLASS R5 SHARES	December 21, 2015	12.15	16.19		8.54
CLASS R6 SHARES	December 21, 2015	12.19	16.31		8.62

* 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 (12/21/15 TO 04/30/17)

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 21, 2015.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Discovery Fund, the MSCI EAFE SMID Cap Index (net of foreign withholding taxes) and the Lipper international Multi-Cap Core Funds Index from December 21, 2015 to April 30, 2017. 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 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 SMID Cap Index captures mid and small cap representation across Developed Markets countries around the world, 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.

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)

Class I 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 redemptions of Fund shares.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		11.03%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		11.47%
Net Assets as of 4/30/2017 (In Thousands)	$	3,688,410

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 Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

The Fund’s security selection in the industrials and energy sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Japan Tobacco Inc., CNOOC Ltd. and Vodafone Group PLC. Shares of Japan Tobacco, a maker of tobacco products, fell amid investor concerns about the company’s domestic sales volume and competition for its next-generation products. Shares of CNOOC, a Chinese offshore petroleum company that was not held in the Benchmark, fell after the company issued a lower-than-expected forecast for production and capital expenditures. Shares of Vodafone, a U.K. telecommunications company, fell after the company reported slower revenue growth, driven by low cost competition in its Indian business.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Samsung Electronics Co., Prudential PLC and Akzo Nobel NV.

Shares of Samsung Electronics, a South Korean consumer electronics manufacturer not held in the Benchmark, rose after the company reported strong earnings growth. Shares of Prudential, a U.K. insurance and financial services company, rose after the company reported better-than-expected results from its U.S. and Asia businesses. Shares of Akzo Nobel, a Dutch paint and coatings manufacturer, rose following news reports that PPG Industries Inc. was seeking to acquire the company.

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.	Samsung Electronics Co. Ltd., GDR (South Korea)	2.2	%
	2.	HSBC Holdings plc (United Kingdom)	2.1
	3.	Roche Holding AG (Switzerland)	2.1
	4.	Prudential plc (United Kingdom)	2.1
	5.	Novartis AG (Registered) (Switzerland)	2.0
	6.	SAP SE (Germany)	1.9
	7.	UBS Group AG (Registered) (Switzerland)	1.8
	8.	Vodafone Group plc (United Kingdom)	1.7
	9.	Sumitomo Mitsui Financial Group, Inc. (Japan)	1.7
	10.	Royal Dutch Shell plc, Class A (Netherlands)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	20.8	%
United Kingdom	19.1
France	12.2
Switzerland	10.5
Germany	8.0
Netherlands	5.6
Hong Kong	4.5
China	3.1
South Korea	2.7
Belgium	1.6
Spain	1.2
Taiwan	1.2
Australia	1.2
India	1.1
South Africa	1.1
Denmark	1.0
United States	1.0
Others (each less than 1.0%)	2.0
Short-Term Investment	2.1

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			5.16	%		8.78	%		3.99	%		0.54	%
Without Sales Charge			10.99			14.78			5.12			1.08
CLASS C SHARES	January 31, 2003
With CDSC***			9.70			13.22			4.59			0.56
Without CDSC			10.70			14.22			4.59			0.56
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	January 1, 1997		11.03			15.01			5.37			1.33
CLASS R2 SHARES	November 3, 2008		10.84			14.45			4.85			0.85
CLASS R5 SHARES	May 15, 2006		11.09			15.19			5.57			1.52
CLASS R6 SHARES	November 30, 2010		11.23			15.28			5.63			1.55

* 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.

TEN YEAR PERFORMANCE (4/30/07 TO 4/30/17)

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 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 Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2007 to April 30, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		8.87%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		11.47%
Net Assets as of 4/30/2017 (In Thousands)	$	175,872

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 Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the banks and insurance sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the industrial cyclical sector and its underweight position in the utilities sector, where the Fund had no holdings, were leading positive contributors to relative performance.

By region, the Fund’s underweight positions and security selection in the Pacific and in Japan detracted from relative performance, while the Fund’s holdings in emerging markets, where the Benchmark had no exposure, and its security selection and underweight position in Continental Europe made positive contributions to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Royal Ahold Delhaize NV, Daiwa Securities Group Inc. and Severstal PAO. Shares of Royal Ahold Delhaize, a Netherlands grocery chain, fell after the company reported a decline in earnings. Shares of Daiwa Securities Group, a Japanese financial services company, fell amid investor expectations for low returns in Japanese financial markets. Shares of Severstal, a Russian an iron ore producer and steelmaker, fell amid a decline in global prices for iron ore.

Leading individual contributors to relative performance included the Fund’s underweight position in Toyota Motor Corp. and its overweight positions in Michelin SCA and Samsung Electronics Co. Shares of Toyota, a Japanese automaker, fell amid a slowdown in U.S. auto sales and ongoing litigation related to faulty air bags. Shares of Michelin, a French maker of automotive tires and maps and guides, rose amid investor expectations for increased auto sales. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer not held in the Benchmark, rose after the company reported strong earnings growth.

HOW THE FUND WAS MANAGED?

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

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	GlaxoSmithKline plc (United Kingdom)	3.5	%
	2.	British American Tobacco plc (United Kingdom)	3.0
	3.	Anheuser-Busch InBev SA/NV (Belgium)	3.0
	4.	Danske Bank A/S (Denmark)	2.7
	5.	HSBC Holdings plc, ADR (United Kingdom)	2.4
	6.	WPP plc (United Kingdom)	2.3
	7.	Siemens AG (Registered) (Germany)	2.3
	8.	Cie Generale des Etablissements Michelin (France)	2.2
	9.	Mitsubishi UFJ Financial Group, Inc., ADR (Japan)	2.2
	10.	Bridgestone Corp. (Japan)	2.2

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	24.4	%
Germany	12.2
Japan	10.8
Switzerland	7.6
France	7.5
Netherlands	5.7
Russia	4.9
Finland	3.9
Belgium	3.0
Denmark	2.7
South Korea	2.0
Canada	1.9
Czech Republic	1.8
China	1.6
Norway	1.5
New Zealand	1.3
Hong Kong	1.1
Spain	1.0
Others (each less than 1.0%)	3.2
Short-Term Investment	1.9

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge**			2.96	%		1.71	%		5.29	%		3.57	%
Without Sales Charge			8.69			7.33			6.43			4.48
CLASS C SHARES	February 28, 2011
With CDSC***			7.42			5.87			5.91			3.95
Without CDSC			8.42			6.87			5.91			3.95
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2011		8.87			7.70			6.74			4.77
CLASS R2 SHARES	February 28, 2011		8.56			7.10			6.16			4.21
CLASS R5 SHARES	February 28, 2011		8.91			7.81			6.90			4.94
CLASS R6 SHARES	January 30, 2015		8.95			7.86			6.91			4.94

* 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 4/30/17)

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 Class I 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, 2017. 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 Inter-

national 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.

Class I 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 redemptions 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.

The MSCI information may only be used for your internal use, may not be

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		12.51%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		11.47%
Net Assets as of 4/30/2017 (In Thousands)	$	2,971,751

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 Class A Shares, without a sales charge, outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the industrial cyclical and basic industries sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the transportation services and consumer cyclical sector and the banks sector was a leading detractor from relative performance.

The Fund’s regional allocations made positive contributions to relative performance, with the Fund’s security selection in Europe, excluding the U.K., and Japan providing the leading contributions and the Fund’s security selection in the U.K. and emerging markets providing the smallest contribution. The Benchmark had no allocation to emerging markets.

Leading individual contributors to relative performance included the Fund’s overweight positions in DMG Mori Co., Norsk Hydro ASA and Goodman Group. Shares of DMG Mori, a Japanese maker of industrial cutting machine tools that was not held in the Benchmark, rose on investor expectations for increased demand from the robotics sector. Shares of Norsk Hydro, a Norwegian aluminum and renewable energy company, rose on increased aluminum prices and weakness in Norway’s

currency. Shares of Goodman Group, an Australian real estate company, rose amid strong tenant demand and the company’s reduced debt obligations.

Leading individual detractors from relative performance included the Fund’s overweight positions in Orix Corp. and Yamato Holdings Co. and its underweight position in LMH Moet Hennessy Louis Vuitton SE. Shares of Orix, a Japanese financial services company, fell amid a slowdown in the company’s growth. Shares of Yamato Holdings, a Japanese parcel delivery and logistics company, fell after the company reported lower-than-expected earnings and higher-than-expected costs. Shares of LVMH Moet Hennessy, a luxury goods manufacturer that was not held in the Fund, rose on increased sales and improved consumer sentiment.

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.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.6	%
	2.	Roche Holding AG (Switzerland)	2.4
	3.	British American Tobacco plc (United Kingdom)	2.2
	4.	Siemens AG (Registered) (Germany)	2.1
	5.	Mitsubishi UFJ Financial Group, Inc. (Japan)	1.7
	6.	ING Groep NV (Netherlands)	1.7
	7.	TOTAL SA (France)	1.7
	8.	BNP Paribas SA (France)	1.7
	9.	Unilever NV, CVA (United Kingdom)	1.6
	10.	Anheuser-Busch InBev SA/NV (Belgium)	1.6

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.6	%
United Kingdom	16.5
France	13.9
Germany	9.0
Netherlands	6.9
Switzerland	5.3
Australia	3.8
China	2.8
Italy	2.4
Denmark	2.4
Finland	2.2
Spain	1.6
Belgium	1.6
India	1.5
United States	1.4
Norway	1.4
Sweden	1.3
Chile	1.1
Short-Term Investment	1.3

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			6.63	%		5.61	%		4.45	%		0.09	%
Without Sales Charge			12.51			11.46			5.58			0.64
CLASS C SHARES	July 31, 2007
With CDSC***			11.21			9.88			5.03			0.12
Without CDSC			12.21			10.88			5.03			0.12
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		12.52			11.65			5.85			0.88
CLASS R6 SHARES	November 30, 2010		12.74			12.02			6.16			1.14

* 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 (4/30/07 TO 4/30/17)

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 $10,000 invested in Class A Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2007 to April 30, 2017. 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.

Class A Shares have a $1,000 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 redemptions 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.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		12.66%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		11.47%
Net Assets as of 4/30/2017 (In Thousands)	$	1,715,944

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 Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the industrial cyclical and banks sectors was a leading positive contributor to relative performance. The Fund’s security selection in the automobiles sector and overweight position in the telecommunications sector were leading detractors from relative performance.

Each of the Fund’s regional allocations made a positive contribution to relative performance. The Fund’s security selection in Europe, excluding the U.K., was a leading contributor to relative performance, while the Fund’s security selection in the Pacific, excluding Japan, was the smallest contributor 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 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 SA (Registered) (Switzerland)	2.6	%
	2.	Roche Holding AG (Switzerland)	1.9
	3.	British American Tobacco plc (United Kingdom)	1.6
	4.	Siemens AG (Registered) (Germany)	1.4
	5.	Bayer AG (Registered) (Germany)	1.4
	6.	SAP SE (Germany)	1.2
	7.	HSBC Holdings plc (United Kingdom)	1.2
	8.	Toyota Motor Corp. (Japan)	1.2
	9.	Commonwealth Bank of Australia (Australia)	1.2
	10.	Anheuser-Busch InBev SA/NV (Belgium)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.4	%
United Kingdom	15.7
Germany	10.9
France	10.1
Switzerland	9.7
Australia	6.6
Netherlands	5.2
Italy	3.1
Hong Kong	2.6
Spain	2.4
Finland	2.0
Belgium	1.2
United States	1.1
Denmark	1.1
Others (each less than 1.0%)	4.7
Short-Term Investment	2.2

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			6.59	%		7.38	%		5.90	%		(0.09	)%
Without Sales Charge			12.49			13.30			7.05			0.45
CLASS C SHARES	November 4, 1997
With CDSC***			11.20			11.66			6.48			(0.18	)
Without CDSC			12.20			12.66			6.48			(0.18	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	October 28, 1992		12.66			13.60			7.33			0.70
CLASS R2 SHARES	November 3, 2008		12.40			12.99			6.79			0.19

* 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 (4/30/07 to 4/30/17)

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 I 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 Class I Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2007 to April 30, 2017. 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.

Class I 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 redemptions 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, 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)

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		11.76%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)		10.37%
Net Assets as of 4/30/2017 (In Thousands)	$	174,359

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 Class I Shares outperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the consumer discretionary and materials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy and telecommunication services sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Europe and the U.K. was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, and in North America was a leading detractor from relative performance.

Leading individual contributors to the relative performance included the Fund’s overweight positions in Altice NV, Actelion Ltd. and Wartsila Oyj. Shares of Altice, a Dutch telecommunications and media company, rose on news reports that it would sell a minority interest in its U.S. operations through an initial public offering. Shares of Actelion, a Swiss drug maker, rose on news reports of a $30 billion takeover offer by Johnson & Johnson. Shares of Wartsila, a Finnish maker of engines and generators, rose after the company won several large contracts for supply and maintenance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Teva Pharmaceutical Industries Ltd., CNOOC Ltd and Alimentation Couche-Tard Inc. Shares of Teva Pharmaceutical, an Israel-based maker of generic and specialty drugs, fell amid investor concerns about the company’s patent on a key drug and general concerns about pricing pressure on generic drugs. Shares of CNOOC, a Chinese offshore petroleum company, fell after the company reported a decline in earnings and revenue. Shares of Alimentation Couche-Tard, a Canadian operator of convenience stores, rose after the company reported growth in sales and earnings.

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 unique 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.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Altice NV, Class A (Netherlands)	4.1	%
	2.	British American Tobacco plc (United Kingdom)	3.5
	3.	Continental AG (Germany)	2.8
	4.	Nokia OYJ (Finland)	2.7
	5.	Banco Bilbao Vizcaya Argentaria SA (Spain)	2.7
	6.	Samsung Electronics Co. Ltd., GDR (South Korea)	2.6
	7.	NN Group NV (Netherlands)	2.6
	8.	Vodafone Group plc (United Kingdom)	2.6
	9.	CNOOC Ltd. (China)	2.6
	10.	LafargeHolcim Ltd. (Registered) (Switzerland)	2.5

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	18.4	%
Netherlands	10.8
Japan	10.2
China	7.8
Switzerland	7.8
South Korea	6.4
Hong Kong	5.9
Finland	4.8
Germany	4.6
Canada	4.0
Spain	2.7
India	2.3
Belgium	2.0
Israel	2.0
Denmark	1.6
Macau	1.5
Italy	1.5
South Africa	1.3
United States	1.2
Short-Term Investment	3.2

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*	1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
With Sales Charge**			5.66%		7.49	%		1.45	%		5.38	%		7.34	%
Without Sales Charge			11.54		13.45			3.29			6.52			8.41
CLASS C SHARES		November 30, 2011
With CDSC***			10.29		11.95			2.78			6.00			7.87
Without CDSC			11.29		12.95			2.78			6.00			7.87
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		November 30, 2011	11.76		13.85			3.63			6.84			8.73
CLASS R2 SHARES		November 30, 2011	11.43		13.20			3.04			6.26			8.14
CLASS R5 SHARES		November 30, 2011	11.81		13.96			3.76			7.00			8.90
CLASS R6 SHARES		November 30, 2011	11.80		14.02			3.81			7.06			8.96

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/17)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1*		12.89%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		12.53%
Net Assets as of 4/30/2017 (In Thousands)	$	824,857

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 Class L Shares outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the insurance and utilities sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy and health care sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Japan, Europe and the U.K. was a leading contributor to relative performance, while the Fund’s underweight allocation to the Pacific, excluding Japan, and its security selection in emerging markets and North America were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prudential PLC and Bankia SA and its underweight position in Toyota Motor Corp.

Shares of Prudential, a U.K. insurance and financial services company that was not held in the Benchmark, rose after the company’s chief executive said there were “significant” growth opportunities for the company’s business abroad. Shares of Bankia, a Spanish financial services company, rose on better-than-expected earnings. Shares of Toyota, a Japanese automaker, fell amid a slowdown in U.S. auto sales and ongoing litigation related to faulty air bags.

Leading individual detractors from relative performance included the Fund’s overweight positions in Teva Pharmaceutical Industries Ltd., Daikin Industries Ltd. and CNOOC Ltd. Shares of Teva Pharmaceuticals, an Israeli maker of generic and specialty drugs, fell amid investor concerns about the company’s patent on a key drug and general concerns about pricing pressure on generic drugs. Shares of Daikin Industries, a maker of air conditioning systems that was not held in the Benchmark, fell after the company reported a decline in revenue. Shares of CNOOC, a Chinese offshore petroleum company that was not held in the Benchmark, fell after the company reported a decline in earnings and revenue.

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.

¹  Effective December 1, 2016, the Fund’s Institutional Class Shares were renamed Class L Shares.

* 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, 2017

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.9	%
	2.	TOTAL SA (France)	3.4
	3.	Siemens AG (Registered) (Germany)	2.8
	4.	Australia & New Zealand Banking Group Ltd. (Australia)	2.8
	5.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.8
	6.	BNP Paribas SA (France)	2.2
	7.	AXA SA (France)	2.2
	8.	ING Groep NV (Netherlands)	2.0
	9.	Zurich Insurance Group AG (Switzerland)	1.9
	10.	Rio Tinto plc (United Kingdom)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.7	%
France	15.9
United Kingdom	10.1
Germany	8.4
Netherlands	7.7
Switzerland	4.5
Australia	3.9
Italy	3.3
Spain	3.0
Belgium	2.2
Sweden	1.8
United States	1.5
Hong Kong	1.3
Israel	1.3
Singapore	1.2
Austria	1.1
South Korea	1.1
Canada	1.0
Norway	1.0
Finland	1.0
Luxembourg	1.0
Others (each less than 1.0%)	2.3
Short-Term Investment	2.7

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			6.73	%		7.56	%		3.39	%		(0.99	)%
Without Sales Charge			12.66			13.50			4.51			(0.46	)
CLASS C SHARES	July 11, 2006
With CDSC***			11.35			11.82			4.00			(0.95	)
Without CDSC			12.35			12.82			4.00			(0.95	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		12.75			13.75			4.80			(0.20	)
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	November 4, 1993		12.89			13.89			4.95			(0.05	)
CLASS R2 SHARES	November 3, 2008		12.48			13.14			4.25			(0.68	)
CLASS R5 SHARES	September 9, 2016		12.80			13.89			4.95			(0.05	)
CLASS R6 SHARES	November 30, 2010		12.90			14.08			5.07			0.03

* 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 period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/07 TO 4/30/17)

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 Class L Shares. The actual returns of Class R5 shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from April 30, 2007 to April 30, 2017. 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.

Class L 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 redemptions 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, 2017

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		11.08%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		11.47%
Net Assets as of 4/30/2017 (In Thousands)	$	2,922,753

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 Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017. 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.

The Fund’s security selection in the consumer discretionary and telecommunication services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and health care 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. 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 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 were attractive based on their proprietary multifactor model.

* 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Roche Holding AG (Switzerland)	1.8	%
	2.	Unilever NV, CVA (United Kingdom)	1.5
	3.	Nestle SA (Registered) (Switzerland)	1.5
	4.	British American Tobacco plc (United Kingdom)	1.4
	5.	Siemens AG (Registered) (Germany)	1.2
	6.	Sanofi (France)	1.2
	7.	Bayer AG (Registered) (Germany)	1.0
	8.	BHP Billiton Ltd. (Australia)	1.0
	9.	ING Groep NV (Netherlands)	1.0
	10.	Banco Santander SA (Spain)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.6	%
United Kingdom	16.0
Switzerland	11.3
France	10.2
Germany	7.4
Australia	6.9
Netherlands	3.2
Denmark	3.0
Spain	2.9
Sweden	2.8
Hong Kong	2.3
Italy	1.1
Norway	1.1
United States	1.0
Others (each less than 1.0%)	4.6
Short-Term Investment	2.6

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			5.26	%		6.85	%		5.34	%		(0.30	)%
Without Sales Charge			11.08			12.79			6.49			0.24
CLASS C SHARES	February 28, 2006
With CDSC***			9.83			11.28			5.96			(0.26	)
Without CDSC			10.83			12.28			5.96			(0.26	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2006		11.33			13.21			6.80			0.51
CLASS R2 SHARES	November 3, 2008		10.99			12.53			6.22			0.02
CLASS R6 SHARES	May 29, 2015		11.39			13.42			7.03			0.74

* 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 (4/30/07/ TO 4/30/17)

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 Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from April 30, 2007 to April 30, 2017. 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.

Class A Shares have a $1,000 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 redemptions 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.6%
		Brazil — 7.7%
	1,984	Banco Bradesco SA, ADR (a)		20,930
	2,275	Banco do Brasil SA (a)		23,496
	1,278	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (a)		11,759
	249	Cia de Saneamento de Minas Gerais-COPASA (a)		2,820
	766	Cosan SA Industria e Comercio		8,901
	1,773	EDP — Energias do Brasil SA (a)		7,534
	2,839	Itau Unibanco Holding SA, ADR		34,917
	307	M Dias Branco SA (a)		4,721
	2,270	MRV Engenharia e Participacoes SA		11,345
	763	Qualicorp SA		5,408
	782	Transmissora Alianca de Energia Eletrica SA		5,783
	908	Vale SA, ADR (a)		7,792
				145,406
		China — 21.8%
	1,582	AAC Technologies Holdings, Inc.		23,191
	261	Alibaba Group Holding Ltd., ADR (a)		30,095
	4,921	Anhui Conch Cement Co. Ltd., Class H		17,209
	54,916	Bank of China Ltd., Class H		26,564
	6,007	BYD Electronic International Co. Ltd.		9,168
	9,726	China CITIC Bank Corp. Ltd., Class H		6,157
	34,451	China Construction Bank Corp., Class H		27,963
	6,498	China Lesso Group Holdings Ltd.		5,174
	4,600	China Mengniu Dairy Co. Ltd.		8,887
	7,860	China Merchants Bank Co. Ltd., Class H		20,365
	3,092	China Overseas Land & Investment Ltd.		8,969
	17,654	China Power International Development Ltd.		6,577
	479	Chlitina Holding Ltd.		2,299
	3,812	COSCO SHIPPING Ports Ltd.		4,173
	9,925	Geely Automobile Holdings Ltd.		13,372
	5,646	Guangzhou Automobile Group Co. Ltd., Class H		8,774
	15,346	Huadian Power International Corp. Ltd., Class H		6,465
	15,510	Huaneng Power International, Inc., Class H		10,691
	63,095	Industrial & Commercial Bank of China Ltd., Class H		41,129
	107	NetEase, Inc., ADR		28,374
	11,070	PICC Property & Casualty Co. Ltd., Class H		17,795
	3,280	Ping An Insurance Group Co. of China Ltd., Class H		18,438
	5,888	Shenzhen Expressway Co. Ltd., Class H		5,362
	3,027	Sinopharm Group Co. Ltd., Class H		13,567
	1,034	Tencent Holdings Ltd.		32,386
	2,996	TravelSky Technology Ltd., Class H		7,886
	11,252	Xinyi Solar Holdings Ltd. (a)		3,512
	4,944	Zhejiang Expressway Co. Ltd., Class H		6,150
				410,692

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 2.7%
	4,387	China High Speed Transmission Equipment Group Co. Ltd.		4,261
	1,628	Haier Electronics Group Co. Ltd.		3,775
	2,198	Kingboard Chemical Holdings Ltd.		7,916
	2,759	Kingboard Laminates Holdings Ltd.		3,325
	6,136	Lee & Man Paper Manufacturing Ltd.		4,805
	4,680	Nine Dragons Paper Holdings Ltd.		5,047
	19,207	WH Group Ltd. (e)		17,136
	6,160	Xinyi Glass Holdings Ltd. (a)		5,459
				51,724
		Hungary — 1.5%
	127	MOL Hungarian Oil & Gas plc		9,550
	644	OTP Bank plc		18,119
				27,669
		India — 3.1%
	1,782	Apollo Tyres Ltd.		6,758
	921	Bharat Petroleum Corp. Ltd.		10,298
	1,127	Hindustan Petroleum Corp. Ltd.		9,395
	7,703	Oil & Natural Gas Corp. Ltd.		22,319
	2,937	Rural Electrification Corp. Ltd.		9,241
				58,011
		Indonesia — 0.7%
	14,292	Bank Rakyat Indonesia Persero Tbk. PT		13,805
		Malaysia — 1.3%
	13,704	AirAsia Bhd.		10,570
	4,031	Tenaga Nasional Bhd.		12,940
				23,510
		Mexico — 0.6%
	3,736	Grupo Mexico SAB de CV, Series B		10,989
		Panama — 1.4%
	228	Copa Holdings SA, Class A		26,498
		Poland — 2.5%
	344	KGHM Polska Miedz SA		10,911
	971	Polski Koncern Naftowy ORLEN SA		29,030
	4,582	Polskie Gornictwo Naftowe i Gazownictwo SA		7,813
				47,754
		Qatar — 0.5%
	223	Qatar National Bank QPSC		8,821
		Russia — 8.0%
	8,222	Alrosa PJSC		14,174
	297	LUKOIL PJSC, ADR		14,738
	11,250	Magnitogorsk Iron & Steel OJSC		6,697

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Russia — continued
	1,163	MMC Norilsk Nickel PJSC, ADR		17,869
	1,450	Mobile TeleSystems PJSC, ADR		14,965
	3,187	Moscow Exchange MICEX-RTS PJSC		6,445
	180	Ros Agro plc, GDR		2,211
	2,530	Rosneft Oil Co. PJSC, GDR		13,996
	344,413	RusHydro PJSC		5,416
	1,449	Sberbank of Russia PJSC, ADR		17,280
	361	Sberbank of Russia PJSC, ADR		4,288
	978	Severstal PJSC, GDR		13,356
	157	Tatneft PJSC, ADR		6,163
	150	Tatneft PJSC, ADR		5,898
	163	X5 Retail Group NV, GDR (a)		5,750
				149,246
		South Africa — 2.5%
	648	Barloworld Ltd.		5,839
	404	Imperial Holdings Ltd.		5,111
	672	Nedbank Group Ltd.		11,326
	514	Sappi Ltd.		3,820
	1,923	Standard Bank Group Ltd.		21,351
				47,447
		South Korea — 16.9%
	696	Hana Financial Group, Inc.		23,914
	103	Hyosung Corp.		13,013
	254	Hyundai Engineering & Construction Co. Ltd.		10,814
	262	Hyundai Marine & Fire Insurance Co. Ltd.		8,450
	66	Hyundai Mobis Co. Ltd.		12,858
	512	Korea Electric Power Corp.		20,409
	27	KT Corp.		751
	175	KT&G Corp.		15,583
	454	LG Uplus Corp.		5,764
	42	Mando Corp.		8,579
	70	NCSoft Corp.		22,067
	310	Partron Co. Ltd.		2,963
	90	POSCO		21,255
	22	Samsung Electronics Co. Ltd.		42,569
	411	Shinhan Financial Group Co. Ltd.		17,139
	490	SK Hynix, Inc.		23,203
	148	SK Innovation Co. Ltd.		22,234
	34	SK Materials Co. Ltd.		5,331
	191	S-Oil Corp.		16,706
	1,859	Woori Bank		24,370
				317,972

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — 14.0%
	5,653	Accton Technology Corp.		12,823
	37,792	CTBC Financial Holding Co. Ltd.		23,600
	1,921	Elite Material Co. Ltd.		7,662
	2,703	FLEXium Interconnect, Inc. (a)		10,032
	12,721	Fubon Financial Holding Co. Ltd.		19,914
	1,687	General Interface Solution Holding Ltd.		9,406
	665	Grape King Bio Ltd.		4,284
	7,991	Hon Hai Precision Industry Co. Ltd.		26,154
	7,938	King Yuan Electronics Co. Ltd. (a)		7,166
	148	Largan Precision Co. Ltd.		24,578
	2,051	Merry Electronics Co. Ltd.		12,141
	7,104	Micro-Star International Co. Ltd.		14,229
	3,497	Pegatron Corp.		10,299
	3,549	Powertech Technology, Inc.		11,134
	1,468	Realtek Semiconductor Corp.		4,964
	369	Silicon Motion Technology Corp., ADR		17,923
	266	St Shine Optical Co. Ltd.		5,149
	593	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		19,619
	2,515	Tong Yang Industry Co. Ltd.		4,268
	1,690	Wistron NeWeb Corp.		4,848
	22,560	Yuanta Financial Holding Co. Ltd.		9,646
	1,900	Zhen Ding Technology Holding Ltd.		4,443
				264,282
		Thailand — 4.6%
	11,586	Charoen Pokphand Foods PCL, NVDR		8,949
	3,512	Kiatnakin Bank PCL, NVDR		6,921
	34,101	Krung Thai Bank PCL, NVDR		19,497
	1,781	PTT PCL, NVDR		19,989
	19,213	Star Petroleum Refining PCL, NVDR		7,324
	3,487	Thai Oil PCL, NVDR		7,857
	6,681	Thanachart Capital PCL, NVDR		9,118
	3,005	Tisco Financial Group PCL, NVDR		6,620
				86,275
		Turkey — 4.3%
	6,367	Akbank TAS		17,042
	18,162	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		15,079
	5,476	Eregli Demir ve Celik Fabrikalari TAS		10,031
	940	KOC Holding A/S		4,418
	3,513	Tekfen Holding A/S		9,054
	253	Tupras Turkiye Petrol Rafinerileri A/S		6,376
	4,207	Turkiye Halk Bankasi A/S		13,949
	3,687	Turkiye Sise ve Cam Fabrikalari A/S		4,628
				80,577

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Arab Emirates — 1.2%
	9,836	Aldar Properties PJSC		5,726
	8,804	Emaar Properties PJSC		17,192
				22,918
		Vietnam — 0.3%
	4,185	Hoa Phat Group JSC		5,407
		Total Common Stocks (Cost $1,560,658)		1,799,003
	Preferred Stocks — 2.3%
		Brazil — 1.7%
	644	Braskem SA (Preference), Class A		6,918
	2,586	Cia de Saneamento do Parana (Preference)		8,311
	2,824	Cia Energetica de Minas Gerais (Preference)		7,866
	5,510	Metalurgica Gerdau SA (Preference)		7,933
				31,028
		Russia — 0.6%
	22,079	Surgutneftegas OJSC (Preference)		11,831
		Total Preferred Stocks (Cost $46,046)		42,859
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	32,084	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $32,084)		32,084
		Total Investments — 99.6% (Cost $1,638,788)		1,873,946
		Other Assets in Excess of Liabilities — 0.4%		7,880
		NET ASSETS — 100.0%	$	1,881,826

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		24.5	%
Oil, Gas & Consumable Fuels		12.3
Electronic Equipment, Instruments & Components		7.0
Metals & Mining		6.7
Internet Software & Services		4.8
Semiconductors & Semiconductor Equipment		4.7
Technology Hardware, Storage & Peripherals		3.6
Electric Utilities		3.2
Insurance		2.4
Food Products		2.2
Auto Components		2.0
Airlines		2.0
Real Estate Management & Development		1.7
Diversified Financial Services		1.6
Communications Equipment		1.4
Chemicals		1.3
Independent Power & Renewable Electricity Producers		1.3
Water Utilities		1.2
Automobiles		1.2
Software		1.2
Construction & Engineering		1.1
Health Care Providers & Services		1.0
Others (each less than 1.0%)		9.9
Short-Term Investment		1.7

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	154	Mini MSCI Emerging Markets Mini Index		06/16/17		USD	$	7,538	$	42

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Argentina — 1.7%
	257	MercadoLibre, Inc.		58,887
		Australia — 0.6%
	4,119	Oil Search Ltd.		22,225
		Brazil — 9.5%
	6,193	Ambev SA, ADR		35,487
	3,895	BB Seguridade Participacoes SA		36,568
	5,596	CCR SA		31,100
	3,273	Cielo SA		24,853
	3,647	Itau Unibanco Holding SA, ADR		44,857
	4,759	Kroton Educacional SA		22,519
	5,578	Lojas Renner SA		51,841
	846	Marcopolo SA (a)		554
	1,313	Raia Drogasil SA (a)		27,793
	2,258	Ultrapar Participacoes SA		50,447
	2,451	WEG SA		13,653
				339,672
		China — 18.5%
	3,047	AAC Technologies Holdings, Inc.		44,659
	1,242	Alibaba Group Holding Ltd., ADR (a)		143,431
	150	Baidu, Inc., ADR (a)		27,098
	5,271	CNOOC Ltd.		6,145
	2,222	JD.com, Inc., ADR (a)		77,936
	11,165	Ping An Insurance Group Co. of China Ltd., Class H		62,770
	4,527	Shenzhou International Group Holdings Ltd.		29,787
	7,358	Tencent Holdings Ltd.		230,541
	2,710	Vipshop Holdings Ltd., ADR (a)		37,591
				659,958
		Cyprus — 0.3%
	1,207	Globaltrans Investment plc, GDR		9,140
		Egypt — 0.7%
	5,592	Commercial International Bank Egypt SAE, GDR		23,906
		Hong Kong — 6.6%
	19,196	AIA Group Ltd.		132,864
	517	Jardine Matheson Holdings Ltd.		33,277
	8,783	Sands China Ltd.		39,780
	7,133	Techtronic Industries Co. Ltd.		30,603
				236,524
		India — 18.6%
	1,756	Asian Paints Ltd.		30,610
	2,198	HDFC Bank Ltd.		53,697
	903	HDFC Bank Ltd., ADR		71,917
	5,303	Housing Development Finance Corp. Ltd.		126,621

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — continued
	2,002	IndusInd Bank Ltd.		44,956
	2,686	Infosys Ltd., ADR		39,112
	15,007	ITC Ltd.		64,796
	2,407	Kotak Mahindra Bank Ltd.		33,742
	1,676	Lupin Ltd.		34,832
	2,334	Tata Consultancy Services Ltd.		82,417
	754	Tata Motors Ltd., ADR		26,879
	801	UltraTech Cement Ltd.		52,904
				662,483
		Indonesia — 3.2%
	71,609	Astra International Tbk. PT		47,992
	31,120	Bank Central Asia Tbk. PT		41,388
	23,468	Bank Rakyat Indonesia Persero Tbk. PT		22,667
				112,047
		Mexico — 2.6%
	9,980	Becle SAB de CV (a)		16,699
	9,928	Grupo Financiero Banorte SAB de CV, Class O		57,458
	3,708	Infraestructura Energetica Nova SAB de CV		17,323
				91,480
		Panama — 1.3%
	406	Copa Holdings SA, Class A		47,278
		Peru — 1.2%
	278	Credicorp Ltd.		42,716
		Russia — 4.1%
	412	LUKOIL PJSC, ADR		20,448
	408	Magnit PJSC		62,916
	181	Magnit PJSC, GDR		6,328
	19,497	Sberbank of Russia PJSC		56,630
				146,322
		South Africa — 11.1%
	1,755	Aspen Pharmacare Holdings Ltd.		36,393
	4,360	Bid Corp. Ltd.		92,360
	3,907	Bidvest Group Ltd. (The)		46,629
	331	Capitec Bank Holdings Ltd.		18,897
	9,183	FirstRand Ltd.		34,259
	1,738	Mr Price Group Ltd.		20,435
	3,174	Remgro Ltd.		52,691
	9,054	Sanlam Ltd.		48,083
	8,592	Woolworths Holdings Ltd.		46,574
				396,321
		South Korea — 5.1%
	164	Hyundai Motor Co.		20,702
	127	Netmarble Games Corp. (a) (e)		17,540

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — continued
	194	Samsung Biologics Co. Ltd. (a)		29,764
	58	Samsung Electronics Co. Ltd.		113,225
				181,231
		Taiwan — 7.7%
	5,115	Delta Electronics, Inc.		28,790
	1,732	Eclat Textile Co. Ltd.		18,943
	239	Largan Precision Co. Ltd.		39,691
	5,095	President Chain Store Corp.		44,338
	4,294	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		142,012
				273,774
		Thailand — 0.8%
	5,060	Kasikornbank PCL, NVDR		27,038
		Turkey — 0.3%
	1,022	Ford Otomotiv Sanayi A/S		11,363
		United States — 2.7%
	493	EPAM Systems, Inc. (a)		37,986
	443	Luxoft Holding, Inc. (a)		27,298
	947	Yum China Holdings, Inc. (a)		32,326
				97,610
		Total Common Stocks (Cost $2,724,226)		3,439,975
	Preferred Stocks — 0.5%
		Brazil — 0.5%
	1,178	Itau Unibanco Holding SA (Preference)		14,561
	6,706	Marcopolo SA (Preference)		5,049
		Total Preferred Stocks (Cost $18,886)		19,610
	Structured Instrument — 0.9%
		China — 0.9%
		Low Exercise Cash Settled Call Warrant — 0.9%
	4,302	Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a) (Cost $23,518)		33,989
NUMBER OF WARRANTS
	Warrants — 0.7%
		United States — 0.7%
	1,278	Almarai Co., expiring 07/24/17 (Strike Price $1.00) (a) (Cost $17,678)		24,753

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	45,041	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $45,041)		45,041
		Total Investments — 100.0% (Cost $2,829,349)		3,563,368
		Liabilities in Excess of Other Assets — 0.0% (g)		(1,151	)
		NET ASSETS — 100.0%	$	3,562,217

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		15.5	%
Internet Software & Services		12.9
Insurance		7.9
Food & Staples Retailing		7.3
IT Services		5.9
Semiconductors & Semiconductor Equipment		4.0
Thrifts & Mortgage Finance		3.5
Internet & Direct Marketing Retail		3.2
Technology Hardware, Storage & Peripherals		3.2
Electronic Equipment, Instruments & Components		3.2
Automobiles		3.0
Oil, Gas & Consumable Fuels		2.8
Multiline Retail		2.8
Diversified Financial Services		2.4
Industrial Conglomerates		2.2
Hotels, Restaurants & Leisure		2.0
Pharmaceuticals		2.0
Tobacco		1.8
Construction Materials		1.5
Beverages		1.5
Textiles, Apparel & Luxury Goods		1.4
Airlines		1.3
Capital Markets		1.0
Others (each less than 1.0%)		6.4
Short-Term Investment		1.3

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.2%
		Brazil — 7.3%
	74	Ambev SA, ADR		423
	43	BB Seguridade Participacoes SA		399
	24	Engie Brasil Energia SA		260
	4	Smiles SA		94
				1,176
		Chile — 2.9%
	20	Banco Santander Chile, ADR		470
		China — 13.0%
	41	China Mobile Ltd.		431
	214	China Resources Power Holdings Co. Ltd.		385
	204	CNOOC Ltd.		238
	132	Fuyao Glass Industry Group Co. Ltd., Class A		431
	16	Fuyao Glass Industry Group Co. Ltd., Class H (e)		58
	192	Lenovo Group Ltd.		123
	52	Midea Group Co. Ltd., Class A		255
	56	Zhengzhou Yutong Bus Co. Ltd., Class A		164
				2,085
		Czech Republic — 3.0%
	9	Komercni banka A/S		349
	40	Moneta Money Bank A/S (e)		130
				479
		Hong Kong — 5.9%
	14	Hang Seng Bank Ltd.		292
	231	HKT Trust & HKT Ltd.		295
	62	Sands China Ltd.		282
	6	VTech Holdings Ltd.		75
				944
		Hungary — 1.7%
	10	OTP Bank plc		272
		Indonesia — 2.1%
	1,002	Telekomunikasi Indonesia Persero Tbk. PT		331
		Mexico — 6.2%
	71	Bolsa Mexicana de Valores SAB de CV (a)		123
	137	Fibra Uno Administracion SA de CV		239
	221	Kimberly-Clark de Mexico SAB de CV, Class A		472
	74	Wal-Mart de Mexico SAB de CV		168
				1,002
		Russia — 7.3%
	5	LUKOIL PJSC, ADR		236
	6	MegaFon PJSC, GDR		61
	9	MMC Norilsk Nickel PJSC, ADR		131
	7	Mobile TeleSystems PJSC, ADR		77

SHARES			SECURITY DESCRIPTION	VALUE($)
			Russia — continued
	214		Moscow Exchange MICEX-RTS PJSC		433
	9		PhosAgro PJSC, GDR		128
	8		Severstal PJSC, GDR		108
					1,174
			South Africa — 12.1%
	46		AVI Ltd.		339
	26		Barclays Africa Group Ltd.		283
	9		Bid Corp. Ltd.		196
	97		FirstRand Ltd.		361
	118		MMI Holdings Ltd.		205
	25		Vodacom Group Ltd.		278
	52		Woolworths Holdings Ltd.		280
					1,942
			South Korea — 6.5%
	3		Kangwon Land, Inc.		103
	4		KT&G Corp.		345
	—	(h)	Samsung Electronics Co. Ltd.		400
	9		SK Telecom Co. Ltd., ADR		203
					1,051
			Taiwan — 19.2%
	23		Asustek Computer, Inc.		230
	41		Chicony Electronics Co. Ltd.		108
	42		Delta Electronics, Inc.		235
	44		Far EasTone Telecommunications Co. Ltd.		108
	35		MediaTek, Inc.		252
	102		Mega Financial Holding Co. Ltd.		82
	53		Novatek Microelectronics Corp.		204
	32		President Chain Store Corp.		278
	96		Quanta Computer, Inc.		199
	97		Taiwan Mobile Co. Ltd.		358
	24		Taiwan Semiconductor Manufacturing Co. Ltd., ADR		802
	122		Vanguard International Semiconductor Corp.		233
					3,089
			Thailand — 4.2%
	21		Siam Cement PCL (The) (Registered)		327
	13		Siam Commercial Bank PCL (The)		60
	38		Siam Commercial Bank PCL (The), NVDR		169
	36		Thai Oil PCL		81
	19		Thai Oil PCL, NVDR		43
					680

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — 3.3%
	8	Ford Otomotiv Sanayi A/S		88
	32	Tofas Turk Otomobil Fabrikasi A/S		265
	7	Tupras Turkiye Petrol Rafinerileri A/S		183
				536
		United Arab Emirates — 1.5%
	82	National Bank of Abu Dhabi PJSC		245
		Total Common Stocks (Cost $14,489)		15,476
	Structured Instrument — 0.9%
	29	Midea Group Co. Ltd., expiring 10/13/2017 (issued through BNP Paribas) (a) (Cost $115)		141
NUMBER OF WARRANTS
	Warrant — 1.4%
		United States — 1.4%
	13	Al Rajhi Bank, expiring 01/22/18 (Strike Price $ 1.00) (a) (Cost $207)		225
SHARES
	Short-Term Investment — 0.1%
		Investment Company — 0.1%
	24	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $24)		24
		Total Investments — 98.6% (Cost $14,835)		15,866
		Other Assets in Excess of Liabilities — 1.4%		221
		NET ASSETS — 100.0%	$	16,087

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		17.1	%
Wireless Telecommunication Services		9.5
Semiconductors & Semiconductor Equipment		9.4
Technology Hardware, Storage & Peripherals		6.7
Oil, Gas & Consumable Fuels		4.9
Independent Power & Renewable Electricity Producers		4.1
Food & Staples Retailing		4.0
Diversified Telecommunication Services		3.9
Insurance		3.8
Capital Markets		3.5
Auto Components		3.1
Household Products		3.0
Beverages		2.7
Hotels, Restaurants & Leisure		2.4
Diversified Financial Services		2.3
Automobiles		2.2
Tobacco		2.2
Food Products		2.1
Construction Materials		2.1
Multiline Retail		1.8
Household Durables		1.6
Metals & Mining		1.5
Equity Real Estate Investment Trusts (REITs)		1.5
Electronic Equipment, Instruments & Components		1.5
Machinery		1.0
Others (each less than 1.0%)		1.9
Short-Term Investment		0.2

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Australia — 2.6%
	119	AGL Energy Ltd.		2,388
	987	Alumina Ltd.		1,355
	299	Amcor Ltd.		3,515
	531	AMP Ltd.		2,128
	306	APA Group		2,099
	60	Aristocrat Leisure Ltd.		887
	19	ASX Ltd.		702
	637	Aurizon Holdings Ltd.		2,457
	683	Australia & New Zealand Banking Group Ltd.		16,722
	61	Bendigo & Adelaide Bank Ltd.		563
	649	BHP Billiton Ltd.		11,551
	131	BHP Billiton plc		1,993
	237	Boral Ltd.		1,093
	297	Brambles Ltd.		2,301
	71	Caltex Australia Ltd.		1,581
	71	Challenger Ltd.		701
	209	Coca-Cola Amatil Ltd.		1,464
	19	Cochlear Ltd.		1,945
	349	Commonwealth Bank of Australia		22,811
	166	Computershare Ltd.		1,835
	23	Crown Resorts Ltd.		217
	92	CSL Ltd.		9,102
	341	Dexus Property Group		2,606
	266	DUET Group		601
	127	Fortescue Metals Group Ltd.		504
	449	Goodman Group		2,727
	211	GPT Group (The)		831
	184	Incitec Pivot Ltd.		522
	352	Insurance Australia Group Ltd.		1,636
	175	LendLease Group		2,102
	72	Macquarie Group Ltd.		5,013
	487	Medibank Pvt Ltd.		1,059
	1,368	Mirvac Group		2,324
	521	National Australia Bank Ltd.		13,229
	148	Newcrest Mining Ltd.		2,375
	339	Oil Search Ltd.		1,829
	112	Orica Ltd.		1,555
	267	Origin Energy Ltd.		1,439
	341	Qantas Airways Ltd.		1,082
	357	QBE Insurance Group Ltd.		3,427
	40	Ramsay Health Care Ltd.		2,168
	25	REA Group Ltd.		1,131
	317	Santos Ltd. (a)		822
	958	Scentre Group		3,090
	15	SEEK Ltd.		186

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	44		Sonic Healthcare Ltd.		733
	1,438		South32 Ltd.		2,980
	490		Stockland		1,779
	338		Suncorp Group Ltd.		3,486
	319		Sydney Airport		1,648
	341		Tabcorp Holdings Ltd.		1,211
	166		Tatts Group Ltd.		533
	869		Telstra Corp. Ltd.		2,746
	131		TPG Telecom Ltd.		578
	499		Transurban Group		4,558
	110		Treasury Wine Estates Ltd.		985
	1,285		Vicinity Centres		2,769
	215		Wesfarmers Ltd.		6,914
	342		Westfield Corp.		2,326
	675		Westpac Banking Corp.		17,694
	156		Woodside Petroleum Ltd.		3,763
	293		Woolworths Ltd.		5,888
					202,259
			Austria — 0.1%
	317		Erste Group Bank AG (a)		11,337
	—	(h)	Telekom Austria AG (a)		—	(h)
					11,337
			Belgium — 0.5%
	207		Anheuser-Busch InBev SA/NV		23,305
	166		KBC Group NV		11,993
					35,298
			Bermuda — 0.1%
	90		Marvell Technology Group Ltd.		1,349
	91		XL Group Ltd.		3,789
					5,138
			Canada — 3.4%
	52		Agnico Eagle Mines Ltd.		2,489
	33		Agrium, Inc.		3,056
	104		Alimentation Couche-Tard, Inc., Class B		4,792
	85		ARC Resources Ltd.		1,110
	155		Bank of Montreal		10,971
	280		Bank of Nova Scotia (The)		15,583
	275		Barrick Gold Corp.		4,605
	36		BCE, Inc.		1,655
	221		Brookfield Asset Management, Inc., Class A		8,162
	98		Canadian Imperial Bank of Commerce		7,914
	188		Canadian National Railway Co.		13,569
	270		Canadian Natural Resources Ltd.		8,608

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Canada — continued
	98	Canadian Pacific Railway Ltd.		15,045
	17	Canadian Tire Corp. Ltd., Class A		2,097
	209	Cenovus Energy, Inc.		2,083
	55	CGI Group, Inc., Class A (a)		2,643
	5	Constellation Software, Inc.		2,153
	126	Crescent Point Energy Corp.		1,243
	29	Dollarama, Inc.		2,514
	194	Enbridge, Inc.		8,042
	211	Encana Corp.		2,261
	6	Fairfax Financial Holdings Ltd.		2,525
	69	Fortis, Inc.		2,246
	43	Franco-Nevada Corp.		2,896
	57	Gildan Activewear, Inc.		1,594
	198	Goldcorp, Inc.		2,756
	73	Great-West Lifeco, Inc.		1,969
	73	Imperial Oil Ltd.		2,133
	32	Intact Financial Corp.		2,218
	84	Inter Pipeline Ltd.		1,705
	294	Kinross Gold Corp. (a)		1,023
	56	Loblaw Cos. Ltd.		3,140
	98	Magna International, Inc.		4,106
	486	Manulife Financial Corp.		8,521
	59	Metro, Inc.		2,034
	82	National Bank of Canada		3,193
	60	Open Text Corp.		2,072
	93	Pembina Pipeline Corp.		2,972
	207	Potash Corp. of Saskatchewan, Inc.		3,486
	92	Power Corp. of Canada		2,141
	62	Power Financial Corp.		1,567
	54	Restaurant Brands International, Inc.		3,038
	89	Rogers Communications, Inc., Class B		4,097
	336	Royal Bank of Canada		22,990
	63	Saputo, Inc.		2,077
	101	Shaw Communications, Inc., Class B		2,133
	103	Silver Wheaton Corp.		2,058
	37	SNC-Lavalin Group, Inc.		1,480
	152	Sun Life Financial, Inc.		5,365
	383	Suncor Energy, Inc.		11,994
	133	Teck Resources Ltd., Class B		2,755
	423	Toronto-Dominion Bank (The)		19,917
	175	TransCanada Corp.		8,116
	40	Waste Connections, Inc.		3,648
				264,560

SHARES			SECURITY DESCRIPTION	VALUE($)
			China — 0.0% (g)
	925		BOC Hong Kong Holdings Ltd.		3,799
	412		Yangzijiang Shipbuilding Holdings Ltd.		339
					4,138
			Denmark — 0.7%
	131		Chr Hansen Holding A/S		8,854
	241		Danske Bank A/S		8,777
	631		Novo Nordisk A/S, Class B		24,587
	75		Pandora A/S		8,058
	1,274		TDC A/S		6,836
					57,112
			Finland — 0.2%
	153		Cargotec OYJ, Class B		9,135
	—	(h)	Nokian Renkaat OYJ		—	(h)
	131		UPM-Kymmene OYJ		3,454
	2		Wartsila OYJ Abp		105
					12,694
			France — 4.1%
	194		Air Liquide SA		23,409
	256		Airbus SE		20,702
	102		Arkema SA		10,825
	896		AXA SA		23,912
	345		BNP Paribas SA		24,361
	51		Bouygues SA		2,134
	109		Cap Gemini SA		10,890
	98		Cie Generale des Etablissements Michelin		12,866
	45		Kering		14,054
	23		L’Oreal SA		4,509
	29		LVMH Moet Hennessy Louis Vuitton SE		7,198
	1,735		Natixis SA		12,072
	69		Nexans SA (a)		3,833
	105		Pernod Ricard SA		13,174
	128		Renault SA		11,977
	252		Sanofi		23,798
	256		Schneider Electric SE		20,257
	75		Societe Generale SA		4,098
	110		Sodexo SA		13,944
	41		Thales SA		4,313
	592		TOTAL SA		30,379
	6		Unibail-Rodamco SE		1,563
	243		Vinci SA		20,729
					314,997

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — 3.2%
	80	adidas AG		15,947
	65	Allianz SE (Registered)		12,379
	140	BASF SE		13,687
	232	Bayer AG (Registered)		28,753
	38	Bayerische Motoren Werke AG		3,628
	64	Continental AG		14,389
	115	Daimler AG (Registered)		8,551
	285	Deutsche Post AG (Registered)		10,233
	691	Deutsche Telekom AG (Registered)		12,124
	153	Evonik Industries AG		5,093
	165	Fresenius SE & Co. KGaA		13,351
	519	Infineon Technologies AG		10,721
	32	Linde AG		5,736
	73	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		14,060
	297	SAP SE		29,796
	247	Siemens AG (Registered)		35,367
	1,335	Telefonica Deutschland Holding AG		6,472
	97	Uniper SE (a)		1,592
	198	Vonovia SE		7,183
				249,062
		Hong Kong — 1.1%
	2,496	AIA Group Ltd.		17,279
	53	ASM Pacific Technology Ltd.		794
	85	Bank of East Asia Ltd. (The)		353
	572	Cathay Pacific Airways Ltd.		823
	176	Cheung Kong Infrastructure Holdings Ltd.		1,541
	464	Cheung Kong Property Holdings Ltd.		3,320
	650	CK Hutchison Holdings Ltd.		8,114
	446	CLP Holdings Ltd.		4,704
	409	Galaxy Entertainment Group Ltd.		2,272
	153	Hang Lung Properties Ltd.		401
	192	Hang Seng Bank Ltd.		3,895
	350	Henderson Land Development Co. Ltd.		2,217
	322	HKT Trust & HKT Ltd.		412
	1,806	Hong Kong & China Gas Co. Ltd.		3,607
	229	Hong Kong Exchanges & Clearing Ltd.		5,620
	49	Hong kong Land Holdings Ltd.		376
	2,431	Hutchison Port Holdings Trust, Class U		984
	38	Jardine Matheson Holdings Ltd.		2,465
	342	Kerry Properties Ltd.		1,278
	908	Li & Fung Ltd.		380
	349	Link REIT		2,505
	240	MTR Corp. Ltd.		1,381
	499	New World Development Co. Ltd.		621

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	311	NWS Holdings Ltd.		584
	293	Power Assets Holdings Ltd.		2,631
	653	Sands China Ltd.		2,958
	1,068	Sino Land Co. Ltd.		1,807
	330	Sun Hung Kai Properties Ltd.		4,945
	204	Swire Pacific Ltd., Class A		1,962
	99	Techtronic Industries Co. Ltd.		423
	699	WH Group Ltd. (e)		623
	412	Wharf Holdings Ltd. (The)		3,513
	388	Wheelock & Co. Ltd.		3,022
	223	Yue Yuen Industrial Holdings Ltd.		880
				88,690
		Ireland — 0.2%
	148	James Hardie Industries plc, CDI		2,505
	104	Ryanair Holdings plc, ADR (a)		9,586
				12,091
		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		4,887
		Italy — 0.7%
	382	Atlantia SpA		9,689
	3,226	Enel SpA		15,337
	48	Eni SpA		743
	1,239	Intesa Sanpaolo SpA		3,616
	197	Italgas SpA (a)		890
	8,659	Telecom Italia SpA (a)		7,685
	834	UniCredit SpA (a)		13,581
				51,541
		Japan — 8.7%
	208	Air Water, Inc.		4,010
	227	Ajinomoto Co., Inc.		4,421
	61	Alfresa Holdings Corp.		1,092
	245	Amada Holdings Co. Ltd.		2,918
	32	Asahi Group Holdings Ltd.		1,220
	400	Asahi Kasei Corp.		3,814
	243	Astellas Pharma, Inc.		3,204
	123	Bandai Namco Holdings, Inc.		3,857
	217	Bridgestone Corp.		9,064
	128	Canon, Inc.		4,255
	131	Casio Computer Co. Ltd.		1,845
	13	Central Japan Railway Co.		2,247
	141	Chubu Electric Power Co., Inc.		1,896
	54	Chugai Pharmaceutical Co. Ltd.		1,912
	619	Concordia Financial Group Ltd.		2,849

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	67		Dai Nippon Printing Co. Ltd.		746
	318		Daicel Corp.		3,647
	336		Dai-ichi Life Holdings, Inc.		5,732
	272		Daiichi Sankyo Co. Ltd.		6,052
	84		Daikin Industries Ltd.		8,157
	40		Daito Trust Construction Co. Ltd.		5,886
	226		Daiwa House Industry Co. Ltd.		6,719
	—	(h)	Daiwa House REIT Investment Corp.		817
	104		DeNA Co. Ltd.		2,232
	61		Denso Corp.		2,611
	52		Dentsu, Inc.		2,918
	58		DIC Corp.		2,072
	78		East Japan Railway Co.		6,955
	3		Eisai Co. Ltd.		142
	155		Electric Power Development Co. Ltd.		3,593
	32		FANUC Corp.		6,556
	8		Fast Retailing Co. Ltd.		2,646
	267		Fuji Electric Co. Ltd.		1,463
	171		FUJIFILM Holdings Corp.		6,343
	427		Fujitsu Ltd.		2,665
	72		Hankyu Hanshin Holdings, Inc.		2,382
	27		Hisamitsu Pharmaceutical Co., Inc.		1,367
	1,575		Hitachi Ltd.		8,701
	11		Hokuriku Electric Power Co.		99
	452		Honda Motor Co. Ltd.		13,153
	104		Hoya Corp.		4,966
	318		Hulic Co. Ltd.		2,996
	521		Inpex Corp.		4,989
	510		ITOCHU Corp.		7,216
	207		J Front Retailing Co. Ltd.		2,978
	123		Japan Airlines Co. Ltd.		3,875
	58		Japan Exchange Group, Inc.		816
	—	(h)	Japan Prime Realty Investment Corp.		728
	—	(h)	Japan Real Estate Investment Corp.		1,675
	1		Japan Retail Fund Investment Corp.		1,303
	339		Japan Tobacco, Inc.		11,280
	152		JFE Holdings, Inc.		2,596
	155		JGC Corp.		2,703
	54		JTEKT Corp.		849
	1,100		JXTG Holdings, Inc.		4,963
	588		Kajima Corp.		3,993
	296		Kansai Electric Power Co., Inc. (The)		3,999
	62		Kao Corp.		3,394
	961		Kawasaki Heavy Industries Ltd.		2,910
	307		KDDI Corp.		8,142
	67		Keikyu Corp.		769

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	78		Kewpie Corp.		1,980
	27		Keyence Corp.		10,734
	214		Kintetsu Group Holdings Co. Ltd.		781
	310		Kirin Holdings Co. Ltd.		6,029
	128		Komatsu Ltd.		3,426
	43		Kubota Corp.		674
	13		Kyocera Corp.		759
	275		Kyowa Hakko Kirin Co. Ltd.		4,725
	155		Kyushu Electric Power Co., Inc.		1,669
	3		Lawson, Inc.		226
	126		M3, Inc.		3,208
	45		Mabuchi Motor Co. Ltd.		2,552
	296		Marubeni Corp.		1,827
	235		Marui Group Co. Ltd.		3,217
	334		Mazda Motor Corp.		4,929
	809		Mebuki Financial Group, Inc.		3,174
	24		Mitsubishi Chemical Holdings Corp.		189
	457		Mitsubishi Corp.		9,851
	609		Mitsubishi Electric Corp.		8,495
	107		Mitsubishi Estate Co. Ltd.		2,049
	115		Mitsubishi Tanabe Pharma Corp.		2,332
	3,201		Mitsubishi UFJ Financial Group, Inc.		20,283
	633		Mitsubishi UFJ Lease & Finance Co. Ltd.		3,307
	216		Mitsui & Co. Ltd.		3,053
	646		Mitsui Chemicals, Inc.		3,305
	81		Mitsui Fudosan Co. Ltd.		1,782
	3,513		Mizuho Financial Group, Inc.		6,422
	38		MS&AD Insurance Group Holdings, Inc.		1,232
	26		Murata Manufacturing Co. Ltd.		3,425
	139		NGK Insulators Ltd.		2,972
	136		NGK Spark Plug Co. Ltd.		2,945
	135		NH Foods Ltd.		3,848
	85		Nidec Corp.		7,836
	27		Nintendo Co. Ltd.		6,757
	—	(h)	Nippon Building Fund, Inc.		1,708
	—	(h)	Nippon Prologis REIT, Inc.		543
	265		Nippon Steel & Sumitomo Metal Corp.		5,961
	219		Nippon Telegraph & Telephone Corp.		9,385
	258		Nippon Yusen KK		519
	641		Nissan Motor Co. Ltd.		6,103
	206		Nisshin Seifun Group, Inc.		3,159
	32		Nitori Holdings Co. Ltd.		4,216
	45		Nitto Denko Corp.		3,419
	633		Nomura Holdings, Inc.		3,802
	1		Nomura Real Estate Master Fund, Inc.		1,067
	118		NSK Ltd.		1,607

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	359	NTT DOCOMO, Inc.		8,675
	65	Obayashi Corp.		627
	33	Obic Co. Ltd.		1,756
	110	Olympus Corp.		4,230
	37	Omron Corp.		1,566
	84	Oriental Land Co. Ltd.		4,801
	475	ORIX Corp.		7,262
	75	Otsuka Corp.		4,007
	149	Otsuka Holdings Co. Ltd.		6,840
	478	Panasonic Corp.		5,714
	194	Rakuten, Inc.		1,989
	19	Recruit Holdings Co. Ltd.		955
	363	Resona Holdings, Inc.		2,019
	65	Rohm Co. Ltd.		4,537
	5	Ryohin Keikaku Co. Ltd.		1,218
	61	Santen Pharmaceutical Co. Ltd.		851
	7	Secom Co. Ltd.		472
	147	Seibu Holdings, Inc.		2,565
	86	Sekisui House Ltd.		1,422
	149	Seven & i Holdings Co. Ltd.		6,272
	53	Shimadzu Corp.		906
	19	Shimamura Co. Ltd.		2,600
	11	Shimano, Inc.		1,638
	80	Shimizu Corp.		767
	102	Shin-Etsu Chemical Co. Ltd.		8,822
	65	Shionogi & Co. Ltd.		3,342
	267	Shizuoka Bank Ltd. (The)		2,254
	13	SMC Corp.		3,749
	222	SoftBank Group Corp.		16,809
	64	Sompo Holdings, Inc.		2,422
	326	Sony Corp.		11,176
	27	Stanley Electric Co. Ltd.		788
	86	Subaru Corp.		3,241
	214	Sumitomo Chemical Co. Ltd.		1,208
	35	Sumitomo Corp.		464
	216	Sumitomo Electric Industries Ltd.		3,533
	107	Sumitomo Metal Mining Co. Ltd.		1,449
	368	Sumitomo Mitsui Financial Group, Inc.		13,679
	152	Sumitomo Mitsui Trust Holdings, Inc.		5,214
	187	Sumitomo Realty & Development Co. Ltd.		5,052
	101	Suntory Beverage & Food Ltd.		4,568
	33	Suruga Bank Ltd.		686
	70	Suzuken Co. Ltd.		2,300
	144	Suzuki Motor Corp.		6,028
	59	Sysmex Corp.		3,575

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	45	T&D Holdings, Inc.		675
	90	Takeda Pharmaceutical Co. Ltd.		4,337
	61	Tohoku Electric Power Co., Inc.		807
	208	Tokio Marine Holdings, Inc.		8,778
	282	Tokyo Electric Power Co. Holdings, Inc. (a)		1,097
	48	Tokyo Electron Ltd.		5,839
	259	Tokyo Gas Co. Ltd.		1,202
	262	Tokyo Tatemono Co. Ltd.		3,574
	641	Tokyu Corp.		4,591
	387	Toppan Printing Co. Ltd.		3,896
	19	Toyo Suisan Kaisha Ltd.		729
	67	Toyota Industries Corp.		3,347
	579	Toyota Motor Corp.		31,352
	27	Toyota Tsusho Corp.		849
	45	Trend Micro, Inc.		1,998
	1	United Urban Investment Corp.		813
	84	West Japan Railway Co.		5,606
	192	Yahoo Japan Corp.		823
	630	Yamada Denki Co. Ltd.		3,308
	116	Yamato Holdings Co. Ltd.		2,513
				671,062
		Jersey — 0.1%
	49	Randgold Resources Ltd.		4,307
		Luxembourg — 0.1%
	1,102	ArcelorMittal (a)		8,664
		Netherlands — 1.9%
	136	ASML Holding NV		18,040
	130	Heineken Holding NV		10,921
	39	Heineken NV		3,464
	1,354	ING Groep NV		22,073
	701	Koninklijke Ahold Delhaize NV		14,516
	3,643	Koninklijke KPN NV		10,531
	97	Koninklijke Philips NV		3,356
	342	NN Group NV		11,354
	1,343	Royal Dutch Shell plc, Class A		34,872
	805	Royal Dutch Shell plc, Class B		21,426
				150,553
		New Zealand — 0.1%
	291	Auckland International Airport Ltd.		1,380
	192	Contact Energy Ltd.		686
	262	Fletcher Building Ltd.		1,539
	102	Ryman Healthcare Ltd.		605
	579	Spark New Zealand Ltd.		1,467
				5,677

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — 0.1%
	942	Norsk Hydro ASA		5,366
		Portugal — 0.1%
	677	Galp Energia SGPS SA		10,524
		Singapore — 0.4%
	169	Ascendas REIT		310
	335	CapitaLand Ltd.		901
	379	CapitaLand Mall Trust		534
	390	ComfortDelGro Corp. Ltd.		764
	472	DBS Group Holdings Ltd.		6,524
	771	Genting Singapore plc		614
	866	Global Logistic Properties Ltd.		1,785
	17	Jardine Cycle & Carriage Ltd.		565
	449	Keppel Corp. Ltd.		2,089
	796	Oversea-Chinese Banking Corp. Ltd.		5,576
	79	Singapore Exchange Ltd.		421
	153	Singapore Press Holdings Ltd.		380
	1,756	Singapore Telecommunications Ltd.		4,702
	304	United Overseas Bank Ltd.		4,728
	618	Wilmar International Ltd.		1,570
				31,463
		Spain — 1.3%
	762	Banco Bilbao Vizcaya Argentaria SA		6,104
	2,517	Banco Santander SA		16,400
	9,046	Bankia SA		10,983
	1,157	Distribuidora Internacional de Alimentacion SA		6,877
	2,486	Iberdrola SA		17,875
	487	Industria de Diseno Textil SA		18,651
	446	Red Electrica Corp. SA		8,702
	444	Repsol SA		7,003
	1,020	Telefonica SA		11,286
				103,881
		Sweden — 0.7%
	63	Assa Abloy AB, Class B		1,371
	265	Atlas Copco AB, Class A		9,908
	1,431	Nordea Bank AB		17,599
	748	Sandvik AB		11,992
	978	Skandinaviska Enskilda Banken AB, Class A		11,259
				52,129
		Switzerland — 2.9%
	186	ABB Ltd. (Registered)		4,556
	19	Actelion Ltd. (a)		5,517
	125	Adecco Group AG (Registered)		9,251
	91	Cie Financiere Richemont SA (Registered)		7,604

SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — continued
	266	Credit Suisse Group AG (Registered) (a)		4,057
	657	Glencore plc (a)		2,584
	291	LafargeHolcim Ltd. (Registered) (a)		16,501
	754	Nestle SA (Registered)		58,074
	453	Novartis AG (Registered)		34,850
	180	Roche Holding AG		47,023
	10	Syngenta AG (a)		4,605
	485	UBS Group AG (Registered) (a)		8,275
	151	Wolseley plc		9,573
	47	Zurich Insurance Group AG		13,064
				225,534
		United Kingdom — 5.6%
	1,116	3i Group plc		11,473
	82	Anglo American plc (a)		1,177
	191	Associated British Foods plc		6,946
	191	AstraZeneca plc		11,441
	515	BAE Systems plc		4,187
	1,804	Barclays plc		4,941
	852	Barratt Developments plc		6,391
	2,539	BP plc		14,537
	589	British American Tobacco plc		39,767
	615	BT Group plc		2,425
	11	Capita plc		76
	3,957	Centrica plc		10,140
	586	Compass Group plc		11,830
	281	Diageo plc		8,178
	1,175	Dixons Carphone plc		5,103
	1,292	GlaxoSmithKline plc		26,008
	3,121	HSBC Holdings plc		25,736
	157	Imperial Brands plc		7,672
	228	InterContinental Hotels Group plc		12,094
	2,138	ITV plc		5,815
	52	Liberty Global plc, Class A (a)		1,855
	1	Liberty Global plc, Class C (a)		28
	119	Liberty Global plc, Series C (a)		4,110
	2,000	Lloyds Banking Group plc		1,797
	275	London Stock Exchange Group plc		12,028
	450	National Grid plc		5,829
	1,115	Prudential plc		24,739
	99	Reckitt Benckiser Group plc		9,111
	446	RELX plc		9,048
	98	Rio Tinto Ltd.		4,459
	377	Rio Tinto plc		14,854
	1,401	RSA Insurance Group plc		10,807
	906	Sage Group plc (The)		7,860

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	1,517	Standard Chartered plc (a)		14,173
	4,085	Taylor Wimpey plc		10,582
	533	Unilever NV, CVA		27,910
	8,726	Vodafone Group plc		22,475
	273	Whitbread plc		14,266
	797	WPP plc		17,056
				428,924
		United States — 59.6%
	19	3M Co.		3,754
	524	Abbott Laboratories		22,851
	35	AbbVie, Inc.		2,283
	319	Accenture plc, Class A		38,659
	46	Activision Blizzard, Inc.		2,425
	9	Acuity Brands, Inc.		1,507
	283	Adobe Systems, Inc. (a)		37,851
	175	Aetna, Inc.		23,648
	242	Agilent Technologies, Inc.		13,345
	108	Alexion Pharmaceuticals, Inc. (a)		13,756
	209	Allegion plc		16,404
	135	Allergan plc		32,856
	69	Alphabet, Inc., Class A (a)		63,726
	88	Alphabet, Inc., Class C (a)		80,165
	411	Altria Group, Inc.		29,511
	101	Amazon.com, Inc. (a)		93,493
	261	Ameren Corp.		14,264
	46	American Express Co.		3,637
	289	American International Group, Inc.		17,596
	38	American Water Works Co., Inc.		3,021
	71	Ameriprise Financial, Inc.		9,059
	37	Amgen, Inc.		6,058
	263	Anadarko Petroleum Corp.		14,982
	339	Analog Devices, Inc.		25,849
	32	Antero Resources Corp. (a)		675
	1,222	Apple, Inc.		175,536
	38	Aramark		1,393
	123	Archer-Daniels-Midland Co.		5,635
	20	Arrow Electronics, Inc. (a)		1,405
	256	Arthur J Gallagher & Co.		14,275
	1,132	AT&T, Inc.		44,872
	138	Automatic Data Processing, Inc.		14,445
	13	AutoZone, Inc. (a)		9,040
	82	AvalonBay Communities, Inc.		15,552
	29	Avery Dennison Corp.		2,383
	37	Ball Corp.		2,873
	3,061	Bank of America Corp.		71,435

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	370	Bank of New York Mellon Corp. (The)		17,397
	44	Becton Dickinson and Co.		8,307
	263	Berkshire Hathaway, Inc., Class B (a)		43,377
	60	Best Buy Co., Inc.		3,126
	100	Biogen, Inc. (a)		27,149
	59	BioMarin Pharmaceutical, Inc. (a)		5,678
	49	BlackRock, Inc.		18,709
	41	Boston Properties, Inc.		5,146
	900	Boston Scientific Corp. (a)		23,750
	559	Bristol-Myers Squibb Co.		31,353
	66	Brixmor Property Group, Inc.		1,312
	171	Broadcom Ltd.		37,777
	26	Broadridge Financial Solutions, Inc.		1,825
	96	Brown-Forman Corp., Class B		4,565
	71	CA, Inc.		2,320
	166	Cabot Oil & Gas Corp.		3,860
	61	Cadence Design Systems, Inc. (a)		1,993
	16	Camden Property Trust		1,339
	252	Capital One Financial Corp.		20,240
	88	Carnival Corp.		5,428
	24	Caterpillar, Inc.		2,435
	67	CBRE Group, Inc., Class A (a)		2,390
	29	CDK Global, Inc.		1,890
	32	CDW Corp.		1,894
	56	Celanese Corp., Series A		4,917
	293	Celgene Corp. (a)		36,338
	37	Centene Corp. (a)		2,759
	621	Charles Schwab Corp. (The)		24,132
	1	Charter Communications, Inc. (a)		290
	98	Charter Communications, Inc., Class A (a)		33,868
	342	Chevron Corp.		36,502
	187	Chubb Ltd.		25,644
	36	Cigna Corp.		5,661
	19	Cintas Corp.		2,371
	713	Cisco Systems, Inc.		24,291
	912	Citigroup, Inc.		53,894
	89	Citizens Financial Group, Inc.		3,253
	354	CMS Energy Corp.		16,070
	510	Coca-Cola Co. (The)		22,007
	128	Cognizant Technology Solutions Corp., Class A (a)		7,715
	62	Colgate-Palmolive Co.		4,446
	1,365	Comcast Corp., Class A		53,479
	140	Concho Resources, Inc. (a)		17,731
	142	Constellation Brands, Inc., Class A		24,566
	10	Cooper Cos., Inc. (The)		2,053

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	7	Core Laboratories NV		826
	206	Corning, Inc.		5,943
	162	Costco Wholesale Corp.		28,771
	198	Crown Holdings, Inc. (a)		11,121
	47	Cummins, Inc.		7,127
	94	CVS Health Corp.		7,710
	134	Danaher Corp.		11,150
	53	Deere & Co.		5,957
	141	Delphi Automotive plc		11,361
	221	Delta Air Lines, Inc.		10,030
	125	Diamondback Energy, Inc. (a)		12,451
	21	Dick’s Sporting Goods, Inc.		1,055
	279	Discover Financial Services		17,451
	238	DISH Network Corp., Class A (a)		15,311
	92	Dollar General Corp.		6,673
	332	Dow Chemical Co. (The)		20,825
	415	DR Horton, Inc.		13,662
	66	Dr Pepper Snapple Group, Inc.		6,016
	63	DXC Technology Co. (a)		4,768
	60	E*TRADE Financial Corp. (a)		2,061
	261	Eastman Chemical Co.		20,811
	308	Eaton Corp. plc		23,331
	11	Edgewell Personal Care Co. (a)		772
	243	Edison International		19,448
	393	EI du Pont de Nemours & Co.		31,358
	399	Eli Lilly & Co.		32,741
	319	EOG Resources, Inc.		29,498
	145	EQT Corp.		8,452
	26	Equinix, Inc.		11,039
	81	Equity Residential		5,227
	8	Essex Property Trust, Inc.		1,956
	18	Everest Re Group Ltd.		4,579
	137	Exelon Corp.		4,746
	37	Extra Space Storage, Inc.		2,776
	756	Exxon Mobil Corp.		61,694
	14	F5 Networks, Inc. (a)		1,747
	636	Facebook, Inc., Class A (a)		95,539
	55	FedEx Corp.		10,343
	279	Fidelity National Information Services, Inc.		23,507
	60	First Data Corp., Class A (a)		935
	24	FLIR Systems, Inc.		869
	31	Foot Locker, Inc.		2,382
	806	Ford Motor Co.		9,250
	65	Fortive Corp.		4,125
	116	General Dynamics Corp.		22,551

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	2,107		General Electric Co.		61,080
	113		General Motors Co.		3,910
	347		Gilead Sciences, Inc.		23,772
	120		Goldman Sachs Group, Inc. (The)		26,824
	44		H&R Block, Inc.		1,085
	184		Halliburton Co.		8,421
	333		Hartford Financial Services Group, Inc. (The)		16,125
	391		HCP, Inc.		12,262
	115		HD Supply Holdings, Inc. (a)		4,647
	353		Hewlett Packard Enterprise Co.		6,584
	38		Hilton Worldwide Holdings, Inc.		2,218
	40		Hologic, Inc. (a)		1,807
	371		Home Depot, Inc. (The)		57,850
	333		Honeywell International, Inc.		43,614
	996		HP, Inc.		18,751
	96		Humana, Inc.		21,379
	9		Huntington Ingalls Industries, Inc.		1,872
	18		IDEXX Laboratories, Inc. (a)		2,999
	66		Illumina, Inc. (a)		12,156
	35		Incyte Corp. (a)		4,331
	225		Ingersoll-Rand plc		19,971
	14		Ingredion, Inc.		1,731
	411		Intel Corp.		14,866
	323		Intercontinental Exchange, Inc.		19,431
	143		International Business Machines Corp.		22,989
	457		Johnson & Johnson		56,400
	192		Johnson Controls International plc		7,988
	8		Jones Lang LaSalle, Inc.		964
	716		KeyCorp		13,064
	112		Kimberly-Clark Corp.		14,468
	420		Kimco Realty Corp.		8,520
	254		Kinder Morgan, Inc.		5,233
	253		Kraft Heinz Co. (The)		22,897
	71		L3 Technologies, Inc.		12,206
	23		Laboratory Corp. of America Holdings (a)		3,229
	56		Lam Research Corp.		8,045
	16		Lear Corp.		2,287
	—	(h)	Lennox International, Inc.		23
	24		Liberty Broadband Corp., Class C (a)		2,174
	24		Liberty Media Corp.-Liberty SiriusXM, Class A (a)		930
	30		Liberty Property Trust		1,202
	47		Lincoln National Corp.		3,128
	443		Lowe’s Cos., Inc.		37,595
	25		Macerich Co. (The)		1,551
	207		Macy’s, Inc.		6,056
	16		ManpowerGroup, Inc.		1,592

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	113	Marathon Petroleum Corp.		5,760
	393	Masco Corp.		14,553
	1	Mastercard, Inc.		73
	73	Mastercard, Inc., Class A		8,547
	41	McDonald’s Corp.		5,678
	35	McKesson Corp.		4,792
	101	Medtronic plc		8,410
	553	Merck & Co., Inc.		34,473
	452	MetLife, Inc.		23,434
	170	Microchip Technology, Inc.		12,851
	1,939	Microsoft Corp.		132,755
	217	Molson Coors Brewing Co., Class B		20,802
	686	Mondelez International, Inc., Class A		30,884
	739	Morgan Stanley		32,037
	377	Mosaic Co. (The)		10,163
	14	Mylan NV (a)		522
	30	National Retail Properties, Inc.		1,259
	143	Newell Brands, Inc.		6,831
	45	Newfield Exploration Co. (a)		1,555
	110	Newmont Mining Corp.		3,705
	233	NextEra Energy, Inc.		31,139
	408	NIKE, Inc., Class B		22,581
	77	Norfolk Southern Corp.		9,004
	73	Northrop Grumman Corp.		18,002
	53	Nuance Communications, Inc. (a)		950
	72	NVIDIA Corp.		7,537
	321	Occidental Petroleum Corp.		19,733
	339	Oracle Corp.		15,235
	71	O’Reilly Automotive, Inc. (a)		17,703
	191	PACCAR, Inc.		12,778
	53	Parsley Energy, Inc., Class A (a)		1,569
	69	Paychex, Inc.		4,109
	491	PepsiCo, Inc.		55,645
	1,752	Pfizer, Inc.		59,418
	355	PG&E Corp.		23,784
	414	Philip Morris International, Inc.		45,864
	150	Phillips 66		11,926
	165	Pinnacle West Capital Corp.		14,067
	138	Pioneer Natural Resources Co.		23,845
	25	Plains GP Holdings LP, Class A		749
	122	PNC Financial Services Group, Inc. (The)		14,563
	1	Priceline Group, Inc. (The) (a)		2,733
	398	Procter & Gamble Co. (The)		34,769
	283	Prologis, Inc.		15,411
	91	Prudential Financial, Inc.		9,756
	53	Public Storage		11,068
	500	PulteGroup, Inc.		11,341
	16	PVH Corp.		1,620

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	83		QUALCOMM, Inc. (a)		4,440
	29		Quest Diagnostics, Inc.		3,023
	29		Raymond James Financial, Inc.		2,153
	53		Realty Income Corp.		3,107
	33		Regency Centers Corp.		2,116
	3		Regeneron Pharmaceuticals, Inc. (a)		1,057
	574		Regions Financial Corp.		7,891
	14		Reinsurance Group of America, Inc.		1,724
	27		Robert Half International, Inc.		1,251
	7		Rockwell Collins, Inc.		692
	146		Ross Stores, Inc.		9,481
	150		Royal Caribbean Cruises Ltd.		16,040
	33		Sabre Corp.		781
	–	(h)	SBA Communications Corp. (a)		49
	26		SBA Communications Corp., Class A (a)		3,251
	213		Schlumberger Ltd.		15,489
	89		Sealed Air Corp.		3,909
	33		Sensata Technologies Holding NV (a)		1,365
	37		ServiceNow, Inc. (a)		3,513
	5		Sherwin-Williams Co. (The)		1,777
	330		Shire plc		19,465
	55		Simon Property Group, Inc.		9,055
	861		Sirius XM Holdings, Inc.		4,263
	51		SL Green Realty Corp.		5,376
	81		Snap, Inc., Class A (a)		1,836
	76		Snap-on, Inc.		12,776
	7		Spectrum Brands Holdings, Inc.		1,045
	200		Stanley Black & Decker, Inc.		27,180
	568		Starbucks Corp.		34,123
	172		State Street Corp.		14,415
	190		SunTrust Banks, Inc.		10,793
	26		SVB Financial Group (a)		4,493
	63		Symantec Corp.		1,990
	32		Synopsys, Inc. (a)		2,350
	51		TD Ameritrade Holding Corp.		1,956
	311		TE Connectivity Ltd.		24,066
	37		TEGNA, Inc.		950
	8		Teleflex, Inc.		1,696
	509		Texas Instruments, Inc.		40,322
	66		Textron, Inc.		3,085
	127		Thermo Fisher Scientific, Inc.		20,936
	85		Thomson Reuters Corp.		3,857
	164		Time Warner, Inc.		16,242
	349		TJX Cos., Inc. (The)		27,452
	171		T-Mobile US, Inc. (a)		11,527
	65		Toll Brothers, Inc.		2,356
	884		Twenty-First Century Fox, Inc., Class A		26,997
	90		Twenty-First Century Fox, Inc., Class B		2,694
	372		Union Pacific Corp.		41,650

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	210	United Continental Holdings, Inc. (a)		14,778
	37	United Parcel Service, Inc., Class B		4,016
	129	United Technologies Corp.		15,301
	10	United Therapeutics Corp. (a)		1,217
	340	UnitedHealth Group, Inc.		59,425
	49	Unum Group		2,288
	52	US Bancorp		2,657
	96	Valero Energy Corp.		6,216
	174	Vantiv, Inc., Class A (a)		10,788
	260	VEREIT, Inc.		2,175
	21	VeriSign, Inc. (a)		1,889
	564	Verizon Communications, Inc.		25,895
	102	Vertex Pharmaceuticals, Inc. (a)		12,106
	610	Visa, Inc., Class A		55,619
	35	Voya Financial, Inc.		1,293
	28	Vulcan Materials Co.		3,365
	351	Walgreens Boots Alliance, Inc.		30,399
	81	Wal-Mart Stores, Inc.		6,085
	447	Walt Disney Co. (The)		51,682
	1,328	Wells Fargo & Co.		71,520
	199	WestRock Co.		10,660
	71	WEX, Inc. (a)		7,185
	93	Workday, Inc., Class A (a)		8,140
	423	Xcel Energy, Inc.		19,075
	187	Xerox Corp.		1,345
	40	Zimmer Biomet Holdings, Inc.		4,803
				4,599,598
		Total Common Stocks (Cost $6,295,356)		7,611,486
	Preferred Stocks — 0.5%
		Germany — 0.5%
	139	Henkel AG & Co. KGaA (Preference)		18,855
	104	Volkswagen AG (Preference)		16,484
		Total Preferred Stocks (Cost $31,296)		35,339
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Australia — 0.0% (g)
	12	TPG Telecom Ltd., expiring 05/12/17 (Strike Price $1.00) (a) (Cost $—)		6

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	46,476	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $46,476)		46,476
		Total Investments — 99.7% (Cost $6,373,128)		7,693,307
		Other Assets in Excess of Liabilities — 0.3%		22,845
		NET ASSETS — 100.0%	$	7,716,152

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		9.2	%
Pharmaceuticals		6.3
Oil, Gas & Consumable Fuels		5.9
Insurance		3.9
Software		3.4
Internet Software & Services		3.2
Media		3.2
Capital Markets		3.0
IT Services		2.9
Technology Hardware, Storage & Peripherals		2.8
Beverages		2.7
Specialty Retail		2.6
Chemicals		2.6
Semiconductors & Semiconductor Equipment		2.5
Electric Utilities		2.3
Biotechnology		2.2
Industrial Conglomerates		2.1
Equity Real Estate Investment Trusts (REITs)		2.0
Machinery		2.0

INDUSTRY	PERCENTAGE
Diversified Telecommunication Services		1.9	%
Food Products		1.9
Health Care Providers & Services		1.9
Tobacco		1.7
Hotels, Restaurants & Leisure		1.7
Food & Staples Retailing		1.6
Automobiles		1.5
Road & Rail		1.4
Aerospace & Defense		1.3
Health Care Equipment & Supplies		1.3
Internet & Direct Marketing Retail		1.3
Metals & Mining		1.2
Household Products		1.1
Textiles, Apparel & Luxury Goods		1.1
Electrical Equipment		1.0
Others (each less than 1.0%)		12.7
Short-Term Investment		0.6

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	442	Euro STOXX 50 Index		06/16/17		EUR	$	16,892	$	646

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.4%
			Canada — 1.4%
	—	(h)	Canadian Pacific Railway Ltd.		30
			China — 8.5%
	—	(h)	Baidu, Inc., ADR (a)		30
	6		China Overseas Land & Investment Ltd.		17
	18		China Unicom Hong Kong Ltd.		23
	—	(h)	CNOOC Ltd., ADR		37
	1		JD.com, Inc., ADR (a)		27
	4		Ping An Insurance Group Co. of China Ltd., Class H		23
	2		Vipshop Holdings Ltd., ADR (a)		23
					180
			Denmark — 1.7%
	1		Novo Nordisk A/S, Class B		36
			France — 7.4%
	—	(h)	Airbus SE		36
	2		AXA SA		48
	—	(h)	Sanofi		38
	—	(h)	Schneider Electric SE		35
					157
			Hong Kong — 1.5%
	5		AIA Group Ltd.		32
			India — 1.0%
	3		ICICI Bank Ltd., ADR		22
			Israel — 2.5%
	2		Teva Pharmaceutical Industries Ltd., ADR		53
			Italy — 0.8%
	1		UniCredit SpA (a)		17
			Japan — 5.4%
	2		Inpex Corp.		16
	1		Japan Airlines Co. Ltd.		31
	1		Japan Tobacco, Inc.		27
	1		Sumitomo Mitsui Financial Group, Inc.		41
					115
			Luxembourg — 1.4%
	4		ArcelorMittal (a)		30
			Netherlands — 1.3%
	—	(h)	NXP Semiconductors NV (a)		28
			Switzerland — 3.7%
	1		LafargeHolcim Ltd. (Registered) (a)		30
	1		Novartis AG (Registered)		49
					79
			United Kingdom — 9.7%
	1		British American Tobacco plc		40
	12		BT Group plc		47

SHARES			SECURITY DESCRIPTION	VALUE($)
			United Kingdom — continued
	9		ITV plc		25
	1		Liberty Global plc, Class A (a)		31
	24		Vodafone Group plc		62
					205
			United States — 47.1%
	—	(h)	Activision Blizzard, Inc.		23
	—	(h)	Aetna, Inc.		25
	—	(h)	Affiliated Managers Group, Inc.		23
	—	(h)	Alexion Pharmaceuticals, Inc. (a)		34
	—	(h)	Allergan plc		44
	—	(h)	Alphabet, Inc., Class C (a)		101
	—	(h)	Amazon.com, Inc. (a)		55
	—	(h)	Broadcom Ltd.		32
	1		CBRE Group, Inc., Class A (a)		29
	1		Citigroup, Inc.		68
	1		DISH Network Corp., Class A (a)		38
	—	(h)	Eastman Chemical Co.		33
	—	(h)	EQT Corp.		20
	1		Globant SA (a)		24
	—	(h)	Honeywell International, Inc.		30
	2		Kroger Co. (The)		48
	1		MetLife, Inc.		31
	1		Molson Coors Brewing Co., Class B		64
	1		Morgan Stanley		30
	—	(h)	Occidental Petroleum Corp.		29
	—	(h)	Pioneer Natural Resources Co.		40
	—	(h)	Shire plc, ADR		50
	1		Snap, Inc., Class A (a)		23
	1		Time, Inc.		12
	1		TripAdvisor, Inc. (a)		28
	1		Twenty-First Century Fox, Inc., Class A		39
	—	(h)	Vertex Pharmaceuticals, Inc. (a)		27
					1,000
			Total Common Stocks (Cost $1,857)		1,984
	Short-Term Investment — 1.8%
			Investment Company — 1.8%
	39		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $39)		39
			Total Investments — 95.2% (Cost $1,896)		2,023
			Other Assets in Excess of Liabilities — 4.8%		102
			NET ASSETS — 100.0%	$	2,125

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.9	%
Banks		7.2
Media		7.2
Oil, Gas & Consumable Fuels		7.0
Insurance		6.6
Internet & Direct Marketing Retail		6.6
Internet Software & Services		6.5
Biotechnology		5.5
Diversified Telecommunication Services		3.5
Software		3.5
Tobacco		3.3
Beverages		3.1
Wireless Telecommunication Services		3.1
Semiconductors & Semiconductor Equipment		2.9

INDUSTRY	PERCENTAGE
Capital Markets		2.6	%
Food & Staples Retailing		2.4
Real Estate Management & Development		2.3
Aerospace & Defense		1.8
Electrical Equipment		1.7
Chemicals		1.6
Airlines		1.6
Construction Materials		1.5
Road & Rail		1.5
Industrial Conglomerates		1.5
Metals & Mining		1.5
Health Care Providers & Services		1.2
Short-Term Investment		1.9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
			Australia — 8.3%
	3		ALS Ltd.		15
	11		Alumina Ltd.		16
	7		Aristocrat Leisure Ltd.		96
	42		Ausdrill Ltd.		43
	6		BlueScope Steel Ltd.		53
	9		Challenger Ltd.		85
	2		Domino’s Pizza Enterprises Ltd.		82
	10		Fortescue Metals Group Ltd.		38
	23		South32 Ltd.		48
	10		Treasury Wine Estates Ltd.		87
					563
			Austria — 0.9%
	1		ams AG		63
			China — 3.4%
	7		AAC Technologies Holdings, Inc.		95
	153		Lonking Holdings Ltd.		43
	40		MMG Ltd. (a)		14
	52		Nexteer Automotive Group Ltd.		81
					233
			Denmark — 1.3%
	1		FLSmidth & Co. A/S		56
	—	(h)	Royal Unibrew A/S		17
	1		Spar Nord Bank A/S		12
					85
			Finland — 2.1%
	1		Huhtamaki OYJ		29
	2		Metso OYJ		59
	1		Nokian Renkaat OYJ		55
					143
			France — 8.4%
	1		Alten SA		59
	1		Ipsen SA		58
	1		IPSOS		47
	1		Remy Cointreau SA		55
	3		Rexel SA		52
	—	(h)	SEB SA		63
	—	(h)	Sopra Steria Group		57
	1		Tarkett SA		54
	1		Trigano SA		60
	1		Ubisoft Entertainment SA (a)		61
					566
			Georgia — 1.1%
	2		BGEO Group plc		75

SHARES			SECURITY DESCRIPTION	VALUE($)
			Germany — 4.1%
	1		Covestro AG (e)		53
	1		HUGO BOSS AG		55
	—	(h)	MTU Aero Engines AG		60
	1		Stabilus SA		56
	2		Wacker Neuson SE		51
					275
			Hong Kong — 4.7%
	43		HKT Trust & HKT Ltd.		55
	15		Kerry Properties Ltd.		54
	23		New World Development Co. Ltd.		29
	50		Nine Dragons Paper Holdings Ltd.		54
	482		Noble Group Ltd. (a)		49
	20		SJM Holdings Ltd.		19
	13		Techtronic Industries Co. Ltd.		54
					314
			Ireland — 0.5%
	—	(h)	Paddy Power Betfair plc		33
			Israel — 0.6%
	7		Plus500 Ltd.		40
			Italy — 6.7%
	4		Amplifon SpA		57
	1		Brembo SpA		57
	2		De’ Longhi SpA		55
	8		FinecoBank Banca Fineco SpA		57
	1		Industria Macchine Automatiche SpA		54
	2		Recordati SpA		58
	2		Salvatore Ferragamo SpA		58
	1		Tod’s SpA		59
					455
			Japan — 24.6%
	3		Alpine Electronics, Inc.		49
	3		Alps Electric Co. Ltd.		73
	4		Chiba Bank Ltd. (The)		27
	2		Ebara Corp.		55
	2		Electric Power Development Co. Ltd.		44
	3		en-japan, Inc.		60
	17		Fukuoka Financial Group, Inc.		78
	3		Hitachi Metals Ltd.		39
	2		Japan Exchange Group, Inc.		21
	4		Lifull Co. Ltd.		27
	3		LIXIL Group Corp.		67
	3		M3, Inc.		69
	2		MINEBEA MITSUMI, Inc.		22

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	4		Mitsubishi Chemical Holdings Corp.		32
	13		Mitsubishi Motors Corp.		82
	9		Mitsubishi UFJ Lease & Finance Co. Ltd.		46
	13		Mitsui Chemicals, Inc.		67
	1		Nihon M&A Center, Inc.		48
	1		Nitori Holdings Co. Ltd.		78
	6		NSK Ltd.		75
	12		NTN Corp.		61
	1		Rohm Co. Ltd.		77
	2		Sekisui Chemical Co. Ltd.		32
	3		Shizuoka Bank Ltd. (The)		25
	5		Sumco Corp.		79
	2		Suruga Bank Ltd.		38
	5		Tadano Ltd.		61
	1		TDK Corp.		56
	4		Temp Holdings Co. Ltd.		66
	2		Toridoll Holdings Corp.		55
	1		Ulvac, Inc.		56
					1,665
			Netherlands — 0.8%
	1		Aalberts Industries NV		57
			Norway — 2.1%
	3		Salmar ASA		60
	5		Skandiabanken ASA (a) (e)		47
	2		TGS Nopec Geophysical Co. ASA		36
					143
			South Africa — 0.7%
	2		Mondi plc		45
			Spain — 0.8%
	15		Mapfre SA		53
			Sweden — 3.2%
	6		Husqvarna AB, Class B		60
	4		Sandvik AB		60
	2		Thule Group AB (e)		37
	2		Trelleborg AB, Class B,		57
					214
			Switzerland — 7.0%
	—	(h)	Baloise Holding AG (Registered)		54
	—	(h)	Bucher Industries AG (Registered)		60
	—	(h)	dormakaba Holding AG (a)		54
	—	(h)	Forbo Holding AG (Registered)		57
	1		Oriflame Holding AG (a)		51
	—	(h)	Sika AG		58

SHARES			SECURITY DESCRIPTION	VALUE($)
			Switzerland — continued
	—	(h)	Sulzer AG (Registered)		55
	1		Temenos Group AG (Registered) (a)		54
	—	(h)	Wolseley plc		29
					472
			United Kingdom — 16.2%
	5		3i Group plc		49
	7		888 Holdings plc		25
	3		Anglo American plc (a)		41
	6		Ashtead Group plc		122
	3		Barratt Developments plc		26
	6		BBA Aviation plc		24
	5		CNH Industrial NV		59
	—	(h)	DCC plc		18
	14		Electrocomponents plc		95
	1		Fevertree Drinks plc		21
	6		G4S plc		23
	6		GKN plc		27
	1		Intermediate Capital Group plc		14
	14		ITV plc		37
	19		JD Sports Fashion plc		112
	4		Just Eat plc (a)		31
	25		Melrose Industries plc		77
	3		Micro Focus International plc		97
	11		OneSavings Bank plc		65
	2		RPC Group plc		17
	2		Smiths Group plc		34
	3		Subsea 7 SA		56
	4		Vesuvius plc		25
					1,095
			United States — 1.3%
	1		Carnival plc		34
	2		Yum China Holdings, Inc. (a)		57
					91
			Total Investments — 98.8% (Cost $5,564)		6,680
			Other Assets in Excess of Liabilities — 1.2%		82
			NET ASSETS — 100.0%	$	6,762

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Machinery		13.6	%
Hotels, Restaurants & Leisure		6.0
Household Durables		5.9
Banks		5.4
Electronic Equipment, Instruments & Components		4.8
Semiconductors & Semiconductor Equipment		4.1
Trading Companies & Distributors		3.8
Metals & Mining		3.7
Auto Components		3.3
Software		3.1
Chemicals		3.1
Specialty Retail		2.8
Professional Services		2.8
Beverages		2.7
Textiles, Apparel & Luxury Goods		2.6
Diversified Financial Services		2.6
Building Products		1.8

INDUSTRY	PERCENTAGE
IT Services		1.7	%
Pharmaceuticals		1.7
Media		1.7
Insurance		1.6
Paper & Forest Products		1.5
Construction & Engineering		1.5
Leisure Products		1.5
Energy Equipment & Services		1.4
Capital Markets		1.3
Real Estate Management & Development		1.2
Automobiles		1.2
Commercial Services & Supplies		1.2
Electrical Equipment		1.2
Health Care Technology		1.0
Thrifts & Mortgage Finance		1.0
Others (each less than 1.0%)		7.2

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Australia — 1.2%
	1,574	BHP Billiton Ltd.		28,029
	768	BHP Billiton plc		11,716
	1,794	South32 Ltd.		3,717
				43,462
		Belgium — 1.6%
	511	Anheuser-Busch InBev SA/NV		57,669
		China — 3.1%
	181	Baidu, Inc., ADR (a)		32,538
	5,578	China Overseas Land & Investment Ltd.		16,179
	30,300	CNOOC Ltd.		35,348
	5,321	Ping An Insurance Group Co. of China Ltd., Class H		29,913
				113,978
		Denmark — 1.0%
	974	Novo Nordisk A/S, Class B		37,917
		France — 12.2%
	855	Accor SA		38,988
	1,834	AXA SA		48,919
	681	BNP Paribas SA		48,035
	243	Essilor International SA		31,448
	305	Imerys SA		26,202
	66	Kering		20,404
	203	LVMH Moet Hennessy Louis Vuitton SE		50,046
	273	Pernod Ricard SA		34,105
	490	Safran SA		40,588
	570	Sanofi		53,829
	733	Schneider Electric SE		58,067
				450,631
		Germany — 6.9%
	327	Allianz SE (Registered)		62,328
	405	Bayer AG (Registered)		50,164
	249	Continental AG		55,862
	165	Fresenius Medical Care AG & Co. KGaA		14,642
	700	SAP SE		70,098
				253,094
		Hong Kong — 4.5%
	6,716	AIA Group Ltd.		46,483
	5,301	Cheung Kong Property Holdings Ltd.		37,951
	4,030	CK Hutchison Holdings Ltd.		50,318
	7,070	Sands China Ltd.		32,021
				166,773

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.1%
	520	HDFC Bank Ltd., ADR		41,364
		Indonesia — 0.7%
	40,823	Astra International Tbk. PT		27,359
		Israel — 0.6%
	699	Teva Pharmaceutical Industries Ltd., ADR		22,073
		Japan — 20.8%
	2,593	Astellas Pharma, Inc.		34,189
	328	Daikin Industries Ltd.		31,880
	214	FANUC Corp.		43,590
	1,490	Honda Motor Co. Ltd.		43,373
	3,680	Inpex Corp.		35,259
	1,625	Japan Tobacco, Inc.		54,076
	1,311	KDDI Corp.		34,752
	93	Keyence Corp.		37,226
	1,346	Komatsu Ltd.		35,954
	3,232	Kubota Corp.		50,915
	1,108	Makita Corp.		39,519
	1,362	Mitsui Fudosan Co. Ltd.		29,967
	397	Nidec Corp.		36,463
	235	Nitto Denko Corp.		17,673
	581	Shin-Etsu Chemical Co. Ltd.		50,456
	149	SMC Corp.		42,026
	1,692	Sumitomo Mitsui Financial Group, Inc.		62,821
	315	Tokyo Electron Ltd.		38,239
	912	Toyota Motor Corp.		49,374
				767,752
		Macau — 0.8%
	12,614	Wynn Macau Ltd.		27,651
		Netherlands — 5.6%
	463	Akzo Nobel NV		40,490
	332	ASML Holding NV		43,844
	3,621	ING Groep NV		59,025
	2,413	Royal Dutch Shell plc, Class A		62,673
				206,032
		South Africa — 1.1%
	216	Naspers Ltd., Class N		41,151
		South Korea — 2.7%
	95	Hyundai Mobis Co. Ltd.		18,455
	83	Samsung Electronics Co. Ltd., GDR		80,965
				99,420
		Spain — 1.2%
	5,649	Banco Bilbao Vizcaya Argentaria SA		45,257

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — 10.6%
	505	Cie Financiere Richemont SA (Registered)		42,161
	9,313	Glencore plc (a)		36,603
	835	LafargeHolcim Ltd. (Registered) (a)		47,388
	945	Novartis AG (Registered)		72,759
	298	Roche Holding AG		78,098
	3,814	UBS Group AG (Registered) (a)		65,108
	170	Zurich Insurance Group AG		47,053
				389,170
		Taiwan — 1.2%
	1,335	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		44,155
		United Kingdom — 19.1%
	890	British American Tobacco plc		60,120
	2,137	Burberry Group plc		44,651
	9,626	HSBC Holdings plc		79,325
	717	Imperial Brands plc		35,107
	32,579	Lloyds Banking Group plc		29,273
	4,681	Meggitt plc		28,033
	890	Persimmon plc		26,868
	3,465	Prudential plc		76,895
	1,467	RELX NV		28,341
	703	Rio Tinto Ltd.		31,804
	543	Rio Tinto plc		21,415
	4,743	Standard Chartered plc (a)		44,324
	975	TechnipFMC plc (a)		29,320
	865	Travis Perkins plc		18,048
	949	Unilever plc		48,843
	24,977	Vodafone Group plc		64,332
	1,839	WPP plc		39,370
				706,069
		United States — 1.0%
	600	Shire plc		35,393
		Total Common Stocks (Cost $$3,044,043)		3,576,370
	Preferred Stocks — 1.1%
		Germany — 1.1%
	315	Henkel AG & Co. KGaA (Preference) (Cost $27,580)		42,841

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	76,383	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $76,383)		76,383
		Total Investments — 100.2% (Cost $3,148,006)		3,695,594
		Liabilities in Excess of Other Assets — (0.2)%		(7,184	)
		NET ASSETS — 100.0%	$	3,688,410

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

Summary of Investments by Industry, April 30, 2017

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		9.4
Insurance		8.4
Machinery		5.7
Textiles, Apparel & Luxury Goods		4.3
Tobacco		4.0
Metals & Mining		3.6
Oil, Gas & Consumable Fuels		3.6
Semiconductors & Semiconductor Equipment		3.4
Automobiles		3.2
Chemicals		2.9
Wireless Telecommunication Services		2.7
Hotels, Restaurants & Leisure		2.7
Electrical Equipment		2.5
Beverages		2.5

INDUSTRY	PERCENTAGE
Real Estate Management & Development		2.3	%
Technology Hardware, Storage & Peripherals		2.2
Media		2.2
Auto Components		2.0
Construction Materials		2.0
Software		1.9
Aerospace & Defense		1.9
Capital Markets		1.8
Industrial Conglomerates		1.4
Personal Products		1.3
Household Products		1.2
Electronic Equipment, Instruments & Components		1.0
Biotechnology		1.0
Others (each less than 1.0%)		5.7
Short-Term Investment		2.1

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY	CURRENCY		COUNTERPARTY		SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
14,635		EUR		BNP Paribas		05/03/17	$	15,947	$	15,942	$	(5	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Belgium — 2.9%
	46	Anheuser-Busch InBev SA/NV		5,177
		Brazil — 0.7%
	149	Vale SA, ADR (a)		1,279
		Canada — 1.9%
	29	Toronto-Dominion Bank (The)		1,353
	43	TransCanada Corp.		1,976
				3,329
		China — 1.6%
	2,343	CNOOC Ltd.		2,733
		Czech Republic — 1.8%
	962	Moneta Money Bank A/S (e)		3,110
		Denmark — 2.7%
	131	Danske Bank A/S		4,749
		Finland — 3.9%
	31	Cargotec OYJ, Class B		1,860
	231	Nokia OYJ, ADR		1,325
	139	UPM-Kymmene OYJ		3,660
				6,845
		France — 7.5%
	11	Airbus SE		862
	30	Cie Generale des Etablissements Michelin		3,889
	36	Sanofi		3,400
	7	Unibail-Rodamco SE		1,746
	38	Vinci SA		3,244
				13,141
		Germany — 12.1%
	17	Allianz SE (Registered)		3,180
	25	BASF SE		2,450
	11	Continental AG		2,573
	46	Daimler AG (Registered)		3,420
	22	Deutsche Boerse AG		2,156
	76	Deutsche Wohnen AG		2,607
	25	Evonik Industries AG		848
	28	Siemens AG (Registered)		3,974
				21,208
		Hong Kong — 1.0%
	406	Sands China Ltd.		1,841
		Israel — 0.7%
	38	Teva Pharmaceutical Industries Ltd., ADR		1,201
		Japan — 10.7%
	90	Bridgestone Corp.		3,754
	104	Daiwa House Industry Co. Ltd.		3,095

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	535	Daiwa Securities Group, Inc.		3,255
	128	Mitsubishi Corp.		2,771
	592	Mitsubishi UFJ Financial Group, Inc., ADR		3,755
	52	Nippon Telegraph & Telephone Corp.		2,237
				18,867
		Netherlands — 5.6%
	192	ING Groep NV		3,128
	165	Koninklijke Ahold Delhaize NV		3,417
	99	NN Group NV		3,293
				9,838
		New Zealand — 1.3%
	879	Spark New Zealand Ltd.		2,229
		Norway — 1.5%
	172	DNB ASA		2,692
		Russia — 4.8%
	63	LUKOIL PJSC, ADR		3,130
	164	MMC Norilsk Nickel PJSC, ADR		2,512
	210	Severstal PJSC, GDR		2,864
				8,506
		South Korea — 1.9%
	2	Samsung Electronics Co. Ltd.		3,433
		Spain — 1.0%
	152	Telefonica SA		1,681
		Sweden — 0.9%
	68	Skandinaviska Enskilda Banken AB, Class A		779
	121	Telefonaktiebolaget LM Ericsson, Class B		788
				1,567
		Switzerland — 7.5%
	27	Galenica Sante Ltd. (a) (e)		1,193
	522	Glencore plc (a)		2,052
	30	LafargeHolcim Ltd. (Registered) (a)		1,682
	23	Novartis AG (Registered)		1,781
	34	Swiss Re AG		2,924
	56	Wolseley plc		3,533
				13,165
		Taiwan — 0.9%
	47	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,562
		United Kingdom — 24.1%
	190	3i Group plc		1,956
	351	BAE Systems plc		2,850
	275	Beazley plc		1,566

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	67	Berkeley Group Holdings plc		2,844
	78	British American Tobacco plc		5,262
	695	Direct Line Insurance Group plc		3,141
	300	GlaxoSmithKline plc		6,033
	100	HSBC Holdings plc, ADR		4,102
	62	Imperial Brands plc		3,032
	32	InterContinental Hotels Group plc		1,683
	628	ITV plc		1,708
	31	Persimmon plc		927
	73	Prudential plc		1,630
	219	RSA Insurance Group plc		1,693
	187	WPP plc		4,012
				42,439
		Total Common Stocks (Cost $155,245)		170,592
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	3,386	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $3,386)		3,386
		Total Investments — 98.9% (Cost $158,631)		173,978
		Other Assets in Excess of Liabilities — 1.1%		1,894
		NET ASSETS — 100.0%	$	175,872

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		13.6	%
Insurance		10.0
Pharmaceuticals		7.8
Auto Components		5.9
Metals & Mining		5.0
Tobacco		4.8
Oil, Gas & Consumable Fuels		4.5
Capital Markets		4.2
Trading Companies & Distributors		3.6
Diversified Telecommunication Services		3.5
Media		3.3
Real Estate Management & Development		3.3
Beverages		3.0
Industrial Conglomerates		2.3
Household Durables		2.2
Aerospace & Defense		2.1
Paper & Forest Products		2.1
Hotels, Restaurants & Leisure		2.0
Technology Hardware, Storage & Peripherals		2.0
Automobiles		2.0
Food & Staples Retailing		2.0
Chemicals		1.9
Construction & Engineering		1.9
Communications Equipment		1.2
Machinery		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
Construction Materials		1.0
Others (each less than 1.0%)		0.8
Short-Term Investment		1.9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Australia — 3.8%
	1,372	Australia & New Zealand Banking Group Ltd.		33,592
	260	Commonwealth Bank of Australia		17,009
	7,729	Goodman Group		46,928
	2,832	Oil Search Ltd.		15,280
				112,809
		Belgium — 1.6%
	416	Anheuser-Busch InBev SA/NV		46,945
		Chile — 1.1%
	3,018	Antofagasta plc		32,747
		China — 2.8%
	8,276	China Resources Gas Group Ltd.		27,891
	12,100	China Resources Land Ltd.		33,529
	663	Tencent Holdings Ltd.		20,768
				82,188
		Denmark — 2.4%
	436	Chr Hansen Holding A/S		29,388
	205	Genmab A/S (a)		40,740
				70,128
		Finland — 2.2%
	1,300	UPM-Kymmene OYJ		34,254
	491	Wartsila OYJ Abp		29,835
				64,089
		France — 13.9%
	535	Airbus SE		43,244
	1,353	AXA SA		36,106
	709	BNP Paribas SA		50,050
	393	Cap Gemini SA		39,319
	102	Kering		31,718
	1,044	Klepierre		40,982
	252	Pernod Ricard SA		31,563
	301	Renault SA		28,086
	252	Sanofi		23,843
	370	Thales SA		38,866
	979	TOTAL SA		50,266
				414,043
		Germany — 7.8%
	197	adidas AG		39,582
	140	Continental AG		31,400
	271	Deutsche Boerse AG		26,534
	406	Fresenius SE & Co. KGaA		32,950
	1,962	Infineon Technologies AG		40,555
	434	Siemens AG (Registered)		62,267
				233,288

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.5%
	566	HDFC Bank Ltd., ADR		45,077
		Italy — 2.4%
	8,724	Enel SpA		41,475
	35,094	Telecom Italia SpA (a)		31,150
				72,625
		Japan — 23.7%
	384	Daikin Industries Ltd.		37,373
	295	Dentsu, Inc.		16,641
	1,815	DMG Mori Co. Ltd.		29,971
	978	Honda Motor Co. Ltd.		28,457
	468	Izumi Co. Ltd.		23,402
	1,135	Japan Airlines Co. Ltd.		35,829
	2,405	Kajima Corp.		16,330
	108	Keyence Corp.		43,578
	1,574	Marui Group Co. Ltd.		21,561
	1,773	Mitsubishi Corp.		38,255
	8,201	Mitsubishi UFJ Financial Group, Inc.		51,963
	1,596	Mitsui Fudosan Co. Ltd.		35,116
	1,332	Nippon Steel & Sumitomo Metal Corp.		30,000
	898	Nippon Telegraph & Telephone Corp.		38,467
	428	Oriental Land Co. Ltd.		24,599
	2,633	ORIX Corp.		40,235
	453	Sompo Holdings, Inc.		17,108
	1,102	Sumitomo Mitsui Financial Group, Inc.		40,922
	455	Suntory Beverage & Food Ltd.		20,495
	1,028	Suzuki Motor Corp.		42,952
	961	Tokio Marine Holdings, Inc.		40,502
	1,386	Yamato Holdings Co. Ltd.		29,959
				703,715
		Netherlands — 6.9%
	278	ASML Holding NV		36,744
	3,085	ING Groep NV		50,291
	1,885	Koninklijke Ahold Delhaize NV		39,050
	2,990	Royal Dutch Shell plc, Class A		77,952
				204,037
		Norway — 1.4%
	7,211	Norsk Hydro ASA		41,096
		Spain — 1.6%
	3,774	Distribuidora Internacional de Alimentacion SA		22,439
	674	Industria de Diseno Textil SA		25,821
				48,260

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden — 1.3%
	2,753	Svenska Handelsbanken AB, Class A		39,055
		Switzerland — 5.4%
	269	Roche Holding AG		70,321
	2,541	UBS Group AG (Registered) (a)		43,384
	718	Wolseley plc		45,607
				159,312
		United Kingdom — 16.5%
	789	Associated British Foods plc		28,730
	554	AstraZeneca plc		33,156
	948	British American Tobacco plc		64,030
	7,012	Dixons Carphone plc		30,460
	1,727	GlaxoSmithKline plc		34,762
	5,276	Kingfisher plc		23,343
	2,061	Prudential plc		45,732
	1,174	Rio Tinto plc		46,310
	4,741	Standard Chartered plc (a)		44,307
	8,587	Taylor Wimpey plc		22,242
	930	TechnipFMC plc (a)		27,948
	906	Unilever NV, CVA		47,460
	16,568	Vodafone Group plc		42,674
				491,154
		United States — 1.4%
	699	Shire plc		41,186
		Total Common Stocks (Cost $2,514,603)		2,901,754
	Preferred Stock — 1.2%
		Germany — 1.2%
	265	Henkel AG & Co. KGaA (Preference) (Cost $23,526)		36,068
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	38,835	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $38,835)		38,835
		Total Investments — 100.2% (Cost $2,576,964)		2,976,657
		Liabilities in Excess of Other Assets — (0.2)%		(4,906	)
		NET ASSETS — 100.0%	$	2,971,751

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		12.5	%
Pharmaceuticals		5.4
Metals & Mining		5.0
Oil, Gas & Consumable Fuels		4.8
Insurance		4.6
Automobiles		3.3
Beverages		3.3
Equity Real Estate Investment Trusts (REITs)		3.0
Trading Companies & Distributors		2.8
Aerospace & Defense		2.8
Biotechnology		2.7
Specialty Retail		2.7
Semiconductors & Semiconductor Equipment		2.6
Textiles, Apparel & Luxury Goods		2.4
Capital Markets		2.3
Diversified Telecommunication Services		2.3
Real Estate Management & Development		2.3
Tobacco		2.2
Industrial Conglomerates		2.1
Food & Staples Retailing		2.1
Machinery		2.0
Personal Products		1.6
Multiline Retail		1.5
Electronic Equipment, Instruments & Components		1.5
Wireless Telecommunication Services		1.4
Electric Utilities		1.4
Diversified Financial Services		1.4
IT Services		1.3
Building Products		1.3
Household Products		1.2
Airlines		1.2
Paper & Forest Products		1.2
Health Care Providers & Services		1.1
Auto Components		1.1
Air Freight & Logistics		1.0
Chemicals		1.0
Food Products		1.0
Others (each less than 1.0%)		5.3
Short-Term Investment		1.3

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,310 11,312		EUR for GBP	BNP Paribas		05/10/17	$	14,655	#	$	14,504	#	$	(151	)
	1,058,538 7,664		JPY for GBP	Goldman Sachs International		05/10/17		9,928	#		9,498	#		(430	)
	141,926		AUD	Australia & New Zealand Banking Group Ltd.		05/10/17		108,010			106,259			(1,751	)
	15,086		CHF	HSBC Bank, NA		05/10/17		15,148			15,169			21
	21,459		CHF	Standard Chartered Bank		05/10/17		21,343			21,577			234
	104,016		CHF	TD Bank Financial Group		05/10/17		105,119			104,590			(529	)
	37,812		EUR	HSBC Bank, NA		05/10/17		40,080			41,204			1,124
	29,473		EUR	State Street Corp.		05/10/17		31,467			32,117			650
	44,592		EUR	Union Bank of Switzerland AG		05/10/17		47,852			48,593			741
	36,687		GBP	Barclays Bank plc		05/10/17		46,161			47,528			1,367
	7,952		GBP	Goldman Sachs International		05/10/17		9,899			10,302			403
	24,590		GBP	HSBC Bank, NA		05/10/17		30,512			31,856			1,344
	10,844		GBP	National Australia Bank		05/10/17		13,585			14,048			463
	160,969		HKD	HSBC Bank, NA		05/10/17		20,771			20,698			(73	)
	2,659,164		JPY	HSBC Bank, NA		05/10/17		23,294			23,862			568
	2,210,477		JPY	Merrill Lynch International		05/10/17		19,749			19,835			86
	3,796,863		JPY	National Australia Bank		05/10/17		34,101			34,070			(31	)
	1,696,022		JPY	Societe Generale		05/10/17		14,961			15,219			258
	1,963,262		JPY	State Street Corp.		05/10/17		17,713			17,617			(96	)
	118,421		SEK	Barclays Bank plc		05/10/17		13,102			13,375			273
	59,817		SEK	National Australia Bank		05/10/17		6,651			6,756			105
	306,528		SEK	Union Bank of Switzerland AG		05/10/17		34,839			34,622			(217	)
	48,233		SGD	HSBC Bank, NA		05/11/17		34,092			34,526			434
							$	713,032		$	717,825		$	4,793

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	185,329	DKK	Merrill Lynch International		05/10/17	$	26,807	$	27,152	$	(345	)
	7,156	EUR	Australia & New Zealand Banking Group Ltd.		05/10/17		7,604		7,797		(193	)
	195,316	EUR	Barclays Bank plc		05/10/17		209,803		212,840		(3,037	)
	6,788	EUR	Citibank, NA		05/10/17		7,341		7,397		(56	)
	29,693	EUR	Goldman Sachs International		05/10/17		31,390		32,358		(968	)
	37,740	EUR	Merrill Lynch International		05/10/17		40,289		41,126		(837	)
	5,440	EUR	National Australia Bank		05/10/17		5,775		5,928		(153	)
	46,665	EUR	State Street Corp.		05/10/17		49,276		50,853		(1,577	)
	10,821	EUR	TD Bank Financial Group		05/10/17		11,453		11,792		(339	)
	10,617	GBP	Australia & New Zealand Banking Group Ltd.		05/10/17		13,119		13,754		(635	)
	5,801	GBP	BNP Paribas		05/10/17		7,252		7,515		(263	)
	6,868	GBP	Goldman Sachs International		05/10/17		8,541		8,897		(356	)
	42,591	GBP	HSBC Bank, NA		05/10/17		52,982		55,176		(2,194	)
	85,561	HKD	Union Bank of Switzerland AG		05/10/17		11,041		11,002		39

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	8,401,047		JPY	Barclays Bank plc		05/10/17	$	75,054	$	75,385	$	(331	)
	2,878,121		JPY	BNP Paribas		05/10/17		25,949		25,826		123
	2,509,034		JPY	Royal Bank of Canada		05/10/17		22,420		22,515		(95	)
	978,456		JPY	Standard Chartered Bank		05/10/17		8,881		8,780		101
	1,786,001		JPY	State Street Corp.		05/10/17		15,671		16,026		(355	)
	190,241		NOK	TD Bank Financial Group		05/10/17		22,941		22,160		781
							$	653,589	$	664,279	$	(10,690	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2017 of the currency being sold, and the value at April 30, 2017 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.4%
		Australia — 6.4%
	1,039	AMP Ltd.		4,164
	761	Australia & New Zealand Banking Group Ltd.		18,622
	449	BGP Holdings Beneficial (a)		6
	924	BHP Billiton Ltd.		16,453
	298	Commonwealth Bank of Australia		19,461
	52	CSL Ltd.		5,118
	998	Dexus Property Group		7,619
	1,794	Goodman Group		10,891
	132	Macquarie Group Ltd.		9,194
	52	National Australia Bank Ltd.		1,324
	394	Wesfarmers Ltd.		12,694
	168	Westpac Banking Corp.		4,406
				109,952
		Austria — 0.4%
	212	Erste Group Bank AG (a)		7,574
		Belgium — 1.1%
	171	Anheuser-Busch InBev SA/NV		19,309
		Denmark — 1.0%
	77	Chr Hansen Holding A/S		5,207
	318	Novo Nordisk A/S, Class B		12,375
				17,582
		Finland — 2.0%
	117	Cargotec OYJ, Class B		6,964
	2,145	Nokia OYJ		12,264
	668	Outokumpu OYJ		6,399
	135	Wartsila OYJ Abp		8,205
				33,832
		France — 9.7%
	156	Air Liquide SA		18,774
	198	Airbus SE		15,996
	619	AXA SA		16,521
	215	BNP Paribas SA		15,206
	68	Cap Gemini SA		6,834
	745	Natixis SA		5,183
	80	Pernod Ricard SA		9,962
	112	Renault SA		10,484
	201	Sanofi		19,011
	191	Schneider Electric SE		15,094
	69	Sodexo SA		8,706
	313	TOTAL SA		16,043
	466	Vivendi SA		9,239
				167,053

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — 9.5%
	51	adidas AG		10,215
	15	Allianz SE (Registered)		2,915
	26	BASF SE		2,542
	183	Bayer AG (Registered)		22,653
	160	Brenntag AG		9,463
	238	Daimler AG (Registered)		17,731
	85	Deutsche Bank AG (Registered) (a)		1,531
	103	Deutsche Boerse AG		10,056
	317	Deutsche Post AG (Registered)		11,408
	612	Deutsche Telekom AG (Registered)		10,738
	45	HeidelbergCement AG		4,143
	431	Infineon Technologies AG		8,904
	40	Linde AG		7,187
	205	SAP SE		20,561
	160	Siemens AG (Registered)		22,890
				162,937
		Hong Kong — 2.5%
	778	AIA Group Ltd.		5,382
	701	Cheung Kong Property Holdings Ltd.		5,020
	960	CK Hutchison Holdings Ltd.		11,990
	153	Hang Seng Bank Ltd.		3,092
	858	Power Assets Holdings Ltd.		7,717
	766	Sands China Ltd.		3,468
	811	Wharf Holdings Ltd. (The)		6,917
				43,586
		Ireland — 0.4%
	81	Ryanair Holdings plc, ADR (a)		7,417
		Israel — 0.6%
	318	Teva Pharmaceutical Industries Ltd., ADR		10,056
		Italy — 3.0%
	486	Assicurazioni Generali SpA		7,703
	315	Atlantia SpA		7,981
	2,544	Enel SpA		12,096
	1,244	Intesa Sanpaolo SpA		3,631
	9,768	Telecom Italia SpA (a)		8,670
	708	UniCredit SpA (a)		11,524
				51,605
		Japan — 20.6%
	238	Bridgestone Corp.		9,923
	54	Central Japan Railway Co.		9,056
	97	Daikin Industries Ltd.		9,391
	93	Dentsu, Inc.		5,266
	355	DMG Mori Co. Ltd.		5,867

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	129		East Japan Railway Co.		11,550
	112		Electric Power Development Co. Ltd.		2,594
	1,205		Fujitsu Ltd.		7,523
	1,698		Hitachi Ltd.		9,380
	374		Honda Motor Co. Ltd.		10,888
	438		J Front Retailing Co. Ltd.		6,311
	241		Japan Airlines Co. Ltd.		7,621
	73		Japan Tobacco, Inc.		2,412
	254		JFE Holdings, Inc.		4,338
	1,290		JXTG Holdings, Inc.		5,820
	987		Kajima Corp.		6,702
	213		KDDI Corp.		5,658
	10		Keyence Corp.		3,899
	561		Kirin Holdings Co. Ltd.		10,913
	378		Kyowa Hakko Kirin Co. Ltd.		6,498
	322		Kyushu Electric Power Co., Inc.		3,478
	144		Mabuchi Motor Co. Ltd.		8,129
	495		Mazda Motor Corp.		7,314
	318		Medipal Holdings Corp.		5,267
	2,332		Mitsubishi UFJ Financial Group, Inc.		14,775
	410		Mitsui Fudosan Co. Ltd.		9,013
	188		MS&AD Insurance Group Holdings, Inc.		6,120
	413		NGK Spark Plug Co. Ltd.		8,963
	85		Nidec Corp.		7,836
	203		Nippon Steel & Sumitomo Metal Corp.		4,569
	279		Nippon Telegraph & Telephone Corp.		11,944
	47		Nishi-Nippon Financial Holdings, Inc.		443
	—	(h)	Nitori Holdings Co. Ltd.		11
	325		ORIX Corp.		4,964
	129		Otsuka Corp.		6,883
	110		Otsuka Holdings Co. Ltd.		5,062
	293		Seiko Epson Corp.		5,999
	313		Seven & i Holdings Co. Ltd.		13,207
	88		Shin-Etsu Chemical Co. Ltd.		7,666
	323		Sony Corp.		11,069
	1,053		Sumitomo Bakelite Co. Ltd.		6,767
	347		Sumitomo Mitsui Financial Group, Inc.		12,892
	214		Sumitomo Realty & Development Co. Ltd.		5,781
	170		Suntory Beverage & Food Ltd.		7,637
	423		Takashimaya Co. Ltd.		3,895
	990		Tokyo Gas Co. Ltd.		4,596
	371		Toyota Motor Corp.		20,068
	380		Yamato Holdings Co. Ltd.		8,216
					354,174

SHARES		SECURITY DESCRIPTION	VALUE($)
		Luxembourg — 0.5%
	1,128	ArcelorMittal (a)		8,867
		Netherlands — 5.0%
	68	ASML Holding NV		8,963
	127	Heineken NV		11,336
	888	ING Groep NV		14,473
	354	Koninklijke Philips NV		12,225
	187	NN Group NV		6,210
	519	Royal Dutch Shell plc, Class A		13,465
	704	Royal Dutch Shell plc, Class B		18,720
				85,392
		New Zealand — 0.3%
	2,237	Spark New Zealand Ltd.		5,669
		Norway — 0.4%
	1,088	Norsk Hydro ASA		6,199
		Portugal — 0.3%
	330	Galp Energia SGPS SA		5,127
		Singapore — 0.9%
	942	DBS Group Holdings Ltd.		13,003
	371	Singapore Exchange Ltd.		1,966
				14,969
		Spain — 2.3%
	1,361	Banco Santander SA		8,873
	7,584	Bankia SA		9,208
	1,364	Iberdrola SA		9,804
	302	Repsol SA		4,768
	654	Telefonica SA		7,233
				39,886
		Sweden — 0.8%
	1,086	Nordea Bank AB		13,358
		Switzerland — 9.4%
	172	Cie Financiere Richemont SA (Registered)		14,382
	166	Credit Suisse Group AG (Registered) (a)		2,532
	164	LafargeHolcim Ltd. (Registered) (a)		9,318
	36	LafargeHolcim Ltd. (Registered) (a)		2,041
	550	Nestle SA (Registered)		42,338
	213	Novartis AG (Registered)		16,405
	121	Roche Holding AG		31,593
	13	Syngenta AG (a)		5,826
	754	UBS Group AG (Registered) (a)		12,875
	203	Wolseley plc		12,899
	38	Zurich Insurance Group AG		10,386
				160,595

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — 15.2%
	692	3i Group plc		7,112
	185	Associated British Foods plc		6,746
	206	AstraZeneca plc		12,309
	1,421	Aviva plc		9,665
	791	Barratt Developments plc		5,939
	2,108	BP plc		12,069
	400	British American Tobacco plc		27,006
	3,632	Centrica plc		9,308
	1,574	Debenhams plc		1,044
	1,288	Dixons Carphone plc		5,596
	756	GlaxoSmithKline plc		15,211
	2,475	HSBC Holdings plc		20,412
	249	HSBC Holdings plc		2,050
	224	InterContinental Hotels Group plc		11,880
	2,738	ITV plc		7,446
	11,115	Lloyds Banking Group plc		9,987
	623	Prudential plc		13,819
	99	Reckitt Benckiser Group plc		9,136
	143	Rio Tinto Ltd.		6,489
	76	Rio Tinto plc		2,979
	1,298	Standard Chartered plc (a)		12,131
	2,396	Taylor Wimpey plc		6,205
	180	TechnipFMC plc (a)		5,422
	174	Unilever NV, CVA		9,094
	6,783	Vodafone Group plc		17,471
	81	Whitbread plc		4,226
	435	WPP plc		9,320
				260,072
		United States — 1.1%
	304	Shire plc		17,928
		Total Common Stocks (Cost $1,438,943)		1,603,139
PRINCIPAL AMOUNT($)
	Corporate Bond — 0.0% (g)
		Materials — 0.0% (g)
		Metals & Mining — 0.0% (g)
	BRL 11	Vale SA, Series A6, VAR, 0.000% (x) (y) (Cost $—)		—	(h)
SHARES
	Preferred Stocks — 1.0%
		Germany — 1.0%
	98	Henkel AG & Co. KGaA (Preference)		13,270
	24	Volkswagen AG (Preference)		3,828
		Total Preferred Stocks (Cost $12,862)		17,098

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	36,122	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $36,122)		36,122
		Total Investments — 96.5% (Cost $1,487,927)		1,656,359
		Other Assets in Excess of Liabilities — 3.5%		59,585
		NET ASSETS — 100.0%	$	1,715,944

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		13.4	%
Pharmaceuticals		9.1
Insurance		4.7
Oil, Gas & Consumable Fuels		4.6
Automobiles		4.2
Beverages		3.6
Metals & Mining		3.4
Chemicals		3.3
Diversified Telecommunication Services		3.2
Food Products		3.0
Industrial Conglomerates		2.8
Capital Markets		2.7
Electric Utilities		2.0
Electrical Equipment		1.9
Tobacco		1.8
Hotels, Restaurants & Leisure		1.7
Real Estate Management & Development		1.6
Food & Staples Retailing		1.6

INDUSTRY	PERCENTAGE
Textiles, Apparel & Luxury Goods		1.5	%
Household Durables		1.4
Wireless Telecommunication Services		1.4
Biotechnology		1.4
Household Products		1.4
Trading Companies & Distributors		1.3
Media		1.3
IT Services		1.3
Machinery		1.3
Road & Rail		1.2
Software		1.2
Air Freight & Logistics		1.2
Auto Components		1.1
Equity Real Estate Investment Trusts (REITs)		1.1
Semiconductors & Semiconductor Equipment		1.1
Aerospace & Defense		1.0
Others (each less than 1.0%)		9.0
Short-Term Investment		2.2

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	41	TOPIX Index		06/08/17		JPY	$	5,636	$	157
	195	Euro STOXX 50 Index		06/16/17		USD		7,452		396
	72	FTSE 100 Index		06/16/17		USD		6,681		(67	)
									$	486

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,260	EUR	Goldman Sachs International		05/02/17	$	1,370	$	1,373	$	3

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.8%
		Belgium — 2.0%
	31	Anheuser-Busch InBev SA/NV		3,492
		Canada — 3.9%
	76	Alimentation Couche-Tard, Inc., Class B		3,476
	47	Canadian National Railway Co.		3,375
				6,851
		China — 7.7%
	20	Baidu, Inc., ADR (a)		3,545
	2,298	China Unicom Hong Kong Ltd.		2,974
	3,785	CNOOC Ltd.		4,413
	72	JD.com, Inc., ADR (a)		2,516
				13,448
		Denmark — 1.5%
	69	Novo Nordisk A/S, Class B		2,701
		Finland — 4.8%
	812	Nokia OYJ		4,641
	61	Wartsila OYJ Abp		3,685
				8,326
		Germany — 4.6%
	22	Continental AG		4,843
	71	Zalando SE (a) (e)		3,113
				7,956
		Hong Kong — 5.8%
	605	AIA Group Ltd.		4,186
	355	Cheung Kong Property Holdings Ltd.		2,538
	273	CK Hutchison Holdings Ltd.		3,403
				10,127
		India — 2.3%
	51	HDFC Bank Ltd., ADR		4,054
		Israel — 2.0%
	109	Teva Pharmaceutical Industries Ltd., ADR		3,433
		Italy — 1.5%
	157	UniCredit SpA (a)		2,560
		Japan — 10.1%
	4	Keyence Corp.		1,608
	159	Komatsu Ltd.		4,257
	248	Kubota Corp.		3,903
	263	ORIX Corp.		4,024
	44	Shin-Etsu Chemical Co. Ltd.		3,790
				17,582

SHARES		SECURITY DESCRIPTION	VALUE($)
		Macau — 1.5%
	1,196	Wynn Macau Ltd.		2,623
		Netherlands — 10.7%
	41	Akzo Nobel NV		3,570
	284	Altice NV, Class A (a)		7,052
	218	ING Groep NV		3,554
	135	NN Group NV		4,484
				18,660
		South Africa — 1.3%
	12	Naspers Ltd., Class N		2,245
		South Korea — 6.3%
	20	Hyundai Motor Co.		2,514
	17	LG Chem Ltd.		4,021
	5	Samsung Electronics Co. Ltd., GDR		4,504
				11,039
		Spain — 2.6%
	573	Banco Bilbao Vizcaya Argentaria SA		4,591
		Switzerland — 7.7%
	41	Cie Financiere Richemont SA (Registered)		3,461
	638	Glencore plc (a)		2,506
	77	LafargeHolcim Ltd. (Registered) (a)		4,363
	180	UBS Group AG (Registered) (a)		3,072
				13,402
		United Kingdom — 18.3%
	88	British American Tobacco plc		5,978
	1,099	ITV plc		2,990
	480	Meggitt plc		2,876
	180	RELX NV		3,476
	69	Rio Tinto plc		2,740
	162	Smith & Nephew plc		2,662
	432	Standard Chartered plc (a)		4,040
	88	TechnipFMC plc (a)		2,648
	1,722	Vodafone Group plc		4,434
				31,844
		United States — 1.2%
	35	Shire plc		2,066
		Total Common Stocks (Cost $152,822)		167,000

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	5,532	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $5,532)		5,532
		Total Investments — 99.0% (Cost $158,354)		172,532
		Other Assets in Excess of Liabilities — 1.0%		1,827
		NET ASSETS — 100.0%	$	174,359

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		10.9	%
Media		7.0
Machinery		6.9
Chemicals		6.6
Insurance		5.0
Pharmaceuticals		3.6
Tobacco		3.5
Internet & Direct Marketing Retail		3.3
Metals & Mining		3.0
Auto Components		2.8
Communications Equipment		2.7
Technology Hardware, Storage & Peripherals		2.6
Wireless Telecommunication Services		2.6
Oil, Gas & Consumable Fuels		2.6
Construction Materials		2.5
Diversified Financial Services		2.3
Internet Software & Services		2.1
Beverages		2.0
Professional Services		2.0
Food & Staples Retailing		2.0
Textiles, Apparel & Luxury Goods		2.0
Industrial Conglomerates		2.0
Road & Rail		2.0
Capital Markets		1.8
Diversified Telecommunication Services		1.7
Aerospace & Defense		1.7
Health Care Equipment & Supplies		1.5
Energy Equipment & Services		1.5
Hotels, Restaurants & Leisure		1.5
Real Estate Management & Development		1.5
Automobiles		1.5
Biotechnology		1.2
Others (each less than 1.0%)		0.9
Short-Term Investment		3.2

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 3.9%
	935	Australia & New Zealand Banking Group Ltd.		22,888
	1,529	Goodman Group		9,282
				32,170
		Austria — 1.1%
	258	Erste Group Bank AG (a)		9,249
		Belgium — 2.2%
	79	Anheuser-Busch InBev SA/NV		8,965
	125	KBC Group NV		9,024
				17,989
		Canada — 1.0%
	185	TransCanada Corp.		8,589
		Chile — 0.6%
	200	Banco Santander Chile, ADR		4,722
		China — 0.8%
	5,684	CNOOC Ltd.		6,631
		Finland — 1.0%
	855	Outokumpu OYJ		8,183
		France — 15.9%
	104	Air Liquide SA		12,494
	123	Airbus SE		9,912
	667	AXA SA		17,792
	260	BNP Paribas SA		18,347
	1,270	Natixis SA		8,840
	126	Renault SA		11,766
	145	Sanofi		13,730
	129	Schneider Electric SE		10,243
	545	TOTAL SA		27,984
				131,108
		Germany — 8.3%
	59	Bayer AG (Registered)		7,250
	120	Brenntag AG		7,135
	184	Daimler AG (Registered)		13,726
	94	Deutsche Boerse AG		9,208
	33	HeidelbergCement AG		3,070
	235	Infineon Technologies AG		4,858
	164	Siemens AG (Registered)		23,490
				68,737
		Hong Kong — 1.3%
	863	CK Hutchison Holdings Ltd.		10,772
		Ireland — 0.9%
	78	Ryanair Holdings plc, ADR (a)		7,138

SHARES		SECURITY DESCRIPTION	VALUE($)
		Israel — 1.3%
	327	Teva Pharmaceutical Industries Ltd., ADR		10,338
		Italy — 3.3%
	2,970	Enel SpA		14,121
	2,497	Intesa Sanpaolo SpA		7,290
	6,452	Telecom Italia SpA (a)		5,726
				27,137
		Japan — 22.7%
	298	Bridgestone Corp.		12,434
	98	Daikin Industries Ltd.		9,567
	65	Dentsu, Inc.		3,669
	351	DMG Mori Co. Ltd.		5,788
	455	Honda Motor Co. Ltd.		13,255
	275	Japan Airlines Co. Ltd.		8,675
	178	Mabuchi Motor Co. Ltd.		10,020
	497	Mitsubishi Corp.		10,715
	3,604	Mitsubishi UFJ Financial Group, Inc.		22,836
	265	Mitsui Fudosan Co. Ltd.		5,831
	458	NGK Spark Plug Co. Ltd.		9,928
	325	Nippon Telegraph & Telephone Corp.		13,945
	177	Otsuka Corp.		9,481
	74	Sompo Holdings, Inc.		2,804
	171	Sony Corp.		5,881
	716	Sumitomo Electric Industries Ltd.		11,697
	180	Sumitomo Mitsui Financial Group, Inc.		6,695
	233	Sumitomo Mitsui Trust Holdings, Inc.		7,964
	158	Suzuki Motor Corp.		6,605
	71	Toyota Motor Corp.		3,864
	262	Yamato Holdings Co. Ltd.		5,662
				187,316
		Luxembourg — 1.0%
	1,038	ArcelorMittal (a)		8,154
		Netherlands — 7.7%
	267	ASR Nederland NV (a)		7,908
	1,007	ING Groep NV		16,413
	212	NN Group NV		7,031
	1,248	Royal Dutch Shell plc, Class A		32,398
				63,750
		Norway — 1.0%
	1,497	Norsk Hydro ASA		8,529
		Singapore — 1.2%
	741	DBS Group Holdings Ltd.		10,235
		South Korea — 1.1%
	5	Samsung Electronics Co. Ltd.		9,202

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 3.0%
	10,323	Bankia SA		12,534
	1,698	Iberdrola SA		12,203
				24,737
		Sweden — 1.8%
	1,179	Nordea Bank AB		14,499
		Switzerland — 4.5%
	102	LafargeHolcim Ltd. (Registered) (a)		5,810
	29	Roche Holding AG		7,577
	127	Wolseley plc		8,097
	57	Zurich Insurance Group AG		15,675
				37,159
		United Kingdom — 10.1%
	752	Barratt Developments plc		5,642
	98	InterContinental Hotels Group plc		5,184
	2,550	ITV plc		6,936
	3,889	Lloyds Banking Group plc		3,495
	268	National Grid plc		3,466
	606	Prudential plc		13,453
	371	Rio Tinto plc		14,618
	1,457	Standard Chartered plc (a)		13,621
	162	TechnipFMC plc (a)		4,880
	4,639	Vodafone Group plc		11,949
				83,244
		United States — 1.4%
	203	Shire plc		11,982
		Total Common Stocks (Cost $762,383)		801,570
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	22,045	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $22,045)		22,045
		Total Investments — 99.8% (Cost $784,428)		823,615
		Other Assets in Excess of Liabilities — 0.2%		1,242
		NET ASSETS — 100.0%	$	824,857

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		22.9	%
Oil, Gas & Consumable Fuels		9.2
Insurance		7.8
Automobiles		6.0
Metals & Mining		4.8
Pharmaceuticals		4.7
Industrial Conglomerates		4.2
Auto Components		4.1
Electric Utilities		3.2
Trading Companies & Distributors		3.1
Electrical Equipment		2.5
Diversified Telecommunication Services		2.4
Airlines		1.9
Chemicals		1.5
Biotechnology		1.5
Wireless Telecommunication Services		1.4
Household Durables		1.4
Media		1.3
Aerospace & Defense		1.2
Building Products		1.2
IT Services		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
Capital Markets		1.1
Technology Hardware, Storage & Peripherals		1.1
Beverages		1.1
Construction Materials		1.1
Others (each less than 1.0%)		4.3
Short-Term Investment		2.7

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,442	EUR
	2,106	for GBP	Goldman Sachs International		05/26/17	$	2,729	#	$	2,663	#	$	(66	)
	4,401	EUR
	512,473	for JPY	Australia and New Zealand Banking Group Ltd.		05/26/17		4,601	#		4,799	#		198
	4,067	EUR
	6,100	for SGD	Standard Chartered Bank		05/26/17		4,367	#		4,436	#		69
	12,622	AUD	Australia and New Zealand Banking Group Ltd.		05/26/17		9,595			9,448			(147	)
	52,319	AUD	HSBC Bank, N.A.		05/26/17		40,101			39,159			(942	)
	3,489	CAD	Australia and New Zealand Banking Group Ltd.		05/26/17		2,616			2,557			(59	)
	24,284	CHF	National Australia Bank		05/26/17		24,543			24,446			(97	)
	40,063	DKK	Societe Generale		05/30/17		5,769			5,876			107
	8,154	EUR	BNP Paribas		05/26/17		8,895			8,893			(2	)
	3,924	EUR	Citibank, NA		05/26/17		4,166			4,280			114
	5,562	EUR	Goldman Sachs International		05/26/17		6,052			6,066			14
	2,251	EUR	National Australia Bank		05/26/17		2,435			2,455			20
	7,642	EUR	Standard Chartered Bank		05/26/17		8,320			8,335			15
	81,124	EUR	State Street Corp.		05/26/17		88,388			88,479			91
	2,910	EUR	TD Bank Financial Group		05/26/17		3,123			3,173			50
	11,128	GBP	Citibank, NA		05/26/17		13,826			14,424			598
	4,653	GBP	Goldman Sachs International		05/26/17		5,950			6,030			80
	8,146	GBP	Standard Chartered Bank		05/26/17		10,124			10,558			434
	30,752	GBP	TD Bank Financial Group		05/26/17		38,773			39,858			1,085
	54,356	HKD	Standard Chartered Bank		05/26/17		7,011			6,992			(19	)
	41,308	HKD	State Street Corp.		05/26/17		5,324			5,313			(11	)
	514,464	JPY	National Australia Bank		05/26/17		4,676			4,619			(57	)
	6,291,513	JPY	Standard Chartered Bank		05/26/17		57,006			56,490			(516	)
	308,285	JPY	TD Bank Financial Group		05/26/17		2,741			2,768			27
	26,567	NOK	Goldman Sachs International		05/26/17		3,123			3,095			(28	)
	14,489	NOK	National Australia Bank		05/26/17		1,690			1,688			(2	)
	35,516	SEK	Merrill Lynch International		05/26/17		4,058			4,015			(43	)
	102,553	SEK	National Australia Bank		05/26/17		11,582			11,594			12
	4,167	SGD	Australia and New Zealand Banking Group Ltd.		05/26/17		2,989			2,983			(6	)
	1,933	SGD	Societe Generale		05/26/17		1,366			1,384			18
						$	385,939		$	386,876		$	937

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	8,278	AUD	BNP Paribas		05/26/17	$	6,213	$	6,195	$	18
	17,405	AUD	Royal Bank of Canada		05/26/17		13,316		13,027		289
	4,652	CAD	National Australia Bank		05/26/17		3,482		3,409		73
	10,497	CAD	State Street Corp.		05/26/17		8,029		7,692		337
	3,655	CHF	National Australia Bank		05/26/17		3,639		3,679		(40	)
	10,087	CHF	TD Bank Financial Group		05/26/17		10,150		10,154		(4	)

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,160	EUR	Australia and New Zealand Banking Group Ltd.		05/26/17	$	4,414	$	4,537	$	(123	)
	38,842	EUR	BNP Paribas		05/26/17		41,534		42,364		(830	)
	64,804	EUR	Citibank, NA		05/26/17		69,859		70,679		(820	)
	55,565	EUR	Goldman Sachs International		05/26/17		59,373		60,602		(1,229	)
	9,616	EUR	State Street Corp.		05/26/17		10,202		10,488		(286	)
	38,433	GBP	HSBC Bank, N.A.		05/26/17		47,897		49,814		(1,917	)
	7,281,631	JPY	Credit Suisse International		05/26/17		65,594		65,381		213
	40,565	NOK	Goldman Sachs International		05/26/17		4,878		4,727		151
	27,968	NOK	TD Bank Financial Group		05/26/17		3,244		3,258		(14	)
	35,719	SEK	Merrill Lynch International		05/26/17		3,956		4,038		(82	)
						$	355,780	$	360,044	$	(4,264	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2017 of the currency being sold, and the value at April 30, 2017 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.3%
		Australia — 6.8%
	1,209	AGL Energy Ltd.		24,204
	954	Australia & New Zealand Banking Group Ltd.		23,360
	1,162	Bendigo & Adelaide Bank Ltd.		10,696
	1,589	BHP Billiton Ltd.		28,290
	1,219	Challenger Ltd.		12,044
	39	Commonwealth Bank of Australia		2,567
	1,170	Computershare Ltd.		12,897
	1,401	CSR Ltd.		5,136
	208	Flight Centre Travel Group Ltd.		4,882
	2,155	Fortescue Metals Group Ltd.		8,540
	2,569	GPT Group (The)		10,090
	157	LendLease Group		1,881
	2,294	Metcash Ltd. (a)		3,693
	4,858	South32 Ltd.		10,067
	1,035	Westpac Banking Corp.		27,131
	535	Woodside Petroleum Ltd.		12,874
				198,352
		Austria — 0.4%
	254	Erste Group Bank AG (a)		9,080
	14	Lenzing AG		2,648
				11,728
		Belgium — 0.8%
	334	bpost SA		7,998
	223	KBC Group NV		16,115
				24,113
		China — 0.8%
	5,289	BOC Hong Kong Holdings Ltd.		21,735
	806	China Overseas Land & Investment Ltd.		2,338
				24,073
		Denmark — 2.9%
	754	Danske Bank A/S		27,405
	9	Dfds A/S		538
	598	Novo Nordisk A/S, Class B		23,270
	62	Pandora A/S		6,661
	3	Schouw & Co. AB		314
	234	Sydbank A/S		8,509
	1,794	TDC A/S		9,626
	105	Vestas Wind Systems A/S		9,077
				85,400
		Finland — 0.4%
	429	UPM-Kymmene OYJ		11,298

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — 10.0%
	105	Arkema SA		11,115
	655	AXA SA		17,467
	371	BNP Paribas SA		26,210
	107	Cap Gemini SA		10,716
	148	Cie Generale des Etablissements Michelin		19,311
	224	Faurecia		10,923
	64	LVMH Moet Hennessy Louis Vuitton SE		15,884
	174	Metropole Television S.A.		3,953
	1,546	Natixis SA		10,762
	10	Nexans SA (a)		561
	881	Orange SA		13,636
	526	Peugeot SA (a)		11,031
	349	Sanofi		33,017
	243	Schneider Electric SE		19,238
	349	Societe Generale SA		19,120
	83	Sodexo SA		10,551
	12	Sopra Steria Group		1,806
	104	Thales SA		10,975
	241	TOTAL SA		12,356
	207	Valeo SA		14,882
	221	Vinci SA		18,859
				292,373
		Germany — 7.2%
	144	Allianz SE (Registered)		27,416
	234	Bayer AG (Registered)		28,904
	17	Bayerische Motoren Werke AG		1,666
	136	Covestro AG (e)		10,626
	275	Evonik Industries AG		9,185
	233	Freenet AG		7,306
	168	Fresenius SE & Co. KGaA		13,618
	93	Hannover Rueck SE		11,147
	54	HeidelbergCement AG		5,022
	514	Infineon Technologies AG		10,634
	603	Innogy SE (e)		22,182
	19	Jenoptik AG		504
	96	Merck KGaA		11,245
	154	OSRAM Licht AG		10,300
	235	Siemens AG (Registered)		33,683
	376	Uniper SE (a)		6,174
				209,612
		Hong Kong — 2.3%
	1,375	Cheung Kong Property Holdings Ltd.		9,840
	1,087	Chow Tai Fook Jewellery Group Ltd.		1,195
	1,151	CK Hutchison Holdings Ltd.		14,373

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	573	Hongkong Land Holdings Ltd.		4,417
	6,862	New World Development Co. Ltd.		8,533
	1,123	Wharf Holdings Ltd. (The)		9,575
	1,055	Wheelock & Co. Ltd.		8,218
	11,166	Xinyi Glass Holdings Ltd. (a)		9,895
				66,046
		Indonesia — 0.2%
	220	Telekomunikasi Indonesia Persero Tbk. PT, ADR		7,195
		Italy — 1.1%
	621	Enel SpA		2,954
	2,997	Intesa Sanpaolo SpA		8,749
	1,159	Mediobanca SpA		11,148
	343	Prysmian SpA		9,897
				32,748
		Japan — 23.1%
	741	Amada Holdings Co. Ltd.		8,805
	1,498	Asahi Glass Co. Ltd.		12,979
	918	Astellas Pharma, Inc.		12,100
	347	Bandai Namco Holdings, Inc.		10,897
	323	Bridgestone Corp.		13,460
	98	Central Japan Railway Co.		16,402
	1,998	Concordia Financial Group Ltd.		9,189
	97	Daikin Industries Ltd.		9,421
	56	Family Mart UNY Holdings Co. Ltd.		3,177
	1,911	Fuji Electric Co. Ltd.		10,475
	196	Hazama Ando Corp.		1,396
	98	Hikari Tsushin, Inc.		9,422
	391	Hitachi Chemical Co. Ltd.		11,192
	2,151	Hitachi Ltd.		11,883
	821	Hitachi Metals Ltd.		11,499
	606	Honda Motor Co. Ltd.		17,641
	240	Hoya Corp.		11,465
	375	Idemitsu Kosan Co. Ltd.		11,977
	429	ITOCHU Corp.		6,069
	1,028	Kansai Electric Power Co., Inc. (The)		13,894
	617	KDDI Corp.		16,357
	205	Koito Manufacturing Co. Ltd.		10,598
	717	Kuraray Co. Ltd.		11,570
	344	LIXIL Group Corp.		8,605
	192	Matsumotokiyoshi Holdings Co. Ltd.		9,634
	717	Mazda Motor Corp.		10,586
	17	Meitec Corp.		722
	631	Mitsubishi Corp.		13,624

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	865	Mitsubishi Electric Corp.		12,071
	4,239	Mitsubishi UFJ Financial Group, Inc.		26,858
	1,920	Mitsubishi UFJ Lease & Finance Co. Ltd.		10,032
	225	Mitsui Fudosan Co. Ltd.		4,951	��
	309	NH Foods Ltd.		8,807
	82	Nichias Corp.		837
	94	Nichirei Corp.		2,350
	310	Nippon Telegraph & Telephone Corp.		13,294
	18	Nitori Holdings Co. Ltd.		2,368
	108	Nitto Denko Corp.		8,110
	791	NTT DOCOMO, Inc.		19,147
	1,326	Obayashi Corp.		12,871
	753	ORIX Corp.		11,502
	113	Otsuka Holdings Co. Ltd.		5,191
	269	Penta-Ocean Construction Co. Ltd.		1,363
	336	Pola Orbis Holdings, Inc.		7,748
	148	SCREEN Holdings Co. Ltd.		10,757
	608	Sekisui Chemical Co. Ltd.		10,196
	51	Shin-Etsu Chemical Co. Ltd.		4,450
	209	Shionogi & Co. Ltd.		10,758
	237	SoftBank Group Corp.		17,947
	348	Sompo Holdings, Inc.		13,162
	569	Sony Corp.		19,518
	280	Subaro Corp.		10,631
	203	Sumitomo Bakelite Co. Ltd.		1,305
	2,050	Sumitomo Chemical Co. Ltd.		11,569
	683	Sumitomo Electric Industries Ltd.		11,148
	1,300	Sumitomo Heavy Industries Ltd.		9,069
	477	Sumitomo Mitsui Financial Group, Inc.		17,696
	260	Sumitomo Mitsui Trust Holdings, Inc.		8,917
	720	T&D Holdings, Inc.		10,702
	2,376	Taiheiyo Cement Corp.		7,896
	1,724	Taisei Corp.		13,146
	106	Tokyo Electron Ltd.		12,807
	799	Tokyo Tatemono Co. Ltd.		10,917
	351	Toyota Motor Corp.		19,007
	32	TS Tech Co., Ltd.		830
				674,967
		Luxembourg — 0.6%
	218	APERAM SA		10,944
	1,022	ArcelorMittal (a)		8,034
				18,978
		Netherlands — 3.2%
	1,500	Aegon NV		7,655

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Netherlands — continued
	274	ASR Nederland NV (a)		8,116
	1,707	ING Groep NV		27,829
	587	Koninklijke Ahold Delhaize NV		12,157
	16	NN Group NV		524
	280	Philips Lighting NV (a) (e)		9,461
	1,026	Royal Dutch Shell plc, Class B		27,300
				93,042
		Norway — 1.1%
	740	DNB ASA		11,551
	1,638	Norsk Hydro ASA		9,336
	614	Telenor ASA		9,917
				30,804
		Portugal — 0.1%
	842	EDP — Energias de Portugal SA		2,779
		Singapore — 0.6%
	786	DBS Group Holdings Ltd.		10,861
	209	Jardine Cycle & Carriage Ltd.		7,086
	130	Venture Corp., Ltd.		1,136
				19,083
		South Africa — 0.3%
	1,556	Steinhoff International Holdings NV		7,916
		South Korea — 0.1%
	51	POSCO, ADR		2,983
		Spain — 2.8%
	336	ACS Actividades de Construccion y Servicios SA		12,440
	242	Amadeus IT Group SA		13,035
	4,248	Banco Santander SA		27,685
	2,191	Iberdrola SA		15,750
	874	Repsol SA		13,798
				82,708
		Sweden — 2.7%
	373	Atlas Copco AB, Class A		13,941
	377	Boliden AB		10,778
	463	Castellum AB		6,344
	182	JM AB		6,405
	410	Skanska AB, Class B		9,800
	1,095	Swedbank AB, Class A		25,961
	236	Trelleborg AB, Class B,		5,541
				78,770
		Switzerland — 11.1%
	607	ABB Ltd. (Registered)		14,875
	319	Adecco Group AG (Registered)		23,683

SHARES			SECURITY DESCRIPTION	VALUE($)
			Switzerland — continued
	207		Cie Financiere Richemont SA (Registered)		17,259
	356		Coca-Cola HBC AG (a)		9,885
	10		Flughafen Zuerich AG (Registered)		2,184
	–	(h)	Forbo Holding AG (Registered)		586
	11		Georg Fischer AG (Registered)		10,012
	4,075		Glencore plc (a)		16,014
	269		Logitech International SA (Registered)		8,993
	49		Lonza Group AG (Registered) (a)		10,091
	546		Nestle SA (Registered)		42,046
	345		Novartis AG (Registered)		26,559
	197		Roche Holding AG		51,524
	52		Schindler Holding AG		10,638
	4		Sika AG		24,285
	36		Swiss Life Holding AG (Registered) (a)		11,624
	151		Swiss Re AG		13,134
	1,258		UBS Group AG (Registered) (a)		21,483
	133		Wolseley plc		8,442
					323,317
			United Kingdom — 15.7%
	1,161		3i Group plc		11,935
	646		Anglo American plc (a)		9,243
	1,688		Aviva plc		11,477
	1,672		Barratt Developments plc		12,544
	464		Beazley plc		2,646
	2,450		BP plc		14,024
	603		British American Tobacco plc		40,709
	1,033		BT Group plc		4,074
	515		Burberry Group plc		10,772
	3,265		Centrica plc		8,366
	3,362		ConvaTec Group plc (a) (e)		13,371
	61		DCC plc		5,654
	715		Diageo plc		20,822
	233		Dialog Semiconductor plc (a)		10,909
	2,123		GKN plc		9,864
	510		GlaxoSmithKline plc		10,256
	66		Hiscox Ltd.		970
	2,174		HSBC Holdings plc		17,928
	393		Imperial Brands plc		19,223
	100		InterContinental Hotels Group plc		5,296
	1,930		International Consolidated Airlines Group SA		13,994
	1,127		JD Sports Fashion plc		6,497
	477		John Wood Group plc		4,693
	22,714		Lloyds Banking Group plc		20,410
	398		Pagegroup plc		2,581

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	709	Persimmon plc		21,396
	997	Prudential plc		22,131
	58	Reckitt Benckiser Group plc		5,306
	297	Redrow plc		2,215
	643	Rio Tinto plc		25,369
	96	Savills plc		1,160
	260	Schroders plc		10,729
	54	Segro plc		342
	802	Subsea 7 SA		13,221
	21	TechnipFMC plc (a)		628
	976	UBM plc		8,972
	812	Unilever NV, CVA		42,545
	1,408	Vodafone Group plc		3,627
	608	WPP plc		13,017
				458,916
		United States — 1.0%
	399	Carnival plc		24,599
	84	Shire plc		4,974
				29,573
		Total Common Stocks (Cost $2,601,672)		2,786,774
	Preferred Stock — 0.1%
		Germany — 0.1%
	15	Henkel AG & Co. KGaA (Preference) (Cost $1,833)		2,052
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	73,458	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $73,458)		73,458
		Total Investments — 97.9% (Cost $2,676,963)		2,862,284
		Other Assets in Excess of Liabilities — 2.1%		60,469
		NET ASSETS — 100.0%	$	2,922,753

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		14.9	%
Pharmaceuticals		7.4
Insurance		5.5
Metals & Mining		5.3
Chemicals		3.7
Auto Components		3.5
Electrical Equipment		3.4
Oil, Gas & Consumable Fuels		3.2
Household Durables		2.8
Automobiles		2.5
Construction & Engineering		2.4
Real Estate Management & Development		2.4
Wireless Telecommunication Services		2.3
Tobacco		2.1
Machinery		2.0
Diversified Telecommunication Services		2.0
Multi-Utilities		1.9
Industrial Conglomerates		1.9
Food Products		1.9
Textiles, Apparel & Luxury Goods		1.8
Personal Products		1.8
Hotels, Restaurants & Leisure		1.6
Semiconductors & Semiconductor Equipment		1.6
Capital Markets		1.5
IT Services		1.3
Electric Utilities		1.2
Diversified Financial Services		1.2
Building Products		1.1
Beverages		1.1
Food & Staples Retailing		1.0
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		10.1
Short-Term Investment		2.6

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	568	Euro STOXX 50 Index		06/16/17		USD	$	21,707	$	51
	175	FTSE 100 Index		06/16/17		USD		16,239		34
									$	85

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

J.P. Morgan International Equity Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CDI	—  CHESS Depository Interest
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
FTSE	—  Financial Times Stock Exchange
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
NOK	—  Norwegian Krone
NVDR	—  Non Voting Depositary Receipt
REIT	—  Real Estate Investment Trust
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar

VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of April 30, 2017.
(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 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of April 30, 2017.
(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, 2017.
(y)	—  Preferred Security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund		Emerging Markets Equity Fund		Emerging Markets Equity Income Fund
ASSETS:
Investments in non-affiliates, at value	$	1,841,862	$	3,518,327	$	15,842
Investments in affiliates, at value		32,084		45,041		24
Total investment securities, at value		1,873,946		3,563,368		15,866
Cash		1,151		1,496		159
Foreign currency, at value		573		18,233		28
Deposits at broker for futures contracts		339		—		—
Receivables:
Investment securities sold		17,358		—		51
Fund shares sold		1,996		7,315		38
Dividends from non-affiliates		4,324		2,993		49
Dividends from affiliates		14		32		—	(a)
Tax reclaims		65		279		2
Variation margin on futures contracts		25		—		—	(a)
Due from adviser		—		—		28
Other assets		—		—		30
Total Assets		1,899,791		3,593,716		16,251
LIABILITIES:
Payables:
Investment securities purchased		8,195		17,717		80
Fund shares redeemed		6,312		5,845		11
Accrued liabilities:
Investment advisory fees		1,009		2,146		—
Administration fees		4		55		—
Distribution fees		33		113		2
Service fees		41		201		3
Custodian and accounting fees		82		276		12
Trustees’ and Chief Compliance Officer’s fees		2		2		1
Deferred India capital gains tax		2,193		4,937		—
Audit fees		51		49		53
Printing and mailing cost		16		86		—
Other		27		72		2
Total Liabilities		17,965		31,499		164
Net Assets	$	1,881,826	$	3,562,217	$	16,087

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Emerging Economies Fund				Emerging Markets Equity Fund			Emerging Markets Equity Income Fund
NET ASSETS:
Paid-in-Capital	$	1,832,468			$	2,956,136		$	15,489
Accumulated undistributed (distributions in excess of) net investment income		6,320				2,227			111
Accumulated net realized gains (losses)		(190,011	)			(125,223	)		(544	)
Net unrealized appreciation (depreciation)		233,049				729,077			1,031
Total Net Assets	$	1,881,826		��	$	3,562,217		$	16,087
Net Assets:
Class A	$	152,637			$	454,739		$	10,671
Class C		2,723				37,694			113
Class I (formerly Select Class)		59,491				402,793			5,227
Class L (formerly Institutional Class)		—				511,475			—
Class R5		1,356				22			20
Class R6		1,665,619				2,155,494			56
Total	$	1,881,826			$	3,562,217		$	16,087
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		12,083				19,089			755
Class C		217				1,624			8
Class I (formerly Select Class)		4,651				16,510			368
Class L (formerly Institutional Class)		—				20,834			—
Class R5		105				1			1
Class R6		130,910				87,931			4
Net Asset Value (a):
Class A — Redemption price per share	$	12.63			$	23.82		$	14.13
Class C — Offering price per share (b)		12.55				23.20			14.10
Class I (formerly Select Class) — Offering and redemption price per share		12.79				24.40			14.19
Class L (formerly Institutional Class) — Offering and redemption price per share		—				24.55			—
Class R5 — Offering and redemption price per share		12.90				24.54			14.20
Class R6 — Offering and redemption price per share		12.72				24.51			14.20
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)]	$	13.33			$	25.14		$	14.91
Cost of investments in non-affiliates	$	1,606,704			$	2,784,308		$	14,811
Cost of investments in affiliates		32,084				45,041			24
Cost of foreign currency		579				18,237			28

(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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Global Research Enhanced Index Fund			Global Unconstrained Equity Fund			International Discovery Fund
ASSETS:
Investments in non-affiliates, at value	$	7,646,831		$	1,984		$	6,680
Investments in affiliates, at value		46,476			39			—
Total investment securities, at value		7,693,307			2,023			6,680
Cash		2,392			70			186
Foreign currency, at value		3,446			11			5
Deposits at broker for futures contracts		1,296			—			—
Receivables:
Investment securities sold		1,604			24			119
Fund shares sold		7,554			22			—
Dividends from non-affiliates		13,789			4			29
Dividends from affiliates		27			—	(a)		—
Tax reclaims		6,358			14			2
Due from adviser		—			24			33
Other assets		—			22			—
Total Assets		7,729,773			2,214			7,054
LIABILITIES:
Payables:
Investment securities purchased		6,021			20			214
Fund shares redeemed		5,332			—			—
Variation margin on futures contracts		32			—			—
Accrued liabilities:
Investment advisory fees		465			—			—
Distribution fees		—	(a)		—	(a)		—	(a)
Service fees		1,543			—	(a)		1
Custodian and accounting fees		99			7			18
Trustees’ and Chief Compliance Officer’s fees		18			—	(a)		—	(a)
Audit fees		46			54			53
Printing and mailing cost		65			5			4
Other		—			3			2
Total Liabilities		13,621			89			292
Net Assets	$	7,716,152		$	2,125		$	6,762

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Global Research Enhanced Index Fund			Global Unconstrained Equity Fund			International Discovery Fund
NET ASSETS:
Paid-in-Capital	$	6,649,649		$	1,944		$	6,041
Accumulated undistributed (distributions in excess of) net investment income		39,651			(1	)		31
Accumulated net realized gains (losses)		(293,804	)		55			(426	)
Net unrealized appreciation (depreciation)		1,320,656			127			1,116
Total Net Assets	$	7,716,152		$	2,125		$	6,762
Net Assets:
Class A	$	23		$	679		$	133
Class C		22			263			22
Class I (formerly Select Class)		7,716,084			1,123			6,563
Class R2		23			20			—
Class R5		—			20			22
Class R6		—			20			22
Total	$	7,716,152		$	2,125		$	6,762
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1			42			8
Class C		1			17			1
Class I (formerly Select Class)		380,697			69			397
Class R2		1			1			—
Class R5		—			1			1
Class R6		—			1			1
Net Asset Value (a):
Class A — Redemption price per share	$	20.38		$	16.12		$	16.52
Class C — Offering price per share (b)		20.44			15.96			16.48
Class I (formerly Select Class) — Offering and redemption price per share		20.27			16.24			16.55
Class R2 — Offering and redemption price per share		20.41			16.23			—
Class R5 — Offering and redemption price per share		—			16.18			16.56
Class R6 — Offering and redemption price per share		—			16.17			16.56
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)]	$	21.51		$	17.01		$	17.44
Cost of investments in non-affiliates	$	6,326,652		$	1,857		$	5,564
Cost of investments in affiliates		46,476			39			—
Cost of foreign currency		3,430			11			5

(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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	International Equity Fund		International Equity Income Fund		International Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	3,619,211	$	170,592	$	2,937,822
Investments in affiliates, at value		76,383		3,386		38,835
Total investment securities, at value		3,695,594		173,978		2,976,657
Cash		132		111		50
Foreign currency, at value		722		444		17
Receivables:
Investment securities sold		—		—		—	(a)
Fund shares sold		693		751		491
Interest and dividends from non-affiliates		12,468		1,017		10,286
Dividends from affiliates		31		3		28
Tax reclaims		5,167		247		2,944
Unrealized appreciation on forward foreign currency exchange contracts		—		—		9,115
Total Assets		3,714,807		176,551		2,999,588
LIABILITIES:
Payables:
Investment securities purchased		16,564		—		—
Fund shares redeemed		7,326		473		10,990
Unrealized depreciation on forward foreign currency exchange contracts		5		—		15,012
Accrued liabilities:
Investment advisory fees		1,929		68		1,423
Administration fees		154		—		194
Distribution fees		66		23		42
Service fees		75		27		50
Custodian and accounting fees		75		16		60
Trustees’ and Chief Compliance Officer’s fees		6		1		2
Audit fees		58		57		19
Printing and mailing cost		67		10		18
Other		72		4		27
Total Liabilities		26,397		679		27,837
Net Assets	$	3,688,410	$	175,872	$	2,971,751

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

92 �� J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Equity Fund			International Equity Income Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	3,196,752		$	171,876		$	2,693,240
Accumulated undistributed (distributions in excess of) net investment income		10,013			(57	)		11,077
Accumulated net realized gains (losses)		(65,934	)		(11,305	)		(126,303	)
Net unrealized appreciation (depreciation)		547,579			15,358			393,737
Total Net Assets	$	3,688,410		$	175,872		$	2,971,751
Net Assets:
Class A	$	257,057		$	74,610		$	204,929
Class C		23,139			13,128			1,484
Class I (formerly Select Class)		112,377			85,893			47,653
Class R2		1,533			472			—
Class R5		19,619			1,637			—
Class R6		3,274,685			132			2,717,685
Total	$	3,688,410		$	175,872		$	2,971,751
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,316			4,857			13,637
Class C		1,551			860			102
Class I (formerly Select Class)		7,031			5,576			3,128
Class R2		98			31			—
Class R5		1,226			106			—
Class R6		204,657			9			177,853
Net Asset Value (a):
Class A — Redemption price per share	$	15.75		$	15.36		$	15.03
Class C — Offering price per share (b)		14.93			15.26			14.54
Class I (formerly Select Class) — Offering and redemption price per share		15.98			15.40			15.23
Class R2 — Offering and redemption price per share		15.68			15.33			—
Class R5 — Offering and redemption price per share		16.00			15.41			—
Class R6 — Offering and redemption price per share		16.00			15.40			15.28
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)]	$	16.62		$	16.21		$	15.86
Cost of investments in non-affiliates	$	3,071,623		$	155,245		$	2,538,129
Cost of investments in affiliates		76,383			3,386			38,835
Cost of foreign currency		722			444			19

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (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	$	1,620,237	$	167,000		$	801,570		$	2,788,826
Investments in affiliates, at value		36,122		5,532			22,045			73,458
Total investment securities, at value		1,656,359		172,532			823,615			2,862,284
Cash		7,961		510			181			—
Foreign currency, at value		1,923		48			85			2,108
Deposits at broker for futures contracts		1,598		—			—			—
Due from custodian		2,015		—			2,464			—
Receivables:
Investment securities sold		13,153		—	(a)		—			428,136
Fund shares sold		62,845		1,906			2,050			445
Interest and dividends from non-affiliates		4,664		541			2,424			11,787
Dividends from affiliates		26		2			7			38
Tax reclaims		2,361		63			2,418			4,171
Variation margin on futures contracts		—		—			—			85
Unrealized appreciation on forward foreign currency exchange contracts		3		—			4,013			—
Other assets		71		25			—			—
Total Assets		1,752,979		175,627			837,257			3,309,054
LIABILITIES:
Payables:
Due to custodian		—		—			—			11
Investment securities purchased		35,854		1,088			2,464			378,560
Fund shares redeemed		656		7			1,457			5,916
Variation margin on futures contracts		19		—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—		—			7,340			—
Accrued liabilities:
Investment advisory fees		54		78			388			1,396
Administration fees		—		1			53			191
Distribution fees		27		8			73			41
Service fees		308		8			118			48
Custodian and accounting fees		37		11			54			75
Trustees’ and Chief Compliance Officer’s fees		1		1			—	(a)		1
Audit fees		45		56			1			31
Printing and mailing cost		17		1			183			16
Other		17		9			269			15
Total Liabilities		37,035		1,268			12,400			386,301
Net Assets	$	1,715,944	$	174,359		$	824,857		$	2,922,753

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	1,536,841		$	163,452		$	1,124,355		$	2,939,893
Accumulated undistributed (distributions in excess of) net investment income		11,227			496			3,696			20,112
Accumulated net realized gains (losses)		(1,026	)		(3,772	)		(338,806	)		(222,672	)
Net unrealized appreciation (depreciation)		168,902			14,183			35,612			185,420
Total Net Assets	$	1,715,944		$	174,359		$	824,857		$	2,922,753
Net Assets:
Class A	$	71,210		$	26,032		$	294,864		$	199,735
Class C		12,585			5,735			22,320			1,914
Class I (formerly Select Class)		1,619,251			30,034			151,737			49,895
Class L (formerly Institutional Class)		—			—			323,408			—
Class R2		12,898			22			1,276			536
Class R5		—			22			23			—
Class R6		—			112,514			31,229			2,670,673
Total	$	1,715,944		$	174,359		$	824,857		$	2,922,753
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		4,163			1,381			22,637			9,948
Class C		767			307			1,769			94
Class I (formerly Select Class)		93,996			1,577			11,380			2,392
Class L (formerly Institutional Class)		—			—			24,393			—
Class R2		773			1			100			27
Class R5		—			1			2			—
Class R6		—			5,913			2,360			130,041
Net Asset Value (a):
Class A — Redemption price per share	$	17.10		$	18.84		$	13.03		$	20.08
Class C — Offering price per share (b)		16.41			18.68			12.62			20.30
Class I (formerly Select Class) — Offering and redemption price per share		17.23			19.05			13.33			20.86
Class L (formerly Institutional Class) — Offering and redemption price per share		—			—			13.26			—
Class R2 — Offering and redemption price per share		16.68			18.84			12.81			19.91
Class R5 — Offering and redemption price per share		—			19.03			13.22			—
Class R6 — Offering and redemption price per share		—			19.03			13.23			20.54
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)]	$	18.05		$	19.88		$	13.75		$	21.19
Cost of investments in non-affiliates	$	1,451,805		$	152,822		$	762,383		$	2,603,505
Cost of investments in affiliates		36,122			5,532			22,045			73,458
Cost of foreign currency		1,933			48			85			2,108

(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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—	(a)
Interest income from affiliates		1			6			—	(a)
Dividend income from non-affiliates		21,984			23,912			256
Dividend income from affiliates		71			135			—	(a)
Foreign taxes withheld		(1,911	)		(1,674	)		(19	)
Total investment income		20,145			22,379			237
EXPENSES:
Investment advisory fees		7,646			13,500			64
Administration fees		736			1,299			5
Distribution fees:
Class A		182			504			11
Class C		9			133			—	(a)
Service fees:
Class A		182			504			11
Class C		3			44			—	(a)
Class I (formerly Select Class)		68			402			5
Class L (formerly Institutional Class)		—			214			—
Class R5		1			—	(a)		—	(a)
Custodian and accounting fees		796			901			39
Interest expense to affiliates		8			2			—	(a)
Professional fees		62			50			46
Trustees’ and Chief Compliance Officer’s fees		18			19			13
Printing and mailing costs		26			115			1
Registration and filing fees		32			56			39
Transfer agency fees (See Note 2.J.)		12			58			—	(a)
Sub-transfer agency fees (See Note 2.J.)		61			503			2
Other		20			27			4
Total expenses		9,862			18,331			240
Less fees waived		(1,784	)		(3,080	)		(72	)
Less expense reimbursements		(4	)		(3	)		(75	)
Net expenses		8,074			15,248			93
Net investment income (loss)		12,071			7,131			144
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		55,131			(12,964	)		(16	)
Futures		(195	)		—			(1	)
Foreign currency transactions		82			199			(3	)
Net realized gain (loss)		55,018			(12,765	)		(20	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		128,449	(b)		336,523	(c)		614
Futures		324			—			—
Foreign currency translations		5			(15	)		—	(a)
Change in net unrealized appreciation/depreciation		128,778			336,508			614
Net realized/unrealized gains (losses)		183,796			323,743			594
Change in net assets resulting from operations	$	195,867		$	330,874		$	738

(a) Amount rounds to less than 500.

(b) Net of change in India capital gains tax of approximately $(1,356,000) for Emerging Economies Fund.

(c) Net of change in India capital gains tax of approximately $(309,000) for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Global Research Enhanced Index Fund			Global Unconstrained Equity Fund			International Discovery Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	—	(a)
Interest income from affiliates		6			—	(a)		—
Dividend income from non-affiliates		85,954			14			70
Dividend income from affiliates		102			—	(a)		—
Foreign taxes withheld		(4,017	)		(1	)		(7	)
Total investment income		82,045			13			63
EXPENSES:
Investment advisory fees		7,237			6			21
Administration fees		2,960			1			2
Distribution fees:
Class A		—	(a)		1			—	(a)
Class C		—	(a)		1			—	(a)
Class R2		—	(a)		—	(a)		—
Service fees:
Class A		—	(a)		1			—	(a)
Class C		—	(a)		—	(a)		—	(a)
Class I (formerly Select Class)		9,046			1			7
Class R2		—	(a)		—	(a)		—
Class R5		—			—	(a)		—	(a)
Custodian and accounting fees		281			19			49
Interest expense to affiliates		13			—	(a)		—	(a)
Professional fees		80			38			36
Trustees’ and Chief Compliance Officer’s fees		6			13			13
Printing and mailing costs		87			7			13
Registration and filing fees		19			50			7
Transfer agency fees (See Note 2.J.)		27			1			—	(a)
Sub-transfer agency fees (See Note 2.J.)		115			1			—	(a)
Offering costs		—			—			93
Other		42			4			3
Total expenses		19,913			144			244
Less fees waived		(7,632	)		(9	)		(25	)
Less expense reimbursements		—	(a)		(129	)		(192	)
Net expenses		12,281			6			27
Net investment income (loss)		69,764			7			36
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		29,869			108			2
Foreign currency transactions		(222	)		(1	)		(2	)
Net realized gain (loss)		29,647			107			—	(a)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		773,038			128			687
Futures		646			—			—
Foreign currency translations		378			—	(a)		—	(a)
Change in net unrealized appreciation/depreciation		774,062			128			687
Net realized/unrealized gains (losses)		803,709			235			687
Change in net assets resulting from operations	$	873,473		$	242		$	723

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

	International Equity Fund			International Equity Income Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	1
Interest income from affiliates		3			1			1
Dividend income from non-affiliates		39,480			3,760			39,139
Dividend income from affiliates		123			8			118
Foreign taxes withheld		(3,067	)		(349	)		(3,674	)
Total investment income		36,539			3,420			35,585
EXPENSES:
Investment advisory fees		12,172			524			8,457
Administration fees		1,423			61			1,153
Distribution fees:
Class A		275			88			218
Class C		81			45			6
Class R2		4			1			—
Service fees:
Class A		275			88			218
Class C		27			15			2
Class I (formerly Select Class)		123			82			47
Class R2		2			1			—
Class R5		9			—	(a)		—
Institutional Class		—			—			5
Custodian and accounting fees		256			44			211
Interest expense to affiliates		7			—	(a)		10
Professional fees		75			43			74
Trustees’ and Chief Compliance Officer’s fees		17			14			15
Printing and mailing costs		58			4			32
Registration and filing fees		34			54			41
Transfer agency fees (See Note 2.J.)		35			6			20
Sub-transfer agency fees (See Note 2.J.)		136			50			34
Other		30			6			22
Total expenses		15,039			1,126			10,565
Less fees waived		(1,402	)		(279	)		(66	)
Less expense reimbursements		(3	)		—	(a)		—
Net expenses		13,634			847			10,499
Net investment income (loss)		22,905			2,573			25,086
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(20,107	)		(425	)		(17,182	)
Futures		—			—			(151	)
Foreign currency transactions		(325	)		(341	)		10,453
Net realized gain (loss)		(20,432	)		(766	)		(6,880	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		375,260			11,038			336,470
Futures		—			—			(386	)
Foreign currency translations		362			135			(8,981	)
Change in net unrealized appreciation/depreciation		375,622			11,173			327,103
Net realized/unrealized gains (losses)		355,190			10,407			320,223
Change in net assets resulting from operations	$	378,095		$	12,980		$	345,309

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	5		$	—	(a)	$	—	(a)	$	—
Interest income from affiliates		4			—	(a)		3			1
Dividend income from non-affiliates		21,140			1,123			14,329			43,589
Dividend income from affiliates		92			7			42			117
Foreign taxes withheld		(1,707	)		(66	)		(1,471	)		(3,354	)
Total investment income		19,534			1,064			12,903			40,353
EXPENSES:
Investment advisory fees		1,439			449			3,020			8,362
Administration fees		589			52			412			1,140
Distribution fees:
Class A		87			21			410			212
Class C		48			17			87			8
Class R2		29			—	(a)		3			1
Service fees:
Class A		87			21			410			212
Class C		16			6			29			2
Class I (formerly Select Class)		1,682			20			186			50
Class L (formerly Institutional Class)		—			—			238			—
Class R2		14			—	(a)		2			1
Class R5		—			—	(a)		—	(a)		—
Institutional Class		—			—			—			2
Custodian and accounting fees		116			32			102			217
Interest expense to affiliates		3			—	(a)		5			11
Professional fees		70			40			59			74
Trustees’ and Chief Compliance Officer’s fees		16			14			13			15
Printing and mailing costs		38			4			155			26
Registration and filing fees		58			38			92			42
Transfer agency fees (See Note 2.J.)		42			5			21			14
Sub-transfer agency fees (See Note 2.J.)		172			8			272			18
Other		11			4			16			27
Total expenses		4,517			731			5,532			10,434
Less fees waived		(1,862	)		(176	)		(156	)		(61	)
Less expense reimbursements		(4	)		—	(a)		—	(a)		—
Net expenses		2,651			555			5,376			10,373
Net investment income (loss)		16,883			509			7,527			29,980
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,712			1,311			39,322			80,285
Futures		4,772			—			825			—
Foreign currency transactions		(174	)		12			4,435			(84	)
Net realized gain (loss)		12,310			1,323			44,582			80,201
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		146,693			13,724			73,859			198,759
Futures		(212	)		—			—			85
Foreign currency translations		257			7			(2,787	)		367
Change in net unrealized appreciation/depreciation		146,738			13,731			71,072			199,211
Net realized/unrealized gains (losses)		159,048			15,054			115,654			279,412
Change in net assets resulting from operations	$	175,931		$	15,563		$	123,181		$	309,392

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,071		$	24,658		$	7,131		$	20,045
Net realized gain (loss)		55,018			(59,529	)		(12,765	)		(68,841	)
Change in net unrealized appreciation/depreciation		128,778			133,106			336,508			346,979
Change in net assets resulting from operations		195,867			98,235			330,874			298,183
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,900	)		(378	)		(1,930	)		(1,590	)
Class C
From net investment income		(14	)		(1	)		(12	)		—
Class I (formerly Select Class)
From net investment income		(709	)		(168	)		(1,895	)		(1,894	)
Class L (formerly Institutional Class)
From net investment income		—			—			(3,193	)		(2,796	)
Class R5 (b)
From net investment income		(23	)		—			—	(a)		—
Class R6
From net investment income		(24,949	)		(12,736	)		(16,962	)		(13,982	)
Total distributions to shareholders		(27,595	)		(13,283	)		(23,992	)		(20,262	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(66,158	)		593,917			130,757			580,806
NET ASSETS:
Change in net assets		102,114			678,869			437,639			858,727
Beginning of period		1,779,712			1,100,843			3,124,578			2,265,851
End of period	$	1,881,826		$	1,779,712		$	3,562,217		$	3,124,578
Accumulated undistributed (distributions in excess of) net investment income	$	6,320		$	21,844		$	2,227		$	19,088

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016, for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	144		$	151		$	69,764		$	152,165
Net realized gain (loss)		(20	)		(403	)		29,647			(222,262	)
Change in net unrealized appreciation/depreciation		614			811			774,062			116,394
Change in net assets resulting from operations		738			559			873,473			46,297
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(32	)		(85	)		(1	)		—	(a)
Class C
From net investment income		—	(a)		(1	)		—	(a)		—
Class I (formerly Select Class)
From net investment income		(16	)		(54	)		(155,975	)		(138,054	)
Class R2
From net investment income		—			—			—	(a)		—	(a)
Class R5
From net investment income		—	(a)		—	(a)		—			—
Class R6
From net investment income		—	(a)		(1	)		—			—
Total distributions to shareholders		(48	)		(141	)		(155,976	)		(138,054	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,821			8,465			91,349			(416,215	)
NET ASSETS:
Change in net assets		4,511			8,883			808,846			(507,972	)
Beginning of period		11,576			2,693			6,907,306			7,415,278
End of period	$	16,087		$	11,576		$	7,716,152		$	6,907,306
Accumulated undistributed (distributions in excess of) net investment income	$	111		$	15		$	39,651		$	125,863

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Unconstrained Equity Fund						International Discovery Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7		$	334		$	36		$	60
Net realized gain (loss)		107			5,782			—	(b)		(427	)
Change in net unrealized appreciation/depreciation		128			(108	)		687			429
Change in net assets resulting from operations		242			6,008			723			62
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			(443	)		—	(b)		—	(b)
From net realized gains		—			(5,070	)		—			—
Return of capital		—			(841	)		—			—
Class C
From net investment income		—			(4	)		—	(b)		—	(b)
From net realized gains		—			(7	)		—			—
Return of capital		—			(17	)		—			—
Class I (formerly Select Class)
From net investment income		(3	)		(78	)		(60	)		(3	)
From net realized gains		—			(590	)		—			—
Return of capital		—			(169	)		—			—
Class R2
From net investment income		—			—	(b)		—			—
From net realized gains		—			(1	)		—			—
Return of capital		—			(1	)		—			—
Class R5
From net investment income		—	(b)		—	(b)		—	(b)		—	(b)
From net realized gains		—			—	(b)		—			—
Return of capital		—			(1	)		—			—
Class R6
From net investment income		—	(b)		—	(b)		—	(b)		—	(b)
From net realized gains		—			—	(b)		—			—
Return of capital		—			(1	)		—			—
Total distributions to shareholders		(3	)		(7,223	)		(60	)		(3	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		214			1,246			205			5,835
NET ASSETS:
Change in net assets		453			31			868			5,894
Beginning of period		1,672			1,641			5,894			—
End of period	$	2,125		$	1,672		$	6,762		$	5,894
Accumulated undistributed (distributions in excess of) net investment income	$	(1	)	$	(5	)	$	31		$	55

(a) Commencement of operations was December 21, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Equity Fund						International Equity Income Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	22,905		$	64,099		$	2,573		$	3,443
Net realized gain (loss)		(20,432	)		(22,289	)		(766	)		(9,171	)
Change in net unrealized appreciation/depreciation		375,622			(25,645	)		11,173			1,423
Change in net assets resulting from operations		378,095			16,165			12,980			(4,305	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(611	)		(3,550	)		(1,252	)		(2,121	)
From net realized gains		—			—			—			(1,055	)
Class C
From net investment income		(22	)		(328	)		(200	)		(297	)
From net realized gains		—			—			—			(151	)
Class I (formerly Select Class)
From net investment income		(394	)		(2,129	)		(1,392	)		(1,237	)
From net realized gains		—			—			—			(534	)
Class R2
From net investment income		(2	)		(21	)		(7	)		(4	)
From net realized gains		—			—			—			(1	)
Class R5
From net investment income		(165	)		(1,103	)		(24	)		(14	)
From net realized gains		—			—			—			—	(a)
Class R6
From net investment income		(16,643	)		(57,230	)		(3	)		(1	)
From net realized gains		—			—			—			(1	)
Total distributions to shareholders		(17,837	)		(64,361	)		(2,878	)		(5,416	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(96,314	)		550,039			31,615			33,459
NET ASSETS:
Change in net assets		263,944			501,843			41,717			23,738
Beginning of period		3,424,466			2,922,623			134,155			110,417
End of period	$	3,688,410		$	3,424,466		$	175,872		$	134,155
Accumulated undistributed (distributions in excess of) net investment income	$	10,013		$	4,945		$	(57	)	$	248

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Research Enhanced Equity Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	25,086		$	58,073		$	16,883		$	31,541
Net realized gain (loss)		(6,880	)		(47,823	)		12,310			(7,725	)
Change in net unrealized appreciation/depreciation		327,103			(77,418	)		146,738			(35,894	)
Change in net assets resulting from operations		345,309			(67,168	)		175,931			(12,078	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(4,762	)		(362	)		(1,511	)		(1,772	)
From net realized gains		—			—			—			(738	)
Class C
From net investment income		(39	)		—	(a)		(227	)		(316	)
From net realized gains		—			—			—			(169	)
Class I (formerly Select Class)
From net investment income		(1,226	)		(55	)		(32,213	)		(19,237	)
From net realized gains		—			—			—			(7,017	)
Class R2
From net investment income		—			—			(254	)		(80	)
From net realized gains		—			—			—			(35	)
Class R6
From net investment income		(92,823	)		(13,758	)		—			—
Institutional Class
From net investment income		—			(312	)		—			—
Total distributions to shareholders		(98,850	)		(14,487	)		(34,205	)		(29,364	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,578	)		611,155			239,007			492,324
NET ASSETS:
Change in net assets		201,881			529,500			380,733			450,882
Beginning of period		2,769,870			2,240,370			1,335,211			884,329
End of period	$	2,971,751		$	2,769,870		$	1,715,944		$	1,335,211
Accumulated undistributed (distributions in excess of) net investment income	$	11,077		$	84,841		$	11,227		$	28,549

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Unconstrained Equity Fund						International Value Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	509		$	1,438		$	7,527		$	42,906
Net realized gain (loss)		1,323			(3,109	)		44,582			(34,758	)
Change in net unrealized appreciation/depreciation		13,731			2,169			71,072			(142,738	)
Change in net assets resulting from operations		15,563			498			123,181			(134,590	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(259	)		(18	)		(18,922	)		(7,469	)
Class C
From net investment income		(67	)		(3	)		(1,312	)		(176	)
Class I (formerly Select Class)
From net investment income		(257	)		—			(8,933	)		(2,865	)
Class L (formerly Institutional Class)
From net investment income		—			—			(30,468	)		(19,068	)
Class R2
From net investment income		—	(a)		—			(59	)		(18	)
Class R5 (b)
From net investment income		—	(a)		—	(a)		(1	)		—
Class R6
From net investment income		(1,980	)		(253	)		(1,834	)		(61	)
Total distributions to shareholders		(2,563	)		(274	)		(61,529	)		(29,657	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		51,584			35,055			(545,015	)		(971,729	)
NET ASSETS:
Change in net assets		64,584			35,279			(483,363	)		(1,135,976	)
Beginning of period		109,775			74,496			1,308,220			2,444,196
End of period	$	174,359		$	109,775		$	824,857		$	1,308,220
Accumulated undistributed (distributions in excess of) net investment income	$	496		$	2,550		$	3,696		$	57,698

(a) Amount rounds to less than 500.

(b) Commencement of offering of class shares effective September 9, 2016, for International Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid International Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,980		$	63,699
Net realized gain (loss)		80,201			(12,289	)
Change in net unrealized appreciation/depreciation		199,211			(67,747	)
Change in net assets resulting from operations		309,392			(16,337	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,117	)		(2,746	)
Class C
From net investment income		(28	)		(35	)
Class I (formerly Select Class)
From net investment income		(1,014	)		(365	)
Class R2
From net investment income		(9	)		(3	)
Class R6
From net investment income		(66,113	)		(39,523	)
Institutional Class
From net investment income		—			(210	)
Total distributions to shareholders		(70,281	)		(42,882	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,672	)		671,617
NET ASSETS:
Change in net assets		228,439			612,398
Beginning of period		2,694,314			2,081,916
End of period	$	2,922,753		$	2,694,314
Accumulated undistributed (distributions in excess of) net investment income	$	20,112		$	60,413

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	24,140		$	124,070		$	83,490		$	206,821
Distributions reinvested		1,899			378			1,872			1,541
Cost of shares redeemed		(35,200	)		(24,840	)		(80,108	)		(105,922	)
Change in net assets resulting from Class A capital transactions	$	(9,161	)	$	99,608		$	5,254		$	102,440
Class C
Proceeds from shares issued	$	303		$	283		$	4,172		$	7,659
Distributions reinvested		14			1			12			—
Cost of shares redeemed		(284	)		(1,482	)		(9,137	)		(15,484	)
Change in net assets resulting from Class C capital transactions	$	33		$	(1,198	)	$	(4,953	)	$	(7,825	)
Class I (formerly Select Class)
Proceeds from shares issued	$	9,733		$	21,815		$	115,722		$	115,950
Distributions reinvested		360			86			1,623			1,651
Cost of shares redeemed		(9,262	)		(216,425	)		(49,421	)		(350,209	)
Change in net assets resulting from Class I capital transactions	$	831		$	(194,524	)	$	67,924		$	(232,608	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	179,479		$	177,616
Distributions reinvested		—			—			2,481			1,936
Cost of shares redeemed		—			—			(104,952	)		(138,231	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	77,008		$	41,321
Class R5 (b)
Proceeds from shares issued	$	183		$	79,836		$	—		$	20
Distributions reinvested		23			—			—	(a)		—
Cost of shares redeemed		(562	)		(158,991	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(356	)	$	(79,155	)	$	—	(a)	$	20
Class R6
Proceeds from shares issued	$	69,557		$	962,670		$	103,294		$	895,741
Distributions reinvested		24,949			12,736			16,658			13,982
Cost of shares redeemed		(152,011	)		(206,220	)		(134,428	)		(232,265	)
Change in net assets resulting from Class R6 capital transactions	$	(57,505	)	$	769,186		$	(14,476	)	$	677,458
Total change in net assets resulting from capital transactions	$	(66,158	)	$	593,917		$	130,757		$	580,806

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016, for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		2,060			11,197			3,827			10,198
Reinvested		173			36			93			84
Redeemed		(2,994	)		(2,309	)		(3,722	)		(5,454	)
Change in Class A Shares		(761	)		8,924			198			4,828
Class C
Issued		26			28			193			402
Reinvested		1			—	(a)		1			—
Redeemed		(25	)		(145	)		(438	)		(822	)
Change in Class C Shares		2			(117	)		(244	)		(420	)
Class I (formerly Select Class)
Issued		808			2,004			5,133			5,865
Reinvested		32			8			79			88
Redeemed		(770	)		(19,109	)		(2,226	)		(17,594	)
Change in Class I Shares		70			(17,097	)		2,986			(11,641	)
Class L (formerly Institutional Class)
Issued		—			—			8,038			8,547
Reinvested		—			—			119			103
Redeemed		—			—			(4,697	)		(6,992	)
Change in Class L Shares		—			—			3,460			1,658
Class R5 (b)
Issued		15			7,225			—			1
Reinvested		2			—			—	(a)		—
Redeemed		(48	)		(14,428	)		—			—
Change in Class R5 Shares		(31	)		(7,203	)		—	(a)		1
Class R6
Issued		5,811			87,032			4,719			42,972
Reinvested		2,258			1,219			804			745
Redeemed		(12,419	)		(18,962	)		(5,782	)		(11,576	)
Change in Class R6 Shares		(4,350	)		69,289			(259	)		32,141

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016, for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,743		$	8,578		$	—		$	—	(a)
Distributions reinvested		32			85			1			—	(a)
Cost of shares redeemed		(1,829	)		(653	)		—			—
Change in net assets resulting from Class A capital transactions	$	1,946		$	8,010		$	1		$	—	(a)
Class C
Proceeds from shares issued	$	14		$	57		$	—		$	—
Distributions reinvested		—	(a)		1			—	(a)		—
Cost of shares redeemed		—	(a)		—	(a)		—			—
Change in net assets resulting from Class C capital transactions	$	14		$	58		$	—	(a)	$	—
Class I (formerly Select Class)
Proceeds from shares issued	$	1,877		$	397		$	728,946		$	1,314,724
Distributions reinvested		16			54			19,299			9,477
Cost of shares redeemed		(62	)		(59	)		(656,897	)		(1,740,416	)
Change in net assets resulting from Class I capital transactions	$	1,831		$	392		$	91,348		$	(416,215	)
Class R2
Distributions reinvested		—			—			—	(a)		—	(a)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	—	(a)	$	—	(a)
Class R5
Proceeds from shares issued	$	—		$	—	(a)	$	—		$	—
Distributions reinvested		—	(a)		—	(a)		—			—
Cost of shares redeemed		—			—	(a)		—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	—	(a)	$	—		$	—
Class R6
Proceeds from shares issued	$	30		$	8		$	—		$	—
Distributions reinvested		—	(a)		1			—			—
Cost of shares redeemed		—	(a)		(4	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	30		$	5		$	—		$	—
Total change in net assets resulting from capital transactions	$	3,821		$	8,465		$	91,349		$	(416,215	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		273			652			—			—
Reinvested		3			7			—	(a)		—	(a)
Redeemed		(137	)		(50	)		—			—
Change in Class A Shares		139			609			—	(a)		—	(a)
Class C
Issued		1			4			—			—
Reinvested		—	(a)		—	(a)		—	(a)		—
Redeemed		—	(a)		—			—			—
Change in Class C Shares		1			4			—	(a)		—
Class I (formerly Select Class)
Issued		139			30			37,667			74,956
Reinvested		1			4			1,023			538
Redeemed		(5	)		(4	)		(33,996	)		(99,095	)
Change in Class I Shares		135			30			4,694			(23,601	)
Class R2
Reinvested		—			—			—	(a)		—	(a)
Change in Class R2 Shares		—			—			—	(a)		—	(a)
Class R5
Reinvested		—	(a)		—	(a)		—			—
Change in Class R5 Shares		—	(a)		—	(a)		—			—
Class R6
Issued		2			1			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—	(a)		—	(a)		—			—
Change in Class R6 Shares		2			1			—			—

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Global Unconstrained Equity Fund						International Discovery Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	278		$	121,461		$	106		$	20
Distributions reinvested		—			6,351			—	(b)		—	(b)
Cost of shares redeemed		(81	)		(126,936	)		(2	)		—
Change in net assets resulting from Class A capital transactions	$	197		$	876		$	104		$	20
Class C
Proceeds from shares issued	$	112		$	50		$	—	(b)	$	20
Distributions reinvested		—			26			—	(b)		—	(b)
Cost of shares redeemed		(89	)		(146	)		—			—
Change in net assets resulting from Class C capital transactions	$	23		$	(70	)	$	—	(b)	$	20
Class I (formerly Select Class)
Proceeds from shares issued	$	167		$	15,051		$	764		$	5,752
Distributions reinvested		2			803			60			3
Cost of shares redeemed		(175	)		(15,414	)		(723	)		—
Change in net assets resulting from Class I capital transactions	$	(6	)	$	440		$	101		$	5,755
Class R2
Proceeds from shares issued	$	—		$	—	(b)	$	—		$	—
Cost of shares redeemed		—			—	(b)		—			—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—	(b)	$	—		$	—
Class R5
Proceeds from shares issued	$	—		$	—	(b)	$	—	(b)	$	20
Distributions reinvested		—			—			—	(b)		—	(b)
Cost of shares redeemed		—			—	(b)		—			—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—	(b)	$	—	(b)	$	20
Class R6
Proceeds from shares issued	$	—		$	—		$	—	(b)	$	20
Distributions reinvested		—			—			—	(b)		—	(b)
Cost of shares redeemed		—			—	(b)		—			—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—	(b)	$	—	(b)	$	20
Total change in net assets resulting from capital transactions	$	214		$	1,246		$	205		$	5,835

(a) Commencement of operations was December 21, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Unconstrained Equity Fund						International Discovery Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)
SHARE TRANSACTIONS:
Class A
Issued		17			9,129			7			1
Reinvested		—			478			—	(b)		—	(b)
Redeemed		(5	)		(9,592	)		—	(b)		—
Change in Class A Shares		12			15			7			1
Class C
Issued		8			3			—			1
Reinvested		—			2			—	(b)		—	(b)
Redeemed		(6	)		(10	)		—			—
Change in Class C Shares		2			(5	)		—	(b)		1
Class I (formerly Select Class)
Issued		10			1,096			51			390
Reinvested		—	(b)		60			4			—	(b)
Redeemed		(11	)		(1,149	)		(48	)		—
Change in Class I Shares		(1	)		7			7			390
Class R5
Issued		—			—			—			1
Reinvested		—			—			—	(b)		—	(b)
Change in Class R5 Shares		—			—			—	(b)		1
Class R6
Issued		—			—			—			2
Reinvested		—			—			—	(b)		—	(b)
Change in Class R6 Shares		—			—			—	(b)		2

(a) Commencement of operations was December 21, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Equity Fund						International Equity Income Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	66,057		$	110,321		$	24,036		$	47,652
Distributions reinvested		605			3,515			1,250			3,171
Cost of shares redeemed		(49,431	)		(113,970	)		(21,979	)		(45,371	)
Change in net assets resulting from Class A capital transactions	$	17,231		$	(134	)	$	3,307		$	5,452
Class C
Proceeds from shares issued	$	2,194		$	2,485		$	2,698		$	7,012
Distributions reinvested		19			272			199			445
Cost of shares redeemed		(3,510	)		(7,667	)		(2,327	)		(3,519	)
Change in net assets resulting from Class C capital transactions	$	(1,297	)	$	(4,910	)	$	570		$	3,938
Class I (formerly Select Class)
Proceeds from shares issued	$	22,843		$	32,905		$	40,951		$	54,317
Distributions reinvested		321			1,578			1,262			1,598
Cost of shares redeemed		(15,539	)		(460,051	)		(15,559	)		(32,820	)
Change in net assets resulting from Class I capital transactions	$	7,625		$	(425,568	)	$	26,654		$	23,095
Class R2
Proceeds from shares issued	$	197		$	883		$	148		$	282
Distributions reinvested		1			10			7			5
Cost of shares redeemed		(277	)		(596	)		(28	)		(12	)
Change in net assets resulting from Class R2 capital transactions	$	(79	)	$	297		$	127		$	275
Class R5
Proceeds from shares issued	$	1,285		$	6,787		$	905		$	696
Distributions reinvested		165			1,103			24			14
Cost of shares redeemed		(43,203	)		(4,763	)		(74	)		(14	)
Change in net assets resulting from Class R5 capital transactions	$	(41,753	)	$	3,127		$	855		$	696
Class R6
Proceeds from shares issued	$	255,711		$	1,159,108		$	112		$	1
Distributions reinvested		16,643			57,229			3			2
Cost of shares redeemed		(350,395	)		(239,110	)		(13	)		—	(a)
Change in net assets resulting from Class R6 capital transactions	$	(78,041	)	$	977,227		$	102		$	3
Total change in net assets resulting from capital transactions	$	(96,314	)	$	550,039		$	31,615		$	33,459

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Fund						International Equity Income Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		4,424			8,046			1,620			3,246
Reinvested		42			265			84			216
Redeemed		(3,380	)		(8,294	)		(1,486	)		(3,069	)
Change in Class A Shares		1,086			17			218			393
Class C
Issued		155			189			183			479
Reinvested		1			22			13			31
Redeemed		(252	)		(584	)		(158	)		(243	)
Change in Class C Shares		(96	)		(373	)		38			267
Class I (formerly Select Class)
Issued		1,520			2,347			2,755			3,700
Reinvested		22			117			84			108
Redeemed		(1,043	)		(30,864	)		(1,054	)		(2,258	)
Change in Class I Shares		499			(28,400	)		1,785			1,550
Class R2
Issued		14			64			10			19
Reinvested		—	(a)		1			1			—	(a)
Redeemed		(19	)		(44	)		(2	)		(1	)
Change in Class R2 Shares		(5	)		21			9			18
Class R5
Issued		89			483			60			48
Reinvested		11			81			2			1
Redeemed		(2,941	)		(338	)		(5	)		(1	)
Change in Class R5 Shares		(2,841	)		226			57			48
Class R6
Issued		17,337			82,405			9			—	(a)
Reinvested		1,123			4,227			—	(a)		—	(a)
Redeemed		(23,335	)		(16,681	)		(1	)		—	(a)
Change in Class R6 Shares		(4,875	)		69,951			8			—	(a)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Opportunities Fund						International Research Enhanced Equity Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	58,284		$	107,477		$	6,125		$	9,158
Distributions reinvested		4,754			362			1,449			2,436
Cost of shares redeemed		(46,279	)		(84,187	)		(12,722	)		(19,422	)
Change in net assets resulting from Class A capital transactions	$	16,759		$	23,652		$	(5,148	)	$	(7,828	)
Class C
Proceeds from shares issued	$	70		$	469		$	429		$	998
Distributions reinvested		36			—	(a)		221			467
Cost of shares redeemed		(321	)		(554	)		(2,825	)		(5,171	)
Change in net assets resulting from Class C capital transactions	$	(215	)	$	(85	)	$	(2,175	)	$	(3,706	)
Class I (formerly Select Class)
Proceeds from shares issued	$	25,843		$	8,676		$	364,310		$	568,584
Distributions reinvested		933			35			31,067			25,196
Cost of shares redeemed		(6,778	)		(8,351	)		(150,603	)		(96,905	)
Change in net assets resulting from Class I capital transactions	$	19,998		$	360		$	244,774		$	496,875
Class R2
Proceeds from shares issued	$	—		$	—		$	4,057		$	8,693
Distributions reinvested		—			—			189			28
Cost of shares redeemed		—			—			(2,690	)		(1,738	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,556		$	6,983
Class R6
Proceeds from shares issued	$	157,755		$	871,518		$	—		$	—
Distributions reinvested		92,823			13,758			—			—
Cost of shares redeemed		(281,444	)		(295,100	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(30,866	)	$	590,176		$	—		$	—
Institutional Class
Proceeds from shares issued	$	207		$	11,992		$	—		$	—
Distributions reinvested		—			243			—			—
Cost of shares redeemed		(50,461	)		(15,183	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	(50,254	)	$	(2,948	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	(44,578	)	$	611,155		$	239,007		$	492,324

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Research Enhanced Equity Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		4,083			7,900			380			600
Reinvested		349			26			93			157
Redeemed		(3,277	)		(6,175	)		(789	)		(1,276	)
Change in Class A Shares		1,155			1,751			(316	)		(519	)
Class C
Issued		4			36			27			67
Reinvested		3			—	(a)		15			32
Redeemed		(23	)		(42	)		(183	)		(353	)
Change in Class C Shares		(16	)		(6	)		(141	)		(254	)
Class I (formerly Select Class)
Issued		1,820			636			22,174			37,181
Reinvested		67			3			1,983			1,614
Redeemed		(474	)		(596	)		(9,356	)		(6,312	)
Change in Class I Shares		1,413			43			14,801			32,483
Class R2
Issued		—			—			259			581
Reinvested		—			—			12			2
Redeemed		—			—			(171	)		(115	)
Change in Class R2 Shares		—			—			100			468
Class R6
Issued		10,976			63,733			—			—
Reinvested		6,707			975			—			—
Redeemed		(19,419	)		(20,913	)		—			—
Change in Class R6 Shares		(1,736	)		43,795			—			—
Institutional Class
Issued		15			861			—			—
Reinvested		—			17			—			—
Redeemed		(3,536	)		(1,102	)		—			—
Change in Institutional Class Shares		(3,521	)		(224	)		—			—

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	International Unconstrained Equity Fund						International Value Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)				Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	15,302		$	11,592		$	41,862			$	205,683
Distributions reinvested		257			18			18,745				7,392
Cost of shares redeemed		(5,248	)		(3,467	)		(359,972	)			(291,409	)
Change in net assets resulting from Class A capital transactions	$	10,311		$	8,143		$	(299,365	)		$	(78,334	)
Class C
Proceeds from shares issued	$	1,733		$	2,759		$	1,199			$	5,220
Distributions reinvested		66			3			1,151				154
Cost of shares redeemed		(1,128	)		(1,551	)		(5,890	)			(10,150	)
Change in net assets resulting from Class C capital transactions	$	671		$	1,211		$	(3,540	)		$	(4,776	)
Class I (formerly Select Class)
Proceeds from shares issued	$	21,514		$	7,331		$	16,866			$	57,659
Distributions reinvested		198			—			4,900				1,701
Cost of shares redeemed		(3,561	)		(57,428	)		(37,031	)			(119,752	)
Change in net assets resulting from Class I capital transactions	$	18,151		$	(50,097	)	$	(15,265	)		$	(60,392	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	133,242			$	320,955
Distributions reinvested		—			—			20,403				13,888
Cost of shares redeemed		—			—			(381,988	)			(1,188,471	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(228,343	)		$	(853,628	)
Class R2
Proceeds from shares issued	$	—		$	—		$	225			$	765
Distributions reinvested		—	(a)		—			24				8
Cost of shares redeemed		—			—	(a)		(234	)			(1,410	)
Change in net assets resulting from Class R2 capital transactions	$	—	(a)	$	—	(a)	$	15			$	(637	)
Class R5 (b)
Proceeds from shares issued	$	—		$	—		$	—	(a)		$	20
Distributions reinvested		—	(a)		—	(a)		1				—
Cost of shares redeemed		—			—	(a)		—				—
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	—	(a)	$	1			$	20
Class R6
Proceeds from shares issued	$	20,478		$	75,541		$	219			$	28,014
Distributions reinvested		1,980			253			1,834				61
Cost of shares redeemed		(7	)		4			(571	)			(2,057	)
Change in net assets resulting from Class R6 capital transactions	$	22,451		$	75,798		$	1,482		��	$	26,018
Total change in net assets resulting from capital transactions	$	51,584		$	35,055		$	(545,015	)		$	(971,729	)

(a) Amount rounds to less than 500.

(b) Commencement of offering of class shares effective September 9, 2016, for International Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Unconstrained Equity Fund						International Value Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		855			688			3,342			17,288
Reinvested		15			1			1,558			600
Redeemed		(303	)		(206	)		(29,149	)		(24,382	)
Change in Class A Shares		567			483			(24,249	)		(6,494	)
Class C
Issued		96			167			99			445
Reinvested		4			—	(a)		99			13
Redeemed		(65	)		(92	)		(488	)		(874	)
Change in Class C Shares		35			75			(290	)		(416	)
Class I (formerly Select Class)
Issued		1,198			438			1,337			4,708
Reinvested		12			—			399			135
Redeemed		(202	)		(3,248	)		(2,912	)		(9,716	)
Change in Class I Shares		1,008			(2,810	)		(1,176	)		(4,873	)
Class L (formerly Institutional Class)
Issued		—			—			10,486			26,460
Reinvested		—			—			1,668			1,108
Redeemed		—			—			(29,609	)		(97,097	)
Change in Class L Shares		—			—			(17,455	)		(69,529	)
Class R2
Issued		—			—			19			65
Reinvested		—	(a)		—			2			1
Redeemed		—			—			(19	)		(118	)
Change in Class R2 Shares		—	(a)		—			2			(52	)
Class R5 (b)
Issued		—			—			—			2
Reinvested		—	(a)		—	(a)		—	(a)		—
Change in Class R5 Shares		—	(a)		—	(a)		—	(a)		2
Class R6
Issued		1,145			4,336			18			2,230
Reinvested		117			15			150			5
Redeemed		—	(a)		(1	)		(46	)		(174	)
Change in Class R6 Shares		1,262			4,350			122			2,061

(a) Amount rounds to less than 500.

(b) Commencement of offering of class shares effective September 9, 2016, for International Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Intrepid International Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,818		$	102,499
Distributions reinvested		3,114			2,734
Cost of shares redeemed		(39,731	)		(87,263	)
Change in net assets resulting from Class A capital transactions	$	20,201		$	17,970
Class C
Proceeds from shares issued	$	126		$	651
Distributions reinvested		27			32
Cost of shares redeemed		(699	)		(1,054	)
Change in net assets resulting from Class C capital transactions	$	(546	)	$	(371	)
Class I (formerly Select Class)
Proceeds from shares issued	$	32,967		$	6,578
Distributions reinvested		451			221
Cost of shares redeemed		(3,756	)		(8,803	)
Change in net assets resulting from Class I capital transactions	$	29,662		$	(2,004	)
Class R2
Proceeds from shares issued	$	45		$	318
Distributions reinvested		4			3
Cost of shares redeemed		(59	)		(41	)
Change in net assets resulting from Class R2 capital transactions	$	(10	)	$	280
Class R6
Proceeds from shares issued	$	199,247		$	900,498
Distributions reinvested		66,113			39,523
Cost of shares redeemed		(301,583	)		(259,983	)
Change in net assets resulting from Class R6 capital transactions	$	(36,223	)	$	680,038
Institutional Class
Proceeds from shares issued	$	39		$	3,104
Distributions reinvested		—			50
Cost of shares redeemed		(23,795	)		(27,450	)
Change in net assets resulting from Institutional Class capital transactions	$	(23,756	)	$	(24,296	)
Total change in net assets resulting from capital transactions	$	(10,672	)	$	671,617

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid International Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		2,971			5,754
Reinvested		171			148
Redeemed		(2,106	)		(4,883	)
Change in Class A Shares		1,036			1,019
Class C
Issued		7			35
Reinvested		1			2
Redeemed		(37	)		(57	)
Change in Class C Shares		(29	)		(20	)
Class I (formerly Select Class)
Issued		1,707			354
Reinvested		24			12
Redeemed		(191	)		(472	)
Change in Class I Shares		1,540			(106	)
Class R2
Issued		2			18
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		(2	)
Change in Class R2 Shares		(1	)		16
Class R6
Issued		10,410			49,855
Reinvested		3,555			2,101
Redeemed		(15,445	)		(13,945	)
Change in Class R6 Shares		(1,480	)		38,011
Institutional Class
Issued		2			170
Reinvested		—			3
Redeemed		(1,238	)		(1,551	)
Change in Institutional Class Shares		(1,236	)		(1,378	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

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
Emerging Economies Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	11.55	$	0.05		$	1.18		$	1.23		$	(0.15	)
Year Ended October 31, 2016		11.03		0.15			0.46			0.61			(0.09	)
Year Ended October 31, 2015		13.13		0.13	(f)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		11.41		0.02			1.18			1.20			(0.06	)
Year Ended October 31, 2016		10.86		0.09			0.46			0.55			—	(g)
Year Ended October 31, 2015		12.92		0.10	(f)		(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		11.68		0.07			1.20			1.27			(0.16	)
Year Ended October 31, 2016		11.06		0.18			0.47			0.65			(0.03	)
Year Ended October 31, 2015		13.17		0.18	(f)		(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	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		11.78		0.08			1.21			1.29			(0.17	)
Year Ended October 31, 2016		11.11		0.05			0.62			0.67			—
Year Ended October 31, 2015		13.22		0.20	(f)		(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		11.64		0.08			1.18			1.26			(0.18	)
Year Ended October 31, 2016		11.11		0.21			0.46			0.67			(0.14	)
September 1, 2015 (h) through October 31, 2015		10.46		(0.02	)(f)		0.67			0.65			—

(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 0.005% unless otherwise noted.

(f) 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.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	12.63		10.85	%	$	152,637		1.35	%		0.88	%		1.62	%		33	%
	11.55		5.62			148,331		1.42			1.42			1.70			72
	11.03		(14.60	)		43,220		1.58			1.06	(f)		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
	12.55		10.64			2,723		1.85			0.40			2.25			33
	11.41		5.11			2,448		1.96			0.82			2.37			72
	10.86		(15.02	)		3,614		2.09			0.80	(f)		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
	12.79		11.03			59,491		1.10			1.14			1.30			33
	11.68		5.93			53,509		1.21			1.67			1.40			72
	11.06		(14.45	)		239,866		1.34			1.51	(f)		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
	12.90		11.18			1,356		0.92			1.37			1.17			33
	11.78		6.03			1,602		1.08			0.49			1.25			72
	11.11		(14.20	)		81,516		1.14			1.65	(f)		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
	12.72		11.10			1,665,619		0.85			1.39			1.04			33
	11.64		6.16			1,573,822		0.94			1.99			1.09			72
	11.11		6.21			732,627		1.07			(0.92	)(f)		1.17			118

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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
Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	21.79	$	0.01		$	2.12		$	2.13		$	(0.10	)
Year Ended October 31, 2016		19.53		0.09			2.28			2.37			(0.11	)
Year Ended October 31, 2015		23.72		0.12	(f)		(4.12	)		(4.00	)		(0.19	)
Year Ended October 31, 2014		23.05		0.16	(f)		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			—
Class C
Six Months Ended April 30, 2017 (Unaudited)		21.18		(0.05	)		2.08			2.03			(0.01	)
Year Ended October 31, 2016		18.96		(0.01	)		2.23			2.22			—
Year Ended October 31, 2015		23.03		0.03	(f)		(4.02	)		(3.99	)		(0.08	)
Year Ended October 31, 2014		22.41		0.05	(f)		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			—
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		22.33		0.04			2.17			2.21			(0.14	)
Year Ended October 31, 2016		19.98		0.13			2.35			2.48			(0.13	)
Year Ended October 31, 2015		24.24		0.19	(f)		(4.21	)		(4.02	)		(0.24	)
Year Ended October 31, 2014		23.47		0.18	(f)		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	)
Class L (formerly Institutional Class)
Six Months Ended April 30, 2017 (Unaudited)		22.49		0.05			2.18			2.23			(0.17	)
Year Ended October 31, 2016		20.15		0.17			2.35			2.52			(0.18	)
Year Ended October 31, 2015		24.42		0.23	(f)		(4.26	)		(4.03	)		(0.24	)
Year Ended October 31, 2014		23.73		0.17	(f)		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	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		22.49		0.05			2.18			2.23			(0.18	)
September 9, 2016 (g) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Six Months Ended April 30, 2017 (Unaudited)		22.46		0.06			2.18			2.24			(0.19	)
Year Ended October 31, 2016		20.13		0.19			2.35			2.54			(0.21	)
Year Ended October 31, 2015		24.44		0.22	(f)		(4.23	)		(4.01	)		(0.30	)
December 23, 2013 (g) through October 31, 2014		22.47		0.38	(f)		1.59			1.97			—

(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 0.005% unless otherwise noted.

(f) 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.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	23.82		9.88	%	$	454,739		1.34	%		0.06	%		1.65	%		8	%
	21.79		12.25			411,713		1.44			0.44			1.76			23
	19.53		(16.95	)		274,710		1.61			0.57	(f)		1.88			35
	23.72		3.26			350,555		1.70			0.72	(f)		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
	23.20		9.58			37,694		1.84			(0.46	)		2.16			8
	21.18		11.71			39,568		1.95			(0.06	)		2.26			23
	18.96		(17.38	)		43,387		2.10			0.13	(f)		2.33			35
	23.03		2.77			56,732		2.20			0.22	(f)		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
	24.40		10.00			402,793		1.10			0.33			1.32			8
	22.33		12.51			301,959		1.20			0.66			1.43			23
	19.98		(16.70	)		502,729		1.35			0.88	(f)		1.48			35
	24.24		3.51			583,501		1.45			0.78	(f)		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
	24.55		10.06			511,475		0.95			0.48			1.16			8
	22.49		12.71			390,647		1.04			0.84			1.22			23
	20.15		(16.60	)		316,635		1.21			1.05	(f)		1.31			35
	24.42		3.72			411,449		1.30			0.72	(f)		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
	24.54		10.09			22		0.94			0.46			1.16			8
	22.49		0.40			20		0.90			0.28			1.08			23
	24.51		10.12			2,155,494		0.85			0.56			1.00			8
	22.46		12.83			1,980,671		0.94			0.96			1.08			23
	20.13		(16.54	)		1,128,390		1.10			0.99	(f)		1.16			35
	24.44		8.77			1,130,050		1.20			1.85	(f)		1.33			33

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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) (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, 2017 (Unaudited)	$	13.46	$	0.14	$	0.58		$	0.72		$	(0.05	)
Year Ended October 31, 2016		12.50		0.44		0.76			1.20			(0.24	)
December 12, 2014 (g) through October 31, 2015		15.00		0.45		(2.52	)		(2.07	)		(0.43	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		13.44		0.10		0.59			0.69			(0.03	)
Year Ended October 31, 2016		12.51		0.27		0.85			1.12			(0.19	)
December 12, 2014 (g) through October 31, 2015		15.00		0.42		(2.55	)		(2.13	)		(0.36	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		13.51		0.17		0.57			0.74			(0.06	)
Year Ended October 31, 2016		12.53		0.38		0.85			1.23			(0.25	)
December 12, 2014 (g) through October 31, 2015		15.00		0.49		(2.53	)		(2.04	)		(0.43	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		13.51		0.16		0.60			0.76			(0.07	)
Year Ended October 31, 2016		12.53		0.40		0.85			1.25			(0.27	)
December 12, 2014 (g) through October 31, 2015		15.00		0.51		(2.53	)		(2.02	)		(0.45	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		13.52		0.22		0.54			0.76			(0.08	)
Year Ended October 31, 2016		12.53		0.41		0.85			1.26			(0.27	)
December 12, 2014 (g) through October 31, 2015		15.00		0.52		(2.53	)		(2.01	)		(0.46	)

(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 0.005% unless otherwise noted.

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

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		Ratios/Supplemental data (a)
							Ratios to average net assets
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)
$	14.13		5.39	%	$	10,671		1.55	%		2.07	%		3.81	%		12	%
	13.46		9.76			8,291		1.54	(f)		3.36	(f)		3.29	(f)		21
	12.50		(13.93	)		86		1.57	(f)		3.72	(f)		10.55	(f)		25
	14.10		5.18			113		2.05			1.55			4.43			12
	13.44		9.10			94		2.05	(f)		2.15	(f)		8.18	(f)		21
	12.51		(14.26	)		32		2.08	(f)		3.32	(f)		12.02	(f)		25
	14.19		5.55			5,227		1.30			2.50			3.61			12
	13.51		9.96			3,148		1.30	(f)		3.05	(f)		8.02	(f)		21
	12.53		(13.70	)		2,541		1.33	(f)		3.85	(f)		10.36	(f)		25
	14.20		5.72			20		1.10			2.40			3.49			12
	13.51		10.15			19		1.10	(f)		3.22	(f)		9.72	(f)		21
	12.53		(13.55	)		17		1.14	(f)		4.05	(f)		10.84	(f)		25
	14.20		5.67			56		1.05			3.31			3.62			12
	13.52		10.26			24		1.05	(f)		3.32	(f)		9.33	(f)		21
	12.53		(13.51	)		17		1.08	(f)		4.10	(f)		10.82	(f)		25

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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			Net realized gain			Total distributions
Global Research Enhanced Index Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	18.45	$	0.16	$	2.14		$	2.30	$	(0.37	)	$	—		$	(0.37	)
Year Ended October 31, 2016		18.52		0.35		(0.23	)		0.12		(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 (f) through October 31, 2013		15.00		0.19		2.14			2.33		—			—			—
Class C
Six Months Ended April 30, 2017 (Unaudited)		18.46		0.11		2.15			2.26		(0.28	)		—			(0.28	)
Year Ended October 31, 2016		18.43		0.26		(0.23	)		0.03		—			—			—
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 (f) through October 31, 2013		15.00		0.14		2.14			2.28		—			—			—
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		18.37		0.18		2.14			2.32		(0.42	)		—			(0.42	)
Year Ended October 31, 2016		18.56		0.39		(0.24	)		0.15		(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 (f) through October 31, 2013		15.00		0.19		2.18			2.37		—			—			—
Class R2
Six Months Ended April 30, 2017 (Unaudited)		18.46		0.14		2.14			2.28		(0.33	)		—			(0.33	)
Year Ended October 31, 2016		18.47		0.30		(0.22	)		0.08		(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 (f) through October 31, 2013		15.00		0.17		2.13			2.30		—			—			—

(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 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

(h) Ratios are disproportionate among classes due to the size of net assets and fixed expenses.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	20.38		12.62	%	$	23		0.59	%		1.68	%		0.98	%		17	%
	18.45		0.68			20		0.59			1.95			3.30			35
	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	(g)		1.79	(g)		1.62	(g)(h)		25
	20.44		12.36			22		1.09			1.17			1.48			17
	18.46		0.16			20		1.09			1.44			3.81			35
	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	(g)		1.29	(g)		2.12	(g)(h)		25
	20.27		12.78			7,716,084		0.34			1.93			0.55			17
	18.37		0.91			6,907,246		0.34			2.19			0.55			35
	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	(g)		1.73	(g)		0.60	(g)(h)		25
	20.41		12.46			23		0.83			1.42			1.23			17
	18.46		0.46			20		0.84			1.70			3.55			35
	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	(g)		1.54	(g)		1.87	(g)(h)		25

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
Global Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	14.12	$	0.05	(e)	$	1.95		$	2.00		$	—		$	—		$	—		$	—
Year Ended October 31, 2016		16.12		0.27	(e)		(0.88	)		(0.61	)		(0.30	)		(0.27	)		(0.82	)		(1.39	)
Year Ended October 31, 2015		19.55		0.11	(e)		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 (g) through October 31, 2012		15.00		0.17			1.56			1.73			—	(h)		—			—			—	(h)
Class C
Six Months Ended April 30, 2017 (Unaudited)		14.02		0.02	(e)		1.92			1.94			—			—			—			—
Year Ended October 31, 2016		16.01		0.11	(e)		(0.79	)		(0.68	)		(0.22	)		(0.27	)		(0.82	)		(1.31	)
Year Ended October 31, 2015		19.43		0.04	(e)		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 (g) through October 31, 2012		15.00		0.09			1.56			1.65			—			—			—			—
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.23		0.08	(e)		1.97			2.05			(0.04	)		—			—			(0.04	)
Year Ended October 31, 2016		16.18		0.26	(e)		(0.83	)		(0.57	)		(0.29	)		(0.27	)		(0.82	)		(1.38	)
Year Ended October 31, 2015		19.60		0.19	(e)		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 (g) through October 31, 2012		15.00		0.20			1.57			1.77			(0.01	)		—			—			(0.01	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		14.24		0.03	(e)		1.96			1.99			—			—			—			—
Year Ended October 31, 2016		16.11		0.14	(e)		(0.79	)		(0.65	)		(0.13	)		(0.27	)		(0.82	)		(1.22	)
Year Ended October 31, 2015		19.49		0.08	(e)		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 (g) through October 31, 2012		15.00		0.13			1.56			1.69			—			—			—			—
Class R5
Six Months Ended April 30, 2017 (Unaudited)		14.24		0.08	(e)		1.96			2.04			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.21		0.24	(e)		(0.80	)		(0.56	)		(0.32	)		(0.27	)		(0.82	)		(1.41	)
Year Ended October 31, 2015		19.65		0.21	(e)		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 (g) through October 31, 2012		15.00		0.23			1.57			1.80			(0.01	)		—			—			(0.01	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		14.23		0.09	(e)		1.95			2.04			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.22		0.25	(e)		(0.80	)		(0.55	)		(0.35	)		(0.27	)		(0.82	)		(1.44	)
Year Ended October 31, 2015		19.66		0.21	(e)		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 (g) through October 31, 2012		15.00		0.24			1.57			1.81			(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 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) 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.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	16.12		14.16	%	$	679		0.74	%		0.70	%		15.87	%		51	%
	14.12		(3.53	)		417		0.74			1.95			1.90			1256
	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	(f)		1.37	(f)		5.36	(f)		71
	16.73		11.55			56		1.35	(f)		1.14	(f)		6.89	(f)		49
	15.96		13.84			263		1.24			0.21			16.30			51
	14.02		(4.02	)		210		1.17			0.78			11.83			1256
	16.01		4.26			317		1.48			0.21			9.92			132
	19.43		7.28			74		1.85			0.77			4.82			97
	20.01		24.16			69		1.85	(f)		0.87	(f)		5.85	(f)		71
	16.65		11.00			56		1.85	(f)		0.65	(f)		7.38	(f)		49
	16.24		14.41			1,123		0.40			1.02			15.35			51
	14.23		(3.23	)		991		0.36			1.86			5.37			1256
	16.18		5.13			1,020		0.88			1.06			7.34			132
	19.60		8.11			4,156		1.10			1.52			4.06			97
	20.15		25.04			3,844		1.10	(f)		1.62	(f)		5.10	(f)		71
	16.76		11.77			3,075		1.10	(f)		1.40	(f)		6.64	(f)		49
	16.23		13.97			20		1.00			0.41			15.92			51
	14.24		(3.79	)		18		0.92			1.00			13.46			1256
	16.11		4.55			20		1.46			0.45			8.67			132
	19.49		7.55			75		1.60			1.02			4.56			97
	20.06		24.45			69		1.60	(f)		1.12	(f)		5.60	(f)		71
	16.69		11.27			56		1.60	(f)		0.90	(f)		7.14	(f)		49
	16.18		14.35			20		0.30			1.11			15.23			51
	14.24		(3.12	)		18		0.22			1.70			12.77			1256
	16.21		5.26			20		0.76			1.15			7.97			132
	19.65		8.34			76		0.90			1.72			3.86			97
	20.19		25.29			70		0.90	(f)		1.82	(f)		4.89	(f)		71
	16.79		11.99			56		0.90	(f)		1.60	(f)		6.45	(f)		49
	16.17		14.41			20		0.24			1.16			15.18			51
	14.23		(3.10	)		18		0.17			1.75			12.75			1256
	16.22		5.34			20		0.71			1.20			7.91			132
	19.66		8.39			76		0.85			1.77			3.81			97
	20.20		25.33			70		0.85	(f)		1.87	(f)		4.85	(f)		71
	16.80		12.06			56		0.85	(f)		1.65	(f)		6.40	(f)		49

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Discovery Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	14.88	$	0.13	$	1.62		$	1.75		$	(0.11	)
December 21, 2015 (g) through October 31, 2016		15.00		0.13		(0.24	)(h)(i)		(0.11	)		(0.01	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		14.82		0.03		1.68			1.71			(0.05	)
December 21, 2015 (g) through October 31, 2016		15.00		0.07		(0.24	)(h)(i)		(0.17	)		(0.01	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.92		0.09		1.69			1.78			(0.15	)
December 21, 2015 (g) through October 31, 2016		15.00		0.17		(0.24	)(h)(i)		(0.07	)		(0.01	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		14.94		0.10		1.69			1.79			(0.17	)
December 21, 2015 (g) through October 31, 2016		15.00		0.19		(0.24	)(h)(i)		(0.05	)		(0.01	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		14.94		0.10		1.69			1.79			(0.17	)
December 21, 2015 (g) through October 31, 2016		15.00		0.20		(0.25	)(h)(i)		(0.05	)		(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 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2017 and for the period ended October 31, 2016.

(g) Commencement of operations.

(h) An affiliate of JPMorgan Chase & Co. reimbursed the Fund for losses incurred from an operational error. Without the reimbursement, the net realized and unrealized gains (losses) on investments per share would have been $(0.26), $(0.27), $(0.27), $(0.27) and $(0.28), and the total return would have been (0.88)%, (1.36)%, (0.67)%, (0.53)% and (0.53)% for Class A, Class C, Class I, Class R5 and Class R6, respectively.

(i) 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 in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (b)(f)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	16.52		11.91	%	$	133		1.25	%		1.67	%		7.53	%		76	%
	14.88		(0.75	)(i)		20		1.25			1.07			9.33			200
	16.48		11.62			22		1.75			0.36			8.70			76
	14.82		(1.16	)(i)		20		1.75			0.57			9.78			200
	16.55		12.11			6,563		0.95			1.16			7.91			76
	14.92		(0.47	)(i)		5,815		0.95			1.34			5.54			200
	16.56		12.15			22		0.80			1.30			7.77			76
	14.94		(0.33	)(i)		20		0.80			1.52			8.83			200
	16.56		12.20			22		0.75			1.36			7.71			76
	14.94		(0.33	)(i)		19		0.75			1.57			8.77			200

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations										Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments				Total from investment operations			Net investment income
International Equity Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	14.24	$	0.07		$	1.48			$	1.55		$	(0.04	)
Year Ended October 31, 2016		14.75		0.22			(0.51	)			(0.29	)		(0.22	)
Year Ended October 31, 2015		15.25		0.23			(0.50	)			(0.27	)		(0.23	)
Year Ended October 31, 2014		15.92		0.37	(f)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		13.50		0.02			1.42				1.44			(0.01	)
Year Ended October 31, 2016		14.02		0.13			(0.47	)			(0.34	)		(0.18	)
Year Ended October 31, 2015		14.52		0.15			(0.48	)			(0.33	)		(0.17	)
Year Ended October 31, 2014		15.20		0.26	(f)		(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.45		0.08			1.51				1.59			(0.06	)
Year Ended October 31, 2016		14.95		0.24			(0.48	)			(0.24	)		(0.26	)
Year Ended October 31, 2015		15.45		0.29			(0.53	)			(0.24	)		(0.26	)
Year Ended October 31, 2014		16.13		0.39	(f)		(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	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		14.17		0.04			1.49				1.53			(0.02	)
Year Ended October 31, 2016		14.69		0.18			(0.50	)			(0.32	)		(0.20	)
Year Ended October 31, 2015		15.19		0.20			(0.51	)			(0.31	)		(0.19	)
Year Ended October 31, 2014		15.87		0.30	(f)		(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	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		14.47		0.06			1.54				1.60			(0.07	)
Year Ended October 31, 2016		14.97		0.27			(0.49	)			(0.22	)		(0.28	)
Year Ended October 31, 2015		15.46		0.29			(0.49	)			(0.20	)		(0.29	)
Year Ended October 31, 2014		16.13		0.44	(f)		(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		14.46		0.10			1.52				1.62			(0.08	)
Year Ended October 31, 2016		14.97		0.29			(0.51	)			(0.22	)		(0.29	)
Year Ended October 31, 2015		15.46		0.32			(0.52	)			(0.20	)		(0.29	)
Year Ended October 31, 2014		16.13		0.45	(f)		(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	)

(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 0.005% unless otherwise noted.

(f) 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, $0.34, $0.25, $0.39 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 2.08%, 1.59%, 2.40% and 2.48% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	15.75		10.92	%	$	257,057		1.24	%		0.93	%		1.39	%		5	%
	14.24		(1.83	)		216,932		1.31			1.62			1.49			11
	14.75		(1.89	)		224,370		1.31			1.50			1.59			13
	15.25		(2.06	)		186,242		1.31			2.34	(f)		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
	14.93		10.70			23,139		1.74			0.33			1.94			5
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	14.52		(2.59	)		26,299		1.81			1.73	(f)		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
	15.98		11.03			112,377		0.99			1.14			1.15			5
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	15.45		(1.88	)		494,344		1.06			2.41	(f)		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
	15.68		10.84			1,533		1.49			0.61			1.84			5
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	15.19		(2.33	)		1,405		1.56			1.92	(f)		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
	16.00		11.09			19,619		0.84			0.84			0.94			5
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	15.46		(1.65	)		95,749		0.86			2.73	(f)		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
	16.00		11.23			3,274,685		0.74			1.36			0.81			5
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11
	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	(f)		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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

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, 2017 (Unaudited)	$	14.38	$	0.23		$	1.01		$	1.24		$	(0.26	)	$	—		$	(0.26	)
Year Ended October 31, 2016		15.66		0.45	(f)		(1.01	)		(0.56	)		(0.46	)		(0.26	)		(0.72	)
Year Ended October 31, 2015		16.41		0.39	(f)		(0.33	)		0.06			(0.65	)		(0.16	)		(0.81	)
Year Ended October 31, 2014		16.67		0.91	(g)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		14.30		0.20			1.00			1.20			(0.24	)		—			(0.24	)
Year Ended October 31, 2016		15.59		0.38	(f)		(1.01	)		(0.63	)		(0.40	)		(0.26	)		(0.66	)
Year Ended October 31, 2015		16.36		0.39	(f)		(0.42	)		(0.03	)		(0.58	)		(0.16	)		(0.74	)
Year Ended October 31, 2014		16.63		0.84	(g)		(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.41		0.29			0.98			1.27			(0.28	)		—			(0.28	)
Year Ended October 31, 2016		15.70		0.46	(f)		(0.98	)		(0.52	)		(0.51	)		(0.26	)		(0.77	)
Year Ended October 31, 2015		16.45		0.49	(f)		(0.37	)		0.12			(0.71	)		(0.16	)		(0.87	)
Year Ended October 31, 2014		16.71		0.96	(g)		(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	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		14.36		0.22			1.00			1.22			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		15.65		0.39	(f)		(0.98	)		(0.59	)		(0.44	)		(0.26	)		(0.70	)
Year Ended October 31, 2015		16.41		0.61	(f)		(0.60	)		0.01			(0.61	)		(0.16	)		(0.77	)
Year Ended October 31, 2014		16.67		0.87	(g)		(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	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		14.42		0.30			0.97			1.27			(0.28	)		—			(0.28	)
Year Ended October 31, 2016		15.70		0.49	(f)		(0.98	)		(0.49	)		(0.53	)		(0.26	)		(0.79	)
Year Ended October 31, 2015		16.46		0.76	(f)		(0.63	)		0.13			(0.73	)		(0.16	)		(0.89	)
Year Ended October 31, 2014		16.72		0.99	(g)		(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		14.41		0.28			1.00			1.28			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		15.69		0.51	(f)		(0.99	)		(0.48	)		(0.54	)		(0.26	)		(0.80	)
January 30, 2015 (h) through October 31, 2015		15.82		0.69	(f)		(0.41	)		0.28			(0.41	)		—			(0.41	)

(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 0.005% unless otherwise noted.

(f) 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.

(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 $0.66, $0.59, $0.71, $0.62 and $0.74 for Class A, Class C, Class I, Class R2 and Class R5, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 4.25%, 3.74% and 4.44% for Class A, Class C, Class I, Class R2 and Class R5, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	15.36		8.69	%	$	74,610		1.25	%		3.13	%		1.57	%		42	%
	14.38		(3.60	)		66,722		1.24			3.06	(f)		1.57			162
	15.66		0.29			66,499		1.25			2.42	(f)		1.67			238
	16.41		3.18			74,652		1.25			5.44	(g)		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
	15.26		8.42			13,128		1.74			2.70			2.10			42
	14.30		(4.09	)		11,754		1.75			2.59	(f)		2.12			162
	15.59		(0.23	)		8,649		1.75			2.45	(f)		2.20			238
	16.36		2.67			3,530		1.75			5.03	(g)		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
	15.40		8.87			85,893		0.90			3.89			1.32			42
	14.41		(3.31	)		54,642		0.89			3.13	(f)		1.31			162
	15.70		0.66			35,177		0.91			3.00	(f)		1.41			238
	16.45		3.39			34,719		1.00			5.75	(g)		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
	15.33		8.56			472		1.49			3.05			1.85			42
	14.36		(3.84	)		316		1.49			2.66	(f)		2.39			162
	15.65		(0.01	)		52		1.50			3.74	(f)		1.89			238
	16.41		2.90			574		1.50			5.24	(g)		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
	15.41		8.91			1,637		0.80			4.09			1.09			42
	14.42		(3.14	)		700		0.79			3.33	(f)		1.29			162
	15.70		0.71			19		0.80			4.59	(f)		1.16			238
	16.46		3.60			587		0.80			5.94	(g)		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
	15.40		8.95			132		0.75			3.76			1.10			42
	14.41		(3.09	)		21		0.75			3.48	(f)		3.06			162
	15.69		1.66			21		0.75			5.70	(f)		1.15			238

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

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
International Opportunities Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	13.77	$	0.10	$	1.58		$	1.68		$	(0.42	)
Year Ended October 31, 2016		14.48		0.25		(0.93	)		(0.68	)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		13.30		0.05		1.54			1.59			(0.35	)
Year Ended October 31, 2016		14.04		0.14		(0.88	)		(0.74	)		—	(f)
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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.00		0.12		1.58			1.70			(0.47	)
Year Ended October 31, 2016		14.68		0.28		(0.93	)		(0.65	)		(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		14.05		0.13		1.61			1.74			(0.51	)
Year Ended October 31, 2016		14.75		0.32		(0.92	)		(0.60	)		(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	)

(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 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	15.03		12.51	%	$	204,929		1.23	%		1.39	%		1.25	%		29	%
	13.77		(4.69	)		171,940		1.29			1.83			1.29			48
	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
	14.54		12.21			1,484		1.73			0.75			1.87			29
	13.30		(5.26	)		1,565		1.89			1.06			1.91			48
	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
	15.23		12.52			47,653		0.98			1.64			1.02			29
	14.00		(4.40	)		23,999		1.05			1.99			1.05			48
	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
	15.28		12.74			2,717,685		0.71			1.81			0.71			29
	14.05		(4.09	)		2,522,883		0.71			2.29			0.71			48
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

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 Research Enhanced Equity Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	15.54	$	0.16		$	1.75		$	1.91		$	(0.35	)	$	—		$	(0.35	)
Year Ended October 31, 2016		16.54		0.40	(f)		(0.89	)		(0.49	)		(0.36	)		(0.15	)		(0.51	)
Year Ended October 31, 2015		20.38		0.43			(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)
Year Ended October 31, 2014		21.20		0.47			(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)
Year Ended October 31, 2013		17.24		0.38			4.00			4.38			(0.42	)		—			(0.42	)
Year Ended October 31, 2012		16.83		0.37			0.45			0.82			(0.41	)		—			(0.41	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		14.88		0.12			1.67			1.79			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		15.85		0.31	(f)		(0.85	)		(0.54	)		(0.28	)		(0.15	)		(0.43	)
Year Ended October 31, 2015		19.68		0.33			(0.58	)		(0.25	)		(0.31	)		(3.27	)		(3.58	)
Year Ended October 31, 2014		20.51		0.36			(0.56	)		(0.20	)		(0.29	)		(0.34	)		(0.63	)
Year Ended October 31, 2013		16.68		0.27			3.86			4.13			(0.30	)		—			(0.30	)
Year Ended October 31, 2012		16.27		0.25			0.44			0.69			(0.28	)		—			(0.28	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		15.68		0.19			1.76			1.95			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		16.70		0.46	(f)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Year Ended October 31, 2015		20.54		0.48			(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)
Year Ended October 31, 2014		21.36		0.52			(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)
Year Ended October 31, 2013		17.36		0.40			4.06			4.46			(0.46	)		—			(0.46	)
Year Ended October 31, 2012		16.96		0.41			0.45			0.86			(0.46	)		—			(0.46	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		15.19		0.14			1.71			1.85			(0.36	)		—			(0.36	)
Year Ended October 31, 2016		16.21		0.31	(f)		(0.84	)		(0.53	)		(0.34	)		(0.15	)		(0.49	)
Year Ended October 31, 2015		20.07		0.37			(0.58	)		(0.21	)		(0.38	)		(3.27	)		(3.65	)
Year Ended October 31, 2014		20.91		0.40			(0.54	)		(0.14	)		(0.36	)		(0.34	)		(0.70	)
Year Ended October 31, 2013		17.03		0.35			3.92			4.27			(0.39	)		—			(0.39	)
Year Ended October 31, 2012		16.66		0.32			0.45			0.77			(0.40	)		—			(0.40	)

(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 0.005% unless otherwise noted.

(f) Net 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.

(g) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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
$	17.10		12.49	%	$	71,210		0.59	%		2.06	%		0.98	%		9	%
	15.54		(2.94	)		69,626		0.60			2.60	(f)		1.02			24
	16.54		(0.29	)		82,667		0.60			2.51			0.99			39
	20.38		(0.40	)		96,325		0.59			2.23			1.10			63
	21.20		25.84			108,193		0.75			2.04			1.35			51
	17.24		5.16			96,191		1.07			2.27			1.31			19
	16.41		12.20			12,585		1.09			1.53			1.47			9
	14.88		(3.41	)		13,507		1.10			2.14	(f)		1.55			24
	15.85		(0.77	)		18,423		1.10			2.01			1.52			39
	19.68		(0.93	)		20,724		1.09			1.75			1.60			63
	20.51		25.09			21,802		1.30			1.49			1.85			51
	16.68		4.43			16,291		1.79			1.57			1.81			19
	17.23		12.66			1,619,251		0.35			2.37			0.59			9
	15.68		(2.72	)		1,241,856		0.34			2.98	(f)		0.59			24
	16.70		0.00	(g)		779,908		0.35			2.79			0.60			39
	20.54		(0.16	)		562,180		0.34			2.45			0.84			63
	21.36		26.18			464,273		0.53			2.10			1.09			51
	17.36		5.40			469,065		0.82			2.51			1.06			19
	16.68		12.40			12,898		0.84			1.86			1.37			9
	15.19		(3.22	)		10,222		0.84			2.08	(f)		1.34			24
	16.21		(0.50	)		3,331		0.85			2.22			1.41			39
	20.07		(0.66	)		2,521		0.84			1.95			1.33			63
	20.91		25.52			1,957		0.95			1.88			1.61			51
	17.03		4.94			786		1.32			1.97			1.56			19

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

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, 2017 (Unaudited)	$	17.24	$	0.04	(e)	$	1.91		$	1.95		$	(0.35	)	$	—		$	(0.35	)
Year Ended October 31, 2016		17.61		0.22	(e)(f)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(e)(f)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Year Ended October 31, 2014		20.59		0.13	(g)		(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 (i) through October 31, 2012		15.00		0.17			2.11			2.28			—			—			—
Class C
Six Months Ended April 30, 2017 (Unaudited)		17.04		(0.02	)(e)		1.91			1.89			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(e)(f)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(e)(f)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(g)		(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 (i) through October 31, 2012		15.00		0.10			2.10			2.20			—			—			—
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		17.45		0.08	(e)		1.92			2.00			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(e)(f)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(e)(f)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(g)		(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 (i) through October 31, 2012		15.00		0.21			2.11			2.32			—			—			—
Class R2
Six Months Ended April 30, 2017 (Unaudited)		17.21		—	(e)(j)		1.93			1.93			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(e)(f)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(e)(f)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(g)		(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 (i) through October 31, 2012		15.00		0.14			2.10			2.24			—			—			—
Class R5
Six Months Ended April 30, 2017 (Unaudited)		17.44		0.06	(e)		1.95			2.01			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(e)(f)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(e)(f)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(g)		(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 (i) through October 31, 2012		15.00		0.24			2.11			2.35			—			—			—
Class R6
Six Months Ended April 30, 2017 (Unaudited)		17.45		0.08	(e)		1.93			2.01			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(e)(f)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(e)(f)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(g)		(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 (i) through October 31, 2012		15.00		0.25			2.11			2.36			—			—			—

(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 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) 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.

(g) 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, $0.17, $0.08, $0.20 and $0.22 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.99%, 0.48%, 1.18% and 1.23% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

(h) 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.

(i) Commencement of operations.

(j) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	18.84		11.54	%	$	26,032		1.24	%		0.48	%		1.57	%		24	%
	17.24		(1.86	)		14,034		1.24			1.28	(f)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(f)		2.31			42
	18.59		(2.47	)		351		1.32			0.98	(g)		5.09			63
	20.59		22.23			83		1.32	(h)		0.89	(h)		7.99	(h)		65
	17.28		15.20			58		1.32	(h)		1.17	(h)		6.99	(h)		40
	18.68		11.29			5,735		1.74			(0.20	)		2.09			24
	17.04		(2.28	)		4,626		1.74			0.75	(f)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(f)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(g)		6.19			63
	20.47		21.61			76		1.82	(h)		0.40	(h)		8.35	(h)		65
	17.20		14.67			57		1.82	(h)		0.67	(h)		7.47	(h)		40
	19.05		11.76			30,034		0.89			0.94			1.28			24
	17.45		(1.47	)		9,929		0.89			1.41	(f)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(f)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(g)		5.55			63
	20.64		22.49			3,925		1.07	(h)		1.17	(h)		7.52	(h)		65
	17.32		15.47			3,175		1.07	(h)		1.42	(h)		6.74	(h)		40
	18.84		11.43			22		1.49			0.02			1.95			24
	17.21		(2.05	)		20		1.49			0.87	(f)		4.37			51
	17.57		2.67			20		1.51			0.19	(f)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(g)		6.05			63
	20.53		21.92			70		1.57	(h)		0.67	(h)		8.01	(h)		65
	17.24		14.93			57		1.57	(h)		0.92	(h)		7.23	(h)		40
	19.03		11.81			22		0.80			0.72			1.24			24
	17.44		(1.38	)		20		0.80			1.57	(f)		3.59			51
	17.75		3.43			20		0.81			0.89	(f)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(g)		5.34			63
	20.69		22.76			71		0.87	(h)		1.37	(h)		7.31	(h)		65
	17.35		15.67			58		0.87	(h)		1.62	(h)		6.54	(h)		40
	19.03		11.80			112,514		0.75			0.88			0.99			24
	17.45		(1.29	)		81,146		0.74			1.70	(f)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(f)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(g)		5.29			63
	20.70		22.80			71		0.82	(h)		1.42	(h)		7.26	(h)		65
	17.36		15.73			58		0.82	(h)		1.67	(h)		6.49	(h)		40

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

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
International Value Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	12.23	$	0.08		$	1.41		$	1.49		$	(0.69	)
Year Ended October 31, 2016		13.02		0.23			(0.88	)		(0.65	)		(0.14	)
Year Ended October 31, 2015		14.14		0.18	(f)		(0.83	)		(0.65	)		(0.47	)
Year Ended October 31, 2014		15.02		0.47	(f)(g)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		11.88		0.05			1.36			1.41			(0.67	)
Year Ended October 31, 2016		12.65		0.17			(0.87	)		(0.70	)		(0.07	)
Year Ended October 31, 2015		13.72		0.10	(f)		(0.78	)		(0.68	)		(0.39	)
Year Ended October 31, 2014		14.61		0.38	(f)(g)		(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		12.57		0.10			1.44			1.54			(0.78	)
Year Ended October 31, 2016		13.37		0.28			(0.91	)		(0.63	)		(0.17	)
Year Ended October 31, 2015		14.48		0.23	(f)		(0.84	)		(0.61	)		(0.50	)
Year Ended October 31, 2014		15.19		0.45	(f)(g)		(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	)
Class L (formerly Institutional Class)
Six Months Ended April 30, 2017 (Unaudited)		12.50		0.10			1.45			1.55			(0.79	)
Year Ended October 31, 2016		13.29		0.31			(0.93	)		(0.62	)		(0.17	)
Year Ended October 31, 2015		14.41		0.23	(f)		(0.83	)		(0.60	)		(0.52	)
Year Ended October 31, 2014		15.29		0.53	(f)(g)		(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	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		12.04		0.07			1.38			1.45			(0.68	)
Year Ended October 31, 2016		12.83		0.19			(0.87	)		(0.68	)		(0.11	)
Year Ended October 31, 2015		13.93		0.14	(f)		(0.81	)		(0.67	)		(0.43	)
Year Ended October 31, 2014		14.78		0.42	(f)(g)		(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	)
Class R5
Six Months Ended April 30, 2017 (Unaudited)		12.51		0.11			1.42			1.53			(0.82	)
September 9, 2016 (h) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Six Months Ended April 30, 2017 (Unaudited)		12.51		0.12			1.42			1.54			(0.82	)
Year Ended October 31, 2016		13.31		0.37			(0.96	)		(0.59	)		(0.21	)
Year Ended October 31, 2015		14.42		0.18	(f)		(0.76	)		(0.58	)		(0.53	)
Year Ended October 31, 2014		15.29		0.54	(f)(g)		(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	)

(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 0.005% unless otherwise noted.

(f) 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.

(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 $0.39, $0.30, $0.37, $0.45, $0.34 and $0.46 for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively and the net investment income (loss) ratio would have been 2.67%, 2.13%, 2.44%, 2.99%, 2.39% and 3.06% for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	13.03		12.66	%	$	294,864		1.33	%		1.34	%		1.42	%		16	%
	12.23		(5.01	)		573,449		1.35			1.91			1.43			61
	13.02		(4.63	)		695,251		1.35			1.31	(f)		1.45			74
	14.14		(4.09	)		491,010		1.33			3.19	(f)(g)		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
	12.62		12.35			22,320		1.83			0.79			1.93			16
	11.88		(5.54	)		24,453		1.85			1.43			1.91			61
	12.65		(5.01	)		31,296		1.85			0.79	(f)		1.90			74
	13.72		(4.64	)		31,176		1.83			2.65	(f)(g)		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
	13.33		12.75			151,737		1.04			1.62			1.05			16
	12.57		(4.74	)		157,867		1.01			2.28			1.02			61
	13.37		(4.28	)		233,045		1.03			1.62	(f)		1.03			74
	14.48		(3.90	)		300,712		1.08			2.96	(f)(g)		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
	13.26		12.89			323,408		0.87			1.57			0.87			16
	12.50		(4.63	)		523,251		0.90			2.53			0.91			61
	13.29		(4.23	)		1,480,321		0.95			1.63	(f)		0.99			74
	14.41		(3.75	)		2,932,420		0.93			3.51	(f)(g)		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
	12.81		12.48			1,276		1.59			1.11			1.85			16
	12.04		(5.28	)		1,182		1.59			1.65			1.91			61
	12.83		(4.84	)		1,929		1.60			1.01	(f)		2.01			74
	13.93		(4.33	)		1,768		1.58			2.91	(f)(g)		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
	13.22		12.80			23		0.91			1.77			0.92			16
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	13.23		12.90			31,229		0.77			1.91			0.77			16
	12.51		(4.45	)		27,998		0.72			3.00			0.73			61
	13.31		(4.04	)		2,354		0.73			1.32	(f)		0.73			74
	14.42		(3.64	)		30,992		0.83			3.58	(f)(g)		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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

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
Intrepid International Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	18.44	$	0.17		$	1.85		$	2.02		$	(0.38	)
Year Ended October 31, 2016		19.36		0.40	(f)		(0.99	)		(0.59	)		(0.33	)
Year Ended October 31, 2015		19.49		0.34	(f)		(0.26	)		0.08			(0.21	)
Year Ended October 31, 2014		19.79		0.39	(f)		(0.45	)		(0.06	)		(0.24	)
Year Ended October 31, 2013		15.90		0.25			3.88			4.13			(0.24	)
Year Ended October 31, 2012		15.32		0.25			0.49			0.74			(0.16	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		18.57		0.10			1.89			1.99			(0.26	)
Year Ended October 31, 2016		19.52		0.28	(f)		(0.97	)		(0.69	)		(0.26	)
Year Ended October 31, 2015		19.63		0.23	(f)		(0.24	)		(0.01	)		(0.10	)
Year Ended October 31, 2014		19.92		0.36	(f)		(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		19.20		0.21			1.92			2.13			(0.47	)
Year Ended October 31, 2016		20.13		0.46	(f)		(1.01	)		(0.55	)		(0.38	)
Year Ended October 31, 2015		20.22		0.42	(f)		(0.26	)		0.16			(0.25	)
Year Ended October 31, 2014		20.51		0.51	(f)		(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	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		18.29		0.13			1.85			1.98			(0.36	)
Year Ended October 31, 2016		19.21		0.36	(f)		(1.01	)		(0.65	)		(0.27	)
Year Ended October 31, 2015		19.31		0.38	(f)		(0.34	)		0.04			(0.14	)
Year Ended October 31, 2014		19.61		0.40	(f)		(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		18.91		0.21			1.90			2.11			(0.48	)
Year Ended October 31, 2016		19.84		0.49	(f)		(1.01	)		(0.52	)		(0.41	)
May 29, 2015 (g) through October 31, 2015		21.08		0.12	(f)		(1.36	)		(1.24	)		—

(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 0.005% unless otherwise noted.

(f) 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.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

		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)
$	20.08		11.14	%	$	199,735		1.21	%		1.80	%		1.22	%		30	%
	18.44		(3.07	)		164,327		1.25			2.21	(f)		1.29			38
	19.36		0.45			152,834		1.29			1.75	(f)		1.49			33
	19.49		(0.33	)		101,114		1.39			1.96	(f)		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
	20.30		10.83			1,914		1.75			1.07			1.83			30
	18.57		(3.56	)		2,287		1.75			1.52	(f)		1.87			38
	19.52		(0.05	)		2,789		1.78			1.17	(f)		1.91			33
	19.63		(0.84	)		1,318		1.89			1.79	(f)		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
	20.86		11.33			49,895		0.90			2.10			1.00			30
	19.20		(2.73	)		16,363		0.90			2.44	(f)		1.08			38
	20.13		0.80			19,292		0.97			2.04	(f)		1.12			33
	20.22		(0.13	)		15,963		1.14			2.47	(f)		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
	19.91		10.99			536		1.49			1.41			1.59			30
	18.29		(3.36	)		503		1.50			2.02	(f)		1.75			38
	19.21		0.24			227		1.52			1.91	(f)		1.69			33
	19.31		(0.66	)		98		1.64			2.03	(f)		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
	20.54		11.44			2,670,673		0.71			2.17			0.71			30
	18.91		(2.59	)		2,487,086		0.71			2.65	(f)		0.72			38
	19.84		(5.88	)		1,854,941		0.73			1.47	(f)		0.74			33

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 13 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 I*, Class R5 and Class R6	JPM I	Diversified
Emerging Markets Equity Fund	Class A, Class C, Class I*, Class L**, Class R5*** and Class R6	JPM I	Diversified
Emerging Markets Equity Income Fund	Class A, Class C, Class I*, Class R5 and Class R6	JPM I	Diversified
Global Research Enhanced Index Fund	Class A, Class C, Class I* and Class R2	JPM I	Diversified
Global Unconstrained Equity Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified
International Discovery Fund	Class A, Class C, Class I*, Class R5 and Class R6	JPM I	Diversified
International Equity Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified
International Equity Income Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified
International Opportunities Fund	Class A, Class C, Class I*, Class R6 and Institutional****	JPM I	Diversified
International Research Enhanced Equity Fund	Class A, Class C, Class I* and Class R2	JPM II	Diversified
International Unconstrained Equity Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified
International Value Fund	Class A, Class C, Class I*, Class L**, Class R2, Class R5*** and Class R6	JPM I	Diversified
Intrepid International Fund	Class A, Class C, Class I*, Class R2, Class R6 and Institutional****	JPM I	Diversified

      * Effective April 3, 2017, Select Class was renamed Class I.

    ** Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis.

  *** Class R5 Shares commenced operations on September 9, 2016, for Emerging Markets Equity Fund and International Value Fund.

**** Effective December 1, 2016, Institutional Class was renamed Class L and subsequently liquidated on December 8, 2016.

As of April 30, 2017, Class A, Class C and Class R2 Shares of Global Research Enhanced Index Fund and Class R2 shares of the Global Unconstrained Equity Fund were not publicly offered for investment.

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, Global Unconstrained Equity Fund, International Discovery Fund, International Research Enhanced Equity Fund and International 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 I, Class L, Class R2, Class R5 and Class R6 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated in to a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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.

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 Investment 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, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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	$	145,406	$	—	$	—	$	145,406
China		58,469		352,223		—		410,692
Hong Kong		—		51,724		—		51,724
Hungary		—		27,669		—		27,669
India		—		58,011		—		58,011
Indonesia		—		13,805		—		13,805
Malaysia		—		23,510		—		23,510
Mexico		10,989		—		—		10,989
Panama		26,498		—		—		26,498
Poland		—		47,754		—		47,754
Qatar		—		8,821		—		8,821
Russia		52,717		96,529		—		149,246
South Africa		5,839		41,608		—		47,447
South Korea		—		317,972		—		317,972
Taiwan		37,542		226,740		—		264,282
Thailand		—		86,275		—		86,275
Turkey		—		80,577		—		80,577
United Arab Emirates		—		22,918		—		22,918
Vietnam		—		5,407		—		5,407
Total Common Stocks		337,460		1,461,543		—		1,799,003
Preferred Stocks
Brazil		31,028		—		—		31,028
Russia		11,831		—		—		11,831
Total Preferred Stocks		42,859		—		—		42,859
Short-Term Investment
Investment Company		32,084		—		—		32,084
Total Investments in Securities	$	412,403	$	1,461,543	$	—	$	1,873,946
Appreciation in Other Financial Instruments
Futures Contracts	$	42	$	—	$	—	$	42

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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
Argentina	$	58,887	$	—	$	—		$	58,887
Australia		—		22,225		—			22,225
Brazil		339,672		—		—			339,672
China		286,056		373,902		—			659,958
Cyprus		9,140		—		—			9,140
Egypt		23,906		—		—			23,906
Hong Kong		—		236,524		—			236,524
India		137,908		524,575		—			662,483
Indonesia		—		112,047		—			112,047
Mexico		91,480		—		—			91,480
Panama		47,278		—		—			47,278
Peru		42,716		—		—			42,716
Russia		—		146,322		—			146,322
South Africa		—		396,321		—			396,321
South Korea		—		163,691		17,540			181,231
Taiwan		142,012		131,762		—			273,774
Thailand		—		27,038		—			27,038
Turkey		—		11,363		—			11,363
United States		97,610		—		—			97,610
Total Common Stocks		1,276,665		2,145,770		17,540			3,439,975
Preferred Stocks
Brazil		19,610		—		—			19,610
Structured Instruments
China		—		33,989		—			33,989
Warrants
United States		—		24,753		—			24,753
Short-Term Investment
Investment Company		45,041		—		—			45,041
Total Investments in Securities	$	1,341,316	$	2,204,512	$	17,540	*	$	3,563,368

* Level 3 securities are valued by brokers and pricing services. At April 30, 2017, the value of these securities was approximately $17,540,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

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	$	1,176	$	—	$	—	$	1,176
Chile		470		—		—		470
China		—		2,085		—		2,085
Czech Republic		349		130		—		479
Hong Kong		295		649		—		944
Hungary		—		272		—		272
Indonesia		—		331		—		331
Mexico		1,002		—		—		1,002
Russia		571		603		—		1,174
South Africa		544		1,398		—		1,942
South Korea		203		848		—		1,051

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Emerging Markets Equity Income Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Taiwan	$	802		$	2,287	$	—	$	3,089
Thailand		141			539		—		680
Turkey		—			536		—		536
United Arab Emirates		245			—		—		245
Total Common Stocks		5,798			9,678		—		15,476
Structured Instruments
France		—			141		—		141
Warrant
United States		—			225		—		225
Short-Term Investment
Investment Company		24			—		—		24
Total Investments in Securities	$	5,822		$	10,044	$	—	$	15,866
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	$	—		$	202,259	$	—	$	202,259
Austria		—	(a)		11,337		—		11,337
Belgium		—			35,298		—		35,298
Bermuda		5,138			—		—		5,138
Canada		264,560			—		—		264,560
China		—			4,138		—		4,138
Denmark		—			57,112		—		57,112
Finland		—			12,694		—		12,694
France		—			314,997		—		314,997
Germany		—			249,062		—		249,062
Hong Kong		2,086			86,604		—		88,690
Ireland		9,586			2,505		—		12,091
Israel		4,887			—		—		4,887
Italy		890			50,651		—		51,541
Japan		2,521			668,541		—		671,062
Jersey		—			4,307		—		4,307
Luxembourg		—			8,664		—		8,664
Netherlands		—			150,553		—		150,553
New Zealand		—			5,677		—		5,677
Norway		—			5,366		—		5,366
Portugal		—			10,524		—		10,524
Singapore		—			31,463		—		31,463
Spain		—			103,881		—		103,881
Sweden		—			52,129		—		52,129
Switzerland		5,517			220,017		—		225,534
United Kingdom		5,993			422,931		—		428,924
United States		4,580,133			19,465		—		4,599,598
Total Common Stocks		4,881,311			2,730,175		—		7,611,486
Preferred Stocks
Germany		—			35,339		—		35,339
Rights
Australia		—			6		—		6
Short-Term Investment
Investment Company		46,476			—		—		46,476
Total Investments in Securities	$	4,927,787		$	2,765,520	$	—	$	7,693,307
Appreciation in Other Financial Instruments
Futures Contracts	$	—		$	646	$	—	$	646

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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
Canada	$	30	$	—	$	—	$	30
China		117		63		—		180
Denmark		—		36		—		36
France		—		157		—		157
Hong Kong		—		32		—		32
India		22		—		—		22
Israel		53		—		—		53
Italy		—		17		—		17
Japan		—		115		—		115
Luxembourg		—		30		—		30
Netherlands		28		—		—		28
Switzerland		—		79		—		79
United Kingdom		31		174		—		205
United States		1,000		—		—		1,000
Total Common Stocks		1,281		703		—		1,984
Short-Term Investment
Investment Company		39		—		—		39
Total Investments in Securities	$	1,320	$	703	$	—	$	2,023
International Discovery Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	563	$	—	$	563
Austria		—		63		—		63
China		—		233		—		233
Denmark		17		68		—		85
Finland		—		143		—		143
France		106		460		—		566
Georgia		—		75		—		75
Germany		56		219		—		275
Hong Kong		55		259		—		314
Ireland		—		33		—		33
Israel		40		—		—		40
Italy		117		338		—		455
Japan		—		1,665		—		1,665
Netherlands		—		57		—		57
Norway		—		143		—		143
South Africa		—		45		—		45
Spain		—		53		—		53
Sweden		—		214		—		214
Switzerland		106		366		—		472
United Kingdom		167		928		—		1,095
United States		56		35		—		91
Total Investments in Securities	$	720	$	5,960	$	—	$	6,680

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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	$	—	$	43,462		$	—	$	43,462
Belgium		—		57,669			—		57,669
China		32,538		81,440			—		113,978
Denmark		—		37,917			—		37,917
France		—		450,631			—		450,631
Germany		—		253,094			—		253,094
Hong Kong		—		166,773			—		166,773
India		41,364		—			—		41,364
Indonesia		—		27,359			—		27,359
Israel		22,073		—			—		22,073
Japan		—		767,752			—		767,752
Macau		—		27,651			—		27,651
Netherlands		—		206,032			—		206,032
South Africa		—		41,151			—		41,151
South Korea		—		99,420			—		99,420
Spain		—		45,257			—		45,257
Switzerland		—		389,170			—		389,170
Taiwan		44,155		—			—		44,155
United Kingdom		—		706,069			—		706,069
United States		—		35,393			—		35,393
Total Common Stocks		140,130		3,436,240			—		3,576,370
Preferred Stocks
Germany		—		42,841			—		42,841
Short-Term Investment
Investment Company		76,383		—			—		76,383
Total Investments in Securities	$	216,513	$	3,479,081		$	—	$	3,695,594
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(5	)	$	—	$	(5	)

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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
Belgium	$	—	$	5,177	$	—	$	5,177
Brazil		1,279		—		—		1,279
Canada		3,329		—		—		3,329
China		—		2,733		—		2,733
Czech Republic		—		3,110		—		3,110
Denmark		—		4,749		—		4,749
Finland		1,325		5,520		—		6,845
France		—		13,141		—		13,141
Germany		—		21,208		—		21,208
Hong Kong		—		1,841		—		1,841
Israel		1,201		—		—		1,201
Japan		3,755		15,112		—		18,867
Netherlands		—		9,838		—		9,838
New Zealand		—		2,229		—		2,229
Norway		—		2,692		—		2,692
Russia		—		8,506		—		8,506
South Korea		—		3,433		—		3,433
Spain		—		1,681		—		1,681
Sweden		—		1,567		—		1,567
Switzerland		1,193		11,972		—		13,165
Taiwan		1,562		—		—		1,562
United Kingdom		4,102		38,337		—		42,439
Total Common Stocks		17,746		152,846		—		170,592
Short-Term Investment
Investment Company		3,386		—		—		3,386
Total Investments in Securities	$	21,132	$	152,846	$	—	$	173,978
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	$	—	$	112,809	$	—	$	112,809
Belgium		—		46,945		—		46,945
Chile		—		32,747		—		32,747
China		—		82,188		—		82,188
Denmark		—		70,128		—		70,128
Finland		—		64,089		—		64,089
France		—		414,043		—		414,043
Germany		—		233,288		—		233,288
India		45,077		—		—		45,077
Italy		—		72,625		—		72,625
Japan		—		703,715		—		703,715
Netherlands		—		204,037		—		204,037
Norway		—		41,096		—		41,096
Spain		—		48,260		—		48,260
Sweden		—		39,055		—		39,055
Switzerland		—		159,312		—		159,312
United Kingdom		—		491,154		—		491,154
United States		—		41,186		—		41,186
Total Common Stocks		45,077		2,856,677		—		2,901,754

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

International Opportunities Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Preferred Stocks
Germany	$	—	$	36,068		$	—		$	36,068
Short-Term Investment
Investment Company		38,835		—			—			38,835
Total Investments in Securities	$	83,912	$	2,892,745		$	—		$	2,976,657
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	9,115		$	—		$	9,115
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(15,012	)	$	—		$	(15,012	)
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	$	—	$	109,946		$	6		$	109,952
Austria		—		7,574			—			7,574
Belgium		—		19,309			—			19,309
Denmark		—		17,582			—			17,582
Finland		—		33,832			—			33,832
France		—		167,053			—			167,053
Germany		—		162,937			—			162,937
Hong Kong		—		43,586			—			43,586
Ireland		7,417		—			—			7,417
Israel		10,056		—			—			10,056
Italy		—		51,605			—			51,605
Japan		—		354,174			—			354,174
Luxembourg		—		8,867			—			8,867
Netherlands		—		85,392			—			85,392
New Zealand		—		5,669			—			5,669
Norway		—		6,199			—			6,199
Portugal		—		5,127			—			5,127
Singapore		—		14,969			—			14,969
Spain		—		39,886			—			39,886
Sweden		—		13,358			—			13,358
Switzerland		—		160,595			—			160,595
United Kingdom		1,044		259,028			—			260,072
United States		—		17,928			—			17,928
Total Common Stocks		18,517		1,584,616			6			1,603,139
Preferred Stocks
Germany		—		17,098			—			17,098
Debt Securities
Corporate Bonds
Brazil		—		—			—	(b)		—	(b)
Short-Term Investment
Investment Company		36,122		—			—			36,122
Total Investments in Securities	$	54,639	$	1,601,714		$	6		$	1,656,359

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

International Research Enhanced Equity Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	3		$	—	$	3
Futures Contracts		—		553			—		553
Total Appreciation in Other Financial Instruments	$	—	$	556		$	—	$	556
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(67	)	$	—	$	(67	)
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	$	—	$	3,492		$	—	$	3,492
Canada		6,851		—			—		6,851
China		6,061		7,387			—		13,448
Denmark		—		2,701			—		2,701
Finland		—		8,326			—		8,326
Germany		—		7,956			—		7,956
Hong Kong		—		10,127			—		10,127
India		4,054		—			—		4,054
Israel		3,433		—			—		3,433
Italy		—		2,560			—		2,560
Japan		—		17,582			—		17,582
Macau		—		2,623			—		2,623
Netherlands		—		18,660			—		18,660
South Africa		—		2,245			—		2,245
South Korea		—		11,039			—		11,039
Spain		—		4,591			—		4,591
Switzerland		—		13,402			—		13,402
United Kingdom		—		31,844			—		31,844
United States		—		2,066			—		2,066
Total Common Stocks		20,399		146,601			—		167,000
Short-Term Investment
Investment Company		5,532		—			—		5,532
Total Investments in Securities	$	25,931	$	146,601		$	—	$	172,532

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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	$	—	$	32,170		$	—	$	32,170
Austria		—		9,249			—		9,249
Belgium		—		17,989			—		17,989
Canada		8,589		—			—		8,589
Chile		4,722		—			—		4,722
China		—		6,631			—		6,631
Finland		—		8,183			—		8,183
France		—		131,108			—		131,108
Germany		—		68,737			—		68,737
Hong Kong		—		10,772			—		10,772
Ireland		7,138		—			—		7,138
Israel		10,338		—			—		10,338
Italy		—		27,137			—		27,137
Japan		—		187,316			—		187,316
Luxembourg		—		8,154			—		8,154
Netherlands		—		63,750			—		63,750
Norway		—		8,529			—		8,529
Singapore		—		10,235			—		10,235
South Korea		—		9,202			—		9,202
Spain		—		24,737			—		24,737
Sweden		—		14,499			—		14,499
Switzerland		—		37,159			—		37,159
United Kingdom		—		83,244			—		83,244
United States		—		11,982			—		11,982
Total Common Stocks		30,787		770,783			—		801,570
Short-Term Investment
Investment Company		22,045		—			—		22,045
Total Investments in Securities	$	52,832	$	770,783		$	—	$	823,615
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	4,013		$	—	$	4,013
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(7,340	)	$	—	$	(7,340	)

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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	$	—	$	198,352	$	—	$	198,352
Austria		2,648		9,080		—		11,728
Belgium		—		24,113		—		24,113
China		—		24,073		—		24,073
Denmark		—		85,400		—		85,400
Finland		—		11,298		—		11,298
France		—		292,373		—		292,373
Germany		22,182		187,430		—		209,612
Hong Kong		4,417		61,629		—		66,046
Indonesia		7,195		—		—		7,195
Italy		—		32,748		—		32,748
Japan		—		674,967		—		674,967
Luxembourg		—		18,978		—		18,978
Netherlands		9,461		83,581		—		93,042
Norway		—		30,804		—		30,804
Portugal		—		2,779		—		2,779
Singapore		—		19,083		—		19,083
South Africa		—		7,916		—		7,916
South Korea		2,983		—		—		2,983
Spain		—		82,708		—		82,708
Sweden		—		78,770		—		78,770
Switzerland		—		323,317		—		323,317
United Kingdom		16,746		442,170		—		458,916
United States		—		29,573		—		29,573
Total Common Stocks		65,632		2,721,142		—		2,786,774
Preferred Stock
Germany		—		2,052		—		2,052
Short-Term Investment
Investment Company		73,458		—		—		73,458
Total Investments in Securities	$	139,090	$	2,723,194	$	—	$	2,862,284
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	85	$	—	$	85

(a) Value is zero.

(b) Amount rounds to less than 500.

For the Emerging Economies Fund, Emerging Markets Equity Fund, International Equity Fund, International Equity Income Fund, International Opportunities Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International Fund the transfers from level 1 to level 2 in the amounts of approximately $14,600,000, $31,497,000, $60,798,000, $4,725,000, $56,617,000, $15,755,000, $2,901,000, $13,046,000 and $15,844,000, respectively, are due to applying the fair value factors to certain securities during the six months ended April 30, 2017.

For the Emerging Markets Equity Income Fund the transfers from level 2 to level 1 in the amount of approximately $412,000 are due to the non-application of the fair value factors to certain securities during the six months ended April 30, 2017.

For the International Discovery Fund the transfers from level 2 to level 1 in the amount of approximately $71,000 and the transfers from level 2 to level 1 in the amount of approximately $268,000 are due to the application and non-application of the fair value factors to certain securities during the six months ended April 30, 2017.

For the Global Research Enhanced Index Fund there were no significant transfers among any levels during the six months ended April 30, 2017.

For the Global Unconstrained Equity Fund there were no transfers among any levels during the six months ended April 30, 2017.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Emerging Markets Equity Fund

	Balance as of October 31, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2017
Common Stock — Information Technology	$	—	$	—	$	(231	)	$	—	$	17,771	$	—	$	—	$	—	$	17,540

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $(231,000).

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 asset value of the Funds.

As of April 30, 2017, 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, Emerging Markets Equity Income Fund, Global Research Enhanced Index Fund, International Opportunities Fund, International Research Enhanced Equity Fund, International Value Fund and Intrepid International 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.

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, 2017 (amounts in thousands):

	Emerging Economies Fund		Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund			International Opportunities Fund			International Research Enhanced Equity Fund		International Value Fund			Intrepid International Fund
Futures Contracts:
Average Notional Balance Long	$	14,011	$	320	(a)	$	16,522	(b)	$	77,007	(c)	$	26,083	$	15,417	(d)	$	37,946	(e)
Ending Notional Balance Long		7,538		—			16,892			—			19,769		—			37,946

(a) For the period from January 1, 2017 to January 31, 2017.

(b) For the period from March 1, 2017 to April 30, 2017.

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

(c) For the period from October 1, 2016 to November 30, 2016.

(d) For the period January 1, 2017 to March 31, 2017.

(e) For the period April 1, 2017 to April 30, 2017.

D. Forward Foreign Currency Exchange Contracts — Emerging Economies Fund, Emerging Markets Equity Income Fund, International Equity Fund, International Equity Income Fund, International Opportunities Fund, International Research Enhanced Equity Fund and International Value Fund may be exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Emerging Economies Fund, Emerging Markets Equity Income Fund, International Equity Fund, International Equity Income Fund, International Opportunities Fund, International Research Enhanced Equity Fund and International Value Fund also bought forward currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds may be required to post or receive collateral for Non-Deliverable 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, 2017 (amounts in thousands):

	Emerging Economies Fund			Emerging Markets Equity Income Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund		International Research Enhanced Equity Fund			International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	3,175	(a)	$	83	(a)	$	15,947	(b)	$	6,494	(c)	$	542,166	$	1,370	(b)	$	286,215
Average Settlement Value Sold		—			—			—			5,898	(c)		477,851		—			248,963
Ending Settlement Value Purchased		—			—			15,947			—			713,032		1,370			385,939
Ending Settlement Value Sold		—			—			—			—			653,589		—			355,780

(a) For the period from January 1, 2017 to January 31, 2017.

(b) For the period from April 1, 2017 to April 30, 2017.

(c) For the period from October 1, 2016 to November 30, 2016.

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Emerging Economies Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	42

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Research Enhanced Index Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	646

(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.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Payables	$	(5	)

The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Opportunities Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	9,115
Gross Liabilities:
Foreign exchange contracts	Payables	$	(15,012	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the 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, 2017:

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	$	1,640	$	(1,640	)	$	—	$	—
BNP Paribas		123		(123	)		—		—
Goldman Sachs International		403		(403	)		—		—
HSBC Bank N.A.		3,491		(2,267	)		—		1,224
Merrill Lynch International		86		(86	)		—		—
National Australia Bank		568		(184	)		—		384
Societe Generale		258		—			—		258
Standard Chartered Bank		335		—			—		335
State Street Corp.		650		(650	)		—		—
TD Bank Financial Group		781		(781	)		—		—
Union Bank of Switzerland AG		780		(217	)		—		563
	$	9,115	$	(6,351	)	$	—	$	2,764

162 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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 and New Zealand Banking Group Limited	$	2,579	$	—		$	—	$	2,579
Barclays Bank plc		3,368		(1,640	)		—		1,728
BNP Paribas		414		(123	)		—		291
Citibank, N.A.		56		—			—		56
Goldman Sachs International		1,754		(403	)		—		1,351
HSBC Bank N.A.		2,267		(2,267	)		—		—
Merrill Lynch International		1,182		(86	)		—		1,096
National Australia Bank		184		(184	)		—		—
Royal Bank of Canada		95		—			—		95
State Street Corp.		2,028		(650	)		—		1,378
TD Bank Financial Group		868		(781	)		—		87
Union Bank of Switzerland AG		217		(217	)		—		—
	$	15,012	$	(6,351	)	$	—	$	8,661

(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, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Research Enhanced Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	553		$	—	$	553
Foreign exchange contracts	Receivables		—			3		3
Total		$	553		$	3	$	556
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(67	)	$	—	$	(67	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Value Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	4,013
Gross Liabilities:
Foreign exchange contracts	Payables	$	(7,340	)

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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, 2017:

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 and New Zealand Banking Group Limited	$	198	$	(198	)	$	—	$	—
BNP Paribas		18		(18	)		—		—
Citibank, N.A.		712		(712	)		—		—
Credit Suisse International		213		—			—		213
Goldman Sachs International		245		(245	)		—		—
National Australia Bank		105		(105	)		—		—
Royal Bank of Canada		289		—			—		289
Societe Generale		125		—			—		125
Standard Chartered Bank		518		(518	)		—		—
State Street Corp.		428		(297	)		—		131
TD Bank Financial Group		1,162		(18	)		—		1,144
	$	4,013	$	(2,111	)	$	—	$	1,902
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 and New Zealand Banking Group Limited	$	335	$	(198	)	$	—	$	137
BNP Paribas		832		(18	)				814
Citibank, N.A.		820		(712	)		—		108
Goldman Sachs International		1,323		(245	)		—		1,078
HSBC Bank, N.A.		2,859		—			—		2,859
Merrill Lynch International		125		—			—		125
National Australia Bank		196		(105	)				91
Standard Chartered Bank		535		(518	)		—		17
State Street Corp.		297		(297	)		—		—
TD Bank Financial Group		18		(18	)		—		—
	$	7,340	$	(2,111	)	$	—	$	5,229

(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 at April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Intrepid International Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	85

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (e.g., decline in a counterparty’s

164 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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, 2017, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(195	)	$	—	$	(195	)
Foreign exchange contracts		—			180		180
	$	(195	)	$	180	$	(15	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts
Equity contracts	$	324

Emerging Markets Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(1	)	$	—		$	(1	)
Foreign exchange contracts		—			—	(a)		—	(a)
	$	(1	)	$	—	(a)	$	(1	)

(a) Amount rounds to less than 500.

Global Research Enhanced Index Fund

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts
Equity contracts	$	646

International Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(320	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(5	)

International Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(393	)

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	113

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(151	)	$	—	$	(151	)
Foreign exchange contracts		—			10,449		10,449
	$	(151	)	$	10,449	$	10,298

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(386	)	$	—		$	(386	)
Foreign exchange contracts		—			(9,236	)		(9,236	)
	$	(386	)	$	(9,236	)	$	(9,622	)

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts
Equity contracts	$	4,772

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(212	)	$	—	$	(212	)
Foreign exchange contracts		—			3		3
	$	(212	)	$	3	$	(209	)

International Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(18	)

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	825	$	—	$	825
Foreign exchange contracts		—		4,157		4,157
	$	825	$	4,157	$	4,982

166 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(2,888	)

Intrepid International Fund

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Futures Contracts
Equity contracts	$	85

The Funds’ derivatives contracts held at April 30, 2017 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. If the Fund holds the structured instrument to maturity, the Fund will be entitled to receive payment from the instrument’s issuing entity based on the value of the reference asset with any necessary adjustments, 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 or other entities and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments.

The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Funds to counterparty risk.

G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

H. Offering and Organizational Costs — Total offering costs of approximately $112,000 incurred in connection with the offering of shares of International Discovery Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. For the six months ended April 30, 2017, total offering costs amortized were approximately $93,000.

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. Certain Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

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.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee which has been renamed as the Service Fee.

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2017 are as follows (amounts in thousands):

	Class A			Class C			Class I			Class L			Class R2			Class R5			Class R6			Total
Emerging Economies Fund
Transfer agency fees	$	4		$	1		$	2			n/a			n/a		$	—	(a)	$	5		$	12
Sub-transfer agency fees		57			2			1			n/a			n/a			1			—			61
Emerging Markets Equity Fund
Transfer agency fees		30			5			9		$	8			n/a			—	(a)		6			58
Sub-transfer agency fees		269			24			96			114			n/a			—			—			503
Emerging Markets Equity Income Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		n/a			n/a			—	(a)		—	(a)		—	(a)
Sub-transfer agency fees		2			—	(a)		—	(a)		n/a			n/a			—			—			2
Global Research Enhanced Index Fund
Transfer agency fees		—	(a)		—	(a)		27			n/a		$	—	(a)		n/a			n/a			27
Sub-transfer agency fees		—			—			115			n/a			—			n/a			n/a			115
Global Unconstrained Equity Fund
Transfer agency fees		1			—	(a)		—	(a)		n/a			—	(a)		—	(a)		—	(a)		1
Sub-transfer agency fees		1			—	(a)		—	(a)		n/a			—			—			—			1
International Discovery Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		n/a			n/a			—	(a)		—	(a)		—	(a)
Sub-transfer agency fees		—	(a)		—			—	(a)		n/a			n/a			—			—			—	(a)
International Equity Fund
Transfer agency fees		16			3			5			n/a			—	(a)		1			10			35
Sub-transfer agency fees		69			11			41			n/a			2			13			—			136
International Equity Income Fund
Transfer agency fees		2			1			3			n/a			—	(a)		—	(a)		—	(a)		6
Sub-transfer agency fees		23			5			22			n/a			—			—	(a)		—			50
International Opportunities Fund
Transfer agency fees		9			—	(a)		4			—	(a)		n/a			n/a			7			20
Sub-transfer agency fees		24			1			7			2			n/a			n/a			—			34
International Research Enhanced Equity Fund
Transfer agency fees		20			2			6			n/a			14			n/a			n/a			42
Sub-transfer agency fees		35			9			125			n/a			3			n/a			n/a			172
International Unconstrained Equity Fund
Transfer agency fees		2			1			2			n/a			—	(a)		—	(a)		—			5
Sub-transfer agency fees		5			1			2			n/a			—			—			—			8
International Value Fund
Transfer agency fees		11			2			4			4			—	(a)		—	(a)		—	(a)		21
Sub-transfer agency fees		235			17			18			—			2			—			—			272
Intrepid International Fund
Transfer agency fees		5			—	(a)		1			—			—	(a)		n/a			8			14
Sub-transfer agency fees		10			1			7			—	(a)		—	(a)		n/a			—			18

(a) Amount rounds to less than 500.

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

168 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2017, 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. Certain 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. 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 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	0.85	%
Emerging Markets Equity Fund	0.85
Emerging Markets Equity Income Fund	1.00
Global Research Enhanced Index Fund	0.20
Global Unconstrained Equity Fund	0.70
International Discovery Fund	0.70
International Equity Fund*	0.70
International Equity Income Fund	0.70
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

* Prior to November 1, 2016, the annual rate was 0.80%.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator 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, 2017, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal 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 Class R5, Class R6, Class I and Institutional Class Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, 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 Discovery Fund		0.25			0.75			n/a
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, JPMDS 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, 2017, JPMDS retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	1		$	—
Emerging Markets Equity Fund		37			—	(a)
Emerging Markets Equity Income Fund		—	(a)		—
Global Unconstrained Equity Fund		—	(a)		—
International Equity Fund		4			—	(a)
International Equity Income Fund		14			—	(a)
International Opportunities Fund		1			—	(a)
International Research Enhanced Equity Fund		2			—
International Unconstrained Equity Fund		11			—	(a)
International Value Fund		66			—
Intrepid International Fund		1			—

(a) Amount rounds to less than 500.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge service fees. For performing these services, JPMDS 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 I			Class L			Class R2			Class R5
Emerging Economies Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			0.10	%
Emerging Markets Equity Fund		0.25			0.25			0.25			0.10	%		n/a			0.10
Emerging Markets Equity Income Fund		0.25			0.25			0.25			n/a			n/a			0.10
Global Research Enhanced Index Fund		0.25			0.25			0.25			n/a			0.25	%		n/a
Global Unconstrained Equity Fund		0.25			0.25			0.25			n/a			0.25			0.10
International Discovery Fund		0.25			0.25			0.25			n/a			n/a			0.10
International Equity Fund		0.25			0.25			0.25			n/a			0.25			0.10
International Equity Income Fund		0.25			0.25			0.25			n/a			0.25			0.10
International Opportunities Fund		0.25			0.25			0.25			0.10	*		n/a			n/a
International Research Enhanced Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a
International Unconstrained Equity Fund		0.25			0.25			0.25			n/a			0.25			0.10
International Value Fund		0.25			0.25			0.25			0.10			0.25			0.10
Intrepid International Fund		0.25			0.25			0.25			0.10	*		0.25			n/a

* Liquidated on December 8, 2016.

170 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio and accounting services to the Funds. For performing 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 JPMDS 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 I			Class L			Class R2			Class R5			Class R6
Emerging Economies Fund*		1.35	%		1.85	%		1.10	%		n/a			n/a			0.95	%		0.85	%
Emerging Markets Equity Fund**		1.35			1.85			1.10			0.95	%		n/a			0.95			0.85
Emerging Markets Equity Income Fund		1.55			2.05			1.30			n/a			n/a			1.10			1.05
Global Research Enhanced Index Fund		0.59			1.09			0.34			n/a			0.84	%		n/a			n/a
Global Unconstrained Equity Fund***		1.25			1.75			0.90			n/a			1.50			0.80			0.75
International Discovery Fund		1.25			1.75			0.95			n/a			n/a			0.80			0.75
International Equity Fund****		1.24			1.74			0.99			n/a			1.49			0.84			0.74
International Equity Income Fund		1.25			1.75			0.90			n/a			1.50			0.80			0.75
International Opportunities Fund*****		1.24			1.74			0.99			n/a			n/a			n/a			0.74
International Research Enhanced Equity Fund		0.60			1.10			0.35			n/a			0.85			n/a			n/a
International Unconstrained Equity Fund		1.25			1.75			0.90			n/a			1.50			0.80			0.75
International Value Fund		1.35			1.85			1.10			0.95			1.60			0.95			0.85
Intrepid International Fund		1.25			1.75			0.90			0.85			1.50			n/a			0.75

          * Prior to May 20, 2016, the contractual expense limitations for Emerging Economies Fund were 1.55%, 2.05%, 1.10%, 1.05% and 1.30% for Class A, Class C, Class I, Class R5 and Class R6, respectively.

        ** Prior to May 20, 2016, the contractual expense limitations for Emerging Markets Equity Fund were 1.55%, 2.05%, 1.05%, 1.15% and 1.30% for Class A, Class C, Class I, Class L and Class R6, respectively.

      *** Prior to February 27, 2017, the contractual expense limitations for Global Unconstrained Equity Fund were 0.75%, 1.25%, 0.40%, 1.00%, 0.30% and 0.25% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

    **** Prior to November 1, 2016, the contractual expense limitations for International Equity Fund were 1.31%, 1.81%, 1.06%, 1.56%, 0.86% and 0.81% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

  ***** Prior to November 1, 2016, the contractual expense limitations for International Opportunities Fund were 1.31%, 1.92%, 1.06% and 0.81% for Class A, Class C, Class I and Class R6, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2017 and are in place until February 28, 2018.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 171

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

For the six months ended April 30, 2017, 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 Fees		Administration Fees			Service Fees		Total		Contractual Reimbursements
Emerging Economies Fund	$	1,052	$	635		$	67	$	1,754	$	4
Emerging Markets Equity Fund		1,483		989			552		3,024		3
Emerging Markets Equity Income Fund		65		5			2		72		75
Global Research Enhanced Index Fund		4,561		2,960			76		7,597		—	(a)
Global Unconstrained Equity Fund		2		—	(a)		2		4		129
International Discovery Fund		21		3			1		25		192
International Equity Fund		727		482			149		1,358		3
International Equity Income Fund		158		61			57		276		—	(a)
International Opportunities Fund		—		—			17		17		—
International Research Enhanced Equity Fund		1,157		588			83		1,828		4
International Unconstrained Equity Fund		101		51			22		174		—	(a)
International Value Fund		—		—			141		141		—	(a)
Intrepid International Fund		—		—			21		21		—

(a) Amount rounds to less than 500.

	Voluntary Waivers
	Investment Advisory
Global Unconstrained Equity Fund	$	5

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2017 were as follows (amounts in thousands):

Emerging Economies Fund	$	30
Emerging Markets Equity Fund		56
Emerging Markets Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		35
Global Unconstrained Equity Fund		—	(a)
International Discovery Fund		—
International Equity Fund		44
International Equity Income Fund		3
International Opportunities Fund		49
International Research Enhanced Equity Fund		34
International Unconstrained Equity Fund		2
International Value Fund		15
Intrepid International Fund		40

(a) Amount rounds to less than 500.    

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. 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.

172 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

During the six months ended April 30, 2017, Emerging Markets Equity Fund, Global Unconstrained Equity Fund, International Discovery Fund and International Equity Income Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Emerging Markets Equity Fund	$	1
Global Research Enhanced Index Fund		1
Global Unconstrained Equity Fund		—	(a)

(a) Amount rounds to less than 500.

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, 2017, 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	$	586,459	$	658,704
Emerging Markets Equity Fund		394,248		246,989
Emerging Markets Equity Income Fund		5,471		1,593
Global Research Enhanced Index Fund		1,214,594		1,238,842
Global Unconstrained Equity Fund		989		887
International Discovery Fund		4,816		4,533
International Equity Fund		165,569		276,433
International Equity Income Fund		91,253		62,287
International Opportunities Fund		800,224		862,938
International Research Enhanced Equity Fund		295,891		123,461
International Unconstrained Equity Fund		75,184		31,049
International Value Fund		154,768		765,288
Intrepid International Fund		835,022		955,486

During the six months ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,638,788	$	285,743	$	50,585	$	235,158
Emerging Markets Equity Fund		2,829,349		834,561		100,542		734,019
Emerging Markets Equity Income Fund		14,835		1,202		171		1,031
Global Research Enhanced Index Fund		6,373,128		1,439,204		119,025		1,320,179
Global Unconstrained Equity Fund		1,896		192		65		127
International Discovery Fund		5,564		1,197		81		1,116
International Equity Fund		3,148,006		691,992		144,404		547,588
International Equity Income Fund		158,631		17,492		2,145		15,347
International Opportunities Fund		2,576,964		447,151		47,458		399,693
International Research Enhanced Equity Fund		1,487,927		201,700		33,268		168,432
International Unconstrained Equity Fund		158,354		18,515		4,337		14,178
International Value Fund		784,428		80,678		41,491		39,187
Intrepid International Fund		2,676,963		281,364		96,043		185,321

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.

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 173

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

At October 31, 2016, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains as follows (amounts in thousands):

	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		241,545		63,767		—		305,312
Intrepid International Fund		250,971		—		—		250,971

At October 31, 2016, 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	$	146,542		$	75,520
Emerging Markets Equity Fund		10,629			82,340
Emerging Markets Equity Income Fund		183	*		318	*
Global Research Enhanced Index Fund		104,492			132,136
International Discovery Fund		392			—
International Equity Fund		—			33,563
International Equity Income Fund		8,624			718
International Opportunities Fund		82,645			21,877
International Research Enhanced Equity Fund		2,467			686
International Unconstrained Equity Fund		3,639			1,080
International Value Fund		71,243			—
Intrepid International Fund		46,299			—

* 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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at April 30, 2017. Average borrowings from the Facility for the six months ended April 30, 2017, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	24,077		1.35	%		8	$	8
Emerging Markets Equity Fund		16,088		1.45			3		2
International Equity Fund		30,293		1.33			6		7
International Opportunities Fund		26,795		1.03			9		8
International Value Fund		22,457		0.61			7		3
Intrepid International Fund		43,082		1.38			6		10

In addition, effective August 16, 2016, the Trusts along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of

174 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at April 30, 2017. Average borrowings from the Credit Facility for, or at any time during the six months ended April 30, 2017, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Intrepid International Fund	$	5,700		1.77	%		4	$	1

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.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

As of April 30, 2017, the J.P. Morgan Access Funds, 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:

	JPMorgan Access Funds			J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		—			10.2	%		70.6	%
Emerging Markets Equity Fund		—			—			47.0
International Equity Fund		—			—			71.2
International Opportunities Fund		—			—			88.1
International Research Enhanced Equity Fund		17.3	%		45.5			—
International Unconstrained Equity Fund		—			61.4			—
Intrepid International Fund		—			—			90.8

As of April 30, 2017, the following Funds had individual shareholder accounts and/or omnibus accounts each owning more than 10% of the Fund’s outstanding shares as follows:

	Number of Individual Affiliated Shareholder Accounts and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Nonaffiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Income Fund		1		18.7	%		2		67.7	%
Global Research Enhanced Index Fund		1		84.0			—		—
Global Unconstrained Equity Fund		2		25.6			2		23.1
International Discovery Fund		3		97.7			—		—
International Equity Income Fund		—		—			3		50.8
International Research Enhanced Equity Fund		1		27.8			1		17.3
International Value Fund		—		—			2		55.8

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

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 175

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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, 2017, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Germany			Hong-Kong			India			Japan
Emerging Economies Fund		—	%		21.9	%		—	%		—	%		—	%		—	%		—	%
Emerging Markets Equity Fund		10.1			18.5			—			—			—			18.6			—
Emerging Markets Equity Income Fund		—			13.1			—			—			—			—			—
International Discovery Fund		—			—			—			—			—			—			24.9
International Equity Fund		—			—			12.2			—			—			—			20.8
International Equity Income Fund		—			—			—			12.2			—			—			10.8
International Opportunities Fund		—			—			13.9			—			—			—			23.6
International Research Enhanced Equity Fund		—			—			10.1			10.9			—			—			21.4
International Unconstrained Equity Fund		—			—			—			—			—			—			10.2
International Value Fund		—			—			15.9			—			—			—			22.7
Intrepid International Fund		—			—			10.2			—			—			—			23.6

	Netherlands			South Africa			South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		—	%		—	%		17.0	%		—	%		14.1	%		—	%
Emerging Markets Equity Fund		—			11.1			—			—			—			—
Emerging Markets Equity Income Fund		—			12.2			—			—			19.5			—
Global Unconstrained Equity Fund		—			—			—			—			—			10.1
International Discovery Fund		—			—			—			—			—			16.4
International Equity Fund		—			—			—			10.5			—			19.1
International Equity Income Fund		—			—			—			—			—			24.4
International Opportunities Fund		—			—			—			—			—			16.5
International Research Enhanced Equity Fund		—			—			—			—			—			15.7
International Unconstrained Equity Fund		10.8			—			—			—			—			18.4
International Value Fund		—			—			—			—			—			10.1
Intrepid International Fund		—			—			—			11.3			—			16.0

As of April 30, 2017, a significant portion of each Fund’s investments 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.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Fund’s financial statements and related disclosures.

176 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual	$	1,000.00	$	1,108.50	$	7.06		1.35	%
Hypothetical		1,000.00		1,018.10		6.76		1.35
Class C
Actual		1,000.00		1,106.40		9.66		1.85
Hypothetical		1,000.00		1,015.62		9.25		1.85
Class I (formerly Select Class)
Actual		1,000.00		1,110.30		5.76		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10
Class R5
Actual		1,000.00		1,111.80		4.82		0.92
Hypothetical		1,000.00		1,020.23		4.61		0.92
Class R6
Actual		1,000.00		1,111.00		4.45		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85
Emerging Markets Equity Fund
Class A
Actual		1,000.00		1,098.80		6.97		1.34
Hypothetical		1,000.00		1,018.15		6.71		1.34
Class C
Actual		1,000.00		1,095.80		9.56		1.84
Hypothetical		1,000.00		1,015.67		9.20		1.84
Class I (formerly Select Class)
Actual		1,000.00		1,100.00		5.73		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10
Class L (formerly Institutional Class)
Actual		1,000.00		1,100.60		4.95		0.95
Hypothetical		1,000.00		1,020.08		4.76		0.95

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 177

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	1,100.90	$	4.90		0.94	%
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class R6
Actual		1,000.00		1,101.20		4.43		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85
Emerging Markets Equity Income Fund
Class A
Actual		1,000.00		1,053.90		7.89		1.55
Hypothetical		1,000.00		1,017.11		7.75		1.55
Class C
Actual		1,000.00		1,051.80		10.43		2.05
Hypothetical		1,000.00		1,014.63		10.24		2.05
Class I (formerly Select Class)
Actual		1,000.00		1,055.50		6.63		1.30
Hypothetical		1,000.00		1,018.35		6.51		1.30
Class R5
Actual		1,000.00		1,057.20		5.61		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10
Class R6
Actual		1,000.00		1,056.70		5.35		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05
Global Research Enhanced Index Fund
Class A
Actual		1,000.00		1,126.20		3.11		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class C
Actual		1,000.00		1,123.60		5.74		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual		1,000.00		1,127.80		1.79		0.34
Hypothetical		1,000.00		1,023.11		1.71		0.34
Class R2
Actual		1,000.00		1,124.60		4.37		0.83
Hypothetical		1,000.00		1,020.68		4.16		0.83
Global Unconstrained Equity Fund
Class A
Actual		1,000.00		1,141.60		3.93		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		1,138.40		6.57		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class I (formerly Select Class)
Actual		1,000.00		1,144.10		2.13		0.40
Hypothetical		1,000.00		1,022.81		2.01		0.40
Class R2
Actual		1,000.00		1,140.50		5.31		1.00
Hypothetical		1,000.00		1,019.84		5.01		1.00
Class R5
Actual		1,000.00		1,143.50		1.59		0.30
Hypothetical		1,000.00		1,023.31		1.51		0.30
Class R6
Actual		1,000.00		1,144.10		1.28		0.24
Hypothetical		1,000.00		1,023.60		1.20		0.24

178 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
International Discovery Fund
Class A
Actual	$	1,000.00	$	1,119.10	$	6.57		1.25	%
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class C
Actual		1,000.00		1,116.20		9.18		1.75
Hypothetical		1,000.00		1,016.12		8.75		1.75
Class I (formerly Select Class)
Actual		1,000.00		1,121.10		5.00		0.95
Hypothetical		1,000.00		1,020.08		4.76		0.95
Class R5
Actual		1,000.00		1,121.50		4.21		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,121.90		3.95		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
International Equity Fund
Class A
Actual		1,000.00		1,109.20		6.48		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,107.00		9.09		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual		1,000.00		1,110.30		5.18		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R2
Actual		1,000.00		1,108.40		7.79		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R5
Actual		1,000.00		1,110.90		4.40		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R6
Actual		1,000.00		1,112.30		3.88		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
International Equity Income Fund
Class A
Actual		1,000.00		1,086.90		6.47		1.25
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class C
Actual		1,000.00		1,084.20		8.99		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual		1,000.00		1,088.70		4.66		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class R2
Actual		1,000.00		1,085.60		7.71		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R5
Actual		1,000.00		1,089.10		4.14		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,089.50		3.89		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 179

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
International Opportunities Fund
Class A
Actual	$	1,000.00	$	1,125.10	$	6.48		1.23	%
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class C
Actual		1,000.00		1,122.10		9.10		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I (formerly Select Class)
Actual		1,000.00		1,125.20		5.16		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98
Class R6
Actual		1,000.00		1,127.40		3.75		0.71
Hypothetical		1,000.00		1,021.27		3.56		0.71
International Research Enhanced Equity Fund
Class A
Actual		1,000.00		1,124.90		3.11		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class C
Actual		1,000.00		1,122.00		5.73		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual		1,000.00		1,126.60		1.85		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
Class R2
Actual		1,000.00		1,124.00		4.42		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
International Unconstrained Equity Fund
Class A
Actual		1,000.00		1,115.40		6.50		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,112.90		9.12		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual		1,000.00		1,117.60		4.67		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R2
Actual		1,000.00		1,114.30		7.81		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R5
Actual		1,000.00		1,118.10		4.20		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,118.00		3.94		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
International Value Fund
Class A
Actual		1,000.00		1,126.60		7.01		1.33
Hypothetical		1,000.00		1,018.20		6.66		1.33
Class C
Actual		1,000.00		1,123.50		9.64		1.83
Hypothetical		1,000.00		1,015.72		9.15		1.83
Class I (formerly Select Class)
Actual		1,000.00		1,127.50		5.49		1.04
Hypothetical		1,000.00		1,019.64		5.21		1.04

180 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2017

	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
International Value Fund (continued)
Class L (formerly Institutional Class)
Actual	$	1,000.00	$	1,128.90	$	4.59		0.87	%
Hypothetical		1,000.00		1,020.48		4.36		0.87
Class R2
Actual		1,000.00		1,124.80		8.38		1.59
Hypothetical		1,000.00		1,016.91		7.95		1.59
Class R5
Actual		1,000.00		1,128.00		4.80		0.91
Hypothetical		1,000.00		1,020.28		4.56		0.91
Class R6
Actual		1,000.00		1,129.00		4.06		0.77
Hypothetical		1,000.00		1,020.98		3.86		0.77
Intrepid International Fund
Class A
Actual		1,000.00		1,111.40		6.33		1.21
Hypothetical		1,000.00		1,018.79		6.06		1.21
Class C
Actual		1,000.00		1,108.30		9.15		1.75
Hypothetical		1,000.00		1,016.12		8.75		1.75
Class I (formerly Select Class)
Actual		1,000.00		1,113.30		4.72		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class R2
Actual		1,000.00		1,109.90		7.79		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R6
Actual		1,000.00		1,114.40		3.72		0.71
Hypothetical		1,000.00		1,021.27		3.56		0.71

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 181

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., 2017.  All rights reserved. April 2017. SAN-INTEQ-417

Semi-Annual Report

J.P. Morgan Tax Aware Funds

April 30, 2017 (Unaudited)

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

U.S. Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in both developed and emerging markets.

During the final quarter of 2016 and into 2017, leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President’s Trumps’ administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

The performance of fixed-income markets was mixed. High-yield bonds, also known as junk bonds, and U.S. Treasury bonds generally outperformed other debt securities during in the reporting period.

For the six months ended April 30, 2017, the S&P 500 returned 13.32%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned -0.06%.

2 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		15.25%
S&P 500 Index		13.32%
Net Assets as of 4/30/2017 (In Thousands)	$	1,201,796

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.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2017. The Fund’s security selection in the retail and semiconductors & hardware sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the insurance and financial services sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Broadcom Ltd., Home Depot Inc. and Lowe’s Cos. Shares of Broadcom, a semiconductor manufacturer, rose on sales growth following its merger with Avago Technologies Inc. Shares of home improvement retail chains Home Depot and Lowe’s rose on better-than-expected sales and earnings.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Molson Coors Brewing Co., Walt Disney Productions Inc. and AutoZone Inc. Shares of Molson Coors Brewing, a beer maker, fell after the company reported a drop in sales and lower-than-expected earnings. Shares of Walt Disney Productions, an entertainment and media company, fell on declining subscribers for its cable TV programming, including its ESPN channel. Shares of AutoZone, a retail auto parts chain, fell amid a slowdown in overall sales of U.S. cars and trucks.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Broadcom Ltd.	4.0	%
	2.	Apple, Inc.	3.7
	3.	UnitedHealth Group, Inc.	3.6
	4.	Microsoft Corp.	3.6
	5.	Amazon.com, Inc.	3.2
	6.	Honeywell International, Inc.	2.9
	7.	Bank of America Corp.	2.8
	8.	Alphabet, Inc., Class C	2.5
	9.	Wells Fargo & Co.	2.5
	10.	Alphabet, Inc., Class A	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.0	%
Financials	18.1
Consumer Discretionary	15.3
Health Care	14.5
Industrials	10.0
Energy	6.7
Consumer Staples	4.5
Materials	3.0
Utilities	1.3
Short-Term Investment	0.6

¹  On April 3, 2017, the Fund’s Institutional Class Shares were renamed Class I Shares.

* 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, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge**			8.93	%		7.78	%		5.89	%		14.04	%		12.75	%		8.87	%		12.52	%		11.71	%		9.91	%		6.46	%		5.96	%		5.14	%
Without Sales Charge			14.97			13.76			9.36			20.36			19.00			12.50			13.74			12.93			10.93			7.04			6.53			5.63
CLASS C SHARES	March 22, 2011
With CDSC***			13.70			12.52			8.61			18.79			17.53			11.55			13.18			12.47			10.48			6.71			6.26			5.36
Without CDSC			14.70			13.52			9.18			19.79			18.53			12.11			13.18			12.47			10.48			6.71			6.26			5.36
CLASS I SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	January 30, 1997		15.25			13.97			9.56			20.92			19.42			12.91			14.23			13.23			11.32			7.32			6.77			5.86

* 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 (4/30/07 TO 4/30/17)

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 and Class C Shares prior to their inception date are based on the performance of Class I Shares (formerly Institutional Class Shares). The actual returns of Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Class I Shares (formerly Institutional Class Shares).

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares (formerly 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, 2007 to April 30, 2017. 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.

Class I Shares (formerly Institutional Class Shares) have a $1,000,000 minimum initial investment.

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.

4 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

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 redemptions 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, 2017 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)(1)*	0.46%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	-0.06%
Composite Benchmark**	1.28%
Net Assets as of 4/30/2017 (In Thousands)	$1,461,267

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Class I Shares had a positive absolute return and outperformed the Bloomberg 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, 2017.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, made a positive contribution to absolute performance and performance relative to the Benchmark. During the six month period, the two, five, ten and thirty year Barclays inflation swap indexes returned 0.37%, 1.31%, 2.23% and 4.58% respectively. Returns for inflation swaps were pulled higher by increased realized inflation. During the reporting period, the U.S. Consumer Price Index rose to 2.2% from 1.6%.

Amid rising interest rates during the reporting period, the Fund’s shorter duration profile in cash bonds contributed to both absolute performance and performance relative to the Benchmark. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund’s shorter duration profile in water & sewer bonds also contributed to both absolute and relative performance.

The Fund’s underweight position in the industrial development revenue/pollution control revenue bonds and hospital sector bonds detracted from both absolute and relative performance. The Fund’s overweight allocation to AAA-rated bonds, which underperformed lower rated bonds, also detracted from absolute and relative performance.

The Fund was not fully hedged during the reporting period, which detracted from performance relative to the Composite Benchmark. The Fund’s overweight allocation to the short end of the yield curve, which underperformed other parts of the curve, also detracted from performance relative to the Composite Benchmark. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

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 increased the hedge ratio to 94% from 90% in the face of volatility in inflation-linked securities.

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 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

6 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

PORTFOLIO COMPOSITION****
Municipal Bonds	90.5	%
Daily Demand Notes	1.7
Quarterly Demand Note	0.2
Short-Term Investment	7.6

⁽¹⁾  On April 3, 2017, the Fund’s Institutional Class Shares were renamed Class I Shares.

* 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 Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg 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, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge**			(3.39	)%		(3.39	)%		(1.39	)%		(2.88	)%		(2.88	)%		(0.58	)%		(0.20	)%		(0.20	)%		0.41	%		1.77	%		1.77	%		1.95	%
Without Sales Charge			0.34			0.34			0.74			0.94			0.94			1.62			0.57			0.57			1.01			2.16			2.16			2.27
CLASS C SHARES	August 31, 2005
With CDSC***			(0.91	)		(0.91	)		(0.07	)		(0.51	)		(0.52	)		0.55			(0.07	)		(0.07	)		0.38			1.52			1.52			1.63
Without CDSC			0.09			0.09			0.49			0.49			0.48			1.12			(0.07	)		(0.07	)		0.38			1.52			1.52			1.63
CLASS I SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	August 31, 2005		0.46			0.46			0.86			1.30			1.30			1.93			0.82			0.82			1.26			2.43			2.43			2.53
CLASS R6 SHARES	August 16, 2013		0.51			0.51			0.92			1.30			1.30			1.97			0.90			0.90			1.33			2.47			2.47			2.57

* 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 (4/30/07 TO 4/30/17)

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 Class I Shares (formerly 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 Class I Shares (formerly Institutional Class Shares).

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares (formerly Institutional Class Shares) of the JPMorgan Tax Aware Real Return Fund, the Bloomberg 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 April 30, 2007 to April 30, 2017. 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 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.

The Bloomberg 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 Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the

8 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

Bloomberg 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.

Class I Shares (formerly Institutional 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 redemptions 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, 2017 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Consumer Discretionary — 15.3%
		Auto Components — 0.4%
	60	Delphi Automotive plc		4,792
		Automobiles — 0.7%
	231	General Motors Co.		8,006
		Hotels, Restaurants & Leisure — 1.1%
	150	Starbucks Corp.		9,015
	64	Yum Brands, Inc.		4,182
				13,197
		Internet & Direct Marketing Retail — 3.2%
	42	Amazon.com, Inc. (a)		38,909
		Media — 4.9%
	40	Charter Communications, Inc., Class A (a)		13,864
	345	Comcast Corp., Class A		13,522
	110	DISH Network Corp., Class A (a)		7,069
	216	Walt Disney Co. (The)		24,946
				59,401
		Specialty Retail — 4.5%
	11	AutoZone, Inc. (a)		7,317
	151	Home Depot, Inc. (The)		23,608
	195	Lowe’s Cos., Inc.		16,535
	78	TJX Cos., Inc. (The)		6,126
				53,586
		Textiles, Apparel & Luxury Goods — 0.5%
	102	NIKE, Inc., Class B		5,674
		Total Consumer Discretionary		183,565
		Consumer Staples — 4.4%
		Beverages — 2.6%
	34	Constellation Brands, Inc., Class A		5,815
	131	Molson Coors Brewing Co., Class B		12,567
	112	PepsiCo, Inc.		12,683
				31,065
		Food & Staples Retailing — 0.5%
	32	Costco Wholesale Corp.		5,695
		Food Products — 0.8%
	220	Mondelez International, Inc., Class A		9,925
		Tobacco — 0.5%
	61	Philip Morris International, Inc.		6,806
		Total Consumer Staples		53,491
		Energy — 6.7%
		Oil, Gas & Consumable Fuels — 6.7%
	545	Cabot Oil & Gas Corp.		12,659
	81	Concho Resources, Inc. (a)		10,196

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	52	Diamondback Energy, Inc. (a)		5,162
	216	EOG Resources, Inc.		19,948
	135	Occidental Petroleum Corp.		8,284
	105	Pioneer Natural Resources Co.		18,129
	124	TransCanada Corp., (Canada)		5,740
		Total Energy		80,118
		Financials — 18.1%
		Banks — 8.1%
	1,464	Bank of America Corp.		34,171
	457	Citigroup, Inc.		27,043
	65	First Republic Bank		6,010
	552	Wells Fargo & Co.		29,701
				96,925
		Capital Markets — 4.6%
	33	BlackRock, Inc.		12,774
	23	Goldman Sachs Group, Inc. (The)		5,125
	234	Intercontinental Exchange, Inc.		14,105
	527	Morgan Stanley		22,863
				54,867
		Consumer Finance — 1.2%
	53	Capital One Financial Corp.		4,221
	167	Discover Financial Services		10,433
				14,654
		Insurance — 4.2%
	154	American International Group, Inc.		9,362
	190	Chubb Ltd.		26,142
	110	Hartford Financial Services Group, Inc. (The)		5,305
	192	MetLife, Inc.		9,958
				50,767
		Total Financials		217,213
		Health Care — 14.5%
		Biotechnology — 2.9%
	25	Alexion Pharmaceuticals, Inc. (a)		3,212
	44	Biogen, Inc. (a)		12,006
	22	Bioverativ, Inc. (a)		1,302
	97	Celgene Corp. (a)		12,003
	55	Vertex Pharmaceuticals, Inc. (a)		6,492
				35,015
		Health Care Equipment & Supplies — 0.8%
	375	Boston Scientific Corp. (a)		9,884

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — 4.1%
	23	Humana, Inc.		5,178
	249	UnitedHealth Group, Inc.		43,603
				48,781
		Life Sciences Tools & Services — 0.6%
	124	Agilent Technologies, Inc.		6,799
		Pharmaceuticals — 6.1%
	70	Allergan plc		17,136
	247	Bristol-Myers Squibb Co.		13,852
	152	Eli Lilly & Co.		12,498
	87	Merck & Co., Inc.		5,410
	724	Pfizer, Inc.		24,551
				73,447
		Total Health Care		173,926
		Industrials — 10.0%
		Aerospace & Defense — 0.3%
	19	General Dynamics Corp.		3,604
		Airlines — 1.2%
	102	Southwest Airlines Co.		5,712
	123	United Continental Holdings, Inc. (a)		8,637
				14,349
		Building Products — 1.4%
	92	Allegion plc		7,235
	265	Masco Corp.		9,811
				17,046
		Commercial Services & Supplies — 0.7%
	98	Waste Connections, Inc., (Canada)		9,055
		Industrial Conglomerates — 4.6%
	688	General Electric Co.		19,950
	268	Honeywell International, Inc.		35,191
				55,141
		Machinery — 1.4%
	121	Stanley Black & Decker, Inc.		16,529
		Road & Rail — 0.4%
	44	Union Pacific Corp.		4,949
		Total Industrials		120,673
		Information Technology — 26.0%
		Internet Software & Services — 6.8%
	30	Alphabet, Inc., Class A (a)		28,134
	33	Alphabet, Inc., Class C (a)		30,119
	157	Facebook, Inc., Class A (a)		23,568
				81,821

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 4.9%
	65	Accenture plc, Class A		7,912
	192	Fidelity National Information Services, Inc.		16,180
	157	Mastercard, Inc., Class A		18,319
	119	Visa, Inc., Class A		10,892
	57	WEX, Inc. (a)		5,804
				59,107
		Semiconductors & Semiconductor Equipment — 5.6%
	73	Analog Devices, Inc.		5,540
	219	Broadcom Ltd.		48,413
	56	Microchip Technology, Inc.		4,235
	111	Texas Instruments, Inc.		8,805
				66,993
		Software — 5.0%
	122	Adobe Systems, Inc. (a)		16,362
	630	Microsoft Corp.		43,103
	49	Snap, Inc., Class A (a)		1,105
				60,570
		Technology Hardware, Storage & Peripherals — 3.7%
	308	Apple, Inc.		44,316
		Total Information Technology		312,807
		Materials — 3.0%
		Chemicals — 2.3%
	70	Celanese Corp., Series A		6,075
	221	Dow Chemical Co. (The)		13,901
	92	EI du Pont de Nemours & Co.		7,305
				27,281
		Construction Materials — 0.7%
	39	Martin Marietta Materials, Inc.		8,479
		Total Materials		35,760
		Utilities — 1.3%
		Multi-Utilities — 1.3%
	156	CMS Energy Corp.		7,064
	354	NiSource, Inc.		8,588
		Total Utilities		15,652
		Total Common Stocks (Cost $661,778)		1,193,205

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	7,499	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $7,499)		7,499
		Total Investments — 99.9% (Cost $669,277)		1,200,704
		Other Assets in Excess of Liabilities — 0.1%		1,092
		NET ASSETS — 100.0%	$	1,201,796

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Daily Demand Notes — 1.8%
		New York — 0.9%
		General Obligation — 0.9%
	12,500	City of New York, Fiscal Year 2006, Series I, Sub Series I-4, GO, VRDO, LOC: TD Bank NA, 0.700%, 05/01/17		12,500
		Texas — 0.9%
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	12,500	Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Rev., VRDO, 0.720%, 05/01/17		12,500
		Total Daily Demand Notes (Cost $25,000)		25,000
	Municipal Bonds — 90.1% (t)
		Alaska — 1.1%
		Other Revenue — 1.1%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		15,568
		Arizona — 3.2%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,483
		Other Revenue — 0.2%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,231
	1,000	Series C, Rev., 5.000%, 07/01/24		1,135
				2,366
		Prerefunded — 2.8%
	33,840	Arizona State Transportation Board, Series A, Rev., GAN, 5.250%, 07/01/20 (p)		38,085
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,353
				41,438
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,604
		Total Arizona		46,891
		Arkansas — 0.1%
		Prerefunded — 0.0% (g)
	710	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/18 (p)		751

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.1%
	1,105	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		1,164
		Total Arkansas		1,915
		California — 17.6%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		91
		Education — 1.1%
	3,000	California State University, Systemwide, Series A, Rev., 5.000%, 11/01/24		3,657
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,800
	2,910	Simi Valley School Financing Authority, Unified School District, Rev., AGM, 5.000%, 08/01/21		2,998
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,903
				15,358
		General Obligation — 6.3%
	5,775	Arcadia Unified School District, County of Los Angeles, GO, 4.000%, 08/01/41		5,973
	1,490	Carlsbad Unified School District, Series B, GO, Zero Coupon, 05/01/19		1,452
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		487
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,438
	1,000	GO, 5.000%, 08/01/22		1,145
	1,000	GO, 5.000%, 08/01/24		1,141
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		150
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,007
	10,010	Series B, GO, 5.000%, 07/01/26		12,459
	9,000	Series C, GO, 5.000%, 07/01/26		10,823
	5,000	Series D, GO, 5.250%, 07/01/24		5,447
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		642
	725	GO, AGM, 5.000%, 09/01/23		861
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,739
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,259

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,169
		State of California, Various Purpose,
	5,000	GO, 5.000%, 04/01/20		5,387
	10,370	GO, 5.000%, 08/01/30		12,083
	5,000	GO, 5.500%, 04/01/18		5,212
	5,000	GO, 5.500%, 04/01/21		5,437
	5,000	GO, 5.625%, 04/01/26		5,446
	6,600	GO, 6.500%, 04/01/33		7,285
				92,042
		Hospital — 0.3%
	1,000	California Health Facilities Financing Authority, Kaiser Permanente, Series A, Sub Series A-2, Rev., 4.000%, 11/01/38		1,018
		California Municipal Finance Authority, Community Medical Centers,
	1,750	Series A, Rev., 5.000%, 02/01/31		2,001
	1,500	Series A, Rev., 5.000%, 02/01/32		1,700
				4,719
		Other Revenue — 0.4%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,588
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.000%, 07/01/24		213
	395	Series A, Rev., 5.000%, 07/01/25		485
	225	Series A, Rev., 5.000%, 07/01/26		274
				6,560
		Prerefunded — 2.2%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/18 (p)		2,119
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		3,766
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/18 (p)		2,157
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/23 (p)		10,479
	2,695	Center Unified School District, Election of 1991, GO, NATL-RE, Zero Coupon, 08/01/17 (p)		1,751
	15	City of Los Angeles, Department of Water & Power, Power System, Series A, Rev., 5.000%, 01/01/23 (p)		18

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	200	Simi Valley School Financing Authority, Unified School District, Rev., AGM, 5.000%, 08/01/17 (p)		206
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		11,267
				31,763
		Transportation — 0.6%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		400
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,859
		San Joaquin County Transportation Authority, Measure K,
	2,285	Rev., 5.000%, 03/01/29		2,778
	2,000	Rev., 5.000%, 03/01/30		2,412
				8,449
		Utility — 5.7%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,019
	1,010	Series A, Rev., 5.000%, 07/01/30		1,167
	2,050	Series A, Rev., 5.000%, 07/01/31		2,455
	2,550	Series A, Rev., 5.000%, 07/01/32		3,034
	5,000	Series A, Rev., 5.000%, 07/01/33		5,917
	10,710	Series A, Rev., 5.000%, 07/01/34		12,605
	25,385	Series B, Rev., 5.000%, 07/01/28		29,893
	8,580	Series B, Rev., 5.000%, 07/01/29		10,409
	2,100	Series B, Rev., 5.000%, 07/01/31		2,429
	1,925	Series B, Rev., 5.000%, 07/01/32		2,217
	3,300	Series D, Rev., 5.000%, 07/01/32		3,834
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,594
	1,290	Sacramento Municipal Utility District Financing Authority, Cosumnes Project, Rev., 5.000%, 07/01/28		1,538
				84,111
		Water & Sewer — 1.0%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		487
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		4,154
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		2,980

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,014
				14,635
		Total California		257,728
		Colorado — 2.1%
		General Obligation — 1.8%
	4,250	Dawson Ridge Metropolitan District No.1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,860
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,421
	2,345	GO, 5.250%, 12/15/25		2,901
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		11,786
				26,968
		Prerefunded — 0.3%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,316
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/19 (p)		1,325
				3,641
		Total Colorado		30,609
		Connecticut — 0.8%
		General Obligation — 0.6%
	200	City of Greenwich, GO, 5.000%, 06/01/20		209
	8,200	State of Connecticut, Series E, GO, 5.000%, 08/15/30		9,294
				9,503
		Prerefunded — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/17 (p)		1,007
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		273
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,451
				1,724
		Total Connecticut		12,234
		Delaware — 0.2%
		Education — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,093

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,141
		Total Delaware		2,234
		District of Columbia — 0.9%
		Special Tax — 0.1%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.000%, 12/01/20		2,264
		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,766
	5,000	Series C, Rev., 5.000%, 10/01/29		5,654
				11,420
		Total District of Columbia		13,684
		Florida — 2.9%
		General Obligation — 2.9%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,710
	32,375	Series D, GO, 5.000%, 06/01/25		36,898
		Total Florida		42,608
		Georgia — 1.8%
		General Obligation — 0.4%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		336
	1,000	Series B, GO, 5.750%, 08/01/17		1,013
	3,960	Series E, GO, 5.000%, 12/01/25		4,903
				6,252
		Transportation — 0.5%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		6,773
		Water & Sewer — 0.9%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,456
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,645
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		142
				13,243
		Total Georgia		26,268

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		8,628
		Illinois — 0.9%
		General Obligation — 0.1%
	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		169
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		681
				850
		Other Revenue — 0.2%
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.000%, 01/01/20		79
	200	Rev., 5.000%, 01/01/21		213
	105	Rev., 5.000%, 01/01/22		112
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,040
				3,444
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,502
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		936
				4,438
		Water & Sewer — 0.3%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC-CR, 5.250%, 01/01/30		1,151
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,117
	400	Rev., 5.000%, 11/01/22		453
	1,000	Rev., 5.000%, 11/01/29		1,099
				3,820
		Total Illinois		12,552
		Indiana — 1.4%
		Education — 0.1%
	1,030	South Bend Community School Corp., First Mortgage, Rev., AGM, 5.000%, 07/05/17		1,038
		Other Revenue — 1.0%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,302

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,245
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		1,926
				14,473
		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,666
		Water & Sewer — 0.0% (g)
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		369
	375	Series B, Rev., 5.000%, 01/01/23		426
				795
		Total Indiana		20,972
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,221
		Kentucky — 1.5%
		Education — 0.6%
	1,190	Meade Country School District Finance Corp., School Building, Rev., 5.000%, 09/01/26		1,415
	6,000	Oldham County, School District Finance Corp., School Building, Rev., 5.000%, 06/01/26		7,150
				8,565
		Prerefunded — 0.5%
	7,145	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.000%, 11/01/18 (p)		7,580
		Transportation — 0.4%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		5,849
		Total Kentucky		21,994
		Louisiana — 0.8%
		Housing — 0.2%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,151
		Other Revenue — 0.5%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,435

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,230
				7,665
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,384
		Total Louisiana		12,200
		Massachusetts — 5.0%
		General Obligation — 1.8%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		9,845
	200	Series C, GO, AGM, 5.500%, 12/01/22		242
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,287
	2,500	Series C, GO, 5.000%, 07/01/23		2,932
	6,875	Series F, GO, 5.000%, 11/01/26		8,057
				26,363
		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,565
		Prerefunded — 1.1%
	13,300	Commonwealth of Massachusetts, Consolidated Loan of 2014, Series F, GO, 5.000%, 11/01/22 (p)		15,685
		Transportation — 0.9%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		12,503
		Water & Sewer — 0.6%
	8,280	Massachusetts Clean Water Trust (The), Green Bond, Series 20, Rev., 5.000%, 02/01/36		9,523
		Total Massachusetts		72,639
		Michigan — 1.2%
		General Obligation — 0.2%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,243
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,404
		Prerefunded — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/19 (p)		4,483

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.6%
	8,545	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.500%, 01/01/22		9,528
		Total Michigan		17,658
		Minnesota — 1.5%
		General Obligation — 0.7%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		881
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,280
				10,161
		Other Revenue — 0.8%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,156
		Total Minnesota		21,317
		Missouri — 0.8%
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water,
	15	Series A, Rev., 5.000%, 01/01/19 (p)		16
	365	Series B, Rev., 5.000%, 07/01/25		411
				427
		Other Revenue — 0.5%
	6,620	Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.000%, 09/01/21		7,453
		Prerefunded — 0.0% (g)
	20	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.000%, 01/01/20 (p)		22
		Transportation — 0.3%
	4,060	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,384
		Total Missouri		12,286
		Nebraska — 0.4%
		Prerefunded — 0.0% (g)
	155	Nebraska Public Power District, Series B, Rev., AGM, 5.000%, 07/01/17 (p)		156

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.4%
	445	Nebraska Public Power District, Series B, Rev., AGM, 5.000%, 01/01/18		448
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,289
				5,737
		Total Nebraska		5,893
		New Hampshire — 0.3%
		Prerefunded — 0.3%
	4,505	New Hampshire Municipal Bond Bank, Series E, Rev., 5.000%, 01/15/20 (p)		4,957
		New Jersey — 2.2%
		Education — 1.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	10,000	Series PP, Rev., 5.000%, 06/15/29		10,257
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,675
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,478
				19,410
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		953
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,223
	1,200	GO, 5.000%, 07/15/23		1,333
				3,509
		Transportation — 0.6%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		2,517
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,482
				7,999
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,869
		Total New Jersey		32,787
		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		1,693
	1,690	Series B, Rev., 5.000%, 06/01/23		1,760

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,820	Series B, Rev., 5.000%, 06/01/25		1,894
	1,965	Series B, Rev., 5.000%, 06/01/27		2,043
	4,200	Series C, Rev., 5.000%, 06/01/22		4,778
				12,168
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,559
		Total New Mexico		13,727
		New York — 20.9%
		General Obligation — 1.2%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,435
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.000%, 08/01/28		7,040
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,639
				17,114
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		512
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.000%, 09/15/30		10,847
		Other Revenue — 7.0%
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, 5.000%, 01/15/22		6,772
	3,745	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,121
	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		10,215
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,466
	10,000	New York Convention Center Development Corp., Hotel Unit Fee Secured, Rev., AGM-CR, Zero Coupon, 11/15/52		2,156
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5/6, Rev., 5.500%, 04/01/19		8,548

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,224
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.000%, 03/15/28		3,559
	5,000	Series A, Rev., 5.000%, 03/15/29		5,891
	1,000	Series A, Rev., 5.000%, 03/15/33		1,150
	4,225	Series A, Rev., 5.000%, 03/15/34		4,834
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		15,747
	5,000	Series D, Rev., 5.500%, 01/01/19		5,371
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	1,800	Series A, Rev., 5.000%, 10/15/28		2,150
	7,500	Series A, Rev., 5.000%, 10/15/29		8,895
	1,850	Series A, Rev., 5.000%, 10/15/31		2,177
				102,276
		Prerefunded — 1.3%
	805	Metropolitan Transportation Authority,
		Series C, Rev., 6.500%, 11/15/18 (p)		874
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/18 (p)		366
	5	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/19 (p)		6
	10,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/18 (p)		10,363
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/18 (p)		4,607
	1,000	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/17 (p)		1,026
	1,865	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.000%, 11/15/18 (p)		1,981
				19,223
		Special Tax — 2.9%
	7,250	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.000%, 03/15/31		8,399
	4,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/23		4,292

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Special Tax — continued
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	12,500	Series C, Rev., 5.000%, 03/15/33		14,404
	3,500	Series C, Rev., 5.000%, 03/15/41		3,863
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,211
				42,169
		Transportation — 3.9%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.000%, 11/15/41		1,680
	195	Series C, Rev., 6.500%, 11/15/28		212
	5,000	Subseries C-1, Rev., 5.250%, 11/15/28		6,005
	2,530	New York Transportation Development Corp., Special Facilities, Laguardia Airport Terminal B Redevelopment Project, Series A, Rev., AMT, 4.000%, 07/01/31		2,609
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,247
	2,000	Rev., 5.000%, 05/01/35		2,187
	6,500	Rev., 5.000%, 10/15/41		7,382
	3,105	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.000%, 11/15/28		3,291
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		28,801
	1,250	Series B, Rev., 5.000%, 11/15/31		1,440
				56,854
		Utility — 0.7%
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,729
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,853
				9,582
		Water & Sewer — 3.2%
	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)		382
	2,150	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/29		2,255
	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		18,272

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	3,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.000%, 06/15/31		3,525
	10,225	New York State Environmental Facilities Corp., State Clean Water & Drinking Water, Series C, Rev., 5.000%, 06/15/21		10,281
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution,
	2,750	Series A, Rev., 5.000%, 06/15/26		3,426
	3,500	Series A, Rev., 5.000%, 06/15/27		4,388
	3,000	Series A, Rev., 5.000%, 06/15/28		3,723
				46,252
		Total New York		304,829
		North Carolina — 0.7%
		Prerefunded — 0.6%
	2,170	City of High Point, Combined Enterprise System, Rev., AGM, 5.000%, 11/01/18 (p)		2,301
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.000%, 06/01/19 (p)		6,437
				8,738
		Transportation — 0.1%
	700	North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.000%, 01/01/29		826
		Total North Carolina		9,564
		Ohio — 0.8%
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		583
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,449
				3,032
		Prerefunded — 0.4%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/23 (p)		5,676
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		684
				6,360

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		666
	1,500	Rev., 5.000%, 11/15/27		1,782
				2,448
		Total Ohio		11,840
		Oklahoma — 0.7%
		Transportation — 0.6%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,379
	2,000	Series A, Rev., 5.000%, 01/01/24		2,251
	2,000	Series A, Rev., 5.000%, 01/01/38		2,285
				7,915
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,630
		Total Oklahoma		9,545
		Oregon — 1.1%
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		122
		Other Revenue — 0.1%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/27		1,744
		Prerefunded — 0.8%
		Oregon State Department of Administrative Services,
	6,965	Series A, COP, 5.000%, 05/01/19 (p)		7,504
	3,425	Series A, COP, 5.000%, 05/01/19 (p)		3,695
				11,199
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,287
		Total Oregon		15,352
		Pennsylvania — 0.7%
		General Obligation — 0.3%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		4,826
		Prerefunded — 0.4%
	3,225	Pennsylvania State University,
		Series A, Rev., 5.000%, 03/01/19 (p)		3,457

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/18 (p)		1,937
				5,394
		Total Pennsylvania		10,220
		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		744
		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		1,190
		Total Rhode Island		1,934
		South Carolina — 0.8%
		Prerefunded — 0.2%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/19 (p)		2,367
		Utility — 0.5%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,188
		Water & Sewer — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,729
		Total South Carolina		11,284
		Tennessee — 0.1%
		General Obligation — 0.1%
	835	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		972
		Prerefunded — 0.0% (g)
	195	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/22 (p)		228
		Total Tennessee		1,200
		Texas — 9.3%
		Education — 0.3%
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		526
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,352
	1,215	Series C, Rev., 5.000%, 03/01/22		1,256
				4,134

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 4.1%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,070
	945	Series C, GO, 5.000%, 02/15/22		1,012
	325	Series C, GO, 5.000%, 02/15/23		348
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,624
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,595
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,725
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		789
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		799
	3,500	GO, 5.000%, 08/01/24		3,993
	4,735	GO, 5.000%, 08/01/26		5,396
	2,735	GO, 5.000%, 08/01/27		3,115
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,442
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		926
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,666
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,610
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,523
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,099
	1,000	Hays County, GO, 5.000%, 02/15/23		1,099
		Hays County, Pass-Through Toll,
	1,500	GO, 5.000%, 02/15/23		1,648
	1,785	GO, 5.000%, 02/15/24		1,957
	2,410	GO, 5.000%, 02/15/25		2,636
		San Jacinto Community College District,
	390	GO, AMBAC, 5.000%, 02/15/20		391
	2,600	GO, 5.000%, 02/15/40		2,874
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,632
	4,340	Series A, GO, 5.000%, 08/01/21		4,567
				59,536
		Prerefunded — 2.7%
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/18 (p)		3,202
	7,660	Series A, Rev., 5.000%, 06/01/19 (p)		8,281

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/19 (p)		1,989
	9,055	North Texas Municipal Water District,
		Rev., 5.000%, 06/01/18 (p)		9,457
	5,000	San Jacinto Community College District, GO, 5.000%, 02/15/19 (p)		5,353
	5,000	Southwest Higher Education Authority, Inc., Southern Methodist University Project, Rev., 5.000%, 10/01/19 (p)		5,467
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/18 (p)		1,889
	3,755	University of North Texas, Financing System, Series A, Rev., 5.000%, 04/15/19 (p)		4,044
				39,682
		Transportation — 0.8%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,384
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,810
				12,194
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,666
		Water & Sewer — 1.2%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,632
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.000%, 05/15/24		1,480
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		105
	3,315	Rev., 5.000%, 12/15/23		3,713
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,155
				17,085
		Total Texas		136,297
		Utah — 0.6%
		Prerefunded — 0.6%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/19 (p)		8,086
	1,150	Utah State University of Agriculture & Applied Science, Rev., 5.000%, 06/01/19 (p)		1,244
		Total Utah		9,330

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Vermont — 0.5%
		Education — 0.2%
		University of Vermont & State Agricultural College,
	2,115	Rev., AMBAC, 5.000%, 10/01/21		2,150
	1,175	Rev., AMBAC, 5.000%, 10/01/22		1,195
				3,345
		Prerefunded — 0.3%
	3,295	University of Vermont & State Agricultural College, Rev., AMBAC, 5.000%, 10/01/17 (p)		3,352
		Total Vermont		6,697
		Virginia — 2.5%
		Education — 0.8%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		10,965
		General Obligation — 1.3%
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		228
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		19,077
				19,305
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		27
	405	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		445
				472
		Prerefunded — 0.1%
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		614
		Utility — 0.3%
	4,090	City of Richmond, Public Utility Revenue, Series A, Rev., 5.000%, 01/15/28		4,913
		Total Virginia		36,269
		Washington — 2.7%
		General Obligation — 0.2%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,249
	2,000	State of Washington, Various Purpose, Series D, GO, 5.000%, 02/01/24		2,354

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	275	Yakima County School District No. 7, GO, 5.500%, 12/01/23		304
				3,907
		Prerefunded — 2.0%
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/19 (p)		10,871
	12,400	Series R-2010A, GO, 5.000%, 01/01/19 (p)		13,224
	4,415	Yakima County School District No. 7, GO, 5.500%, 12/01/19 (p)		4,907
				29,002
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,251
	1,000	Series B, Rev., 5.000%, 03/01/34		1,129
				5,380
		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,526
		Total Washington		39,815
		Total Municipal Bonds (Cost $1,246,171)		1,317,746

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Quarterly Demand Note — 0.2%
		Pennsylvania — 0.2%
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.487%, 06/01/17 (Cost $3000)		2,901
SHARES
	Short-Term Investment — 7.5%
		Investment Company — 7.5%
	110,133	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) † (Cost $110,133)		110,133
		Total Investments — 99.6% (Cost $1,384,304)		1,455,780
		Other Assets in Excess of Liabilities — 0.4%		5,487
		NET ASSETS — 100.0%	$	1,461,267

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
Barclays Bank plc	2.812% at termination	CPI-U at termination	10/12/19		25,000	$	(3,957	)
Barclays Bank plc	2.590% at termination	CPI-U at termination	12/31/19		35,000		(2,894	)
Barclays Bank plc	1.823% at termination	CPI-U at termination	11/08/21		25,000		397
Barclays Bank plc	2.439% at termination	CPI-U at termination	05/15/24		18,000		(1,156	)
Barclays Bank plc	2.700% at termination	CPI-U at termination	09/03/44		5,000		(889	)
BNP Paribas	2.100% at termination	CPI-U at termination	08/26/18		25,000		(910	)
BNP Paribas	2.105% at termination	CPI-U at termination	08/26/18		12,000		(440	)
BNP Paribas	2.190% at termination	CPI-U at termination	09/03/19		13,000		(515	)
BNP Paribas	2.350% at termination	CPI-U at termination	07/06/20		25,000		(1,603	)
BNP Paribas	2.265% at termination	CPI-U at termination	02/06/24		25,000		(220	)
BNP Paribas	2.165% at termination	CPI-U at termination	04/04/24		24,000		(115	)
BNP Paribas	1.997% at termination	CPI-U at termination	11/07/26		25,000		629
Citibank NA	2.190% at termination	CPI-U at termination	09/02/19		9,000		(357	)
Citibank NA	2.420% at termination	CPI-U at termination	05/24/20		25,000		(1,867	)
Citibank NA	2.420% at termination	CPI-U at termination	06/30/20		50,000		(3,637	)
Citibank NA	2.410% at termination	CPI-U at termination	07/01/20		50,000		(3,574	)
Citibank NA	2.330% at termination	CPI-U at termination	07/06/20		50,000		(3,088	)
Citibank NA	2.492% at termination	CPI-U at termination	08/27/24		22,000		(1,569	)
Citibank NA	2.477% at termination	CPI-U at termination	09/02/24		15,000		(1,045	)
Citibank NA	2.623% at termination	CPI-U at termination	10/07/24		14,000		(273	)
Credit Suisse International	2.250% at termination	CPI-U at termination	05/09/17		50,000		(2,475	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Credit Suisse International	2.178% at termination	CPI-U at termination	05/28/18		65,000	$	(2,972	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	02/25/18		50,000		(3,017	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination	09/10/19		55,000		(2,014	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination	06/30/20		20,000		(1,431	)
Deutsche Bank AG, New York	1.823% at termination	CPI-U at termination	11/08/21		25,000		397
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination	02/21/24		40,000		(2,706	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination	12/15/24		54,000		(491	)
Deutsche Bank AG, New York	2.003% at termination	CPI-U at termination	11/07/26		25,000		614
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination	02/25/44		5,000		(900	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination	10/10/44		8,000		(836	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination	10/13/45		5,000		371
Goldman Sachs International	2.211% at termination	CPI-U at termination	08/29/19		20,000		(817	)
Goldman Sachs International	2.185% at termination	CPI-U at termination	09/02/19		12,000		(473	)
Goldman Sachs International	2.194% at termination	CPI-U at termination	09/02/19		19,000		(758	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination	10/01/18		20,000		(798	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination	06/23/19		20,000		(909	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination	01/27/24		30,000		(2,191	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination	02/04/24		34,000		(2,379	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination	09/12/44		3,000		(502	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination	06/28/20		25,000		(1,848	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination	06/30/20		75,000		(5,485	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination	03/17/24		7,000		(473	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination	07/31/29		49,000		(19,005	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination	02/10/44		9,000		(1,701	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination	04/22/18		50,000		(2,268	)
Union Bank of Switzerland AG	2.200% at termination	CPI-U at termination	03/09/22		10,000		(63	)
						$	(82,213	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

J.P. Morgan Tax Aware Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
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
LOC	—  Letter of Credit
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, 2017.
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of April 30, 2017.

(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 0.05%.
(l)	—  The rate shown is the current yield as of April 30, 2017.
(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 $2,040,000 of this investment is restricted as collateral for certain derivatives to various brokers.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands, except per share amounts)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,193,205		$	1,345,647
Investments in affiliates, at value		7,499			108,093
Investments in affiliates — restricted, at value		—			2,040
Total investment securities, at value		1,200,704			1,455,780
Restricted cash		���			79,330
Cash		7			—	(a)
Receivables:
Investment securities sold		—			3,792
Fund shares sold		1,665			957
Interest and dividends from non-affiliates		670			16,838
Dividends from affiliates		4			57
Outstanding swap contracts, at value		—			2,408
Total Assets		1,203,050			1,559,162
LIABILITIES:
Payables:
Investment securities purchased		—			10,836
Fund shares redeemed		677			1,747
Outstanding swap contracts, at value		—			84,621
Accrued liabilities:
Investment advisory fees		339			350
Administration fees		79			67
Distribution fees		8			29
Service fees		95			109
Custodian and accounting fees		7			20
Collateral management fees		—			6
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		49			110
Total Liabilities		1,254			97,895
Net Assets	$	1,201,796		$	1,461,267

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

	Tax Aware Equity Fund			Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	562,063		$	1,549,406
Accumulated undistributed (distributions in excess of) net investment income		533			(24	)
Accumulated net realized gains (losses)		107,773			(77,378	)
Net unrealized appreciation (depreciation)		531,427			(10,737	)
Total Net Assets	$	1,201,796		$	1,461,267
Net Assets:
Class A	$	17,549		$	49,703
Class C		7,611			29,350
Class I (formerly Institutional Class)		1,176,636			1,261,038
Class R6		—			121,176
Total	$	1,201,796		$	1,461,267
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		554			5,231
Class C		243			3,097
Class I (formerly Institutional Class)		36,991			132,495
Class R6		—			12,728
Net Asset Value (a):
Class A — Redemption price per share	$	31.67		$	9.50
Class C — Offering price per share (b)		31.41			9.48
Class I (formerly Institutional Class) — Offering and redemption price per share		31.81			9.52
Class R6 — Offering and redemption price per share		—			9.52
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)]	$	33.42		$	9.87
Cost of investments in non-affiliates	$	661,778		$	1,274,171
Cost of investments in affiliates		7,499			108,093
Cost of investments in affiliates—restricted		—			2,040

(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, 2017 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	22,938
Interest income from affiliates		1			2
Dividend income from non-affiliates		9,172			—
Dividend income from affiliates		10			212
Total investment income		9,183			23,152
EXPENSES:
Investment advisory fees		2,043			2,473
Administration fees		478			578
Distribution fees:
Class A		19			62
Class C		25			113
Service fees:
Class A		19			62
Class C		8			38
Class I (formerly Institutional Class)		665			694
Select Class (a)		102			121
Custodian and accounting fees		18			52
Professional fees		30			53
Collateral management fees		—			18
Trustees’ and Chief Compliance Officer’s fees		15			15
Printing and mailing costs		24			25
Registration and filing fees		35			54
Transfer agency fees (See Note 2.E.)		10			9
Sub-transfer agency fees (See Note 2.E.)		40			35
Other		11			11
Total expenses		3,542			4,413
Less fees waived		(265	)		(843	)
Net expenses		3,277			3,570
Net investment income (loss)		5,906			19,582
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		113,884			(7,074	)
Swaps		—			(10,183	)
Net realized gain (loss)		113,884			(17,257	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		48,280			(27,969	)
Swaps		—			29,310
Change in net unrealized appreciation/depreciation		48,280			1,341
Net realized/unrealized gains (losses)		162,164			(15,916	)
Change in net assets resulting from operations	$	168,070		$	3,666

(a) All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,906		$	14,629		$	19,582		$	43,339
Net realized gain (loss)		113,884			50,563			(17,257	)		(12,693	)
Distributions of capital gains received from investment company affiliates		—			—			—			1
Change in net unrealized appreciation/depreciation		48,280			(30,737	)		1,341			29,871
Change in net assets resulting from operations		168,070			34,455			3,666			60,518
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(53	)		(108	)		(640	)		(1,249	)
From net realized gains		(616	)		(526	)		—			—
Class C
From net investment income		(13	)		(18	)		(311	)		(691	)
From net realized gains		(255	)		(198	)		—			—
Class I (formerly Institutional Class)
From net investment income		(6,197	)		(13,182	)		(15,556	)		(32,988	)
From net realized gains		(44,856	)		(51,885	)		—			—
Class R6
From net investment income		—			—			(1,872	)		(5,423	)
Select Class (a)
From net investment income		(547	)		(925	)		(1,354	)		(3,204	)
From net realized gains		(3,890	)		(3,533	)		—			—
Total distributions to shareholders		(56,427	)		(70,375	)		(19,733	)		(43,555	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(91,652	)		(149,342	)		(58,421	)		(211,512	)
NET ASSETS:
Change in net assets		19,991			(185,262	)		(74,488	)		(194,549	)
Beginning of period		1,181,805			1,367,067			1,535,755			1,730,304
End of period	$	1,201,796		$	1,181,805		$	1,461,267		$	1,535,755
Accumulated undistributed (distributions in excess of) net investment income	$	533		$	1,437		$	(24	)	$	127
Class A
Proceeds from shares issued	$	2,900		$	5,639		$	15,394		$	5,823
Distributions reinvested		587			505			595			1,131
Cost of shares redeemed		(1,374	)		(4,291	)		(13,042	)		(16,887	)
Change in net assets resulting from Class A capital transactions	$	2,113		$	1,853		$	2,947		$	(9,933	)
Class C
Proceeds from shares issued	$	1,731		$	1,806		$	1,518		$	2,704
Distributions reinvested		268			216			236			508
Cost of shares redeemed		(739	)		(913	)		(5,103	)		(13,442	)
Change in net assets resulting from Class C capital transactions	$	1,260		$	1,109		$	(3,349	)	$	(10,230	)

(a) All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS: (continued)
Class I (formerly Institutional Class)
Proceeds from shares issued	$	67,286		$	151,339		$	249,592		$	390,021
Distributions reinvested		6,215			4,570			1,783			5,007
Cost of shares redeemed		(165,385	)		(317,844	)		(239,640	)		(565,755	)
Exchanged from Select Class Shares		97,920			—			116,476			—
Change in net assets resulting from Class I capital transactions	$	6,036		$	(161,935	)	$	128,211		$	(170,727	)
Class R6
Proceeds from shares issued	$	—		$	—		$	6,269		$	9,612
Distributions reinvested		—			—			1,486			3,012
Cost of shares redeemed		—			—			(82,062	)		—	(a)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	(74,307	)	$	12,624
Select Class (b)
Proceeds from shares issued	$	5,686		$	23,060		$	32,949		$	27,567
Distributions reinvested		1,452			1,414			606			1,312
Cost of shares redeemed		(10,279	)		(14,843	)		(29,002	)		(62,125	)
Exchanged to Class I Shares		(97,920	)		—			(116,476	)		—
Change in net assets resulting from Select Class capital transactions	$	(101,061	)	$	9,631		$	(111,923	)	$	(33,246	)
Total change in net assets resulting from capital transactions	$	(91,652	)	$	(149,342	)	$	(58,421	)	$	(211,512	)
SHARE TRANSACTIONS:
Class A
Issued		94			210			1,617			608
Reinvested		20			18			63			118
Redeemed		(45	)		(154	)		(1,377	)		(1,766	)
Change in Class A Shares		69			74			303			(1,040	)
Class C
Issued		58			65			160			283
Reinvested		9			8			25			53
Redeemed		(24	)		(32	)		(539	)		(1,410	)
Change in Class C Shares		43			41			(354	)		(1,074	)
Class I (formerly Institutional Class)
Issued		2,185			5,539			26,228			40,712
Reinvested		209			164			188			523
Redeemed		(5,456	)		(11,397	)		(25,272	)		(59,079	)
Exchanged from Select Class Shares		3,131			—			12,222			—
Change in Class I Shares		69			(5,694	)		13,366			(17,844	)
Class R6
Issued		—			—			658			996
Reinvested		—			—			156			314
Redeemed		—			—			(8,682	)		—	(a)
Change in Class R6 Shares		—			—			(7,868	)		1,310
Select Class (b)
Issued		189			867			3,465			2,886
Reinvested		49			51			64			137
Redeemed		(340	)		(534	)		(3,056	)		(6,513	)
Exchanged to Class I Shares		(3,134	)		—			(12,235	)		—
Change in Select Class Shares		(3,236	)		384			(11,762	)		(3,490	)

(a) Amount rounds to less than 500.

(b) All remaining Select Class Shares exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed to Class I Shares on April 3, 2017. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 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) (b)			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, 2017 (Unaudited)	$	28.82	$	0.08		$	4.13	$	4.21	$	(0.10	)	$	(1.26	)	$	(1.36	)
Year Ended October 31, 2016		29.60		0.20			0.47		0.67		(0.22	)		(1.23	)		(1.45	)
Year Ended October 31, 2015		29.01		0.20			1.41		1.61		(0.21	)		(0.81	)		(1.02	)
Year Ended October 31, 2014		24.87		0.19			4.15		4.34		(0.20	)		—			(0.20	)
Year Ended October 31, 2013		19.60		0.23	(f)		5.33		5.56		(0.29	)		—			(0.29	)
Year Ended October 31, 2012		17.43		0.18			2.18		2.36		(0.19	)		—			(0.19	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		28.62		0.01			4.10		4.11		(0.06	)		(1.26	)		(1.32	)
Year Ended October 31, 2016		29.43		0.06			0.46		0.52		(0.10	)		(1.23	)		(1.33	)
Year Ended October 31, 2015		28.88		0.05			1.40		1.45		(0.09	)		(0.81	)		(0.90	)
Year Ended October 31, 2014		24.78		0.06			4.12		4.18		(0.08	)		—			(0.08	)
Year Ended October 31, 2013		19.54		0.12	(f)		5.32		5.44		(0.20	)		—			(0.20	)
Year Ended October 31, 2012		17.42		0.08			2.19		2.27		(0.15	)		—			(0.15	)
Class I (formerly Institutional Class)
Six Months Ended April 30, 2017 (Unaudited)		28.94		0.15			4.16		4.31		(0.18	)		(1.26	)		(1.44	)
Year Ended October 31, 2016		29.70		0.34			0.46		0.80		(0.33	)		(1.23	)		(1.56	)
Year Ended October 31, 2015		29.10		0.34			1.39		1.73		(0.32	)		(0.81	)		(1.13	)
Year Ended October 31, 2014		24.92		0.30			4.18		4.48		(0.30	)		—			(0.30	)
Year Ended October 31, 2013		19.63		0.34	(f)		5.32		5.66		(0.37	)		—			(0.37	)
Year Ended October 31, 2012		17.43		0.28			2.17		2.45		(0.25	)		—			(0.25	)

(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 0.005% unless otherwise noted.

(f) 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 and $0.31 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.88%, 0.41% and 1.41% for Class A, Class C and Class I Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

		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, reimbursements and earnings credits			Portfolio turnover rate (c)
$	31.67		14.97	%	$	17,549		1.02	%		0.53	%		1.02	%		16	%
	28.82		2.47			13,971		1.03			0.71			1.03			41
	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	(f)		0.96			67
	19.60		13.64			4,902		0.96			0.95			0.96			55
	31.41		14.70			7,611		1.50			0.04			1.50			16
	28.62		1.95			5,729		1.52			0.21			1.52			41
	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	(f)		1.46			67
	19.54		13.10			1,432		1.46			0.43			1.46			55
	31.81		15.25			1,176,636		0.55			1.01			0.59			16
	28.94		2.94			1,068,546		0.55			1.19			0.56			41
	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	(f)		0.56			67
	19.63		14.19			148,369		0.55			1.53			0.56			55

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Tax Aware Real Return Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	9.59	$	0.12	(e)	$	(0.09	)	$	0.03		$	(0.12	)
Year Ended October 31, 2016		9.49		0.24	(e)		0.10			0.34			(0.24	)
Year Ended October 31, 2015		10.01		0.25	(e)		(0.51	)		(0.26	)		(0.26	)
Year Ended October 31, 2014		10.06		0.26	(e)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		9.57		0.10	(e)		(0.09	)		0.01			(0.10	)
Year Ended October 31, 2016		9.47		0.18	(e)		0.10			0.28			(0.18	)
Year Ended October 31, 2015		9.98		0.19	(e)		(0.50	)		(0.31	)		(0.20	)
Year Ended October 31, 2014		10.03		0.19	(e)		(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	)
Class I (formerly Institutional Class)
Six Months Ended April 30, 2017 (Unaudited)		9.61		0.13	(e)		(0.09	)		0.04			(0.13	)
Year Ended October 31, 2016		9.51		0.26	(e)		0.11			0.37			(0.27	)
Year Ended October 31, 2015		10.03		0.27	(e)		(0.50	)		(0.23	)		(0.29	)
Year Ended October 31, 2014		10.08		0.29	(e)		(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		9.61		0.14	(e)		(0.09	)		0.05			(0.14	)
Year Ended October 31, 2016		9.51		0.27	(e)		0.11			0.38			(0.28	)
Year Ended October 31, 2015		10.03		0.28	(e)		(0.50	)		(0.22	)		(0.30	)
Year Ended October 31, 2014		10.08		0.30	(e)		(0.05	)		0.25			(0.30	)
August 16, 2013 (f) through October 31, 2013		9.92		0.05			0.18			0.23			(0.07	)

(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 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

		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)
$	9.50		0.34	%	$	49,703		0.74	%		2.53	%		0.98	%		10	%
	9.59		3.64			47,268		0.75			2.50			0.98			7
	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
	9.48		0.09			29,350		1.24			2.03			1.51			10
	9.57		2.98			33,016		1.40			1.85			1.50			7
	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
	9.52		0.46			1,261,038		0.49			2.78			0.59			10
	9.61		3.89			1,144,534		0.50			2.75			0.57			7
	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
	9.52		0.51			121,176		0.39			2.89			0.46			10
	9.61		3.99			197,981		0.40			2.84			0.46			7
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 and Class I^	Diversified
Tax Aware Real Return Fund	Class A, Class C, Class R6 and Class I^	Diversified

^ On April 3, 2017, the Funds’ Select Class Shares were exchanged into Institutional Class Shares and the Institutional Class Shares were then renamed Class I Shares. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

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 and Class I 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 subtransfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

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.

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 Investment 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.

36 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

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):

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)	$	1,200,704	$	—	$	—	$	1,200,704

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)	$	110,133	$	1,345,647		$	—	$	1,455,780
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	2,408		$	—	$	2,408
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(84,621	)	$	—	$	(84,621	)

(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 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, 2017.

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 recorded as assets or liabilities, respectively in the Statements of Assets and Liabilities and amortized over the term of the swap. 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 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. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.), otherwise the cash collateral is 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, 2017 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by counterparty as of April 30, 2017 are as follows (amounts in thousands):

Fund Counterparty		Value of Swap contracts			Collateral amount
Barclays Bank plc	Collateral Posted	$	(8,499	)	$	8,430
BNP Paribas			(3,174	)		3,570
Citibank, NA			(15,410	)		15,500
Credit Suisse International			(5,447	)		5,490
Deutsche Bank AG, New York			(10,013	)		9,020
Goldman Sachs International			(2,048	)		2,040
Morgan Stanley Capital Services			(6,779	)		6,800
Royal Bank of Scotland			(28,512	)		28,460
Insert Tax Matters			(2,331	)		2,060

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 (e.g., 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, 2017 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,280,143
Ending Notional Balance — Pays Fixed Rate		1,277,000

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, 2017 (amounts in thousands):

Tax Aware Real Return Fund

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received (b)		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	397	$	(397	)	$	—	$	—
BNP Paribas		629		(629	)		—		—
Deutsche Bank AG, New York		1,382		(1,382	)		—		—
	$	2,408	$	(2,408	)	$	—	$	—

38 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted (b)			Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	8,896	$	(397	)	$	(8,430	)	$	69
BNP Paribas		3,803		(629	)		(3,174	)		—
Insert Tax Matters		15,410		—			(15,410	)		—
Credit Suisse International		5,447		—			(5,447	)		—
Deutsche Bank AG, New York		11,395		(1,382	)		(9,020	)		993
Goldman Sachs International		2,048		—			(2,040	)		8
Morgan Stanley Capital Services		6,779		—			(6,779	)		—
Royal Bank of Scotland		28,512		—			(28,460	)		52
Union Bank of Switzerland AG		2,331		—			(2,060	)		271
	$	84,621	$	(2,408	)	$	(80,820	)	$	1,393

(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.

The Fund’s derivatives contracts held at April 30, 2017 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 agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee which has been renamed as the Service Fee. The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2017 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class R6		Select Class		Total
Tax Aware Equity Fund
Transfer agency fees	$	1	$	—	(a)	$	7		n/a	$	2	$	10
Sub-transfer agency fees		4		1			31		n/a		4		40
Tax Aware Real Return Fund
Transfer agency fees		1		1			5	$	1		1		9
Sub-transfer agency fees		4		6			10		—		15		35

(a) Amount rounds to less than 500.

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, 2017, 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

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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 an 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 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, 2017, 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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class R6 and Class I Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the JPMDS, 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 JPMDS 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, 2017, the JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund		$3	$	—
Tax Aware Real Return Fund		2		(1	)

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the JPMDS under which the JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, the JPMDS 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 I*
Tax Aware Equity Fund		0.25	%		0.25	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.25

* Prior to April 3, 2017, the rates were 0.10%.

The JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing 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.

40 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

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 JPMDS 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’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R6			Class I
Tax Aware Equity Fund		1.05	%		1.55	%		n/a			0.55	%
Tax Aware Real Return Fund		0.75			1.25			0.40	%		0.50

The expense limitation agreements were in effect for the six months ended April 30, 2017 and are in place until at least October 31, 2018.

For the six months ended April 30, 2017, 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 Fees		Administration Fees		Service Fees		Total
Tax Aware Equity Fund	$	—	$	—	$	262	$	262
Tax Aware Real Return Fund		277		185		312		774

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 31, 2017 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	3
Tax Aware Real Return Fund		69

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 JPMDS. 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, 2017, the Tax Aware Real Return Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2017, 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, 2017, 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	$	182,153	$	328,304
Tax Aware Real Return Fund		133,775		229,453

APRIL 30, 2017 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

During the six months ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	669,277	$	532,350	$	923	$	531,427
Tax Aware Real Return Fund		1,384,304		72,850		1,374		71,476

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, 2016, 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	$	30,936	$	—

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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2017.

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.

42 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

As of April 30, 2017, the Funds had affiliated omnibus accounts which owed more than 10% of the Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		1		79.6	%
Tax Aware Real Return Fund		1		70.4	%

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has recently raised interest rates and may continue to do so, the Funds may face a heightened level of interest rate risk. 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.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Fund’s financial statements and related disclosures.

APRIL 30, 2017 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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,149.70	$	5.44		1.02	%
Hypothetical		1,000.00		1,019.74		5.11		1.02
Class C
Actual		1,000.00		1,147.00		7.99		1.50
Hypothetical		1,000.00		1,017.36		7.50		1.50
Class I (formerly Institutional Class)
Actual		1,000.00		1,152.50		2.94		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Tax Aware Real Return Fund
Class A
Actual	$	1,000.00	$	1,003.40	$	3.68		0.74	%
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		1,000.90		6.15		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class I (formerly Institutional Class)
Actual		1,000.00		1,004.60		2.44		0.49
Hypothetical		1,000.00		1,022.36		2.46		0.49
Class R6
Actual		1,000.00		1,005.10		1.94		0.39
Hypothetical		1,000.00		1,022.86		1.96		0.39

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

44 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2017

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., 2017.  All rights reserved. April 2017. SAN-TA-417

Semi-Annual Report

J.P. Morgan Country/Region Funds

April 30, 2017 (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	39

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 1

J.P. Morgan Country/Region Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in many developed and emerging markets.

In Europe, a pickup in corporate earnings and improvements in consumer sentiment also proved attractive to investors during the reporting period. Electoral defeats of anti-European Union (EU) politicians in Austria and the Netherlands also helped lift investor sentiment across the EU and other developed markets.

Emerging markets also saw investment inflows during the six month reporting period amid economic and financial market stability in China. Notably, the Chinese government’s efforts to curb excessive leverage in its financial markets appeared to adversely impact the Shanghai Stock Exchange Composite Index in April 2017. Meanwhile, several previously underperforming economies — particularly Brazil, Argentina, Russia, Turkey and South Africa — showed signs of improvement toward the end of the reporting period.

Commodities prices showed signs of stabilization during the reporting period and global oil prices reached 15-month highs in October 2016. Oil prices were further bolstered by the December 2016 decision of the Organization of Petroleum Exporting Countries’ to curb production. However, by the end of the reporting period, overproduction pushed global oil prices lower.

For the six month ended April 30, 2017, the MSCI World Index (net of foreign withholding taxes) returned 12.12% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 8.88%.

2 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

JPMorgan China Region Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		10.14%
Morgan Stanley Capital International (“MSCI”) Golden Dragon Index (net of foreign withholding taxes)		9.43%
Net Assets as of 4/30/2017 (In Thousands)	$	19,512

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 Class I Shares outperformed the MSCI Golden Dragon Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the information technology sector and its underweight position in the telecommunications services sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the financials and energy sectors was a leading detractor from relative performance.

By region, the Fund’s security selection and overweight positon in China contributed to relative performance, while the Fund’s security selection in Hong Kong and Taiwan detracted from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in AAC Technologies Holdings Inc. and Largan Precision Co., and its underweight position in China Mobile Ltd. Shares of AAC Technologies, a Chinese maker of smartphone components, rose on earnings growth and strong demand for its products. Shares of Largan Precision, a Taiwanese maker of optical components used in mobile devices, rose on investor expectations that the company would benefit from Apple Inc.’s iPhone 7 upgrade. Shares of China Mobile, a provider of telecommunications services that was not held by the Fund, fell amid a decline in demand for its mobile services.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bank of China Ltd., CNOOC Ltd. and China Resources Phoenix Healthcare Holdings Co. Shares of Bank of China, a banking and financial services company, fell on weak earnings among China’s large banks. Shares of CNOOC, China’s national petroleum company, fell amid a decline in global oil prices at the end of the reporting period. Shares of China Resources, a hospital management and supply company, fell amid a re-organization of company management.

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, technology, Internet and environmental sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	10.0	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	8.2
	3.	Alibaba Group Holding Ltd., ADR (China)	7.5
	4.	AIA Group Ltd. (Hong Kong)	4.7
	5.	Ping An Insurance Group Co. of China Ltd., Class H (China)	4.0
	6.	Bank of China Ltd., Class H (China)	3.5
	7.	JD.com, Inc., ADR (China)	3.1
	8.	Largan Precision Co. Ltd. (Taiwan)	3.1
	9.	AAC Technologies Holdings, Inc. (China)	2.8
	10.	China Merchants Bank Co. Ltd., Class H (China)	2.8

PORTFOLIO COMPOSITION BY COUNTRY***
China	64.7	%
Taiwan	18.7
Hong Kong	14.6
Macau	1.2
Others (each less than 1.0%)	0.8

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 3

JPMorgan China Region Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2007
With Sales Charge**			4.27	%		16.97	%		6.03	%		4.43	%
Without Sales Charge			10.02			23.43			7.17			5.00
CLASS C SHARES	February 28, 2007
With CDSC***			8.79			21.80			6.63			4.48
Without CDSC			9.79			22.80			6.63			4.48
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2007		10.14			23.64			7.43			5.26

* 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 (4/30/07 TO 4/30/17)

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 $1,000,000 invested in Class I Shares of the JPMorgan China Region Fund, the MSCI Golden Dragon Index and the Lipper China Region Funds Index from April 30, 2007 to April 30, 2017. 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.

Class I 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 redemptions 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, 2017

JPMorgan Intrepid European Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		15.52%
Morgan Stanley Capital International (“MSCI”) Europe Index (net of foreign withholding taxes)		14.52%
Net Assets as of 4/30/2017 (In Thousands)	$	873,463

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

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

Leading individual contributors to relative performance included the Fund’s overweight positions in STMicroelectronics NV, Actelion Ltd. and Glencore PLC. Shares of STMicroelectronics, a maker of semiconductors, rose on investor expectations for growth in sales and earnings. Shares of Actelion, a drug maker, rose ahead of its acquisition by Johnson & Johnson. Shares of Glencore, a mining company, rose amid a rebound in commodities prices in the latter part of the reporting period.

Leading individual detractors from relative performance included the Fund’s overweight positions in ArcelorMittal SA, Marine Harvest ASA and Leroy Seafood Group ASA. Shares of ArcelorMittal, a steelmaker, fell after the company warned of weakness in steel prices. Shares of Marine Harvest, a provider of farm-raised salmon and processed seafood products, fell as investor expectations for higher salmon prices receded. Shares of Leroy Seafood Group, a seafood products company not held in the Benchmark, fell after the company reported a drop in harvest volume and higher costs for feed and environmental compliance.

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.	Sanofi (France)	3.4	%
	2.	Siemens AG (Registered) (Germany)	3.2
	3.	Allianz SE (Registered) (Germany)	2.9
	4.	Kering (France)	2.8
	5.	TOTAL SA (France)	2.6
	6.	ING Groep NV (Netherlands)	2.4
	7.	KBC Group NV (Belgium)	2.3
	8.	Volvo AB, Class B (Sweden)	2.2
	9.	Lloyds Banking Group plc (United Kingdom)	2.2
	10.	adidas AG (Germany)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	18.6	%
France	16.3
Germany	15.1
Switzerland	9.3
Spain	8.1
Sweden	5.2
Italy	4.6
Finland	3.7
Netherlands	3.5
Denmark	2.5
Belgium	2.3
Luxembourg	2.1
Ireland	1.5
South Africa	1.4
Norway	1.3
Austria	1.2
Short-Term Investment	3.3

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

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

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 5

JPMorgan Intrepid European Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**			9.43	%		6.53	%		7.82	%		0.70	%
Without Sales Charge			15.52			12.44			8.99			1.24
CLASS C SHARES	November 1, 1998
With CDSC***			14.23			10.90			8.44			0.74
Without CDSC			15.23			11.90			8.44			0.74
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		15.68			12.81			9.30			1.52
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	September 10, 2001		15.79			13.04			9.52			1.73

* 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 (4/30/07 TO 4/30/17)

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, 2007 to April 30, 2017. 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 redemptions 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, 2017

JPMorgan Latin America Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		1.89%
Morgan Stanley Capital International (“MSCI”) Emerging Markets (“EM”) Latin America Index (net of foreign withholding taxes)		1.04%
Net Assets as of 4/30/2017 (In Thousands)	$	46,833

INVESTMENT OBJECTIVE**

The JPMorgan Latin America Fund (the “Fund”) will seek long-term capital growth.

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

The Fund’s Class A Shares, without a sales charge, outperformed the MSCI EM Latin America Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s security selection in the consumer discretionary sector and its security selection and overweight position in the health care sector were leading contributors to performance relative to the Benchmark. The Fund’s underweight position and security selection in the materials sector and its underweight position in the telecommunication services sector were leading detractors from relative performance.

By region, the Fund’s security selection in Brazil and overweight position in Argentina, which was not held in the Benchmark, were leading contributors to relative performance, while the Fund’s security selection in Mexico and its underweight position in Chile were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Fleury SA and Pampa Energia SA and its underweight position in BRF SA. Shares of Fleury, a Brazilian provider of medical diagnostics that was not held in the Benchmark, rose on sales and margins growth. Shares of Pampa Energia, an Argentine electricity provider not held in the Benchmark, rose on better-than-expected earnings. Shares of BRF, a Brazilian food processing company, fell after the company reported lower-than-expected sales and earnings following an investigation related to tainted meat.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Vale SA and America Movil SAB and its overweight position in Globant SA. Shares of Vale, a Brazilian metals and mining company, rose on rising prices for global commodities. Shares of America Movil, a Mexican telecommunications provider, benefitted from investor demand for defensive sector stocks amid an uncertain environment for equities in Mexico. Shares of Globant, an Argentina-based provider of software applications, fell on lower-than-expected earnings.

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 health care sectors and the Fund’s largest average underweight positions were in the telecommunication services and materials sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Itau Unibanco Holding SA, ADR (Brazil)	5.0	%
	2.	Fleury SA (Brazil)	4.4
	3.	Banco Bradesco SA, ADR (Brazil)	4.4
	4.	Credicorp Ltd. (Peru)	3.4
	5.	Lojas Renner SA (Brazil)	3.3
	6.	Fomento Economico Mexicano SAB de CV, ADR (Mexico)	3.2
	7.	Itausa - Investimentos Itau SA (Preference) (Brazil)	3.2
	8.	Ambev SA, ADR (Brazil)	3.1
	9.	Globant SA (United States)	3.0
	10.	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros (Brazil)	2.8

PORTFOLIO COMPOSITION BY COUNTRY***
Brazil	57.2	%
Mexico	26.4
United States	4.9
Peru	4.5
Argentina	3.9
Panama	1.6
Chile	1.0
Others (each less than 1.0%)	0.5

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

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

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 7

JPMorgan Latin America Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2007
With Sales Charge**				(3.45	)%		11.63	%		(5.75	)%		(0.64	)%
Without Sales Charge				1.89			17.80			(4.73	)		(0.10	)
CLASS C SHARES		February 28, 2007
With CDSC***				0.69			16.28			(5.20	)		(0.60	)
Without CDSC				1.69			17.28			(5.20	)		(0.60	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		February 28, 2007		2.06			18.17			(4.48	)		0.15
CLASS R6 SHARES		November 2, 2015		2.19			18.45			(4.41	)		0.18

* 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 (4/30/07 TO 4/30/17)

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 the Class I Shares (formerly Select Class Shares). The actual return of Class R6 Shares would have been different than those shown because Class I Shares (formerly 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 April 30, 2007 to April 30, 2017. 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 redemptions of Fund shares.

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

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

8 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 104.9%
		China — 66.1%
	41	AAC Technologies Holdings, Inc.		601
	14	Alibaba Group Holding Ltd., ADR (a)		1,615
	354	Aluminum Corp. of China Ltd., Class H (a)		174
	1,534	Bank of China Ltd., Class H		742
	182	Brilliance China Automotive Holdings Ltd.		305
	790	CGN Power Co. Ltd., Class H (e)		238
	91	China Conch Venture Holdings Ltd.		180
	195	China Everbright International Ltd.		263
	99	China Medical System Holdings Ltd.		171
	230	China Merchants Bank Co. Ltd., Class H		596
	98	China Resources Gas Group Ltd.		330
	78	China Resources Land Ltd.		216
	78	China Resources Phoenix Healthcare Holdings Co. Ltd. (a)		100
	140	China State Construction International Holdings Ltd.		254
	84	China Taiping Insurance Holdings Co. Ltd. (a)		208
	440	CNOOC Ltd.		513
	198	CSPC Pharmaceutical Group Ltd.		275
	8	Ctrip.com International Ltd., ADR (a)		385
	17	Dong-E-E-Jiao Co. Ltd., Class A		165
	7	Hangzhou Robam Appliances Co. Ltd., Class A		56
	16	Han’s Laser Technology Industry Group Co. Ltd., Class A		67
	19	JD.com, Inc., ADR (a)		676
	32	Jiangsu Hengrui Medicine Co. Ltd., Class A		245
	2	Kweichow Moutai Co. Ltd., Class A		108
	233	Nexteer Automotive Group Ltd.		363
	27	Ningbo Joyson Electronic Corp., Class A (a)		119
	154	Ping An Insurance Group Co. of China Ltd., Class H		863
	36	SAIC Motor Corp. Ltd., Class A		141
	28	Shenzhen Sunway Communication Co. Ltd., Class A		143
	10	Silergy Corp.		181
	19	Spring Airlines Co. Ltd., Class A		88
	35	Suofeiya Home Collection Co. Ltd., Class A		176
	69	Tencent Holdings Ltd.		2,146
	14	Vipshop Holdings Ltd., ADR (a)		188
				12,891
		Hong Kong — 16.0%
	144	AIA Group Ltd.		1,000
	36	Cafe de Coral Holdings Ltd.		117
	61	Cheung Kong Property Holdings Ltd.		438

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	17	Hong Kong Exchanges & Clearing Ltd.		410
	36	IMAX China Holding, Inc. (a) (e)		170
	27	Orient Overseas International Ltd.		141
	135	Regina Miracle International Holdings Ltd. (e)		105
	62	Sands China Ltd.		281
	203	Sino Biopharmaceutical Ltd.		167
	341	WH Group Ltd. (e)		304
				3,133
		Macau — 1.3%
	111	MGM China Holdings Ltd.		252
		Singapore — 0.9%
	33	BOC Aviation Ltd. (e)		173
		Taiwan — 20.6%
	180	Advanced Semiconductor Engineering, Inc.		226
	315	China Life Insurance Co. Ltd.		293
	16	Eclat Textile Co. Ltd.		175
	4	Largan Precision Co. Ltd.		664
	29	President Chain Store Corp.		253
	5	Silicon Motion Technology Corp., ADR		237
	50	Taiwan Paiho Ltd.		167
	53	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,764
	12	Tung Thih Electronic Co. Ltd.		82
	356	Yuanta Financial Holding Co. Ltd.		152
				4,013
		Total Common Stocks (Cost $13,404)		20,462
	Structured Instruments — 5.0%
		China — 5.0%
		Low Exercise Cash Settled Call Warrants — 5.0%
	69	GoerTek, Inc., expiring 07/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		174
	53	Hangzhou Hikvision Digital Technology Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		279
	28	Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		222
	38	Han’s Laser Technology Industry Group Co. Ltd., expiring 11/06/17 (Strike Price $0.00) (issued through Morgan Stanley) (a) (e)		160

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 9

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — continued
		Low Exercise Cash Settled Call Warrants — continued
	37	Luxshare Precision Industry Co. Ltd., expiring 06/26/17 (Strike Price $0.00) (issued through UBS AG) (a)		145
		Total Structured Instruments (Cost $747)		980
		Total Investments — 109.9% (Cost $14,151)		21,442
		Liabilities in Excess of Other Assets — (9.9)%		(1,930	)
		NET ASSETS — 100.0%	$	19,512

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Internet Software & Services		17.5	%
Semiconductors & Semiconductor Equipment		11.2
Insurance		11.0
Capital Markets		7.2
Banks		6.3
Electronic Equipment, Instruments & Components		5.9
Internet & Direct Marketing Retail		5.8
Pharmaceuticals		4.8
Real Estate Management & Development		3.1
Hotels, Restaurants & Leisure		3.0
Auto Components		2.6
Oil, Gas & Consumable Fuels		2.4

INDUSTRY	PERCENTAGE
Textiles, Apparel & Luxury Goods		2.1	%
Automobiles		2.1
Gas Utilities		1.5
Food Products		1.4
Commercial Services & Supplies		1.2
Construction & Engineering		1.2
Food & Staples Retailing		1.2
Machinery		1.2
Independent Power & Renewable Electricity Producers		1.1
Household Durables		1.1
Others (each less than 1.0%)		5.1

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.2%
		Austria — 1.2%
	157	ams AG		10,111
		Belgium — 2.3%
	274	KBC Group NV		19,821
		Denmark — 2.5%
	248	Danske Bank A/S		9,034
	147	Vestas Wind Systems A/S		12,635
				21,669
		Finland — 3.6%
	294	Metso OYJ		10,519
	614	Outokumpu OYJ		5,880
	355	Stora Enso OYJ, Class R		4,209
	427	UPM-Kymmene OYJ		11,244
				31,852
		France — 16.1%
	548	AXA SA		14,626
	731	Engie SA		10,311
	79	Kering		24,521
	76	Renault SA		7,097
	306	Sanofi		28,930
	200	Societe Generale SA		10,967
	65	Sodexo SA		8,273
	444	TOTAL SA		22,805
	149	Vinci SA		12,722
				140,252
		Germany — 14.9%
	87	adidas AG		17,406
	130	Allianz SE (Registered)		24,821
	243	Deutsche Wohnen AG		8,304
	405	Evonik Industries AG		13,508
	63	Hannover Rueck SE		7,519
	48	HOCHTIEF AG		8,566
	577	Infineon Technologies AG		11,929
	142	LANXESS AG		10,227
	194	Siemens AG (Registered)		27,788
				130,068
		Ireland — 1.4%
	474	Smurfit Kappa Group plc		12,686
		Italy — 4.5%
	1,638	Enav SpA (a) (e)		6,707
	218	Ferrari NV		16,414
	476	Moncler SpA		11,735
	164	Prysmian SpA		4,730
				39,586

SHARES		SECURITY DESCRIPTION	VALUE($)
		Luxembourg — 2.1%
	174	APERAM SA		8,744
	1,181	ArcelorMittal (a)		9,283
				18,027
		Netherlands — 3.4%
	1,286	ING Groep NV		20,955
	153	Randstad Holding NV		9,144
				30,099
		Norway — 1.2%
	436	Marine Harvest ASA (a)		7,246
	641	Norsk Hydro ASA		3,652
				10,898
		South Africa — 1.4%
	474	Mondi plc		12,251
		Spain — 8.0%
	317	ACS Actividades de Construccion y Servicios SA		11,730
	69	Aena SA (e)		12,164
	2,293	Banco Santander SA		14,944
	465	Endesa SA		10,947
	686	Gamesa Corp. Tecnologica SA		14,805
	456	Telefonica SA		5,048
				69,638
		Sweden — 5.2%
	563	Electrolux AB, Series B		16,722
	749	Nordea Bank AB		9,216
	1,185	Volvo AB, Class B		19,357
				45,295
		Switzerland — 9.1%
	178	Adecco Group AG (Registered)		13,248
	15	Galenica Sante Ltd. (a) (e)		671
	2,765	Glencore plc (a)		10,868
	460	Logitech International SA (Registered)		15,375
	162	Nestle SA (Registered)		12,493
	493	STMicroelectronics NV		7,907
	35	Swiss Life Holding AG (Registered) (a)		11,463
	462	UBS Group AG (Registered) (a)		7,888
				79,913
		United Kingdom — 18.3%
	393	Ashtead Group plc		8,293
	1,599	Aviva plc		10,871
	188	British American Tobacco plc		12,679
	215	Dialog Semiconductor plc (a)		10,075
	2,854	GKN plc		13,265

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 11

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	199	InterContinental Hotels Group plc		10,547
	1,282	International Consolidated Airlines Group SA		9,289
	21,490	Lloyds Banking Group plc		19,310
	1,931	Melrose Industries plc		5,914
	438	Persimmon plc		13,222
	315	Rio Tinto plc		12,421
	985	Tate & Lyle plc		9,658
	3,789	Taylor Wimpey plc		9,816
	279	Unilever NV, CVA		14,614
				159,974
		Total Common Stocks (Cost $754,683)		832,140
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	28,641	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $28,641)		28,641
		Total Investments — 98.5% (Cost $783,324)		860,781
		Other Assets in Excess of Liabilities — 1.5%		12,682
		NET ASSETS — 100.0%	$	873,463

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		12.1	%
Insurance		8.1
Textiles, Apparel & Luxury Goods		6.2
Metals & Mining		5.9
Semiconductors & Semiconductor Equipment		4.6
Household Durables		4.6
Electrical Equipment		4.4
Construction & Engineering		3.8
Machinery		3.5
Pharmaceuticals		3.4
Food Products		3.4
Industrial Conglomerates		3.2
Paper & Forest Products		3.2
Chemicals		2.8
Automobiles		2.7
Oil, Gas & Consumable Fuels		2.7
Professional Services		2.6
Transportation Infrastructure		2.2
Hotels, Restaurants & Leisure		2.2
Technology Hardware, Storage & Peripherals		1.8
Personal Products		1.7
Auto Components		1.5
Containers & Packaging		1.5
Tobacco		1.5
Electric Utilities		1.3
Multi-Utilities		1.2
Airlines		1.1
Real Estate Management & Development		1.0
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		1.5
Short-Term Investment		3.3

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	387	Euro STOXX 50 Index		06/16/17		EUR	$	14,790	$	260
	77	FTSE 100 Index		06/16/17		GBP		7,145		(61	)
									$	199

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.5%
		Argentina — 3.8%
	3	MercadoLibre, Inc.		706
	20	Pampa Energia SA, ADR (a)		1,096
				1,802
		Brazil — 52.2%
	45	AES Tiete SA		192
	251	Ambev SA, ADR		1,436
	26	Arezzo Industria e Comercio SA		272
	193	Banco Bradesco SA, ADR (a)		2,036
	90	BB Seguridade Participacoes SA		841
	218	BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros (a)		1,303
	20	BRF SA (a)		250
	197	CCR SA		1,093
	44	Cia de Saneamento Basico do Estado de Sao Paulo (a)		405
	5	CVC Brasil Operadora e Agencia de Viagens SA		50
	80	Engie Brasil Energia SA		861
	122	Fleury SA		2,045
	77	Gerdau SA, ADR		234
	47	Iguatemi Empresa de Shopping Centers SA		493
	121	Iochpe Maxion SA		630
	190	Itau Unibanco Holding SA, ADR		2,332
	9	Itausa — Investimentos Itau SA (a)		29
	207	Kroton Educacional SA		980
	69	Linx SA		389
	55	Localiza Rent a Car SA		814
	167	Lojas Renner SA		1,549
	43	M Dias Branco SA (a)		666
	16	Ouro Fino Saude Animal Participacoes SA		123
	127	Petroleo Brasileiro SA, ADR (a)		1,111
	49	Raia Drogasil SA (a)		1,042
	24	Smiles SA		523
	37	Transmissora Alianca de Energia Eletrica SA		273
	30	Ultrapar Participacoes SA		678
	60	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		430
	201	WEG SA		1,122
	21	Wilson Sons Ltd., BDR		247
				24,449
		Chile — 1.0%
	56	SACI Falabella		448
		Luxembourg — 0.5%
	10	Ternium SA, ADR		253
		Mexico — 26.1%
	254	Alfa SAB de CV, Class A		350
	58	Alsea SAB de CV		208

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — continued
	169	Becle SAB de CV (a)		283
	188	Bolsa Mexicana de Valores SAB de CV (a)		328
	293	Corp. Inmobiliaria Vesta SAB de CV		412
	17	Fomento Economico Mexicano SAB de CV, ADR		1,490
	497	Gentera SAB de CV		833
	53	Gruma SAB de CV, Class B		710
	83	Grupo Aeroportuario del Centro Norte SAB de CV (a)		459
	106	Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,088
	6	Grupo Aeroportuario del Sureste SAB de CV, ADR		1,193
	169	Grupo Financiero Banorte SAB de CV, Class O		979
	147	Infraestructura Energetica Nova SAB de CV		687
	389	Kimberly-Clark de Mexico SAB de CV, Class A		830
	396	Mexichem SAB de CV		1,083
	100	Organizacion Soriana SAB de CV, Class B (a)		229
	297	Qualitas Controladora SAB de CV		486
	212	Unifin Financiera SAB de CV SOFOM ENR		555
				12,203
		Panama — 1.6%
	6	Copa Holdings SA, Class A		740
		Peru — 4.5%
	10	Credicorp Ltd.		1,592
	15	Intercorp Financial Services, Inc.		495
				2,087
		United States — 4.8%
	17	FirstCash, Inc.		871
	37	Globant SA (a)		1,393
				2,264
		Total Common Stocks (Cost $38,021)		44,246
	Preferred Stocks — 4.3%
		Brazil — 4.3%
	12	Cia Paranaense de Energia (Preference)		113
	475	Itausa — Investimentos Itau SA (Preference)		1,472
	107	Suzano Papel e Celulose SA (Preference), Class A		449
				2,034
		Total Preferred Stocks (Cost $2,047)		2,034
		Total Investments — 98.8% (Cost $40,068)		46,280
		Other Assets in Excess of Liabilities — 1.2%		553
		NET ASSETS — 100.0%	$	46,833

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 13

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		19.3	%
Transportation Infrastructure		8.8
Beverages		6.9
Consumer Finance		4.9
Health Care Providers & Services		4.4
Multiline Retail		4.3
Oil, Gas & Consumable Fuels		3.9
Software		3.9
Machinery		3.8
Capital Markets		3.5
Food Products		3.5
Electric Utilities		3.2
Insurance		2.9
Food & Staples Retailing		2.7
Chemicals		2.3
Independent Power & Renewable Electricity Producers		2.3
Diversified Consumer Services		2.1
Real Estate Management & Development		2.0
Household Products		1.8
Road & Rail		1.8
Airlines		1.6
Internet Software & Services		1.5
Gas Utilities		1.5
Media		1.1
Metals & Mining		1.0
Paper & Forest Products		1.0
Others (each less than 1.0%)		4.0

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

J.P. Morgan Country/Region Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

ADR	—  American Depositary Receipt
BDR	—  Brazilian Depositary Receipt
CVA	—  Dutch Certification
EUR	—  Euro
FTSE	—  Financial Times Stock Exchange
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, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 15

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands, except per share amounts)

	China Region Fund				Intrepid European Fund		Latin America Fund
ASSETS:
Investments in non-affiliates, at value	$	21,442			$	832,140	$	46,280
Investments in affiliates, at value		—				28,641		—
				��
Total investment securities, at value		21,442				860,781		46,280
Cash		71				100		297
Foreign currency, at value		103				312		11
Deposits at broker for futures contracts		—				825		—
Receivables:
Due from custodian		—				1,605		—
Investment securities sold		161				15,018		186
Fund shares sold		10				958		10
Dividends from non-affiliates		6				2,846		121
Dividends from affiliates		—				24		—	(a)
Tax reclaims		—				2,646		—
Due from adviser		30				—		—
Other assets		2				—		15
Total Assets		21,825				885,115		46,920
LIABILITIES:
Payables:
Investment securities purchased		134				10,304		—
Fund shares redeemed		2,094				501		10
Variation margin on futures contracts		—				31		—
Accrued liabilities:
Investment advisory fees		—				426		2
Administration fees		—				54		—
Distribution fees		2				58		3
Service fees		—	(a)			107		3
Custodian and accounting fees		22				15		7
Trustees’ and Chief Compliance Officer’s fees		—	(a)			—		—
Audit fees		48				36		49
Printing and mailing cost		12				40		6
Other		1				80		7
Total Liabilities		2,313				11,652		87
Net Assets	$	19,512			$	873,463	$	46,833

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

	China Region Fund			Intrepid European Fund			Latin America Fund
NET ASSETS:
Paid-in-Capital	$	11,981		$	996,596		$	84,346
Accumulated undistributed (distributions in excess of) net investment income		(139	)		6,482			143
Accumulated net realized gains (losses)		379			(207,167	)		(43,869	)
Net unrealized appreciation (depreciation)		7,291			77,552			6,213
Total Net Assets	$	19,512		$	873,463		$	46,833
Net Assets:
Class A	$	3,922		$	149,937		$	10,185
Class C		1,868			46,939			1,849
Class I (formerly Select Class)		13,722			147,976			6,641
Class L (formerly Institutional Class)		—			528,611			—
Class R6		—			—			28,158
Total	$	19,512		$	873,463		$	46,833
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		230			6,031			705
Class C		114			2,122			131
Class I (formerly Select Class)		779			5,839			451
Class L (formerly Institutional Class)		—			20,686			—
Class R6		—			—			1,947
Net Asset Value (a):
Class A — Redemption price per share	$	17.02		$	24.86		$	14.44
Class C — Offering price per share (b)		16.40			22.12			14.12
Class I (formerly Select Class) — Offering and redemption price per share		17.61			25.34			14.73
Class L (formerly Institutional Class) — Offering and redemption price per share		—			25.55			—
Class R6 — Offering and redemption price per share		—			—			14.46
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)]	$	17.96		$	26.24		$	15.24
Cost of investments in non-affiliates	$	14,151		$	754,683		$	40,068
Cost of investments in affiliates		—			28,641			—
Cost of foreign currency		103			312			11

(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, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 17

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	China Region Fund			Intrepid European Fund			Latin America Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	1		$	—
Interest income from affiliates		—	(a)		1			—
Dividend income from non-affiliates		18			11,671			850
Dividend income from affiliates		—			63			1
Foreign taxes withheld		—	(a)		(1,034	)		(4	)
Total investment income		18			10,702			847
EXPENSES:
Investment advisory fees		103			2,492			269
Administration fees		8			314			22
Distribution fees:
Class A		5			189			13
Class C		7			172			7
Service fees:
Class A		5			189			13
Class C		2			57			3
Class I (formerly Select Class)		19			167			18
Class L (formerly Institutional Class)		—			218			—
Custodian and accounting fees		61			84			52
Interest expense to affiliates		—	(a)		4			3
Professional fees		34			71			34
Trustees’ and Chief Compliance Officer’s fees		13			14			12
Printing and mailing costs		—	(a)		39			8
Registration and filing fees		19			34			22
Transfer agency fees (See Note 2.G.)		3			26			3
Sub-transfer agency fees (See Note 2.G.)		3			138			14
Other		3			11			3
Total expenses		285			4,219			496
Less fees waived		(109	)		(18	)		(158	)
Less expense reimbursements		(30	)		—			—
Net expenses		146			4,201			338
Net investment income (loss)		(128	)		6,501			509
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,072			35,780			(358	)
Futures		—			1,328			—
Foreign currency transactions		(1	)		(599	)		22
Net realized gain (loss)		1,071			36,509			(336	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		932			72,585			(3,069	)
Futures		—			194			—
Foreign currency translations		—	(a)		85			(1	)
Change in net unrealized appreciation/depreciation		932			72,864			(3,070	)
Net realized/unrealized gains (losses)		2,003			109,373			(3,406	)
Change in net assets resulting from operations	$	1,875		$	115,874		$	(2,897	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	China Region Fund						Intrepid European Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(128	)	$	107		$	6,501		$	18,013
Net realized gain (loss)		1,071			2,147			36,509			(96,679	)
Change in net unrealized appreciation/depreciation		932			(2,002	)		72,864			(18,236	)
Change in net assets resulting from operations		1,875			252			115,874			(96,902	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(18	)		(422	)		(2,962	)		(2,758	)
From net realized gains		(333	)		—			—			—
Class C
From net investment income		—			(206	)		(764	)		(733	)
From net realized gains		(153	)		—			—			—
Class I (formerly Select Class)
From net investment income		(97	)		(1,223	)		(2,896	)		(3,259	)
From net realized gains		(1,119	)		—			—			—
Class L (formerly Institutional Class)
From net investment income		—			—			(10,351	)		(8,098	)
Total distributions to shareholders		(1,720	)		(1,851	)		(16,973	)		(14,848	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,756	)		(10,477	)		(7,825	)		(174,875	)
NET ASSETS:
Change in net assets		(3,601	)		(12,076	)		91,076			(286,625	)
Beginning of period		23,113			35,189			782,387			1,069,012
End of period	$	19,512		$	23,113		$	873,463		$	782,387
Accumulated undistributed (distributions in excess of) net investment income	$	(139	)	$	104		$	6,482		$	16,954

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	509		$	1,121
Net realized gain (loss)		(336	)		(2,580	)
Change in net unrealized appreciation/depreciation		(3,070	)		22,434
Change in net assets resulting from operations		(2,897	)		20,975
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(169	)		(111	)
Class C
From net investment income		(26	)		(24	)
Class I (formerly Select Class)
From net investment income		(539	)		(9	)
Class R6 (a)
From net investment income		(640	)		(804	)
Total distributions to shareholders		(1,374	)		(948	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(28,352	)		(4,641	)
NET ASSETS:
Change in net assets		(32,623	)		15,386
Beginning of period		79,456			64,070
End of period	$	46,833		$	79,456
Accumulated undistributed (distributions in excess of) net investment income	$	143		$	1,008

(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, 2017

	China Region Fund						Intrepid European Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	369		$	550		$	11,829		$	62,580
Distributions reinvested		347			418			2,847			2,662
Cost of shares redeemed		(1,478	)		(1,591	)		(46,301	)		(97,769	)
Change in net assets resulting from Class A capital transactions	$	(762	)	$	(623	)	$	(31,625	)	$	(32,527	)
Class C
Proceeds from shares issued	$	174		$	324		$	3,652		$	9,072
Distributions reinvested		110			155			683			641
Cost of shares redeemed		(458	)		(861	)		(13,284	)		(26,738	)
Change in net assets resulting from Class C capital transactions	$	(174	)	$	(382	)	$	(8,949	)	$	(17,025	)
Class I (formerly Select Class)
Proceeds from shares issued	$	1,216		$	1,403		$	32,104		$	72,289
Distributions reinvested		175			217			1,243			1,756
Cost of shares redeemed		(4,211	)		(11,092	)		(47,116	)		(481,537	)
Change in net assets resulting from Class I capital transactions	$	(2,820	)	$	(9,472	)	$	(13,769	)	$	(407,492	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	80,365		$	371,399
Distributions reinvested		—			—			9,412			6,847
Cost of shares redeemed		—			—			(43,259	)		(96,077	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	46,518		$	282,169
Total change in net assets resulting from capital transactions	$	(3,756	)	$	(10,477	)	$	(7,825	)	$	(174,875	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		22			35			517			2,755
Reinvested		24			26			130			115
Redeemed		(95	)		(100	)		(2,035	)		(4,445	)
Change in Class A Shares		(49	)		(39	)		(1,388	)		(1,575	)
Class C
Issued		11			21			176			449
Reinvested		8			10			35			31
Redeemed		(31	)		(57	)		(659	)		(1,362	)
Change in Class C Shares		(12	)		(26	)		(448	)		(882	)
Class I (formerly Select Class)
Issued		78			86			1,364			3,181
Reinvested		11			13			56			74
Redeemed		(250	)		(666	)		(2,065	)		(20,109	)
Change in Class I Shares		(161	)		(567	)		(645	)		(16,854	)
Class L (formerly Institutional Class)
Issued		—			—			3,351			14,948
Reinvested		—			—			421			288
Redeemed		—			—			(1,859	)		(4,219	)
Change in Class L Shares		—			—			1,913			11,017

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

	Latin America Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,771		$	3,759
Distributions reinvested		159			105
Cost of shares redeemed		(3,497	)		(6,671	)
Change in net assets resulting from Class A capital transactions	$	(1,567	)	$	(2,807	)
Class C
Proceeds from shares issued	$	179		$	643
Distributions reinvested		25			24
Cost of shares redeemed		(940	)		(664	)
Change in net assets resulting from Class C capital transactions	$	(736	)	$	3
Class I (formerly Select Class)
Proceeds from shares issued	$	2,524		$	25,228
Distributions reinvested		528			9
Cost of shares redeemed		(26,248	)		(48,971	)
Change in net assets resulting from Class I capital transactions	$	(23,196	)	$	(23,734	)
Class R6 (a)
Proceeds from shares issued	$	6,212		$	43,650
Distributions reinvested		640			804
Cost of shares redeemed		(9,705	)		(22,557	)
Change in net assets resulting from Class R6 capital transactions	$	(2,853	)	$	21,897
Total change in net assets resulting from capital transactions	$	(28,352	)	$	(4,641	)
SHARE TRANSACTIONS:
Class A
Issued		133			317
Reinvested		13			10
Redeemed		(264	)		(569	)
Change in Class A Shares		(118	)		(242	)
Class C
Issued		14			58
Reinvested		2			2
Redeemed		(77	)		(58	)
Change in Class C Shares		(61	)		2
Class I (formerly Select Class)
Issued		188			2,048
Reinvested		43			1
Redeemed		(2,065	)		(4,143	)
Change in Class I Shares		(1,834	)		(2,094	)
Class R6 (a)
Issued		464			3,690
Reinvested		53			77
Redeemed		(721	)		(1,616	)
Change in Class R6 Shares		(204	)		2,151

(a) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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
China Region Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	16.85	$	(0.11	)	$	1.59		$	1.48		$	(0.06	)	$	(1.25	)	$	(1.31	)
Year Ended October 31, 2016		17.73		0.06			0.44			0.50			(1.38	)		—			(1.38	)
Year Ended October 31, 2015		22.02		0.25	(f)		(0.57	)		(0.32	)		(0.08	)		(3.89	)		(3.97	)
Year Ended October 31, 2014		20.62		0.09	(g)		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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		16.26		(0.14	)		1.53			1.39			—			(1.25	)		(1.25	)
Year Ended October 31, 2016		17.20		(0.03	)		0.43			0.40			(1.34	)		—			(1.34	)
Year Ended October 31, 2015		21.50		0.08	(f)		(0.48	)		(0.40	)		(0.01	)		(3.89	)		(3.90	)
Year Ended October 31, 2014		20.18		0.03	(g)		1.29			1.32			—			—			—
Year Ended October 31, 2013		17.43		0.01			2.74			2.75			—			—			—
Year Ended October 31, 2012		16.31		—	(h)		1.13			1.13			(0.01	)		—			(0.01	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		17.41		(0.09	)		1.64			1.55			(0.10	)		(1.25	)		(1.35	)
Year Ended October 31, 2016		17.87		0.09			0.48			0.57			(1.03	)		—			(1.03	)
Year Ended October 31, 2015		22.17		0.16	(f)		(0.43	)		(0.27	)		(0.14	)		(3.89	)		(4.03	)
Year Ended October 31, 2014		20.75		0.09	(g)		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	)

(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, each of which is less than 0.005% unless otherwise noted.

(f) 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.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.04, $(0.02) and $0.04 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.19%, (0.08)% and 0.21% for Class A, Class C and Class I Shares, respectively.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

		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)
$	17.02		10.02	%	$	3,922		1.55	%		(1.38	)%		2.99	%		27	%
	16.85		3.29			4,697		1.55			0.38			2.65			61
	17.73		(2.04	)		5,651		1.75			1.15	(f)		2.10			176
	22.02		7.12			4,237		1.85			0.42	(g)		2.02			72
	20.62		16.30			6,079		1.85			0.44			2.29			72
	17.73		7.51			3,138		1.98			0.61			5.40			85
	16.40		9.72			1,868		2.05			(1.87	)		3.47			27
	16.26		2.76			2,044		2.05			(0.22	)		3.11			61
	17.20		(2.49	)		2,610		2.24			0.37	(f)		2.62			176
	21.50		6.54			1,857		2.35			0.15	(g)		2.52			72
	20.18		15.78			1,550		2.35			0.03			2.82			72
	17.43		6.97			1,441		2.48			(0.01	)		5.89			85
	17.61		10.14			13,722		1.30			(1.13	)		2.63			27
	17.41		3.51			16,372		1.30			0.53			2.27			61
	17.87		(1.81	)		26,928		1.56			0.69	(f)		1.69			176
	22.17		7.39			332,071		1.60			0.43	(g)		1.76			72
	20.75		16.62			640,511		1.60			1.13			1.82			72
	17.84		7.78			4,483		1.73			0.70			5.15			85

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 25

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
Intrepid European Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	21.94	$	0.14		$	3.20		$	3.34		$	(0.42	)
Year Ended October 31, 2016		24.41		0.37			(2.55	)		(2.18	)		(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	(f)		1.19			1.45			(0.54	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		19.52		0.08			2.85			2.93			(0.33	)
Year Ended October 31, 2016		21.77		0.23			(2.27	)		(2.04	)		(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	(f)		1.01			1.23			(0.45	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		22.37		0.20			3.25			3.45			(0.48	)
Year Ended October 31, 2016		24.83		0.44			(2.59	)		(2.15	)		(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	(f)		1.12			1.50			(0.59	)
Class L (formerly Institutional Class)
Six Months Ended April 30, 2017 (Unaudited)		22.61		0.22			3.27			3.49			(0.55	)
Year Ended October 31, 2016		25.13		0.49			(2.60	)		(2.11	)		(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	(f)		1.17			1.57			(0.64	)

(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, each of which is less than 0.005% unless otherwise noted.

(f) 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, $0.37 and $0.39 for Class A, Class C, Class I and Class L Shares, respectively, and the net investment income (loss) ratio would have been 1.44%, 1.39%, 2.20% and 2.28% for Class A, Class C, Class I and Class L Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

		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)
$	24.86		15.52	%	$	149,937		1.41	%		1.26	%		1.41	%		104	%
	21.94		(8.98	)		162,767		1.42			1.66			1.43			142
	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	(f)		1.74			297
	22.12		15.23			46,939		1.90			0.81			1.91			104
	19.52		(9.42	)		50,152		1.91			1.16			1.92			142
	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	(f)		2.26			297
	25.34		15.73			147,976		1.09			1.72			1.09			104
	22.37		(8.73	)		145,080		1.10			1.95			1.10			142
	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	(f)		1.51			297
	25.55		15.79			528,611		0.90			1.93			0.91			104
	22.61		(8.48	)		424,388		0.90			2.16			0.90			142
	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	(f)		1.35			297

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 27

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
Latin America Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	14.43	$	0.10	(f)	$	0.14		$	0.24		$	(0.23	)
Year Ended October 31, 2016		11.31		0.14			3.11			3.25			(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		14.07		0.08	(f)		0.13			0.21			(0.16	)
Year Ended October 31, 2016		11.06		0.08			3.04			3.12			(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		14.74		0.13	(f)		0.13			0.26			(0.27	)
Year Ended October 31, 2016		11.40		0.15			3.20			3.35			(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	)
Class R6
Six Months Ended April 30, 2017 (Unaudited)		14.50		0.13	(f)		0.13			0.26			(0.30	)
November 2, 2015 (h) through October 31, 2016		11.46		0.21			3.05			3.26			(0.22	)

(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, each of which is less than 0.005% unless otherwise noted.

(f) 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.

(g) The net expenses and expenses without waivers and reimbursements (excluding interest expense) for Class A are 1.55% and 2.28%, Class C are 2.05% and 2.74%, Class R5 are 1.30% and 1.85% and Class I are 1.05% and 1.60%, respectively, for the six months ended April 30, 2017.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

		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)
$	14.44		1.96	%	$	10,185		1.56	%(g)		1.49	%(f)		2.29	%(g)		31	%
	14.43		29.13			11,878		1.55			1.20			2.15			61
	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
	14.12		1.69			1,849		2.06	(g)		1.19	(f)		2.75	(g)		31
	14.07		28.57			2,700		2.05			0.72			2.65			61
	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
	14.73		2.13			6,641		1.31	(g)		2.06	(f)		1.86	(g)		31
	14.74		29.46			33,691		1.29			1.19			1.77			61
	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
	14.46		2.19			28,158		1.06	(g)		2.00	(f)		1.60	(g)		31
	14.50		29.18			31,187		1.05			1.77			1.46			61

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 Class I^	Non-Diversified
Intrepid European Fund	Class A, Class C, Class I^ and Class L^^	Diversified
Latin America Fund	Class A, Class C, Class I^ and Class R6	Diversified

^ Effective April 3, 2017, the Select Class was renamed Class I.

^^ Effective December 1, 2016, the Institutional Class was renamed Class L and is publicly offered on a limited basis.

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.

Effective April 14, 2017, Latin America Fund changed from operating as a non-diversified fund to operating as a diversified fund.

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 I, Class L and Class R6 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 (through April 2, 2017) , distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017 Class C Shares will automatically convert to Class A Shares after ten years.

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.

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 Investment 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, 2017

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	$	3,748	$	9,143	$	—	$	12,891
Hong Kong		—		3,133		—		3,133
Macau		—		252		—		252
Singapore		27		146		—		173
Taiwan		2,001		2,012		—		4,013
Total Common Stocks		5,776		14,686		—		20,462
Structured Instruments
China		—		980		—		980
Total Investments in Securities	$	5,776	$	15,666	$	—	$	21,442
Intrepid European Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	—	$	10,111	$	—	$	10,111
Belgium		—		19,821		—		19,821
Denmark		—		21,669		—		21,669
Finland		—		31,852		—		31,852
France		—		140,252		—		140,252
Germany		—		130,068		—		130,068
Ireland		12,686		—		—		12,686
Italy		—		39,586		—		39,586
Luxembourg		—		18,027		—		18,027
Netherlands		—		30,099		—		30,099
Norway		—		10,898		—		10,898
South Africa		—		12,251		—		12,251
Spain		—		69,638		—		69,638
Sweden		—		45,295		—		45,295

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Intrepid European Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Switzerland	$	671	$	79,242		$	—	$	79,913
United Kingdom		5,914		154,060			—		159,974
Total Common Stocks		19,271		812,869			—		832,140
Short-Term Investment
Investment Company		28,641		—			—		28,641
Total Investments in Securities		47,912		812,869			—		860,781
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	260		$	—	$	260
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(61	)	$	—	$	(61	)
Latin America Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	46,280	$	—		$	—	$	46,280

(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, transfers from level 2 to level 1 in the amount of approximately $590,000 are due to the non-application of the fair value factors to certain securities during the period ended April 30, 2017.

For Intrepid European Fund, transfers from level 1 to level 2 in the amount of approximately $6,265,000 are due to applying the fair value factors to certain securities during the period ended April 30, 2017.

For Latin America Fund there were no transfers among any levels during the six months ended April 30, 2017.

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 asset value of the Funds.

As of April 30, 2017, 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. 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.

32 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended April 30, 2017 (amounts in thousands):

	Intrepid European Fund
Futures Contracts:
Average Notional Balance Long	$	17,286
Ending Notional Balance Long		21,935

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. If the Fund holds the structured instrument to maturity, the Fund will be entitled to receive payment from the instrument’s issuing entity based on the value of the reference asset with any necessary adjustments, 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 or other entities 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. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

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 agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee which has been renamed as the Service Fee.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I			Class L		Class R6			Total
China Region Fund
Transfer agency fees	$	1	$	1	$	1			n/a		n/a		$	3
Sub-transfer agency fees		2		1		—	(a)		n/a		n/a			3
Intrepid European Fund
Transfer agency fees		15		3		6		$	2		n/a			26
Sub-transfer agency fees		73		22		23			20		n/a			138
Latin America Fund
Transfer agency fees		1		1		1			n/a	$	—	(a)		3
Sub-transfer agency fees		8		1		5			n/a		—			14

(a) Amount rounds to less than 500.

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, 2017, 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.

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 an 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 an 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 performing 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, 2017, the effective annual 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.

34 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ( “JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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. Class I, Class L and Class R6 Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, 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, JPMDS 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, 2017, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
China Region Fund	$	—	(a)	$	—
Intrepid European Fund		13			1
Latin America Fund		—	(a)		—

(a) Amount rounds to less than 500.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS 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 I			Class L
China Region Fund		0.25	%		0.25	%		0.25	%		n/a
Intrepid European Fund		0.25			0.25			0.25			0.10	%
Latin America Fund		0.25			0.25			0.25			n/a

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing 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 expense paid to the custodian related to cash overdraft, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS 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 I			Class L			Class R6
China Region Fund		1.55	%		2.05	%		1.30	%		n/a			n/a
Intrepid European Fund		1.50			2.00			1.25			1.00	%		n/a
Latin America Fund		1.55			2.05			1.30			n/a			1.05	%

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

For the six months ended April 30, 2017, 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 Fees		Administration Fees		Service Fees		Total		Reimbursements
China Region Fund	$	93	$	8	$	8	$	109	$	30
Latin America Fund		119		22		17		158		—

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2017 were as follows (amounts in thousands):

Intrepid European Fund	$	18
Latin America Fund		—	(a)

(a) Amount rounds to less than 500.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. 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, 2017, the Latin America Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Latin America Fund $ — (a) 

(a) Amount rounds to less than 500.

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, 2017, 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	$	5,522	$	9,383
Intrepid European Fund		774,721		801,538
Latin America Fund		17,231		47,283

During the six months ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
China Region Fund	$	14,151	$	7,417	$	126	$	7,291
Intrepid European Fund		783,324		84,905		7,448		77,457
Latin America Fund		40,068		8,075		1,863		6,212

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.

36 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

As of October 31, 2016, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short- Term		Long-Term
Intrepid European Fund	$	129,417	$	9,863
Latin America Fund		15,689		21,582

As of October 31, 2016, 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):

	2017		2019		Total
Intrepid European Fund	$	98,908		—	$	98,908
Latin America Fund		2,277		3,482		5,759

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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017. Average borrowings from the Facility for the six months ended April 30, 2017, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Latin America Fund	$	7,598		0.94	%		10	$	2

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds had no borrowings outstanding from Credit Facility at April 30, 2017, 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.

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

As of April 30, 2017, the Fund had omnibus accounts owning more than 10% of the Fund’s out-standing shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Unaffiliated Omnibus Accounts		% of the Fund
China Region Fund		1		48.1	%		1		12.8	%

The J.P. Morgan Investor Funds, which are affiliated and/or non-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		39.5	%
Latin America Fund		60.1

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, 2017, the Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Germany			Hong Kong			Mexico			Taiwan			United Kingdom
China Region Fund		—			64.7	%		—			—			14.6	%		—			18.7	%		—
Intrepid European Fund		—			—			16.3	%		15.1	%		—			—			—			18.6	%
Latin America Fund		57.2	%		—			—			—			—			26.4	%		—			—

As of April 30, 2017, substantially all of the Funds’ investments 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.

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.

The Funds invest in Preferred Securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures.

38 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
China Region Fund
Class A
Actual	$	1,000.00	$	1,100.20	$	8.07		1.55	%
Hypothetical		1,000.00		1,017.11		7.75		1.55
Class C
Actual		1,000.00		1,097.20		10.66		2.05
Hypothetical		1,000.00		1,014.63		10.24		2.05
Class I (formerly Select Class)
Actual		1,000.00		1,101.40		6.77		1.30
Hypothetical		1,000.00		1,018.35		6.51		1.30
Intrepid European Fund
Class A
Actual		1,000.00		1,155.20		7.53		1.41
Hypothetical		1,000.00		1,017.80		7.05		1.41
Class C
Actual		1,000.00		1,152.30		10.14		1.90
Hypothetical		1,000.00		1,015.37		9.49		1.90
Class I (formerly Select Class)
Actual		1,000.00		1,157.30		5.83		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09
Class L (formerly Institutional Class)
Actual		1,000.00		1,157.90		4.82		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Latin America Fund
Class A
Actual		1,000.00		1,019.60		7.81		1.56
Hypothetical		1,000.00		1,017.06		7.80		1.56

APRIL 30, 2017 J.P. MORGAN COUNTRY/REGION FUNDS 39

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Latin America Fund (continued)
Class C
Actual	$	1,000.00	$	1,016.90	$	10.30		2.06	%
Hypothetical		1,000.00		1,014.58		10.29		2.06
Class I (formerly Select Class)
Actual		1,000.00		1,021.30		6.57		1.31
Hypothetical		1,000.00		1,018.30		6.56		1.31
Class R6
Actual		1,000.00		1,021.90		5.31		1.06
Hypothetical		1,000.00		1,019.54		5.31		1.06

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

40 J.P. MORGAN COUNTRY/REGION FUNDS APRIL 30, 2017

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., 2017.  All rights reserved. April 2017. SAN-INTEQ-CO-417

Semi-Annual Report

J.P. Morgan SMA Funds

April 30, 2017 (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	16
Financial Highlights	20
Notes to Financial Statements	24
Schedule of Shareholder Expenses	33

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in many developed and emerging markets.

During the final quarter of 2016 and into 2017, certain leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President Trump’s administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

In Europe, a pickup in corporate earnings and improvements in consumer sentiment also proved attractive to investors during the reporting period. Electoral defeats of anti-European Union (EU) politicians in Austria and the Netherlands also helped lift investor sentiment across the EU and other developed markets.

Emerging markets also saw investment inflows during the six month reporting period amid economic and financial market stability in China. Notably, the Chinese government’s efforts to curb excessive leverage in its financial markets appeared to adversely impact the Shanghai Stock Exchange Composite Index in April 2017. Meanwhile, several previously underperforming economies — particularly Brazil, Argentina, Russia, Turkey and South Africa showed signs of improvement toward the end of the reporting period.

The performance of fixed-income markets was mixed. High-yield bonds, also known as junk bonds, and U.S. Treasury bonds generally outperformed other debt securities during in the reporting period.

Commodities prices showed signs of stabilization during the reporting period and global oil prices reached 15-month highs in October 2016. Oil prices were further bolstered by the December 2016 decision by the Organization of Petroleum Exporting Countries to curb production. However, by the end of the reporting period, overproduction pushed global oil prices lower.

For the six months ended April 30, 2017, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 12.53%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned -0.06%.

2 J.P. MORGAN SMA FUNDS APRIL 30, 2017

JPMorgan International Value SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		13.93%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		12.53%
Net Assets as of 4/30/2017 (In Thousands)	$	68,003

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 shares outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2017.

By sector, the Fund’s overweight position and security selection in the technology-semiconductors sector and its underweight position in the telecommunications sector, where the Fund had no holdings, were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the technology-hardware and industrial cyclical sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Europe and the U.K. was a leading contributor to relative performance, while the Fund’s overweight position in Japan was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Bankia SA and Outokumpu Oyj and its underweight position in Toyota Motor Corp. Shares of Bankia, a Spanish financial services company, rose on better-than-expected earnings. Shares of Outokumpu, a Finnish maker of stainless steel, rose after the company reported a rebound in earnings and proposed to pay its first dividend since 2007. Shares of Toyota, a Japanese automaker not held by the Fund, fell amid a slowdown in U.S. auto sales and ongoing litigation related to faulty air bags.

Leading individual detractors from relative performance included the Fund’s overweight positions in Daikin Industries Ltd., Chartered Standard PLC and HeidelbergCement AG.

Shares of Daikin Industries, a maker of air conditioning systems that was not held in the Benchmark, fell after the company reported a decline in revenue. Shares of Standard Chartered, a U.K. bank, fell early in the reporting period after the company reported lower-than-expected earnings. Share of HeidelbergCement, a German building materials manufacturer, fell after the company abandoned its bid to acquire assets from rivals Holcim Ltd. and Lafarge SA.

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, 2017 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Daimler AG (Registered) (Germany)	6.1	%
	2.	Bankia SA (Spain)	5.3
	3.	Renault SA (France)	5.2
	4.	Sumitomo Electric Industries Ltd. (Japan)	5.1
	5.	Standard Chartered plc (United Kingdom)	4.7
	6.	Mitsubishi Corp. (Japan)	4.7
	7.	Daikin Industries Ltd. (Japan)	4.3
	8.	Mabuchi Motor Co. Ltd. (Japan)	4.2
	9.	Goodman Group (Australia)	4.2
	10.	NGK Spark Plug Co. Ltd. (Japan)	4.2

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	42.5	%
Germany	14.6
France	8.6
United Kingdom	7.1
Netherlands	6.4
Spain	5.3
Australia	4.2
South Korea	4.0
Austria	3.8
Finland	3.5

* Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SMA FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
JPMorgan International Value SMA Fund		August 17, 2007		13.93	%		17.84	%		(0.03	)%		4.82	%		0.89	%

* Not annualized.

LIFE OF FUND PERFORMANCE (8/17/07 TO 4/30/17)

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 Large-Cap Value Funds Index from August 17, 2007 to April 30, 2017. 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 Large-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 Large-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 Large-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 redemptions 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, 2017 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		1.11%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		(0.06)%
Tax Aware Real Return Composite Benchmark**		1.28%
Net Assets as of 4/30/2017 (In Thousands)	$	11,448

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return SMA Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s shares had a positive absolute return and outperformed the Bloomberg 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, 2017.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, made a positive contribution to absolute performance and performance relative to the Benchmark. During the six month period, the two, five, ten and thirty year Bloomberg Barclays inflation swap indexes returned 0.37%, 1.31%, 2.23% and 4.58% respectively. Returns for inflation swaps were pulled higher by increased realized inflation. During the reporting period, the U.S. Consumer Price Index rose to 2.2% from 1.6%.

Amid rising interest rates during the reporting period, the Fund’s shorter duration profile in cash bonds contributed to both absolute performance and performance relative to the Benchmark. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund’s shorter duration profile in water & sewer bonds also contributed to both absolute and relative performance.

The Fund’s underweight position in industrial development revenue/pollution control revenue bonds and hospital sector bonds detracted from both absolute and relative performance. The Fund’s overweight allocation to AAA-rated bonds, which underperformed lower rated bonds, also detracted from absolute and relative performance.

The Fund was not fully hedged during the reporting period, which detracted from performance relative to the Composite Benchmark. The Fund’s overweight allocation to the short end of the yield curve, which underperformed other parts of the yield curve, also detracted from performance relative to the Composite Benchmark. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

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 increased the hedge ratio to 94% from 90% in the face of volatility in inflation-linked securities.

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

6 J.P. MORGAN SMA FUNDS APRIL 30, 2017

changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

PORTFOLIO COMPOSITION****
Municipal Bonds	92.4	%
Short-Term Investment	7.6

* 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 Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg 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, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 7

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017

	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				1.11	%		2.03	%		1.09	%		0.88	%		3.11	%
After Taxes on Distributions				1.11			2.02			1.09			0.88			3.11
After Taxes on Distributions and Sale of Fund Shares				1.19			2.28			1.52			1.32			3.12

* Not annualized.

LIFE OF FUND PERFORMANCE (5/31/07 TO 4/30/17)

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 Bloomberg 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 May 31, 2007 to April 30, 2017. 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 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 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 Bloomberg 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 Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg 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.

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 redemptions 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, 2017

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Australia — 4.0%
	450	Goodman Group		2,735
		Austria — 3.7%
	70	Erste Group Bank AG (a)		2,506
		Finland — 3.4%
	238	Outokumpu OYJ		2,278
		France — 8.4%
	329	Natixis SA		2,287
	36	Renault SA		3,391
				5,678
		Germany — 14.1%
	35	Brenntag AG		2,102
	54	Daimler AG (Registered)		4,001
	27	Deutsche Boerse AG		2,678
	9	HeidelbergCement AG		815
				9,596
		Japan — 41.0%
	29	Daikin Industries Ltd.		2,790
	18	Dentsu, Inc.		1,010
	80	DMG Mori Co. Ltd.		1,328
	75	Japan Airlines Co. Ltd.		2,372
	49	Mabuchi Motor Co. Ltd.		2,755
	142	Mitsubishi Corp.		3,056
	75	Mitsui Fudosan Co. Ltd.		1,639
	126	NGK Spark Plug Co. Ltd.		2,728
	49	Otsuka Corp.		2,609

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	20	Sompo Holdings, Inc.		771
	207	Sumitomo Electric Industries Ltd.		3,374
	43	Suzuki Motor Corp.		1,814
	76	Yamato Holdings Co. Ltd.		1,651
				27,897
		Netherlands — 6.2%
	72	ASR Nederland NV (a)		2,116
	62	NN Group NV		2,072
				4,188
		South Korea — 3.8%
	1	Samsung Electronics Co. Ltd.		2,605
		Spain — 5.1%
	2,875	Bankia SA		3,490
		United Kingdom — 6.8%
	207	Barratt Developments plc		1,551
	330	Standard Chartered plc (a)		3,080
				4,631
		Total Investments — 96.5% (Cost $53,568)		65,604
		Other Assets in Excess of Liabilities — 3.5%		2,399
		NET ASSETS — 100.0%	$	68,003

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 9

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		17.3	%
Automobiles		14.0
Auto Components		9.3
Trading Companies & Distributors		7.9
Insurance		7.6
Building Products		4.2
Electrical Equipment		4.2
Equity Real Estate Investment Trusts (REITs)		4.2
Capital Markets		4.1
IT Services		4.0

INDUSTRY	PERCENTAGE
Technology Hardware, Storage & Peripherals		4.0	%
Airlines		3.6
Metals & Mining		3.5
Air Freight & Logistics		2.5
Real Estate Management & Development		2.5
Household Durables		2.4
Machinery		2.0
Media		1.5
Construction Materials		1.2

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS APRIL 30, 2017

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 90.9% (t)
		Arizona — 0.2%
		Water & Sewer — 0.2%
	25	City of Phoenix Civic Improvement Corp., Wastewater System, Rev., NATL, 5.000%, 07/01/17		25
		California — 6.9%
		Education — 1.5%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		62
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		84
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		30
				176
		General Obligation — 2.2%
	55	County of Los Angeles, GO, TRAN, 3.000%, 06/30/17		55
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.000%, 08/01/31		196
				251
		Utility — 3.2%
	300	City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.000%, 07/01/29		364
		Total California		791
		Colorado — 0.2%
		Utility — 0.2%
	25	Platte River Power Authority, Series II, Rev., 4.000%, 06/01/17		25
		Connecticut — 3.7%
		Water & Sewer — 3.7%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		116
	150	Series A, Rev., 6.000%, 08/15/21		180
	100	Series A, Rev., 6.000%, 08/15/22		124
		Total Connecticut		420
		District of Columbia — 1.0%
		Water & Sewer — 1.0%
	100	District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien, Series C, Rev., 5.000%, 10/01/24		116

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — 8.2%
		General Obligation — 2.5%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		285
		Utility — 5.0%
	200	Florida Municipal Power Agency, Stanton Project, Rev., 5.250%, 10/01/18		212
	300	Sarasota County, Florida Utility System, Series B, Rev., 5.000%, 10/01/25		367
				579
		Water & Sewer — 0.7%
	75	City of Auburndale, Water & Sewer, Rev., AGC-ICC, AMBAC, 5.250%, 12/01/18		80
		Total Florida		944
		Georgia — 6.5%
		General Obligation — 3.2%
	300	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.000%, 12/01/26		369
		Water & Sewer — 3.3%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		313
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		67
				380
		Total Georgia		749
		Illinois — 0.6%
		General Obligation — 0.6%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		64
		Indiana — 2.1%
		Certificate of Participation/Lease — 1.1%
	115	Indiana University, Series A, COP, 4.000%, 06/01/18		119
		Education — 1.0%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		116
		Total Indiana		235
		Kansas — 0.5%
		Prerefunded — 0.5%
	50	Sedgwick County Unified School District No. 259 Wichita, School Building, Series A, GO, 4.500%, 10/01/18 (p)		52

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — 0.2%
		Water & Sewer — 0.2%
	25	Tangipahoa Water District, Series A, Rev., AGM, 3.000%, 11/01/18		26
		Massachusetts — 4.9%
		Prerefunded — 0.6%
	75	Massachusetts Development Finance Agency, College of Pharmacy and Allied Health Sciences, Series E, Rev., AGC, 5.000%, 07/01/17 (p)		76
		Transportation — 4.3%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.250%, 07/01/27		187
	250	Series B, Rev., 5.250%, 07/01/23		302
				489
		Total Massachusetts		565
		Nevada — 2.1%
		Water & Sewer — 2.1%
	200	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/31		237
		New Jersey — 1.3%
		Transportation — 1.3%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		86
	60	Series A, Rev., 5.500%, 12/15/21		66
		Total New Jersey		152
		New Mexico — 8.5%
		Other Revenue — 3.7%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		387
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Rev., NATL-RE, 5.000%, 06/15/17		30
				417
		Transportation — 4.8%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		278
	250	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		281
				559
		Total New Mexico		976

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — 9.5%
		Education — 0.8%
		New York State Dormitory Authority, The New School
	30	Rev., 5.000%, 07/01/18		31
	55	Series A, Rev., 5.000%, 07/01/17		56
				87
		General Obligation — 1.0%
		City of New York,
	25	Sub Series E-1, GO, 5.375%, 10/15/18		27
	10	Sub Series E-1, GO, 6.250%, 10/15/28		11
	20	County of Tompkins, Public Improvement, Series A, GO, 4.000%, 03/01/21		22
	50	Eastport South Manor Central School District, GO, 4.000%, 08/01/17		50
				110
		Other Revenue — 1.0%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		117
		Prerefunded — 1.1%
	85	City of New York, Sub Series E-1, GO, 6.250%, 10/15/18 (p)		91
	30	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund, Series B, Rev., 5.000%, 10/01/18 (p)		32
				123
		Special Tax — 1.5%
	150	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.000%, 03/15/33		173
		Transportation — 4.1%
	410	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.000%, 01/01/26		472
		Total New York		1,082
		Ohio — 5.3%
		General Obligation — 2.3%
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		106
	125	State of Ohio, Common Schools, Series A, GO, 5.000%, 09/15/26		155
				261
		Prerefunded — 3.0%
	25	Barberton City School District, GO, 5.250%, 06/01/18 (p)		26

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/23 (p)		299
	20	Village of New Albany, GO, AMBAC, 5.000%, 12/01/17 (p)		21
				346
		Total Ohio		607
		Oregon — 2.4%
		General Obligation — 2.4%
	5	Clackamas County School District No 115, Gladstone School District, GO, 2.000%, 06/15/17		5
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		266
		Total Oregon		271
		Pennsylvania — 0.4%
		General Obligation — 0.4%
	25	Bethel Park School District, GO, 4.000%, 08/01/17		25
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		17
		Total Pennsylvania		42
		South Carolina — 3.0%
		General Obligation — 3.0%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		341
		Tennessee — 0.7%
		Prerefunded — 0.4%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		52
		Water & Sewer — 0.3%
	30	City of Knoxville, Water System, Series BB, Rev., 5.000%, 03/01/19		32
		Total Tennessee		84
		Texas — 11.6%
		Education — 3.1%
	30	Harris County, Cultural Education Facilities Finance Corp., Methodist Hospital System, Series B, Rev., 5.500%, 12/01/18		32
	250	Permanent University Fund — University of Texas System, Series B, Rev., 5.250%, 07/01/28		318
				350
		General Obligation — 2.4%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		275

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 5.8%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/21 (p)		411
	30	City of Rockwall, GO, AMBAC, 5.000%, 08/01/17 (p)		30
	210	Harris County, Series C, Rev., 5.000%, 08/15/19 (p)		228
				669
		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		34
		Total Texas		1,328
		Utah — 2.1%
		Other Revenue — 2.1%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.000%, 06/15/29		238
		Virginia — 7.5%
		Education — 1.0%
	50	University of Virginia, Rev., 4.000%, 09/01/21		56
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		59
				115
		General Obligation — 3.7%
	50	City of Alexandria, Series A, GO, 4.500%, 06/15/20		55
	300	County of Chesterfield, Public Improvement, GO, 5.000%, 01/01/24		362
				417
		Utility — 2.6%
	250	City of Richmond, Public Utility Revenue, Series A, Rev., 5.000%, 01/15/25		302
		Water & Sewer — 0.2%
	25	County of Henrico, Water & Sewer System, Rev., 3.000%, 05/01/17		25
		Total Virginia		859
		Washington — 1.5%
		Transportation — 1.5%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		174
		Total Municipal Bonds (Cost $9,983)		10,403

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 13

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 7.5%
		Investment Company — 7.5%
	862	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) (Cost $862)		862
		Total Investments — 98.4% (Cost $10,845)		11,265
		Other Assets in Excess of Liabilities — 1.6%		183
		NET ASSETS — 100.0%	$	11,448

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 NA	1.700% at termination	CPI-U at termination		04/04/18	$	500	$	3
BNP Paribas	1.695% at termination	CPI-U at termination		06/02/19		1,250		18
BNP Paribas	2.720% at termination	CPI-U at termination		04/01/21		6,000		(639	)
BNP Paribas	2.165% at termination	CPI-U at termination		04/04/24		600		(3	)
Royal Bank of Scotland	2.620% at termination	CPI-U at termination		06/28/25		1,000		(119	)
Union Bank of Switzerland AG	2.275% at termination	CPI-U at termination		03/16/27		700		(3	)
							$	(743	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS APRIL 30, 2017

J.P. Morgan SMA Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
COP	—  Certificate of Participation
CPI-U	—  Consumer Price Index for All Urban Consumers
FGIC	—  Insured by Financial Guaranty Insurance Co.
GO	—  General Obligation
ICC	—  Insured Custody Certificates
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
RE	—  Reinsured
Rev.	—  Revenue
TRAN	—  Tax & Revenue Anticipation Note
XLCA	—  Insured by XL Capital Assurance

(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.
(l)	—  The rate shown is the current yield as of April 30, 2017.
(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.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 15

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (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	$	65,604		$	10,403
Investments in affiliates, at value		—			862
Total investment securities, at value		65,604			11,265
Restricted cash		—			830
Cash		1,921			—
Foreign currency, at value		4			—
Receivables:
Fund shares sold		20			—
Interest and dividends from non-affiliates		243			130
Dividends from affiliates		—			1
Tax reclaims		237			—
Outstanding swap contracts, at value		—			21
Due from adviser		26			22
Total Assets		68,055			12,269
LIABILITIES:
Payables:
Fund shares redeemed		8			—
Outstanding swap contracts, at value		—			764
Accrued liabilities:
Custodian and accounting fees		7			—
Collateral management fees		—			5
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Audit fees		19			50
Printing and mailing cost		6			2
Registration fee		7			—
Other		5			—
Total Liabilities		52			821
Net Assets	$	68,003		$	11,448
NET ASSETS:
Paid-in-Capital	$	67,994		$	11,925
Accumulated undistributed (distributions in excess of) net investment income		203			(4	)
Accumulated net realized gains (losses)		(12,198	)		(150	)
Net unrealized appreciation (depreciation)		12,004			(323	)
Total Net Assets	$	68,003		$	11,448
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		5,371			1,143
Net asset value, offering and redemption price per share (b)	$	12.66		$	10.02
Cost of investments in non-affiliates	$	53,568		$	9,983
Cost of investments in affiliates		—			862
Cost of foreign currency		4			—

(a) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS APRIL 30, 2017

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	129
Interest income from affiliates		—	(a)		1
Dividend income from non-affiliates		739			—
Dividend income from affiliates		—			2
Foreign taxes withheld		(102	)		—
Total investment income		637			132
EXPENSES:
Administration fees		28			4
Custodian and accounting fees		23			10
Interest expense to affiliates		1			—
Professional fees		55			44
Collateral management fees		—			15
Trustees’ and Chief Compliance Officer’s fees		13			13
Printing and mailing costs		7			3
Registration and filing fees		10			17
Transfer agency fees		—	(a)		—	(a)
Sub-transfer agency fees		2			—	(a)
Other		5			1
Total expenses		144			107
Less fees waived		(28	)		(4	)
Less expense reimbursements		(115	)		(103	)
Net expenses		1			—
Net investment income (loss)		636			132
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,946			2
Futures		21			—
Foreign currency transactions		(38	)		—
Net realized gain (loss)		3,929			2
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		4,336			(133	)
Foreign currency translations		(8	)		—
Swaps		—			114
Change in net unrealized appreciation/depreciation		4,328			(19	)
Net realized/unrealized gains (losses)		8,257			(17	)
Change in net assets resulting from operations	$	8,893		$	115

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 17

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, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	636		$	1,934		$	132		$	289
Net realized gain (loss)		3,929			(4,971	)		2			164
Change in net unrealized appreciation/depreciation		4,328			1,947			(19	)		(61	)
Change in net assets resulting from operations		8,893			(1,090	)		115			392
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,258	)		(3,412	)		(137	)		(290	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		11,344			24,016			2,840			3,956
Distributions reinvested		1,413			1,944			—			—
Cost of shares redeemed		(28,137	)		(50,767	)		(1,567	)		(4,944	)
Change in net assets resulting from capital transactions		(15,380	)		(24,807	)		1,273			(988	)
NET ASSETS:
Change in net assets		(8,745	)		(29,309	)		1,251			(886	)
Beginning of period		76,748			106,057			10,197			11,083
End of period	$	68,003		$	76,748		$	11,448		$	10,197
Accumulated undistributed (distributions in excess of) net investment income	$	203		$	1,825		$	(4	)	$	1
SHARE TRANSACTIONS:
Issued		977			2,260			286			394
Reinvested		124			173			—			—
Redeemed		(2,421	)		(4,564	)		(158	)		(493	)
Change in Shares		(1,320	)		(2,131	)		128			(99	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 19

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, 2017 (Unaudited)	$	11.47	$	0.11	(f)	$	1.45		$	1.56		$	(0.37	)
Year Ended October 31, 2016		12.02		0.25	(f)		(0.36	)		(0.11	)		(0.44	)
Year Ended October 31, 2015		12.78		0.26	(f)		(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	)

(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 0.005% 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 advisors and/or broker-dealers, some of which are unaffiliated with the Funds and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS APRIL 30, 2017

					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)
$	12.66		13.93	%	$	68,003		—	%		1.83	%		0.42	%		30	%
	11.47		(0.83	)		76,748		—			2.31			0.33			70
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 21

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 SMA Fund
Six Months Ended April 30, 2017 (Unaudited)	$	10.04	$	0.13	(f)	$	(0.02	)	$	0.11		$	(0.13	)
Year Ended October 31, 2016		9.95		0.28	(f)		0.09			0.37			(0.28	)
Year Ended October 31, 2015		10.52		0.31	(f)		(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	)

(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 0.005% 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 advisors and/or broker-dealers, some of which are unaffiliated with the Funds and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than 0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMA FUNDS APRIL 30, 2017

		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)
$	10.02		1.11	%	$	11,448		—	%		2.53	%		2.06	%		4	%
	10.04		3.80			10,197		—			2.82			1.97			32
	9.95		(2.27	)		11,083		—			3.07			1.01			—	(g)
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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.

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 Investment 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. Certain foreign equity instruments, including investments with equity reference obligations, are valued by applying an international fair value factor 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 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.

24 J.P. MORGAN SMA FUNDS APRIL 30, 2017

• 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)	$	—	$	65,604	$	—	$	65,604

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)	$	862	$	10,403		$	—	$	11,265
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	21		$	—	$	21
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(764	)	$	—	$	(764	)

(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. 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, 2017.

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 asset value of the Fund.

As of April 30, 2017, 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. The use of futures contracts exposes the Fund to equity price risk.

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

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

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

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (unaudited) (continued)

As of April 30, 2017, the Fund did not hold futures contracts.

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended April 30, 2017 (amounts in thousands):

	International Value SMA Fund
Futures Contracts
Average Notional Balance Long	$	2,542	(a)

(a) For the period January 1, 2017 through January 31, 2017.

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 recorded as assets or liabilities, respectively in the Statements of Assets and Liabilities and amortized over the term of the swap. 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 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 (e.g., 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 may be required to post or receive collateral for over the counter swaps.

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, 2017 (amounts in thousands):

	Tax Aware Real Return SMA Fund
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed Rate	$	9,036
Ending Notional Balance — Pays Fixed Rate		10,050

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency contracts and/or OTC options 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. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund. Otherwise the cash collateral is 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.F.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

26 J.P. MORGAN SMA FUNDS APRIL 30, 2017

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2017 are as follows (amounts in thousands):

Fund		Fund Counterparty	Value of derivative contracts			Collateral amount
Tax Aware Real Return SMA Fund	Collateral Posted	BNP Paribas	$	(624	)	$	570
		Royal Bank of Scotland		(119	)		260

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Tax Aware Real Return SMA Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Swaps
Interest rate contracts	Receivables	$	21
Gross Liabilities:		Swaps
Interest rate contracts	Payables	$	(764	)

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, 2017 (amounts in thousands):

Tax Aware Real Return SMA Fund

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements 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.	$	3	$	—		$	—	$	3
BNP Paribas		18		(18	)		—		—
	$	21	$	(18	)	$	—	$	3

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements 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	$	642	$	(18	)	$	(570	)(b)	$	54
Royal Bank of Scotland		119		—			(119	)(b)		—
Union Bank of Switzerland AG		3		—			—			3
	$	764	$	(18	)	$	(689	)	$	57

(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, 2017, 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	$	21

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Tax Aware Real Return SMA Fund

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	114

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, 2017, 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 an 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, 2017, 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.

28 J.P. MORGAN SMA FUNDS APRIL 30, 2017

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Funds’ shares. JPMDS receives no compensation in its capacity as the Funds’ underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing 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, 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, 2018.

For the six months ended April 30, 2017, 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	$	28	$	115
Tax Aware Real Return SMA Fund		4		103

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, 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.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended April 30, 2017 was as follows (amounts in thousands):

Tax Aware Real Return SMA Fund $ 1

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 JPMDS. 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, 2017, 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.

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

4. Investment Transactions

During the six months ended April 30, 2017, 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	$	20,215	$	37,681
Tax Aware Real Return SMA Fund		1,895		329

During the six months ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	53,568	$	12,623	$	587	$	12,036
	10,845		466		46		420

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, 2016, 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	$	10,125	$	—	$	—	$	10,125
Tax Aware Real Return SMA Fund		—		9		4		13

At October 31, 2016, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term
International Value SMA Fund	$	5,384
Tax Aware Real Return SMA Fund		140

During the year ended October 31, 2016, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

Tax Aware Real Return SMA Fund $ 162

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).

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 6, 2017.

30 J.P. MORGAN SMA FUNDS APRIL 30, 2017

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017. Average borrowings from the Facility for, or at any time during the six months ended April 30, 2017, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
International Value SMA Fund	$	2,393		1.59	%		4	$	—	(a)

(a) Amount rounds to less than 500.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Funds did not utilize the Credit Facility during the six months ended April 30, 2017.

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, 2017, International Value SMA Fund had three shareholders, which are accounts maintained by separately managed account sponsors on behalf of their clients, that owned 91.3% of the Fund’s outstanding shares. Tax Aware Real Return SMA Fund had a shareholder, which is an account maintained by a separately managed account sponsor on behalf of its clients, that owned 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, 2017, International Value SMA Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Germany			Japan
International Value SMA Fund		14.6	%		42.5	%

As of April 30, 2017, substantially all of the International Value SMA Fund’s investments 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.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if it had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

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

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. 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.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures.

32 J.P. MORGAN SMA FUNDS APRIL 30, 2017

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period†*		Annualized Expense Ratio†
International Value SMA Fund
Actual	$	1,000.00	$	1,139.30	$	0.00		0.00	%
Hypothetical		1,000.00		1,024.79		0.00		0.00
Tax Aware Real Return SMA Fund
Actual		1,000.00		1,011.10		0.00		0.00
Hypothetical		1,000.00		1,024.79		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 181/365 (to reflect the one-half year period).

APRIL 30, 2017 J.P. MORGAN SMA FUNDS 33

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., 2017.  All rights reserved. April 2017. SAN-SMA-417

Semi-Annual Report

J.P. Morgan Funds

April 30, 2017 (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	118

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in both developed and emerging markets.

During the final quarter of 2016 and into 2017, leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President’s Trumps’ administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

In Europe, a pickup in corporate earnings and improvements in consumer sentiment also proved attractive to investors. Electoral defeats of anti-European Union (EU) politicians in Austria, the Netherlands and France also helped lift investor sentiment across the EU and other developed markets.

Emerging markets also saw investment inflows during the six month reporting period amid economic and financial market stability in China. Notably, the Chinese government’s efforts to curb excessive leverage in its financial markets put a damper on the Shanghai Composite Index in April 2017. Meanwhile, several previously underperforming economies — particularly Brazil, Argentina, Russia, Turkey and South Africa — were growing by the end of the reporting period.

Commodities prices stabilized during the reporting period and global oil prices reached 15-month highs in October 2016. Oil prices were further bolstered by the Organization of Petroleum Exporting Countries’ decision to curb production. However, by the end of the reporting period, overproduction pushed global oil prices lower.

For the six months ended April 30, 2017, the MSCI World Index (net of foreign withholding taxes) returned 12.12% and the Bloomberg Barclays U.S. Aggregate Index (formerly the Barclays U.S. Aggregate Index) returned –0.67%.

2 J.P. MORGAN FUNDS APRIL 30, 2017

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*	7.95%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	12.12%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)2	(1.63)%
Bloomberg Barclays U.S. Aggregate Index2	(0.67)%
Global Allocation Composite Benchmark	6.46%
Net Assets as of 4/30/2017 (In Thousands)	$1,648,649

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, 2017, the Fund’s Class I Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the Bloomberg Barclays Global Aggregate Index (Unhedged USD), the Bloomberg Barclays U.S. Aggregate Index and the Global Allocation Composite Benchmark, which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD).

Relative to the Benchmark, the Fund’s increased allocation to global bonds was a leading detractor from performance. However, the Fund’s increased allocation to U.S. equities contributed positively to performance as U.S. equities outperformed international equities during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to maintain a positive view on global equities and higher yielding credit relative to government bonds. However, the Fund’s domestic equity market exposure was decreased in favor of more exposure to both international developed and emerging market equities given the portfolio managers’ view on positive global growth. In late April, the portfolio managers added a dedicated European Dynamic Hedged Equity strategy as a way to gain additional exposure to European equities with less volatility. Given the expectation for continued market volatility, the portfolio managers held some of the Fund’s global equity exposure in call options as a way to manage risk, but still capture potential market gains. 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 maintains exposure to government bonds as a way to further diversify its fixed income exposure.

APRIL 30, 2017 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares, (United States)	2.8	%
	2.	Government of Japan, Series 343, 0.100%, 06/20/26, (Japan)	1.0
	3.	Republic of Australia, Reg. S, Series 122, 5.250%, 03/15/19, (Australia)	0.8
	4.	U.S. Treasury Note, 0.750%, 01/31/18, (United States)	0.7
	5.	Alphabet, Inc., Class C, (United States)	0.7
	6.	UnitedHealth Group, Inc., (United States)	0.6
	7.	Nestle SA (Registered), (Switzerland)	0.6
	8.	Republic of Canada, 1.750%, 03/01/19, (Canada)	0.5
	9.	Mohawk Industries, Inc., (United States)	0.5
	10.	Apple, Inc., (United States)	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Kellogg Co., (United States)	5.5	%
	2.	CVS Health Corp., (United States)	4.3
	3.	General Mills, Inc., (United States)	4.2
	4.	AutoZone, Inc., (United States)	4.1
	5.	Molson Coors Brewing Co., Class B, (United States)	3.6
	6.	Enbridge, Inc., (Canada)	3.4
	7.	Sealed Air Corp., (United States)	2.6
	8.	General Motors Co., (United States)	2.5
	9.	O’Reilly Automotive, Inc., (United States)	2.3
	10.	United Parcel Service, Inc., Class B, (United States)	2.1

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	48.3	%
Corporate Bonds	21.1
Foreign Government Securities	4.0
Investment Company	2.8
Asset-Backed Securities	2.7
Collateralized Mortgage Obligations	2.1
U.S. Treasury Obligations	1.5
Others (each less than 1.0%)	1.7
Short-Term Investments	15.8

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	100.0	%

¹  Effective April 3, 2017, Select Class Shares were renamed Class I Shares.

²  Effective November 30, 2016, the Fund’s benchmark changed from the Bloomberg Barclays U.S. Aggregate Index to the Bloomberg Barclays Global Aggregate Index (Unhedged USD) after determining that the investment universe of the new benchmark better reflects the investment universe of the Fund’s investment strategies.

* 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, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS APRIL 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge**			3.04	%		5.82	%		6.19	%		4.83	%
Without Sales Charge			7.88			10.81			7.17			5.65
CLASS C SHARES	May 31, 2011
With CDSC***			6.61			9.30			6.64			5.13
Without CDSC			7.61			10.30			6.64			5.13
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 31, 2011		7.95			11.08			7.43			5.91
CLASS R2 SHARES	May 31, 2011		7.69			10.57			6.89			5.39

* 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 4/30/17)

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 Class I Shares of the JPMorgan Global Allocation Fund, the MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index, the Bloomberg Barclays Global Aggregate Index, the Global Allocation Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2011 to April 30, 2017. 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, the Bloomberg Barclays Global Aggregate Index – (Unhedged USD), the Bloomberg Barclays U.S. Aggregate Index and the Global Allocation Composite Benchmark do 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 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 (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD). The Bloomberg 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 Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The Lipper 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.

Class I 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 redemptions 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, 2017 J.P. MORGAN FUNDS 5

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	5.43%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	12.12%
Bloomberg Barclays U.S. Aggregate Index	(0.67)%
Income Builder Composite Benchmark	6.86%
Net Assets as of 4/30/2017 (In Thousands)	$12,275,684

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 that 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, 2017, the Fund’s Class A Shares, without a sales charge, underperformed 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% Bloomberg Barclays U.S. Aggregate Index. The Fund outperformed the Bloomberg Barclays U.S. Aggregate Index.

During the reporting period, equities generally outperformed other asset classes and the Fund’s lower allocation to equities detracted from performance relative to both MSCI World Index (net of foreign withholding taxes) and the Composite Benchmark. The Fund’s allocation to equities was a positive contributor to performance relative to the Bloomberg Barclays U.S. Aggregate Index, which does not hold equities.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers positioned the Fund to tactically pursue income. The portfolio managers believed that the long decline in U.S. interest rates appeared to have ended, and absent a severe economic shock, the U.S. economy is in a reflationary environment with upward pressure on interest rates. During the reporting period, the portfolio managers’ conviction in their pro-risk positioning increased in light of the pick-up and broadening out in the global economic growth outlook. They reduced the Fund’s allocation to bonds in favor of equity. As global growth continued to broaden out, they became more regionally diversified across equity regions. While they preferred equity over bonds, corporate credit remained their most favored asset class within fixed income.

6 J.P. MORGAN FUNDS APRIL 30, 2017

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Johnson & Johnson	0.8	%
	2.	Microsoft Corp.	0.8
	3.	Pfizer, Inc.	0.7
	4.	Occidental Petroleum Corp.	0.7
	5.	Wells Fargo & Co.	0.7
	6.	GlaxoSmithKline plc, (United Kingdom)	0.7
	7.	Unibail-Rodamco SE, (France)	0.6
	8.	Siemens AG (Registered), (Germany)	0.6
	9.	CME Group, Inc.	0.5
	10.	Comcast Corp., Class A.	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	43.6	%
Common Stocks	41.9
Asset-Backed Securities	4.4
Collateralized Mortgage Obligations	3.2
Foreign Government Securities	1.2
Commercial Mortgage-Backed Securities	1.2
Others (each less than 1.0%)	2.9
Short-Term Investments	1.6

* 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.

*** Percentages indicated are based on total investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2007
With Sales Charge**				0.67	%		4.27	%		5.46	%		4.92	%
Without Sales Charge				5.43			9.16			6.42			5.41
CLASS C SHARES		May 31, 2007
With CDSC***				4.28			7.72			5.92			4.89
Without CDSC				5.28			8.72			5.92			4.89
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		May 31, 2007		5.60			9.41			6.61			5.60

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/07 TO 4/30/17)

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 Bloomberg Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2007 to April 30, 2017. 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 Bloomberg 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 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 Bloomberg 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% Bloomberg Barclays U.S. Aggregate Index. The Lipper 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 redemptions 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, 2017

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 99.6%
	Asset-Backed Securities — 2.6%
		United States — 2.6%
	500	ABFC Trust, Series 2004-HE1, Class M1, VAR, 1.891%, 03/25/34		485
		ACE Securities Corp. Home Equity Loan Trust,
	555	Series 2002-HE3, Class M1, VAR, 2.791%, 10/25/32		542
	371	Series 2003-NC1, Class M1, VAR, 2.161%, 07/25/33		355
	450	Series 2003-OP1, Class M1, VAR, 2.041%, 12/25/33		430
	162	Series 2004-HE4, Class M2, VAR, 1.966%, 12/25/34		158
	550	Series 2004-OP1, Class M3, VAR, 2.866%, 04/25/34		507
	431	Ameriquest Mortgage Securities, Inc., Series 2004-FR1W, Class A6, VAR, 4.622%, 05/25/34		428
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	620	Series 2003-10, Class M1, VAR, 2.041%, 12/25/33		588
	272	Series 2003-10, Class M2, VAR, 3.541%, 12/25/33		265
	66	Series 2003-11, Class M3, VAR, 3.781%, 12/25/33		64
	373	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.866%, 10/25/34		365
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	918	Series 2003-W5, Class M2, VAR, 3.766%, 10/25/33		878
	1,580	Series 2003-W9, Class M2, VAR, 3.571%, 01/25/34		1,544
	936	Series 2004-W4, Class A, VAR, 1.511%, 03/25/34		848
	241	Series 2004-W5, Class M1, VAR, 1.891%, 04/25/34		230
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	670	Series 2004-HE2, Class M2, VAR, 2.866%, 04/25/34		615
	1,205	Series 2004-HE3, Class M2, VAR, 2.671%, 06/25/34		1,088
		Bear Stearns Asset-Backed Securities I Trust,
	620	Series 2004-FR2, Class M3, VAR, 2.791%, 06/25/34		605
	894	Series 2004-HE6, Class M2, VAR, 2.866%, 08/25/34		855

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Bear Stearns Asset-Backed Securities Trust,
	609	Series 2004-1, Class M1, VAR, 1.966%, 06/25/34		564
	238	Series 2004-2, Class M1, VAR, 2.191%, 08/25/34		223
		Countrywide Asset-Backed Certificates,
	33	Series 2002-3, Class M1, VAR, 2.116%, 03/25/32		33
	53	Series 2002-4, Class M1, VAR, 2.116%, 12/25/32		49
	127	Series 2003-BC4, Class M2, VAR, 2.341%, 06/25/33		121
	100	Series 2003-BC6, Class M2, VAR, 2.716%, 10/25/33		99
	105	Series 2004-2, Class M1, VAR, 1.741%, 05/25/34		100
	407	Series 2004-3, Class M1, VAR, 1.741%, 06/25/34		380
	1,000	Series 2005-12, Class M2, VAR, 1.481%, 02/25/36		927
	481	Series 2005-AB3, Class 1A1, VAR, 1.241%, 02/25/36		427
	913	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.936%, 01/25/35		846
		Credit-Based Asset Servicing & Securitization LLC,
	1,468	Series 2004-CB4, Class A5, SUB, 6.780%, 05/25/35		1,469
	173	Series 2005-CB1, Class M2, VAR, 2.086%, 01/25/35		158
		CWABS, Inc. Asset-Backed Certificates Trust,
	558	Series 2003-BC1, Class A1, VAR, 1.791%, 03/25/33		530
	100	Series 2004-5, Class M3, VAR, 2.716%, 07/25/34		96
	524	Series 2004-6, Class M1, VAR, 1.891%, 10/25/34		504
	84	Series 2004-6, Class M2, VAR, 1.966%, 10/25/34		79
	35	Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.021%, 08/10/22		40
	307	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		294
	554	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, VAR, 1.291%, 11/25/35		504

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States — continued
		Fremont Home Loan Trust,
	39	Series 2003-B, Class M2, VAR, 3.421%, 12/25/33		38
	756	Series 2004-2, Class M2, VAR, 1.921%, 07/25/34		732
	174	Series 2004-B, Class M7, VAR, 3.991%, 05/25/34		145
		GSAMP Trust,
	687	Series 2004-OPT, Class M1, VAR, 1.861%, 11/25/34		636
	364	Series 2006-HE3, Class A2C, VAR, 1.151%, 05/25/46		339
	333	Home Equity Asset Trust, Series 2004-7, Class M1, VAR, 1.921%, 01/25/35		321
		Home Equity Mortgage Loan Asset-Backed Trust,
	284	Series 2004-B, Class M3, VAR, 2.191%, 11/25/34		262
	295	Series 2004-B, Class M8, VAR, 4.291%, 11/25/34		267
		Long Beach Mortgage Loan Trust,
	1,017	Series 2004-3, Class M2, VAR, 1.891%, 07/25/34		962
	584	Series 2004-3, Class M4, VAR, 2.603%, 07/25/34		550
		Mastr Asset-Backed Securities Trust,
	114	Series 2003-NC1, Class M5, VAR, 5.162%, 04/25/33		95
	751	Series 2005-NC1, Class M2, VAR, 1.741%, 12/25/34		723
		Morgan Stanley ABS Capital I, Inc. Trust,
	232	Series 2003-HE2, Class M2, VAR, 3.466%, 08/25/33		226
	701	Series 2004-HE6, Class M1, VAR, 1.816%, 08/25/34		681
	32	Series 2004-HE8, Class M3, VAR, 2.116%, 09/25/34		31
	402	Series 2004-NC5, Class M1, VAR, 1.891%, 05/25/34		375
	498	Series 2004-NC6, Class M2, VAR, 2.866%, 07/25/34		469
	408	Series 2004-NC7, Class M2, VAR, 1.921%, 07/25/34		402
	55	Series 2005-HE1, Class M3, VAR, 1.771%, 12/25/34		46
	345	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 1.971%, 02/25/33		327

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	554	New Century Home Equity Loan Trust, Series 2004-2, Class M3, VAR, 1.996%, 08/25/34		519
	510	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 4.366%, 09/25/33		487
	1,587	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, VAR, 2.011%, 07/25/33		1,454
		Option One Mortgage Loan Trust,
	741	Series 2004-1, Class M1, VAR, 1.891%, 01/25/34		686
	691	Series 2004-1, Class M2, VAR, 2.641%, 01/25/34		617
	35	Series 2004-3, Class M2, VAR, 1.846%, 11/25/34		32
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, VAR, 2.236%, 01/25/36		489
		Pretium Mortgage Credit Partners I LLC,
	584	Series 2016-NPL3, Class A1, SUB, 4.375%, 05/27/31 (e)		584
	924	Series 2016-NPL6, Class A1, SUB, 3.500%, 10/27/31 (e)		924
		Renaissance Home Equity Loan Trust,
	421	Series 2003-2, Class M1, VAR, 2.228%, 08/25/33		397
	777	Series 2004-1, Class M4, VAR, 3.691%, 05/25/34		644
	131	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		133
	418	Saxon Asset Securities Trust, Series 2003-3, Class M1, VAR, 1.966%, 12/25/33		396
	550	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, VAR, 1.666%, 06/25/35		511
	845	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.891%, 11/25/34		795
		Structured Asset Investment Loan Trust,
	301	Series 2003-BC11, Class M1, VAR, 1.966%, 10/25/33		296
	418	Series 2004-6, Class A3, VAR, 1.791%, 07/25/34		403
	434	Series 2004-7, Class M2, VAR, 2.116%, 08/25/34		405
	644	Series 2004-8, Class M9, VAR, 4.741%, 09/25/34		527
	41	Series 2004-BNC1, Class A5, VAR, 2.231%, 09/25/34		37

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States — continued
	477	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 1.161%, 12/25/36		422
	1,452	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		1,455
	1,500	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		1,500
	1,238	VOLT XLIII LLC, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		1,249
	1,069	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,077
	1,139	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		1,147
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	412	Series 2004-2, Class M6, VAR, 3.811%, 10/25/34		399
	97	Series 2004-2, Class M8A, VAR, 5.491%, 10/25/34 (e)		91
		Total Asset-Backed Securities (Cost $43,091)		43,596
	Collateralized Mortgage Obligations — 2.1%
		United States — 2.1%
		Alternative Loan Trust
	598	Series 2004-27CB, Class A1, 6.000%, 12/25/34		586
	144	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		145
	114	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		111
	27	Series 2005-19CB, Class A2, IF, 14.761%, 06/25/35		33
	1,430	Series 2005-28CB, Class 2A6, 5.000%, 08/25/35		1,245
	980	Series 2006-14CB, Class A1, 6.000%, 06/25/36		841
	97	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		91
		Bear Stearns ALT-A Trust
	105	Series 2005-4, Class 23A1, VAR, 3.580%, 05/25/35		101
	812	Series 2005-4, Class 23A2, VAR, 3.580%, 05/25/35		796
	258	Series 2005-7, Class 12A3, VAR, 1.671%, 08/25/35		243
		Bear Stearns ARM Trust
	744	Series 2005-5, Class A2, VAR, 2.820%, 08/25/35		740

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States – continued
	376	Series 2005-9, Class A1, VAR, 2.830%, 10/25/35		361
	683	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		677
	817	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class M1, VAR, 1.816%, 06/25/34		648
		Chase Mortgage Finance Trust
	338	Series 2006-S4, Class A5, 6.000%, 12/25/36		275
	167	Series 2007-A1, Class 1A1, VAR, 3.360%, 02/25/37		168
	223	Series 2007-A1, Class 8A1, VAR, 3.240%, 02/25/37		226
		CHL Mortgage Pass-Through Trust
	124	Series 2004-9, Class A7, 5.250%, 06/25/34		126
	627	Series 2004-25, Class 2A1, VAR, 1.662%, 02/25/35		551
	877	Series 2005-26, Class 1A11, 5.500%, 11/25/35		804
	721	Series 2005-31, Class 2A1, VAR, 3.114%, 01/25/36		653
	271	Series 2006-21, Class A14, 6.000%, 02/25/37		236
	309	Series 2007-10, Class A4, 5.500%, 07/25/37		253
		Citigroup Mortgage Loan Trust
	661	Series 2005-3, Class 2A2A, VAR, 3.076%, 08/25/35		661
	198	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		199
	742	Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VAR, 3.050%, 08/25/35		729
		Credit Suisse First Boston Mortgage Securities Corp.
	22	Series 2003-25, Class 2A1, 4.500%, 10/25/18		22
	564	Series 2004-8, Class 5A1, 6.000%, 12/25/34		596
	498	GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, VAR, 3.341%, 09/25/34		490
		Impac CMB Trust
	122	Series 2004-6, Class 1A2, VAR, 1.771%, 10/25/34		116
	711	Series 2005-2, Class 2A2, VAR, 1.791%, 04/25/35		658
	401	Series 2005-4, Class 2A2, VAR, 1.751%, 05/25/35		347

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
			United States — continued
	283		Series 2005-4, Class 2M2, VAR, 2.116%, 05/25/35		242
	329		JP Morgan Mortgage Trust, Series 2005-A8, Class 2A3, VAR, 2.987%, 11/25/35		308
	401		MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.111%, 04/21/34		412
	172		MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.500%, 07/25/34		176
	85		Merrill Lynch Mortgage Investors Trust, Series 2005-1, Class 2A1, VAR, 3.027%, 04/25/35		83
			Merrill Lynch Mortgage Investors Trust MLMI
	124		Series 2003-A4, Class 3A, VAR, 3.540%, 05/25/33		121
	82		Series 2005-A2, Class A3, VAR, 2.978%, 02/25/35		80
			Morgan Stanley Mortgage Loan Trust
	197		Series 2004-5AR, Class 4A, VAR, 3.266%, 07/25/34		192
	479		Series 2004-7AR, Class 2A6, VAR, 3.219%, 09/25/34		485
	372		Series 2004-11AR, Class 1A2A, VAR, 1.301%, 01/25/35		348
	537		MortgageIT Trust, Series 2005-1, Class 1B1, VAR, 2.491%, 02/25/35		498
			Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	708		Series 2005-4, Class 1A2, VAR, 1.381%, 11/25/35		673
	997		Series 2005-5, Class 1APT, VAR, 1.271%, 12/25/35		917
			Opteum Mortgage Acceptance Corp. Trust
	804		Series 2006-1, Class 1AC1, VAR, 1.291%, 04/25/36		744
	1,123		Series 2006-1, Class 1APT, VAR, 1.201%, 04/25/36		1,025
	—	(h)	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 0.000%, 04/25/18		– (h)
			RALI Trust
	1,006		Series 2006-QS3, Class 1A10, 6.000%, 03/25/36		926
	99		Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		94
	142		Residential Asset Securitization Trust, Series 2004-A8, Class A1, 5.250%, 11/25/34		143

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		RFMSI Trust
	15	Series 2003-S15, Class A1, 4.500%, 08/25/18		15
	21	Series 2003-S16, Class A2, 4.500%, 09/25/18		21
	58	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		58
	950	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		903
	313	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, VAR, 3.123%, 08/25/35		307
		WaMu Mortgage Pass-Through Certificates Trust
	17	Series 2003-S8, Class A2, 5.000%, 09/25/18		17
	63	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		63
	988	Series 2005-AR3, Class A1, VAR, 3.011%, 03/25/35		962
	664	Series 2005-AR5, Class A6, VAR, 2.800%, 05/25/35		663
	511	Series 2005-AR7, Class A3, VAR, 2.814%, 08/25/35		512
	353	Series 2005-AR10, Class 1A3, VAR, 2.792%, 09/25/35		349
	472	Series 2005-AR14, Class 1A4, VAR, 2.814%, 12/25/35		455
	43	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		43
		Wells Fargo Mortgage-Backed Securities Trust
	243	Series 2003-H, Class A1, VAR, 3.027%, 09/25/33		245
	289	Series 2003-K, Class 1A1, VAR, 2.901%, 11/25/33		290
	315	Series 2003-M, Class A1, VAR, 3.000%, 12/25/33		315
	182	Series 2004-H, Class A1, VAR, 3.058%, 06/25/34		184
	101	Series 2004-K, Class 1A2, VAR, 3.110%, 07/25/34		101
	291	Series 2004-Z, Class 2A2, VAR, 3.001%, 12/25/34		294
	973	Series 2004-CC, Class A1, VAR, 3.094%, 01/25/35		987
	440	Series 2004-DD, Class 1A1, VAR, 3.111%, 01/25/35		439

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States — continued
	145	Series 2004-EE, Class 2A2, VAR, 3.057%, 12/25/34		147
	1,273	Series 2005-AR1, Class 1A1, VAR, 3.116%, 02/25/35		1,292
	372	Series 2005-AR2, Class 2A2, VAR, 3.164%, 03/25/35		375
	137	Series 2005-AR2, Class 3A1, VAR, 3.148%, 03/25/35		138
	523	Series 2005-AR3, Class 1A1, VAR, 3.120%, 03/25/35		532
	607	Series 2005-AR10, Class 2A1, VAR, 3.092%, 06/25/35		617
	681	Series 2005-AR14, Class A1, VAR, 3.016%, 08/25/35		684
	335	Series 2005-AR16, Class 6A3, VAR, 3.137%, 10/25/35		334
	66	Series 2006-AR2, Class 2A3, VAR, 3.089%, 03/25/36		64
	238	Series 2006-AR3, Class A3, VAR, 3.255%, 03/25/36		233
	657	Series 2006-AR6, Class 7A1, VAR, 3.034%, 03/25/36		662
	229	Wells Fargo Mortgage-Backed Securities Trust, Series 2004-N, Class A7, VAR, 3.007%, 08/25/34		229
		Total Collateralized Mortgage Obligations (Cost $33,259)		33,725
	Commercial Mortgage-Backed Securities — 0.5%
		United States — 0.5%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,500	Series 2007-LD11, Class AM, VAR, 6.004%, 06/15/49		1,538
	673	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		672
	1,700	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 6.206%, 07/15/44		1,681
	1,542	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		1,326
		Morgan Stanley Capital I Trust,
	167	Series 2006-HQ8, Class AJ, VAR, 5.627%, 03/12/44		167
	988	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		991
	551	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		540

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
	1,000		Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, VAR, 5.984%, 04/15/47		999
			Total Commercial Mortgage-Backed Securities (Cost $8,030)		7,914
SHARES
	Common Stocks — 48.4%
			Australia — 1.5%
	253		AMP Ltd.		1,015
	168		Australia & New Zealand Banking Group Ltd.		4,121
	204		BHP Billiton Ltd.		3,640
	66		Commonwealth Bank of Australia		4,291
	12		CSL Ltd.		1,206
	223		Dexus Property Group		1,702
	399		Goodman Group		2,424
	28		Macquarie Group Ltd.		1,959
	12		National Australia Bank Ltd.		295
	32		Oil Search Ltd.		170
	85		Wesfarmers Ltd.		2,724
	37		Westpac Banking Corp.		973
					24,520
			Austria — 0.1%
	47		Erste Group Bank AG (a)		1,676
			Belgium — 0.3%
	38		Anheuser-Busch InBev SA/NV		4,273
			Brazil — 0.4%
	160		Ambev SA, ADR		916
	109		CCR SA		609
	101		Cielo SA		766
	104		Itau Unibanco Holding SA (Preference)		1,287
	78		Lojas Renner SA		729
	41		Ultrapar Participacoes SA		913
	14		Vale SA, ADR (a)		117
	110		WEG SA		610
					5,947
			Canada — 0.5%
	25		Canadian Pacific Railway Ltd.		3,793
	—	(h)	TransCanada Corp.		6
	50		Waste Connections, Inc.		4,638
					8,437
			Chile — 0.0% (g)
	24		Banco Santander Chile, ADR		574

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			China — 0.6%
	16		Alibaba Group Holding Ltd., ADR (a)		1,797
	6		Baidu, Inc., ADR (a)		1,163
	417		CNOOC Ltd.		486
	580		Geely Automobile Holdings Ltd.		781
	196		Ping An Insurance Group Co. of China Ltd., Class H		1,099
	108		Tencent Holdings Ltd.		3,375
	114		Tsingtao Brewery Co. Ltd., Class H		513
					9,214
			Denmark — 0.2%
	18		Chr Hansen Holding A/S		1,203
	70		Novo Nordisk A/S, Class B		2,739
					3,942
			Finland — 0.5%
	26		Cargotec OYJ, Class B		1,548
	457		Nokia OYJ		2,612
	142		Outokumpu OYJ		1,363
	32		Wartsila OYJ Abp		1,932
					7,455
			France — 2.2%
	34		Air Liquide SA		4,155
	44		Airbus SE		3,541
	137		AXA SA		3,651
	48		BNP Paribas SA		3,362
	15		Cap Gemini SA		1,507
	—	(h)	Kering		3
	167		Natixis SA		1,164
	17		Pernod Ricard SA		2,089
	25		Renault SA		2,320
	43		Sanofi		4,100
	41		Schneider Electric SE		3,208
	14		Sodexo SA		1,837
	69		TOTAL SA		3,551
	96		Vivendi SA		1,911
					36,399
			Germany — 2.4%
	11		adidas AG		2,168
	4		Allianz SE (Registered)		783
	6		BASF SE		554
	41		Bayer AG (Registered)		5,015
	33		Brenntag AG		1,984
	53		Daimler AG (Registered)		3,922

SHARES			SECURITY DESCRIPTION	VALUE
			Germany — continued
	18		Deutsche Bank AG (Registered) (a)		327
	22		Deutsche Boerse AG		2,109
	69		Deutsche Post AG (Registered)		2,480
	129		Deutsche Telekom AG (Registered)		2,262
	10		HeidelbergCement AG		922
	22		Henkel AG & Co. KGaA (Preference)		2,936
	92		Infineon Technologies AG		1,898
	9		Linde AG		1,596
	46		SAP SE		4,570
	35		Siemens AG (Registered)		5,065
	5		Volkswagen AG (Preference)		844
					39,435
			Hong Kong — 0.9%
	511		AIA Group Ltd.		3,535
	154		Cheung Kong Property Holdings Ltd.		1,102
	212		CK Hutchison Holdings Ltd.		2,652
	34		Hang Seng Bank Ltd.		687
	20		Jardine Matheson Holdings Ltd.		1,274
	198		Power Assets Holdings Ltd.		1,776
	355		Sands China Ltd.		1,607
	501		Sun Art Retail Group Ltd.		516
	181		Wharf Holdings Ltd. (The)		1,543
					14,692
			India — 0.5%
	20		Dr Reddy’s Laboratories Ltd., ADR		799
	54		HDFC Bank Ltd., ADR		4,297
	140		Infosys Ltd., ADR		2,035
	55		Mahindra & Mahindra Ltd., GDR		1,162
					8,293
			Indonesia — 0.2%
	1,225		Astra International Tbk. PT		821
	481		Bank Central Asia Tbk. PT		639
	671		Bank Rakyat Indonesia Persero Tbk. PT		648
	104		Unilever Indonesia Tbk. PT		349
					2,457
			Ireland — 0.1%
	—	(h)	AerCap Holdings NV (a)		6
	17		Ryanair Holdings plc, ADR (a)		1,592
					1,598
			Israel — 0.1%
	67		Teva Pharmaceutical Industries Ltd., ADR		2,131

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Italy — 0.7%
	102	Assicurazioni Generali SpA		1,618
	68	Atlantia SpA		1,718
	563	Enel SpA		2,675
	276	Intesa Sanpaolo SpA		805
	2,078	Telecom Italia SpA (a)		1,844
	158	UniCredit SpA (a)		2,574
				11,234
		Japan — 4.7%
	53	Bridgestone Corp.		2,190
	12	Central Japan Railway Co.		1,945
	20	Daikin Industries Ltd.		1,983
	21	Dentsu, Inc.		1,174
	77	DMG Mori Co. Ltd.		1,275
	28	East Japan Railway Co.		2,549
	20	Electric Power Development Co. Ltd.		462
	257	Fujitsu Ltd.		1,604
	369	Hitachi Ltd.		2,038
	79	Honda Motor Co. Ltd.		2,308
	92	J Front Retailing Co. Ltd.		1,328
	51	Japan Airlines Co. Ltd.		1,604
	16	Japan Tobacco, Inc.		539
	57	JFE Holdings, Inc.		979
	292	JXTG Holdings, Inc.		1,319
	213	Kajima Corp.		1,446
	45	KDDI Corp.		1,204
	2	Keyence Corp.		965
	124	Kirin Holdings Co. Ltd.		2,416
	80	Kyowa Hakko Kirin Co. Ltd.		1,369
	72	Kyushu Electric Power Co., Inc.		778
	32	Mabuchi Motor Co. Ltd.		1,795
	113	Mazda Motor Corp.		1,671
	74	Medipal Holdings Corp.		1,224
	516	Mitsubishi UFJ Financial Group, Inc.		3,270
	86	Mitsui Fudosan Co. Ltd.		1,892
	44	MS&AD Insurance Group Holdings, Inc.		1,444
	92	NGK Spark Plug Co. Ltd.		1,989
	18	Nidec Corp.		1,661
	49	Nippon Steel & Sumitomo Metal Corp.		1,110
	60	Nippon Telegraph & Telephone Corp.		2,580
	5	Nishi-Nippon Financial Holdings, Inc.		51
	75	ORIX Corp.		1,146
	27	Otsuka Corp.		1,452
	25	Otsuka Holdings Co. Ltd.		1,151
	65	Seiko Epson Corp.		1,336

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — continued
	69	Seven & i Holdings Co. Ltd.		2,923
	19	Shin-Etsu Chemical Co. Ltd.		1,617
	69	Sony Corp.		2,381
	224	Sumitomo Bakelite Co. Ltd.		1,439
	74	Sumitomo Mitsui Financial Group, Inc.		2,737
	48	Sumitomo Realty & Development Co. Ltd.		1,297
	39	Suntory Beverage & Food Ltd.		1,775
	85	Takashimaya Co. Ltd.		783
	229	Tokyo Gas Co. Ltd.		1,063
	82	Toyota Motor Corp.		4,438
	86	Yamato Holdings Co. Ltd.		1,863
				77,563
		Luxembourg — 0.1%
	250	ArcelorMittal (a)		1,962
		Malaysia — 0.0% (g)
	82	Public Bank Bhd.		377
		Mexico — 0.1%
	83	Grupo Financiero Banorte SAB de CV, Class O		481
	272	Wal-Mart de Mexico SAB de CV		613
				1,094
		Netherlands — 1.1%
	15	ASML Holding NV		1,984
	28	Heineken NV		2,509
	197	ING Groep NV		3,204
	78	Koninklijke Philips NV		2,703
	40	NN Group NV		1,339
	110	Royal Dutch Shell plc, Class A		2,844
	156	Royal Dutch Shell plc, Class B		4,142
				18,725
		New Zealand — 0.1%
	496	Spark New Zealand Ltd.		1,256
		Norway — 0.1%
	228	Norsk Hydro ASA		1,301
		Peru — 0.0% (g)
	4	Credicorp Ltd.		638
		Portugal — 0.1%
	77	Galp Energia SGPS SA		1,193
		Russia — 0.2%
	20	LUKOIL PJSC, ADR		1,012
	24	Magnit PJSC, GDR		833
	17	Mobile TeleSystems PJSC, ADR		176
	104	Sberbank of Russia PJSC, ADR		1,232
				3,253

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Singapore — 0.2%
	214	DBS Group Holdings Ltd.		2,953
	83	Singapore Exchange Ltd.		440
				3,393
		South Africa — 0.4%
	24	Aspen Pharmacare Holdings Ltd.		491
	49	Bid Corp. Ltd.		1,036
	47	Bidvest Group Ltd. (The)		566
	7	Capitec Bank Holdings Ltd.		388
	223	FirstRand Ltd.		832
	25	Mr Price Group Ltd.		295
	51	MTN Group Ltd.		486
	56	Remgro Ltd.		936
	56	RMB Holdings Ltd.		255
	95	Sanlam Ltd.		503
	38	Shoprite Holdings Ltd.		593
	16	Tiger Brands Ltd.		495
				6,876
		South Korea — 0.2%
	7	Hyundai Motor Co.		915
	1	Samsung Electronics Co. Ltd.		2,921
				3,836
		Spain — 0.5%
	305	Banco Santander SA		1,987
	1,677	Bankia SA		2,036
	301	Iberdrola SA		2,166
	66	Repsol SA		1,049
	146	Telefonica SA		1,609
				8,847
		Sweden — 0.2%
	240	Nordea Bank AB		2,954
		Switzerland — 2.1%
	38	Cie Financiere Richemont SA (Registered)		3,183
	37	Credit Suisse Group AG (Registered) (a)		558
	44	LafargeHolcim Ltd. (Registered) (a)		2,522
	122	Nestle SA (Registered)		9,369
	47	Novartis AG (Registered)		3,630
	27	Roche Holding AG		6,991
	3	Syngenta AG (a)		1,294
	167	UBS Group AG (Registered) (a)		2,842
	45	Wolseley plc		2,854
	8	Zurich Insurance Group AG		2,159
				35,402

SHARES			SECURITY DESCRIPTION	VALUE
			Taiwan — 0.3%
	143		Delta Electronics, Inc.		803
	113		President Chain Store Corp.		983
	101		Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,325
					5,111
			Thailand — 0.1%
	47		Siam Cement PCL (The) (Registered)		721
	176		Siam Commercial Bank PCL (The)		791
					1,512
			Turkey — 0.0% (g)
	65		KOC Holding A/S		306
			United Kingdom — 3.4%
	152		3i Group plc		1,564
	40		Associated British Foods plc		1,450
	44		AstraZeneca plc		2,614
	298		Aviva plc		2,026
	176		Barratt Developments plc		1,317
	445		BP plc		2,549
	88		British American Tobacco plc		5,976
	806		Centrica plc		2,065
	179		Debenhams plc		119
	283		Dixons Carphone plc		1,229
	161		GlaxoSmithKline plc		3,244
	603		HSBC Holdings plc		4,975
	49		InterContinental Hotels Group plc		2,572
	607		ITV plc		1,651
	2,345		Lloyds Banking Group plc		2,107
	138		Prudential plc		3,059
	22		Reckitt Benckiser Group plc		2,022
	31		Rio Tinto Ltd.		1,409
	18		Rio Tinto plc		724
	287		Standard Chartered plc (a)		2,686
	489		Taylor Wimpey plc		1,267
	38		TechnipFMC plc (a)		1,156
	37		Unilever NV, CVA		1,936
	1,501		Vodafone Group plc		3,866
	18		Whitbread plc		936
	92		WPP plc		1,965
					56,484
			United States — 23.3%
	16		3M Co.		3,039
	—	(h)	Abbott Laboratories		6

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States — continued
	52		Acadia Healthcare Co., Inc. (a)		2,266
	8		Acuity Brands, Inc.		1,487
	14		Adobe Systems, Inc. (a)		1,934
	17		AdvanSix, Inc. (a)		471
	14		Aetna, Inc.		1,889
	10		Affiliated Managers Group, Inc.		1,640
	—	(h)	Alcoa Corp.		6
	1		Alleghany Corp. (a)		406
	4		Allergan plc		1,053
	22		Allied World Assurance Co. Holdings AG		1,190
	—	(h)	Ally Financial, Inc.		4
	4		Alphabet, Inc., Class A (a)		3,354
	12		Alphabet, Inc., Class C (a)		11,007
	8		Amazon.com, Inc. (a) (j)		7,412
	26		American Electric Power Co., Inc.		1,733
	18		American Express Co. (j)		1,430
	53		American Homes 4 Rent, Class A		1,210
	40		American International Group, Inc.		2,439
	—	(h)	American Water Works Co., Inc.		7
	—	(h)	Ameriprise Financial, Inc.		6
	28		Amphenol Corp., Class A		2,013
	—	(h)	Anadarko Petroleum Corp.		6
	25		Apache Corp.		1,218
	55		Apple, Inc.		7,834
	35		Applied Materials, Inc.		1,412
	11		Arista Networks, Inc. (a)		1,496
	16		Arrow Electronics, Inc. (a)		1,103
	—	(h)	Arthur J Gallagher & Co.		6
	10		Athene Holding Ltd., Class A (a)		521
	2		AutoZone, Inc. (a)		1,377
	—	(h)	AvalonBay Communities, Inc.		7
	24		Ball Corp.		1,871
	183		Bank of America Corp.		4,281
	—	(h)	Bank of New York Mellon Corp. (The)		6
	—	(h)	Becton Dickinson and Co.		6
	22		Bed Bath & Beyond, Inc.		872
	32		Berry Global Group, Inc. (a)		1,580
	25		Best Buy Co., Inc.		1,295
	—	(h)	Biogen, Inc. (a)		6
	4		BlackRock, Inc.		1,422
	—	(h)	Boston Scientific Corp. (a)		7
	20		Brinker International, Inc.		889
	—	(h)	Bristol-Myers Squibb Co.		6
	42		Brixmor Property Group, Inc.		833

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	9		Broadcom Ltd.		2,067
	—	(h)	Cabot Oil & Gas Corp.		7
	43		Capital One Financial Corp. (j)		3,457
	26		Carlisle Cos., Inc.		2,638
	12		Caterpillar, Inc.		1,241
	17		Cavium, Inc. (a)		1,190
	78		CBRE Group, Inc., Class A (a)		2,782
	20		CBS Corp. (Non-Voting), Class B		1,357
	12		Celgene Corp. (a)		1,540
	100		Charles Schwab Corp. (The)		3,876
	4		Charter Communications, Inc., Class A (a)		1,426
	—	(h)	Chevron Corp.		6
	10		Chubb Ltd.		1,432
	4		Cigna Corp. (j)		663
	58		Cisco Systems, Inc.		1,964
	33		Citigroup, Inc.		1,968
	52		Citizens Financial Group, Inc.		1,892
	63		Clear Channel Outdoor Holdings, Inc., Class A		323
	31		CNO Financial Group, Inc.		653
	16		Columbia Sportswear Co.		928
	15		Comerica, Inc.		1,053
	10		Concho Resources, Inc. (a)		1,308
	28		ConocoPhillips		1,356
	—	(h)	Continental Resources, Inc. (a)		6
	64		Corning, Inc.		1,833
	—	(h)	Costco Wholesale Corp.		7
	46		Coty, Inc., Class A		823
	31		CSX Corp.		1,563
	17		CVS Health Corp.		1,387
	—	(h)	Delphi Automotive plc		6
	83		Delta Air Lines, Inc.		3,791
	—	(h)	Diamondback Energy, Inc. (a)		6
	54		DISH Network Corp., Class A (a)		3,499
	—	(h)	Dollar General Corp.		6
	16		Dover Corp.		1,238
	—	(h)	DR Horton, Inc.		6
	12		Dr Pepper Snapple Group, Inc.		1,114
	11		Duke Energy Corp.		892
	16		Eagle Materials, Inc.		1,488
	29		East West Bancorp, Inc.		1,587
	10		EastGroup Properties, Inc.		813
	19		Eaton Corp. plc		1,413
	6		Ecolab, Inc.		717
	17		Edison International		1,325

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States — continued
	—	(h)	EI du Pont de Nemours & Co.		6
	36		Electronic Arts, Inc. (a)		3,371
	—	(h)	Eli Lilly & Co. (j)		6
	10		Energizer Holdings, Inc.		606
	51		Entercom Communications Corp., Class A (j)		640
	12		EOG Resources, Inc.		1,103
	18		EQT Corp.		1,034
	10		Equifax, Inc.		1,308
	—	(h)	Estee Lauder Cos., Inc. (The), Class A		6
	—	(h)	Everest Re Group Ltd.		7
	16		Eversource Energy		978
	32		Evolent Health, Inc., Class A (a)		738
	33		Exact Sciences Corp. (a)		1,004
	10		Expedia, Inc.		1,385
	43		Exxon Mobil Corp.		3,544
	46		Facebook, Inc., Class A (a)		6,964
	15		Fidelity National Information Services, Inc.		1,275
	41		Fifth Third Bancorp		1,005
	21		First Republic Bank		1,978
	26		Fiserv, Inc. (a)		3,117
	28		Fortune Brands Home & Security, Inc.		1,756
	31		Gap, Inc. (The)		821
	—	(h)	General Electric Co.		6
	13		Genuine Parts Co.		1,227
	21		Gilead Sciences, Inc.		1,454
	48		GoDaddy, Inc., Class A (a)		1,876
	3		Goldman Sachs Group, Inc. (The)		667
	64		Graphic Packaging Holding Co.		873
	14		Guidewire Software, Inc. (a)		871
	35		Hanesbrands, Inc.		763
	61		Harley-Davidson, Inc.		3,485
	11		Harris Corp.		1,254
	33		Hartford Financial Services Group, Inc. (The)		1,590
	15		HCA Holdings, Inc. (a)		1,302
	—	(h)	HCP, Inc.		7
	31		HD Supply Holdings, Inc. (a)		1,261
	48		Hewlett Packard Enterprise Co.		903
	28		Hilton Grand Vacations, Inc. (a)		927
	49		Hilton Worldwide Holdings, Inc.		2,894
	9		Home Depot, Inc. (The)		1,460
	14		Honeywell International, Inc.		1,870
	16		Humana, Inc.		3,571
	7		Illinois Tool Works, Inc.		1,022
	8		Illumina, Inc. (a)		1,560

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	—	(h)	Incyte Corp. (a)		5
	—	(h)	Ingersoll-Rand plc		7
	—	(h)	Intercontinental Exchange, Inc.		6
	26		Invesco Ltd.		850
	9		Jazz Pharmaceuticals plc (a)		1,391
	9		John Bean Technologies Corp.		817
	22		Johnson & Johnson		2,688
	—	(h)	Johnson Controls International plc		6
	—	(h)	Kansas City Southern		6
	28		KapStone Paper and Packaging Corp.		600
	—	(h)	KeyCorp		6
	46		Kimco Realty Corp.		935
	58		Kinder Morgan, Inc.		1,191
	17		Kite Pharma, Inc. (a)		1,406
	9		KLA-Tencor Corp.		887
	34		Kohl’s Corp.		1,338
	—	(h)	Kraft Heinz Co. (The)		6
	37		Kroger Co. (The)		1,088
	61		La Quinta Holdings, Inc. (a)		867
	10		Lam Research Corp.		1,440
	17		Lazard Ltd., Class A		724
	12		Lennox International, Inc.		2,027
	10		Lithia Motors, Inc., Class A		983
	43		LKQ Corp. (a)		1,330
	71		Loews Corp. (j)		3,322
	—	(h)	Lowe’s Cos., Inc.		6
	9		M&T Bank Corp.		1,362
	—	(h)	Macy’s, Inc.		6
	29		Marathon Petroleum Corp.		1,476
	7		Marsh & McLennan Cos., Inc.		516
	6		Martin Marietta Materials, Inc.		1,296
	—	(h)	Masco Corp.		7
	33		Mastercard, Inc., Class A		3,822
	—	(h)	Maxim Integrated Products, Inc.		6
	—	(h)	McKesson Corp.		6
	39		Merck & Co., Inc.		2,432
	—	(h)	MetLife, Inc.		6
	—	(h)	Microchip Technology, Inc.		6
	—	(h)	Micron Technology, Inc. (a)		7
	94		Microsoft Corp.		6,445
	8		Mid-America Apartment Communities, Inc.		814
	7		Middleby Corp. (The) (a)		982
	—	(h)	Mobileye NV (a)		6
	35		Mohawk Industries, Inc. (a)		8,169

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States — continued
	10		Molson Coors Brewing Co., Class B		987
	—	(h)	Mondelez International, Inc., Class A		6
	20		Monster Beverage Corp. (a)		929
	26		Morgan Stanley		1,141
	—	(h)	Mosaic Co. (The)		6
	10		Murphy USA, Inc. (a)		662
	16		Nasdaq, Inc.		1,070
	11		Netflix, Inc. (a)		1,674
	60		Newell Brands, Inc.		2,883
	14		Nexstar Media Group, Inc.		993
	23		NextEra Energy, Inc.		3,072
	1		NII Holdings, Inc. (a)		1
	17		NIKE, Inc., Class B		925
	—	(h)	NiSource, Inc.		6
	20		Nordstrom, Inc.		962
	6		Norfolk Southern Corp.		649
	12		Northern Trust Corp.		1,122
	3		Northrop Grumman Corp.		634
	25		Norwegian Cruise Line Holdings Ltd. (a)		1,354
	15		NVIDIA Corp. (j)		1,601
	14		Old Dominion Freight Line, Inc.		1,238
	—	(h)	Olin Corp.		6
	—	(h)	Omega Healthcare Investors, Inc.		7
	—	(h)	ON Semiconductor Corp. (a)		6
	38		Outfront Media, Inc.		1,001
	—	(h)	PACCAR, Inc.		6
	7		Palo Alto Networks, Inc. (a)		775
	12		Park Hotels & Resorts, Inc.		320
	59		PayPal Holdings, Inc. (a)		2,828
	38		PBF Energy, Inc., Class A		841
	1		Penn Virginia Corp. (a)		23
	—	(h)	Penn Virginia Corp. (a)		18
	14		PepsiCo, Inc.		1,541
	118		Pfizer, Inc.		3,992
	—	(h)	PG&E Corp.		6
	19		Phillips 66		1,499
	—	(h)	Pinnacle West Capital Corp.		6
	—	(h)	Pioneer Natural Resources Co.		6
	—	(h)	Plains GP Holdings LP, Class A		6
	22		PNC Financial Services Group, Inc. (The)		2,584
	15		Post Holdings, Inc. (a)		1,229
	2		Priceline Group, Inc. (The) (a) (j)		3,018
	20		Procter & Gamble Co. (The)		1,703
	7		Prudential Financial, Inc.		789

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	22		QUALCOMM, Inc.		1,176
	—	(h)	Quality Care Properties, Inc. (a)		6
	50		Rayonier, Inc.		1,398
	4		Raytheon Co.		633
	14		Red Rock Resorts, Inc., Class A		320
	25		Revance Therapeutics, Inc. (a)		537
	—	(h)	Ross Stores, Inc.		6
	11		Royal Caribbean Cruises Ltd.		1,189
	14		S&P Global, Inc.		1,930
	2		Sage Therapeutics, Inc. (a)		149
	17		salesforce.com, Inc. (a)		1,431
	—	(h)	SBA Communications Corp., Class A (a)		7
	9		Sempra Energy		1,054
	19		ServiceNow, Inc. (a)		1,828
	67		Shire plc		3,967
	4		Signature Bank (a)		507
	17		Sinclair Broadcast Group, Inc., Class A		689
	—	(h)	SL Green Realty Corp.		6
	45		Snap, Inc., Class A (a)		1,015
	40		Southwest Airlines Co.		2,240
	13		Spark Therapeutics, Inc. (a)		759
	20		Splunk, Inc. (a)		1,299
	15		Stanley Black & Decker, Inc.		2,108
	28		Starbucks Corp.		1,695
	—	(h)	Stone Energy Corp. (a)		9
	—	(h)	STORE Capital Corp.		7
	34		SunTrust Banks, Inc.		1,933
	—	(h)	SVB Financial Group (a)		6
	—	(h)	Synchrony Financial		5
	27		T Rowe Price Group, Inc.		1,890
	13		Take-Two Interactive Software, Inc. (a)		811
	—	(h)	TE Connectivity Ltd.		6
	4		Tesla, Inc. (a)		1,351
	26		Texas Instruments, Inc.		2,087
	101		TherapeuticsMD, Inc. (a)		514
	21		Thermo Fisher Scientific, Inc.		3,456
	15		Tiffany & Co.		1,358
	29		Time Warner, Inc.		2,866
	2		TimkenSteel Corp. (a)		30
	—	(h)	TJX Cos., Inc. (The)		6
	12		T-Mobile US, Inc. (a)		825
	13		Travelers Cos., Inc. (The)		1,610
	14		TreeHouse Foods, Inc. (a)		1,234
	53		Twenty-First Century Fox, Inc., Class B		1,595

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States — continued
	4		Ulta Beauty, Inc. (a)		995
	—	(h)	Union Pacific Corp.		7
	—	(h)	United Continental Holdings, Inc. (a)		7
	7		United Rentals, Inc. (a)		818
	17		United Technologies Corp.		1,987
	54		UnitedHealth Group, Inc.		9,493
	21		Unum Group		952
	35		US Bancorp		1,772
	40		Vantiv, Inc., Class A (a)		2,512
	17		Veeva Systems, Inc., Class A (a)		934
	27		Verizon Communications, Inc.		1,243
	14		Vertex Pharmaceuticals, Inc. (a)		1,703
	53		Visa, Inc., Class A		4,821
	17		Vistra Energy Corp.		256
	—	(h)	Voya Financial, Inc.		6
	9		Vulcan Materials Co.		1,039
	19		VWR Corp. (a)		546
	13		WABCO Holdings, Inc. (a)		1,567
	8		Walgreens Boots Alliance, Inc.		698
	18		Walt Disney Co. (The)		2,077
	21		Wayfair, Inc., Class A (a)		958
	108		Wells Fargo & Co. (j)		5,825
	27		WestRock Co.		1,459
	—	(h)	WEX, Inc. (a)		6
	22		Weyerhaeuser Co.		735
	—	(h)	Workday, Inc., Class A (a)		6
	9		Wyndham Worldwide Corp.		837
	37		Xcel Energy, Inc.		1,688
	—	(h)	Zimmer Biomet Holdings, Inc.		6
					384,120
			Total Common Stocks (Cost $689,239)		798,480
PRINCIPAL AMOUNT/UNIT
	Convertible Bond — 0.0% (g)
			United States — 0.0% (g)
	60		Liberty Interactive LLC, 3.750%, 02/15/30 (Cost $35)		36
	Corporate Bonds — 21.1%
			Belgium — 0.1%
	485		Anheuser-Busch InBev Finance, Inc., 3.650%, 02/01/26		496
	EUR 415		Nyrstar Netherlands Holdings BV, 6.875%, 03/15/24		454

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Belgium — continued
	EUR 750	Solvay Finance SA, Reg. S, VAR, 5.425%, 11/12/23 (x) (y)		916
				1,866
		Bermuda — 0.0% (g)
	780	XLIT Ltd., Series E, VAR, 3.616%, 06/02/17 (x) (y)		663
		Brazil — 0.1%
		JBS USA LUX SA,
	585	5.750%, 06/15/25 (e)		601
	260	5.875%, 07/15/24 (e)		272
				873
		Canada — 0.8%
	285	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		296
	80	Baytex Energy Corp., 5.625%, 06/01/24 (e)		73
		Bombardier, Inc.,
	134	6.000%, 10/15/22 (e)		134	��
	192	6.125%, 01/15/23 (e)		192
	49	7.500%, 03/15/25 (e)		51
	1,337	8.750%, 12/01/21 (e)		1,487
	266	Cascades, Inc., 5.750%, 07/15/23 (e)		270
		Cenovus Energy, Inc.,
	92	4.250%, 04/15/27 (e)		92
	750	5.400%, 06/15/47 (e)		735
		Concordia International Corp.,
	756	7.000%, 04/15/23 (e)		121
	74	9.000%, 04/01/22 (e)		51
	387	Cott Holdings, Inc., 5.500%, 04/01/25 (e)		394
	250	Emera US Finance LP, 4.750%, 06/15/46		253
	554	Garda World Security Corp., 7.250%, 11/15/21 (e)		560
	175	Gateway Casinos & Entertainment Ltd., 8.250%, 03/01/24 (e)		179
	1,350	GW Honos Security Corp., 8.750%, 05/15/25 (e)		1,372
	120	Hudbay Minerals, Inc., 7.250%, 01/15/23 (e)		128
	579	Kronos Acquisition Holdings, Inc., 9.000%, 08/15/23 (e)		588
		Lundin Mining Corp.,
	215	7.500%, 11/01/20 (e)		228
	210	7.875%, 11/01/22 (e)		231
		Mattamy Group Corp.,
	267	6.500%, 11/15/20 (e)		274
	76	6.875%, 12/15/23 (e)		79

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Canada — continued
		MEG Energy Corp.,
	620	6.375%, 01/30/23 (e)		546
	25	7.000%, 03/31/24 (e)		22
		NOVA Chemicals Corp.,
	97	5.000%, 05/01/25 (e)		99
	319	5.250%, 08/01/23 (e)		328
		Open Text Corp.,
	323	5.625%, 01/15/23 (e)		338
	113	5.875%, 06/01/26 (e)		121
		Precision Drilling Corp.,
	53	5.250%, 11/15/24		51
	140	6.500%, 12/15/21		142
	150	Quebecor Media, Inc., 5.750%, 01/15/23		158
		Teck Resources Ltd.,
	160	3.000%, 03/01/19		162
	233	4.750%, 01/15/22		241
	180	5.400%, 02/01/43		175
	330	6.000%, 08/15/40		340
	630	6.125%, 10/01/35		666
	45	8.000%, 06/01/21 (e)		49
	169	8.500%, 06/01/24 (e)		196
	625	TransCanada PipeLines Ltd., 4.625%, 03/01/34		667
	240	Trinidad Drilling Ltd., 6.625%, 02/15/25 (e)		242
		Videotron Ltd.,
	87	5.125%, 04/15/27 (e)		89
	455	5.375%, 06/15/24 (e)		479
				12,899
		China — 0.0% (g)
	EUR 338	BiSoho SAS, Reg. S, 5.875%, 05/01/23		396
		Finland — 0.0% (g)
	251	Nokia OYJ, 6.625%, 05/15/39		274
		France — 0.9%
	EUR 500	Arkema SA, Reg. S, VAR, 4.750%, 10/29/20 (x) (y)		589
		Autodis SA,
	EUR 200	4.375%, 05/01/22		227
	EUR 100	Reg. S, 4.375%, 05/01/22		113
	EUR 1,200	Casino Guichard Perrachon SA, Reg. S, 4.498%, 03/07/24		1,441
	448	Credit Agricole SA, VAR, 8.125%, 12/23/25 (e) (x) (y)		494
	EUR 450	Elis SA, Reg. S, 3.000%, 04/30/22		506

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France — continued
	EUR 1,000	Europcar Groupe SA, Reg. S, 5.750%, 06/15/22		1,143
	EUR 750	Faurecia, Reg. S, 3.625%, 06/15/23		859
	EUR 400	Groupe Fnac SA, Reg. S, 3.250%, 09/30/23		449
	EUR 250	Horizon Holdings I SAS, Reg. S, 7.250%, 08/01/23		291
	EUR 300	Labeyrie Fine Foods SAS, Reg. S, 5.625%, 03/15/21		336
	EUR 250	Loxam SAS, Reg. S, 3.500%, 05/03/23		279
	EUR 1,200	NEW Areva Holding SA, 4.875%, 09/23/24		1,362
	EUR 450	Novafives SAS, Reg. S, 4.500%, 06/30/21		494
	EUR 1,000	Peugeot SA, Reg. S, 2.375%, 04/14/23		1,139
	EUR 700	Rexel SA, Reg. S, 3.500%, 06/15/23		796
		SFR Group SA,
	600	6.000%, 05/15/22 (e)		625
	800	6.250%, 05/15/24 (e)		828
	334	7.375%, 05/01/26 (e)		352
	EUR 500	Reg. S, 5.375%, 05/15/22		567
	EUR 500	Reg. S, 5.625%, 05/15/24		588
	400	Societe Generale SA, VAR, 7.375%, 09/13/21 (e) (x) (y)		423
	EUR 300	Vallourec SA, Reg. S, 2.250%, 09/30/24		264
	EUR 650	Verallia Packaging SASU, Reg. S, 5.125%, 08/01/22		754
				14,919
		Germany — 0.5%
	EUR 750	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		866
	EUR 300	Douglas GmbH, Reg. S, 6.250%, 07/15/22		356
		Fresenius Medical Care US Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		164
	220	4.750%, 10/15/24 (e)		225
	85	5.625%, 07/31/19 (e)		91
	25	6.500%, 09/15/18 (e)		26
	155	Fresenius Medical Care US Finance, Inc., 5.750%, 02/15/21 (e)		169
	EUR 220	HP Pelzer Holding GmbH, 4.125%, 04/01/24		244
	EUR 900	IHO Verwaltungs GmbH, 3.250% (cash), 09/15/23 (v)		1,020
	EUR 400	K+S AG, Reg. S, 3.000%, 06/20/22		461
	EUR 350	ProGroup AG, Reg. S, 5.125%, 05/01/22		404
	EUR 600	Schaeffler Finance BV, Reg. S, 3.250%, 05/15/25		707

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Germany — continued
		thyssenkrupp AG,
	EUR 400	Reg. S, 1.750%, 11/25/20		446
	EUR 700	Reg. S, 2.750%, 03/08/21		800
		Unitymedia GmbH,
	255	6.125%, 01/15/25 (e)		272
	EUR 250	Reg. S, 3.750%, 01/15/27		276
	EUR 1,150	Unitymedia Hessen GmbH & Co. KG, Reg. S, 4.000%, 01/15/25		1,318
	EUR 600	WEPA Hygieneprodukte GmbH, Reg. S, 3.750%, 05/15/24		684
				8,529
		Greece — 0.0% (g)
	EUR 400	OTE plc, Reg. S, 7.875%, 02/07/18		458
		Ireland — 0.3%
	EUR 300	Allied Irish Banks plc, Reg. S, VAR, 4.125%, 11/26/25		345
		Ardagh Packaging Finance plc,
	200	6.000%, 06/30/21 (e)		207
	EUR 500	Reg. S, 4.125%, 05/15/23		577
	EUR 814	Reg. S, 6.750%, 05/15/24		974
	EUR 350	Bank of Ireland, Reg. S, VAR, 4.250%, 06/11/24		401
	EUR 561	eircom Finance DAC, Reg. S, 4.500%, 05/31/22		639
		Park Aerospace Holdings Ltd.,
	205	5.250%, 08/15/22 (e)		217
	213	5.500%, 02/15/24 (e)		225
	EUR 900	Smurfit Kappa Acquisitions Unltd Co., Reg. S, 3.250%, 06/01/21		1,059
				4,644
		Israel — 0.0% (g)
	680	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		579
		Italy — 0.6%
	EUR 650	Buzzi Unicem SpA, Reg. S, 2.125%, 04/28/23		733
	EUR 700	Enel SpA, Reg. S, VAR, 5.000%, 01/15/75		823
		Leonardo SpA,
	EUR 1,000	4.500%, 01/19/21		1,231
	EUR 500	4.875%, 03/24/25		667
	EUR 450	N&W Global Vending SpA, Reg. S, 7.000%, 10/15/23		514
	EUR 300	Saipem Finance International BV, Reg. S, 3.750%, 09/08/23		342
	EUR 250	Snaitech SpA, Reg. S, 6.375%, 11/07/21		290

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Italy — continued
		Telecom Italia SpA,
	EUR 1,000	Reg. S, 3.250%, 01/16/23		1,179
	EUR 1,500	Reg. S, 3.625%, 05/25/26		1,745
	EUR 1,600	Wind Acquisition Finance SA, Reg. S, 7.000%, 04/23/21		1,811
				9,335
		Japan — 0.1%
		SoftBank Group Corp.,
	200	4.500%, 04/15/20 (e)		208
	EUR 400	Reg. S, 4.000%, 07/30/22		478
	EUR 700	Reg. S, 4.750%, 07/30/25		858
				1,544
		Luxembourg — 1.1%
		Altice Financing SA,
	400	6.500%, 01/15/22 (e)		415
	650	7.500%, 05/15/26 (e)		702
	EUR 500	Reg. S, 5.250%, 02/15/23		580
		Altice Luxembourg SA,
	600	7.750%, 05/15/22 (e)		637
	EUR 500	Reg. S, 6.250%, 02/15/25		590
	EUR 1,000	Reg. S, 7.250%, 05/15/22		1,151
		ArcelorMittal,
	1,974	7.000%, 02/25/22		2,238
	63	7.500%, 03/01/41		71
	268	7.750%, 10/15/39 (w)		306
	EUR 1,250	Reg. S, 3.125%, 01/14/22		1,431
	EUR 700	Auris Luxembourg II SA, Reg. S, 8.000%, 01/15/23		822
	EUR 200	Galapagos SA, Reg. S, 5.375%, 06/15/21		219
	GBP 317	Garfunkelux Holdco 2 SA, Reg. S, 11.000%, 11/01/23		442
	EUR 1,000	INEOS Group Holdings SA, Reg. S, 5.375%, 08/01/24		1,157
		Intelsat Jackson Holdings SA,
	355	5.500%, 08/01/23		303
	223	7.250%, 04/01/19		215
	407	7.250%, 10/15/20		381
	425	7.500%, 04/01/21		389
	762	8.000%, 02/15/24 (e)		822
	EUR 550	Kloeckner Pentaplast of America, Inc., Reg. S, 7.125%, 11/01/20		620
	EUR 500	Matterhorn Telecom Holding SA, Reg. S, 4.875%, 05/01/23		548

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Luxembourg — continued
	EUR 350	Matterhorn Telecom SA, Reg. S, 3.875%, 05/01/22		391
	EUR 600	SES SA, Reg. S, VAR, 4.625%, 01/02/22 (x) (y)		698
	EUR 800	SIG Combibloc Holdings SCA, Reg. S, 7.750%, 02/15/23		934
	EUR 500	Swissport Investments SA, Reg. S, 6.750%, 12/15/21		596
	EUR 600	Telenet Finance V Luxembourg SCA, Reg. S, 6.250%, 08/15/22		685
	EUR 400	Telenet Finance VI Luxembourg SCA, Reg. S, 4.875%, 07/15/27		475
				17,818
		Mexico — 0.2%
		Cemex SAB de CV,
	645	5.700%, 01/11/25 (e)		677
	1,760	6.125%, 05/05/25 (e)		1,890
	200	7.750%, 04/16/26 (e)		227
				2,794
		Netherlands — 0.4%
	400	Bluewater Holding BV, Reg. S, 10.000%, 12/10/19 (e)		338
	250	Constellium NV, 6.625%, 03/01/25 (e)		246
	EUR 300	Hema Bondco I BV, Reg. S, 6.250%, 06/15/19		331
	EUR 300	Lincoln Finance Ltd., Reg. S, 6.875%, 04/15/21		351
		NXP BV,
	355	4.125%, 06/01/21 (e)		371
	400	4.625%, 06/15/22 (e)		430
	565	Shell International Finance BV, 3.750%, 09/12/46		526
	EUR 1,500	UPC Holding BV, Reg. S, 6.375%, 09/15/22		1,716
	170	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		173
		Ziggo Bond Finance BV,
	200	5.875%, 01/15/25 (e)		205
	EUR 800	Reg. S, 4.625%, 01/15/25		917
	330	Ziggo Secured Finance BV, 5.500%, 01/15/27 (e)		339
				5,943
		New Zealand — 0.0% (g)
		Reynolds Group Issuer, Inc.,
	410	5.125%, 07/15/23 (e)		427
	210	5.750%, 10/15/20		216
	65	6.875%, 02/15/21		67
				710

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Portugal — 0.0% (g)
	EUR 300	EDP—Energias de Portugal SA, Reg. S, VAR, 5.375%, 09/16/75		354
		Spain — 0.5%
	EUR 300	CaixaBank SA, Reg. S, VAR, 3.500%, 02/15/27		339
	EUR 1,000	Cirsa Funding Luxembourg SA, Reg. S, 5.750%, 05/15/21		1,161
		eDreams ODIGEO SA,
	EUR 483	8.500%, 08/01/21		573
	EUR 100	Reg. S, 8.500%, 08/01/21		119
	EUR 800	Gas Natural Fenosa Finance BV, Reg. S, VAR, 4.125%, 11/18/22 (x) (y)		917
	EUR 500	Gestamp Funding Luxembourg SA, Reg. S, 3.500%, 05/15/23		568
	EUR 500	Repsol International Finance BV, Reg. S, VAR, 4.500%, 03/25/75		558
	810	Telefonica Emisiones SAU, 5.213%, 03/08/47		838
		Telefonica Europe BV,
	EUR 1,000	Reg. S, VAR, 5.000%, 03/31/20 (x) (y)		1,174
	EUR 1,000	Reg. S, VAR, 7.625%, 09/18/21 (x) (y)		1,291
				7,538
		Sweden — 0.2%
	EUR 988	Verisure Holding AB, Reg. S, 6.000%, 11/01/22		1,165
	EUR 450	Volvo Car AB, Reg. S, 3.250%, 05/18/21		524
	EUR 700	Volvo Treasury AB, Reg. S, VAR, 4.200%, 06/10/75		810
				2,499
		Switzerland — 0.1%
	EUR 800	Dufry Finance SCA, Reg. S, 4.500%, 08/01/23		935
		United Arab Emirates — 0.0% (g)
	703	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		700
		United Kingdom — 1.0%
		Anglo American Capital plc,
	554	4.125%, 09/27/22 (e)		565
	185	4.450%, 09/27/20 (e)		192
	200	4.750%, 04/10/27 (e)		207
	200	4.875%, 05/14/25 (e)		208
	EUR 500	Reg. S, 2.500%, 04/29/21		573
	EUR 1,100	Reg. S, 3.250%, 04/03/23		1,301
	EUR 400	Reg. S, 3.500%, 03/28/22		477
	600	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		641
	300	Barclays plc, VAR, 8.250%, 12/15/18 (x) (y)		319

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United Kingdom — continued
	GBP 650	Boparan Finance plc, Reg. S, 5.250%, 07/15/19		850
		Fiat Chrysler Automobiles NV,
	663	5.250%, 04/15/23		681
	EUR 800	Reg. S, 3.750%, 03/29/24		919
	GBP 400	Galaxy Bidco Ltd., Reg. S, 6.375%, 11/15/20		533
	GBP 400	Iceland Bondco plc, Reg. S, 6.750%, 07/15/24		557
	GBP 400	Jaguar Land Rover Automotive plc, Reg. S, 3.875%, 03/01/23		538
		KCA Deutag UK Finance plc,
	282	7.250%, 05/15/21 (e)		267
	216	9.875%, 04/01/22 (e)		222
		Noble Holding International Ltd.,
	24	5.250%, 03/15/42		16
	160	6.200%, 08/01/40		113
	GBP 300	Pizzaexpress Financing 1 plc, Reg. S, 8.625%, 08/01/22		388
		Royal Bank of Scotland Group plc,
	1,147	6.100%, 06/10/23		1,233
	475	6.125%, 12/15/22		512
	200	VAR, 7.500%, 08/10/20 (x) (y)		207
	200	VAR, 8.625%, 08/15/21 (x) (y)		216
	EUR 800	Synlab Unsecured Bondco plc, Reg. S, 8.250%, 07/01/23		972
	EUR 1,500	Tesco Corporate Treasury Services plc, Reg. S, 2.500%, 07/01/24		1,675
		Virgin Media Finance plc,
	800	6.375%, 04/15/23 (e)		839
	EUR 600	Reg. S, 4.500%, 01/15/25		682
	EUR 500	Worldpay Finance plc, Reg. S, 3.750%, 11/15/22		589
				16,492
		United States — 14.2%
	820	21st Century Fox America, Inc., 4.950%, 10/15/45		860
		Abbott Laboratories,
	305	4.750%, 11/30/36		316
	255	4.900%, 11/30/46		267
	935	AbbVie, Inc., 4.450%, 05/14/46		908
		Acadia Healthcare Co., Inc.,
	25	5.125%, 07/01/22		25
	530	5.625%, 02/15/23		549
	40	6.125%, 03/15/21		41
	115	6.500%, 03/01/24		122

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	193	ACCO Brands Corp., 5.250%, 12/15/24 (e)		199
	723	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		707
		Actavis Funding SCS,
	310	4.550%, 03/15/35		313
	310	4.750%, 03/15/45		315
		Adient Global Holdings Ltd.,
	EUR 383	3.500%, 08/15/24		427
	EUR 200	Reg. S, 3.500%, 08/15/24		223
	1,090	ADT Corp. (The), 4.125%, 06/15/23		1,063
	153	Advanced Micro Devices, Inc., 7.000%, 07/01/24		163
		AECOM,
	548	5.125%, 03/15/27 (e)		549
	615	5.875%, 10/15/24		660
	1,000	AES Corp., 5.500%, 04/15/25		1,025
	491	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		422
	157	Airxcel, Inc., 8.500%, 02/15/22 (e)		162
		AK Steel Corp.,
	411	7.000%, 03/15/27		406
	215	7.500%, 07/15/23		234
		Albertsons Cos. LLC,
	475	5.750%, 03/15/25 (e)		462
	665	6.625%, 06/15/24 (e)		680
	257	Alcoa Nederland Holding BV, 6.750%, 09/30/24 (e)		281
		Alere, Inc.,
	190	6.375%, 07/01/23 (e)		207
	292	6.500%, 06/15/20		298
		Aleris International, Inc.,
	60	7.875%, 11/01/20		59
	150	9.500%, 04/01/21 (e)		161
		Alliance Data Systems Corp.,
	218	5.375%, 08/01/22 (e)		220
	170	5.875%, 11/01/21 (e)		176
		Ally Financial, Inc.,
	891	4.125%, 02/13/22		897
	25	4.625%, 03/30/25		25
	710	5.125%, 09/30/24		725
	400	5.750%, 11/20/25		409
	328	8.000%, 11/01/31		390
		Altice US Finance I Corp.,
	790	5.375%, 07/15/23 (e)		825
	457	5.500%, 05/15/26 (e)		472

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	670	Altria Group, Inc., 3.875%, 09/16/46		628
		AMC Entertainment Holdings, Inc.,
	145	5.750%, 06/15/25		149
	171	6.125%, 05/15/27 (e)		175
		AMC Networks, Inc.,
	300	4.750%, 12/15/22		306
	230	5.000%, 04/01/24		233
		American Axle & Manufacturing, Inc.,
	738	6.250%, 04/01/25 (e)		734
	618	6.500%, 04/01/27 (e)		613
	50	6.625%, 10/15/22		52
	197	American Greetings Corp., 7.875%, 02/15/25 (e)		210
		American International Group, Inc.,
	540	3.875%, 01/15/35		503
	525	4.800%, 07/10/45		541
		AmeriGas Partners LP,
	252	5.625%, 05/20/24		256
	193	5.750%, 05/20/27		194
	127	5.875%, 08/20/26		129
	525	Amgen, Inc., 4.400%, 05/01/45		518
	164	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		166
	30	Analog Devices, Inc., 4.500%, 12/05/36		30
		Antero Resources Corp.,
	186	5.000%, 03/01/25 (e)		183
	874	5.125%, 12/01/22		887	��
	387	5.375%, 11/01/21		400
	835	Apple, Inc., 3.850%, 08/04/46		809
	90	Arch Capital Finance LLC, 5.031%, 12/15/46		98
	45	Archrock Partners LP, 6.000%, 10/01/22		45
		Arconic, Inc.,
	408	5.125%, 10/01/24		428
	125	5.900%, 02/01/27		134
	120	6.750%, 01/15/28		133
		AT&T, Inc.,
	600	4.350%, 06/15/45		532
	850	4.500%, 03/09/48		767
	305	5.250%, 03/01/37		313
		Avaya, Inc.,
	815	7.000%, 04/01/19 (d) (e)		682
	205	10.500%, 03/01/21 (d) (e)		28
		Axalta Coating Systems LLC,
	270	4.875%, 08/15/24 (e)		280
	EUR 400	Reg. S, 4.250%, 08/15/24		465

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	213	B&G Foods, Inc., 5.250%, 04/01/25		218
		Ball Corp.,
	100	4.000%, 11/15/23		102
	EUR 600	4.375%, 12/15/23		730
	210	5.250%, 07/01/25		227
		Bank of America Corp.,
	360	4.875%, 04/01/44		391
	378	Series AA, VAR, 6.100%, 03/17/25 (x) (y)		405
	720	VAR, 3.824%, 01/20/28		725
		Berry Plastics Corp.,
	330	5.125%, 07/15/23		343
	190	5.500%, 05/15/22		199
	864	Blue Cube Spinco, Inc., 10.000%, 10/15/25		1,065
	115	Blue Racer Midstream LLC, 6.125%, 11/15/22 (e)		118
	109	Booz Allen Hamilton, Inc., 5.125%, 05/01/25 (e)		110
		Boyd Gaming Corp.,
	120	6.375%, 04/01/26		129
	212	6.875%, 05/15/23		228
	923	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		923
	415	BWAY Holding Co., 5.500%, 04/15/24 (e)		420
	623	Cablevision Systems Corp., 8.000%, 04/15/20		696
		CalAtlantic Group, Inc.,
	83	5.250%, 06/01/26		85
	524	5.875%, 11/15/24		563
	302	Caleres, Inc., 6.250%, 08/15/23		317
	855	California Resources Corp., 8.000%, 12/15/22 (e)		658
		Calpine Corp.,
	370	5.250%, 06/01/26 (e)		372
	4	5.375%, 01/15/23		4
	20	5.500%, 02/01/24		19
	7	5.750%, 01/15/25		7
	600	5.875%, 01/15/24 (e)		630
	376	Camelot Finance SA, 7.875%, 10/15/24 (e)		403
	345	CBS Corp., 4.600%, 01/15/45		345
	103	CCM Merger, Inc., 6.000%, 03/15/22 (e)		106
		CCO Holdings LLC,
	370	5.125%, 05/01/27 (e)		377
	480	5.500%, 05/01/26 (e)		504
	774	5.750%, 02/15/26 (e)		822
	1,224	5.875%, 04/01/24 (e)		1,310

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		CDW LLC,
	105	5.000%, 09/01/23		108
	415	5.500%, 12/01/24		442
		Cedar Fair LP,
	5	5.375%, 06/01/24		5
	60	5.375%, 04/15/27 (e)		62
		Centene Corp.,
	162	4.750%, 05/15/22		168
	355	4.750%, 01/15/25		361
	295	5.625%, 02/15/21		310
	220	6.125%, 02/15/24		237
		CF Industries, Inc.,
	146	4.500%, 12/01/26 (e)		149
	430	5.150%, 03/15/34		389
	77	5.375%, 03/15/44		67
		Charter Communications Operating LLC,
	505	6.384%, 10/23/35		581
	460	6.484%, 10/23/45		539
	250	Chemours Co. (The), 7.000%, 05/15/25		275
		Cheniere Corpus Christi Holdings LLC,
	270	5.875%, 03/31/25 (e)		287
	270	7.000%, 06/30/24 (e)		302
		Chesapeake Energy Corp.,
	387	4.875%, 04/15/22		355
	220	6.125%, 02/15/21		216
	268	8.000%, 01/15/25 (e)		265
	205	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		217
	288	Cinemark USA, Inc., 5.125%, 12/15/22		297
	680	CIT Group, Inc., 5.000%, 08/15/22		732
	362	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		368
		Citigroup, Inc.,
	308	4.650%, 07/30/45		321
	540	VAR, 3.887%, 01/10/28		548
	280	Series R, VAR, 6.125%, 11/15/20 (x) (y)		299
	240	Series T, VAR, 6.250%, 08/15/26 (x) (y)		261
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		64
	26	9.000%, 03/15/19 (e)		12
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.500%, 11/15/22		15
	995	Series B, 6.500%, 11/15/22		1,031
	55	Series A, 7.625%, 03/15/20		55
	465	Series B, 7.625%, 03/15/20		470
	270	Clearwater Paper Corp., 4.500%, 02/01/23		260

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	559	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		509
	229	Coeur Mining, Inc., 7.875%, 02/01/21		237
	235	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		275
		Comcast Corp.,
	270	3.400%, 07/15/46		234
	115	4.600%, 08/15/45		120
	180	4.750%, 03/01/44		192
	479	Commercial Metals Co., 4.875%, 05/15/23		481
		CommScope Technologies LLC,
	237	5.000%, 03/15/27 (e)		239
	238	6.000%, 06/15/25 (e)		254
		CommScope, Inc.,
	310	5.000%, 06/15/21 (e)		319
	85	5.500%, 06/15/24 (e)		89
		Community Health Systems, Inc.,
	92	5.125%, 08/01/21		91
	334	6.875%, 02/01/22		277
	320	7.125%, 07/15/20		287
	30	CONSOL Energy, Inc., 5.875%, 04/15/22		29
	306	Consolidated Communications, Inc., 6.500%, 10/01/22		302
		Continental Resources, Inc.,
	152	4.500%, 04/15/23		150
	760	5.000%, 09/15/22		766
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		100
	60	5.875%, 07/01/25		60
	95	6.375%, 10/01/22		98
		Crestwood Midstream Partners LP,
	116	5.750%, 04/01/25 (e)		120
	269	6.250%, 04/01/23		281
	225	Crown Americas LLC, 4.250%, 09/30/26 (e)		220
	EUR 750	Crown European Holdings SA, Reg. S, 4.000%, 07/15/22		912
		CSC Holdings LLC,
	463	5.500%, 04/15/27 (e)		479
	564	6.750%, 11/15/21		620
	205	10.125%, 01/15/23 (e)		238
	20	CSI Compressco LP, 7.250%, 08/15/22		19
	80	Cumberland Farms, Inc., 6.750%, 05/01/25 (e)		83
	137	CURO Financial Technologies Corp., 12.000%, 03/01/22 (e)		145
	921	CVR Partners LP, 9.250%, 06/15/23 (e)		941

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		CyrusOne LP,
	255	5.000%, 03/15/24 (e)		262
	157	5.375%, 03/15/27 (e)		162
	352	Dana Financing Luxembourg SARL, 5.750%, 04/15/25 (e)		361
	71	Dana, Inc., 5.500%, 12/15/24		72
		DaVita, Inc.,
	458	5.125%, 07/15/24		471
	115	5.750%, 08/15/22		119
		DCP Midstream Operating LP,
	430	3.875%, 03/15/23		419
	87	4.950%, 04/01/22		89
	270	6.750%, 09/15/37 (e)		296
	1,287	Dean Foods Co., 6.500%, 03/15/23 (e)		1,358
		Diamond 1 Finance Corp.,
	670	5.875%, 06/15/21 (e)		710
	464	6.020%, 06/15/26 (e)		511
	688	7.125%, 06/15/24 (e)		760
	400	8.350%, 07/15/46 (e)		518
	414	Diebold Nixdorf, Inc., 8.500%, 04/15/24		462
		DISH DBS Corp.,
	145	5.875%, 07/15/22		154
	305	5.875%, 11/15/24		320
	2,229	6.750%, 06/01/21		2,424
	275	7.750%, 07/01/26		322
	399	Dole Food Co., Inc., 7.250%, 06/15/25 (e)		413
	211	Dollar Tree, Inc., 5.750%, 03/01/23		224
	460	Dominion Gas Holdings LLC, 4.600%, 12/15/44		464
	316	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		305
	210	DuPont Fabros Technology LP, 5.875%, 09/15/21		219
		Dynegy, Inc.,
	1,007	5.875%, 06/01/23		889
	190	7.375%, 11/01/22		182
	330	7.625%, 11/01/24		302
	200	8.000%, 01/15/25 (e)		183
	66	Eagle II Acquisition Co. LLC, 6.000%, 04/01/25 (e)		68
	65	Eldorado Resorts, Inc., 7.000%, 08/01/23		70
	3,322	Embarq Corp., 7.995%, 06/01/36		3,384
		EMC Corp.,
	326	2.650%, 06/01/20		319

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	385	3.375%, 06/01/23		371
	220	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		243
		Endo Dac,
	200	5.875%, 10/15/24 (e)		203
	600	6.000%, 07/15/23 (e)		526
		Endo Finance LLC,
	250	5.375%, 01/15/23 (e)		214
	546	5.750%, 01/15/22 (e)		505
	673	Energy Transfer Equity LP, 5.875%, 01/15/24		725
	205	Energy Transfer Partners LP, 5.150%, 02/01/43		198
	275	EnerSys, 5.000%, 04/30/23 (e)		280
		Ensco plc,
	52	4.500%, 10/01/24		43
	115	5.200%, 03/15/25		97
	50	8.000%, 01/31/24		50
	895	Enterprise Products Operating LLC, 4.900%, 05/15/46		936
		Envision Healthcare Corp.,
	162	5.125%, 07/01/22 (e)		164
	524	5.625%, 07/15/22		541
		EP Energy LLC,
	172	7.750%, 09/01/22		138
	1,447	8.000%, 02/15/25 (e)		1,288
	1,158	9.375%, 05/01/20		1,097
		Equinix, Inc.,
	750	5.375%, 01/01/22		793
	47	5.375%, 04/01/23		49
	183	5.750%, 01/01/25		196
	86	5.875%, 01/15/26		93
	328	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		332
	88	EW Scripps Co. (The), 5.125%, 05/15/25 (e)		90
	520	Exelon Corp., 4.450%, 04/15/46		522
	540	Express Scripts Holding Co., 4.800%, 07/15/46 (j)		525
	146	Ferrellgas LP, 6.750%, 06/15/23		141
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		205
		First Data Corp.,
	614	5.000%, 01/15/24 (e)		628
	116	5.375%, 08/15/23 (e)		121
	112	5.750%, 01/15/24 (e)		116
	803	7.000%, 12/01/23 (e)		861

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	97	Flex Acquisition Co., Inc., 6.875%, 01/15/25 (e)		100
		Ford Motor Co.,
	955	4.750%, 01/15/43		899
	265	5.291%, 12/08/46		268
		Freeport-McMoRan, Inc.,
	620	3.550%, 03/01/22		583
	955	3.875%, 03/15/23		886
	392	5.400%, 11/14/34		349
	528	5.450%, 03/15/43		450
		Frontier Communications Corp.,
	285	6.250%, 09/15/21		264
	1,085	8.500%, 04/15/20		1,147
	614	9.250%, 07/01/21		627
	513	10.500%, 09/15/22		516
	632	11.000%, 09/15/25		609
	210	FTI Consulting, Inc., 6.000%, 11/15/22		219
	311	Gartner, Inc., 5.125%, 04/01/25 (e)		322
	732	Gates Global LLC, 6.000%, 07/15/22 (e)		736
	292	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		333
		General Motors Co.,
	385	5.000%, 04/01/35		381
	830	5.200%, 04/01/45		808
	497	Genesis Energy LP, 5.625%, 06/15/24		488
	595	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		659
	845	GenOn Energy, Inc., 9.875%, 10/15/20		524
		Gilead Sciences, Inc.,
	550	4.150%, 03/01/47		519
	370	4.600%, 09/01/35		384
		Global Partners LP,
	165	6.250%, 07/15/22		163
	210	7.000%, 06/15/23		208
	650	GLP Capital LP, 5.375%, 11/01/23		702
	275	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		294
		Goldman Sachs Group, Inc. (The),
	275	3.500%, 11/16/26		273
	460	3.850%, 01/26/27		467
	375	4.750%, 10/21/45		401
	120	Goodman Networks, Inc., 12.225%, 07/01/18 (d)		45
	760	Goodyear Tire & Rubber Co. (The), 4.875%, 03/15/27		760

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	100	Graphic Packaging International, Inc., 4.125%, 08/15/24		100
		Gray Television, Inc.,
	285	5.125%, 10/15/24 (e)		285
	165	5.875%, 07/15/26 (e)		171
	385	Great Plains Energy, Inc., 4.850%, 04/01/47		391
	395	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		398
	9	Guitar Center, Inc., 6.500%, 04/15/19 (e)		8
	520	Halliburton Co., 5.000%, 11/15/45		556
	463	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		421
		Harland Clarke Holdings Corp.,
	200	6.875%, 03/01/20 (e)		205
	216	8.375%, 08/15/22 (e)		222
	430	Harris Corp., 5.054%, 04/27/45		472
	525	HCA Holdings, Inc., 6.250%, 02/15/21		570
		HCA, Inc.,
	289	3.750%, 03/15/19		296
	205	4.250%, 10/15/19		212
	575	5.875%, 03/15/22		638
	1,316	5.875%, 05/01/23		1,432
	535	5.875%, 02/15/26		569
	125	6.500%, 02/15/20		137
	472	7.500%, 02/15/22		543
	5	8.000%, 10/01/18		5
		HD Supply, Inc.,
	65	5.250%, 12/15/21 (e)		68
	330	5.750%, 04/15/24 (e)		351
	335	Hecla Mining Co., 6.875%, 05/01/21		348
	550	Hess Corp., 5.800%, 04/01/47		568
	1,187	Hexion, Inc., 6.625%, 04/15/20		1,122
	801	Hilcorp Energy I LP, 5.000%, 12/01/24 (e)		751
	225	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		227
	250	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		266
		Hilton Worldwide Finance LLC,
	216	4.625%, 04/01/25 (e)		222
	108	4.875%, 04/01/27 (e)		111
	224	Holly Energy Partners LP, 6.000%, 08/01/24 (e)		237
	313	Hologic, Inc., 5.250%, 07/15/22 (e)		330
		Hughes Satellite Systems Corp.,
	484	5.250%, 08/01/26 (e)		492
	174	6.625%, 08/01/26 (e)		179

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	990	IASIS Healthcare LLC, 8.375%, 05/15/19		965
		Icahn Enterprises LP,
	115	5.875%, 02/01/22		118
	114	6.250%, 02/01/22 (e)		119
	114	6.750%, 02/01/24 (e)		119
	1,282	iHeartCommunications, Inc., 9.000%, 12/15/19		1,058
	204	IHS Markit Ltd., 4.750%, 02/15/25 (e)		213
	1,015	ILFC E-Capital Trust I, VAR, 4.660%, 12/21/65 (e)		964
	580	ILFC E-Capital Trust II, VAR, 4.910%, 12/21/65 (e)		557
	303	Infor Software Parent LLC, 7.125% (cash), 05/01/21 (e) (v)		310
		Infor US, Inc.,
	324	5.750%, 08/15/20 (e)		338
	324	6.500%, 05/15/22		337
	163	Informatica LLC, 7.125%, 07/15/23 (e)		160
	110	Intel Corp., 4.100%, 05/19/46		111
		International Game Technology plc,
	375	6.250%, 02/15/22 (e)		409
	400	6.500%, 02/15/25 (e)		438
	EUR 1,000	Reg. S, 4.750%, 02/15/23		1,190
		Iron Mountain, Inc.,
	454	5.750%, 08/15/24		468
	266	6.000%, 10/01/20 (e)		278
	212	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		219
	340	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		355
	245	Jaguar Holding Co. II, 6.375%, 08/01/23 (e)		255
		JC Penney Corp., Inc.,
	450	5.875%, 07/01/23 (e)		455
	4	8.125%, 10/01/19		4
	59	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		59
	45	Johnson Controls International plc, 4.500%, 02/15/47		46
	111	Kaiser Aluminum Corp., 5.875%, 05/15/24		118
	250	KFC Holding Co., 5.250%, 06/01/26 (e)		256
	171	Koppers, Inc., 6.000%, 02/15/25 (e)		179
		Kraft Heinz Foods Co.,
	1,140	4.375%, 06/01/46		1,085
	300	5.000%, 06/04/42		309
	555	Kroger Co. (The), 3.875%, 10/15/46		503
		L Brands, Inc.,
	250	6.750%, 07/01/36		242
	325	6.875%, 11/01/35		321

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	45	L3 Technologies, Inc., 3.850%, 12/15/26		46
	239	Ladder Capital Finance Holdings LLLP, 5.250%, 03/15/22 (e)		245
		Lamar Media Corp.,
	64	5.000%, 05/01/23		67
	432	5.375%, 01/15/24		456
	434	Landry’s, Inc., 6.750%, 10/15/24 (e)		455
		Level 3 Financing, Inc.,
	268	5.125%, 05/01/23		275
	132	5.250%, 03/15/26		136
	197	5.375%, 01/15/24		205
	306	5.375%, 05/01/25		319
	312	5.625%, 02/01/23		324
	5	VAR, 4.762%, 01/15/18		5
	5	Levi Strauss & Co., 5.000%, 05/01/25		5
	251	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		291
	114	LifePoint Health, Inc., 5.500%, 12/01/21		118
		Live Nation Entertainment, Inc.,
	300	4.875%, 11/01/24 (e)		302
	255	5.375%, 06/15/22 (e)		265
	EUR 550	LKQ Italia Bondco SpA, Reg. S, 3.875%, 04/01/24		639
	350	Lockheed Martin Corp., 3.800%, 03/01/45		334
	258	LPL Holdings, Inc., 5.750%, 09/15/25 (e)		262
		Mallinckrodt International Finance SA,
	63	4.750%, 04/15/23		54
	90	5.500%, 04/15/25 (e)		82
	98	5.625%, 10/15/23 (e)		93
	183	5.750%, 08/01/22 (e)		180
	255	Marathon Petroleum Corp., 4.750%, 09/15/44		236
	158	Martin Midstream Partners LP, 7.250%, 02/15/21		162
	263	Masonite International Corp., 5.625%, 03/15/23 (e)		273
	292	MasTec, Inc., 4.875%, 03/15/23		292
	249	Mediacom Broadband LLC, 6.375%, 04/01/23		262
	520	MetLife, Inc., 4.600%, 05/13/46		559
	95	MGM Growth Properties Operating Partnership LP, 5.625%, 05/01/24		102
		MGM Resorts International,
	296	4.625%, 09/01/26		295
	260	6.000%, 03/15/23		284
	250	6.625%, 12/15/21		281
	280	7.750%, 03/15/22		326

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Micron Technology, Inc.,
	660	5.250%, 08/01/23 (e)		683
	529	5.250%, 01/15/24 (e)		545
	60	5.500%, 02/01/25		63
	216	Microsemi Corp., 9.125%, 04/15/23 (e)		248
	300	Microsoft Corp., 4.100%, 02/06/37		312
	35	Momentive Performance Materials USA, Inc., 8.875%, 10/15/20 (d)		–
	247	Momentive Performance Materials, Inc., 3.880%, 10/24/21		245
		Morgan Stanley,
	310	3.625%, 01/20/27		311
	710	4.300%, 01/27/45		709
	911	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		979
	155	MPLX LP, 5.200%, 03/01/47		159
	214	MSCI, Inc., 5.250%, 11/15/24 (e)		227
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
	525	Mylan NV, 5.250%, 06/15/46		539
	264	Nabors Industries, Inc., 5.500%, 01/15/23 (e)		267
		Nationstar Mortgage LLC,
	185	6.500%, 07/01/21		188
	398	6.500%, 06/01/22		400
	766	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		814
	938	Navistar International Corp., 8.250%, 11/01/21		950
	210	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		229
	265	NCL Corp. Ltd., 4.750%, 12/15/21 (e)		272
	350	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		205
		Netflix, Inc.,
	EUR 624	3.625%, 05/15/27		687
	246	4.375%, 11/15/26 (e)		242
	115	5.750%, 03/01/24		124
		New Albertsons, Inc.,
	51	6.625%, 06/01/28		46
	23	7.450%, 08/01/29		22
	30	7.750%, 06/15/26		29
	392	8.000%, 05/01/31		382
	225	8.700%, 05/01/30		223
	382	New Home Co., Inc. (The), 7.250%, 04/01/22 (e)		397
	126	Newfield Exploration Co., 5.625%, 07/01/24		133

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Nexstar Broadcasting, Inc.,
	245	5.625%, 08/01/24 (e)		251
	35	6.125%, 02/15/22 (e)		37
		NGL Energy Partners LP,
	2	5.125%, 07/15/19		2
	301	6.125%, 03/01/25 (e)		281
	325	Nielsen Co. Luxembourg SARL (The), 5.000%, 02/01/25 (e)		325
	783	Nielsen Finance LLC, 5.000%, 04/15/22 (e)		806
	483	Noble Energy, Inc., 5.050%, 11/15/44		499
		Novelis Corp.,
	509	5.875%, 09/30/26 (e)		523
	341	6.250%, 08/15/24 (e)		361
		NRG Energy, Inc.,
	850	6.250%, 05/01/24		847
	215	7.250%, 05/15/26		220
		NRG Yield Operating LLC,
	180	5.000%, 09/15/26 (e)		176
	250	5.375%, 08/15/24		256
	228	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		233
		NuStar Logistics LP,
	156	4.800%, 09/01/20		161
	162	5.625%, 04/28/27		167
	144	6.750%, 02/01/21		156
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		36
	218	Olin Corp., 5.125%, 09/15/27		227
	505	ONEOK Partners LP, 6.200%, 09/15/43		576
	430	Oracle Corp., 4.000%, 07/15/46		420
		Outfront Media Capital LLC,
	33	5.250%, 02/15/22		34
	195	5.625%, 02/15/24		205
	405	5.875%, 03/15/25		428
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		83
	255	5.375%, 01/15/25 (e)		266
	117	6.375%, 08/15/25 (e)		127
	552	Parker Drilling Co., 6.750%, 07/15/22		490
	160	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		165
	268	Pattern Energy Group, Inc., 5.875%, 02/01/24 (e)		275
	167	PBF Holding Co. LLC, 7.000%, 11/15/23		170
	157	PBF Logistics LP, 6.875%, 05/15/23		161
	92	Peabody Energy Corp., 6.000%, 03/31/22 (e)		94

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	75	Penn Virginia Corp., 8.500%, 05/01/20 (d)		1
	293	Penske Automotive Group, Inc., 5.500%, 05/15/26		292
	80	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		83
	249	PetSmart, Inc., 7.125%, 03/15/23 (e)		227
	290	Philip Morris International, Inc., 4.875%, 11/15/43		316
	725	Phillips 66, 4.875%, 11/15/44		747
	150	Phillips 66 Partners LP, 4.900%, 10/01/46		147
	329	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		342
	111	Plantronics, Inc., 5.500%, 05/31/23 (e)		113
	300	PolyOne Corp., 5.250%, 03/15/23		308
		Post Holdings, Inc.,
	250	5.000%, 08/15/26 (e)		249
	265	5.500%, 03/01/25 (e)		277
	241	5.750%, 03/01/27 (e)		249
	90	Prestige Brands, Inc., 6.375%, 03/01/24 (e)		96
	1,250	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		1,366
	115	Provident Funding Associates LP, 6.750%, 06/15/21 (e)		118
	525	Prudential Financial, Inc., 4.600%, 05/15/44		560
	EUR 200	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		229
	15	PVH Corp., 4.500%, 12/15/22		15
	291	Qorvo, Inc., 6.750%, 12/01/23		316
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		10
	475	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		480
		Quintiles IMS, Inc.,
	EUR 500	3.250%, 03/15/25 (e)		547
	230	4.875%, 05/15/23 (e)		236
	345	Qwest Capital Funding, Inc., 7.750%, 02/15/31		334
	120	Qwest Corp., 7.250%, 09/15/25		132
	230	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		244
	211	Radian Group, Inc., 7.000%, 03/15/21		235
	25	Radio Systems Corp., 8.375%, 11/01/19 (e)		26
		Range Resources Corp.,
	305	4.875%, 05/15/25		293
	171	5.000%, 03/15/23 (e)		169
		Regal Entertainment Group,
	230	5.750%, 03/15/22		240
	50	5.750%, 06/15/23		53
	160	5.750%, 02/01/25		166

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Revlon Consumer Products Corp.,
	110	5.750%, 02/15/21		109
	924	6.250%, 08/01/24		899
	555	Reynolds American, Inc., 4.450%, 06/12/25		592
		Rite Aid Corp.,
	611	6.125%, 04/01/23 (e)		605
	5	6.750%, 06/15/21		5
	172	Rockies Express Pipeline LLC, 5.625%, 04/15/20 (e)		184
	1	Royal Caribbean Cruises Ltd., 7.500%, 10/15/27		1
		RSP Permian, Inc.,
	150	5.250%, 01/15/25 (e)		152
	360	6.625%, 10/01/22		380
		Sabre GLBL, Inc.,
	40	5.250%, 11/15/23 (e)		41
	110	5.375%, 04/15/23 (e)		115
		Sally Holdings LLC,
	75	5.500%, 11/01/23		76
	92	5.625%, 12/01/25		95
		SBA Communications Corp.,
	228	4.875%, 07/15/22		235
	103	4.875%, 09/01/24 (e)		104
		Scientific Games International, Inc.,
	510	7.000%, 01/01/22 (e)		546
	430	10.000%, 12/01/22		466
	157	Scotts Miracle-Gro Co. (The), 5.250%, 12/15/26 (e)		162
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		109
	410	5.125%, 12/01/24 (e)		430
	100	5.250%, 04/01/23 (e)		106
	200	5.500%, 09/15/25 (e)		214
		SemGroup Corp.,
	228	5.625%, 07/15/22		228
	65	5.625%, 11/15/23		64
	1,100	Seminole Hard Rock Entertainment, Inc., 5.875%, 05/15/21 (e)		1,116
		Sensata Technologies BV,
	388	4.875%, 10/15/23 (e)		392
	38	5.000%, 10/01/25 (e)		39
	7	5.625%, 11/01/24 (e)		7
	200	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		216

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Service Corp. International,
	335	5.375%, 05/15/24		354
	80	8.000%, 11/15/21		94
	EUR 300	Silgan Holdings, Inc., Reg. S, 3.250%, 03/15/25		330
		Sinclair Television Group, Inc.,
	10	5.375%, 04/01/21		10
	247	5.625%, 08/01/24 (e)		257
	115	6.125%, 10/01/22		120
		Sirius XM Radio, Inc.,
	148	4.625%, 05/15/23 (e)		151
	430	5.375%, 04/15/25 (e)		441
	431	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		435
		SM Energy Co.,
	241	5.625%, 06/01/25		230
	19	6.500%, 01/01/23		19
	100	6.750%, 09/15/26		101
	430	Solera LLC, 10.500%, 03/01/24 (e)		491
	105	Sonic Automotive, Inc., 6.125%, 03/15/27 (e)		106
	440	Southern Power Co., Series F, 4.950%, 12/15/46		443
	465	Spectra Energy Partners LP, 4.500%, 03/15/45		449
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10
	398	Springleaf Finance Corp., 7.750%, 10/01/21		425
		Sprint Capital Corp.,
	177	6.900%, 05/01/19		190
	680	8.750%, 03/15/32		837
		Sprint Communications, Inc.,
	350	7.000%, 03/01/20 (e)		383
	255	7.000%, 08/15/20		276
	102	8.375%, 08/15/17		104
	750	9.000%, 11/15/18 (e)		820
		Sprint Corp.,
	1,516	7.125%, 06/15/24		1,649
	629	7.250%, 09/15/21		688
	580	7.625%, 02/15/25		647
	907	7.875%, 09/15/23		1,018
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		130
	508	Standard Industries, Inc., 6.000%, 10/15/25 (e)		542

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Steel Dynamics, Inc.,
	190	5.000%, 12/15/26 (e)		194
	301	5.500%, 10/01/24		318
	285	6.375%, 08/15/22		296
	255	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		263
	5	Stone Energy Corp., 7.500%, 05/31/22		5
	675	Summit Materials LLC, 6.125%, 07/15/23		707
		Summit Midstream Holdings LLC,
	208	5.500%, 08/15/22		208
	304	5.750%, 04/15/25		308
	730	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45 (j)		729
		Sunoco LP,
	229	6.250%, 04/15/21		242
	320	6.375%, 04/01/23		340
		SUPERVALU, Inc.,
	630	6.750%, 06/01/21		644
	1,185	7.750%, 11/15/22		1,214
	364	Symantec Corp., 5.000%, 04/15/25 (e)		376
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		116
	3	4.625%, 07/15/19 (e)		3
	100	6.500%, 06/01/25		79
	375	9.500%, 07/15/22 (e)		351
	310	Tallgrass Energy Partners LP, 5.500%, 09/15/24 (e)		312
		Targa Resources Partners LP,
	431	4.250%, 11/15/23		427
	422	5.125%, 02/01/25 (e)		436
	60	5.250%, 05/01/23		62
	125	5.375%, 02/01/27 (e)		130
	100	6.750%, 03/15/24		109
	553	Team Health Holdings, Inc., 6.375%, 02/01/25 (e)		540
		TEGNA, Inc.,
	30	5.125%, 07/15/20		31
	200	5.500%, 09/15/24 (e)		205
	605	6.375%, 10/15/23		643
	310	Teleflex, Inc., 5.250%, 06/15/24		319
	265	Tempur Sealy International, Inc., 5.625%, 10/15/23		271
		Tenet Healthcare Corp.,
	420	4.375%, 10/01/21		419
	267	4.500%, 04/01/21		267

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	90	4.750%, 06/01/20		91
	130	5.500%, 03/01/19		131
	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		167
	115	7.500%, 01/01/22 (e)		123
	223	8.000%, 08/01/20		228
	116	8.125%, 04/01/22		118
	320	VAR, 4.631%, 06/15/20		322
	148	Tennant Co., 5.625%, 05/01/25 (e)		154
	482	Terex Corp., 5.625%, 02/01/25 (e)		493
	500	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		555
		TerraForm Power Operating LLC,
	100	SUB, 6.375%, 02/01/23 (e)		103
	487	SUB, 6.625%, 06/15/25 (e)		515
	226	Tesoro Corp., 5.125%, 12/15/26 (e)		241
		Tesoro Logistics LP,
	315	5.250%, 01/15/25		334
	576	6.250%, 10/15/22		618
	175	6.375%, 05/01/24		191
	1,000	TEXAS Co., 11.500%, 10/01/20 (d)		3
	261	Titan International, Inc., 6.875%, 10/01/20		268
		T-Mobile USA, Inc.,
	326	5.125%, 04/15/25		343
	217	5.375%, 04/15/27		232
	121	6.000%, 03/01/23		129
	862	6.000%, 04/15/24		934
	696	6.375%, 03/01/25		761
	400	6.500%, 01/15/26		443
	346	6.625%, 04/01/23		370
	442	6.836%, 04/28/23		474
	175	Toll Brothers Finance Corp., 5.625%, 01/15/24		188
	247	Tops Holding LLC, 8.000%, 06/15/22 (e)		216
		TransDigm, Inc.,
	462	5.500%, 10/15/20		472
	821	6.000%, 07/15/22		846
	369	6.375%, 06/15/26		372
	10	6.500%, 07/15/24		10
	259	6.500%, 05/15/25 (e)		265
	464	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		473

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Transocean, Inc.,
	223	5.800%, 10/15/22		207
	984	6.800%, 03/15/38		787
	251	7.500%, 04/15/31		224
	798	9.000%, 07/15/23 (e)		851
	268	9.100%, 12/15/41		249
	EUR 600	Trinseo Materials Operating SCA, Reg. S, 6.375%, 05/01/22		699
	438	Tutor Perini Corp., 6.875%, 05/01/25 (e)		460
		Ultra Resources, Inc.,
	467	6.875%, 04/15/22 (e)		472
	167	7.125%, 04/15/25 (e)		166
	412	Unifrax I LLC, 7.500%, 02/15/19 (e)		412
	131	Unit Corp., 6.625%, 05/15/21		130
	645	United Continental Holdings, Inc., 5.000%, 02/01/24		648
		United Rentals North America, Inc.,
	700	5.500%, 07/15/25		731
	90	5.500%, 05/15/27		93
	550	5.750%, 11/15/24		580
	121	United States Steel Corp., 8.375%, 07/01/21 (e)		133
		Uniti Group, Inc.,
	257	6.000%, 04/15/23 (e)		267
	186	7.125%, 12/15/24 (e)		191
	254	Univar USA, Inc., 6.750%, 07/15/23 (e)		265
		Univision Communications, Inc.,
	285	5.125%, 05/15/23 (e)		290
	982	5.125%, 02/15/25 (e)		978
	613	6.750%, 09/15/22 (e)		642
	215	US Concrete, Inc., 6.375%, 06/01/24		225
	196	USIS Merger Sub, Inc., 6.875%, 05/01/25 (e)		199
		Valeant Pharmaceuticals International, Inc.,
	603	5.875%, 05/15/23 (e)		446
	411	6.125%, 04/15/25 (e)		303
	564	6.375%, 10/15/20 (e)		484
	162	6.500%, 03/15/22 (e)		166
	236	6.750%, 08/15/18 (e)		235
	503	6.750%, 08/15/21 (e)		415
	492	7.000%, 10/01/20 (e)		432
	353	7.000%, 03/15/24 (e)		360
	259	7.250%, 07/15/22 (e)		208
	299	7.500%, 07/15/21 (e)		248

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Verizon Communications, Inc.,
	855	4.125%, 08/15/46		746
	330	4.272%, 01/15/36		308
	130	4.862%, 08/21/46		126
	495	5.012%, 04/15/49 (e)		486
	290	Versum Materials, Inc., 5.500%, 09/30/24 (e)		301
	1,246	Vertiv Group Corp., 9.250%, 10/15/24 (e)		1,338
	290	Viacom, Inc., 4.375%, 03/15/43		258
	33	Weatherford International LLC, 6.800%, 06/15/37		31
		Weatherford International Ltd.,
	269	4.500%, 04/15/22		254
	120	5.950%, 04/15/42		105
	432	6.500%, 08/01/36		408
	77	6.750%, 09/15/40		73
	273	7.000%, 03/15/38		262
	214	8.250%, 06/15/23		232
	2	9.875%, 02/15/24 (e)		2
	547	West Corp., 5.375%, 07/15/22 (e)		552
		Western Digital Corp.,
	246	7.375%, 04/01/23 (e)		269
	349	10.500%, 04/01/24		412
	40	Western Gas Partners LP, 5.450%, 04/01/44		42
	221	Western Refining Logistics LP, 7.500%, 02/15/23		239
	1,149	Whiting Petroleum Corp., 5.000%, 03/15/19		1,160
		Williams Cos., Inc. (The),
	275	3.700%, 01/15/23		271
	265	5.750%, 06/24/44		274
	21	Series A, 7.500%, 01/15/31		25
	142	7.750%, 06/15/31		168
		Windstream Services LLC,
	135	7.500%, 06/01/22		131
	194	7.500%, 04/01/23		183
	143	7.750%, 10/01/21		144
		WMG Acquisition Corp.,
	EUR 400	4.125%, 11/01/24 (e)		458
	75	4.875%, 11/01/24 (e)		76
	55	5.000%, 08/01/23 (e)		56
	405	5.625%, 04/15/22 (e)		422
	380	6.750%, 04/15/22 (e)		401
	EUR 150	Reg. S, 4.125%, 11/01/24		171
	240	Wynn Las Vegas LLC, 5.375%, 03/15/22		248

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		XPO Logistics, Inc.,
	245	6.125%, 09/01/23 (e)		257
	200	6.500%, 06/15/22 (e)		212
	20	Xylem, Inc., 4.375%, 11/01/46		20
		Zayo Group LLC,
	457	5.750%, 01/15/27 (e)		485
	196	6.000%, 04/01/23		208
	245	6.375%, 05/15/25		265
				234,271
		Total Corporate Bonds (Cost $336,800)		347,033
	Foreign Government Securities — 4.0%
		Australia — 0.8%
	AUD 17,000	Republic of Australia, Reg. S, 5.250%, 03/15/19		13,567
		Canada — 0.5%
	CAD 11,600	Republic of Canada, 1.750%, 03/01/19		8,661
		France — 0.1%
	EUR 1,700	Republic of France, Reg. S, 3.250%, 05/25/45		2,438
		Italy — 0.4%
		Republic of Italy,
	EUR 4,000	0.450%, 06/01/21		4,327
	EUR 980	Reg. S, 3.500%, 03/01/30 (e)		1,181
	EUR 580	Reg. S, 4.750%, 09/01/44 (e)		791
				6,299
		Japan — 1.2%
		Government of Japan,
	JPY 1,830,000	0.100%, 06/20/26		16,589
	JPY 270,000	0.100%, 12/20/26		2,444
				19,033
		Spain — 0.2%
	EUR 3,300	Kingdom of Spain, Reg. S, 4.000%, 04/30/20 (e)		4,034
		United Kingdom — 0.8%
		United Kingdom Gilt,
	GBP 4,026	Reg. S, 1.000%, 09/07/17		5,231
	GBP 5,300	Reg. S, 1.500%, 07/22/26		7,155
				12,386
		Total Foreign Government Securities (Cost $68,272)		66,418

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Investment Company — 2.8%
	5,593	JPMorgan Emerging Markets Debt Fund, Class R6 Shares (b) (Cost $46,487)		46,198
PRINCIPAL AMOUNT
	Loan Assignments — 0.5%
		Canada — 0.1%
	288	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		193
	834	MEG Energy Corp., 1st Lien Term B Loan, VAR, 4.540%, 12/31/23		835
				1,028
		United States — 0.4%
	72	Avaya, Inc., DIP Term Loan, VAR, 8.500%, 01/24/18 (d)		74
	145	Avaya, Inc., Extending Tranche Term Loan B-3, VAR, 5.670%, 10/26/17 ^		121
	185	Avaya, Inc., Term Loan B-6, VAR, 6.532%, 03/31/18 (d)		154
	75	Berry Plastics Corp., Term Loan L, VAR, 3.239%, 01/06/21		75
	386	California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.375%, 08/05/21		424
	856	Chesapeake Energy Corp., 1st Lien Last Out Term Loan, VAR, 8.553%, 08/23/21 ^		924
	212	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		213
	84	Citgo Holding, Inc., Term Loan, VAR, 9.647%, 05/12/18 ^		85
	211	Consolidated Communications, Inc., Term Loan B-2, VAR, 4.000%, 10/05/23 ^		212
	232	Cortes NP Acquisition Corp., Term Loan B, VAR, 5.030%, 11/30/23		233
	164	Dell Software Group, Term Loan, VAR, 7.000%, 10/31/22		167
	100	Delta 2 Sarl, USD Facility B-3 Term Loan, VAR, 4.568%, 07/30/21		100
	495	First Data Corp., Term Loan B, VAR, 3.988%, 07/08/22		495
	48	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		46
	284	Genesys Telecommunications Laboratories, Inc., Term Loan B, VAR, 5.158%, 12/01/23		286
	213	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.743%, 09/01/22		214
	71	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.500%, 12/09/20		72

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	153	Landry’s, Inc., 1st Lien Term Loan, VAR, 3.733%, 10/04/23		153
	201	Microsemi Corp., Closing Date Term B Loan, VAR, 3.226%, 01/15/23		202
	574	Moran Foods LLC, Term Loan B, VAR, 7.000%, 11/29/23		570
	71	MTL Publishing LLC, Term B-4 Loan, VAR, 3.736%, 08/22/22		71
	107	On Semiconductor Corp., 1st Lien Term Loan B, VAR, 3.243%, 03/31/23		108
	205	Petco Animal Supplies, Inc., 1st Lien Term Loan B-1, VAR, 4.172%, 01/26/23		186
	125	PetSmart, Inc., Term Loan B, VAR, 4.020%, 03/11/22 ^		114
	191	Revlon Consumer Products Corp., Term Loan B, VAR, 4.493%, 09/07/23		191
	5	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5
	186	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		183
	165	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.172%, 04/23/19		151
	8	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.147%, 04/23/19		7
	410	Ultra Resources, Inc., Term Loan, VAR, 4.000%, 04/12/24 ^		408
	619	Viskase Corp., Inc., Initial Term Loan, VAR, 4.397%, 01/30/21		591
	448	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		449
	180	XPO Logistics, Inc., Term loan B, VAR, 3.405%, 11/01/21		181
				7,465
		Total Loan Assignments (Cost $8,475)		8,493
NUMBER OF CONTRACTS
	Options Purchased — 0.4%
		United States — 0.4%
		Call Options Purchased — 0.4%
	1,928	Euro STOXX 50 Index, expiring 06/16/17 at EUR 3,400.00, European Style (a)		3,423
	18,560	iShares MSCI Emerging Markets Index, expiring 06/16/17 at $40.50, American Style (a)		1,179
	231	Newell Brands, Inc., expiring 01/19/18 at $50.00, American Style (a)		65

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

NUMBER OF CONTRACTS			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Options Purchased — continued
			Call Options Purchased — continued
	437		S&P 500 Index, expiring 06/16/17 at $2,375.00, European Style (a)		1,523
			Total Options Purchased (Cost $6,324)		6,190
SHARES
	Preferred Stocks — 0.0% (g)
			Bermuda — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, VAR, 3.354%, 06/13/17 ($1,000 par value) @		74
			United States — 0.0% (g)
	1		GMAC Capital Trust I, Series 2, VAR, 6.824%, 02/15/40 ($25 par value)		16
			Total Preferred Stocks (Cost $88)		90
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			United States — 0.0% (g)
	44		MEDIA GEN, Inc. CVR (a)		—	(h)
	17		Vistra Energy Corp. (a)		20
			Total Rights (Cost $—)		20
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 1.5%
			U.S. Treasury Bond,
	3,100		3.625%, 08/15/43		3,495
	4,000		3.750%, 08/15/41		4,597
	800		5.375%, 02/15/31		1,079
	870		6.125%, 08/15/29		1,216
			U.S. Treasury Note,
	12,125		0.750%, 01/31/18 (k)		12,097
	2,448		2.125%, 05/15/25		2,433
			Total U.S. Treasury Obligations (Cost $26,280)		24,917
SHARES
	Short-Term Investments — 15.8%
			Foreign Government Treasury Bills — 3.9%
			Canadian Treasury Bill,
	CAD 21,336		0.515%, 08/24/17 (n)		15,604
	CAD 21,358		0.556%, 10/19/17 (n)		15,605
	CAD 21,370		0.574%, 11/16/17 (n)		15,608
	CAD 23,254		0.584%, 12/14/17 (n)		16,976
			Total Foreign Government Treasury Bills (Cost $65,950)		63,793

SHARES			SECURITY DESCRIPTION	VALUE
			Investment Company — 11.9%
	196,570		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l)		196,570
			Total Short-Term Investments (Cost $262,520)		260,363
			Total Investments — 99.7% (Cost $1,528,900)		1,643,473
			Other Assets in Excess of Liabilities — 0.3%		5,176
			NET ASSETS — 100.0%	$	1,648,649
	Short Positions — 1.3%
	Common Stocks — 1.3%
			Bermuda — 0.0% (g)
	1		RenaissanceRe Holdings Ltd.		102
			Canada — 0.0% (g)
	1		Agrium, Inc.		104
	18		Enbridge, Inc.		753
					857
			Sweden — 0.0% (g)
	1		Autoliv, Inc.		101
			United States — 1.3%
	2		AbbVie, Inc.		123
	1		Aflac, Inc.		108
	2		AGCO Corp.		114
	3		Air Lease Corp.		104
	1		Air Products & Chemicals, Inc.		115
	2		American Airlines Group, Inc.		100
	1		AmerisourceBergen Corp.		101
	1		Amgen, Inc.		108
	2		Amphenol Corp., Class A		116
	1		AptarGroup, Inc.		116
	3		Aqua America, Inc.		112
	1		AutoZone, Inc. (a)		896
	2		Axis Capital Holdings Ltd.		106
	2		Baxter International, Inc.		112
	2		Bed Bath & Beyond, Inc.		91
	3		Bemis Co., Inc.		154
	1		Boeing Co. (The)		109
	1		Cardinal Health, Inc.		100
	1		Carter’s, Inc.		113
	1		CBS Corp. (Non-Voting), Class B		100
	1		CH Robinson Worldwide, Inc.		95
	—	(h)	Chipotle Mexican Grill, Inc. (a)		124
	2		Church & Dwight Co., Inc.		111

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE
	Short Positions — continued
	Common Stocks — continued
			United States — continued
	3		Cisco Systems, Inc.		117
	1		Clorox Co. (The)		118
	1		CME Group, Inc.		104
	2		Consolidated Edison, Inc.		119
	6		Coty, Inc., Class A		114
	—	(h)	CR Bard, Inc.		145
	1		Crown Castle International Corp.		112
	12		CVS Health Corp.		954
	1		Darden Restaurants, Inc.		127
	1		Digital Realty Trust, Inc.		121
	2		Dominion Resources, Inc.		119
	3		Domtar Corp.		112
	3		Donaldson Co., Inc.		121
	1		Duke Energy Corp.		113
	5		Edgewell Personal Care Co. (a)		375
	2		Emerson Electric Co.		115
	1		Equifax, Inc.		111
	2		Eversource Energy		112
	1		Exxon Mobil Corp.		101
	2		Fastenal Co.		104
	1		Federal Realty Investment Trust		102
	4		Federated Investors, Inc., Class B		99
	4		Fifth Third Bancorp		93
	5		First Horizon National Corp.		94
	40		Ford Motor Co.		458
	3		Franklin Resources, Inc.		112
	6		Fulton Financial Corp.		106
	16		General Mills, Inc.		926
	16		General Motors Co.		540
	2		Greif, Inc., Class A		117
	1		Hasbro, Inc.		110
	4		Healthcare Realty Trust, Inc.		115
	3		Healthcare Trust of America, Inc., Class A		104
	2		Helmerich & Payne, Inc.		93
	1		Hershey Co. (The)		107
	2		Hess Corp.		110
	1		Illinois Tool Works, Inc.		115
	3		Intel Corp.		106
	2		International Paper Co.		122
	4		Interpublic Group of Cos., Inc. (The)		103
	1		JB Hunt Transport Services, Inc.		105
	1		Johnson & Johnson		108
	4		Juniper Networks, Inc.		122
	17		Kellogg Co.		1,199

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	3	Kohl’s Corp.		104
	1	LyondellBasell Industries NV, Class A		106
	1	M&T Bank Corp.		177
	7	Marathon Oil Corp.		98
	1	Medtronic plc		110
	8	Molson Coors Brewing Co., Class B		782
	4	Murphy Oil Corp.		103
	2	Nasdaq, Inc.		105
	2	National Fuel Gas Co.		104
	3	National Oilwell Varco, Inc.		95
	3	NetApp, Inc.		107
	3	Noble Energy, Inc.		101
	2	Nordstrom, Inc.		108
	5	Omnicom Group, Inc.		452
	2	ONEOK, Inc.		105
	2	O’Reilly Automotive, Inc. (a)		513
	1	Packaging Corp. of America		112
	6	People’s United Financial, Inc.		99
	1	Praxair, Inc.		118
	2	Principal Financial Group, Inc.		110
	1	Prudential Financial, Inc.		108
	1	Ralph Lauren Corp.		109
	2	Republic Services, Inc.		112
	1	salesforce.com, Inc. (a)		116
	15	Sally Beauty Holdings, Inc. (a)		292
	2	SCANA Corp.		107
	1	Schlumberger Ltd.		103
	1	Scripps Networks Interactive, Inc., Class A		100
	2	Seagate Technology plc		98
	13	Sealed Air Corp.		572
	1	Simon Property Group, Inc.		161
	2	Sonoco Products Co.		105
	2	Southern Co. (The)		119
	1	Stryker Corp.		122
	2	Sysco Corp.		108
	6	Tanger Factory Outlet Centers, Inc.		203
	2	Target Corp.		96
	1	Torchmark Corp.		107
	1	Travelers Cos., Inc. (The)		102
	7	Twitter, Inc. (a)		120
	3	UDR, Inc.		116
	4	United Parcel Service, Inc., Class B		470
	1	United Technologies Corp.		110
	2	US Bancorp		114

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE
	Short Positions — continued
	Common Stocks — continued
		United States — continued
	1	Varian Medical Systems, Inc. (a)		121
	2	Ventas, Inc.		116
	2	Wal-Mart Stores, Inc.		113
	2	Waste Management, Inc.		112
	2	Webster Financial Corp.		101
	2	Welltower, Inc.		121
	2	Whirlpool Corp.		340
	4	Whole Foods Market, Inc.		134
	1	Willis Towers Watson plc		110
	2	WR Berkley Corp.		119
	2	Xilinx, Inc.		123
				20,897
		Total Securities Sold Short (Proceeds $22,278)		21,957

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY (LONG)	PERCENTAGE
Banks		5.9	%
Foreign Government Securities		4.1
Oil, Gas & Consumable Fuels		4.1
Media		3.3
Pharmaceuticals		3.3
Mutual Funds		2.9
Diversified Telecommunication Services		2.7
Asset-Backed Securities		2.7
Insurance		2.5
Health Care Providers & Services		2.2
Collateralized Mortgage Obligations		2.1
Hotels, Restaurants & Leisure		1.9
Internet Software & Services		1.9
Metals & Mining		1.9
Capital Markets		1.8
Automobiles		1.8
IT Services		1.8
Software		1.7
Chemicals		1.5
Semiconductors & Semiconductor Equipment		1.4
Food & Staples Retailing		1.3
Wireless Telecommunication Services		1.3
Electric Utilities		1.3
Industrial Conglomerates		1.2
Food Products		1.2
Beverages		1.2
Technology Hardware, Storage & Peripherals		1.1
Household Durables		1.1
Machinery		1.1
Internet & Direct Marketing Retail		1.0
Containers & Packaging		1.0
Others (each less than 1.0%)		19.9
Short-Term Investments		15.8

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2017

INDUSTRY (SHORT)	PERCENTAGE
Food Products		10.2	%
Specialty Retail		8.2
Oil, Gas & Consumable Fuels		6.2
Food & Staples Retailing		6.0
Containers & Packaging		5.9
Equity Real Estate Investment Trusts (REITs)		5.8
Automobiles		4.5
Insurance		4.4
Banks		3.6
Beverages		3.6
Media		3.4
Health Care Equipment & Supplies		2.8
Air Freight & Logistics		2.6
Personal Products		2.2
Chemicals		2.0

INDUSTRY (SHORT)	PERCENTAGE
Capital Markets		1.9	%
Machinery		1.6
Multi-Utilities		1.6
Electric Utilities		1.6
Household Durables		1.5
Multiline Retail		1.4
Energy Equipment & Services		1.3
Hotels, Restaurants & Leisure		1.1
Communications Equipment		1.1
Biotechnology		1.1
Household Products		1.0
Semiconductors & Semiconductor Equipment		1.0
Commercial Services & Supplies		1.0
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		10.4

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	357		TOPIX Index		06/08/17		JPY		49,073			(192	)
	51		Euro STOXX 50 Index		06/16/17		USD		1,949			103
	19		FTSE 100 Index		06/16/17		USD		1,763			(26	)
	1,674		Mini MSCI Emerging Markets Index		06/16/17		USD		81,942			3,230
	219		Mini Russell 2000		06/16/17		USD		15,313			143
	349		Euro FX		06/19/17		USD		47,643			333
			Short Futures Outstanding
	(22	)	Euro-Buxl 30-Year Bond		06/08/17		EUR		(4,054	)		(41	)
	(81	)	10 Year Japanese Government Bond		06/12/17		JPY		(10,974	)		(70	)
	(13	)	E-mini S&P 500		06/16/17		USD		(1,547	)		(6	)
	(266	)	Euro STOXX 50 Index		06/16/17		USD		(10,166	)		(19	)
	(44	)	10 Year U.S. Treasury Note		06/21/17		USD		(5,532	)		(12	)
	(17	)	U.S. Treasury Long Bond		06/21/17		USD		(2,600	)		(49	)
												3,394

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	469	EUR	National Australia Bank		05/03/17		511		511		—	(h)
	5,297	EUR	Australia and New Zealand Banking Group Ltd.		06/30/17		5,776		5,788		12
	529	EUR	Morgan Stanley		06/30/17		563		578		15
	2,648	EUR	National Australia Bank		06/30/17		2,853		2,894		41
	165	GBP	National Australia Bank		06/30/17		206		214		8
							9,909		9,985		76

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	831		AUD	Australia and New Zealand Banking Group Ltd.		06/30/17		621		621		—	(h)
	17,217		AUD	National Australia Bank		06/30/17		13,071		12,879		192
	85,069		CAD	Citibank, N.A.		05/31/17		62,780		62,345		435
	1,861		CAD	State Street Corp.		05/31/17		1,372		1,363		9
	11,904		CAD	National Australia Bank		06/30/17		8,886		8,729		157
	1,032		EUR	Australia and New Zealand Banking Group Ltd.		06/30/17		1,129		1,127		2
	503		EUR	Goldman Sachs International		06/30/17		549		549		—	(h)
	3,207		EUR	HSBC Bank, N.A.		06/30/17		3,497		3,504		(7	)
	3,680		EUR	Merrill Lynch International		06/30/17		3,922		4,021		(99	)
	469		EUR	National Australia Bank		06/30/17		513		513		—	(h)
	82,450		EUR	Societe Generale		06/30/17		89,921		90,090		(169	)
	129		EUR	Standard Chartered Bank		06/30/17		137		141		(4	)
	4,060		GBP	National Australia Bank		05/31/17		5,209		5,264		(55	)
	8,259		GBP	National Australia Bank		06/30/17		10,427		10,716		(289	)
	1,995,894		JPY	National Australia Bank		06/30/17		18,099		17,948		151
								220,133		219,810		323

Total Return Basket Swaps* Outstanding at April 30, 2017
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		VALUE**
	Bank of America, NA	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions within the swap.		10/31/18	$	—	(h)

* See the accompanying “Additional Information — Total Return Basket Swaps” for further details.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2017

JPMorgan Global Allocation Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stock
United Kingdom — 0.0% (g)
Persimmon plc. (a)		—	(h)		3		3		—	(h)
Cash and Other Receivables/(Payables) (4)									—
Financing Costs									—
Net Dividends Receivable/(Payable)									—
Outstanding Swap Contract, at value									—	(h)

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, 2017 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

(3) Value represents the unrealized gain(loss) of the positions subsequent to the swap reset.

(4) Cash and other receivables/(payables) includes the gains (or losses) realized from purchases and sales within the swap.

(a) Non-income producing security.

(g) Amount rounds to less than 0.05%.

(h) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 41

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.4%
		United States — 4.4%
		ABFC Trust,
	307	Series 2003-OPT1, Class A1A, VAR, 1.811%, 04/25/33		298
	1,840	Series 2004-HE1, Class M1, VAR, 1.891%, 03/25/34		1,787
	1,307	Series 2004-OPT3, Class M1, VAR, 1.741%, 09/25/33		1,233
	3,005	Series 2004-OPT5, Class A1, VAR, 1.691%, 06/25/34		2,844
	1,558	Series 2005-WF1, Class M1, VAR, 1.531%, 11/25/34		1,512
	1,099	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.861%, 01/25/35		1,016
		ACE Securities Corp. Home Equity Loan Trust,
	1,236	Series 2003-FM1, Class M1, VAR, 2.281%, 11/25/32		1,122
	1,397	Series 2003-HE1, Class M1, VAR, 1.966%, 11/25/33		1,343
	885	Series 2003-NC1, Class M1, VAR, 2.161%, 07/25/33		849
	4,090	Series 2003-OP1, Class M1, VAR, 2.041%, 12/25/33		3,909
	1,100	Series 2004-HE2, Class M1, VAR, 2.026%, 10/25/34		1,045
	1,753	Series 2004-HE4, Class M2, VAR, 1.966%, 12/25/34		1,705
	4,399	Series 2004-OP1, Class M2, VAR, 2.556%, 04/25/34		4,183
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	709	Series 2002-AR1, Class M1, VAR, 2.056%, 09/25/32		654
	1,347	Series 2003-13, Class M1, VAR, 2.011%, 01/25/34		1,240
	573	Series 2003-13, Class M2, VAR, 3.541%, 01/25/34		545
	916	Series 2004-R1, Class A2, VAR, 1.591%, 02/25/34		817
	4,444	Series 2004-R1, Class M1, VAR, 1.786%, 02/25/34		4,127
	514	Series 2004-R1, Class M2, VAR, 1.861%, 02/25/34		475
	42	Series 2004-R3, Class A1B, VAR, 1.691%, 05/25/34		42
	314	Series 2004-R8, Class M1, VAR, 1.951%, 09/25/34		313

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,237	Series 2003-W5, Class M2, VAR, 3.766%, 10/25/33		1,184
	763	Series 2004-W2, Class M2, VAR, 2.866%, 04/25/34		738
	563	Series 2004-W2, Class M3, VAR, 3.091%, 04/25/34		521
	2,052	Series 2004-W3, Class A3, VAR, 1.811%, 02/25/34		1,879
	1,831	Series 2004-W4, Class A, VAR, 1.511%, 03/25/34		1,659
	1,352	Series 2004-W6, Class M1, VAR, 1.816%, 05/25/34		1,298
	551	Series 2004-W7, Class M2, VAR, 1.891%, 05/25/34		513
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,306	Series 2001-HE3, Class A1, VAR, 1.534%, 11/15/31		2,185
	177	Series 2003-HE3, Class M2, VAR, 3.994%, 06/15/33		170
	1,717	Series 2003-HE4, Class M1, VAR, 2.239%, 08/15/33		1,632
	1,849	Series 2004-HE2, Class M2, VAR, 2.866%, 04/25/34		1,697
	1,279	Series 2004-HE7, Class M2, VAR, 2.566%, 10/25/34		1,219
	873	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		855
	394	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		390
		Bear Stearns Asset-Backed Securities I Trust,
	5,364	Series 2004-HE6, Class M2, VAR, 2.866%, 08/25/34		5,131
	2,286	Series 2004-HE11, Class M2, VAR, 2.556%, 12/25/34		2,242
		Bear Stearns Asset-Backed Securities Trust,
	879	Series 2003-1, Class M1, VAR, 2.641%, 11/25/42		835
	560	Series 2003-SD1, Class A, VAR, 1.891%, 12/25/33		534
	869	Series 2003-SD1, Class M1, VAR, 2.266%, 12/25/33		829
	1,588	Series 2004-HE2, Class M2, VAR, 2.791%, 03/25/34		1,527

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	2,142	Series 2004-SD4, Class A1, VAR, 1.891%, 08/25/44		2,047
	635	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 2.341%, 08/25/33		614
		Centex Home Equity Loan Trust,
	5,991	Series 2004-A, Class M1, VAR, 1.591%, 01/25/34		5,688
	799	Series 2004-C, Class M2, VAR, 1.786%, 06/25/34		693
	603	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		579
	1,640	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,175
	258	Series 2004-D, Class MV2, VAR, 1.681%, 09/25/34		234
		Chase Funding Loan Acquisition Trust,
	1,263	Series 2004-AQ1, Class M1, VAR, 2.086%, 05/25/34		1,156
	1,892	Series 2004-OPT1, Class M2, VAR, 2.491%, 06/25/34		1,829
		Chase Funding Trust,
	1,423	Series 2003-4, Class 1A5, SUB, 5.315%, 05/25/33		1,460
	166	Series 2003-4, Class 2M1, VAR, 1.891%, 03/25/33		159
	422	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		371
	2,345	Series 2003-6, Class 2A2, VAR, 1.571%, 11/25/34		2,091
	2,458	Series 2003-6, Class 2M1, VAR, 1.741%, 11/25/34		2,305
	903	Series 2004-1, Class 1M1, 4.725%, 05/25/33		871
	1,051	Series 2004-1, Class 2M1, VAR, 1.741%, 09/25/33		972
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,068
	1,487	CHEC Loan Trust, Series 2004-1, Class M1, VAR, 1.891%, 07/25/34		1,335
		Citigroup Mortgage Loan Trust, Inc.,
	291	Series 2005-OPT1, Class M4, VAR, 2.041%, 02/25/35		265
	136	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		129
	36	Continental Airlines Pass Through Trust, Series 2004-ERJ1, 9.558%, 09/01/19		38
		Countrywide Asset-Backed Certificates,
	276	Series 2002-3, Class M1, VAR, 2.116%, 03/25/32		271

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,003	Series 2002-4, Class M1, VAR, 2.116%, 12/25/32		936
	1,345	Series 2003-3, Class 3A, VAR, 1.531%, 11/25/33		1,260
	9,435	Series 2004-2, Class M1, VAR, 1.741%, 05/25/34		8,996
	3,060	Series 2004-3, Class M1, VAR, 1.741%, 06/25/34		2,853
	629	Series 2004-3, Class M2, VAR, 1.816%, 06/25/34		591
	1,234	Series 2004-BC1, Class M1, VAR, 1.741%, 02/25/34		1,169
	285	Series 2004-BC4, Class M1, VAR, 2.041%, 11/25/34		274
	908	Series 2004-ECC2, Class M2, VAR, 1.966%, 12/25/34		875
	3,000	Series 2005-12, Class M2, VAR, 1.481%, 02/25/36		2,781
	4,725	Series 2005-AB3, Class 1A1, VAR, 1.241%, 02/25/36		4,192
	9,401	Series 2006-19, Class 2A2, VAR, 1.151%, 03/25/37		9,077
	1,269	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.936%, 01/25/35		1,177
		Credit-Based Asset Servicing & Securitization LLC,
	2,725	Series 2003-CB6, Class M1, VAR, 2.041%, 12/25/33		2,539
	1,477	Series 2004-CB2, Class M1, VAR, 1.771%, 07/25/33		1,364
	531	Series 2005-CB8, Class AF2, SUB, 3.948%, 12/25/35		529
		CWABS, Inc. Asset-Backed Certificates Trust,
	4,177	Series 2003-BC1, Class A1, VAR, 1.791%, 03/25/33		3,964
	737	Series 2004-1, Class M2, VAR, 1.816%, 03/25/34		686
	1,324	Series 2004-1, Class M3, VAR, 1.966%, 02/25/34		1,239
	1,965	Series 2004-5, Class M2, VAR, 1.966%, 07/25/34		1,915
	761	Series 2004-6, Class M2, VAR, 1.966%, 10/25/34		717
	264	Series 2005-11, Class AF6, VAR, 4.685%, 02/25/36		273
	452	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		433

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 43

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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
	9,905	FFMLT Trust, Series 2005-FF11, Class M1, VAR, 1.636%, 11/25/35		9,433
	199	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.936%, 11/25/34		154
	930	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2004-FF3, Class M1, VAR, 1.816%, 05/25/34		869
		First Franklin Mortgage Loan Trust,
	5,237	Series 2003-FF5, Class M1, VAR, 1.891%, 03/25/34		4,912
	2,307	Series 2004-FF5, Class A1, VAR, 1.711%, 08/25/34		2,205
	12,079	Series 2005-FF10, Class A1, VAR, 1.291%, 11/25/35		10,977
	1,507	Series 2005-FF10, Class A4, VAR, 1.311%, 11/25/35		1,497
	1,345	Series 2006-FF8, Class IIA3, VAR, 1.141%, 07/25/36		1,295
		Fremont Home Loan Trust,
	2,134	Series 2003-A, Class M1, VAR, 1.966%, 08/25/33		2,005
	1,967	Series 2004-2, Class M2, VAR, 1.921%, 07/25/34		1,905
	3,896	Series 2004-A, Class M1, VAR, 1.816%, 01/25/34		3,608
	537	Series 2004-B, Class M2, VAR, 1.936%, 05/25/34		483
	929	Series 2004-C, Class M1, VAR, 1.966%, 08/25/34		878
	1,799	Series 2004-D, Class M1, VAR, 1.861%, 11/25/34		1,627
	970	Series 2004-D, Class M2, VAR, 1.891%, 11/25/34		925
	1,132	GSAA Trust, Series 2005-6, Class A3, VAR, 1.361%, 06/25/35		1,125
		GSAMP Trust,
	2,257	Series 2003-HE1, Class M1, VAR, 2.238%, 06/20/33		2,203
	1,451	Series 2003-SEA, Class A1, VAR, 1.391%, 02/25/33		1,366
	724	Series 2005-HE3, Class M2, VAR, 1.996%, 06/25/35		715
	2,206	Series 2005-NC1, Class M1, VAR, 1.666%, 02/25/35		2,097
	3,218	Series 2006-FM1, Class A2C, VAR, 1.151%, 04/25/36		2,059
	6,835	Series 2006-HE3, Class A2C, VAR, 1.151%, 05/25/46		6,371

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,274	Series 2006-HE4, Class A2C, VAR, 1.141%, 06/25/36		2,232
	6,655	Series 2007-SEA1, Class A, VAR, 1.291%, 12/25/36 (e)		6,172
		Home Equity Asset Trust,
	3,988	Series 2002-5, Class M1, VAR, 2.691%, 05/25/33		3,833
	960	Series 2003-3, Class M1, VAR, 2.281%, 08/25/33		941
	443	Series 2004-6, Class M2, VAR, 1.891%, 12/25/34		416
	4,100	Series 2005-7, Class M1, VAR, 1.441%, 01/25/36		3,966
		Home Equity Mortgage Loan Asset-Backed Trust,
	567	Series 2004-B, Class M2, VAR, 2.116%, 11/25/34		528
	9,256	Series 2004-C, Class M1, VAR, 1.831%, 03/25/35		8,630
	990	Series 2004-C, Class M2, VAR, 1.891%, 03/25/35		888
	1,263	Series 2006-B, Class 2A3, VAR, 1.181%, 06/25/36		1,215
	307	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 1.161%, 04/25/36		303
		Long Beach Mortgage Loan Trust,
	896	Series 2001-2, Class M1, VAR, 1.551%, 07/25/31		873
	2,799	Series 2002-5, Class M1, VAR, 2.236%, 11/25/32		2,712
	388	Series 2003-4, Class M1, VAR, 2.011%, 08/25/33		370
	916	Series 2004-3, Class M2, VAR, 1.891%, 07/25/34		867
	598	Series 2004-3, Class M4, VAR, 2.603%, 07/25/34		563
	643	Series 2004-3, Class M6, VAR, 3.128%, 07/25/34		604
	1,981	Series 2004-4, Class M1, VAR, 1.891%, 10/25/34		1,817
	250	Series 2005-WL2, Class M1, VAR, 1.696%, 08/25/35		249
		Mastr Asset-Backed Securities Trust,
	1,461	Series 2004-OPT2, Class M1, VAR, 1.891%, 09/25/34		1,367
	933	Series 2004-OPT2, Class M2, VAR, 1.966%, 09/25/34		825

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	2,237	Series 2005-NC1, Class M2, VAR, 1.741%, 12/25/34		2,152
		Merrill Lynch Mortgage Investors Trust,
	476	Series 2003-OPT1, Class M1, VAR, 1.966%, 07/25/34		442
	389	Series 2004-HE2, Class M1, VAR, 2.191%, 08/25/35		373
	100	Series 2004-WMC5, Class M5, VAR, 2.716%, 07/25/35		97
	2,092	Series 2005-FM1, Class M1, VAR, 1.471%, 05/25/36		1,938
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,108	Series 2003-NC10, Class M1, VAR, 2.011%, 10/25/33		1,058
	7,590	Series 2004-HE1, Class M1, VAR, 1.846%, 01/25/34		7,240
	533	Series 2004-HE2, Class M2, VAR, 2.791%, 03/25/34		507
	1,033	Series 2004-HE2, Class M3, VAR, 3.166%, 03/25/34		626
	4,101	Series 2004-HE3, Class M1, VAR, 1.846%, 03/25/34		3,896
	1,389	Series 2004-HE3, Class M2, VAR, 2.866%, 03/25/34		1,335
	1,228	Series 2004-HE6, Class M1, VAR, 1.816%, 08/25/34		1,192
	1,304	Series 2004-HE6, Class M2, VAR, 1.891%, 08/25/34		1,238
	863	Series 2004-HE6, Class M3, VAR, 1.966%, 08/25/34		766
	881	Series 2004-HE7, Class M2, VAR, 1.936%, 08/25/34		872
	84	Series 2004-HE7, Class M3, VAR, 2.011%, 08/25/34		80
	2,600	Series 2004-HE8, Class M1, VAR, 1.951%, 09/25/34		2,466
	995	Series 2004-HE8, Class M2, VAR, 2.011%, 09/25/34		965
	794	Series 2004-HE8, Class M3, VAR, 2.116%, 09/25/34		750
	2,679	Series 2004-NC3, Class M1, VAR, 1.786%, 03/25/34		2,526
	5,332	Series 2004-NC5, Class M1, VAR, 1.891%, 05/25/34		4,972
	721	Series 2004-NC6, Class M2, VAR, 2.866%, 07/25/34		680
	662	Series 2004-NC8, Class M3, VAR, 2.101%, 09/25/34		625
	1,517	Series 2004-OP1, Class M2, VAR, 1.906%, 11/25/34		1,476

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	941	Series 2004-OP1, Class M3, VAR, 2.011%, 11/25/34		866
	2,149	Series 2004-WMC2, Class M1, VAR, 1.906%, 07/25/34		2,058
	1,034	Series 2004-WMC2, Class M2, VAR, 2.791%, 07/25/34		1,010
	3,341	Series 2004-WMC3, Class M2, VAR, 1.786%, 01/25/35		3,021
	456	Series 2005-HE1, Class M2, VAR, 1.696%, 12/25/34		398
	1,232	Series 2005-HE1, Class M3, VAR, 1.771%, 12/25/34		1,021
	291	Series 2005-NC1, Class M3, VAR, 1.756%, 01/25/35		224
		New Century Home Equity Loan Trust,
	497	Series 2003-3, Class M1, VAR, 2.176%, 07/25/33		481
	896	Series 2003-B, Class M2, VAR, 3.466%, 11/25/33		878
	3,174	Series 2004-1, Class M1, VAR, 1.876%, 05/25/34		2,951
	227	Series 2004-2, Class M2, VAR, 1.921%, 08/25/34		212
	1,057	Series 2004-2, Class M4, VAR, 2.791%, 08/25/34		1,025
	903	Series 2004-2, Class M6, VAR, 3.241%, 08/25/34		878
	2,083	Series 2004-3, Class M2, VAR, 1.966%, 11/25/34		2,034
	469	Series 2004-3, Class M3, VAR, 2.056%, 11/25/34		435
	5,305	Series 2004-4, Class M1, VAR, 1.756%, 02/25/35		4,994
	592	Series 2004-4, Class M2, VAR, 1.786%, 02/25/35		553
	292	Series 2005-1, Class M3, VAR, 1.771%, 03/25/35		238
	2,776	Series 2006-2, Class A2B, VAR, 1.151%, 08/25/36		2,335
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 3.766%, 09/25/33		1,145
	425	Series 2003-3, Class M2, VAR, 2.641%, 12/25/33		422
	4,395	Series 2004-2, Class M4, VAR, 2.791%, 09/25/34		4,037
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	1,465	Series 2003-3, Class M1A, VAR, 2.551%, 06/25/33		1,401

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 45

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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
	6,382	Series 2003-5, Class A1, VAR, 1.631%, 08/25/33		6,077
	506	Series 2003-5, Class A2, VAR, 1.631%, 08/25/33		483
	332	Series 2003-5, Class M2, VAR, 3.316%, 08/25/33		297
		Option One Mortgage Loan Trust,
	5,012	Series 2002-3, Class A1, VAR, 1.491%, 08/25/32		4,767
	885	Series 2002-3, Class A2, VAR, 1.531%, 08/25/32		828
	9,218	Series 2004-2, Class M1, VAR, 1.786%, 05/25/34		8,626
	715	Series 2004-3, Class M2, VAR, 1.846%, 11/25/34		650
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 2.716%, 10/25/34		1,723
		Pretium Mortgage Credit Partners I LLC,
	9,090	Series 2016-NPL3, Class A1, SUB, 4.375%, 05/27/31 (e)		9,094
	4,622	Series 2016-NPL6, Class A1, SUB, 3.500%, 10/27/31 (e)		4,621
	10,848	Series 2017-NPL1, Class A1, SUB, 3.500%, 04/29/32 (e)		10,843
	6,000	Series 2017-NPL1, Class A2, SUB, 5.500%, 04/29/32 (e)		5,866
	2,039	RAAC Trust, Series 2005-RP3, Class M1, VAR, 1.791%, 05/25/39 (e)		1,999
	646	RAMP Trust, Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		659
		RASC Trust,
	748	Series 2001-KS3, Class AII, VAR, 1.451%, 09/25/31		718
	3,499	Series 2005-EMX1, Class M1, VAR, 1.636%, 03/25/35		3,401
	1,788	Series 2005-KS2, Class M1, VAR, 1.636%, 03/25/35		1,749
	1,899	Series 2006-KS5, Class A3, VAR, 1.151%, 07/25/36		1,871
		Renaissance Home Equity Loan Trust,
	1,695	Series 2002-3, Class M1, VAR, 2.491%, 12/25/32		1,662
	471	Series 2003-1, Class M1, VAR, 2.491%, 06/25/33		445
	1,557	Series 2003-3, Class M1, VAR, 1.721%, 12/25/33		1,420
	1,417	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,378

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,950	Series 2003-4, Class M1, VAR, 1.841%, 03/25/34		2,746
	1,172	Series 2003-4, Class M2F, SUB, 6.244%, 03/25/34		1,006
	785	Series 2004-1, Class M1, VAR, 1.861%, 05/25/34		724
	566	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		579
	1,098	Series 2005-2, Class AV3, VAR, 1.361%, 08/25/35		961
	1,022	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,022
	1,128	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 2.566%, 08/25/34		1,069
		Saxon Asset Securities Trust,
	5,313	Series 2003-3, Class M1, VAR, 1.966%, 12/25/33		5,026
	288	Series 2004-2, Class AF3, VAR, 4.519%, 08/25/35		290
	1,629	Series 2004-2, Class MV2, VAR, 2.791%, 08/25/35		1,595
	3,766	Series 2005-2, Class M2, VAR, 1.651%, 10/25/35		3,334
		Securitized Asset-Backed Receivables LLC Trust,
	2,778	Series 2004-NC1, Class M1, VAR, 1.771%, 02/25/34		2,618
	933	Series 2004-OP1, Class M2, VAR, 2.641%, 02/25/34		884
	4,036	Series 2004-OP2, Class M1, VAR, 1.966%, 08/25/34		3,930
	1,505	Series 2005-FR2, Class M2, VAR, 1.966%, 03/25/35		1,456
	2,226	Series 2005-OP1, Class M2, VAR, 1.666%, 01/25/35		2,118
	2,807	Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 1.161%, 06/25/36		2,610
		Specialty Underwriting & Residential Finance Trust,
	2,034	Series 2004-BC1, Class M2, VAR, 2.596%, 02/25/35		1,966
	1,470	Series 2004-BC3, Class M1, VAR, 1.921%, 07/25/35		1,417
		Structured Asset Investment Loan Trust,
	426	Series 2003-BC3, Class M1, VAR, 2.416%, 04/25/33		421
	877	Series 2003-BC6, Class M1, VAR, 2.116%, 07/25/33		857

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States — continued
	1,821		Series 2003-BC7, Class M1, VAR, 2.116%, 07/25/33		1,715
	1,411		Series 2003-BC11, Class M2, VAR, 3.541%, 10/25/33		1,411
	1,449		Series 2003-BC12, Class M1, VAR, 1.966%, 11/25/33		1,388
	2,705		Series 2004-1, Class M1, VAR, 1.966%, 02/25/34		2,612
	—	(h)	Series 2004-1, Class M2, VAR, 3.691%, 02/25/34		—	(h)
	2,989		Series 2004-5, Class M3, VAR, 1.921%, 05/25/34		2,869
	13,215		Series 2004-6, Class A3, VAR, 1.791%, 07/25/34		12,740
	2,305		Series 2004-6, Class M1, VAR, 1.891%, 07/25/34		2,169
	1,485		Series 2004-7, Class M1, VAR, 2.041%, 08/25/34		1,343
	552		Series 2004-8, Class M2, VAR, 1.921%, 09/25/34		499
	262		Series 2004-BNC1, Class A5, VAR, 2.231%, 09/25/34		241
	2,449		Series 2005-HE2, Class M1, VAR, 1.711%, 07/25/35		2,361
			Structured Asset Securities Corp. Mortgage Loan Trust,
	5,187		Series 2006-BC4, Class A4, VAR, 1.161%, 12/25/36		4,594
	10,917		Series 2006-BC6, Class A4, VAR, 1.161%, 01/25/37		10,276
	4,697		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002-AL1, Class A3, 3.450%, 02/25/32		4,614
	2,956		US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/21		3,090
	3,389		VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		3,396
	7,893		VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.500%, 03/25/47 (e)		7,893
	9,500		VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		9,500
	2,495		VOLT XLII LLC, Series 2016-NPL2, Class A1, SUB, 4.250%, 03/26/46 (e)		2,514
	4,113		VOLT XLIII LLC, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		4,149
	1,425		VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,436
	4,177		VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		4,207

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,625	VOLT XLVIII LLC, Series 2016-NPL8, Class A1, SUB, 3.500%, 07/25/46 (e)		5,641
	6,871	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		6,915
	3,700	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		3,706
	2,097	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		2,105
	4,741	VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		4,755
	2,796	VOLT XXXVI LLC, Series 2015-NP10, Class A1, SUB, 3.625%, 07/25/45 (e)		2,805
	6,179	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		6,200
	5,501	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		5,525
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	77	Series 2004-2, Class A21B, VAR, 1.831%, 10/25/34		77
	1,003	Series 2004-2, Class M1, VAR, 1.891%, 10/25/34		975
	1,550	Series 2004-2, Class M4, VAR, 2.791%, 10/25/34		1,447
	747	Series 2004-2, Class M5, VAR, 2.866%, 10/25/34		699
	290	Series 2004-2, Class M8A, VAR, 5.491%, 10/25/34 (e)		269
	290	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		244
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	500	Series 2004-1, Class M2, VAR, 1.621%, 04/25/34		458
	717	Series 2004-1, Class M4, VAR, 2.141%, 04/25/34		666
		Total Asset-Backed Securities (Cost $519,376)		534,566
	Collateralized Mortgage Obligations — 3.2%
		United States — 3.2%
		Adjustable Rate Mortgage Trust
	4,945	Series 2004-2, Class 6A1, VAR, 3.391%, 02/25/35		4,903
	5,558	Series 2004-4, Class 4A1, VAR, 3.264%, 03/25/35		5,502
	1,864	Series 2005-2, Class 3A1, VAR, 3.469%, 06/25/35		1,767

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 47

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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
		Alternative Loan Trust
	1,032	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,056
	61	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		61
	512	Series 2004-27CB, Class A1, 6.000%, 12/25/34		502
	760	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		740
	110	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		111
	1,412	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,422
	5,164	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		5,308
	258	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		256
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,489
	6,261	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		6,056
	702	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		716
	6,022	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		5,729
	3,462	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		3,404
	2,635	Series 2005-13CB, Class A4, 5.500%, 05/25/35		2,571
	314	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		284
	1,354	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,292
	6,024	Series 2005-21CB, Class A17, 6.000%, 06/25/35		5,980
	3,029	Series 2005-23CB, Class A15, 5.500%, 07/25/35		2,836
	55	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		55
	1,221	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,162
	3,091	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		2,940
	931	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		898
	660	Series 2005-86CB, Class A4, 5.500%, 02/25/36		568
	300	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		297

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	556	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		546
	413	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		407
	3	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		3
	547	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		534
	567	Series 2005-J14, Class A3, 5.500%, 12/25/35		477
	1,578	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		1,479
	2,334	Series 2006-14CB, Class A1, 6.000%, 06/25/36		2,002
	986	Series 2006-19CB, Class A15, 6.000%, 08/25/36		859
	441	Series 2006-25CB, Class A2, 6.000%, 10/25/36		383
	272	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		242
	588	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		512
	307	Series 2007-8CB, Class A9, 6.000%, 05/25/37		269
	253	Series 2007-19, Class 1A8, 6.000%, 08/25/37		207
	261	Series 2007-25, Class 2A1, 6.000%, 11/25/22		255
	114	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		81
	394	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 3.428%, 06/25/45		391
		Banc of America Alternative Loan Trust
	832	Series 2004-12, Class 4A1, 5.500%, 01/25/20		839
	189	Series 2005-3, Class 2A1, 5.500%, 04/25/20		191
	152	Series 2005-4, Class 3A1, 5.500%, 05/25/20		150
	88	Series 2005-6, Class 5A4, 5.500%, 07/25/35		74
	105	Series 2005-6, Class 7A1, 5.500%, 07/25/20		100
	1,004	Series 2005-11, Class 4A5, 5.750%, 12/25/35		883
	584	Series 2005-12, Class 5A1, 5.250%, 01/25/21		567
	15	Series 2006-4, Class 2A1, 6.000%, 05/25/21		15

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,166	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,058
	796	Series 2006-5, Class CB7, 6.000%, 06/25/46		705
		Banc of America Funding Trust
	3,852	Series 2005-6, Class 1A2, 5.500%, 10/25/35		3,617
	962	Series 2005-7, Class 4A7, 6.000%, 11/25/35		969
	791	Series 2006-2, Class 2A20, 5.750%, 03/25/36		744
	2,188	Series 2006-A, Class 1A1, VAR, 3.080%, 02/20/36		2,160
	196	Series 2007-4, Class 8A1, 5.500%, 11/25/34		184
		Banc of America Mortgage Trust
	1,135	Series 2004-A, Class 2A2, VAR, 3.593%, 02/25/34		1,120
	557	Series 2007-3, Class 1A1, 6.000%, 09/25/37		537
	537	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, VAR, 1.151%, 02/25/34		491
	694	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 3.636%, 03/25/35		699
	885	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.661%, 10/25/34		331
		Chase Mortgage Finance Trust
	1,848	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,492
	1,304	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,063
	12,109	Series 2007-A2, Class 3A1, VAR, 3.381%, 07/25/37		12,078
	346	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		292
		CHL Mortgage Pass-Through Trust
	2,736	Series 2003-21, Class A1, VAR, 3.333%, 05/25/33		2,730
	240	Series 2003-27, Class A1, VAR, 3.327%, 06/25/33		239
	480	Series 2003-37, Class 2A1, VAR, 3.171%, 09/25/33		460
	5,229	Series 2004-25, Class 2A1, VAR, 1.671%, 02/25/35		4,591
	73	Series 2005-5, Class A2, 5.500%, 03/25/35		73
	261	Series 2005-20, Class A7, 5.250%, 12/25/27		247

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,509	Series 2005-26, Class 1A11, 5.500%, 11/25/35		3,215
	334	Series 2005-30, Class A5, 5.500%, 01/25/36		321
	1,947	Series 2005-31, Class 2A1, VAR, 3.114%, 01/25/36		1,763
	2,310	Series 2006-10, Class 1A16, 6.000%, 05/25/36		1,914
	158	Series 2006-15, Class A1, 6.250%, 10/25/36		133
	707	Series 2006-17, Class A2, 6.000%, 12/25/36		611
	4,428	Series 2006-18, Class 2A4, 6.000%, 12/25/36		4,027
	5,297	Series 2006-HYB1, Class 2A2C, VAR, 3.097%, 03/20/36		4,665
	229	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		211
	249	Series 2007-2, Class A2, 6.000%, 03/25/37		216
	1,992	Series 2007-3, Class A18, 6.000%, 04/25/37		1,681
	222	Series 2007-10, Class A4, 5.500%, 07/25/37		182
	568	Series 2007-13, Class A4, 6.000%, 08/25/37		489
	891	Series 2007-18, Class 2A1, 6.500%, 11/25/37		720
	1,325	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,271
		Citigroup Mortgage Loan Trust
	458	Series 2005-3, Class 2A2A, VAR, 3.076%, 08/25/35		458
	848	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		850
		Citigroup Mortgage Loan Trust, Inc.
	1,111	Series 2005-4, Class A, VAR, 3.050%, 08/25/35		1,091
	1,281	Series 2005-6, Class A1, VAR, 2.690%, 09/25/35		1,318
	1,243	Series 2005-9, Class 2A2, 5.500%, 11/25/35		1,247
	1,318	Series 2006-8, Class A3, VAR, 1.341%, 10/25/35 (e)		1,022
	1,180	COVPAR, 7.500%, 12/31/25 (e)		1,180
		Credit Suisse First Boston Mortgage Securities Corp.
	533	Series 2003-29, Class 3A1, 5.500%, 12/25/33		564

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 49

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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
	6,486	Series 2004-4, Class 4A1, 5.500%, 08/25/34		6,628
	206	Series 2004-8, Class 4A3, 5.500%, 12/25/34		209
	1,198	Series 2004-AR5, Class 6A1, VAR, 3.394%, 06/25/34		1,203
	116	Series 2005-4, Class 3A17, 5.500%, 06/25/35		116
	606	Series 2005-10, Class 5A3, 5.500%, 11/25/35		576
	2,603	Series 2005-10, Class 11A1, 5.500%, 11/25/20		2,256
	64	Series 2005-10, Class 12A1, 5.250%, 11/25/20		58
		CSFB Mortgage-Backed Pass-Through Certificates
	974	Series 2004-AR4, Class 2A1, VAR, 3.405%, 05/25/34		962
	4,933	Series 2004-AR4, Class 4A1, VAR, 3.354%, 05/25/34		4,919
	2,732	CSFB Mortgage-Backed Trust, Series 2004-AR6, Class 7A1, VAR, 3.337%, 10/25/34		2,753
		CSMC Mortgage-Backed Trust
	99	Series 2006-8, Class 5A1, VAR, 5.779%, 10/25/26		94
	915	Series 2007-2, Class 3A13, 5.500%, 03/25/37		831
	187	Series 2007-3, Class 4A5, 5.000%, 04/25/37		179
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	193	Series 2005-1, Class 2A1, VAR, 5.853%, 02/25/20		194
	66	Series 2005-2, Class 2A1, VAR, 1.291%, 03/25/20		64
	4,182	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 1.254%, 08/19/45		3,603
		FHLMC Structured Agency Credit Risk Debt Notes
	880	Series 2014-DN2, Class M3, VAR, 4.591%, 04/25/24		963
	3,000	Series 2017-DNA1, Class M2, VAR, 4.241%, 07/25/29		3,060
	4,000	Series 2017-DNA2, Class M2, VAR, 4.436%, 10/25/29		4,099
		First Horizon Alternative Mortgage Securities Trust
	136	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		131

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	835	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		820
		First Horizon Mortgage Pass-Through Trust
	387	Series 2004-AR7, Class 4A1, VAR, 3.058%, 02/25/35		382
	2,750	Series 2005-5, Class 1A6, 5.500%, 10/25/35		2,648
	673	Series 2006-2, Class 1A3, 6.000%, 08/25/36		607
	89	Series 2006-2, Class 1A7, 6.000%, 08/25/36		80
	631	Series 2006-3, Class 1A13, 6.250%, 11/25/36		585
	3,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M2, VAR, 2.991%, 12/25/28		3,072
		GMACM Mortgage Loan Trust
	1,044	Series 2004-AR2, Class 3A, VAR, 3.633%, 08/19/34		1,003
	657	Series 2005-AR1, Class 3A, VAR, 3.796%, 03/18/35		642
	1,617	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,206
		GSR Mortgage Loan Trust
	382	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		409
	466	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		456
	2,210	Series 2005-6F, Class 3A18, 5.500%, 07/25/35		2,274
	216	Series 2005-AR3, Class 6A1, VAR, 3.500%, 05/25/35		199
	4,896	Series 2005-AR4, Class 3A5, VAR, 3.129%, 07/25/35		4,555
	2,221	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		1,951
	1,371	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,208
	340	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		315
	719	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		673
	445	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 1.304%, 08/19/45		423
		Impac CMB Trust
	1,447	Series 2004-5, Class 1A1, VAR, 1.711%, 10/25/34		1,382

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	527	Series 2004-5, Class 1M2, VAR, 1.861%, 10/25/34		482
	3,182	Series 2004-6, Class 1A2, VAR, 1.771%, 10/25/34		3,042
	1,228	Series 2004-7, Class 1A2, VAR, 1.911%, 11/25/34		1,139
	4,900	Series 2004-9, Class 1A1, VAR, 1.751%, 01/25/35		4,458
	1,346	Series 2004-10, Class 2A, VAR, 1.631%, 03/25/35		1,213
	3,580	Series 2004-10, Class 3A1, VAR, 1.691%, 03/25/35		3,225
	732	Series 2005-1, Class 1A1, VAR, 1.511%, 04/25/35		675
	994	Series 2005-1, Class 1A2, VAR, 1.611%, 04/25/35		865
	945	Series 2005-2, Class 1A2, VAR, 1.611%, 04/25/35		820
	771	Series 2005-4, Class 1A1A, VAR, 1.531%, 05/25/35		734
	429	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		403
		IndyMac INDX Mortgage Loan Trust
	627	Series 2005-AR3, Class 3A1, VAR, 3.011%, 04/25/35		604
	1,731	Series 2005-AR14, Class 2A1A, VAR, 1.291%, 07/25/35		1,543
		JP Morgan Mortgage Trust
	292	Series 2004-A6, Class 1A1, VAR, 3.188%, 12/25/34		286
	891	Series 2005-A3, Class 6A6, VAR, 3.443%, 06/25/35		867
	328	Series 2005-A8, Class 1A1, VAR, 3.085%, 11/25/35		310
	193	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		183
	88	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		87
	604	Series 2007-A1, Class 2A2, VAR, 3.190%, 07/25/35		588
	84	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		82
	1,797	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		1,555
		Lehman XS Trust
	11,020	Series 2005-5N, Class 3A1A, VAR, 1.291%, 11/25/35		10,287

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	7,160	Series 2005-7N, Class 1A1A, VAR, 1.261%, 12/25/35		6,817
		MASTR Alternative Loan Trust
	747	Series 2004-8, Class 1A1, 6.500%, 09/25/34		809
	1,895	Series 2004-12, Class 3A1, 6.000%, 12/25/34		1,970
	666	Series 2005-3, Class 1A1, 5.500%, 04/25/35		683
	384	Series 2005-5, Class 3A1, 5.750%, 08/25/35		322
	1,108	Series 2005-6, Class 1A2, 5.500%, 12/25/35		996
	1,031	Series 2006-3, Class 3A1, 5.500%, 06/25/21		972
		Merrill Lynch Mortgage Investors Trust
	176	Series 2005-1, Class 2A1, VAR, 3.027%, 04/25/35		170
	555	Series 2005-1, Class 2A2, VAR, 3.027%, 04/25/35		538
	2,305	Series 2006-1, Class 2A1, VAR, 2.975%, 02/25/36		2,283
	460	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		372
		Morgan Stanley Mortgage Loan Trust
	1,626	Series 2004-8AR, Class 4A1, VAR, 3.211%, 10/25/34		1,630
	977	Series 2004-9, Class 1A, VAR, 5.413%, 11/25/34		1,023
	126	Series 2005-4, Class 1A, 5.000%, 08/25/35		126
	1,745	Series 2006-2, Class 1A, 5.250%, 02/25/21		1,676
		MortgageIT Trust
	6,199	Series 2005-3, Class A1, VAR, 1.291%, 08/25/35		5,844
	851	Series 2005-5, Class A1, VAR, 1.251%, 12/25/35		788
	87	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		89
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	804	Series 2005-4, Class 1A2, VAR, 1.381%, 11/25/35		764
	3,245	Series 2005-5, Class 1APT, VAR, 1.271%, 12/25/35		2,983

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 51

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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
		Opteum Mortgage Acceptance Corp. Trust
	3,559	Series 2006-1, Class 1AC1, VAR, 1.291%, 04/25/36		3,290
	992	Series 2006-1, Class 1APT, VAR, 1.201%, 04/25/36		906
	1,763	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 3.406%, 05/25/35		1,705
		RALI Trust
	43	Series 2003-QS20, Class CB, 5.000%, 11/25/18		43
	406	Series 2004-QS15, Class A2, VAR, 1.391%, 11/25/34		396
	3,101	Series 2005-QA5, Class A2, VAR, 6.327%, 04/25/35		2,808
	170	Series 2005-QS2, Class A1, 5.500%, 02/25/35		168
	3,132	Series 2005-QS6, Class A1, 5.000%, 05/25/35		2,900
	1,528	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,412
	2,744	Series 2006-QS3, Class 1A10, 6.000%, 03/25/36		2,528
	2,985	Series 2006-QS4, Class A2, 6.000%, 04/25/36		2,566
	99	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		94
		Residential Asset Securitization Trust
	167	Series 2004-A6, Class A1, 5.000%, 08/25/19		167
	121	Series 2004-A8, Class A1, 5.250%, 11/25/34		122
	4,830	Series 2005-A3, Class A2, 5.500%, 04/25/35		4,234
	2,829	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		2,637
	221	Series 2005-A14, Class A1, 5.500%, 12/25/35		191
		RFMSI Trust
	429	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		430
	199	Series 2005-S7, Class A6, 5.500%, 11/25/35		194
	1,055	Series 2005-SA1, Class 3A, VAR, 3.131%, 03/25/35		1,037
	3,868	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		3,676
	1,559	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 1.193%, 07/20/36		1,472

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Structured Adjustable Rate Mortgage Loan Trust
	1,184	Series 2004-16, Class 5A2, VAR, 3.237%, 11/25/34		1,184
	680	Series 2005-1, Class 1A1, VAR, 3.294%, 02/25/35		655
	443	Series 2005-17, Class 4A3, VAR, 3.123%, 08/25/35		435
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	919	Series 2003-35, Class B1, VAR, 5.468%, 12/25/33		772
	7,014	Series 2004-10, Class 1A1, VAR, 5.386%, 06/25/34		7,133
		WaMu Mortgage Pass-Through Certificates Trust
	1,919	Series 2004-AR10, Class A1B, VAR, 1.411%, 07/25/44		1,838
	2,361	Series 2004-AR11, Class A, VAR, 2.816%, 10/25/34		2,356
	6,214	Series 2005-AR5, Class A6, VAR, 2.800%, 05/25/35		6,208
	2,285	Series 2005-AR7, Class A3, VAR, 2.814%, 08/25/35		2,290
	3,589	Series 2005-AR14, Class 1A3, VAR, 2.814%, 12/25/35		3,447
	2,394	Series 2005-AR14, Class 1A4, VAR, 2.814%, 12/25/35		2,306
	74	Series 2005-AR15, Class A1A1, VAR, 1.251%, 11/25/45		70
	1,419	Series 2005-AR16, Class 1A1, VAR, 2.879%, 12/25/35		1,363
	166	Series 2005-AR18, Class 1A3A, VAR, 2.860%, 01/25/36		165
	621	Series 2006-AR2, Class 1A1, VAR, 2.912%, 03/25/36		583
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	1,621	Series 2005-1, Class 1A3, 5.500%, 03/25/35		1,558
	955	Series 2005-4, Class CB7, 5.500%, 06/25/35		895
	1,530	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,481
	1,107	Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,045
	332	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		283
	1,792	Series 2007-1, Class 2A1, 6.000%, 01/25/22		1,706

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Wells Fargo Mortgage-Backed Securities Trust
	3,965	Series 2004-M, Class A1, VAR, 3.005%, 08/25/34		4,041
	5,663	Series 2004-N, Class A6, VAR, 3.007%, 08/25/34		5,661
	5,378	Series 2004-N, Class A7, VAR, 3.007%, 08/25/34		5,376
	1,005	Series 2004-Q, Class 1A1, VAR, 3.005%, 09/25/34		1,008
	620	Series 2004-Q, Class 1A2, VAR, 3.005%, 09/25/34		624
	798	Series 2004-BB, Class A5, VAR, 3.077%, 01/25/35		801
	8,173	Series 2004-DD, Class 1A1, VAR, 3.111%, 01/25/35		8,145
	844	Series 2004-DD, Class 2A6, VAR, 3.103%, 01/25/35		838
	174	Series 2005-AR2, Class 2A2, VAR, 3.164%, 03/25/35		176
	799	Series 2005-AR3, Class 2A1, VAR, 3.117%, 03/25/35		803
	448	Series 2005-AR4, Class 2A2, VAR, 3.313%, 04/25/35		448
	2,196	Series 2005-AR5, Class 1A1, VAR, 3.275%, 04/25/35		2,178
	158	Series 2005-AR7, Class 2A1, VAR, 3.269%, 05/25/35		156
	4,137	Series 2005-AR8, Class 1A1, VAR, 3.142%, 06/25/35		4,186
	2,843	Series 2005-AR10, Class 1A1, VAR, 3.090%, 06/25/35		2,955
	1,232	Series 2005-AR11, Class 1A1, VAR, 3.044%, 06/25/35		1,231
	743	Series 2005-AR15, Class 1A6, VAR, 2.983%, 09/25/35		702
	2,659	Series 2005-AR16, Class 6A3, VAR, 3.137%, 10/25/35		2,649
	344	Series 2005-AR16, Class 7A1, VAR, 3.081%, 10/25/35		335
	832	Series 2006-4, Class 1A9, 5.750%, 04/25/36		840
	2,204	Series 2006-AR2, Class 2A1, VAR, 3.089%, 03/25/36		2,208
	388	Series 2006-AR2, Class 2A3, VAR, 3.089%, 03/25/36		380
	2,582	Series 2006-AR6, Class 5A1, VAR, 3.098%, 03/25/36		2,566
	506	Series 2006-AR19, Class A3, VAR, 3.027%, 12/25/36		463

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	371	Series 2007-2, Class 1A13, 6.000%, 03/25/37		368
	728	Series 2007-15, Class A1, 6.000%, 11/25/37		721
		Total Collateralized Mortgage Obligations (Cost $383,588)		387,099
	Commercial Mortgage-Backed Securities — 1.2%
		United States — 1.2%
		Banc of America Commercial Mortgage Trust,
	711	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		710
	2,007	Series 2007-3, Class AJ, VAR, 5.850%, 06/10/49		2,019
	5,000	Series 2007-3, Class B, VAR, 5.850%, 06/10/49		5,099
		Bear Stearns Commercial Mortgage Securities Trust,
	317	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		317
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		6,910
	11,480	Series 2007-PW16, Class AJ, VAR, 5.867%, 06/11/40		11,509
	5,790	Series 2007-PW17, Class AJ, VAR, 6.087%, 06/11/50		5,909
	2,283	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.420%, 07/15/44		2,280
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.310%, 11/15/44		2,430
	3,159	Series 2007-CD5, Class D, VAR, 6.310%, 11/15/44 (e)		3,176
		Commercial Mortgage Trust,
	3,452	Series 2006-C8, Class AJ, 5.377%, 12/10/46		3,460
	2,275	Series 2007-GG11, Class AJ, VAR, 6.236%, 12/10/49		2,309
	5,400	Series 2015-CR23, Class CMC, VAR, 3.807%, 05/10/48 (e)		5,349
	2,175	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.416%, 02/15/40		2,172
	2,710	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		2,552
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,500	Series 2005-LDP2, Class E, VAR, 4.981%, 07/15/42		1,522

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (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
	4,900	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		4,821
	10,850	Series 2007-LD11, Class AM, VAR, 6.004%, 06/15/49		11,126
	3,363	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		3,361
	2,000	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 6.206%, 07/15/44		1,977
		LB-UBS Commercial Mortgage Trust,
	5,011	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		4,309
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		1,916
	110	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		110
	9,200	Series 2007-C6, Class AJ, VAR, 6.389%, 07/15/40		9,472
		Morgan Stanley Capital I Trust,
	291	Series 2006-HQ8, Class AJ, VAR, 5.627%, 03/12/44		292
	3,480	Series 2006-HQ8, Class C, VAR, 5.627%, 03/12/44		3,377
	1,000	Series 2006-HQ8, Class D, VAR, 5.627%, 03/12/44		425
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,578
	3,888	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		3,902
	4,257	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		4,170
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,731
	3,255	Series 2007-HQ12, Class B, VAR, 5.914%, 04/12/49		3,267
		Wachovia Bank Commercial Mortgage Trust,
	2,022	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		2,034
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,367
	1,200	Series 2007-C31, Class C, VAR, 5.984%, 04/15/47		1,199
	2,075	Series 2007-C33, Class AJ, VAR, 6.179%, 02/15/51		2,113
	2,650	Series 2007-C33, Class B, VAR, 6.179%, 02/15/51		2,586
	6,313	Series 2007-C33, Class C, VAR, 6.179%, 02/15/51		5,893

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,500	Series 2007-C34, Class AJ, VAR, 6.234%, 05/15/46		2,506
	1,500	Series 2007-C34, Class B, VAR, 6.309%, 05/15/46		1,496
		Total Commercial Mortgage-Backed Securities (Cost $145,640)		141,751
SHARES
	Common Stocks — 41.4%
		Australia — 0.5%
	408	BHP Billiton plc		6,223
	1,116	Dexus Property Group		8,518
	2,108	Goodman Group		12,800
	5,939	Mirvac Group		10,088
	4,400	Scentre Group		14,195
	2,096	Westfield Corp.		14,251
				66,075
		Belgium — 0.5%
	448	Anheuser-Busch InBev SA/NV		50,474
	82	KBC Group NV		5,945
	95	Proximus SADP		2,904
	37	Warehouses De Pauw, CVA		3,561
				62,884
		Brazil — 0.4%
	3,514	Ambev SA, ADR		20,134
	1,812	BB Seguridade Participacoes SA		17,012
	1,090	Engie Brasil Energia SA		11,805
	155	Smiles SA		3,384
				52,335
		Canada — 0.4%
	369	Allied Properties REIT		9,901
	340	Canadian Apartment Properties REIT		8,424
	183	RioCan REIT		3,476
	484	TransCanada Corp.		22,487
				44,288
		Chile — 0.2%
	830	Banco Santander Chile, ADR		19,621
		China — 0.9%
	1,790	China Mobile Ltd.		19,057
	8,790	China Resources Power Holdings Co. Ltd.		15,826
	25,408	CNOOC Ltd.		29,641
	3,383	Fuyao Glass Industry Group Co. Ltd., Class A		11,029
	2,854	Fuyao Glass Industry Group Co. Ltd., Class H (e)		10,075

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		China — continued
	8,024	Lenovo Group Ltd.		5,130
	2,761	Midea Group Co. Ltd., Class A		13,468
	2,353	Zhengzhou Yutong Bus Co. Ltd., Class A		6,869
				111,095
		Colombia — 0.0% (g)
	29	Pacific Exploration and Production Corp. (a)		866
		Czech Republic — 0.3%
	321	Komercni banka A/S		12,428
	9,042	Moneta Money Bank A/S (e)		29,239
				41,667
		Denmark — 0.5%
	1,524	Danske Bank A/S		55,409
	40	Pandora A/S		4,267
				59,676
		Finland — 0.7%
	132	Elisa OYJ		4,502
	121	Metso OYJ		4,350
	114	Nokian Renkaat OYJ		4,915
	69	Orion OYJ, Class B		3,952
	109	Sampo OYJ, Class A		5,206
	434	Stora Enso OYJ, Class R		5,146
	2,094	UPM-Kymmene OYJ		55,165
				83,236
		France — 1.8%
	322	AXA SA		8,580
	154	BNP Paribas SA		10,844
	100	Bouygues SA		4,198
	279	Cie Generale des Etablissements Michelin		36,506
	238	CNP Assurances		4,966
	361	Credit Agricole SA		5,375
	153	Edenred		3,923
	173	Eutelsat Communications SA		4,100
	39	Fonciere Des Regions		3,495
	190	Klepierre		7,447
	114	Mercialys SA		2,225
	597	Natixis SA		4,155
	60	Renault SA		5,607
	147	Sanofi		13,857
	104	SCOR SE		4,111
	141	Societe Generale SA		7,738
	288	TOTAL SA		14,808
	317	Unibail-Rodamco SE		77,922
	88	Vinci SA		7,518
				227,375

SHARES		SECURITY DESCRIPTION	VALUE
		Germany — 1.6%
	190	Allianz SE (Registered)		36,130
	116	BASF SE		11,320
	68	Bayerische Motoren Werke AG		6,494
	145	Daimler AG (Registered)		10,827
	497	Deutsche Telekom AG (Registered)		8,719
	550	Deutsche Wohnen AG		18,815
	595	E.ON SE		4,640
	41	Hannover Rueck SE		4,959
	49	HUGO BOSS AG		3,690
	98	Innogy SE (e)		3,591
	32	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		6,067
	476	Siemens AG (Registered)		68,294
	710	Telefonica Deutschland Holding AG		3,440
	274	TUI AG		3,987
				190,973
		Hong Kong — 0.5%
	656	Hang Seng Bank Ltd.		13,286
	7,644	HKT Trust & HKT Ltd.		9,778
	1,136	Hongkong Land Holdings Ltd.		8,752
	1,539	Link REIT		11,059
	2,625	Sands China Ltd.		11,888
	269	VTech Holdings Ltd.		3,403
				58,166
		Hungary — 0.1%
	438	OTP Bank plc		12,303
		India — 0.2%
	2,086	Coal India Ltd.		8,970
	3,544	ITC Ltd.		15,301
				24,271
		Indonesia — 0.1%
	40,401	Telekomunikasi Indonesia Persero Tbk. PT		13,328
		Ireland — 0.0% (g)
	15,000	Bank of Ireland (a)		3,776
		Italy — 0.3%
	372	Assicurazioni Generali SpA		5,888
	1,417	Enel SpA		6,735
	440	Eni SpA		6,821
	2,472	Intesa Sanpaolo SpA		7,215
	147	Italgas SpA (a)		665
	411	Mediobanca SpA		3,957
	826	Terna Rete Elettrica Nazionale SpA		4,164
				35,445

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — 1.4%
	2	Activia Properties, Inc.		10,937
	750	Bridgestone Corp.		31,275
	730	Daiwa House Industry Co. Ltd.		21,714
	3	Daiwa House REIT Investment Corp.		7,187
	15	Japan Hotel REIT Investment Corp.		10,290
	930	Mitsubishi Corp.		20,059
	3,359	Mitsubishi UFJ Financial Group, Inc.		21,283
	7	Nippon Prologis REIT, Inc.		13,959
	685	Nippon Telegraph & Telephone Corp.		29,356
	4	Orix JREIT, Inc.		5,771
				171,831
		Mexico — 0.3%
	2,474	Bolsa Mexicana de Valores SAB de CV (a)		4,305
	5,205	Fibra Uno Administracion SA de CV		9,091
	8,874	Kimberly-Clark de Mexico SAB de CV, Class A		18,941
	4,143	Wal-Mart de Mexico SAB de CV		9,354
				41,691
		Netherlands — 0.9%
	154	ABN AMRO Group NV, CVA (e)		4,034
	728	Aegon NV		3,717
	24	Akzo Nobel NV		2,128
	61	Eurocommercial Properties NV, CVA		2,369
	647	ING Groep NV		10,540
	308	Koninklijke Ahold Delhaize NV		6,381
	1,375	Koninklijke KPN NV		3,976
	783	NN Group NV		25,973
	62	Randstad Holding NV		3,683
	763	Royal Dutch Shell plc, Class A		19,903
	873	Royal Dutch Shell plc, Class B		23,226
	164	Vastned Retail NV		6,131
				112,061
		Norway — 0.2%
	292	DNB ASA		4,555
	251	Marine Harvest ASA (a)		4,175
	328	Statoil ASA		5,397
	257	Telenor ASA		4,157
	103	Yara International ASA		3,839
				22,123
		Portugal — 0.1%
	1,492	EDP — Energias de Portugal SA		4,923
	247	Galp Energia SGPS SA		3,832
				8,755

SHARES		SECURITY DESCRIPTION	VALUE
		Russia — 0.4%
	194	LUKOIL PJSC, ADR		9,618
	275	MegaFon PJSC, GDR		2,940
	432	MMC Norilsk Nickel PJSC, ADR		6,640
	321	Mobile TeleSystems PJSC, ADR		3,311
	7,286	Moscow Exchange MICEX-RTS PJSC		14,731
	301	PhosAgro PJSC, GDR		4,432
	327	Severstal PJSC, GDR		4,460
				46,132
		Singapore — 0.0% (g)
	992	Ascendas REIT		1,819
	1,584	CapitaLand Commercial Trust		1,841
				3,660
		South Africa — 0.7%
	1,708	AVI Ltd.		12,493
	1,246	Barclays Africa Group Ltd.		13,682
	445	Bid Corp. Ltd.		9,417
	4,508	FirstRand Ltd.		16,819
	617	Investec plc		4,573
	4,195	MMI Holdings Ltd.		7,318
	846	Vodacom Group Ltd.		9,563
	1,795	Woolworths Holdings Ltd.		9,729
				83,594
		South Korea — 0.4%
	141	Kangwon Land, Inc.		4,469
	148	KT&G Corp.		13,174
	9	Samsung Electronics Co. Ltd.		16,703
	417	SK Telecom Co. Ltd., ADR		9,829
				44,175
		Spain — 0.7%
	342	Abertis Infraestructuras SA		6,014
	122	ACS Actividades de Construccion y Servicios SA		4,534
	27	Aena SA (e)		4,838
	1,116	Banco Bilbao Vizcaya Argentaria SA		8,939
	2,917	Banco de Sabadell SA		5,610
	2,094	Banco Santander SA		13,648
	450	Bankinter SA		3,957
	1,180	CaixaBank SA		5,356
	625	Distribuidora Internacional de Alimentacion SA		3,718
	140	Enagas SA		3,674
	177	Endesa SA		4,164
	1,026	Iberdrola SA		7,377
	1,396	Mapfre SA		4,869
	330	Repsol SA		5,214

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Spain — continued
	730	Telefonica SA		8,076
				89,988
		Sweden — 0.3%
	138	Electrolux AB, Series B		4,096
	131	ICA Gruppen AB		4,484
	607	Nordea Bank AB		7,468
	427	Skandinaviska Enskilda Banken AB, Class A		4,916
	164	Skanska AB, Class B		3,917
	189	SKF AB, Class B		4,138
	372	Svenska Handelsbanken AB, Class A		5,277
	243	Swedbank AB, Class A		5,748
				40,044
		Switzerland — 0.8%
	303	ABB Ltd. (Registered)		7,431
	1	Banque Cantonale Vaudoise (Registered) (a)		912
	10	Cembra Money Bank AG		890
	375	Credit Suisse Group AG (Registered) (a)		5,712
	64	Roche Holding AG		16,631
	346	Swiss Re AG		30,087
	531	UBS Group AG (Registered) (a)		9,065
	329	Wolseley plc		20,886
	29	Zurich Insurance Group AG		7,891
				99,505
		Taiwan — 1.1%
	758	Asustek Computer, Inc.		7,447
	1,269	Chicony Electronics Co. Ltd.		3,348
	1,479	Delta Electronics, Inc.		8,327
	1,903	Far EasTone Telecommunications Co. Ltd.		4,686
	1,054	MediaTek, Inc.		7,576
	4,301	Mega Financial Holding Co. Ltd.		3,453
	2,450	Novatek Microelectronics Corp.		9,415
	1,649	President Chain Store Corp.		14,350
	6,308	Quanta Computer, Inc.		13,068
	3,916	Taiwan Mobile Co. Ltd.		14,459
	269	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		8,882
	737	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		24,376
	5,228	Vanguard International Semiconductor Corp.		9,971
				129,358
		Thailand — 0.2%
	615	Siam Cement PCL (The) (Registered)		9,484
	119	Siam Cement PCL (The), NVDR		1,840

SHARES		SECURITY DESCRIPTION	VALUE
		Thailand — continued
	563	Siam Commercial Bank PCL (The)		2,535
	1,555	Siam Commercial Bank PCL (The), NVDR		7,001
	808	Thai Oil PCL		1,820
	1,026	Thai Oil PCL, NVDR		2,311
				24,991
		Turkey — 0.2%
	323	Ford Otomotiv Sanayi A/S		3,594
	1,139	Tofas Turk Otomobil Fabrikasi A/S		9,486
	321	Tupras Turkiye Petrol Rafinerileri A/S		8,079
				21,159
		United Arab Emirates — 0.1%
	3,230	National Bank of Abu Dhabi PJSC		9,673
		United Kingdom — 5.1%
	903	Aviva plc		6,143
	5,011	BAE Systems plc		40,699
	701	Barratt Developments plc		5,259
	94	Berkeley Group Holdings plc		3,970
	2,480	BP plc		14,198
	831	British American Tobacco plc		56,161
	1,834	British Land Co. plc (The)		15,592
	1,854	Centrica plc		4,752
	7,649	Direct Line Insurance Group plc		34,565
	876	Dixons Carphone plc		3,806
	1,380	G4S plc		5,450
	4,313	GlaxoSmithKline plc		86,802
	510	Hammerson plc		3,882
	5,689	HSBC Holdings plc		46,896
	220	IMI plc		3,641
	246	Imperial Brands plc		12,065
	101	InterContinental Hotels Group plc		5,366
	585	International Consolidated Airlines Group SA		4,240
	1,499	ITV plc		4,077
	1,375	J Sainsbury plc		4,904
	1,580	Legal & General Group plc		5,036
	10,534	Lloyds Banking Group plc		9,465
	574	LondonMetric Property plc		1,252
	922	Marks & Spencer Group plc		4,375
	552	Meggitt plc		3,308
	1,948	Old Mutual plc		4,893
	1,254	Persimmon plc		37,838
	293	Petrofac Ltd.		3,084
	940	Rio Tinto plc		37,097
	525	RSA Insurance Group plc		4,050
	1,856	Safestore Holdings plc		9,741

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United Kingdom — continued
	1,601	Segro plc		10,069
	141	Severn Trent plc		4,234
	281	St James’s Place plc		4,179
	891	Standard Life plc		4,191
	388	Tate & Lyle plc		3,810
	1,822	Taylor Wimpey plc		4,718
	2,251	Tritax Big Box REIT plc		4,081
	343	Unilever plc		17,658
	16,094	Vodafone Group plc		41,453
	2,249	WPP plc		48,158
				625,158
		United States — 19.5%
	90	3M Co.		17,528
	56	AbbVie, Inc.		3,704
	456	Accenture plc, Class A		55,302
	111	Alexandria Real Estate Equities, Inc.		12,516
	728	Altria Group, Inc.		52,254
	118	Analog Devices, Inc.		9,012
	310	Apartment Investment & Management Co., Class A		13,556
	235	Apple, Inc.		33,809
	68	Arthur J Gallagher & Co.		3,811
	970	AT&T, Inc.		38,457
	117	Automatic Data Processing, Inc.		12,250
	172	AvalonBay Communities, Inc.		32,733
	1,331	Bank of America Corp.		31,057
	377	BB&T Corp.		16,290
	636	Brandywine Realty Trust		10,794
	176	Bristol-Myers Squibb Co.		9,838
	592	Brixmor Property Group, Inc.		11,694
	275	Camden Property Trust		22,634
	206	Chevron Corp.		21,967
	104	Chubb Ltd.		14,253
	148	Cincinnati Financial Corp.		10,637
	113	Cinemark Holdings, Inc.		4,862
	529	CME Group, Inc.		61,483
	229	CMS Energy Corp.		10,411
	172	Coca-Cola Co. (The)		7,402
	1,494	Comcast Corp., Class A		58,543
	484	ConocoPhillips		23,198
	35	Cullen/Frost Bankers, Inc.		3,279
	257	Digital Realty Trust, Inc.		29,535
	129	Dr Pepper Snapple Group, Inc.		11,804
	27	DTE Energy Co.		2,787
	186	Duke Realty Corp.		5,150

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	3		Dynegy, Inc. (a)		16
	95		Edison International		7,611
	423		EI du Pont de Nemours & Co.		33,702
	105		Eli Lilly & Co.		8,652
	107		Extra Space Storage, Inc.		8,109
	248		Exxon Mobil Corp.		20,254
	171		Fidelity National Information Services, Inc.		14,432
	34		General Dynamics Corp.		6,540
	1,476		General Motors Co.		51,127
	56		Gilead Sciences, Inc.		3,813
	279		Halcon Resources Corp. (a)		1,870
	1,152		HCP, Inc.		36,102
	249		Highwoods Properties, Inc.		12,651
	557		Home Depot, Inc. (The)		87,005
	173		Honeywell International, Inc.		22,684
	1,140		Host Hotels & Resorts, Inc.		20,467
	1,153		HP, Inc.		21,704
	161		Illinois Tool Works, Inc.		22,183
	129		International Business Machines Corp.		20,749
	810		Johnson & Johnson		100,003
	80		Kimberly-Clark Corp.		10,365
	1,311		Kimco Realty Corp.		26,606
	481		KLA-Tencor Corp.		47,256
	253		LaSalle Hotel Properties		7,232
	368		Liberty Property Trust		14,921
	45		M&T Bank Corp.		7,021
	224		Macerich Co. (The)		14,013
	467		Merck & Co., Inc.		29,122
	692		MetLife, Inc.		35,833
	1,455		Microsoft Corp.		99,616
	105		Mid-America Apartment Communities, Inc.		10,397
	324		Mondelez International, Inc., Class A		14,589
	886		Morgan Stanley		38,410
	219		National Health Investors, Inc.		16,027
	3		Nebraska Book Holdings, Inc. (a)		—	(h)
	—	(h)	New Cotai LLC, Class B (a)		—	(h)
	395		NextEra Energy, Inc.		52,707
	178		NII Holdings, Inc. (a)		153
	302		NiSource, Inc.		7,327
	170		Northern Trust Corp.		15,339
	1,430		Occidental Petroleum Corp.		87,977
	10		Penn Virginia Corp. (a)		393
	12		Penn Virginia Corp. (a)		480
	89		PepsiCo, Inc.		10,135
	2,669		Pfizer, Inc.		90,537

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States — continued
	268		Philip Morris International, Inc.		29,724
	195		PNC Financial Services Group, Inc. (The)		23,351
	145		PPG Industries, Inc.		15,901
	49		Procter & Gamble Co. (The)		4,244
	760		Prologis, Inc.		41,338
	178		Prudential Financial, Inc.		19,001
	142		Public Storage		29,728
	182		Quality Care Properties, Inc. (a)		3,158
	120		Realty Income Corp.		6,986
	115		Regency Centers Corp.		7,239
	116		Republic Services, Inc.		7,331
	—	(h)	Sabine Oil & Gas Holdings, Inc. (a)		14
	137		Senior Housing Properties Trust		2,944
	157		Simon Property Group, Inc.		26,015
	93		SL Green Realty Corp.		9,738
	20		Snap-on, Inc.		3,302
	2,072		Spirit Realty Capital, Inc.		19,518
	17		Stone Energy Corp. (a)		346
	154		STORE Capital Corp.		3,706
	146		Sunstone Hotel Investors, Inc.		2,178
	152		T Rowe Price Group, Inc.		10,766
	628		Texas Instruments, Inc.		49,745
	76		Time Warner, Inc.		7,516
	233		Travelers Cos., Inc. (The)		28,289
	267		UnitedHealth Group, Inc.		46,635
	510		US Bancorp		26,162
	383		Valero Energy Corp.		24,748
	49		Validus Holdings Ltd.		2,711
	120		Ventas, Inc.		7,709
	434		Verizon Communications, Inc.		19,937
	109		VF Corp.		5,942
	483		Vistra Energy Corp.		7,219
	207		Vornado Realty Trust		19,882
	1,631		Wells Fargo & Co.		87,828
	205		Xcel Energy, Inc.		9,241
					2,398,772
			Total Common Stocks (Cost $4,412,757)		5,080,050
PRINCIPAL AMOUNT/UNITS
	Convertible Bonds — 0.7%
			Bermuda — 0.0% (g)
	384		Golar LNG Ltd., 2.750%, 02/15/22 (e)		374

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
		China — 0.0% (g)
	800	Baosteel Hong Kong Investment Co. Ltd., Reg. S, Zero Coupon, 12/01/18		824
	600	Cosmos Boom Investment Ltd., Reg. S, 0.500%, 06/23/20		586
		Ctrip.com International Ltd.,
	1,296	1.250%, 09/15/22 (e)		1,354
	345	1.990%, 07/01/25		406
	500	ENN Energy Holdings Ltd., Reg. S, Zero Coupon, 02/26/18		520
				3,690
		France — 0.0% (g)
	EUR 576 Units	Rallye SA, Reg. S, 1.000%, 10/02/20		633
	1,000	TOTAL SA, Reg. S, Series FP, 0.500%, 12/02/22		1,020
				1,653
		Germany — 0.1%
	EUR 3,100	Bayer Capital Corp. BV, 5.625%, 11/22/19 (e)		4,091
	500	Brenntag Finance BV, Reg. S, 1.875%, 12/02/22		521
	EUR 800	Rocket Internet SE, Reg. S, 3.000%, 07/22/22		814
				5,426
		Hong Kong — 0.0% (g)
	2,000	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/23		2,042
	HKD 8,000	Shine Power International Ltd., Reg. S, Zero Coupon, 07/28/19		1,034
				3,076
		Italy — 0.0% (g)
	EUR 600	Prysmian SpA, Reg. S, Zero Coupon, 01/17/22		673
		Malaysia — 0.0% (g)
	680	Cahaya Capital Ltd., Reg. S, Zero Coupon, 09/18/21		657
		Mexico — 0.0% (g)
	EUR 1,700	America Movil BV, Reg. S, 5.500%, 09/17/18		1,555
		Netherlands — 0.0% (g)
	EUR 600	OCI NV, Reg. S, 3.875%, 09/25/18		654
		Portugal — 0.0% (g)
	EUR 600	Amorim Energia BV, Reg. S, 3.375%, 06/03/18		695

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Russia — 0.0% (g)
	1,368	Yandex NV, 1.125%, 12/15/18		1,321
		Singapore — 0.0% (g)
		CapitaLand Ltd.,
	SGD 4,250	Reg. S, 1.850%, 06/19/20		2,995
	SGD    750	Reg. S, 1.950%, 10/17/23		555
				3,550
		South Africa — 0.0% (g)
	GBP 900	Brait SE, Reg. S, 2.750%, 09/18/20		1,104
	GBP 400	Remgro Jersey GBP Ltd., Reg. S, 2.625%, 03/22/21		532
		Steinhoff Finance Holding GmbH,
	EUR 400	Reg. S, Series SHF, 1.250%, 08/11/22		432
	EUR 1,800	Reg. S, Series SNH, 1.250%, 10/21/23		1,902
				3,970
		Spain — 0.0% (g)
	EUR 400	OHL Investments SA, Reg. S, 4.000%, 04/25/18		422
	EUR 1,300	Telefonica Participaciones SAU, Reg. S, 4.900%, 09/25/17		1,365
	EUR 500	Telefonica SA, Reg. S, 6.000%, 07/24/17		508
				2,295
		Taiwan — 0.0% (g)
	600	Nanya Technology Corp., Reg. S, Zero Coupon, 01/24/22		650
	500	TPK Holding Co. Ltd., Reg. S, Zero Coupon, 04/08/20		503
	1,300	Zhen Ding Technology Holding Ltd., Reg. S, Zero Coupon, 06/26/19		1,310
				2,463
		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
	EUR 2,000	Reg. S, Series UCG, 0.500%, 03/27/20		1,944
	EUR 1,500	Reg. S, Series UCG, 1.000%, 03/27/22		1,388
	1,800	DP World Ltd., Reg. S, 1.750%, 06/19/24		1,848
	800	National Bank of Abu Dhabi PJSC, Reg. S, 1.000%, 03/12/18		807
				5,987
		United Kingdom — 0.1%
	GBP 400	Balfour Beatty Finance No. 2 Ltd., Reg. S, 1.875%, 12/03/18		533
	GBP 1,300	British Land White 2015 Ltd., Reg. S, Zero Coupon, 06/09/20		1,612
	800	Inmarsat plc, Reg. S, 3.875%, 09/09/23		918

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
		International Consolidated Airlines Group SA,
	EUR 800	Reg. S, 0.250%, 11/17/20		835
	EUR 1,000	Reg. S, 0.625%, 11/17/22		1,030
	GBP 1,100	Intu Jersey 2 Ltd., Reg. S, 2.875%, 11/01/22		1,380
	GBP 2,800	Vodafone Group plc, Reg. S, 2.000%, 02/25/19		3,587
				9,895
		United States — 0.4%
		Ares Capital Corp.,
	917	4.750%, 01/15/18		933
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		549
	1,686	Chesapeake Energy Corp., 5.500%, 09/15/26 (e)		1,659
	826	Colony NorthStar, Inc., 3.875%, 01/15/21		833
	4,554	DISH Network Corp., 2.375%, 03/15/24 (e)		4,739
	1,031	Ensco Jersey Finance Ltd., 3.000%, 01/31/24 (e)		954
	1,226	Extra Space Storage LP, 3.125%, 10/01/35 (e)		1,279
	671	Finisar Corp., 0.500%, 12/15/36 (e)		625
	1,870	FireEye, Inc., Series B, 1.625%, 06/01/35		1,681
	873	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		885
	908	Illumina, Inc., Zero Coupon, 06/15/19		930
	533	Impax Laboratories, Inc., 2.000%, 06/15/22		449
	1,486	Intel Corp., 3.479%, 12/15/35		2,024
	551	Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23		514
	456	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		475
		Liberty Interactive LLC,
	1,117	1.750%, 09/30/46 (e)		1,312
	1,384	4.000%, 11/15/29		857
	798	Macquarie Infrastructure Corp., 2.000%, 10/01/23		788
		Microchip Technology, Inc.,
	2,114	1.625%, 02/15/27 (e)		2,164
	755	Micron Technology, Inc., Series G, 3.000%, 11/15/43		815
	946	Nabors Industries, Inc., 0.750%, 01/15/24 (e)		814
	67	Nebraska Book Holdings, Inc., 2.000% (PIK), 04/01/26 (e) (v)		7
		Nuance Communications, Inc.,
	561	1.000%, 12/15/35		542

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
	488	2.750%, 11/01/31		490
	650	ON Semiconductor Corp., 1.625%, 10/15/23 (e)		649
	505	Redwood Trust, Inc., 4.625%, 04/15/18		507
	764	Silicon Laboratories, Inc., 1.375%, 03/01/22 (e)		802
	546	SolarCity Corp., 1.625%, 11/01/19		496
	826	SunPower Corp., 0.875%, 06/01/21		644
	2,526	Tesla, Inc., 1.250%, 03/01/21		2,618
		Twitter, Inc.,
	1,382	0.250%, 09/15/19		1,309
	1,410	1.000%, 09/15/21		1,295
		VEREIT, Inc.,
	379	3.000%, 08/01/18		380
	2,098	3.750%, 12/15/20		2,139
	262	Verint Systems, Inc., 1.500%, 06/01/21		252
	1,322	Viavi Solutions, Inc., 1.000%, 03/01/24 (e)		1,344
	1,129	Weatherford International Ltd., 5.875%, 07/01/21		1,342
	646	Whiting Petroleum Corp., 1.250%, 04/01/20		571
		Yahoo!, Inc.,
	1,246	Zero Coupon, 12/01/18		1,308
				41,974
		Total Convertible Bonds (Cost $91,207)		89,908
SHARES
	Convertible Preferred Stocks — 0.3%
		China — 0.0% (g)
	29	Mandatory Exchangeable Trust, 5.750%, 06/03/19 ($100 par value) (e)		4,026
		Israel — 0.0% (g)
	3	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18 ($1000 par value)		1,851
		United States — 0.3%
	4	Allergan plc, Series A, 5.500%, 03/01/18 ($1000 par value)		3,735
	20	American Tower Corp., 5.500%, 02/15/18 ($100 par value)		2,272
	24	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		1,218
	28	Arconic, Inc., 5.375%, 10/01/17 ($50 par value)		1,187

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	3	Bank of America Corp., Series L, 7.250% ($1000 par value)		3,967
	5	Belden, Inc., 6.750%, 07/15/19($100 par value)		516
	8	Bunge Ltd., 4.875% ($100 par value)		835
	52	Dominion Resources, Inc., Series A, 6.750%, 08/15/19 ($50 par value)		2,639
	24	DTE Energy Co., 6.500%, 10/01/19 ($50 par value)		1,319
	20	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		875
	15	Great Plains Energy, Inc., 7.000%, 09/15/19 ($50 par value)		803
	22	Hess Corp., 8.000%, 02/01/19 ($50 par value)		1,320
	35	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		1,611
	51	NextEra Energy, Inc., 6.123%, 09/01/19 ($25 par value)		2,652
	35	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		640
	5	Stericycle, Inc., 5.250%, 09/15/18 ($100 par value)		335
	18	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		1,969
	4	Wells Fargo & Co., Series L, 7.500% ($1000 par value)		4,541
	15	Welltower, Inc., Series I, 6.500% ($50 par value)		919
				33,353
		Total Convertible Preferred Stocks (Cost $40,828)		39,230
PRINCIPAL AMOUNT
	Corporate Bonds — 43.1%
		Argentina — 0.0% (g)
	1,290	Petrobras Argentina SA, 7.375%, 07/21/23 (e)		1,374
	650	YPF SA, Reg. S, 8.750%, 04/04/24		749
				2,123
		Australia — 0.1%
	5,521	Australia & New Zealand Banking Group Ltd., VAR, 6.750%, 06/15/26 (e) (x) (y)		6,123
	1,720	BHP Billiton Finance USA Ltd., VAR, 6.750%, 10/19/75 (e)		1,948
	3,835	FMG Resources August 2006 Pty. Ltd., 9.750%, 03/01/22 (e)		4,412

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Australia — continued
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,601
				14,084
		Belgium — 0.1%
	2,025	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		2,212
	EUR 6,175	KBC Group NV, Reg. S, VAR, 5.625%, 03/19/19 (x) (y)		6,918
				9,130
		Bermuda — 0.0% (g)
	3,924	XLIT Ltd., Series E, VAR, 3.616%, 06/02/17 (x) (y)		3,335
				–
		Brazil — 0.2%
	1,653	Banco Daycoval SA, Reg. S, 5.750%, 03/19/19		1,703
	1,100	GTL Trade Finance, Inc., Reg. S, 5.893%, 04/29/24		1,115
		JBS USA LUX SA,
	4,689	5.750%, 06/15/25 (e)		4,818
	4,448	5.875%, 07/15/24 (e)		4,648
		Petrobras Global Finance BV,
	2,070	6.750%, 01/27/41		1,951
	1,090	7.375%, 01/17/27		1,166
	3,250	8.375%, 05/23/21		3,684
	700	Suzano Austria GmbH, Reg. S, 5.750%, 07/14/26		716
	1,056	Vale Overseas Ltd., 5.875%, 06/10/21		1,135
	1,820	Votorantim Cimentos SA, Reg. S, 7.250%, 04/05/41		1,861
				22,797
		Canada — 1.6%
	7,515	1011778 BC ULC, 6.000%, 04/01/22 (e)		7,834
	2,332	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		2,425
		Baytex Energy Corp.,
	339	5.125%, 06/01/21 (e)		317
	364	5.625%, 06/01/24 (e)		333
		Bombardier, Inc.,
	1,868	6.000%, 10/15/22 (e)		1,868
	3,228	6.125%, 01/15/23 (e)		3,220
	5,401	7.500%, 03/15/25 (e)		5,617
	188	7.750%, 03/15/20 (e)		204
	5,208	8.750%, 12/01/21 (e)		5,794

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Cascades, Inc.,
	1,420	5.500%, 07/15/22 (e)		1,431
	585	5.750%, 07/15/23 (e)		594
		Cenovus Energy, Inc.,
	761	4.250%, 04/15/27 (e)		756
	8,290	5.400%, 06/15/47 (e)		8,126
	4,425	6.750%, 11/15/39		4,967
		Concordia International Corp.,
	6,381	7.000%, 04/15/23 (e)		1,021
	874	9.000%, 04/01/22 (e)		607
	2,468	Cott Holdings, Inc., 5.500%, 04/01/25 (e)		2,511
	13,375	Emera, Inc., Series 16-A, VAR, 6.750%, 06/15/76		14,729
	4,369	Garda World Security Corp., 7.250%, 11/15/21 (e)		4,419
	1,200	Gateway Casinos & Entertainment Ltd., 8.250%, 03/01/24 (e)		1,227
	11,100	GW Honos Security Corp., 8.750%, 05/15/25 (e)		11,280
	930	Hudbay Minerals, Inc., 7.250%, 01/15/23 (e)		989
	3,382	Kronos Acquisition Holdings, Inc., 9.000%, 08/15/23 (e)		3,433
		Lundin Mining Corp.,
	1,800	7.500%, 11/01/20 (e)		1,908
	1,770	7.875%, 11/01/22 (e)		1,945
		Mattamy Group Corp.,
	2,118	6.500%, 11/15/20 (e)		2,176
	532	6.875%, 12/15/23 (e)		552
		MEG Energy Corp.,
	12,179	6.375%, 01/30/23 (e)		10,718
	7,290	6.500%, 01/15/25 (e)		7,199
	2,539	7.000%, 03/31/24 (e)		2,266
	3,276	NOVA Chemicals Corp., 5.000%, 05/01/25 (e)		3,354
		Open Text Corp.,
	1,957	5.625%, 01/15/23 (e)		2,050
	1,588	5.875%, 06/01/26 (e)		1,695
		Precision Drilling Corp.,
	1,347	5.250%, 11/15/24		1,296
	235	6.500%, 12/15/21		238
	10,208	Quebecor Media, Inc., 5.750%, 01/15/23		10,744
	50	Quebecor World Capital Corp., 6.125%, 01/15/16 (d)		—
	50	Quebecor, Inc., 9.750%, 01/15/16 (d)		—
		Teck Resources Ltd.,
	1,335	3.000%, 03/01/19		1,352

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
	1,635	4.750%, 01/15/22		1,692
	1,455	5.400%, 02/01/43		1,415
	2,670	6.000%, 08/15/40		2,747
	2,775	6.125%, 10/01/35		2,935
	355	8.000%, 06/01/21 (e)		387
	1,383	8.500%, 06/01/24 (e)		1,602
	6,955	TransCanada PipeLines Ltd., 4.625%, 03/01/34		7,423
		Transcanada Trust,
	9,359	Series 16-A, VAR, 5.875%, 08/15/76		10,061
	13,375	VAR, 5.300%, 03/15/77		13,459
	9,855	VAR, 5.625%, 05/20/75		10,298
	1,631	Trinidad Drilling Ltd., 6.625%, 02/15/25 (e)		1,643
		Videotron Ltd.,
	1,365	5.000%, 07/15/22		1,447
	2,495	5.125%, 04/15/27 (e)		2,544
	7,328	5.375%, 06/15/24 (e)		7,722
				196,570
		Chile — 0.0% (g)
	2,140	Cencosud SA, Reg. S, 5.500%, 01/20/21		2,319
	1,350	Empresa Electrica Angamos SA, Reg. S, 4.875%, 05/25/29		1,364
				3,683
		Colombia — 0.0% (g)
		Ecopetrol SA,
	2,182	7.375%, 09/18/43		2,351
		Croatia — 0.0% (g)
	1,340	Hrvatska Elektroprivreda, 5.875%, 10/23/22 (e)		1,437
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		958
	1,452	6.625%, 05/15/39		1,588
				2,546
		France — 0.5%
		Credit Agricole SA,
	12,935	VAR, 6.625%, 09/23/19 (e) (x) (y)		13,207
	4,435	VAR, 8.125%, 12/23/25 (e) (x) (y)		4,895
		SFR Group SA,
	18,441	6.000%, 05/15/22 (e)		19,225
	3,730	6.250%, 05/15/24 (e)		3,860
	6,061	7.375%, 05/01/26 (e)		6,379

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France — continued
	12,990	Societe Generale SA, VAR, 7.375%, 09/13/21 (e) (x) (y)		13,737
				61,303
		Georgia — 0.0% (g)
	988	Georgian Railway JSC, Reg. S, 7.750%, 07/11/22		1,087
		Germany — 0.2%
		Fresenius Medical Care US Finance II, Inc.,
	860	4.125%, 10/15/20 (e)		884
	1,160	4.750%, 10/15/24 (e)		1,186
	1,152	5.875%, 01/31/22 (e)		1,263
	400	6.500%, 09/15/18 (e)		422
	1,850	Fresenius Medical Care US Finance, Inc., 5.750%, 02/15/21 (e)		2,021
	1,630	IHO Verwaltungs GmbH, 4.500% (cash), 09/15/23 (e) (v)		1,628
		Schaeffler Finance BV,
	1,750	4.250%, 05/15/21 (e)		1,789
	2,755	4.750%, 05/15/23 (e)		2,872
	2,988	Unitymedia GmbH, 6.125%, 01/15/25 (e)		3,190
	2,888	Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (e)		3,007
		ZF North America Capital, Inc.,
	8,445	4.500%, 04/29/22 (e)		8,867
	2,678	4.750%, 04/29/25 (e)		2,785
				29,914
		Guatemala — 0.0% (g)
	1,470	Comcel Trust via Comunicaciones Celulares SA, Reg. S, 6.875%, 02/06/24		1,565
		Hungary — 0.0% (g)
		MFB Magyar Fejlesztesi Bank Zrt.,
	2,420	6.250%, 10/21/20 (e)		2,665
	2,250	MOL Group Finance SA, Reg. S, 6.250%, 09/26/19		2,433
				5,098
		India — 0.0% (g)
	1,680	Bharti Airtel International Netherlands BV, Reg. S, 5.125%, 03/11/23		1,770
	1,030	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		1,127
				2,897
		Indonesia — 0.1%
	1,400	Majapahit Holding BV, Reg. S, 7.750%, 01/20/20		1,570

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Indonesia — continued
		Pertamina Persero PT,
	3,040	Reg. S, 5.250%, 05/23/21		3,245
	3,810	Reg. S, 6.450%, 05/30/44		4,296
				9,111
		Ireland — 0.2%
		Ardagh Packaging Finance plc,
	6,560	6.000%, 02/15/25 (e)		6,781
	5,875	7.250%, 05/15/24 (e)		6,397
	425	Fly Leasing Ltd., 6.750%, 12/15/20		446
	4,095	James Hardie International Finance Ltd., 5.875%, 02/15/23 (e)		4,290
		Park Aerospace Holdings Ltd.,
	1,402	5.250%, 08/15/22 (e)		1,481
	1,454	5.500%, 02/15/24 (e)		1,537
				20,932
		Israel — 0.1%
	10,210	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		8,696
		Italy — 0.2%
	8,600	Enel SpA, VAR, 8.750%, 09/24/73 (e)		10,062
	2,000	Telecom Italia SpA, 5.303%, 05/30/24 (e)		2,070
		Wind Acquisition Finance SA,
	4,500	4.750%, 07/15/20 (e)		4,573
	4,500	7.375%, 04/23/21 (e)		4,680
				21,385
		Jamaica — 0.0% (g)
	1,530	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		1,276
		Japan — 0.0% (g)
	3,649	SoftBank Group Corp., 4.500%, 04/15/20 (e)		3,793
		Kazakhstan — 0.1%
	1,325	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.950%, 07/10/42		1,395
		KazMunayGas National Co. JSC,
	3,396	Reg. S, 6.375%, 04/09/21		3,727
	1,100	Reg. S, 9.125%, 07/02/18		1,181
				6,303
		Luxembourg — 1.0%
		Altice Financing SA,
	724	6.500%, 01/15/22 (e)		750
	8,062	6.625%, 02/15/23 (e)		8,536
	7,885	7.500%, 05/15/26 (e)		8,516
	200	Altice Finco SA, 7.625%, 02/15/25 (e)		205

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
		Altice Luxembourg SA,
	415	7.625%, 02/15/25 (e)		443
	13,763	7.750%, 05/15/22 (e)		14,623
		ArcelorMittal,
	4,303	6.125%, 06/01/25		4,829
	17,202	7.000%, 02/25/22		19,503
	927	7.500%, 03/01/41		1,045
	2,770	7.750%, 10/15/39 (w)		3,165
	6,920	INEOS Group Holdings SA, 5.625%, 08/01/24 (e)		7,041
		Intelsat Jackson Holdings SA,
	9,453	5.500%, 08/01/23		8,070
	1,772	7.250%, 04/01/19		1,708
	27,267	7.250%, 10/15/20		25,527
	9,475	7.500%, 04/01/21		8,670
	6,115	8.000%, 02/15/24 (e)		6,597
				119,228
		Malaysia — 0.0% (g)
	1,200	Petronas Capital Ltd., Reg. S, 4.500%, 03/18/45		1,256
		Mexico — 0.4%
		Alfa SAB de CV,
	2,412	6.875%, 03/25/44 (e)		2,521
	2,700	Reg. S, 5.250%, 03/25/24		2,865
	600	Banco Nacional de Comercio Exterior SNC, VAR, 3.800%, 08/11/26 (e)		589
	2,600	BBVA Bancomer SA, Reg. S, 6.750%, 09/30/22		2,940
		Cemex Finance LLC,
	995	6.000%, 04/01/24 (e)		1,052
	4,585	9.375%, 10/12/22 (e)		4,910
		Cemex SAB de CV,
	3,104	5.700%, 01/11/25 (e)		3,261
	8,730	6.125%, 05/05/25 (e)		9,374
	4,200	7.750%, 04/16/26 (e)		4,764
	1,200	Grupo KUO SAB De CV, Reg. S, 6.250%, 12/04/22		1,229
		Petroleos Mexicanos,
	2,749	5.625%, 01/23/46		2,444
	1,250	6.375%, 02/04/21		1,367
	5,050	6.625%, 06/15/35		5,233
				42,549

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Morocco — 0.0% (g)
		OCP SA,
	1,720	Reg. S, 5.625%, 04/25/24		1,842
	1,171	Reg. S, 6.875%, 04/25/44		1,265
				3,107
		Netherlands — 0.3%
	4,600	Bluewater Holding BV, Reg. S, 10.000%, 12/10/19 (e)		3,887
	2,185	Constellium NV, 6.625%, 03/01/25 (e)		2,152
		NXP BV,
	2,905	4.125%, 06/01/21 (e)		3,039
	2,665	4.625%, 06/15/22 (e)		2,862	��
	5,525	4.625%, 06/01/23 (e)		5,946
	6,874	5.750%, 03/15/23 (e)		7,252
	1,620	Shell International Finance BV, 4.375%, 05/11/45		1,663
	8,370	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		8,517
	1,425	Ziggo Bond Finance BV, 5.875%, 01/15/25 (e)		1,462
	4,134	Ziggo Secured Finance BV, 5.500%, 01/15/27 (e)		4,248
				41,028
		New Zealand — 0.1%
		Reynolds Group Issuer, Inc.,
	1,700	5.125%, 07/15/23 (e)		1,772
	7,885	5.750%, 10/15/20		8,122
	3,079	6.875%, 02/15/21		3,163
	1,745	7.000%, 07/15/24 (e)		1,878
				14,935
		Nigeria — 0.0% (g)
	2,631	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (d) (e)		974
		Peru — 0.1%
	1,850	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		1,961
	1,800	BBVA Banco Continental SA, Reg. S, 5.000%, 08/26/22		1,943
	1,124	Consorcio Transmantaro SA, Reg. S, 4.375%, 05/07/23		1,141
	1,700	Southern Copper Corp., 5.875%, 04/23/45		1,784
				6,829
		Russia — 0.1%
	1,100	Gazprom OAO Via Gaz Capital SA, Reg. S, 9.250%, 04/23/19		1,233

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Russia — continued
	550	Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.750%, 05/29/18		581
	1,100	Russian Railways via RZD Capital plc, Reg. S, 5.700%, 04/05/22		1,181
	2,150	Vnesheconombank Via VEB Finance plc, Reg. S, 5.942%, 11/21/23		2,306
	1,081	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.950%, 10/17/22		1,177
				6,478
		South Korea — 0.0% (g)
	3,805	MagnaChip Semiconductor Corp., 6.625%, 07/15/21		3,482
		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria SA,
	EUR 1,000	Reg. S, VAR, 6.750%, 02/18/20 (x) (y)		1,126
	EUR 1,800	Reg. S, VAR, 7.000%, 02/19/19 (x) (y)		2,019
	2,000	Reg. S, VAR, 9.000%, 05/09/18 (x) (y)		2,109
	11,870	Telefonica Emisiones SAU, 5.213%, 03/08/47		12,276
	GBP 4,400	Telefonica Europe BV, Reg. S, VAR, 6.750%, 11/26/20 (x) (y)		6,170
				23,700
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, Reg. S, VAR, 5.750%, 05/13/20 (x) (y)		5,150
	5,000	Svenska Handelsbanken AB, Reg. S, VAR, 5.250%, 03/01/21 (x) (y)		5,082
	5,000	Swedbank AB, Reg. S, VAR, 5.500%, 03/17/20 (x) (y)		5,106
				15,338
		Switzerland — 0.2%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e) (x) (y)		6,656
	2,646	VAR, 7.500%, 12/11/23 (e) (x) (y)		2,935
		UBS Group AG,
	5,000	Reg. S, VAR, 6.875%, 08/07/25 (x) (y)		5,275
	5,000	Reg. S, VAR, 7.000%, 02/19/25 (x) (y)		5,501
	2,000	Reg. S, VAR, 7.125%, 02/19/20 (x) (y)		2,122
				22,489
		United Arab Emirates — 0.1%
	500	DP World Ltd., Reg. S, 6.850%, 07/02/37		588
	5,170	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		5,144
				5,732

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — 0.8%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		1
		Anglo American Capital plc,
	775	3.625%, 05/14/20 (e)		785
	3,197	4.125%, 09/27/22 (e)		3,261
	739	4.450%, 09/27/20 (e)		768
	1,362	4.750%, 04/10/27 (e)		1,408
	3,646	4.875%, 05/14/25 (e)		3,801
		Ashtead Capital, Inc.,
	3,560	5.625%, 10/01/24 (e)		3,804
	7,640	6.500%, 07/15/22 (e)		7,936
	11,384	Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		11,697
		HSBC Holdings plc,
	4,840	VAR, 6.375%, 09/17/24 (x) (y)		5,009
	6,000	VAR, 6.375%, 03/30/25 (x) (y)		6,270
	6,852	VAR, 6.875%, 06/01/21 (x) (y)		7,421
		KCA Deutag UK Finance plc,
	1,669	7.250%, 05/15/21 (e)		1,581
	2,560	9.875%, 04/01/22 (e)		2,631
	12,498	Lloyds Banking Group plc, VAR, 7.500%, 06/27/24 (x) (y)		13,467
	GBP 3,809	Nationwide Building Society, Reg. S, VAR, 6.875%, 06/20/19 (x) (y)		5,106
		Noble Holding International Ltd.,
	169	5.250%, 03/15/42		111
	1,121	6.200%, 08/01/40		790
	1,393	7.750%, 01/15/24		1,271
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,655
	14,647	6.125%, 12/15/22		15,777
		Virgin Media Finance plc,
	1,400	6.000%, 10/15/24 (e)		1,467
	2,548	6.375%, 04/15/23 (e)		2,672
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		987
	1,300	5.500%, 01/15/25 (e)		1,334
	1,100	5.500%, 08/15/26 (e)		1,124
				102,134
		United States — 36.3%
		21st Century Fox America, Inc.,
	6,795	4.750%, 09/15/44		6,915
	4,795	4.950%, 10/15/45		5,031
	5,720	Abbott Laboratories, 4.900%, 11/30/46		5,983

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		AbbVie, Inc.,
	5,040	4.450%, 05/14/46		4,894
	3,359	4.700%, 05/14/45		3,381
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		526
	700	5.625%, 02/15/23		725
	528	6.125%, 03/15/21		541
	3,004	6.500%, 03/01/24		3,184
	3,495	ACCO Brands Corp., 5.250%, 12/15/24 (e)		3,600
	4,931	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		4,820
	3,420	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		3,510
	7,310	Actavis Funding SCS, 4.850%, 06/15/44		7,445
	3,720	Adient Global Holdings Ltd., 4.875%, 08/15/26 (e)		3,729
		ADT Corp. (The),
	5,130	3.500%, 07/15/22		4,963
	10,862	4.125%, 06/15/23		10,591
	519	Advanced Micro Devices, Inc., 7.000%, 07/01/24		552
	870	AdvancePierre Foods Holdings, Inc., 5.500%, 12/15/24 (e)		970
		AECOM,
	4,359	5.125%, 03/15/27 (e)		4,364
	9,398	5.875%, 10/15/24		10,084
		AES Corp.,
	1,900	4.875%, 05/15/23		1,919
	770	5.500%, 03/15/24		791
	5,125	5.500%, 04/15/25		5,253
	555	6.000%, 05/15/26		585
	3,731	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		3,209
	4,805	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		4,685
	1,200	Airxcel, Inc., 8.500%, 02/15/22 (e)		1,236
		AK Steel Corp.,
	2,858	7.000%, 03/15/27		2,826
	3,020	7.500%, 07/15/23		3,288
		Albertsons Cos. LLC,
	5,637	5.750%, 03/15/25 (e)		5,482
	9,798	6.625%, 06/15/24 (e)		10,018
		Alcoa Nederland Holding BV,
	2,996	6.750%, 09/30/24 (e)		3,278
	900	7.000%, 09/30/26 (e)		994
		Alere, Inc.,
	497	6.375%, 07/01/23 (e)		541
	3,955	6.500%, 06/15/20		4,044

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Aleris International, Inc.,
	240	7.875%, 11/01/20		238
	1,505	9.500%, 04/01/21 (e)		1,614
		Alliance Data Systems Corp.,
	1,939	5.375%, 08/01/22 (e)		1,958
	970	5.875%, 11/01/21 (e)		1,004
	19,105	Allstate Corp. (The), VAR, 5.750%, 08/15/53		20,777
		Ally Financial, Inc.,
	3,269	4.125%, 02/13/22		3,289
	4,100	4.250%, 04/15/21		4,192
	20,407	4.625%, 05/19/22		20,815
	11,685	4.625%, 03/30/25		11,532
	3,835	5.125%, 09/30/24		3,917
	2,855	5.750%, 11/20/25		2,923
	2,760	8.000%, 11/01/31		3,284
	1,740	Alta Mesa Holdings LP, 7.875%, 12/15/24 (e)		1,827
		Altice US Finance I Corp.,
	5,715	5.375%, 07/15/23 (e)		5,965
	3,703	5.500%, 05/15/26 (e)		3,828
		AMC Entertainment Holdings, Inc.,
	6,435	5.750%, 06/15/25		6,636
	1,000	5.875%, 02/15/22		1,045
	875	5.875%, 11/15/26 (e)		891
	1,079	6.125%, 05/15/27 (e)		1,102
		AMC Networks, Inc.,
	2,100	4.750%, 12/15/22		2,142
	9,150	5.000%, 04/01/24		9,270
	1,620	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		1,693
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,644
	6,407	6.250%, 04/01/25 (e)		6,375
	6,261	6.500%, 04/01/27 (e)		6,214
	2,184	6.625%, 10/15/22		2,250
	3,450	7.750%, 11/15/19		3,799
		American Express Co.,
	18,070	Series C, VAR, 4.900%, 03/15/20 (x) (y)		18,350
	5,575	VAR, 5.200%, 11/15/19 (x) (y)		5,777
	1,946	American Greetings Corp., 7.875%, 02/15/25 (e)		2,077
		American International Group, Inc.,
	4,240	4.500%, 07/16/44		4,147
	8,805	4.800%, 07/10/45		9,070
		AmeriGas Partners LP,
	4,278	5.500%, 05/20/25		4,321
	1,314	5.625%, 05/20/24		1,337

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,309	5.750%, 05/20/27		1,312
	1,039	5.875%, 08/20/26		1,055
	4,850	Amgen, Inc., 4.400%, 05/01/45		4,790
		Amkor Technology, Inc.,
	8,949	6.375%, 10/01/22		9,329
	4,556	6.625%, 06/01/21		4,642
	1,312	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		1,325
	805	Analog Devices, Inc., 4.500%, 12/05/36		814
	5,026	Anixter, Inc., 5.500%, 03/01/23		5,328
	2,380	Antero Midstream Partners LP, 5.375%, 09/15/24 (e)		2,434
		Antero Resources Corp.,
	1,311	5.000%, 03/01/25 (e)		1,291
	9,240	5.125%, 12/01/22		9,379
	3,548	5.375%, 11/01/21		3,663
	4,205	5.625%, 06/01/23		4,326
		Anthem, Inc.,
	3,295	4.650%, 08/15/44		3,406
	2,280	5.100%, 01/15/44		2,494
	2,565	Arch Capital Finance LLC, 5.031%, 12/15/46		2,802
	930	Archrock Partners LP, 6.000%, 10/01/22		928
		Arconic, Inc.,
	9,295	5.125%, 10/01/24		9,736
	3,092	5.870%, 02/23/22		3,335
	1,469	6.750%, 01/15/28		1,627
	8,042	Ashland LLC, 4.750%, 08/15/22		8,384
		AT&T, Inc.,
	5,380	4.350%, 06/15/45		4,773
	8,215	4.750%, 05/15/46		7,712
	1,175	5.150%, 03/15/42		1,164
	2,680	5.450%, 03/01/47		2,761
	4,210	5.650%, 02/15/47		4,447
		Avaya, Inc.,
	5,464	7.000%, 04/01/19 (d) (e)		4,576
	2,160	10.500%, 03/01/21 (d) (e)		292
		Avis Budget Car Rental LLC,
	6,050	5.500%, 04/01/23		5,959
	5,730	6.375%, 04/01/24 (e)		5,723
	3,230	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		3,345
		B&G Foods, Inc.,
	3,164	4.625%, 06/01/21		3,222
	1,764	5.250%, 04/01/25		1,806
		Ball Corp.,
	905	5.000%, 03/15/22		966

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,962	5.250%, 07/01/25		2,119
		Bank of America Corp.,
	13,619	Series K, VAR, 8.000%, 01/30/18 (x) (y)		14,130
	14,315	Series M, VAR, 8.125%, 05/15/18 (x) (y)		14,995
	23,045	Series V, VAR, 5.125%, 06/17/19 (x) (y)		23,160
	7,015	Series U, VAR, 5.200%, 06/01/23 (x) (y)		7,024
	11,220	Series X, VAR, 6.250%, 09/05/24 (x) (y)		12,034
	13,130	Series Z, VAR, 6.500%, 10/23/24 (x) (y)		14,591
	15,338	Series AA, VAR, 6.100%, 03/17/25 (x) (y)		16,431
		Bank of New York Mellon Corp. (The),
	9,636	Series D, VAR, 4.500%, 06/20/23 (x) (y)		9,332
	20,375	Series E, VAR, 4.950%, 06/20/20 (x) (y)		21,190
	15,551	Series F, VAR, 4.625%, 09/20/26 (x) (y)		15,318
	5,350	Belden, Inc., 5.500%, 09/01/22 (e)		5,484
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,950
	500	6.000%, 10/15/22		531
	5,270	Biogen, Inc., 5.200%, 09/15/45		5,717
	6,262	Blue Cube Spinco, Inc., 10.000%, 10/15/25		7,718
	5,667	Blue Racer Midstream LLC, 6.125%, 11/15/22 (e)		5,802
	3,185	Boardwalk Pipelines LP, 5.950%, 06/01/26		3,561
	920	Boise Cascade Co., 5.625%, 09/01/24 (e)		945
	870	Booz Allen Hamilton, Inc., 5.125%, 05/01/25 (e)		882
		Boyd Gaming Corp.,
	970	6.375%, 04/01/26		1,045
	6,460	6.875%, 05/15/23		6,953
	3,379	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		3,380
	5,295	BWAY Holding Co., 5.500%, 04/15/24 (e)		5,355
		Cablevision Systems Corp.,
	4,472	8.000%, 04/15/20		4,995
		Caesars Entertainment Operating Co., Inc.,
	5,754	8.500%, 02/15/20 (d)		7,020
	10,622	9.125%, 02/15/20 (d)		12,986
	6,287	11.250%, 06/01/17 (d)		7,497
		CalAtlantic Group, Inc.,
	682	5.250%, 06/01/26		696
	1,240	5.375%, 10/01/22		1,324
	2,247	5.875%, 11/15/24		2,416
	840	8.375%, 01/15/21		987
	1,759	Caleres, Inc., 6.250%, 08/15/23		1,845
	6,387	California Resources Corp., 8.000%, 12/15/22 (e)		4,918

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,133	Callon Petroleum Co., 6.125%, 10/01/24 (e)		2,234
		Calpine Corp.,
	3,015	5.250%, 06/01/26 (e)		3,034
	1,500	5.500%, 02/01/24		1,448
	1,140	5.750%, 01/15/25		1,103
	4,467	5.875%, 01/15/24 (e)		4,690
	2,720	Camelot Finance SA, 7.875%, 10/15/24 (e)		2,917
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20 (x) (y)		22,433
	788	Capsugel SA, 7.000% (cash), 05/15/19 (e) (v)		786
	3,650	CBS Corp., 4.600%, 01/15/45		3,648
	1,090	CBS Radio, Inc., 7.250%, 11/01/24 (e)		1,185
	662	CCM Merger, Inc., 6.000%, 03/15/22 (e)		684
		CCO Holdings LLC,
	3,280	5.125%, 05/01/23 (e)		3,424
	2,687	5.125%, 05/01/27 (e)		2,741
	3,700	5.375%, 05/01/25 (e)		3,857
	10,530	5.500%, 05/01/26 (e)		11,050
	11,981	5.750%, 02/15/26 (e)		12,726
	33,461	5.875%, 04/01/24 (e)		35,803
		CDW LLC,
	2,242	5.000%, 09/01/23		2,304
	875	5.500%, 12/01/24		932
		Cedar Fair LP,
	575	5.375%, 06/01/24		595
	490	5.375%, 04/15/27 (e)		507
	5,075	Celgene Corp., 5.000%, 08/15/45		5,416
		Centene Corp.,
	100	4.750%, 05/15/22		104
	2,850	4.750%, 01/15/25		2,896
	2,570	5.625%, 02/15/21		2,702
	1,745	6.125%, 02/15/24		1,880
	2,600	Central Garden & Pet Co., 6.125%, 11/15/23		2,776
		CenturyLink, Inc.,
	9,146	Series T, 5.800%, 03/15/22		9,569
	7,475	Series W, 6.750%, 12/01/23		8,008
		CF Industries, Inc.,
	1,231	4.500%, 12/01/26 (e)		1,251
	2,835	4.950%, 06/01/43		2,388
	3,705	5.150%, 03/15/34		3,353
	8,153	5.375%, 03/15/44		7,103
	15,945	Charter Communications Operating LLC, 6.484%, 10/23/45		18,666

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Chemours Co. (The),
	4,500	6.625%, 05/15/23		4,815
	1,930	7.000%, 05/15/25		2,121
		Cheniere Corpus Christi Holdings LLC,
	4,945	5.875%, 03/31/25 (e)		5,266
	2,120	7.000%, 06/30/24 (e)		2,369
		Chesapeake Energy Corp.,
	3,110	4.875%, 04/15/22		2,853
	918	5.750%, 03/15/23		854
	1,771	6.125%, 02/15/21		1,740
	8,728	8.000%, 12/15/22 (e)		9,197
	2,135	8.000%, 01/15/25 (e)		2,111
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		58
	2,239	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		2,370
	3,600	Cinemark USA, Inc., 4.875%, 06/01/23		3,654
		CIT Group, Inc.,
	1,085	3.875%, 02/19/19		1,115
	4,908	5.000%, 08/15/22		5,280
	6,097	5.375%, 05/15/20		6,562
	3,988	5.500%, 02/15/19 (e)		4,212
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,941
		Citigroup, Inc.,
	14,725	Series D, VAR, 5.350%, 05/15/23 (x) (y)		14,891
	10,670	Series M, VAR, 6.300%, 05/15/24 (x) (y)		11,260
	21,330	Series N, VAR, 5.800%, 11/15/19 (x) (y)		22,290
	10,010	Series O, VAR, 5.875%, 03/27/20 (x) (y)		10,437
	20,570	Series P, VAR, 5.950%, 05/15/25 (x) (y)		21,611
	7,020	Series R, VAR, 6.125%, 11/15/20 (x) (y)		7,480
	5,475	Series T, VAR, 6.250%, 08/15/26 (x) (y)		5,961
	15,330	VAR, 5.950%, 01/30/23 (x) (y)		16,135
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		466
	11,608	9.000%, 03/15/19 (e)		5,368
		Clean Harbors, Inc.,
	1,490	5.125%, 06/01/21		1,526
	6,200	5.250%, 08/01/20		6,324
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.500%, 11/15/22		1,708
	115	Series A, 7.625%, 03/15/20		114
	32,795	Series B, 6.500%, 11/15/22		33,984
	19,533	Series B, 7.625%, 03/15/20		19,753
		Clearwater Paper Corp.,
	2,125	4.500%, 02/01/23		2,043
	900	5.375%, 02/01/25 (e)		882

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	4,235	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		3,854
		CNH Industrial Capital LLC,
	2,340	4.375%, 04/05/22		2,386
	5,420	4.875%, 04/01/21		5,698
	3,065	CNO Financial Group, Inc., 5.250%, 05/30/25		3,165
	1,434	Coeur Mining, Inc., 7.875%, 02/01/21		1,484
	2,669	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		2,749
	5,075	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		5,240
	3,290	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		3,854
		Comcast Corp.,
	4,015	4.600%, 08/15/45		4,188
	2,935	4.750%, 03/01/44		3,127
	3,227	Commercial Metals Co., 4.875%, 05/15/23		3,243
		CommScope Technologies LLC,
	1,505	5.000%, 03/15/27 (e)		1,518
	9,502	6.000%, 06/15/25 (e)		10,132
		CommScope, Inc.,
	2,355	5.000%, 06/15/21 (e)		2,420
	4,288	5.500%, 06/15/24 (e)		4,499
		Community Health Systems, Inc.,
	1,089	5.125%, 08/01/21		1,079
	2,082	6.875%, 02/01/22		1,723
	2,575	7.125%, 07/15/20		2,311
	2,172	Concho Resources, Inc., 5.500%, 04/01/23		2,252
	1,855	CONSOL Energy, Inc., 5.875%, 04/15/22		1,809
	2,232	Consolidated Communications, Inc., 6.500%, 10/01/22		2,204
		Continental Resources, Inc.,
	673	3.800%, 06/01/24		633
	7,296	4.500%, 04/15/23		7,186
	6,317	5.000%, 09/15/22		6,372
	2,195	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		2,225
		CoreCivic, Inc.,
	8,720	4.125%, 04/01/20		9,014
	2,400	4.625%, 05/01/23		2,406
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		241
	379	5.875%, 07/01/25		378
	577	6.375%, 10/01/22		594
		Crestwood Midstream Partners LP,
	2,091	5.750%, 04/01/25 (e)		2,169
	1,409	6.250%, 04/01/23		1,471

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Crown Americas LLC,
	1,765	4.250%, 09/30/26 (e)		1,730
	770	4.500%, 01/15/23		795
		CSC Holdings LLC,
	1,013	5.250%, 06/01/24		1,025
	2,515	5.500%, 04/15/27 (e)		2,600
	1,400	6.625%, 10/15/25 (e)		1,531
	4,884	6.750%, 11/15/21		5,372
	942	8.625%, 02/15/19		1,038
	7,952	10.125%, 01/15/23 (e)		9,224
	1,390	10.875%, 10/15/25 (e)		1,670
	1,600	CSI Compressco LP, 7.250%, 08/15/22		1,556
	4,820	CSX Corp., 4.250%, 11/01/66		4,517
	640	Cumberland Farms, Inc., 6.750%, 05/01/25 (e)		664
	936	CURO Financial Technologies Corp., 12.000%, 03/01/22 (e)		987
	7,628	CVR Partners LP, 9.250%, 06/15/23 (e)		7,790
		CyrusOne LP,
	1,625	5.000%, 03/15/24 (e)		1,670
	985	5.375%, 03/15/27 (e)		1,014
		Dana Financing Luxembourg SARL,
	4,089	5.750%, 04/15/25 (e)		4,189
	4,320	6.500%, 06/01/26 (e)		4,525
		Dana, Inc.,
	2,750	5.500%, 12/15/24		2,798
	6,125	6.000%, 09/15/23		6,401
		DaVita, Inc.,
	6,330	5.000%, 05/01/25		6,377
	3,502	5.125%, 07/15/24		3,601
	1,275	5.750%, 08/15/22		1,321
		DCP Midstream Operating LP,
	4,359	3.875%, 03/15/23		4,250
	686	4.750%, 09/30/21 (e)		701
	702	4.950%, 04/01/22		718
	1,825	6.750%, 09/15/37 (e)		2,000
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		7,109
		Denbury Resources, Inc.,
	3,495	4.625%, 07/15/23		2,394
	570	5.500%, 05/01/22		425
	5,145	Devon Energy Corp., 5.000%, 06/15/45		5,227
		Diamond 1 Finance Corp.,
	25	3.480%, 06/01/19 (e)		25
	1,310	4.420%, 06/15/21 (e)		1,375
	7,581	5.450%, 06/15/23 (e)		8,189

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,895	5.875%, 06/15/21 (e)		3,069
	9,141	6.020%, 06/15/26 (e)		10,069
	1,465	7.125%, 06/15/24 (e)		1,619
	6,310	8.350%, 07/15/46 (e)		8,166
	4,015	Diebold Nixdorf, Inc., 8.500%, 04/15/24		4,477
		DISH DBS Corp.,
	7,460	5.000%, 03/15/23		7,479
	21,800	5.875%, 07/15/22		23,093
	14,963	5.875%, 11/15/24		15,692
	23,384	6.750%, 06/01/21		25,430
	4,279	7.750%, 07/01/26		5,012
	6,950	DJO Finco, Inc., 8.125%, 06/15/21 (e)		6,186
	2,774	Dole Food Co., Inc., 7.250%, 06/15/25 (e)		2,875
	4,148	Dollar Tree, Inc., 5.750%, 03/01/23		4,401
	2,229	Dominion Gas Holdings LLC, 4.600%, 12/15/44		2,248
	17,485	Dominion Resources, Inc., VAR, 5.750%, 10/01/54		18,337
	2,164	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		2,088
	1,693	DuPont Fabros Technology LP, 5.875%, 09/15/21		1,765
		Dynegy, Inc.,
	6,393	5.875%, 06/01/23		5,642
	6,280	7.375%, 11/01/22		6,028
	8,155	7.625%, 11/01/24		7,462
	3,400	8.000%, 01/15/25 (e)		3,111
	366	Eagle II Acquisition Co. LLC, 6.000%, 04/01/25 (e)		378
	560	Eldorado Resorts, Inc., 7.000%, 08/01/23		605
	25,041	Embarq Corp., 7.995%, 06/01/36		25,511
	1,129	EMC Corp., 2.650%, 06/01/20		1,105
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		2,017
		Endo Dac,
	1,811	5.875%, 10/15/24 (e)		1,845
	10,650	6.000%, 07/15/23 (e)		9,332
	1,770	6.000%, 02/01/25 (e)		1,495
		Endo Finance LLC,
	3,026	5.750%, 01/15/22 (e)		2,799
	1,846	7.250%, 01/15/22 (e)		1,818
	6,565	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		6,844
	6,302	Energy Transfer Equity LP, 5.875%, 01/15/24		6,790

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Energy Transfer Partners LP,
	3,020	5.150%, 02/01/43		2,911
	1,155	6.125%, 12/15/45		1,255
	3,211	EnerSys, 5.000%, 04/30/23 (e)		3,271
		Ensco plc,
	429	4.500%, 10/01/24		354
	808	5.200%, 03/15/25		685
	419	8.000%, 01/31/24		416
	4,938	Entegris, Inc., 6.000%, 04/01/22 (e)		5,148
		Enterprise Products Operating LLC,
	2,890	4.850%, 03/15/44		2,958
	10,280	4.900%, 05/15/46		10,750
		Envision Healthcare Corp.,
	1,754	5.125%, 07/01/22 (e)		1,780
	1,075	5.625%, 07/15/22		1,109
		EP Energy LLC,
	3,286	7.750%, 09/01/22		2,629
	2,930	8.000%, 11/29/24 (e)		3,066
	23,134	8.000%, 02/15/25 (e)		20,589
	11,750	9.375%, 05/01/20		11,133
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,353
	3,098	5.375%, 01/01/22		3,276
	950	5.375%, 04/01/23		989
	948	5.750%, 01/01/25		1,014
	3,555	5.875%, 01/15/26		3,831
	8,015	ERAC USA Finance LLC, 4.200%, 11/01/46 (e)		7,327
	5,852	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		5,925
	720	EW Scripps Co. (The), 5.125%, 05/15/25 (e)		739
		Exelon Corp.,
	4,100	4.450%, 04/15/46		4,113
	3,750	5.100%, 06/15/45		4,078
		Express Scripts Holding Co.,
	7,130	4.800%, 07/15/46		6,930
	1,556	6.125%, 11/15/41		1,762
		FedEx Corp.,
	6,025	4.550%, 04/01/46		6,090
	2,215	4.750%, 11/15/45		2,309
	1,170	Ferrellgas LP, 6.750%, 06/15/23		1,129
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,645
		Fifth Third Bancorp,
	2,385	Series J, VAR, 4.900%, 09/30/19 (x) (y)		2,385
	17,625	VAR, 5.100%, 06/30/23 (x) (y)		17,537

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		First Data Corp.,
	6,412	5.000%, 01/15/24 (e)		6,558
	13,853	5.375%, 08/15/23 (e)		14,407
	33,652	5.750%, 01/15/24 (e)		34,914
	5,643	7.000%, 12/01/23 (e)		6,050
	681	Flex Acquisition Co., Inc., 6.875%, 01/15/25 (e)		701
	19,265	Ford Motor Co., 4.750%, 01/15/43		18,141
		Freeport-McMoRan, Inc.,
	3,380	3.550%, 03/01/22		3,177
	8,530	3.875%, 03/15/23		7,912
	3,074	4.000%, 11/14/21		3,016
	5,505	4.550%, 11/14/24		5,172
	375	5.400%, 11/14/34		334
	5,805	5.450%, 03/15/43		4,949
		Frontier Communications Corp.,
	6,760	6.250%, 09/15/21		6,270
	7,180	6.875%, 01/15/25		6,013
	6,801	8.500%, 04/15/20		7,192
	5,281	9.250%, 07/01/21		5,388
	3,111	10.500%, 09/15/22		3,130
	19,452	11.000%, 09/15/25		18,747
	3,849	Gartner, Inc., 5.125%, 04/01/25 (e)		3,984
	5,143	Gates Global LLC, 6.000%, 07/15/22 (e)		5,169
	4,460	GCI, Inc., 6.750%, 06/01/21		4,622
	3,552	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		4,049
	5,100	General Cable Corp., 5.750%, 10/01/22		5,049
	48,057	General Electric Co., Series D, VAR, 5.000%, 01/21/21 (x) (y)		50,688
		General Motors Co.,
	7,250	4.875%, 10/02/23		7,734
	6,370	6.250%, 10/02/43		6,958
	8,720	6.750%, 04/01/46		10,210
		Genesis Energy LP,
	2,418	5.625%, 06/15/24		2,376
	1,054	6.000%, 05/15/23		1,054
	780	6.750%, 08/01/22		802
	4,440	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		4,918
	4,330	GenOn Energy, Inc., 9.875%, 10/15/20		2,685
		GEO Group, Inc. (The),
	8,165	5.875%, 01/15/22		8,492
	2,215	6.000%, 04/15/26		2,276

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Gilead Sciences, Inc.,
	755	4.150%, 03/01/47		712
	8,795	4.750%, 03/01/46		9,069
		Global Partners LP,
	1,085	6.250%, 07/15/22		1,074
	1,995	7.000%, 06/15/23		1,975
	4,035	GLP Capital LP, 5.375%, 11/01/23		4,358
	1,890	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		2,018
		Goldman Sachs Group, Inc. (The),
	16,295	Series O, VAR, 5.300%, 11/10/26 (x) (y)		16,916
	21,703	Series M, VAR, 5.375%, 05/10/20 (x) (y)		22,501
	25,078	Series L, VAR, 5.700%, 05/10/19 (x) (y)		25,893
	2,585	Goodman Networks, Inc., 12.225%, 07/01/18 (d)		969
		Goodyear Tire & Rubber Co. (The),
	5,526	4.875%, 03/15/27		5,526
	4,150	5.000%, 05/31/26		4,259
	2,085	5.125%, 11/15/23		2,193
	570	Graphic Packaging International, Inc., 4.875%, 11/15/22		596
		Gray Television, Inc.,
	2,285	5.125%, 10/15/24 (e)		2,291
	1,445	5.875%, 07/15/26 (e)		1,495
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,412
	5,340	Great Plains Energy, Inc., 4.850%, 04/01/47		5,424
	2,460	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		2,478
	293	Guitar Center, Inc., 6.500%, 04/15/19 (e)		251
	1,045	Gulfport Energy Corp., 6.000%, 10/15/24 (e)		1,029
	7,564	H&E Equipment Services, Inc., 7.000%, 09/01/22		7,909
	5,150	Halcon Resources Corp., 6.750%, 02/15/25 (e)		4,944
	10,280	Halliburton Co., 5.000%, 11/15/45		10,988
	3,046	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,772
		Harland Clarke Holdings Corp.,
	1,075	6.875%, 03/01/20 (e)		1,102
	1,466	8.375%, 08/15/22 (e)		1,510
	4,520	Harris Corp., 5.054%, 04/27/45		4,965
	3,847	HCA Holdings, Inc., 6.250%, 02/15/21		4,174
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,370
	1,410	4.250%, 10/15/19		1,461
	2,330	4.500%, 02/15/27		2,352

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,976	5.000%, 03/15/24		2,097
	2,175	5.250%, 04/15/25		2,337
	400	5.250%, 06/15/26		427
	34,831	5.375%, 02/01/25		36,268
	15,079	5.875%, 03/15/22		16,719
	2,040	5.875%, 05/01/23		2,220
	6,435	5.875%, 02/15/26		6,837
	2,977	6.500%, 02/15/20		3,267
	26,168	7.500%, 02/15/22		30,104
	1,400	8.000%, 10/01/18		1,507
		HD Supply, Inc.,
	10,360	5.250%, 12/15/21 (e)		10,930
	2,010	5.750%, 04/15/24 (e)		2,135
		HealthSouth Corp.,
	3,470	5.750%, 11/01/24		3,535
	3,650	5.750%, 09/15/25		3,691
	2,986	Hecla Mining Co., 6.875%, 05/01/21		3,098
		Herc Rentals, Inc.,
	3,474	7.500%, 06/01/22 (e)		3,778
	4,293	7.750%, 06/01/24 (e)		4,685
		Hertz Corp. (The),
	6,255	5.500%, 10/15/24 (e)		5,364
	4,891	6.250%, 10/15/22		4,512
	7,435	7.375%, 01/15/21		7,119
	5,595	Hess Corp., 5.800%, 04/01/47		5,782
	19,879	Hexion, Inc., 6.625%, 04/15/20		18,786
		Hilcorp Energy I LP,
	1,234	5.000%, 12/01/24 (e)		1,157
	921	5.750%, 10/01/25 (e)		893
	865	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		824
		Hill-Rom Holdings, Inc.,
	685	5.000%, 02/15/25 (e)		694
	6,428	5.750%, 09/01/23 (e)		6,717
	2,940	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		2,962
	1,890	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		2,013
		Hilton Worldwide Finance LLC,
	3,023	4.625%, 04/01/25 (e)		3,106
	1,512	4.875%, 04/01/27 (e)		1,550
	1,865	Holly Energy Partners LP, 6.000%, 08/01/24 (e)		1,972
	4,617	Hologic, Inc., 5.250%, 07/15/22 (e)		4,865
	1,000	HRG Group, Inc., 7.875%, 07/15/19		1,040

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Hughes Satellite Systems Corp.,
	7,205	5.250%, 08/01/26 (e)		7,331
	1,570	6.500%, 06/15/19		1,698
	1,690	6.625%, 08/01/26 (e)		1,736
		Huntsman International LLC,
	560	4.875%, 11/15/20		589
	8,665	5.125%, 11/15/22		9,109
	6,110	IASIS Healthcare LLC, 8.375%, 05/15/19		5,957
		Icahn Enterprises LP,
	919	5.875%, 02/01/22		945
	800	6.250%, 02/01/22 (e)		832
	800	6.750%, 02/01/24 (e)		835
		iHeartCommunications, Inc.,
	2,116	9.000%, 12/15/19		1,746
	2,067	9.000%, 03/01/21		1,571
	1,400	IHS Markit Ltd., 4.750%, 02/15/25 (e)		1,465
	8,163	ILFC E-Capital Trust I, VAR, 4.660%, 12/21/65 (e)		7,755
	4,720	ILFC E-Capital Trust II, VAR, 4.910%, 12/21/65 (e)		4,531
	8,769	Infor Software Parent LLC, 7.125% (cash), 05/01/21 (e) (v)		8,962
		Infor US, Inc.,
	1,248	5.750%, 08/15/20 (e)		1,303
	15,605	6.500%, 05/15/22		16,229
	5,363	Informatica LLC, 7.125%, 07/15/23 (e)		5,276
		International Game Technology plc,
	8,750	6.250%, 02/15/22 (e)		9,537
	8,640	6.500%, 02/15/25 (e)		9,461
	4,020	Interval Acquisition Corp., 5.625%, 04/15/23		4,141
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,576
	4,028	6.000%, 10/01/20 (e)		4,214
	1,250	6.000%, 08/15/23		1,328
	1,957	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		2,021
	1,915	ITC Holdings Corp., 5.300%, 07/01/43		2,172
	500	Jack Cooper Holdings Corp., 9.250%, 06/01/20		185
	8,360	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		8,736
	2,310	Jaguar Holding Co. II, 6.375%, 08/01/23 (e)		2,408
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,055
		JC Penney Corp., Inc.,
	3,200	5.875%, 07/01/23 (e)		3,232
	449	8.125%, 10/01/19		489

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	773	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		772
	955	Johnson Controls International plc, 4.500%, 02/15/47		977
	993	Kaiser Aluminum Corp., 5.875%, 05/15/24		1,053
	2,070	KFC Holding Co., 5.000%, 06/01/24 (e)		2,137
	2,000	Kinder Morgan Energy Partners LP, 5.625%, 09/01/41		2,070
	7,460	Kindred Healthcare, Inc., 8.750%, 01/15/23		7,656
	3,075	Kinetic Concepts, Inc., 7.875%, 02/15/21 (e)		3,279
	6,400	KLX, Inc., 5.875%, 12/01/22 (e)		6,728
	2,065	Kohl’s Corp., 5.550%, 07/17/45		1,869
	1,160	Koppers, Inc., 6.000%, 02/15/25 (e)		1,215
		Kraft Heinz Foods Co.,
	7,495	4.375%, 06/01/46		7,133
	1,045	5.000%, 06/04/42		1,077
	8,927	5.200%, 07/15/45		9,426
	3,574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		3,583
	5,955	Kroger Co. (The), 3.875%, 10/15/46		5,393
		L Brands, Inc.,
	400	5.625%, 10/15/23		420
	6,385	6.750%, 07/01/36		6,185
	1,606	6.875%, 11/01/35		1,584
	1,514	Ladder Capital Finance Holdings LLLP, 5.250%, 03/15/22 (e)		1,554
		Lamar Media Corp.,
	363	5.000%, 05/01/23		380
	258	5.375%, 01/15/24		272
	2,652	5.750%, 02/01/26		2,887
	2,340	Landry’s, Inc., 6.750%, 10/15/24 (e)		2,451
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		3,012
		Lear Corp.,
	3,400	5.250%, 01/15/25		3,606
	2,000	5.375%, 03/15/24		2,114
	1,000	Level 3 Communications, Inc., 5.750%, 12/01/22		1,041
		Level 3 Financing, Inc.,
	5,636	5.125%, 05/01/23		5,784
	3,308	5.250%, 03/15/26		3,411
	4,086	5.375%, 01/15/24		4,247
	10,230	5.375%, 05/01/25		10,665
	561	5.625%, 02/01/23		582
	75	Levi Strauss & Co., 5.000%, 05/01/25		77
	870	Liberty Interactive LLC, 8.250%, 02/01/30		933
	2,538	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,938

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,335	LifePoint Health, Inc., 5.500%, 12/01/21		1,378
	1,887	LIN Television Corp., 5.875%, 11/15/22		1,972
	3,805	Live Nation Entertainment, Inc., 4.875%, 11/01/24 (e)		3,834
	1,634	LPL Holdings, Inc., 5.750%, 09/15/25 (e)		1,659
	3,265	LSB Industries, Inc., SUB, 8.500%, 08/01/19		3,200
	5,407	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		5,745
	4,372	LYB International Finance BV, 4.875%, 03/15/44		4,526
	1,320	Magellan Midstream Partners LP, 4.250%, 09/15/46		1,260
		Mallinckrodt International Finance SA,
	160	3.500%, 04/15/18		161
	539	4.750%, 04/15/23		459
	6,105	5.500%, 04/15/25 (e)		5,556
	5,243	5.625%, 10/15/23 (e)		5,007
	2,189	5.750%, 08/01/22 (e)		2,151
	5,645	Marathon Petroleum Corp., 4.750%, 09/15/44		5,222
	4,280	Markel Corp., 5.000%, 04/05/46		4,497
	1,117	Martin Midstream Partners LP, 7.250%, 02/15/21		1,145
	1,972	Masonite International Corp., 5.625%, 03/15/23 (e)		2,046
	3,592	MasTec, Inc., 4.875%, 03/15/23		3,592
	890	Match Group, Inc., 6.375%, 06/01/24		969
	2,500	Mediacom Broadband LLC, 6.375%, 04/01/23		2,631
		MetLife, Inc.,
	12,815	6.400%, 12/15/36		14,417
	17,944	Series C, VAR, 5.250%, 06/15/20 (x) (y)		18,635
		MGM Growth Properties Operating Partnership LP,
	995	4.500%, 09/01/26		991
	2,630	5.625%, 05/01/24		2,837
		MGM Resorts International,
	18,730	6.000%, 03/15/23		20,463
	3,070	6.625%, 12/15/21		3,446
	20,504	7.750%, 03/15/22		23,887
	2,165	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		2,222
		Micron Technology, Inc.,
	3,706	5.250%, 08/01/23 (e)		3,836
	8,287	5.250%, 01/15/24 (e)		8,544
	70	5.500%, 02/01/25		73
	302	5.875%, 02/15/22		316
	5,875	7.500%, 09/15/23		6,580

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,025	Microsemi Corp., 9.125%, 04/15/23 (e)		5,779
	1,350	Momentive Performance Materials USA, Inc., 8.875%, 10/15/20 (d)		—	(h)
	1,900	Momentive Performance Materials, Inc., 3.880%, 10/24/21		1,888
		Morgan Stanley,
	29,170	Series H, VAR, 5.450%, 07/15/19 (x) (y)		29,863
	26,955	Series J, VAR, 5.550%, 07/15/20 (x) (y)		28,218
		Motors Liquidation Co.,
	11	7.750%, 03/15/36 (d)		—
	115	8.375%, 07/15/33 (d)		—
	10	VAR, 6.750%, 05/01/28 (d)		—
	5,316	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		5,715
		MPLX LP,
	5,720	4.875%, 12/01/24		6,116
	3,485	5.200%, 03/01/47		3,568
	1,900	5.500%, 02/15/23		1,969
	1,851	MSCI, Inc., 5.250%, 11/15/24 (e)		1,962
	10,774	Mylan NV, 5.250%, 06/15/46		11,061
	2,824	Nabors Industries, Inc., 5.500%, 01/15/23 (e)		2,859
	2,473	National Rural Utilities Cooperative Finance Corp., VAR, 5.250%, 04/20/46		2,576
		Nationstar Mortgage LLC,
	1,372	6.500%, 07/01/21		1,393
	1,028	6.500%, 06/01/22		1,033
	3,280	7.875%, 10/01/20		3,411
	3,087	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		3,280
	6,992	Navistar International Corp., 8.250%, 11/01/21		7,079
	1,800	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		1,962
	3,263	NCL Corp. Ltd., 4.750%, 12/15/21 (e)		3,345
		NCR Corp.,
	686	5.000%, 07/15/22		700
	903	6.375%, 12/15/23		968
		Neiman Marcus Group Ltd. LLC,
	4,962	9.500%, 10/15/21 (e)		2,903
	4,925	8.750% (PIK), 10/15/21 (e) (v)		2,659
		Netflix, Inc.,
	1,786	4.375%, 11/15/26 (e)		1,759
	645	5.750%, 03/01/24		693
	700	5.875%, 02/15/25		760

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		New Albertsons, Inc.,
	455	6.625%, 06/01/28		407
	404	7.450%, 08/01/29		381
	645	7.750%, 06/15/26		629
	2,280	8.000%, 05/01/31		2,223
	2,042	8.700%, 05/01/30		2,021
	2,917	New Home Co., Inc. (The), 7.250%, 04/01/22 (e)		3,034
		Newfield Exploration Co.,
	2,010	5.625%, 07/01/24		2,124
	3,808	5.750%, 01/30/22		4,046
		Nexstar Broadcasting, Inc.,
	2,020	5.625%, 08/01/24 (e)		2,070
	4,580	6.125%, 02/15/22 (e)		4,789
	1,985	NFP Corp., 9.000%, 07/15/21 (e)		2,099
		NGL Energy Partners LP,
	445	5.125%, 07/15/19		444
	1,977	6.125%, 03/01/25 (e)		1,849
	750	6.875%, 10/15/21		744
	3,925	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		4,077
	12,144	Nielsen Finance LLC, 5.000%, 04/15/22 (e)		12,501
	3,150	Noble Energy, Inc., 5.250%, 11/15/43		3,295
	9,480	Northern Trust Corp., Series D, VAR, 4.600%, 10/01/26 (x) (y)		9,433
		Novelis Corp.,
	5,165	5.875%, 09/30/26 (e)		5,307
	5,000	6.250%, 08/15/24 (e)		5,288
		NRG Energy, Inc.,
	2,500	6.250%, 05/01/24		2,491
	1,000	6.625%, 03/15/23		1,015
	10,503	6.625%, 01/15/27		10,398
		NRG Yield Operating LLC,
	2,465	5.000%, 09/15/26 (e)		2,416
	1,000	5.375%, 08/15/24		1,022
	1,229	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,255
		NuStar Logistics LP,
	1,240	4.800%, 09/01/20		1,278
	1,342	5.625%, 04/28/27		1,383
	760	6.750%, 02/01/21		824
	730	NWH Escrow Corp., 7.500%, 08/01/21 (e)		661
		Oasis Petroleum, Inc.,
	9,049	6.500%, 11/01/21		9,139
	4,450	6.875%, 03/15/22		4,506
	700	6.875%, 01/15/23		707

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,185	Olin Corp., 5.125%, 09/15/27		2,275
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		4,107
	870	Orbital ATK, Inc., 5.500%, 10/01/23		903
		Oshkosh Corp.,
	1,300	5.375%, 03/01/22		1,352
	4,609	5.375%, 03/01/25		4,805
		Outfront Media Capital LLC,
	748	5.250%, 02/15/22		777
	1,650	5.625%, 02/15/24		1,733
	750	5.875%, 03/15/25		793
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		841
	545	5.375%, 01/15/25 (e)		568
	584	5.875%, 08/15/23 (e)		625
	1,084	6.375%, 08/15/25 (e)		1,179
		Parker Drilling Co.,
	3,266	6.750%, 07/15/22		2,898
	660	7.500%, 08/01/20		614
	1,235	Parsley Energy LLC, 5.250%, 08/15/25 (e)		1,244
	2,540	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,616
	1,874	Pattern Energy Group, Inc., 5.875%, 02/01/24 (e)		1,923
	1,588	PBF Holding Co. LLC, 7.000%, 11/15/23		1,612
	1,089	PBF Logistics LP, 6.875%, 05/15/23		1,116
	627	Peabody Energy Corp., 6.000%, 03/31/22 (e)		640
		Penn Virginia Corp.,
	500	7.250%, 04/15/19 (d)		6
	1,100	8.500%, 05/01/20 (d)		14
	2,399	Penske Automotive Group, Inc., 5.500%, 05/15/26		2,387
	660	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		683
	2,965	Perrigo Finance Unlimited Co., 4.900%, 12/15/44		2,928
	15,700	, Inc., 7.125%, 03/15/23 (e)		14,326
	11,806	Phillips 66, 4.875%, 11/15/44		12,169
	3,815	Phillips 66 Partners LP, 4.900%, 10/01/46		3,732
	2,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		2,180
		Plains All American Pipeline LP,
	1,560	4.700%, 06/15/44		1,449
	1,490	4.900%, 02/15/45		1,434
	4,466	Plantronics, Inc., 5.500%, 05/31/23 (e)		4,544

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		PNC Financial Services Group, Inc. (The),
	9,215	Series R, VAR, 4.850%, 06/01/23 (x) (y)		9,234
	10,675	Series S, VAR, 5.000%, 11/01/26 (x) (y)		10,781
	5,874	VAR, 6.750%, 08/01/21 (x) (y)		6,630
	3,764	PolyOne Corp., 5.250%, 03/15/23		3,868
		Post Holdings, Inc.,
	1,997	5.000%, 08/15/26 (e)		1,987
	3,954	5.500%, 03/01/25 (e)		4,132
	1,644	5.750%, 03/01/27 (e)		1,703
	6,595	7.750%, 03/15/24 (e)		7,329
	350	8.000%, 07/15/25 (e)		398
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,777
	805	6.375%, 03/01/24 (e)		861
	10,635	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		11,619
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		8,237
	5,006	VAR, 5.375%, 05/15/45		5,281
	23,245	VAR, 5.625%, 06/15/43		25,366
	20,685	VAR, 5.875%, 09/15/42		22,853
		QEP Resources, Inc.,
	1,262	5.250%, 05/01/23		1,234
	4,333	5.375%, 10/01/22		4,279
	478	6.875%, 03/01/21		504
	2,241	Qorvo, Inc., 6.750%, 12/01/23		2,431
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		1,010
	4,374	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		4,418
		Quintiles IMS, Inc.,
	1,255	4.875%, 05/15/23 (e)		1,289
	5,110	5.000%, 10/15/26 (e)		5,251
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		227
	2,130	7.750%, 02/15/31		2,061
	580	Qwest Corp., 7.250%, 09/15/25		638
	6,027	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		6,381
	1,123	Radian Group, Inc., 7.000%, 03/15/21		1,252
	3,655	Radio Systems Corp., 8.375%, 11/01/19 (e)		3,797
	3,985	Rain CII Carbon LLC, 7.250%, 04/01/25 (e)		3,995
		Range Resources Corp.,
	6,244	4.875%, 05/15/25		5,994
	2,947	5.000%, 03/15/23 (e)		2,918
	1,500	Realogy Group LLC, 5.250%, 12/01/21 (e)		1,579

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Regal Entertainment Group,
	7,869	5.750%, 03/15/22		8,223
	1,200	5.750%, 06/15/23		1,263
	315	5.750%, 02/01/25		328
	3,000	Regency Energy Partners LP, 5.500%, 04/15/23		3,123
		Revlon Consumer Products Corp.,
	600	5.750%, 02/15/21		597
	1,271	6.250%, 08/01/24		1,236
	6,790	Reynolds American, Inc., 5.850%, 08/15/45		8,022
		RHP Hotel Properties LP,
	2,950	5.000%, 04/15/21		3,005
	3,828	5.000%, 04/15/23		3,905
		Rite Aid Corp.,
	10,742	6.125%, 04/01/23 (e)		10,634
	910	6.750%, 06/15/21		917
	6,175	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		6,360
	1,192	Rockies Express Pipeline LLC, 5.625%, 04/15/20 (e)		1,274
	3,104	Rowan Cos., Inc., 7.375%, 06/15/25		3,065
	58	RR Donnelley & Sons Co., 7.000%, 02/15/22		59
	7,778	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		8,050
		RSP Permian, Inc.,
	2,200	5.250%, 01/15/25 (e)		2,233
	3,043	6.625%, 10/01/22		3,207
		Sabine Pass Liquefaction LLC,
	285	5.000%, 03/15/27 (e)		301
	2,000	5.625%, 02/01/21		2,175
	1,745	5.875%, 06/30/26 (e)		1,946
	900	6.250%, 03/15/22		1,009
		Sabre GLBL, Inc.,
	2,542	5.250%, 11/15/23 (e)		2,631
	8,087	5.375%, 04/15/23 (e)		8,410
		Sally Holdings LLC,
	575	5.500%, 11/01/23		586
	325	5.625%, 12/01/25		336
	3,905	5.750%, 06/01/22		4,022
	495	Sanchez Energy Corp., 6.125%, 01/15/23		455
		SBA Communications Corp.,
	2,791	4.875%, 07/15/22		2,875
	3,930	4.875%, 09/01/24 (e)		3,964
		Scientific Games International, Inc.,
	9,100	7.000%, 01/01/22 (e)		9,742
	6,795	10.000%, 12/01/22		7,361

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Scotts Miracle-Gro Co. (The),
	2,567	5.250%, 12/15/26 (e)		2,651
	7,683	6.000%, 10/15/23		8,211
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,460
	1,750	5.125%, 12/01/24 (e)		1,833
	1,233	5.250%, 04/01/23 (e)		1,307
		SemGroup Corp.,
	1,146	5.625%, 07/15/22		1,143
	1,070	5.625%, 11/15/23		1,057
	4,456	Seminole Hard Rock Entertainment, Inc., 5.875%, 05/15/21 (e)		4,523
		Sensata Technologies BV,
	4,678	4.875%, 10/15/23 (e)		4,725
	1,395	5.000%, 10/01/25 (e)		1,424
	2,034	5.625%, 11/01/24 (e)		2,156
	8,856	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		9,587
		Service Corp. International,
	2,865	5.375%, 01/15/22		2,955
	6,960	5.375%, 05/15/24		7,351
	2,735	7.500%, 04/01/27		3,193
	1,240	8.000%, 11/15/21		1,460
	4,461	SESI LLC, 7.125%, 12/15/21		4,506
	408	Shearer’s Foods LLC, 9.000%, 11/01/19 (e)		427
	2,664	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,837
		Sinclair Television Group, Inc.,
	2,835	5.125%, 02/15/27 (e)		2,814
	6,195	5.375%, 04/01/21		6,373
	2,589	5.625%, 08/01/24 (e)		2,692
	4,230	6.125%, 10/01/22		4,415
		Sirius XM Radio, Inc.,
	2,871	4.625%, 05/15/23 (e)		2,921
	10,110	5.375%, 04/15/25 (e)		10,375
	2,855	5.375%, 07/15/26 (e)		2,923
	2,864	5.750%, 08/01/21 (e)		2,972
	7,571	6.000%, 07/15/24 (e)		8,101
		Six Flags Entertainment Corp.,
	4,855	4.875%, 07/31/24 (e)		4,897
	1,205	5.250%, 01/15/21		1,237
		SM Energy Co.,
	1,760	5.000%, 01/15/24		1,659
	845	5.625%, 06/01/25		807
	1,248	6.500%, 11/15/21		1,276

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,081	6.500%, 01/01/23		1,097
	945	6.750%, 09/15/26		952
	2,030	Solera LLC, 10.500%, 03/01/24 (e)		2,317
	671	Sonic Automotive, Inc., 6.125%, 03/15/27 (e)		676
	1,915	Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (e)		1,975
	7,550	Southern Power Co., Series F, 4.950%, 12/15/46		7,602
		Southwestern Energy Co.,
	1,510	4.100%, 03/15/22		1,412
	3,615	6.700%, 01/23/25		3,597
	1,605	Spectra Energy Partners LP, 4.500%, 03/15/45		1,550
		Spectrum Brands, Inc.,
	5,594	5.750%, 07/15/25		5,996
	2,159	6.125%, 12/15/24		2,301
	3,202	6.625%, 11/15/22		3,370
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,086
		Springleaf Finance Corp.,
	1,304	7.750%, 10/01/21		1,394
	1,688	8.250%, 12/15/20		1,849
		Sprint Capital Corp.,
	798	6.875%, 11/15/28		866
	1,336	6.900%, 05/01/19		1,434
	16,490	8.750%, 03/15/32		20,293
		Sprint Communications, Inc.,
	2,727	6.000%, 11/15/22		2,841
	7,326	7.000%, 03/01/20 (e)		8,004
	5,125	7.000%, 08/15/20		5,554
	8,460	9.000%, 11/15/18 (e)		9,253
	305	11.500%, 11/15/21		385
		Sprint Corp.,
	5,367	7.125%, 06/15/24		5,837
	16,348	7.250%, 09/15/21		17,881
	19,641	7.625%, 02/15/25		21,924
	36,262	7.875%, 09/15/23		40,704
		SPX FLOW, Inc.,
	1,370	5.625%, 08/15/24 (e)		1,387
	2,175	5.875%, 08/15/26 (e)		2,202
	1,560	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		1,658
		Standard Industries, Inc.,
	1,664	5.500%, 02/15/23 (e)		1,730
	2,351	6.000%, 10/15/25 (e)		2,510

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,650	State Street Corp., Series F, VAR, 5.250%, 09/15/20 (x) (y)		1,733
		Steel Dynamics, Inc.,
	1,085	5.000%, 12/15/26 (e)		1,110
	625	5.250%, 04/15/23		647
	2,600	5.500%, 10/01/24		2,746
	1,785	6.375%, 08/15/22		1,853
	1,945	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		2,003
	195	Stone Energy Corp., 7.500%, 05/31/22		189
	5,740	Summit Materials LLC, 6.125%, 07/15/23		6,013
		Summit Midstream Holdings LLC,
	1,559	5.500%, 08/15/22		1,563
	4,125	5.750%, 04/15/25		4,176
		Sunoco Logistics Partners Operations LP,
	5,150	5.300%, 04/01/44		5,103
	7,420	5.350%, 05/15/45		7,406
		Sunoco LP,
	1,288	5.500%, 08/01/20		1,332
	3,029	6.250%, 04/15/21		3,199
	1,055	6.375%, 04/01/23		1,121
		SunTrust Banks, Inc.,
	8,680	Series G, VAR, 5.050%, 06/15/22 (x) (y)		8,680
	12,540	VAR, 5.625%, 12/15/19 (x) (y)		13,198
		SUPERVALU, Inc.,
	5,240	6.750%, 06/01/21		5,358
	10,445	7.750%, 11/15/22		10,700
	2,483	Symantec Corp., 5.000%, 04/15/25 (e)		2,567
	4,815	Sysco Corp., 4.500%, 04/01/46		4,869
		Talen Energy Supply LLC,
	155	4.625%, 07/15/19(e)		153
	2,351	6.500%, 06/01/25		1,869
	2,985	9.500%, 07/15/22(e)		2,791
	2,150	Tallgrass Energy Partners LP, 5.500%, 09/15/24 (e)		2,161
		Targa Resources Partners LP,
	2,483	4.250%, 11/15/23		2,458
	4,214	5.125%, 02/01/25(e)		4,351
	850	5.250%, 05/01/23		875
	1,500	6.375%, 08/01/22		1,546
	2,750	6.750%, 03/15/24		2,998
	3,743	Team Health Holdings, Inc., 6.375%, 02/01/25 (e)		3,654
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21(e)		1,461

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,210	5.500%, 09/15/24(e)		2,268
	5,470	6.375%, 10/15/23		5,812
		Teleflex, Inc.,
	368	4.875%, 06/01/26		374
	875	5.250%, 06/15/24		901
		Tempur Sealy International, Inc.,
	5,300	5.500%, 06/15/26		5,274
	3,155	5.625%, 10/15/23		3,224
		Tenet Healthcare Corp.,
	3,935	4.375%, 10/01/21		3,930
	10,946	4.500%, 04/01/21		10,932
	1,220	4.750%, 06/01/20		1,238
	2,995	5.500%, 03/01/19		3,025
	4,629	6.000%, 10/01/20		4,872
	510	6.250%, 11/01/18		535
	6,205	6.750%, 02/01/20		6,267
	9,620	6.750%, 06/15/23		9,187
	1,980	7.500%, 01/01/22(e)		2,119
	10,318	8.000%, 08/01/20		10,528
	13,423	8.125%, 04/01/22		13,624
	1,223	Tennant Co., 5.625%, 05/01/25 (e)		1,270
		Tenneco, Inc.,
	2,225	5.000%, 07/15/26		2,242
	1,097	5.375%, 12/15/24		1,132
	6,463	Terex Corp., 5.625%, 02/01/25 (e)		6,608
	4,767	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		5,291
		TerraForm Power Operating LLC,
	1,000	SUB, 6.375%, 02/01/23 (e)		1,032
	4,273	SUB, 6.625%, 06/15/25 (e)		4,519
		Tesoro Corp.,
	1,842	4.750%, 12/15/23 (e)		1,929
	1,872	5.125%, 12/15/26 (e)		1,994
		Tesoro Logistics LP,
	3,740	5.250%, 01/15/25		3,969
	3,871	5.875%, 10/01/20		3,978
	4,415	6.125%, 10/15/21		4,608
	5,267	6.250%, 10/15/22		5,649
	1,540	6.375%, 05/01/24		1,682
		Texas Competitive Electric Holdings Co. LLC,
	29,250	8.500%, 05/01/20 (d)		94
	5,545	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		5,933
	4,160	Time, Inc., 5.750%, 04/15/22 (e)		4,254

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,887	Titan International, Inc., 6.875%, 10/01/20		1,939
		T-Mobile USA, Inc.,
	2,066	5.125%, 04/15/25		2,177
	1,375	5.375%, 04/15/27		1,471
	3,110	6.000%, 03/01/23		3,311
	944	6.000%, 04/15/24		1,023
	1,485	6.125%, 01/15/22		1,569
	4,162	6.375%, 03/01/25		4,548
	2,440	6.500%, 01/15/24		2,641
	11,360	6.500%, 01/15/26		12,595
	5,243	6.625%, 04/01/23		5,604
	4,532	6.836%, 04/28/23		4,861
		Toll Brothers Finance Corp.,
	670	4.875%, 11/15/25		688
	935	5.625%, 01/15/24		1,003
	2,076	Tops Holding LLC, 8.000%, 06/15/22 (e)		1,817
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		1,022
	3,320	6.000%, 07/15/22		3,420
	1,584	6.375%, 06/15/26		1,596
	4,272	6.500%, 07/15/24		4,389
	5,240	6.500%, 05/15/25 (e)		5,358
	4,690	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		4,784
		Transocean, Inc.,
	1,546	5.800%, 10/15/22		1,438
	8,127	6.800%, 03/15/38		6,502
	827	7.500%, 04/15/31		736
	6,000	9.000%, 07/15/23 (e)		6,397
	1,247	9.100%, 12/15/41		1,160
	3,465	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		3,690
	2,200	Trinseo Materials Operating SCA, 6.750%, 05/01/22 (e)		2,321
		Triumph Group, Inc.,
	4,545	4.875%, 04/01/21		4,454
	1,686	5.250%, 06/01/22		1,644
	3,623	Tutor Perini Corp., 6.875%, 05/01/25 (e)		3,804
	2,950	UCI International LLC, 8.625%, 02/15/19 (d)		590
		Ultra Resources, Inc.,
	3,856	6.875%, 04/15/22 (e)		3,899
	1,376	7.125%, 04/15/25 (e)		1,363
	3,303	Unifrax I LLC, 7.500%, 02/15/19 (e)		3,303
	3,616	Unit Corp., 6.625%, 05/15/21		3,598

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,454	United Continental Holdings, Inc., 5.000%, 02/01/24		3,471
		United Rentals North America, Inc.,
	3,281	5.500%, 07/15/25		3,429
	4,235	5.500%, 05/15/27		4,357
	4,880	5.750%, 11/15/24		5,142
	1,845	5.875%, 09/15/26		1,946
	6,478	6.125%, 06/15/23		6,769
	3,148	7.625%, 04/15/22		3,286
	988	United States Steel Corp., 8.375%, 07/01/21 (e)		1,088
		Uniti Group, Inc.,
	4,380	6.000%, 04/15/23 (e)		4,558
	2,764	7.125%, 12/15/24 (e)		2,826
	8,255	8.250%, 10/15/23		8,810
	2,125	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,215
		Univision Communications, Inc.,
	4,600	5.125%, 05/15/23 (e)		4,675
	4,492	5.125%, 02/15/25 (e)		4,475
	2,028	6.750%, 09/15/22 (e)		2,124
		US Bancorp,
	9,885	Series I, VAR, 5.125%, 01/15/21 (x) (y)		10,469
	10,800	Series J, VAR, 5.300%, 04/15/27 (x) (y)		11,164
	1,851	US Concrete, Inc., 6.375%, 06/01/24		1,934
	1,632	USIS Merger Sub, Inc., 6.875%, 05/01/25 (e)		1,661
		Valeant Pharmaceuticals International, Inc.,
	4,490	5.375%, 03/15/20 (e)		3,845
	383	5.500%, 03/01/23 (e)		283
	28,914	5.875%, 05/15/23 (e)		21,360
	5,988	6.125%, 04/15/25 (e)		4,421
	5,357	6.375%, 10/15/20 (e)		4,600
	2,551	6.500%, 03/15/22 (e)		2,612
	624	6.750%, 08/15/18 (e)		622
	9,817	6.750%, 08/15/21 (e)		8,099
	9,577	7.000%, 10/01/20 (e)		8,404
	6,372	7.000%, 03/15/24 (e)		6,499
	8,965	7.250%, 07/15/22 (e)		7,194
	21,192	7.500%, 07/15/21 (e)		17,563
��	455	Valvoline, Inc., 5.500%, 07/15/24 (e)		481
	3,475	Veritas US, Inc., 7.500%, 02/01/23 (e)		3,666
		Verizon Communications, Inc.,
	11,025	4.522%, 09/15/48		10,070
	6,355	4.862%, 08/21/46		6,172
	2,790	5.012%, 04/15/49 (e)		2,738
	2,375	5.500%, 03/16/47		2,504

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,340	Versum Materials, Inc., 5.500%, 09/30/24 (e)		2,431
	9,836	Vertiv Group Corp., 9.250%, 10/15/24 (e)		10,561
		Viacom, Inc.,
	6,675	4.375%, 03/15/43		5,938
	4,865	VAR, 5.875%, 02/28/57		5,023
	4,385	VAR, 6.250%, 02/28/57		4,500
	7,330	Vista Outdoor, Inc., 5.875%, 10/01/23		7,293
		Voya Financial, Inc.,
	3,660	4.800%, 06/15/46		3,669
	13,110	VAR, 5.650%, 05/15/53		13,536
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		1,293
		Wachovia Capital Trust III,
	11,565	VAR, 5.570%, 06/02/17 (x) (y)		11,608
	5,830	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		6,024
	268	Weatherford International LLC, 6.800%, 06/15/37		253
		Weatherford International Ltd.,
	1,064	4.500%, 04/15/22		1,006
	813	5.950%, 04/15/42		711
	3,027	6.500%, 08/01/36		2,861
	421	6.750%, 09/15/40		398
	2,649	7.000%, 03/15/38		2,536
	559	7.750%, 06/15/21		596
	1,414	8.250%, 06/15/23		1,532
	800	9.875%, 02/15/24 (e)		932
		Wells Fargo & Co.,
	2,880	Series K, VAR, 7.980%, 03/15/18 (x) (y)		3,013
	25,305	Series S, VAR, 5.900%, 06/15/24 (x) (y)		26,823
	15,275	Series U, VAR, 5.875%, 06/15/25 (x) (y)		16,574
		West Corp.,
	864	4.750%, 07/15/21 (e)		886
	3,725	5.375%, 07/15/22 (e)		3,762
		Western Digital Corp.,
	8,763	7.375%, 04/01/23 (e)		9,595
	14,250	10.500%, 04/01/24		16,815
	770	Western Gas Partners LP, 5.450%, 04/01/44		801
	1,831	Western Refining Logistics LP, 7.500%, 02/15/23		1,977
		Whiting Petroleum Corp.,
	10,148	5.000%, 03/15/19		10,250
	3,935	5.750%, 03/15/21		3,915
	3,500	6.250%, 04/01/23		3,500
	2,125	WildHorse Resource Development Corp., 6.875%, 02/01/25 (e)		2,040

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Williams Cos., Inc. (The),
	2,210	3.700%, 01/15/23		2,177
	1,790	5.750%, 06/24/44		1,853
	162	Series A, 7.500%, 01/15/31		191
	1,144	7.750%, 06/15/31		1,356
	1,150	Williams Partners LP, 4.875%, 05/15/23		1,185
		Windstream Services LLC,
	3,370	6.375%, 08/01/23		2,974
	15,459	7.500%, 06/01/22		15,034
	1,384	7.500%, 04/01/23		1,308
	7,262	7.750%, 10/01/21		7,298
		WMG Acquisition Corp.,
	865	4.875%, 11/01/24 (e)		876
	2,420	5.000%, 08/01/23 (e)		2,459
	3,823	5.625%, 04/15/22 (e)		3,985
	3,408	6.750%, 04/15/22 (e)		3,596
		WPX Energy, Inc.,
	4,005	7.500%, 08/01/20		4,245
	800	8.250%, 08/01/23		892
		Wynn Las Vegas LLC,
	1,835	5.375%, 03/15/22		1,892
	9,290	5.500%, 03/01/25 (e)		9,662
		XPO Logistics, Inc.,
	1,865	6.125%, 09/01/23 (e)		1,958
	9,520	6.500%, 06/15/22 (e)		10,080
	540	Xylem, Inc., 4.375%, 11/01/46		542
		Zayo Group LLC,
	3,088	5.750%, 01/15/27 (e)		3,277
	12,312	6.000%, 04/01/23		13,081
	1,348	6.375%, 05/15/25		1,458
	11,510	Zebra Technologies Corp., 7.250%, 10/15/22		12,445
				4,451,995
		Venezuela — 0.0% (g)
		Petroleos de Venezuela SA,
	1,871	6.000%, 11/15/26		710
	1,890	Reg. S, 5.375%, 04/12/27		723
	900	Reg. S, 12.750%, 02/17/22		555
		Venezuela Government Bond,
	318	Reg. S, 6.000%, 11/15/26		121
	1,000	Reg. S, 8.500%, 10/27/20		783
	1,540	Reg. S, 9.000%, 11/17/21		806
				3,698
		Total Corporate Bonds (Cost $5,142,034)		5,296,368

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 1.2%
		Angola — 0.0% (g)
	1,625	Republic of Angola, Reg. S, 7.000%, 08/17/19		1,678
		Argentina — 0.1%
		Provincia de Buenos Aires,
	2,450	Reg. S, 9.950%, 06/09/21		2,824
	1,769	Reg. S, 10.875%, 01/26/21		2,043
		Republic of Argentina,
	1,910	6.250%, 04/22/19		2,020
	890	7.500%, 04/22/26		980
	1,682	8.280%, 12/31/33		1,884
				9,751
		Armenia — 0.0% (g)
	600	Republic of Armenia, Reg. S, 7.150%, 03/26/25		654
		Aruba — 0.0% (g)
	1,620	Government of Aruba, 4.625%, 09/14/23 (e)		1,683
		Azerbaijan — 0.0% (g)
	1,700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.950%, 03/18/30		1,840
		Belarus — 0.0% (g)
	2,200	Republic of Belarus, Reg. S, 8.950%, 01/26/18		2,275
		Brazil — 0.1%
	4,630	Federative Republic of Brazil, 8.250%, 01/20/34		5,880
		Republic of Brazil,
	3,140	4.250%, 01/07/25		3,127
	1,935	4.875%, 01/22/21		2,049
				11,056
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, 9.500%, 11/19/25		683
		Costa Rica — 0.0% (g)
	870	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		926
		Republic of Costa Rica,
	1,270	7.158%, 03/12/45 (e)		1,321
	1,930	Reg. S, 9.995%, 08/01/20		2,260
				4,507
		Croatia — 0.0% (g)
		Republic of Croatia,
	890	Reg. S, 6.750%, 11/05/19		968

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	4,090	6.875%, 01/29/26 (e)		4,560
	2,105	7.450%, 04/30/44 (e)		2,384
				6,944
		Ecuador — 0.1%
		Republic of Ecuador,
	3,150	Reg. S, 10.500%, 03/24/20		3,371
	1,300	Reg. S, 10.750%, 03/28/22		1,407
				4,778
		Egypt — 0.0% (g)
	1,200	Republic of Egypt, 6.125%, 01/31/22 (e)		1,249
		El Salvador — 0.0% (g)
		Republic of El Salvador,
	2,590	Reg. S, 7.750%, 01/24/23		2,603
		Ethiopia — 0.0% (g)
	750	Republic of Ethopia, 6.625%, 12/11/24		739
		Gabon — 0.0% (g)
	850	Republic of Gabonese, 6.375%, 12/12/24		832
		Honduras — 0.0% (g)
		Republic of Honduras,
	1,380	Reg. S, 8.750%, 12/16/20		1,571
		Hungary — 0.0% (g)
		Republic of Hungary,
	1,034	5.750%, 11/22/23		1,176
	852	7.625%, 03/29/41		1,259
				2,435
		Indonesia — 0.1%
		Republic of Indonesia,
	2,480	6.750%, 01/15/44 (e)		3,184
	2,392	Reg. S, 11.625%, 03/04/19		2,804
				5,988
		Iraq — 0.0% (g)
	3,785	Republic of Iraq, Reg. S, 5.800%, 01/15/28		3,373
		Jamaica — 0.0% (g)
	2,250	Government of Jamaica, 8.000%, 03/15/39		2,616
		Kenya — 0.0% (g)
		Republic of Kenya,
	820	6.875%, 06/24/24		829

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Lebanon — 0.1%
		Republic of Lebanon,
	842	Reg. S, 5.450%, 11/28/19		859
	2,500	Reg. S, 6.600%, 11/27/26		2,525
	4,550	Reg. S, 8.250%, 04/12/21		5,039
				8,423
		Mexico — 0.0% (g)
	3,150	United Mexican States, 4.600%, 01/23/46		3,056
		Morocco — 0.0% (g)
	1,050	Kingdom of Morocco, Reg. S, 5.500%, 12/11/42		1,142
		Nigeria — 0.0% (g)
	700	Republic of Nigeria, 7.875%, 02/16/32		759
		Oman — 0.0% (g)
	540	Republic of Oman, 6.500%, 03/08/47 (e)		580
		Pakistan — 0.0% (g)
	1,150	Republic of Pakistan, Reg. S, 6.750%, 12/03/19		1,216
		Panama — 0.0% (g)
		Republic of Panama,
	1,100	3.750%, 03/16/25		1,133
	1,450	4.300%, 04/29/53		1,428
	700	6.700%, 01/26/36		905
				3,466
		Peru — 0.0% (g)
	1,500	Republic of Peru, 5.625%, 11/18/50		1,811
		Philippines — 0.0% (g)
		Republic of the Philippines,
	1,560	10.625%, 03/16/25		2,385
		Romania — 0.0% (g)
		Republic of Romania,
	2,080	Reg. S, 6.125%, 01/22/44		2,587
		Russia — 0.1%
		Russian Federation,
	3,000	Reg. S, 5.875%, 09/16/43		3,462
	3,340	Reg. S, 12.750%, 06/24/28		5,924
				9,386
		Serbia — 0.0% (g)
		Republic of Serbia,
	3,280	Reg. S, 7.250%, 09/28/21		3,776

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Slovenia — 0.0% (g)
	1,720	Republic of Slovenia, Reg. S, 5.850%, 05/10/23		1,989
		South Africa — 0.1%
		Republic of South Africa,
	1,210	4.875%, 04/14/26		1,223
	1,450	5.875%, 05/30/22		1,581
	2,834	5.875%, 09/16/25		3,075
				5,879
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	3,050	Reg. S, 5.875%, 07/25/22		3,153
	1,890	Reg. S, 6.250%, 10/04/20		2,001
				5,154
		Turkey — 0.1%
		Republic of Turkey,
	3,050	6.000%, 01/14/41		3,161
	1,800	6.625%, 02/17/45		2,016
	5,640	7.375%, 02/05/25		6,556
				11,733
		Ukraine — 0.1%
		Republic of Ukraine,
	2,300	7.750%, 09/01/19		2,353
	3,800	Reg. S, 7.750%, 09/01/20		3,840
	1,000	Reg. S, 7.750%, 09/01/27		940
				7,133
		Uruguay — 0.0% (g)
		Republic of Uruguay,
	1,260	5.100%, 06/18/50		1,247
	880	7.625%, 03/21/36		1,162
	430	8.000%, 11/18/22		525
				2,934
		Venezuela — 0.1%
		Republic of Venezuela,
	1,190	9.250%, 09/15/27		631
	280	Reg. S, 7.000%, 12/01/18		195
	1,470	Reg. S, 7.750%, 10/13/19		886
	2,880	Reg. S, 9.000%, 05/07/23		1,426
	1,630	Reg. S, 11.750%, 10/21/26		945
	1,530	Reg. S, 11.950%, 08/05/31		883
				4,966

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Zambia — 0.0% (g)
	1,910	Republic of Zambia, Reg. S, 8.970%, 07/30/27		2,027
		Total Foreign Government Securities (Cost $142,075)		149,454
	Loan Assignments — 0.6%
		Bermuda — 0.0% (g)
	1,997	Floatel Delaware LLC, Initial Term Loan, VAR, 6.147%, 06/27/20		1,647
		Canada — 0.0% (g)
	2,402	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		1,607
	4,392	MEG Energy Corp., 1st Lien Term B Loan, VAR, 4.540%, 12/31/23		4,394
				6,001
		Luxembourg — 0.0% (g)
	956	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, VAR, 4.000%, 03/11/22		962
		United States — 0.6%
	181	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		181
	829	Avaya, Inc., DIP Term Loan, VAR, 8.500%, 01/24/18 (d)		850
	1,020	Avaya, Inc., Extending Tranche Term Loan B-3, VAR, 5.670%, 10/26/17 ^		851
	1,565	Avaya, Inc., Term Loan B-6, VAR, 6.532%, 03/31/18 (d)		1,301
	1,260	Avaya, Inc., Term Loan B-7, VAR, 6.417%, 05/29/20 (d)		1,051
	433	Berry Plastics Corp., Term Loan I, VAR, 3.507%, 10/01/22		436
	640	Berry Plastics Corp., Term Loan L, VAR, 3.239%, 01/06/21		643
	3,806	California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.375%, 08/05/21		4,182
	8,044	Chesapeake Energy Corp., 1st Lien Last Out Term Loan, VAR, 8.553%, 08/23/21 ^		8,685
	730	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		737
	3,223	Citgo Holding, Inc., Term B Loan, VAR, 4.647%, 07/29/21		3,240
	686	Citgo Holding, Inc., Term Loan, VAR, 9.647%, 05/12/18 ^		694
	1,473	Consolidated Communications, Inc., Term Loan B-2, VAR, 4.000%, 10/05/23 ^		1,480
	1,869	Cortes NP Acquisition Corp., Term Loan B, VAR, 5.030%, 11/30/23		1,880

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,298	Dell Software Group, Term Loan, VAR, 7.000%, 10/31/22		1,320
	1,190	Delta 2 SARL, 2nd Lien Term Loan, VAR, 8.068%, 07/29/22		1,200
	1,375	Delta 2 Sarl, USD Facility B-3 Term Loan, VAR, 4.568%, 07/30/21		1,376
	798	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		763
	2,234	First Data Corp., Term Loan B, VAR, 3.988%, 07/08/22		2,233
	908	Genesys Telecom Holdings, Term Loan B, VAR, 5.158%, 12/01/23		914
	1,583	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.743%, 09/01/22		1,589
	2,245	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		2,240
	5,407	iHeartCommunications, Inc., Term Loan D, VAR, 7.743%, 01/30/19		4,600
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.493%, 07/30/19		1,590
	376	Infor US, Inc., Tranche B-6 Term Loan, VAR, 3.897%, 02/01/22		375
	1,076	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.500%, 12/09/20		1,080
	1,230	Landry’s, Inc., 1st Lien Term Loan, VAR, 3.733%, 10/04/23		1,231
	1,195	Microsemi Corp., Closing Date Term B Loan, VAR, 3.226%, 01/15/23		1,200
	4,893	Moran Foods LLC, Term Loan B, VAR, 7.000%, 11/29/23		4,864
	610	MTL Publishing LLC, Term B-4 Loan, VAR, 3.736%, 08/22/22		610
	943	On Semiconductor, 1st Lien Term Loan B, VAR, 3.243%, 03/31/23		947
	1,112	PetSmart, Inc., Term Loan B, VAR, 4.020%, 03/11/22 ^		1,017
	1,594	Revlon Consumer Products Corp., Term Loan B, VAR, 4.493%, 09/07/23		1,596
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20 ^		396
	555	Scientific Games International, Inc, Term Loan, VAR, 4.994%, 10/01/21		563
	1,189	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,169
	799	Signode Industrial Group Lux SA, Initial Term B Loan, VAR, 3.923%, 05/01/21		802
	1,034	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.172%, 04/23/19		946

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	305	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.147%, 04/23/19		280
	845	The Go Daddy Group, Inc., Term Loan B, VAR, 3.493%, 02/15/24 ^		848
	253	Tribune, Term Loan B, VAR, 3.993%, 12/27/20		255
	2,847	Ultra Resources, Inc., Term Loan, VAR, 4.000%, 04/12/24 ^		2,833
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 0.000%, 12/20/15 (d)		—	(h)
	2,130	Viskase Cos., Inc., Initial Term Loan, VAR, 4.397%, 01/30/21		2,035
	1,856	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		1,859
	1,499	XPO Logistics, Inc., Term loan B, VAR, 3.405%, 11/01/21		1,508
				70,450
		Total Loan Assignments (Cost $80821)		79,060
SHARES
	Preferred Stocks — 0.9%
		Bermuda — 0.0% (g)
	3	XLIT Ltd., Series D, VAR, 3.354%, 06/13/17 ($1,000 par value) @		2,907
		United States — 0.9%
	508	BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,747
	52	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,304
	156	Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		4,298
	71	Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		1,828
	213	Dominion Resources, Inc., Series A, 5.250%, 07/30/76 ($25 par value)		5,236
	12	GMAC Capital Trust I, Series 2, VAR, 6.824%, 06/15/17 ($25 par value)		305
	460	Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		12,388
	23	Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		700
	310	Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		8,609
	508	Morgan Stanley, Series K, VAR, 5.850%, 04/15/27 ($25 par value) @		13,396

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	239		SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		5,973
	281		Southern Co. (The), 5.250%, 10/01/76 ($25 par value)		6,890
	301		State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		8,476
	315		State Street Corp., Series E, 6.000%, 12/15/19 ($25 par value) @		8,442
	128		State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		3,420
	6		Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		439
	42		Vornado Realty Trust, Series G, 6.625%, 06/15/17 ($25 par value) @		1,086
	269		Wells Fargo & Co., Series Y, 5.625%, 06/15/22 ($25 par value) @		6,733
					102,270
			Total Preferred Stocks (Cost $98,565)		105,177
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			United Kingdom — 0.0% (g)
	205		Tritax Big Box REIT plc, expiring 05/10/17 (a)		11
			United States — 0.0% (g)
	483		Vistra Energy Corp., expiring 12/31/49 (a)		579
			Total Rights (Cost $—)		590
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
			United States — 0.0% (g)
	1		Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—
	—	(h)	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—
			Sabine Oil & Gas Holdings, Inc.,
	—	(h)	expiring 04/13/2026 (a)		1
	1		expiring 04/13/2026 (Strike Price $1.00) (a)		8
			Total Warrants (Cost $9)		9

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligation — 0.3%
	35,374	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $35,340)		35,291
SHARES
	Short-Term Investments — 1.6%
		Investment Company — 1.5%
	190,261	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l)		190,261
		Time Deposit — 0.1%
	9,500	Credit Agricole Corporate & Investment Bank SA, 0.920%, 05/02/17 (n)		9,500
		Total Short-Term Investments (Cost $199,761)		199,761
		Total Investments — 98.9% (Cost $11,292,001)		12,138,314
		Other Assets in Excess of Liabilities — 1.1%		137,370
		NET ASSETS — 100.0%	$	12,275,684

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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

INDUSTRY	PERCENTAGE
Banks		9.2	%
Oil, Gas & Consumable Fuels		7.5
Equity Real Estate Investment Trusts (REITs)		7.2
Media		5.0
Diversified Telecommunication Services		4.6
Asset-Backed Securities		4.4
Pharmaceuticals		4.2
Insurance		4.2
Capital Markets		3.6
Collateralized Mortgage Obligations		3.2
Health Care Providers & Services		2.6
Wireless Telecommunication Services		2.4
Semiconductors & Semiconductor Equipment		2.1
Hotels, Restaurants & Leisure		2.1
Chemicals		1.7
Tobacco		1.5
Auto Components		1.5
Metals & Mining		1.5
Foreign Government Securities		1.4
IT Services		1.4
Electric Utilities		1.4
Technology Hardware, Storage & Peripherals		1.4
Industrial Conglomerates		1.4
Software		1.3
Automobiles		1.2
Commercial Mortgage-Backed Securities		1.2
Specialty Retail		1.1
Food & Staples Retailing		1.0
Aerospace & Defense		1.0
Others (each less than 1.0%)		16.1
Short-Term Investments		1.6

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	136		Euro STOXX 50 Index		06/16/17		EUR		5,197			152
			Short Futures Outstanding
	(2,657	)	Euro FX		06/19/17		USD		(362,714	)		(10,349	)
	(3,336	)	GBP FX		06/19/17		USD		(270,299	)		(16,368	)
	(10,317	)	5 Year U.S. Treasury Note		06/30/17		USD		(1,221,597	)		(8,528	)
												(35,093	)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS APRIL 30, 2017

J.P. Morgan Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

ADR	—  American Depositary Receipt
ARM	—  Adjustable Rate Mortgage
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CSMC	—  Credit Suisse Mortgage Trust
CVA	—  Dutch Certification
CVR	—  Contingent Value Rights
DIP	—  Debtor-in-possession
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 January 31, 2017. 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, 2017.
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, 2017.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(d)	—  Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(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 0.05%.
(h)	—  Amount rounds to less than 500.
(j)	—  All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral for JPMorgan Global Allocation Fund is approximately $24,706,000.
(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, 2017.
(n)	—  The rate shown is the effective yield as of April 30, 2017.
(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)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2017.
(y)	—  Preferred Security.
^	—  All or a portion of the security is unsettled as of April 30, 2017. 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, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	1,400,705		$	11,948,053
Investments in affiliates, at value		242,768			190,261
Total investment securities, at value		1,643,473			12,138,314
Cash		1,624			14,551
Foreign currency, at value		158			1,519
Deposits at broker for futures contracts		770			419
Deposits at broker for securities sold short		19,418			—
Receivables:
Investment securities sold		19,341			66,854
Fund shares sold		5,681			34,368
Interest and dividends from non-affiliates		7,215			101,801
Dividends from affiliates		95			75
Tax reclaims		382			4,978
Variation margin on futures contracts		3,522			—
Unrealized appreciation on forward foreign currency exchange contracts		1,022			—
Total Assets		1,702,701			12,362,879
LIABILITIES:
Payables:
Securities sold short, at value		21,957			—
Dividend expense to non-affiliates on securities sold short		29			—
Investment securities purchased		27,991			53,515
Fund shares redeemed		1,986			21,965
Variation margin on futures contracts		—			1,420
Unrealized depreciation on forward foreign currency exchange contracts		623			—
Outstanding swap contracts, at value		—	(a)		—
Accrued liabilities:
Investment advisory fees		613			3,178
Administration fees		3			—
Distribution fees		278			3,683
Service fees		328			1,811
Custodian and accounting fees		57			144
Trustees’ and Chief Compliance Officer’s fees		1			55
Deferred India capital gains tax		—			338
Other		186			1,086
Total Liabilities		54,052			87,195
Net Assets	$	1,648,649		$	12,275,684

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS APRIL 30, 2017

	Global Allocation Fund			Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	1,542,532		$	11,919,328
Accumulated undistributed (distributions in excess of) net investment income		2,711			(12,124	)
Accumulated net realized gains (losses)		(15,314	)		(442,330	)
Net unrealized appreciation (depreciation)		118,720			810,810
Total Net Assets	$	1,648,649		$	12,275,684
Net Assets:
Class A	$	251,975		$	3,602,173
Class C		372,486			4,783,532
Class I (formerly Select Class)		1,022,833			3,889,979
Class R2		1,355			—
Total	$	1,648,649		$	12,275,684
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		14,442			350,657
Class C		21,598			466,881
Class I (formerly Select Class)		58,403			378,166
Class R2		78			—
Net Asset Value (a):
Class A — Redemption price per share	$	17.45		$	10.27
Class C — Offering price per share (b)		17.25			10.25
Class I (formerly Select Class) — Offering and redemption price per share		17.51			10.29
Class R2 — Offering and redemption price per share		17.41			—
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)]	$	18.27		$	10.75
Cost of investments in non-affiliates	$	1,285,843		$	11,101,740
Cost of investments in affiliates		243,057			190,261
Cost of foreign currency		157			1,516
Proceeds from securities sold short		22,278			—

(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, 2017 J.P. MORGAN FUNDS 89

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	15,058		$	208,886
Interest income from affiliates		6			25
Dividend income from non-affiliates		7,632			93,897
Dividend income from affiliates		1,769			402
Interest income to non-affiliates on securities sold short		29			—
Foreign taxes withheld		(416	)		(4,666	)
Total investment income		24,078			298,544
EXPENSES:
Investment advisory fees		4,519			26,993
Administration fees		616			4,908
Distribution fees:
Class A		346			4,763
Class C		1,337			17,982
Class R2		2			—
Service fees:
Class A		346			4,763
Class C		446			5,994
Class I (formerly Select Class)		1,090			4,239
Class R2		1			—
Custodian and accounting fees		174			614
Interest expense to affiliates		1			2
Professional fees		56			142
Interest expense to non-affiliates		2			—	(a)
Trustees’ and Chief Compliance Officer’s fees		16			51
Printing and mailing costs		59			500
Registration and filing fees		70			95
Transfer agency fees (See Note 2.H.)		29			185
Sub-transfer agency fees (See Note 2.H.)		313			2,619
Other		14			90
Dividend expense to non-affiliates on securities sold short		109			—
Total expenses		9,546			73,940
Less fees waived		(1,949	)		(19,685	)
Less earnings credits		—			—	(a)
Net expenses		7,597			54,255
Net investment income (loss)		16,481			244,289
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,713			(1,765	)(b)
Investments in affiliates		(2,147	)		—
Futures		(10,954	)		73,504
Securities sold short		(589	)		—
Foreign currency transactions		10,267			(14	)
Net realized gain (loss)		14,290			71,725
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		81,841			392,608	(c)
Investments in affiliates		125			—
Futures		7,557			(74,408	)
Foreign currency translations		(4,502	)		360
Securities sold short		321			—
Swaps		—	(a)		—
Change in net unrealized appreciation/depreciation		85,342			318,560
Net realized/unrealized gains (losses)		99,632			390,285
Change in net assets resulting from operations	$	116,113		$	634,574

(a) Amount rounds to less than 500.

(b) Net of India capital gains tax of $0 for Income Builder Fund.

(c) Net of change in India capital gains tax of approximately $(90,000) for Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS APRIL 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,481		$	26,895		$	244,289		$	490,117
Net realized gain (loss)		14,290			(19,802	)		71,725			(287,553	)
Change in net unrealized appreciation/depreciation		85,342			28,891			318,560			256,068
Change in net assets resulting from operations		116,113			35,984			634,574			458,632
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,586	)		(5,458	)		(80,884	)		(170,221	)
From net realized gains		—			(294	)		—			—
Class C
From net investment income		(3,714	)		(4,931	)		(90,521	)		(186,131	)
From net realized gains		—			(305	)		—			—
Class I (formerly Select Class)
From net investment income		(11,844	)		(14,844	)		(76,268	)		(130,456	)
From net realized gains		—			(602	)		—			—
Class R2
From net investment income		(9	)		(9	)		—			—
From net realized gains		—			—	(a)		—			—
Total distributions to shareholders		(19,153	)		(26,443	)		(247,673	)		(486,808	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		120,907			646,824			(269,811	)		(334,580	)
NET ASSETS:
Change in net assets		217,867			656,365			117,090			(362,756	)
Beginning of period		1,430,782			774,417			12,158,594			12,521,350
End of period	$	1,648,649		$	1,430,782		$	12,275,684		$	12,158,594
Accumulated undistributed (distributions in excess of) net investment income	$	2,711		$	5,383		$	(12,124	)	$	(8,740	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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, 2017 (Unaudited)				Year Ended October 31, 2016			Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	47,630			$	181,480		$	380,525		$	915,563
Distributions reinvested		3,482				5,561			77,573			163,299
Cost of shares redeemed		(106,596	)			(108,810	)		(969,924	)		(1,338,823	)
Change in net assets resulting from Class A capital transactions	$	(55,484	)		$	78,231		$	(511,826	)	$	(259,961	)
Class C
Proceeds from shares issued	$	53,639			$	224,926		$	296,892		$	779,657
Distributions reinvested		3,097				4,306			78,484			159,414
Cost of shares redeemed		(64,558	)			(72,706	)		(714,301	)		(1,085,374	)
Change in net assets resulting from Class C capital transactions	$	(7,822	)		$	156,526		$	(338,925	)	$	(146,303	)
Class I (formerly Select Class)
Proceeds from shares issued	$	279,810			$	649,914		$	1,051,398		$	1,099,505
Distributions reinvested		9,336				11,914			59,911			101,768
Cost of shares redeemed		(105,472	)			(250,299	)		(530,369	)		(1,129,589	)
Change in net assets resulting from Class I capital transactions	$	183,674			$	411,529		$	580,940		$	71,684
Class R2
Proceeds from shares issued	$	662			$	613		$	—		$	—
Distributions reinvested		9				9			—			—
Cost of shares redeemed		(132	)			(84	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	539			$	538		$	—		$	—
Total change in net assets resulting from capital transactions	$	120,907			$	646,824		$	(269,811	)	$	(334,580	)
SHARE TRANSACTIONS:
Class A
Issued		2,832				11,294			37,750			93,520
Reinvested		211				344			7,685			16,679
Redeemed		(6,302	)			(6,755	)		(96,019	)		(137,075	)
Change in Class A Shares		(3,259	)			4,883			(50,584	)		(26,876	)
Class C
Issued		3,221				14,164			29,491			79,830
Reinvested		191				269			7,794			16,325
Redeemed		(3,893	)			(4,554	)		(71,093	)		(111,214	)
Change in Class C Shares		(481	)	��		9,879			(33,808	)		(15,059	)
Class I (formerly Select Class)
Issued		16,534				40,365			103,825			111,834
Reinvested		562				734			5,919			10,378
Redeemed		(6,262	)			(15,562	)		(52,639	)		(116,050	)
Change in Class I Shares		10,834				25,537			57,105			6,162
Class R2
Issued		39				38			—			—
Reinvested		1				1			—			—
Redeemed		(8	)			(5	)		—			—
Change in Class R2 Shares		32				34			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Allocation Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	16.38	$	0.18	(g)	$	1.10		$	1.28	$	(0.21	)	$	—		$	(0.21	)
Year Ended October 31, 2016		16.47		0.34	(g)		(0.10	)(i)		0.24		(0.31	)		(0.02	)		(0.33	)
Year Ended October 31, 2015		17.15		0.23	(g)		(0.01	)		0.22		(0.34	)		(0.56	)		(0.90	)
Year Ended October 31, 2014		16.45		0.26	(g)		0.97			1.23		(0.16	)		(0.37	)		(0.53	)
Year Ended October 31, 2013		14.52		0.19	(g)		2.15			2.34		(0.41	)		—			(0.41	)
Year Ended October 31, 2012		13.53		0.38			0.98			1.36		(0.37	)		—			(0.37	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		16.20		0.14	(g)		1.08			1.22		(0.17	)		—			(0.17	)
Year Ended October 31, 2016		16.30		0.26	(g)		(0.10	)(i)		0.16		(0.24	)		(0.02	)		(0.26	)
Year Ended October 31, 2015		17.04		0.15	(g)		(0.02	)		0.13		(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.39		0.16	(g)		0.98			1.14		(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.49		0.16	(g)		2.09			2.25		(0.35	)		—			(0.35	)
Year Ended October 31, 2012		13.52		0.31			0.99			1.30		(0.33	)		—			(0.33	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		16.45		0.20	(g)		1.09			1.29		(0.23	)		—			(0.23	)
Year Ended October 31, 2016		16.53		0.39	(g)		(0.10	)(i)		0.29		(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2015		17.19		0.27	(g)		(0.01	)		0.26		(0.36	)		(0.56	)		(0.92	)
Year Ended October 31, 2014		16.47		0.30	(g)		0.97			1.27		(0.18	)		(0.37	)		(0.55	)
Year Ended October 31, 2013		14.53		0.33	(g)		2.04			2.37		(0.43	)		—			(0.43	)
Year Ended October 31, 2012		13.53		0.41			1.00			1.41		(0.41	)		—			(0.41	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		16.36		0.16	(g)		1.09			1.25		(0.20	)		—			(0.20	)
Year Ended October 31, 2016		16.44		0.31	(g)		(0.10	)(i)		0.21		(0.27	)		(0.02	)		(0.29	)
Year Ended October 31, 2015		17.13		0.19	(g)		(0.01	)		0.18		(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.44		0.22	(g)		0.96			1.18		(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.51		0.25	(g)		2.04			2.29		(0.36	)		—			(0.36	)
Year Ended October 31, 2012		13.53		0.34			0.99			1.33		(0.35	)		—			(0.35	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

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

(e) Includes interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) The net expenses and expenses without waivers (excluding dividend expense for securities sold short) for Class A are 1.01% and 1.29%, Class C are 1.52% and 1.79%, Class I are 0.77% and 1.02% and Class R2 are 1.27% and 1.65%, respectively, for the period ended April 30, 2017.

(i) 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 Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS APRIL 30, 2017

		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 (including dividend expense for securities sold short) (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including short sales) (c)
$	17.45		7.88	%	$	251,975		1.03	%(h)		2.16	%		1.31	%(h)		35	%		38	%
	16.38		1.50			289,961		1.02			2.12			1.32			64			—
	16.47		1.38			211,120		1.02			1.40			1.43			44			—
	17.15		7.58			28,114		1.03			1.56			1.74			87			—
	16.45		16.36			2,253		1.05			1.18			3.30			120			—
	14.52		10.26			50		1.05			2.70			2.54			67			—
	17.25		7.61			372,486		1.53	(h)		1.66			1.81	(h)		35			38
	16.20		1.03			357,682		1.52			1.63			1.82			64			—
	16.30		0.84			198,888		1.51			0.90			1.92			44			—
	17.04		7.07			14,308		1.53			0.97			2.22			87			—
	16.39		15.74			380		1.55			1.00			3.41			120			—
	14.49		9.75			49		1.55			2.19			3.04			67			—
	17.51		7.95			1,022,833		0.78	(h)		2.41			1.03	(h)		35			38
	16.45		1.79			782,381		0.77			2.39			1.04			64			—
	16.53		1.62			364,206		0.77			1.61			1.19			44			—
	17.19		7.88			44,964		0.78			1.79			1.55			87			—
	16.47		16.61			27,636		0.80			2.10			2.31			120			—
	14.53		10.58			19,856		0.80			2.95			2.29			67			—
	17.41		7.69			1,355		1.28	(h)		1.87			1.66	(h)		35			38
	16.36		1.30			758		1.27			1.93			1.75			64			—
	16.44		1.14			203		1.27			1.17			1.77			44			—
	17.13		7.29			62		1.28			1.31			2.07			87			—
	16.44		16.06			58		1.30			1.61			2.79			120			—
	14.51		9.99			50		1.30			2.44			2.79			67			—

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 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
Income Builder Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	9.95		0.21	(e)	$	0.32		$	0.53		$	(0.21	)	$	—		$	—		$	(0.21	)
Year Ended October 31, 2016		9.96		0.42	(e)		(0.01	)		0.41			(0.42	)		—			—			(0.42	)
Year Ended October 31, 2015		10.41		0.41	(e)		(0.41	)		—	(f)		(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	)
Class C
Six Months Ended April 30, 2017 (Unaudited)		9.92		0.19	(e)		0.33			0.52			(0.19	)		—			—			(0.19	)
Year Ended October 31, 2016		9.93		0.37	(e)		(0.01	)		0.36			(0.37	)		—			—			(0.37	)
Year Ended October 31, 2015		10.38		0.35	(e)		(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	)
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		9.96		0.22	(e)		0.33			0.55			(0.22	)		—			—			(0.22	)
Year Ended October 31, 2016		9.97		0.43	(e)		(0.01	)		0.42			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2015		10.42		0.42	(e)		(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	)

(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 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS APRIL 30, 2017

		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)
$	10.27		5.43	%	$	3,602,173		0.75	%		4.21	%		1.10	%		24	%
	9.95		4.23			3,991,877		0.75			4.25			1.10			52
	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
	10.25		5.28			4,783,532		1.25			3.72			1.61			24
	9.92		3.70			4,968,359		1.25			3.76			1.61			52
	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
	10.29		5.60			3,889,979		0.60			4.39			0.85			24
	9.96		4.36			3,198,358		0.60			4.39			0.86			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 Class I^	Diversified
Income Builder Fund	Class A, Class C and Class I^	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

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 Class I 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

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.

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 Investment 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, 2017

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. Swaps and 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, 2017.

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):

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	$	—	$	24,520	$	—	$	24,520
Austria		—		1,676		—		1,676
Belgium		—		4,273		—		4,273
Brazil		5,947		—		—		5,947
Canada		8,437		—		—		8,437
Chile		574		—		—		574
China		2,960		6,254		—		9,214
Denmark		—		3,942		—		3,942
Finland		—		7,455		—		7,455
France		—		36,399		—		36,399
Germany		—		39,435		—		39,435
Hong Kong		—		14,692		—		14,692
India		7,131		1,162		—		8,293
Indonesia		349		2,108		—		2,457
Ireland		1,598		—		—		1,598
Israel		2,131		—		—		2,131
Italy		—		11,234		—		11,234
Japan		—		77,563		—		77,563
Luxembourg		—		1,962		—		1,962
Malaysia		—		377		—		377
Mexico		1,094		—		—		1,094
Netherlands		—		18,725		—		18,725
New Zealand		—		1,256		—		1,256
Norway		—		1,301		—		1,301
Peru		638		—		—		638
Portugal		—		1,193		—		1,193
Russia		176		3,077		—		3,253

APRIL 30, 2017 J.P. MORGAN FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Global Allocation Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Singapore	$	—	$	3,393	$	—	$	3,393
South Africa		—		6,876		—		6,876
South Korea		—		3,836		—		3,836
Spain		—		8,847		—		8,847
Sweden		—		2,954		—		2,954
Switzerland		—		35,402		—		35,402
Taiwan		3,325		1,786		—		5,111
Thailand		791		721		—		1,512
Turkey		—		306		—		306
United Kingdom		119		56,365		—		56,484
United States		380,153		3,967		—		384,120
Total Common Stocks		415,423		383,057		—		798,480
Preferred Stocks
Bermuda		—		74		—		74
United States		16		—		—		16
Total Preferred Stocks		16		74		—		90
Investment Company
United States		46,198		—		—		46,198
Debt Securities
Asset-Backed Securities
United States		—		9,139		34,457		43,596
Collateralized Mortgage Obligations
United States		—		32,579		1,146		33,725
Commercial Mortgage-Backed Securities
United States		—		7,914		—		7,914
Convertible Bonds
United States		—		36		—		36
Corporate Bonds
Belgium		—		1,866		—		1,866
Bermuda		—		663		—		663
Brazil		—		873		—		873
Canada		—		12,899		—		12,899
China		—		396		—		396
Finland		—		274		—		274
France		—		14,919		—		14,919
Germany		—		8,529		—		8,529
Greece		—		458		—		458
Ireland		—		4,644		—		4,644
Israel		—		579		—		579
Italy		—		9,335		—		9,335
Japan		—		1,544		—		1,544
Luxembourg		—		17,818		—		17,818
Mexico		—		2,794		—		2,794
Netherlands		—		5,943		—		5,943
New Zealand		—		710		—		710
Portugal		—		354		—		354
Spain		—		7,538		—		7,538
Sweden		—		2,499		—		2,499
Switzerland		—		935		—		935
United Arab Emirates		—		700		—		700
United Kingdom		—		16,492		—		16,492
United States		—		234,267		4		234,271
Total Corporate Bonds		—		347,029		4		347,033

100 J.P. MORGAN FUNDS APRIL 30, 2017

Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Loan Assignments
Canada	$	—		$	1,028		$	—	$	1,028
United States		—			7,465			—		7,465
Total Loan Assignments		—			8,493			—		8,493
Foreign Government Securities		—			66,418			—		66,418
U.S. Treasury Obligations		—			24,917			—		24,917
Options Purchased
Call Options Purchased		2,767			3,423			—		6,190
Rights
United States		—			—			20		20
Short-Term Investment
Foreign Government Treasury Bills		—			63,793			—		63,793
Investment Company		196,570			—			—		196,570
Total Short-Term Investments		196,570			63,793			—		260,363
Total Investments in Securities	$	660,974		$	946,872		$	35,627	$	1,643,473
Liabilities
Common Stocks
Bermuda	$	(102	)	$	—		$	—	$	(102	)
Canada		(857	)		—			—		(857	)
Sweden		(101	)		—			—		(101	)
United States		(20,897	)		—			—		(20,897	)
Total Liabilities in Securities Sold Short	$	(21,957	)	$	—		$	—	$	(21,957	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,022		$	—	$	1,022
Futures Contracts		3,706			103			—		3,809
Total Appreciation in Other Financial Instruments	$	3,706		$	1,125		$	—	$	4,831
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(623	)	$	—	$	(623	)
Futures Contracts		(178	)		(237	)		—		(415	)
Swaps		—			—	(a)		—		—	(a)
Total Depreciation in Other Financial Instruments	$	(178	)	$	(860	)	$	—	$	(1,038	)

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	$	—	$	66,075	$	—	$	66,075
Belgium		—		62,884		—		62,884
Brazil		52,335		—		—		52,335
Canada		44,288		—		—		44,288
Chile		19,621		—		—		19,621
China		—		111,095		—		111,095
Colombia		866		—		—		866
Czech Republic		12,428		29,239		—		41,667
Denmark		—		59,676		—		59,676
Finland		—		83,236		—		83,236
France		2,225		225,150		—		227,375
Germany		3,591		187,382		—		190,973
Hong Kong		9,778		48,388		—		58,166

APRIL 30, 2017 J.P. MORGAN FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Hungary	$	—	$	12,303	$	—		$	12,303
India		—		24,271		—			24,271
Indonesia		—		13,328		—			13,328
Ireland		—		3,776		—			3,776
Italy		665		34,780		—			35,445
Japan		10,937		160,894		—			171,831
Mexico		41,691		—		—			41,691
Netherlands		8,500		103,561		—			112,061
Norway		—		22,123		—			22,123
Portugal		—		8,755		—			8,755
Russia		20,982		25,150		—			46,132
Singapore		—		3,660		—			3,660
South Africa		19,811		63,783		—			83,594
South Korea		9,829		34,346		—			44,175
Spain		—		89,988		—			89,988
Sweden		—		40,044		—			40,044
Switzerland		—		99,505		—			99,505
Taiwan		33,258		96,100		—			129,358
Thailand		4,355		20,636		—			24,991
Turkey		—		21,159		—			21,159
United Arab Emirates		9,673		—		—			9,673
United Kingdom		5,333		619,825		—			625,158
United States		2,398,758		14		—	(a)		2,398,772
Total Common Stocks		2,708,924		2,371,126		—	(a)		5,080,050
Convertible Preferred Stocks
China		—		4,026		—			4,026
Israel		1,851		—		—			1,851
United States		33,353		—		—			33,353
Total Convertible Preferred Stocks		35,204		4,026		—			39,230
Preferred Stocks
Bermuda		—		2,907		—			2,907
United States		102,270		—		—			102,270
Total Preferred Stocks		102,270		2,907		—			105,177
Debt Securities
Asset-Backed Securities
United States		—		101,725		432,841			534,566
Collateralized Mortgage Obligations
United States		—		384,551		2,548			387,099
Commercial Mortgage-Backed Securities
United States		—		89,424		52,327			141,751
Convertible Bonds
Bermuda		—		374		—			374
China		—		3,690		—			3,690
France		—		1,653		—			1,653
Germany		—		5,426		—			5,426
Hong Kong		—		3,076		—			3,076
Italy		—		673		—			673
Malaysia		—		657		—			657
Mexico		—		1,555		—			1,555
Netherlands		—		654		—			654
Portugal		—		695		—			695
Russia		—		1,321		—			1,321
Singapore		—		3,550		—			3,550

102 J.P. MORGAN FUNDS APRIL 30, 2017

Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
South Africa	$	—	$	3,970	$	—		$	3,970
Spain		—		2,295		—			2,295
Taiwan		—		2,463		—			2,463
United Arab Emirates		—		5,987		—			5,987
United Kingdom		—		9,895		—			9,895
United States		—		41,967		7			41,974
Total Convertible Bonds		—		89,901		7			89,908
Corporate Bonds
Argentina		—		2,123		—			2,123
Australia		—		14,084		—			14,084
Belgium		—		9,130		—			9,130
Bermuda		—		3,335		—			3,335
Brazil		—		22,797		—			22,797
Canada		—		196,570		—	(b)		196,570
Chile		—		3,683		—			3,683
Colombia		—		2,351		—			2,351
Croatia		—		1,437		—			1,437
Finland		—		2,546		—			2,546
France		—		61,303		—			61,303
Georgia		—		1,087		—			1,087
Germany		—		29,914		—			29,914
Guatemala		—		1,565		—			1,565
Hungary		—		5,098		—			5,098
India		—		2,897		—			2,897
Indonesia		—		9,111		—			9,111
Ireland		—		20,932		—			20,932
Israel		—		8,696		—			8,696
Italy		—		21,385		—			21,385
Jamaica		—		1,276		—			1,276
Japan		—		3,793		—			3,793
Kazakhstan		—		6,303		—			6,303
Luxembourg		—		119,228		—			119,228
Malaysia		—		1,256		—			1,256
Mexico		—		42,549		—			42,549
Morocco		—		3,107		—			3,107
Netherlands		—		41,028		—			41,028
New Zealand		—		14,935		—			14,935
Nigeria		—		974		—			974
Peru		—		6,829		—			6,829
Russia		—		6,478		—			6,478
South Korea		—		3,482		—			3,482
Spain		—		23,700		—			23,700
Sweden		—		15,338		—			15,338
Switzerland		—		22,489		—			22,489
United Arab Emirates		—		5,732		—			5,732
United Kingdom		—		102,134		—			102,134
United States		—		4,451,048		947			4,451,995
Venezuela		—		3,698		—			3,698
Total Corporate Bonds		—		5,295,421		947			5,296,368
Loan Assignments
Bermuda		—		1,647		—			1,647
Canada		—		6,001		—			6,001
Luxembourg		—		962		—			962
United States		—		70,450		—	(a)		70,450
Total Loan Assignments		—		79,060		—	(a)		79,060

APRIL 30, 2017 J.P. MORGAN FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Income Builder Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Foreign Government Securities	$	—		$	149,454	$	—		$	149,454
U.S. Treasury Obligation		—			35,291		—			35,291
Rights
United Kingdom		—			11		—			11
United States		—			—		579			579
Total Rights		—			11		579			590
Warrants
United States		8			1		—	(b)		9
Short-Term Investments
Investment Company		190,261			—		—			190,261
Time Deposit		—			9,500		—			9,500
Total Investments in Securities	$	3,036,667		$	8,612,398	$	489,249		$	12,138,314
Appreciation in Other Financial Instruments
Futures Contracts	$	—		$	152	$	—		$	152
Depreciation in Other Financial Instruments
Futures Contracts	$	(35,245	)	$	—	$	—		$	(35,245	)

(a) Amount rounds to less than 500.

(b) Value is zero.

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

For Global Allocation Fund, transfers from level 1 to level 2 in the amount of appoximately $9,610,000 are due to applying the fair value factors to certain securities during the period ended April 30, 2017.

For Income Builder Fund, there were no significant transfers between level 1 and level 2 during the period ended April 30, 2017.

There were no significant transfers among any other levels during the period ended April 30, 2017.

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, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2017
Asset-Backed Securities — United States	$	30,046	$	158		$	(36	)	$	62	$	3,587	$	(9,101	)	$	9,962	$	(221	)	$	34,457
Collateralized Mortgage Obligations — United States		—		—			(19	)		3		687		(103	)		578		—			1,146
Common Stocks — United States		42		—			—			—		—		—			—		(42	)		—	(a)
Corporate Bonds — Bahamas		50		(142	)		166			—		—		(74	)		—		—			—	(a)
Corporate Bonds — United States		278		—			(34	)		—		—		—			—		(240	)		4
Preferred Stock — Ireland		67		—			—			—		—		—			—		(67	)		—	(a)
Rights — United States		—		—			20			—		—		—			—		—			20
Total	$	30,483	$	16		$	97		$	65	$	4,274	$	(9,278	)	$	10,540	$	(570	)	$	35,627

104 J.P. MORGAN FUNDS APRIL 30, 2017

JPMorgan Income Builder Fund	Balance as of October 31, 2016			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2017
Asset-Backed Securities	$	382,859		$	(42	)	$	(557	)	$	891		$	29,022	$	(70,818	)	$	98,500	$	(7,014	)	$	432,841
Collateralized Mortgage Obligations		3,134			(5	)		12			9			—		(602	)		—		—			2,548
Commercial Mortgage-Backed Securities		59,561			—			861			(2	)		—		(8,117	)		5,498		(5,474	)		52,327
Common Stocks — United States		963			—			(73	)		—			—		—			—		(890	)		—	(a)
Convertible Bond — United States		10			—			(4	)		—			1		—			—		—			7
Corporate Bonds — Bahamas		969			(3,363	)		3,825			—			—		(1,431	)		—		—			—	(a)
Corporate Bonds — Canada		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — United States		30,254			(25	)		(1,178	)		10			—		(5	)		—		(28,109	)		947
Foreign Government Security		558			(246	)		193			—			—		(505	)		—		—			—	(a)
Loan Assignment — United States		—	(b)		—			—			—			—		—			—		—			—	(b)
Preferred Stocks — Bermuda		2,655			—			—			—			—		—			—		(2,655	)		—	(a)
Preferred Stocks — United States		—	(a)		(12	)		12			—			—		—			—		—			—	(a)
Right — United States		—			—			579			—			—		—			—		—			579
Warrants — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Total	$	480,963		$	(3,693	)	$	3,670		$	908		$	29,023	$	(81,478	)	$	103,998	$	(44,142	)	$	489,249

(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 500.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2017, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	22
Income Builder Fund		(206	)

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

JPM Global Allocation

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	34,457		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 11.00% (4.72%)
					Constant Default Rate		0.00% - 25.00% (5.72%)
					Yield (Discount Rate of Cash Flows)		3.30% - 7.86% (4.68%)
Asset-Backed Securities		34,457
		1,146		Discounted Cash Flow	Constant Prepayment Rate		5.77% -13.38% (10.07%)
					Constant Default Rate		3.00% - 4.13% (3.64%)
					Yield (Discount Rate of Cash Flows)		5.12% - 6.66% (5.99%)
Collateralized Mortgage Backed Securities		1,146
Corporate Bonds		—	(a)	Pending Distribution	Discount for Potential Outcome(b)		100.00% (100.00%)
Rights		—	(a)	Pending Distribution	Discount for Potential Outcome(b)		100.00% (100.00%)
Total	$	35,602

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2017, the value of these investments was approximately $25,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Value is 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.

APRIL 30, 2017 J.P. MORGAN FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	7		Comparable Transaction	Transaction Price		$10.00 ($10.00)
Convertible Bond		7
		648		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		0.00% (0.00%)
		185		Pending Distribution	Expected Recovery		0.49% of par
					Discount for Potential Outcome (a)		100% (100%)
Corporate Bond		833
		432,841		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (5.58%)
					Constant Default Rate		0.00% - 38.00% (5.84%)
					Yield (Discount Rate of Cash Flows)		2.29% - 12.07% (4.23%)
Asset-Backed Securities		432,841
		2,548		Discounted Cash Flow	Constant Prepayment Rate		4.00% - 21.26% (12.28%)
					Constant Default Rate		0.00% - 7.82% (2.14%)
					Yield (Discount Rate of Cash Flows)		2.96% - 10.41% (5.95%)
Collateralized Mortgage Obligations		2,548
		52,327		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(49.75)% - 199.00% (40.25%)
Commercial Mortgage-Backed Securities		52,327
Loan Assignments		—	(b)	Pending Distribution	Projected Losses		100% (100%)
Warrants		—	(b)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	488,556

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2017, the value of these investments was approximately $693,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(b) Value is zero.

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 asset value of the Funds.

As of April 30, 2017, 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.

106 J.P. MORGAN FUNDS APRIL 30, 2017

C. Investment Transactions with Affiliates — The Funds invest in certain Underlying Funds which are advised by JPMIM or their affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds (amounts in thousands):

			For the six months ended April 30, 2017
Affiliate	Value at October 31, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at April 30, 2017		Value at April 30, 2017
JPMorgan Global Allocation Fund
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	85,580	$	2,940	$	40,300	$	(2,147	)	$	1,514		5,593	$	46,198
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		58,351		516,798		378,579		—			255		196,570		196,570
	$	143,931					$	(2,147	)	$	1,769			$	242,768
			For the six months ended April 30, 2017
Affiliate	Value at October 31, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at April 30, 2017		Value at April 30, 2017
JPMorgan Income Builder Fund
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	267,810	$	1,306,504	$	1,384,054	$	—		$	402		190,261	$	190,261

D. Loan Assignments — The Funds invested 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 a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which they acquired the assignment and the fund may be able to enforce its rights only through the Agent. As a result, the fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund 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 JPMIM 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, a fund 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.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

E. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts options and swaps 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

APRIL 30, 2017 J.P. MORGAN FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparties (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes E(1) — E(4) 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. The Fund may be required to post or receive collateral for over the counter options.

(2). Futures Contracts — The Funds used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

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

(3). Forward Foreign Currency Exchange Contracts —The Funds may be exposed to foreign currency risks associated with some or all of their portfolio investments and use forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The value 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.

108 J.P. MORGAN FUNDS APRIL 30, 2017

The Funds’ 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). The Fund may be required to post or receive collateral for Non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Global Allocation Fund engaged in swap transactions, total return basket swap, to manage total return risks within its portfolio. The Fund also used swap as alternatives to direct investments. 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 recorded as assets or liabilities, respectively on the Statements of Assets and Liabilities and amortized over the term of the swap. 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 for over the counter swaps.

The Fund’s swap contracts are subject to master netting arrangements.

Total Return Basket Swaps

Global Allocation Fund entered into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity.

Under the terms of the agreements, the 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 the 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 the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within the swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty on swap contract on the Statements of Assets and Liabilities and as net realized gain (loss) on transactions from swap on the Statements of Operations.

Swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of the 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 the 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 the total return basket swap are concentrated with one 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 Statements of Assets and Liabilities).

The value of the 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/or other receivables (payables) from gains/(losses) realized when the swap resets; and (v) other factors, as applicable. The value of the swap is reflected on the Statements of Assets and Liabilities as Outstanding swap contracts, at value. Changes in the value of the swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the Statements of Operations.

The total return basket swap contracts are subject to master netting arrangements. The fund may be required to post or receive collateral for total return basket swaps.

APRIL 30, 2017 J.P. MORGAN FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of April 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contract	Statements of Assets and Liabilities
Gross Assets:		Swaps			Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets —Unrealized Appreciation	$	—		$	6,190	$	3,476		$	—		$	9,666
Foreign exchange contracts	Receivables		—			—		333			1,022			1,355
Total		$	—		$	6,190	$	3,809		$	1,022		$	11,021
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	(c)	$	—	$	(243	)	$	—		$	(243	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—			—		(172	)		—			(172	)
Foreign exchange contracts	Payables		—			—		—			(623	)		(623	)
Total		$	—	(c)	$	—	$	(415	)	$	(623	)	$	(1,038	)

(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.

(c) Amount rounds to less than 500.

Income Builder Fund

Derivative Contract	Statements of Assets and Liabilities
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	152
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(8,528	)
Foreign exchange contracts			(26,717	)
		$	(35,245	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2017, by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derviative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	12,025	$	(8,549	)	$	—	$	3,476
Foreign exchange contracts		—		(1,133	)		10,451		9,318
Interest rate contracts		—		(1,272	)		—		(1,272	)
Total	$	12,025	$	(10,954	)	$	10,451	$	11,522

110 J.P. MORGAN FUNDS APRIL 30, 2017

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps			Options		Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	—	(a)	$	4,121	$	7,202	$	—		$	11,323
Foreign exchange contracts		—			—		333		(4,587	)		(4,254	)
Interest rate contracts		—			—		22		—			22
Total	$	—	(a)	$	4,121	$	7,557	$	(4,587	)	$	7,091

(a) Amount rounds to less than 500.

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(166	)	$	—		$	(166	)
Foreign exchange contracts		51,228			(136	)		51,092
Interest rate contracts		22,442			—			22,442
Total	$	73,504		$	(136	)	$	73,368

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	167
Foreign exchange contracts		(59,593	)
Interest rate contracts		(14,982	)
Total	$	(74,408	)

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, 2017. 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:
Equity
Average Notional Balance Short	$	132,849		$	3,031
Average Notional Balance Short		61,194			—
Ending Notional Balance Long		150,040			5,197
Ending Notional Balance Short		11,713			—
Foreign Exchange
Average Notional Balance Long		47,209	(a)		—
Average Notional Balance Short		63,911	(b)		617,961
Ending Notional Balance Long		47,643			633,013
Interest Rate
Average Notional Balance Long		18,672	(c)		—
Average Notional Balance Short		88,097			1,352,278
Ending Notional Balance Long		—			—
Ending Notional Balance Short		23,160			1,221,597

APRIL 30, 2017 J.P. MORGAN FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

	Global Allocation Fund			Income Builder Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	28,109		$	—
Average Settlement Value Sold		226,994			—
Ending Settlement Value Purchased		9,909			—
Ending Settlement Value Sold		220,133			—
Exchange-Traded Options:
Average Number of Contracts Purchased		22,260			—
Ending Number of Contracts Purchased		21,156			—
Total Return Basket Swaps:
Average Notional Balance Long		3	(d)		—
Ending Notional Balance Long		3			—

(a) For the period March 1, 2017 through April 30, 2017.

(b) For the period December 1, 2016 through January 31, 2017.

(c) For the period October 1, 2016 through March 31, 2017.

(d) For the period April 1, 2017 through April 30, 2017.

The Funds may be required to post or receive collateral based on the net value of the Fund’s Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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 Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMCB, an affiliate of the Fund.

F. Short Sales — Global Allocation Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is 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 on the SOIs. The Fund 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 amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is 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 Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Fund 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 Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates. As of April 30, 2017, the Fund had outstanding short sales as listed on the SOI.

G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations.

112 J.P. MORGAN FUNDS APRIL 30, 2017

Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statements of Operations.

I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and 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 agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee.

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2			Total
Global Allocation Fund
Transfer agency fees	$	8	$	10	$	11	$	—	(a)	$	29
Sub-transfer agency fees		78		97		138		—	(a)		313
Income Builder Fund
Transfer agency fees		67		87		31		n/a			185
Sub-transfer agency fees		689		1,151		779		n/a			2,619

(a) Amount rounds to less than 500.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2017, 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.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon 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.

L. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The reclassifications for the Funds relate primarily to foreign currency gains or losses and investments in passive foreign investment companies (“PFICs”).

APRIL 30, 2017 J.P. MORGAN FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an 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, 2017, 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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class I Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the JPMDS, 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 JPMDS 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, 2017, the JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	50	$	1
Income Builder Fund		447		6

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the JPMDS under which the JPMDS provides certain support services to the shareholders. For performing these services, the JPMDS 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 I			Class R2
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%
Income Builder Fund		0.25			0.25			0.25			n/a

The JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing 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.

114 J.P. MORGAN FUNDS APRIL 30, 2017

F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS 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			Class I
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, 2017 and are in place until at least February 28, 2018.

For the six months ended April 30, 2017, 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 Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	1,179	$	613	$	82	$	1,874	$	—
Income Builder Fund		10,406		4,908		4,190		19,504		—	(a)

(a) Amount rounds to less than 500.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2017 was as follows (amounts in thousands):

Global Allocation Fund	$	75
Income Builder Fund		181

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the JPMDS. 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, 2017, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Global Allocation Fund	$	—	(a)
Income Builder Fund		6

(a) Amount rounds to less than 500.

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, 2017 J.P. MORGAN FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

4. Investment Transactions

During the six months ended April 30, 2017, 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		Securities Sold Short		Covers on Securities Sold Short
Global Allocation Fund	$	456,858	$	511,172	$	13,098	$	14,351	$	63,929	$	42,239
Income Builder Fund		2,848,663		3,045,441		35,328		38,600		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	1,528,900	$	137,935	$	23,362	$	114,573
Income Builder Fund		11,292,001		1,031,101		184,788		846,313

At October 31, 2016, the following Funds had net capital loss carryforwards available to offset future realized capital gains as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Allocation Fund	$	7,562	$	12,376
Income Builder Fund		328,141		119,753

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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other affiliated trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2017.

116 J.P. MORGAN FUNDS APRIL 30, 2017

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, 2017, the Funds had omnibus accounts which owned more than 10% of the Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Global Allocation Fund		1		10.7	%		2		27.4	%
Income Builder Fund		1		14.5			3		36.8

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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Funds may face a heightened level of interest rate risk. 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.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Fund’s (s) financial statements and related disclosures.

APRIL 30, 2017 J.P. MORGAN FUNDS 117

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,078.80	$	5.31		1.03	%
Hypothetical		1,000.00		1,019.69		5.16		1.03
Class C
Actual		1,000.00		1,076.10		7.88		1.53
Hypothetical		1,000.00		1,017.21		7.65		1.53
Class I (formerly Select Class)
Actual		1,000.00		1,079.50		4.02		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R2
Actual		1,000.00		1,076.90		6.59		1.28
Hypothetical		1,000.00		1,018.45		6.41		1.28
Income Builder Fund
Class A
Actual		1,000.00		1,054.30		3.82		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class C
Actual		1,000.00		1,052.80		6.36		1.25
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class I (formerly Select Class)
Actual		1,000.00		1,056.00		3.06		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

118 J.P. MORGAN FUNDS APRIL 30, 2017

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., 2017.  All rights reserved. April 2017 SAN-IB-GAL-417

Semi-Annual Report

J.P. Morgan Funds

April 30, 2017 (Unaudited)

JPMorgan Emerging Markets Strategic Debt Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	18
Financial Highlights	24
Notes to Financial Statements	26
Schedule of Shareholder Expenses	39

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*	2.26%
J.P. Morgan Emerging Markets Bond Index Global Diversified	2.45%
JPMorgan Emerging Markets Strategic Debt Composite Benchmark	2.45%
Net Assets as of 4/30/2017 (In Thousands)	$315,370
Duration as of 4/30/2017	5.4 years

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Strategic Debt Fund (the “Fund”) seeks to provide total return.

INVESTMENT STRATEGY

The Fund invests primarily in emerging markets corporate and sovereign debt securities denominated in U.S., developed or emerging market currencies. The Fund bases security selection on a combination of macroeconomic research and bottom-up fundamental country analysis and uses futures contracts, options, derivatives and currency options to manage the portfolio’s duration and foreign exchange volatility.

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

The Fund (Class I Shares) had a positive absolute performance but underperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) for the six months ended April 30, 2017.

During the reporting period, the Fund’s duration hedge in the U.S., implemented primarily through the use of U.S. Treasury futures and credit default swaps, was the leading detractor from absolute 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 are more sensitive to increases or decreases in price as interest rates fall or rise, respectively. The Fund’s exposure to bonds in Malaysia and the Philippines also detracted from absolute performance as low yields failed to attract investors.

The Fund’s exposure to bonds in Argentina and Brazil was a leading contributor to absolute performance. During most of

the reporting period, economic fundamentals improved in Argentina. The Brazilian economy stabilized and Brazilian financial assets appreciated substantially amid investor expectations for economic reforms and monetary easing. The Fund’s exposure to bonds in Mexico also contributed to absolute performance as investor concerns about potential protectionist U.S. trade policies receded.

Relative to the Index, the Fund’s hedge against interest rate increases, implemented primarily through the use of futures on U.S. Treasury bonds and German government bonds, and its hedge against declines in bond prices, implemented primarily through credit default swaps/credit default indexes, detracted from performance. The Fund’s overall positioning in local currencies made a positive contribution to performance relative to the Index.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return. At the end of the reporting period, the Fund’s foreign exchange positions were overweight in the currencies of Russia, Peru and India and underweight in the currencies of the U.S., Canada and China. In terms of sovereign debt, the Fund was overweight at the end of the reporting period in Brazil, the United Arab Emirates and Argentina and was underweight in Russia, the Philippines and Uruguay.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

2 J.P. MORGAN FUNDS APRIL 30, 2017

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	71.8	%
Corporate Bonds	25.5
U.S. Treasury Obligation	0.3
Options Purchased	0.1
Short-Term Investment	2.3

PORTFOLIO COMPOSITION BY COUNTRY***
Mexico	8.2	%
Brazil	7.6
Argentina	6.7
Russia	5.0
Turkey	3.9
Lebanon	3.9
Ukraine	3.9
Indonesia	3.8
Colombia	3.3
Dominican Republic	3.1
Kazakhstan	2.6
South Africa	2.5
Sri Lanka	2.4
Hungary	2.4
Oman	1.9
Peru	1.6
Egypt	1.5
Belarus	1.5
China	1.5
Uruguay	1.5
El Salvador	1.4
Ecuador	1.4
Iraq	1.3
Costa Rica	1.3
Croatia	1.2
Venezuela	1.2
Pakistan	1.2
Azerbaijan	1.2
Philippines	1.1
Paraguay	1.1
Angola	1.0
Nigeria	1.0
Others (each less than 1.0%)	14.5
Short-Term Investment	2.3

* 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, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		June 29, 2012
With Sales Charge**				(1.67	)%		(1.32	)%		(5.41	)%		(4.00	)%
Without Sales Charge				2.18			2.55			(4.20	)		(3.24	)
CLASS C SHARES		June 29, 2012
With CDSC***				0.86			0.98			(4.69	)		(3.72	)
Without CDSC				1.86			1.98			(4.69	)		(3.72	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		June 29, 2012		2.26			2.76			(3.99	)		(3.01	)
CLASS R2 SHARES		June 29, 2012		2.05			2.30			(4.45	)		(3.47	)
CLASS R5 SHARES		June 29, 2012		2.34			2.96			(3.79	)		(2.80	)
CLASS R6 SHARES		June 29, 2012		2.36			2.98			(3.78	)		(2.76	)

* 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 4/30/17)

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. Effective September 30, 2016, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed using the current strategies.

The Fund commenced operations on June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Markets Strategic Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified and the Emerging Markets Strategic Debt Composite Benchmark from June 29, 2012 to April 30, 2017. 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 Emerging Markets Bond Index (EMBI) Global Diversified does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The Emerging Markets Strategic Debt Composite Benchmark does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns for U.S. dollar-denominated

debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. The Emerging Markets Strategic Debt Composite Benchmark is comprised of unmanaged indices that include an equally weighted average of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. Investors cannot invest directly in an index.

Class I 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 redemptions 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, 2017

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 22.4%
		Argentina — 1.3%
	270	Pampa Energia SA, 7.500%, 01/24/27 (e)		287
	100	Petrobras Argentina SA, Reg. S, 7.375%, 07/21/23		106
		YPF SA,
	700	Reg. S, 8.500%, 03/23/21		787
	1,450	Reg. S, 8.750%, 04/04/24		1,671
	1,000	Reg. S, 8.875%, 12/19/18		1,076
				3,927
		Brazil — 2.6%
	400	Banco do Brasil SA, Reg. S, VAR, 9.000%, 06/18/24 (x) (y)		422
	1,300	Caixa Economica Federal, Reg. S, 4.500%, 10/03/18		1,322
	330	Centrais Eletricas Brasileiras SA, Reg. S, 6.875%, 07/30/19		349
	600	GTL Trade Finance, Inc., Reg. S, 5.893%, 04/29/24		608
	810	JBS Investments GmbH, Reg. S, 7.250%, 04/03/24		845
		Petrobras Global Finance BV,
	1,000	5.375%, 01/27/21		1,028
	1,538	8.375%, 05/23/21		1,743
	850	8.750%, 05/23/26		991
	200	Raizen Fuels Finance SA, 5.300%, 01/20/27 (e)		207
	560	Suzano Austria GmbH, 7.000%, 03/16/47 (e)		554
	200	Votorantim Cimentos SA, Reg. S, 7.250%, 04/05/41		205
				8,274
		Chile — 0.5%
	800	Corp. Nacional del Cobre de Chile, Reg. S, 4.500%, 09/16/25		845
	290	Empresa Electrica Angamos SA, Reg. S, 4.875%, 05/25/29		293
	400	Empresa Nacional del Petroleo, Reg. S, 3.750%, 08/05/26		392
				1,530
		China — 1.3%
	270	Bluestar Finance Holdings Ltd., Reg. S, 3.125%, 09/30/19		271
	270	CCCI Treasure Ltd., Reg. S, VAR, 3.500%, 04/21/20 (x) (y)		271
	200	Central Plaza Development Ltd., Reg. S, VAR, 7.125%, 12/02/19 (x) (y)		214
	200	Greenland Hong Kong Holdings Ltd., Reg. S, 3.875%, 07/28/19		199

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		China — continued
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.000%, 11/04/19		198
	200	Huarong Finance II Co. Ltd., Reg. S, 2.750%, 06/03/19		198
	200	Shui On Development Holding Ltd., Reg. S, 5.700%, 02/06/21		203
	150	Sinochem Overseas Capital Co. Ltd., Reg. S, 4.500%, 11/12/20		158
	800	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.100%, 04/28/45		775
	300	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.700%, 06/10/25		306
	200	Tianjin Infrastructure Construction & Investment Group Co. Ltd., Reg. S, 2.750%, 06/15/19		199
	200	Times Property Holdings Ltd., Reg. S, 6.250%, 01/23/20		206
	200	Vanke Real Estate Hong Kong Co. Ltd., Reg. S, 3.950%, 12/23/19		205
	270	Wealth Driven Ltd., Reg. S, 5.500%, 08/17/23		277
	260	West China Cement Ltd., Reg. S, 6.500%, 09/11/19		271
	200	Yuzhou Properties Co. Ltd., Reg. S, 6.000%, 01/25/22		206
				4,157
		Colombia — 1.3%
	300	Banco GNB Sudameris SA, VAR, 6.500%, 04/03/27 (e)		309
		Ecopetrol SA,
	2,400	5.375%, 06/26/26		2,449
	150	5.875%, 09/18/23		162
	1,195	5.875%, 05/28/45		1,095
				4,015
		Congo — 0.1%
	309	HTA Group Ltd., 9.125%, 03/08/22 (e)		312
		El Salvador — 0.1%
	300	Grupo Unicomer Co. Ltd., 7.875%, 04/01/24 (e)		321
		Guatemala — 0.3%
	300	Central American Bottling Corp., 5.750%, 01/31/27 (e)		318
	200	Comcel Trust via Comunicaciones Celulares SA, Reg. S, 6.875%, 02/06/24		213
	540	Energuate Trust, 5.875%, 05/03/27 (e)		548
				1,079

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Hong Kong — 0.1%
	200	Shimao Property Holdings Ltd., Reg. S, 8.375%, 02/10/22		223
		Hungary — 0.1%
	300	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.250%, 10/21/20		330
		India — 0.3%
	200	Axis Bank Ltd., Reg. S, 2.875%, 06/01/21		198
	200	Neerg Energy Ltd., 6.000%, 02/13/22 (e)		203
	200	UPL Corp. Ltd., 3.250%, 10/13/21 (e)		199
	240	Vedanta Resources plc, 6.375%, 07/30/22 (e)		243
				843
		Indonesia — 1.0%
	200	Listrindo Capital BV, 4.950%, 09/14/26 (e)		198
	500	Majapahit Holding BV, Reg. S, 7.750%, 01/20/20		561
	1,500	Pertamina Persero PT, Reg. S, 6.450%, 05/30/44		1,691
	485	Saka Energi Indonesia PT, 4.450%, 05/05/24 (e)		486
	200	Theta Capital Pte. Ltd., Reg. S, 7.000%, 04/11/22		209
				3,145
		Jamaica — 0.1%
	200	Digicel Group Ltd., Reg. S, 8.250%, 09/30/20		183
		Kazakhstan — 1.6%
	500	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.950%, 07/10/42		526
		KazMunayGas National Co. JSC,
	700	5.750%, 04/19/47 (e)		683
	450	Reg. S, 6.375%, 04/09/21		494
	1,700	Reg. S, 7.000%, 05/05/20		1,863
	1,490	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.000%, 08/15/26		1,440
				5,006
		Kuwait — 0.5%
	340	Equate Petrochemical BV, Reg. S, 3.000%, 03/03/22		338
	1,300	Kuwait Projects Co., Reg. S, 5.000%, 03/15/23		1,373
				1,711
		Mexico — 4.8%
	1,470	Banco Inbursa SA Institucion de Banca Multiple, 4.375%, 04/11/27 (e)		1,441

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
	200	Banco Mercantil del Norte SA, VAR, 5.750%, 10/04/31 (e)		196
	500	Banco Nacional de Comercio Exterior SNC, Reg. S, VAR, 3.800%, 08/11/26		491
	670	Grupo Kaltex SA de CV, 8.875%, 04/11/22 (e)		662
	1,490	Mexichem SAB de CV, Reg. S, 5.875%, 09/17/44		1,467
		Petroleos Mexicanos,
	90	5.375%, 03/13/22 (e)		94
	170	5.500%, 01/21/21		180
	100	5.625%, 01/23/46		89
	310	6.375%, 02/04/21		339
	1,320	6.375%, 01/23/45		1,287
	200	6.500%, 03/13/27 (e)		216
	250	6.625%, 06/15/35		259
	1,650	6.750%, 09/21/47		1,669
	2,250	6.875%, 08/04/26		2,514
	2,400	Reg. S, 5.375%, 03/13/22		2,514
	1,000	Reg. S, 6.500%, 03/13/27		1,079
	500	Reg. S, VAR, 4.770%, 03/11/22		542
	149	VAR, 4.770%, 03/11/22 (e)		161
				15,200
		Morocco — 0.2%
	500	OCP SA, Reg. S, 6.875%, 04/25/44		540
		Netherlands — 0.4%
	200	VimpelCom Holdings BV, Reg. S, 5.950%, 02/13/23		213
	1,200	Zhaikmunai LLP, Reg. S, 7.125%, 11/13/19		1,176
				1,389
		Nigeria — 0.1%
	310	IHS Netherlands Holdco BV, Reg. S, 9.500%, 10/27/21		322
		Peru — 0.3%
	800	Fondo MIVIVIENDA SA, Reg. S, 3.500%, 01/31/23		806
	150	Union Andina de Cementos SAA, Reg. S, 5.875%, 10/30/21		156
				962
		Qatar — 0.1%
	200	ABQ Finance Ltd., Reg. S, 3.625%, 04/13/21		202
		Russia — 2.3%
	1,560	Alfa Bank AO Via Alfa Bond Issuance plc, Reg. S, 7.500%, 09/26/19		1,698

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Russia — continued
	700	Gazprom OAO Via Gaz Capital SA, Reg. S, 4.950%, 02/06/28		704
	1,486	Metalloinvest Finance DAC, 4.850%, 05/02/24 (e)		1,485
	750	Phosagro OAO via Phosagro Bond Funding DAC, 3.950%, 11/03/21 (e)		751
	400	Sberbank of Russia Via SB Capital SA, Reg. S, 6.125%, 02/07/22		437
	1,900	Vnesheconombank Via VEB Finance plc, Reg. S, 6.025%, 07/05/22		2,040
	200	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.950%, 10/17/22		218
				7,333
		South Africa — 0.9%
		Eskom Holdings SOC Ltd.,
	300	Reg. S, 6.750%, 08/06/23		310
	800	Reg. S, 7.125%, 02/11/25		827
	1,450	MTN Mauritius Investment Ltd., Reg. S, 6.500%, 10/13/26		1,492
	200	Transnet SOC Ltd., Reg. S, 4.000%, 07/26/22		195
				2,824
		South Korea — 0.1%
	270	Woori Bank, Reg. S, VAR, 4.500%, 09/27/21 (x) (y)		265
		Sri Lanka — 0.1%
	400	National Savings Bank, Reg. S, 8.875%, 09/18/18		425
		Trinidad and Tobago — 0.4%
	1,150	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.750%, 08/14/19		1,221
		Tunisia — 0.4%
	1,310	Republic of Banque Centrale de Tunisie, Reg. S, 5.750%, 01/30/25		1,285
		Turkey — 0.1%
	200	KOC Holding A/S, Reg. S, 5.250%, 03/15/23		206
	200	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.250%, 05/09/20		200
				406
		Ukraine — 0.2%
	300	Oschadbank Via SSB #1 plc, Reg. S, SUB, 9.375%, 03/10/23		306
	400	Ukreximbank Via Biz Finance plc, Reg. S, 9.750%, 01/22/25		402
				708

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Arab Emirates — 0.6%
	930	DP World Ltd., Reg. S, 6.850%, 07/02/37		1,093
	200	EA Partners I BV, Reg. S, 6.875%, 09/28/20		181
	650	MAF Global Securities Ltd., Reg. S, VAR, 7.125%, 10/29/18 (x) (y)		685
				1,959
		United Kingdom — 0.1%
	200	Genel Energy Finance plc, Reg. S, 7.500%, 05/14/19 (e)		175
		Venezuela — 0.1%
		Petroleos de Venezuela SA,
	150	Reg. S, 5.375%, 04/12/27		58
	370	Reg. S, 12.750%, 02/17/22		228
				286
		Total Corporate Bonds (Cost $69,928)		70,558
	Foreign Government Securities — 62.9%
		Angola — 0.9%
		Republic of Angola,
	1,070	9.500%, 11/12/25		1,120
	563	Reg. S, 7.000%, 08/17/19		581
	1,130	Reg. S, 9.500%, 11/12/25		1,184
				2,885
		Argentina — 4.6%
	1,600	Provincia de Buenos Aires, Reg. S, 9.950%, 06/09/21		1,844
		Republic of Argentina,
	3,470	6.875%, 04/22/21		3,777
	750	7.450%, 09/01/24 (e)		778
	1,760	7.500%, 04/22/26		1,938
	939	7.875%, 06/15/27 (e)		979
ARS	1,900	15.500%, 10/17/26		136
ARS	4,300	16.000%, 10/17/23		299
ARS	32,900	18.200%, 10/03/21		2,334
	500	Reg. S, 7.125%, 06/10/21		528
	1,136	Series NY, 8.280%, 12/31/33		1,272
	900	Series NY, SUB, 2.500%, 12/31/38		599
				14,484
		Armenia — 0.4%
	1,100	Republic of Armenia, Reg. S, 7.150%, 03/26/25		1,199
		Azerbaijan — 1.0%
	800	Republic of Azerbaijan, Reg. S, 4.750%, 03/18/24		816

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Azerbaijan — continued
		State Oil Co. of the Azerbaijan Republic,
	700	Reg. S, 4.750%, 03/13/23		694
	1,550	Reg. S, 6.950%, 03/18/30		1,678
				3,188
		Belarus — 1.3%
	4,030	Republic of Belarus, Reg. S, 8.950%, 01/26/18		4,167
		Bermuda — 0.2%
	600	Republic of Bermuda, Reg. S, 4.854%, 02/06/24		636
		Bolivia — 0.1%
	280	Plurinational State of Bolivia, 4.500%, 03/20/28 (e)		273
		Brazil — 4.0%
		Federative Republic of Brazil,
	1,450	6.000%, 04/07/26		1,592
	2,300	8.250%, 01/20/34		2,921
	BRL          8,020	Series B, 6.000%, 08/15/22		7,768
	BRL 1,000	Series F, 10.000%, 01/01/21		316
				12,597
		Cameroon — 0.4%
		Republic of Cameroon,
	700	9.500%, 11/19/25		797
	300	Reg. S, 9.500%, 11/19/25		341
				1,138
		Colombia — 1.6%
		Republic of Colombia,
	1,100	3.875%, 04/25/27		1,108
	400	4.500%, 01/28/26		426
	1,100	7.375%, 09/18/37		1,413
	COP 6,251,000	Series B, 6.000%, 04/28/28		2,037
				4,984
		Costa Rica — 1.1%
		Republic of Costa Rica,
	500	Reg. S, 4.250%, 01/26/23		486
	500	Reg. S, 5.875%, 04/25/21		516
	800	Reg. S, 6.375%, 05/15/43		691
	300	Reg. S, 7.000%, 04/04/44		309
	1,400	Reg. S, 7.158%, 03/12/45		1,456
				3,458
		Croatia — 1.1%
		Republic of Croatia,
	800	Reg. S, 6.000%, 01/26/24		889

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Croatia — continued
	1,300	Reg. S, 6.375%, 03/24/21		1,438
	1,000	Reg. S, 6.625%, 07/14/20		1,100
				3,427
		Dominican Republic — 2.7%
		Government of Dominican Republic,
	DOP          6,000	11.250%, 02/05/27		130
	1,200	Reg. S, 5.875%, 04/18/24		1,278
	3,700	Reg. S, 6.875%, 01/29/26		4,125
	1,800	Reg. S, 7.450%, 04/30/44		2,039
	1,000	Reg. S, 7.500%, 05/06/21		1,109
				8,681
		Ecuador — 1.2%
		Republic of Ecuador,
	1,600	Reg. S, 7.950%, 06/20/24		1,528
	300	Reg. S, 10.500%, 03/24/20		321
	1,850	Reg. S, 10.750%, 03/28/22		2,003
				3,852
		Egypt — 1.3%
		Republic of Egypt,
	200	6.125%, 01/31/22 (e)		208
	1,200	8.500%, 01/31/47 (e)		1,305
	650	Reg. S, 5.750%, 04/29/20		677
	1,000	Reg. S, 5.875%, 06/11/25		988
	300	Reg. S, 6.125%, 01/31/22 (e)		312
	700	Reg. S, 7.500%, 01/31/27		754
				4,244
		El Salvador — 1.1%
		Republic of El Salvador,
	1,210	Reg. S, 5.875%, 01/30/25		1,080
	150	Reg. S, 6.375%, 01/18/27		132
	1,250	Reg. S, 7.625%, 02/01/41		1,119
	140	Reg. S, 7.650%, 06/15/35		127
	550	Reg. S, 7.750%, 01/24/23		553
	625	Reg. S, 8.250%, 04/10/32		609
				3,620
		Ethiopia — 0.5%
		Republic of Ethopia,
	385	6.625%, 12/11/24		379
	1,280	Reg. S, 6.625%, 12/11/24		1,261
				1,640

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Gabon — 0.3%
	900	Gabonese Republic, Reg. S, 6.375%, 12/12/24		881
		Ghana — 0.8%
		Republic of Ghana,
	806	10.750%, 10/14/30		973
	1,000	Reg. S, 8.125%, 01/18/26		985
	494	Reg. S, 10.750%, 10/14/30		597
				2,555
		Honduras — 0.3%
	800	Republic of Honduras, Reg. S, 8.750%, 12/16/20		911
		Hungary — 2.0%
		Republic of Hungary,
	300	5.375%, 03/25/24		337
	3,724	5.750%, 11/22/23		4,236
HUF	288,690	Series 23-A, 6.000%, 11/24/23		1,211
HUF	110,000	Series 24-B, 3.000%, 06/26/24		386
				6,170
		India — 0.1%
	200	Export-Import Bank of India, Reg. S, 3.375%, 08/05/26		192
		Indonesia — 2.3%
		Republic of Indonesia,
	1,000	Reg. S, 4.125%, 01/15/25		1,030
	300	Reg. S, 5.875%, 01/15/24		342
	300	Reg. S, 5.950%, 01/08/46		353
	1,600	Reg. S, 6.625%, 02/17/37		1,962
IDR	1,302,000	Series FR70, 8.375%, 03/15/24		104
IDR	41,010,000	Series FR71, 9.000%, 03/15/29		3,433
				7,224
		Iraq — 1.2%
	4,110	Republic of Iraq, Reg. S, 5.800%, 01/15/28		3,663
		Ivory Coast — 0.3%
		Republic of Ivory Coast,
	200	Reg. S, 5.375%, 07/23/24		195
	784	Reg. S, SUB, 5.750%, 12/31/32		754
				949
		Jamaica — 0.5%
		Government of Jamaica,
	300	6.750%, 04/28/28		335
	300	8.000%, 06/24/19		316
	800	8.000%, 03/15/39		930
				1,581

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Jordan — 0.4%
		Kingdom of Jordan,
	700	Reg. S, 5.750%, 01/31/27		691
	700	Reg. S, 6.125%, 01/29/26		715
				1,406
		Kazakhstan — 0.7%
		Republic of Kazakhstan,
	1,100	Reg. S, 5.125%, 07/21/25		1,203
	800	Reg. S, 6.500%, 07/21/45		953
				2,156
		Kenya — 0.3%
	1,000	Republic of Kenya, Reg. S, 6.875%, 06/24/24		1,011
		Lebanon — 3.4%
		Republic of Lebanon,
	1,000	6.250%, 05/27/22		1,032
	760	6.375%, 03/09/20		790
	2,632	Reg. S, 5.450%, 11/28/19		2,685
	1,125	Reg. S, 6.600%, 11/27/26		1,136
	3,800	Reg. S, 6.650%, 02/26/30		3,795
	1,200	Reg. S, 8.250%, 04/12/21		1,329
				10,767
		Malaysia — 0.3%
	1,000	1MDB Global Investments Ltd., Reg. S, 4.400%, 03/09/23		928
		Mexico — 2.3%
		United Mexican States,
	800	4.150%, 03/28/27		824
	1,950	5.550%, 01/21/45		2,150
	100	5.750%, 10/12/10		102
MXN	6,700	Series M, 5.750%, 03/05/26		322
MXN	31,800	Series M, 6.500%, 06/09/22		1,645
MXN	3,500	Series M, 7.750%, 05/29/31		190
MXN	37,000	Series M, 7.750%, 11/23/34		2,001
MXN	3,000	Series M, 8.000%, 11/07/47		165
				7,399
		Mongolia — 0.3%
		Mongolia Government Bond,
	200	8.750%, 03/09/24 (e)		222
	600	Reg. S, 10.875%, 04/06/21		698
				920

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Options contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Morocco — 0.1%
	200	Kingdom of Morocco, Reg. S, 5.500%, 12/11/42		218
		Namibia — 0.4%
	1,330	Republic of Namibia, Reg. S, 5.250%, 10/29/25		1,345
		Nigeria — 0.8%
		Republic of Nigeria,
	2,330	7.875%, 02/16/32 (e)		2,525
		Oman — 1.7%
		Oman Government Bond,
	3,140	6.500%, 03/08/47 (e)		3,375
	1,900	Reg. S, 4.750%, 06/15/26		1,912
				5,287
		Pakistan — 1.1%
		Republic of Pakistan,
	1,620	Reg. S, 6.875%, 06/01/17		1,627
	1,000	Reg. S, 7.250%, 04/15/19		1,057
	600	Reg. S, 8.250%, 04/15/24		668
				3,352
		Panama — 0.8%
		Republic of Panama,
	200	6.700%, 01/26/36		258
	200	8.875%, 09/30/27		285
	1,400	9.375%, 04/01/29		2,079
				2,622
		Paraguay — 0.9%
		Republic of Paraguay,
	470	4.700%, 03/27/27 (e)		477
	800	Reg. S, 5.000%, 04/15/26		833
	1,500	Reg. S, 6.100%, 08/11/44		1,609
				2,919
		Peru — 1.1%
		Republic of Peru,
	100	4.125%, 08/25/27		109
	450	5.625%, 11/18/50		543
	1,300	8.750%, 11/21/33		1,989
	PEN          2,291	Reg. S, 6.900%, 08/12/37		768
				3,409
		Philippines — 0.9%
	2,050	Republic of Philippines, 7.750%, 01/14/31		2,929

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Romania — 0.5%
		Republic of Romania,
	1,200	Reg. S, 4.375%, 08/22/23		1,270
	300	Reg. S, 4.875%, 01/22/24		327
				1,597
		Russia — 2.1%
		Russian Federation,
	800	Reg. S, 4.875%, 09/16/23		868
	200	Reg. S, 5.000%, 04/29/20		214
RUB	30,000	Series 6211, 7.000%, 01/25/23		513
RUB	18,000	Series 6217, 7.500%, 08/18/21		314
RUB	265,000	Series 6219, 7.750%, 09/16/26		4,706
				6,615
		Senegal — 0.1%
	300	Republic of Senegal, Reg. S, 6.250%, 07/30/24		306
		Serbia — 0.6%
		Republic of Serbia,
	200	Reg. S, 4.875%, 02/25/20		208
	1,400	Reg. S, 7.250%, 09/28/21		1,612
				1,820
		South Africa — 1.3%
		Republic of South Africa,
	1,200	4.300%, 10/12/28		1,135
	600	5.000%, 10/12/46		567
	1,000	5.500%, 03/09/20		1,063
	300	5.875%, 09/16/25		325
	100	6.250%, 03/08/41		111
ZAR	10,879	Series 2035, 8.875%, 02/28/35		773
				3,974
		Sri Lanka — 2.0%
		Republic of Sri Lanka,
	1,000	Reg. S, 6.250%, 10/04/20		1,059
	3,300	Reg. S, 6.250%, 07/27/21		3,494
	1,300	Reg. S, 6.825%, 07/18/26		1,366
	400	Reg. S, 6.850%, 11/03/25		421
				6,340
		Turkey — 3.3%
		Republic of Turkey,
	1,000	4.875%, 04/16/43		905
	300	5.625%, 03/30/21		318
	1,700	6.000%, 01/14/41		1,762

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Turkey — continued
	400	6.625%, 02/17/45		448
	2,600	7.375%, 02/05/25		3,022
	100	8.000%, 02/14/34		125
TRY	2,341	10.500%, 01/15/20		654
TRY	11,210	10.600%, 02/11/26		3,213
				10,447
		Ukraine — 3.2%
		Republic of Ukraine,
	810	Reg. S, 0.000%, 05/31/40		285
	4,200	Reg. S, 7.750%, 09/01/19		4,297
	500	Reg. S, 7.750%, 09/01/20		505
	1,300	Reg. S, 7.750%, 09/01/21		1,297
	1,700	Reg. S, 7.750%, 09/01/24		1,625
	2,165	Reg. S, 7.750%, 09/01/27		2,035
				10,044
		Uruguay — 1.3%
		Republic of Uruguay,
	1,000	4.375%, 10/27/27		1,050
	450	5.100%, 06/18/50		446
	2,000	7.875%, 01/15/33		2,660
				4,156
		Venezuela — 1.0%
		Republic of Venezuela,
	440	9.250%, 09/15/27		233
	20	9.375%, 01/13/34		10
	1,470	Reg. S, 6.000%, 11/15/26		558
	120	Reg. S, 7.000%, 12/01/18		84
	400	Reg. S, 7.000%, 03/31/38		178
	150	Reg. S, 7.650%, 04/21/25		70
	360	Reg. S, 7.750%, 10/13/19		217
	400	Reg. S, 8.500%, 10/27/20		313
	280	Reg. S, 9.000%, 11/17/21		146
	90	Reg. S, 9.000%, 05/07/23		44
	800	Reg. S, 9.250%, 05/07/28		380
	350	Reg. S, 9.750%, 05/17/35		166
	170	Reg. S, 11.750%, 10/21/26		99
	630	Reg. S, 11.950%, 08/05/31		364
	350	Reg. S, 12.750%, 08/23/22		217
				3,079
		Zambia — 0.7%
	2,000	Republic of Zambia, Reg. S, 8.970%, 07/30/27		2,123
		Total Foreign Government Securities (Cost $196,465)		198,293

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
	Option Purchased — 0.0% (g)
		Foreign Exchange Currency Options — 0.0% (g)
	4,848,315	BRL Put/USD Call, Expiring 07/11/17 @ 3.44 BRL to 1 USD, Vanilla, European Style (a)		39
	702,653	CLP Put/USD Call, Expiring 05/22/17 @ 675.58 CLP to 1 USD, Vanilla, European Style (a)		4
	982,521	IDR Put/USD Call, Expiring 06/09/17 @ 13,901.00 IDR to 1 USD, Vanilla, European Style (a)		1
	704,125	MXN Put/USD Call, Expiring 05/22/17 @ 21.58 MXN to 1 USD, Vanilla, European Style (a)		—	(h)
	4,848,315	PLN Put/USD Call, Expiring 06/09/17 @ 4.20 PLN to 1 USD, Vanilla, European Style (a)		4
	4,483,522	ZAR Put/USD Call, Expiring 06/23/17 @ 13.65 ZAR to 1 USD, Vanilla, European Style (a)		96
		Total Options Purchased (Cost $144)		144
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.3%
	900	U.S. Treasury Inflation Linked Note, VAR, 0.125%, 07/15/26 (Cost $888)		898
SHARES
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	6,383	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.000% (b) (l) (Cost $6,386)		6,386
		Total Investments — 87.6% (Cost $273,811)		276,279
		Other Assets in Excess of Liabilities — 12.4%		39,091
		NET ASSETS — 100.0%	$	315,370

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(24	)	Euro Bobl		06/08/17		EUR		(3,447	)		(12	)
	(32	)	Euro Bund		06/08/17		EUR		(5,639	)		(44	)
	(13	)	Euro OAT		06/08/17		EUR		(2,122	)		(33	)
	(18	)	10 Year U.S. Treasury Note		06/21/17		USD		(2,263	)		(4	)
	(92	)	5 Year U.S. Treasury Note		06/30/17		USD		(10,893	)		(103	)
	(22	)	90-Day Eurodollar		12/18/17		USD		(5,418	)		21
	(270	)	90-Day Eurodollar		12/17/18		USD		(66,248	)		(103	)
	(35	)	90-Day Eurodollar		12/16/19		USD		(8,566	)		(4	)
												(282	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	895	EUR
	18,635	for MXN	Barclays Bank plc		06/14/17		982	#		977	#		(5	)
	6,587	ARS	Goldman Sachs International†		06/14/17		416			419			3
	5,463	BRL	Merrill Lynch International†		06/14/17		1,734			1,703			(31	)
	3,938	BRL	Goldman Sachs International†		07/18/17		1,230			1,218			(12	)
	645	CHF	National Australia Bank		07/18/17		642			651			9
	6,151	CNH	HSBC Bank, NA		06/14/17		890			888			(2	)
	12,227,399	COP	Goldman Sachs International†		06/14/17		4,162			4,127			(35	)
	926,854	COP	Merrill Lynch International†		06/14/17		312			313			1
	17,037	CZK	HSBC Bank, NA		07/18/17		696			695			(1	)
	185	EUR	National Australia Bank		06/14/17		199			202			3
	523	GBP	HSBC Bank, NA		07/18/17		674			679			5
	139,975	HUF	Barclays Bank plc		06/14/17		488			488			—	(h)
	142,098	HUF	Citibank, NA		06/14/17		487			495			8
	22,746,750	IDR	HSBC Bank, NA†		05/15/17		1,704			1,705			1
	36,630,075	IDR	Goldman Sachs International†		06/14/17		2,731			2,736			5
	2,362	ILS	Societe Generale		07/18/17		649			654			5
	57,936	INR	Merrill Lynch International†		06/14/17		878			897			19
	3,777	MXN	Credit Suisse International		06/14/17		194			199			5
	91,342	MXN	Goldman Sachs International		06/14/17		4,737			4,816			79
	1,337	MXN	Societe Generale		06/14/17		68			70			2
	24,386	MXN	Royal Bank of Canada		07/18/17		1,279			1,279			—	(h)
	8,470	MYR	Goldman Sachs International†		06/14/17		1,957			1,953			(4	)
	5,019	PEN	Goldman Sachs International†		06/14/17		1,532			1,539			7
	2,092	PEN	Merrill Lynch International†		06/14/17		640			642			2

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2017

CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	8,328		PLN	Barclays Bank plc		06/14/17		2,105		2,146		41
	1,781		PLN	Deutsche Bank AG		06/14/17		449		459		10
	569		PLN	HSBC Bank, NA		06/14/17		139		146		7
	2,697		PLN	Credit Suisse International		07/18/17		699		695		(4	)
	2,575		PLN	Deutsche Bank AG		07/18/17		655		663		8
	5,939		RON	Barclays Bank plc		06/14/17		1,412		1,427		15
	1,672		RON	Deutsche Bank AG		06/14/17		394		401		7
	60,482		RUB	Citibank, NA†		06/14/17		1,026		1,051		25
	20,598		RUB	Goldman Sachs International†		06/14/17		360		358		(2	)
	39,076		RUB	Citibank, NA†		07/18/17		671		674		3
	79,403		RUB	Goldman Sachs International†		07/18/17		1,392		1,371		(21	)
	1,918		SGD	Societe Generale		07/18/17		1,365		1,374		9
	70,224		THB	HSBC Bank, NA		06/14/17		2,042		2,030		(12	)
	6,854		THB	Standard Chartered Bank		06/14/17		194		198		4
	4,210		TRY	HSBC Bank, NA		06/14/17		1,140		1,170		30
	7,800		TRY	Merrill Lynch International		06/14/17		2,105		2,168		63
	3,800		TRY	Societe Generale		06/14/17		1,041		1,057		16
	766		TRY	TD Bank Financial Group		06/14/17		199		213		14
	19,149		TWD	Citibank, NA†		07/18/17		637		636		(1	)
	14,303		ZAR	BNP Paribas		06/14/17		1,055		1,062		7
	24,338		ZAR	Citibank, NA		06/14/17		1,870		1,807		(63	)
	17,948		ZAR	HSBC Bank, NA		06/14/17		1,382		1,333		(49	)
								51,613		51,784		171

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	916	AUD	HSBC Bank, NA		07/18/17		689		685		4
	1,655	AUD	National Australia Bank		07/18/17		1,237		1,237		—	(h)
	24,344	BRL	Goldman Sachs International†		06/14/17		7,638		7,587		51
	935	CAD	Goldman Sachs International		07/18/17		697		685		12
	946	CAD	State Street Corp.		07/18/17		697		694		3
	645	CHF	Union Bank of Switzerland AG		07/18/17		651		652		(1	)
	454,995	CLP	Goldman Sachs International†		07/18/17		692		680		12
	7,439,108	COP	Citibank, NA†		06/14/17		2,530		2,511		19
	2,631,170	COP	Goldman Sachs International†		06/14/17		897		888		9
	2,297,785	COP	Merrill Lynch International†		06/14/17		780		776		4
	4,151,401	COP	Goldman Sachs International†		07/18/17		1,397		1,395		2
	185	EUR	State Street Corp.		06/14/17		199		202		(3	)
	643	EUR	Credit Suisse International		07/18/17		706		704		2
	650	EUR	HSBC Bank, NA		07/18/17		709		710		(1	)
	107	EUR	National Australia Bank		07/18/17		114		117		(3	)
	523	GBP	National Australia Bank		07/18/17		650		679		(29	)
	69,450	HUF	Citibank, NA		06/14/17		237		242		(5	)
	72,115	HUF	Royal Bank of Canada		06/14/17		246		251		(5	)
	113,383	HUF	Standard Chartered Bank		06/14/17		394		395		(1	)
	212,650	HUF	State Street Corp.		06/14/17		740		741		(1	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Options contracts)

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	22,746,750		IDR	Deutsche Bank AG†		05/15/17		1,612		1,705		(93	)
	5,548,727		IDR	Goldman Sachs International†		06/14/17		411		414		(3	)
	41,013,150		IDR	Merrill Lynch International†		06/14/17		3,067		3,063		4
	45,359		INR	Citibank, NA†		07/18/17		690		699		(9	)
	45,365		INR	Goldman Sachs International†		07/18/17		690		700		(10	)
	3,108		MXN	Goldman Sachs International		06/14/17		157		164		(7	)
	89,412		MXN	Societe Generale		06/14/17		4,627		4,714		(87	)
	6,383		PEN	Merrill Lynch International†		06/14/17		1,952		1,958		(6	)
	2,575		PLN	Standard Chartered Bank		07/18/17		643		663		(20	)
	4,125		RON	Credit Suisse International		06/14/17		970		991		(21	)
	61,217		RUB	Goldman Sachs International†		06/14/17		1,034		1,065		(31	)
	228,535		RUB	Merrill Lynch International†		06/14/17		3,894		3,974		(80	)
	39,076		RUB	Goldman Sachs International†		07/18/17		666		674		(8	)
	1,918		SGD	BNP Paribas		07/18/17		1,374		1,374		—	(h)
	10,512		THB	Australia & New Zealand Banking Group Limited		06/14/17		297		304		(7	)
	32,709		THB	Barclays Bank plc		06/14/17		945		946		(1	)
	33,858		THB	HSBC Bank, NA		06/14/17		978		978		—	(h)
	6,962		TRY	Citibank, NA		06/14/17		1,878		1,935		(57	)
	1,819		TRY	Merrill Lynch International		06/14/17		488		506		(18	)
	2,982		TRY	Societe Generale		06/14/17		808		829		(21	)
	1,225		TRY	TD Bank Financial Group		06/14/17		338		341		(3	)
	22,641		TWD	Goldman Sachs International†		06/14/17		746		751		(5	)
	4,366		TWD	Merrill Lynch International†		06/14/17		141		144		(3	)
	19,149		TWD	Merrill Lynch International†		07/18/17		628		636		(8	)
	4,374		ZAR	BNP Paribas		06/14/17		320		324		(4	)
	2,622		ZAR	Citibank, NA		06/14/17		194		195		(1	)
	5,887		ZAR	State Street Corp.		06/14/17		433		437		(4	)
								51,881		52,315		(434	)

Credit Default Swaps — Buy Protection ^[1]

Credit indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF APRIL 30, 2017 [2]			NOTIONAL AMOUNT [3]		VALUE		UPFRONT PREMIUMS (PAID)/ RECEIVED [4]
Bank of America NA:
CDX.EM.26-V1	1.000% quarterly		12/20/21		1.815	%		2,100		71		(118	)
CDX.EM.26-V1	1.000% quarterly		12/20/21		1.815			3,200		108		(184	)
Citibank NA:
CDX.EM.26-V1	1.000% quarterly		12/20/21		1.815			4,400		148		(317	)
CDX.EM.27-V1	1.000% quarterly		06/20/22		1.964			31,000		1,358		(1,613	)
										1,685		(2,232	)

^[1]  The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

^[2]  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2017

(i.e.,make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^[3]  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^[4]  Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Interest Rate Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Bank of America NA	3 month CD_KSDA quarterly		1.525% quarterly	11/29/18		KRW 5,000,000		—	(h)
Citibank NA	3 month CD_KSDA quarterly		1.328% quarterly	11/07/18		KRW 2,700,000		(8	)
Citibank NA	1.548 quarterly		3 months CD_KSDA quarterly	11/07/26		KRW 500,000		13
Citibank NA	1.870 quarterly		3 months CD_KSDA quarterly	11/15/26		KRW 1,010,000		—	(h)
								5

FOREIGN EXCHANGE CURRENCY OPTIONS WRITTEN

Call Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NOTIONAL AMOUNT		VALUE
CLP Put/USD Call, Vanilla, European Style		CLP 675.580		05/22/17		702,653		(3	)
(Premiums received of $3)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 15

JPMorgan Emerging Markets Strategic Debt Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

ARS	—  Argentine Peso
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CD	—  Certificate of Deposit
CDX	—  Credit Default Swap Index
CHF	—  Swiss Franc
CLP	—  Chilean Peso
CNH	—  China Renminbi
COP	—  Colombian Peso
CZK	—  Czech Republic Koruna
DOP	—  Dominican Republic Peso
EUR	—  Euro
GBP	—  British Pound
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  Indian Rupee
KRW	—  Korean Republic Won
KSDA	—  Korea Securities Depository Account
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
PEN	—  Peruvian Nuevo Sol
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
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of April 30, 2017.

THB	—  Thai Baht
TRY	—  Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of April 30, 2017.
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 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of April 30, 2017.
(r)	—  Rates shown are per annum and payments are as described.
(x)	—  Security is perpetual and thus, does 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, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2017.
(y)	—  Preferred Security.
#	—  For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2017 of the currency being sold, and the value at April 30, 2017 is the U.S. dollar market value of the currency being purchased.
†	—  Non-deliverable forward. Note 2.C. in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 J.P. MORGAN FUNDS 17

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

(Amounts in thousands, except per share amounts)

	Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	269,893
Investments in affiliates, at value		6,386
Total investment securities, at value		276,279
Cash		1,340
Foreign currency, at value		413
Deposits at broker for futures contracts		521
Receivables:
Due from custodian		645
Investment securities sold		2,908
Fund shares sold		35,658
Interest and dividends from non-affiliates		4,312
Dividends from affiliates		4
Tax reclaims		16
Unrealized appreciation on forward foreign currency exchange contracts		535
Outstanding swap contracts, at value		1,698
Due from adviser		47
Total Assets		324,376
LIABILITIES:
Payables:
Investment securities purchased		7,837
Fund shares redeemed		26
Variation margin on futures contracts		30
Unrealized depreciation on forward foreign currency exchange contracts		798
Outstanding options written, at fair value		3
Outstanding swap contracts, at value		8
Accrued liabilities:
Distribution fees		4
Service fees		5
Custodian and accounting fees		63
Collateral management fees		4
Trustees’ and Chief Compliance Officer’s fees		8
Other		220
Total Liabilities		9,006
Net Assets	$	315,370

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2017

	Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	330,886
Accumulated undistributed (distributions in excess of) net investment income		68
Accumulated net realized gains (losses)		(16,967	)
Net unrealized appreciation (depreciation)		1,383
Total Net Assets	$	315,370
Net Assets:
Class A	$	17,984
Class C		62
Class I (formerly Select Class)		7,366
Class R2		20
Class R5		21
Class R6		289,917
Total	$	315,370
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,184
Class C		8
Class I (formerly Select Class)		888
Class R2		2
Class R5		2
Class R6		34,646
Net Asset Value (a):
Class A — Redemption price per share	$	8.23
Class C — Offering price per share (b)		8.08
Class I (formerly Select Class) — Offering and redemption price per share		8.30
Class R2 — Offering and redemption price per share		8.16
Class R5 — Offering and redemption price per share		8.35
Class R6 — Offering and redemption price per share		8.37
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	8.56
Cost of investments in non-affiliates	$	267,425
Cost of investments in affiliates		6,386
Cost of foreign currency		413
Premiums paid on swaps		2,232
Premiums received from options written		3

(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, 2017 J.P. MORGAN FUNDS 19

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,041
Interest income from affiliates		1
Dividend income from affiliates		24
Foreign taxes withheld		(27	)
Total investment income		3,039
EXPENSES:
Investment advisory fees		381
Administration fees		44
Distribution fees:
Class A		6
Class C		—	(a)
Class R2		—	(a)
Service fees:
Class A		6
Class C		—	(a)
Class I (formerly Select Class)		6
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		75
Interest expense to affiliates		—	(a)
Professional fees		136
Collateral management fees		13
Trustees’ and Chief Compliance Officer’s fees		21
Printing and mailing costs		37
Registration and filing fees		86
Transfer agency fees (See Note 2.F.)		1
Sub-transfer agency fees (See Note 2.F.)		—	(a)
Other		7
Total expenses		819
Less fees waived		(370	)
Less expense reimbursements		(57	)
Net expenses		392
Net investment income (loss)		2,647
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,251	)
Investments in affiliates		—	(a)
Futures		29
Foreign currency transactions		373
Options written		22
Swaps		(297	)
Net realized gain (loss)		(2,124	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,842
Investments in affiliates		—	(a)
Futures		(293	)
Foreign currency translations		(253	)
Swaps		(542	)
Change in net unrealized appreciation/depreciation		2,754
Net realized/unrealized gains (losses)		630
Change in net assets resulting from operations	$	3,277

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2017

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,647		$	3,816
Net realized gain (loss)		(2,124	)		(30,132	)
Change in net unrealized appreciation/depreciation		2,754			28,813
Change in net assets resulting from operations		3,277			2,497
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(94	)		—
Class C
From net investment income		(1	)		—
Class I (formerly Select Class)
From net investment income		(82	)		—
Class R2
From net investment income		—	(a)		—
Class R5
From net investment income		—	(a)		—
Class R6
From net investment income		(1,993	)		—
Total distributions to shareholders		(2,170	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		233,137			(113,392	)
NET ASSETS:
Change in net assets		234,244			(110,895	)
Beginning of period		81,126			192,021
End of period	$	315,370		$	81,126
Accumulated undistributed (distributions in excess of) net investment income	$	68		$	(409	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 21

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	18,073		$	4,105
Distributions reinvested		94			—
Cost of shares redeemed		(1,324	)		(29,577	)
Change in net assets resulting from Class A capital transactions	$	16,843		$	(25,472	)
Class C
Proceeds from shares issued	$	11		$	31
Distributions reinvested		1			—
Cost of shares redeemed		(3	)		—	(a)
Change in net assets resulting from Class C capital transactions	$	9		$	31
Class I (formerly Select Class)
Proceeds from shares issued	$	4,199		$	4,088
Distributions reinvested		81			—
Cost of shares redeemed		(693	)		(30,007	)
Change in net assets resulting from Class I capital transactions	$	3,587		$	(25,919	)
Class R2
Proceeds from shares issued	$	—	(a)	$	—	(a)
Distributions reinvested		—	(a)		—
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R2 capital transactions	$	—	(a)	$	—	(a)
Class R5
Proceeds from shares issued	$	—	(a)	$	—	(a)
Distributions reinvested		—	(a)		—
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	—	(a)
Class R6
Proceeds from shares issued	$	235,367		$	21,768
Distributions reinvested		1,993			—
Cost of shares redeemed		(24,662	)		(83,800	)
Change in net assets resulting from Class R6 capital transactions	$	212,698		$	(62,032	)
Total change in net assets resulting from capital transactions	$	233,137		$	(113,392	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2017

	Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		2,210			544
Reinvested		12			—
Redeemed		(165	)		(4,056	)
Change in Class A Shares		2,057			(3,512	)
Class C
Issued		1			4
Reinvested		—	(a)		—
Redeemed		—	(a)		—
Change in Class C Shares		1			4
Class I (formerly Select Class)
Issued		512			518
Reinvested		10			—
Redeemed		(85	)		(3,933	)
Change in Class I Shares		437			(3,415	)
Class R2
Reinvested		—	(a)		—
Change in Class R2 Shares		—	(a)		—
Class R5
Reinvested		—	(a)		—
Change in Class R5 Shares		—	(a)		—
Class R6
Issued		28,293			2,815
Reinvested		240			—
Redeemed		(3,056	)		(11,296	)
Change in Class R6 Shares		25,477			(8,481	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN 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)			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 Strategic Debt Fund
Class A
Six Months Ended April 30, 2017 (Unaudited)	$	8.18	$	0.18	(e)	$	(0.01	)	$	0.17		$	(0.12	)	$	—		$	—		$	(0.12	)
Year Ended October 31, 2016		7.56		0.28	(e)		0.34	(f)		0.62			—			—			—			—
Year Ended October 31, 2015		9.30		0.31	(e)(g)		(2.05	)		(1.74	)		—			—			—	(h)		—	(h)
Year Ended October 31, 2014		9.69		0.39	(e)		(0.78	)		(0.39	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.33	(e)		(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, 2017 (Unaudited)		8.05		0.15	(e)		(0.01	)		0.14			(0.11	)		—			—			(0.11	)
Year Ended October 31, 2016		7.47		0.24	(e)		0.34	(f)		0.58			—			—			—			—
Year Ended October 31, 2015		9.23		0.28	(e)(g)		(2.04	)		(1.76	)		—			—			—			—
Year Ended October 31, 2014		9.67		0.33	(e)		(0.77	)		(0.44	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.27	(e)		(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 I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		8.25		0.18	(e)		—	(h)		0.18			(0.13	)		—			—			(0.13	)
Year Ended October 31, 2016		7.61		0.31	(e)		0.33	(f)		0.64			—			—			—			—
Year Ended October 31, 2015		9.33		0.34	(e)(g)		(2.05	)		(1.71	)		—	(h)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.70		0.40	(e)		(0.77	)		(0.37	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.36	(e)		(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	)
Class R2
Six Months Ended April 30, 2017 (Unaudited)		8.12		0.16	(e)		(0.01	)		0.15			(0.11	)		—			—			(0.11	)
Year Ended October 31, 2016		7.52		0.26	(e)		0.34	(f)		0.60			—			—			—			—
Year Ended October 31, 2015		9.27		0.30	(e)(g)		(2.05	)		(1.75	)		—			—			—			—
Year Ended October 31, 2014		9.68		0.35	(e)		(0.76	)		(0.41	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.30	(e)		(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, 2017 (Unaudited)		8.31		0.19	(e)		(0.01	)		0.18			(0.14	)		—			—			(0.14	)
Year Ended October 31, 2016		7.64		0.32	(e)		0.35	(f)		0.67			—			—			—			—
Year Ended October 31, 2015		9.36		0.37	(e)(g)		(2.08	)		(1.71	)		—	(h)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.71		0.42	(e)		(0.77	)		(0.35	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.37	(e)		(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, 2017 (Unaudited)		8.32		0.20	(e)		(0.01	)		0.19			(0.14	)		—			—			(0.14	)
Year Ended October 31, 2016		7.65		0.32	(e)		0.35	(f)		0.67			—			—			—			—
Year Ended October 31, 2015		9.37		0.36	(e)(g)		(2.07	)		(1.71	)		—	(h)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.72		0.43	(e)		(0.78	)		(0.35	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.38	(e)		(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	)

(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 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(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 $0.005.

(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.

24 J.P. MORGAN FUNDS APRIL 30, 2017

		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)
$	8.23		2.05	%	$	17,984		1.19	%		4.53	%		2.02	%		73	%
	8.18		8.20			1,036		1.13			3.70			2.43			189
	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
	8.08		1.73			62		1.69			3.78			2.71			73
	8.05		7.76			52		1.63			3.14			3.65			189
	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
	8.30		2.26			7,366		0.94			4.56			1.72			73
	8.25		8.41			3,723		0.89			3.99			1.51			189
	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
	8.16		1.92			20		1.44			4.01			2.42			73
	8.12		7.98			20		1.38			3.37			4.61			189
	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
	8.35		2.22			21		0.74			4.71			1.70			73
	8.31		8.77			20		0.68			4.07			3.86			189
	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
	8.37		2.36			289,917		0.69			4.90			1.47			73
	8.32		8.76			76,275		0.63			4.12			1.25			189
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 Strategic Debt Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	Non-Diversified

* Effective April 3, 2017, Select Class was renamed Class I.

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 I, Class R2, Class R5 and Class R6 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017 Class C Shares will automatically convert to Class A Shares after ten years.

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.

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 Investment 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.

26 J.P. MORGAN FUNDS APRIL 30, 2017

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 Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Argentina	$	—	$	3,927	$	—	$	3,927
Brazil		—		8,274		—		8,274
Chile		—		1,530		—		1,530
China		—		4,157		—		4,157
Colombia		—		4,015		—		4,015
Congo		—		312		—		312
El Salvador		—		321		—		321
Guatemala		—		1,079		—		1,079
Hong Kong		—		223		—		223
Hungary		—		330		—		330
India		—		843		—		843
Indonesia		—		3,145		—		3,145
Jamaica		—		183		—		183
Kazakhstan		—		5,006		—		5,006
Kuwait		—		1,711		—		1,711
Mexico		—		15,200		—		15,200
Morocco		—		540		—		540
Netherlands		—		1,389		—		1,389
Nigeria		—		322		—		322
Peru		—		962		—		962
Qatar		—		202		—		202
Russia		—		7,333		—		7,333
South Africa		—		2,824		—		2,824
South Korea		—		265		—		265
Sri Lanka		—		425		—		425
Trinidad and Tobago		—		1,221		—		1,221
Tunisia		—		1,285		—		1,285
Turkey		—		406		—		406
Ukraine		—		708		—		708
United Arab Emirates		—		1,959		—		1,959
United Kingdom		—		175		—		175
Venezuela		—		286		—		286
Total Corporate Bonds		—		70,558		—		70,558

APRIL 30, 2017 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Foreign Government Securities	$	—		$	198,293		$	—	$	198,293
U.S. Treasury Obligation		—			898			—		898
Options Purchased
Foreign Exchange Currency Options		—			144			—		144
Short-Term Investment
Investment Company		6,386			—			—		6,386
Total Investments in Securities	$	6,386		$	269,893		$	—	$	276,279
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	535		$	—	$	535
Futures Contracts		21			—			—		21
Swaps		—			13			—		13
Total Appreciation in Other Financial Instruments	$	21		$	548		$	—	$	569
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(798	)	$	—	$	(798	)
Futures Contracts		(303	)		—			—		(303	)
Options Written
Foreign Exchange Currency Options Written		—			(3	)		—		(3	)
Swaps		—			(555	)		—		(555	)
Total Depreciation in Other Financial Instruments	$	(303	)	$	(1,356	)	$	—	$	(1,659	)

There were no transfers among any levels during the six months ended April 30, 2017.

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, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2017
Debt Securities — Foreign Government Securities	$	446	$	(197	)	$	155	$	—	$	—	$	(404	)	$	—	$	—	$	—
Total	$	446	$	(197	)	$	155	$	—	$	—	$	(404	)	$	—	$	—	$	—

⁽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.

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 asset value of the Fund.

As of April 30, 2017, 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 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 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 its value, as recorded on 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

28 J.P. MORGAN FUNDS APRIL 30, 2017

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 (e.g., 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 on 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 on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Transactions in options written during the six months ended April 30, 2017 were as follows (amounts in thousands):

	Foreign Exchange Currency Options
	Notional Amount			Premiums Received
Options outstanding at October 31, 2016	$	—		$	—
Options written		1,392			25
Options expired		—			—
Options closed		(689	)		(22	)
Options outstanding at April 30, 2017	$	703		$	3

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. The Fund may be required to post or receive collateral for over the counter options.

(2). Futures Contracts — The Fund used treasury, index or other financial 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.

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

APRIL 30, 2017 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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 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 on 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 use of futures contracts exposes the Fund to interest rate 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 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 may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. 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). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency contracts.

(4). Swaps — The Fund engaged in various swap transactions, including credit default and interest rate swaps to manage credit and 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 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 recorded as assets or liabilities, respectively on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC 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. 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 Statement 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 Statement 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 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 for over the counter swaps.

The Fund’s swap contracts are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference

30 J.P. MORGAN FUNDS APRIL 30, 2017

obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered 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, 2017, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Options (a)			Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—		$	21		$	—		$	13		$	34
Foreign exchange contracts	Receivables		144			—			535			—			679
Credit contracts	Receivables		—			—			—			1,685			1,685
Total		$	144		$	21		$	535		$	1,698		$	2,398
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—		$	(303	)	$	—		$	(8	)	$	(311	)
Foreign exchange contracts	Payables		(3	)		—			(798	)		—			(801	)
Credit contracts	Payables		—			—			—			—			—
Total		$	(3	)	$	(303	)	$	(798	)	$	(8	)	$	(1,112	)

(a) The market value of options purchased is reported as Investments in non-affiliates, at value on the Statement of Assets and Liabilities.

(b) 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.

APRIL 30, 2017 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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, 2017 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements 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 NA	$	179	$	—		$	(179	)(b)	$	—
Barclays Bank plc		56		(6	)		—			50
BNP Paribas		7		(4	)		—			3
Citibank, N.A.		1,574		(144	)		—			1,430
Credit Suisse International		7		(7	)		—			—
Deutsche Bank AG		25		(25	)		—			—
Goldman Sachs International		180		(138	)		—			42
HSBC Bank, N.A.		47		(47	)		—			—
Merrill Lynch International		93		(93	)		—			—
National Australia Bank		12		(12	)		—			—
Societe Generale		32		(32	)		—			—
Standard Chartered Bank		4		(4	)		—			—
State Street Corp.		3		(3	)		—			—
TD Bank Financial Group		14		(3	)		—			11
	$	2,233	$	(518	)	$	(179	)	$	1,536
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements 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 and New Zealand Banking Group Limited	$	7	$	—		$	—		$	7
Barclays Bank plc		6		(6	)		—			—
BNP Paribas		4		(4	)		—			—
Citibank, N.A.		144		(144	)		—			—
Credit Suisse International		25		(7	)		—			18
Deutsche Bank AG		93		(25	)		—			68
Goldman Sachs International		138		(138	)		—			—
HSBC Bank, N.A.		65		(47	)		—			18
Merrill Lynch International		146		(93	)		—			53
National Australia Bank		32		(12	)		—			20
Royal Bank of Canada		5		—			—			5
Societe Generale		108		(32	)		—			76
Standard Chartered Bank		21		(4	)		—			17
State Street Corp.		8		(3	)		—			5
TD Bank Financial Group		3		(3	)		—			—
Westpac Banking Corp.		1		—			—			1
	$	806	$	(518	)	$	—		$	288

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.C.(4). for actual swap collateral received or posted.

32 J.P. MORGAN FUNDS APRIL 30, 2017

The following table presents the effect of derivatives on the Statement of Operations for the six months ended April 30, 2017, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	29		$	—		$	9		$	38
Foreign exchange contracts		(10	)		—			246			(306	)		(70	)
Total	$	(10	)	$	29		$	246		$	(297	)	$	(32	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	(293	)	$	—		$	5		$	(288	)
Foreign exchange contracts		(27	)		—			(257	)		—			(284	)
Credit contracts		—			—			—			(547	)		(547	)
Total	$	(27	)	$	(293	)	$	(257	)	$	(542	)	$	(1,119	)

The Fund’s derivatives contracts held at April 30, 2017 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, 2017 (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		$	2,614	(a)
Average Notional Balance Short			52,822
Ending Notional Balance Short			104,596
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		$	31,491
Average Settlement Value Sold			32,383
Ending Settlement Value Purchased			52,602
Ending Settlement Value Sold			51,881
OTC Options:	��
Average Notional Balance Purchased		$	2,998	(b)
Average Notional Balance Written			703	(c)
Ending Notional Balance Purchased			—
Ending Notional Balance Written			703
Credit Default Swaps
Average Notional Balance — Buy Protection		$	19,957
Average Notional Balance — Sell Protection
Ending Notional Balance — Buy Protection			40,700
Ending Notional Balance — Sell Protection
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed Rate		$	2,115	(d)
Average Notional Balance — Receives Fixed Rate			6,675	(d)
Ending Notional Balance — Pays Fixed Rate			1,327
Ending Notional Balance — Receives Fixed Rate			6,767

(a) For the period January 1, 2017 through January 31, 2017.

(b) For the period November 1, 2016 through November 30, 2016.

(c) For the period April 1, 2017 through April 30, 2017.

(d) For the period November 1, 2016 through April 30, 2017.

APRIL 30, 2017 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency contracts and/or OTC options 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. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund. Otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in 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.

The Fund’s derivative contracts collateral requirement and collateral posted or received by counterparty as of April 30, 2017 are as follows (amounts in thousands):

	Fund Counterparty	Value of derivative contracts		Collateral amount
Collateral Received	Bank of America N.A	$	179	$	(260	)

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 agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the six months ended April 30, 2017 are as follows (amounts in thousands):

	Class A			Class C			Class I			R2			R5			R6		Total
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	1	$	1
Sub-transfer agency fees		—			—	(a)		—			—			—			—		—	(a)

(a) Amount rounds to less than 500.

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, 2017, 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.

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.

34 J.P. MORGAN FUNDS APRIL 30, 2017

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly for the 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 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 an 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, 2017, 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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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. Class I, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, 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, JPMDS 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, 2017, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge

$—(a)

(a) Amount rounds to less than 500.

D. Service Fees —The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS 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 I			Class R2			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.10	%*

* Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing 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 on the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statement of Operations.

APRIL 30, 2017 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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/or JPMDS 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 I			Class R2			Class R5			Class R6
	1.20	%		1.70	%		0.95	%		1.45	%		0.75	%		0.70	%

The expense limitation agreements were in effect for the six months ended April 30, 2017 and are in place until at least February 28, 2018.

For the six months ended April 30, 2017, 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 Fees		Administration Fees		Service Fees		Total		Reimbursements
$	319	$	44	$	1	$	364	$	57

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/or JPMDS, 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.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2017 was approximately $6,000.

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 JPMDS. 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 Statement of Operations.

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

During the six months ended April 30, 2017, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended April 30, 2017, 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, 2017, 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
$	270,659	$	85,322	$	879	$	—

36 J.P. MORGAN FUNDS APRIL 30, 2017

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	273,811	$	3,487	$	1,019	$	2,468

At October 31, 2016, the Fund had net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	5,710	$	9,024

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).

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 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017. Average borrowings from the Facility for, or at any time during the six months ended April 30, 2017, were as follows (amounts in thousands):

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	10,000		0.34	%		1	$	—	(a)

(a) Amount rounds to less than 500.

Interest expense paid as a result of borrowing from another fund or from the unsecured, uncommited credit facility is included in Interest expense to affiliates on the Statements of Operations.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2017.

APRIL 30, 2017 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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, 2017 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
	82.6	%

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, 2017, a significant portion of the Fund’s investments 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.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including 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 and credit linked notes.

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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is 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.

The Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

The Fund invests in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures.

38 J.P. MORGAN FUNDS APRIL 30, 2017

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,020.50	$	5.96		1.19	%
Hypothetical		1,000.00		1,018.89		5.96		1.19
Class C
Actual		1,000.00		1,017.30		8.45		1.69
Hypothetical		1,000.00		1,016.41		8.45		1.69
Class I (formerly Select Class)
Actual		1,000.00		1,022.60		4.71		0.94
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class R2
Actual		1,000.00		1,019.20		7.21		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class R5
Actual		1,000.00		1,022.20		3.71		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R6
Actual		1,000.00		1,023.60		3.46		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2017 J.P. MORGAN FUNDS 39

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., 2017.  All rights reserved. April 2017. SAN-EMSD-417

Semi-Annual Report

J.P. Morgan Funds

April 30, 2017 (Unaudited)

JPMorgan Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	8
Consolidated Financial Highlights	14
Notes to Consolidated Financial Statements	16
Schedule of Shareholder Expenses	24

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		(0.68	)%
Bloomberg Commodity Index Total Return		(0.76	)%
Net Assets as of 4/30/2017	$	149,405,498

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 lower. Prices for natural gas ended higher as market participants continued to expect tighter supplies in the summer of 2017 with increased liquefied natural gas exports and lagging U.S. production of natural gas.

Prices for petroleum products also ended the period higher. Despite higher-than-expected U.S. production, the Organization of Petroleum Exporting Countries’ curb on production and its commitment to market rebalancing helped support prices. At the end of the reporting period, inventories remained at elevated levels.

Prices for precious metals, including gold, were lower during the reporting period. Expectations of higher economic growth in the U.S. weighed on gold prices as the opportunity cost of holding non-yielding assets increased. Base metals as a whole ended the period higher as investor expectations of accommodative and pro-growth government policies helped support global metal demand. Stimulative policy measures from China — the world’s largest metal consumer — also helped boost demand.

Agricultural commodity prices were mixed with grains ending the reporting period lower amid positive crop production in the Southern Hemisphere. Soft commodity prices were lower as generally good weather led to increased production across the world, which weighed on prices. Livestock prices ended higher on greater-than-expected demand, and lower U.S. production.

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

The Fund’s Class I Shares outperformed the Bloomberg Commodity Index Total Return Index (the “Benchmark”) for the six months ended April 30, 2017. 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.

The Fund’s long position in lean hog futures contributed to performance relative to the Benchmark amid investor concerns about dwindling U.S. supplies. The Fund’s short positions in natural gas contributed to relative performance as the 2016-17 winter proved to be warmer than the market expected, leaving natural gas inventories elevated.

The Fund’s underweight position in gold detracted from relative performance as the Fund failed to capture returns from sporadic gold price spikes driven by discrete political or economic news. The Fund’s long positions in oil detracted from performance as inventories of crude oil remained relatively high, especially in the U.S.

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, 2017

CASH INVESTMENTS***
U.S. Treasury Obligations	76.5	%
U.S. Government Agency Securities	2.5
Investment Company	20.9
PORTFOLIO COMPOSITION BY COUNTRY***
United States	100	%
COMMODITY MATURITY***
0 - 3 Months	106.9	%
3 - 6 Months	(13.3	)
> 6 Months	6.4
COMMODITY-LINKED INVESTMENTS****
Energy	28.8	%
Brent Crude	7.2
Unleaded Gas	3.6
Heating Oil	3.4
Natural Gas	8.5
WTI Crude Oil	6.1
Agricultural	30.5
Coffee	2.3
Corn	7.7
Cotton	1.6
Kansas Wheat	1.2
Soybean Meal	3.0
Soybean Oil	2.7
Soybeans	5.7
Sugar	2.6
Wheat	3.7
Industrial Metals	17.3
Aluminum	5.1
Copper	7.2
Nickel	2.3
Zinc	2.7
Precious Metals	16.5
Gold	12.2
Silver	4.3
Livestock	7.1
Lean Hogs	2.8
Live Cattle	4.3

FIXED INCOME MATURITY***
< One Month	100.0	%

COMMODITY ALLOCATION	Index			Fund****
Energy		28.9	%		28.8	%
Agricultural		29.8			30.5
Industrial Metals		18.0			17.3
Precious Metals		16.5			16.5
Livestock		6.8			7.1

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017. 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, 2017 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	December 17, 2012
With Sales Charge**			(6.04	)%		(6.44	)%		(16.81	)%		(12.79	)%
Without Sales Charge			(0.80	)		(1.25	)		(15.31	)		(11.70	)
CLASS C SHARES	December 17, 2012
With CDSC***			(2.04	)		(2.73	)		(15.72	)		(12.12	)
Without CDSC			(1.04	)		(1.73	)		(15.72	)		(12.12	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	December 17, 2012		(0.68	)		(1.01	)		(15.09	)		(11.47	)
CLASS R6 SHARES	December 17, 2012		(0.56	)		(0.78	)		(14.95	)		(11.33	)

* 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 4/30/2017)

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 Class I 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, 2017. 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.

Class I 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 redemptions 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, 2017

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE($)
	Options Purchased — 0.0% (g)
		Put Options Purchased — 0.0% (g)
	52	Henry Hub Natural Gas, Expiring 05/25/2017, at $3.00, American Style, (a) (Cost $23,517)		14,560
PRINCIPAL AMOUNT($)
	Short-Term Investments — 98.8%
		U.S. Government Agency Security — 2.5%
	3,742,000	FHLMC, DN, 0.700%, 05/01/17 (n) (Cost $3,742,000)		3,742,000
		U.S. Treasury Obligations — 75.6%
		U.S. Treasury Bill,
	43,000,000	0.691%, 05/25/17 (n)		42,980,779
	48,000,000	0.720%, 05/18/17 (n)		47,984,736
	22,000,000	0.750%, 05/11/17 (n)		21,995,930
		Total U.S. Treasury Obligations (Cost $112,959,288)		112,961,445

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Companies — 20.7%
	30,899,353	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.000% (b) (l) ^ † (Cost $30,908,217)		30,913,184
		Total Short-Term Investments (Cost $147,609,505)		147,616,629
		Total Investments — 98.8% (Cost $147,633,022)		147,631,189
		Other Assets in Excess of Liabilities — 1.2%		1,774,309
		NET ASSETS — 100.0%	$	149,405,498

Percentages indicated are based on net assets.

Futures Contracts ^
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	1		LME Nickel Futures		05/15/17		USD	$	56,436		$	(5,289	)
	5		LME Primary Aluminum Futures		05/15/17		USD		238,000			6,641
	1		LME Zinc Futures		05/15/17		USD		65,363			(5,453	)
	906		Crude Oil Futures		05/19/17		USD		44,692,980			(4,655,586	)
	208		Brent Crude Oil Futures		05/31/17		USD		10,826,400			(901,040	)
	196		WTI Crude Oil Futures		06/19/17		USD		9,725,520			(362,062	)
	179		Natural Gas Futures		06/28/17		USD		6,001,870			12,888
	8		LME Aluminum Futures		07/17/17		USD		382,250			(3,474	)
	3		LME Nickel Futures		07/17/17		USD		170,046			(13,320	)
	3		LME Zinc Futures		07/17/17		USD		196,763			385
	139		Lean Hogs Futures		08/14/17		USD		4,193,630			(73,300	)
	215		Natural Gas Futures		08/29/17		USD		7,232,600			(157,511	)
			Short Futures Outstanding
	(1	)	LME Nickel Futures		05/15/17		USD		(56,436	)		4,692
	(5	)	LME Primary Aluminum Futures		05/15/17		USD		(238,000	)		(3,609	)
	(1	)	LME Zinc Futures		05/15/17		USD		(65,363	)		2,347
	(1	)	Gold 100 OZ Futures		06/28/17		USD		(126,830	)		17
	(5	)	Live Cattle Futures		06/30/17		USD		(248,050	)		(14,665	)
	(17	)	NY Harbor ULSD Futures		06/30/17		USD		(1,081,924	)		104,224
	(3	)	Sugar No. 11 (World) Futures		06/30/17		USD		(54,197	)		2,343
	(3	)	LME Nickel Futures		07/17/17		USD		(170,046	)		13,968
	(8	)	LME Primary Aluminum Futures		07/17/17		USD		(382,250	)		(6,024	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Futures Contracts ^
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding (continued)
	(3	)	LME Zinc Futures		07/17/17		USD		(196,763	)		6,535
	(12	)	Copper Futures		07/27/17		USD		(782,250	)		(5,981	)
	(3	)	Silver Futures		07/27/17		USD		(258,930	)		18,112
	(906	)	Crude Oil Futures		08/21/17		USD		(45,372,480	)		4,935,933
	(15	)	Natural Gas Futures		08/29/17		USD		(504,600	)		4,351
	(3	)	LME Nickel Futures		09/18/17		USD		(170,757	)		13,302
	(9	)	LME Primary Aluminum Futures		09/18/17		USD		(431,606	)		3,573
	(3	)	LME Zinc Futures		09/18/17		USD		(197,213	)		(403	)
	(10	)	Copper Futures		09/27/17		USD		(654,375	)		3,949
											$	(1,074,457	)

Return Swaps on Commodities ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	COMEX Gold June 2017 Futures		05/26/17	$	8,880,740	$	504,273
	COMEX Gold June 2017 Futures		05/26/17		8,340,500		537,166
	CME Live Cattle June 2017 Futures		06/01/17		5,948,775		747,856
	CBOT Corn July 2017 Futures		06/28/17		11,519,531		(66,296	)
	CBOT Soybean July 2017 Futures		06/28/17		8,503,744		(40,863	)
	CBOT Soybean Meal July 2017 Futures		06/28/17		4,446,435		6,334
	CBOT Wheat July 2017 Futures		06/28/17		1,805,475		30,924
	COMEX Silver July 2017 Futures		06/28/17		3,446,255		92,302
	COMEX Silver July 2017 Futures		06/28/17		3,140,005		53,376
	CBOT Soybean Oil December 2017 Futures		11/28/17		4,024,800		(8,680	)
	CBOT Wheat December 2017 Futures		11/28/17		5,650,500		(31,296	)
						$	1,825,096

Return Swaps on Commodities Indices ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	BBG Industrial Metals Index		06/22/17	$	29,040,000	$	(900,447	)
	BBG Softs Index		06/22/17		10,365,000		(607,631	)
	BBG Heat Oil Index		12/04/17		6,800,000		(585,006	)
	BBG Unleaded Gasoline Index		12/04/17		6,200,000		(880,821	)
						$	(2,973,905	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2017

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

Brent	—  Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—  Chicago Board of Trade
CME	—  Chicago Mercantile Exchange
COMEX	—  Commodity Exchange, Inc.
DN	—  Discount Notes
FHLMC	—  Federal Home Loan Mortgage Corp.
LME	—  London Metal Exchange
ULSD	—  Ultra Low Sulfur Diesel
USD	—  United States Dollar
WTI	—  West Texas Intermediate

(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 0.05%.
(l)	—  The rate shown is the current yield as of April 30, 2017.
(n)	—  The rate shown is the effective yield as of April 30, 2017.
^	—  All or a portion of the position is held by the Subsidiary.
†	—  The value of investments restricted as collateral for swaps to the broker is $9,831,029.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 7

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

	Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	116,718,005
Investments in affiliates, at value		21,082,155
Investments in affiliates — restricted, at value		9,831,029
Total investment securities, at value		147,631,189
Deposits at broker for futures contracts		3,080,000
Receivables:
Dividends from affiliates		17,752
Variation margin on futures contracts		350,180
Outstanding swap contracts, at value		1,972,231
Total Assets		153,051,352
LIABILITIES:
Payables:
Investment securities purchased		5
Fund shares redeemed		308,304
Outstanding swap contracts, at value		3,121,040
Accrued liabilities:
Investment advisory fees		70,771
Administration fees		2,757
Distribution fees		501
Service fees		150
Custodian and accounting fees		36,112
Collateral management fees		1,676
Other		104,538
Total Liabilities		3,645,854
Net Assets	$	149,405,498

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2017

	Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	153,973,761
Accumulated undistributed (distributions in excess of) net investment income		(169,611	)
Accumulated net realized gains (losses)		(2,173,553	)
Net unrealized appreciation (depreciation)		(2,225,099	)
Total Net Assets	$	149,405,498
Net Assets:
Class A	$	1,121,462
Class C		417,789
Class I (formerly Select Class)		921,998
Class R6		146,944,249
Total	$	149,405,498
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		128,693
Class C		48,979
Class I (formerly Select Class)		104,594
Class R6		16,565,745
Net Asset Value (a):
Class A — Redemption price per share	$	8.71
Class C — Offering price per share (b)		8.53
Class I (formerly Select Class) — Offering and redemption price per share		8.82
Class R6 — Offering and redemption price per share		8.87
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.19
Cost of investments in non-affiliates	$	116,724,805
Cost of investments in affiliates		21,075,717
Cost of investments in affiliates — restricted		9,832,500

(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, 2017 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

	Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	251,391
Interest income from affiliates		6
Dividend income from affiliates		71,510
Total investment income		322,907
EXPENSES:
Investment advisory fees		664,152
Administration fees		66,469
Distribution fees:
Class A		1,456
Class C		1,283
Service fees:
Class A		1,456
Class C		428
Class I (formerly Select Class)		1,186
Custodian and accounting fees		32,168
Collateral management fees		5,205
Professional fees		63,814
Trustees’ and Chief Compliance Officer’s fees		20,533
Printing and mailing costs		8,205
Registration and filing fees		30,585
Transfer agency fees (See Note 2.D)		1,657
Sub-transfer agency fees (See Note 2.D)		13
Other		3,304
Total expenses		901,914
Less fees waived		(370,009	)
Less expense reimbursements		(1	)
Net expenses		531,904
Net investment income (loss)		(208,997	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(56,463	)
Investments in affiliates		756
Futures		437,063
Swaps		(2,552,749	)
Net realized gain (loss)		(2,171,393	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		32,728
Investments in affiliates		2,819
Futures		(859,681	)
Swaps		718,207
Change in net unrealized appreciation/depreciation		(105,927	)
Net realized/unrealized gains (losses)		(2,277,320	)
Change in net assets resulting from operations	$	(2,486,317	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2017

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Commodities Strategy Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(208,997	)	$	(388,133	)
Net realized gain (loss)		(2,171,393	)		(1,744,207	)
Change in net unrealized appreciation/depreciation		(105,927	)		(713,251	)
Change in net assets resulting from operations		(2,486,317	)		(2,845,591	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		67,422,788			36,984,504
NET ASSETS:
Change in net assets		64,936,471			34,138,913
Beginning of period		84,469,027			50,330,114
End of period	$	149,405,498		$	84,469,027
Accumulated undistributed (distributions in excess of) net investment income	$	(169,611	)	$	39,386

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 11

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Commodities Strategy Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	206,886		$	757,403
Cost of shares redeemed		(241,274	)		(393,348	)
Change in net assets resulting from Class A capital transactions	$	(34,388	)	$	364,055
Class C
Proceeds from shares issued	$	174,453		$	346,153
Cost of shares redeemed		(54,315	)		(104,040	)
Change in net assets resulting from Class C capital transactions	$	120,138		$	242,113
Class I (formerly Select Class)
Proceeds from shares issued	$	380,298		$	357,196
Cost of shares redeemed		(389,292	)		(31,446,336	)
Change in net assets resulting from Class I capital transactions	$	(8,994	)	$	(31,089,140	)
Class R6
Proceeds from shares issued	$	81,511,152		$	75,257,628
Cost of shares redeemed		(14,165,120	)		(7,790,152	)
Change in net assets resulting from Class R6 capital transactions	$	67,346,032		$	67,467,476
Total change in net assets resulting from capital transactions	$	67,422,788		$	36,984,504
SHARE TRANSACTIONS:
Class A
Issued		23,014			87,935
Redeemed		(27,561	)		(46,134	)
Change in Class A Shares		(4,547	)		41,801
Class C
Issued		20,148			39,759
Redeemed		(6,197	)		(12,329	)
Change in Class C Shares		13,951			27,430
Class I (formerly Select Class)
Issued		41,356			43,536
Redeemed		(42,333	)		(3,490,837	)
Change in Class I Shares		(977	)		(3,447,301	)
Class R6
Issued		8,894,927			8,184,048
Redeemed		(1,529,840	)		(869,295	)
Change in Class R6 Shares		7,365,087			7,314,753

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

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, 2017 (Unaudited)	$	8.78	$	(0.03	)	$	(0.04	)	$	(0.07	)	$	—		$	8.71
Year Ended October 31, 2016		9.01		(0.08	)		(0.15	)		(0.23	)		—			8.78
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 (f) through October 31, 2013		15.00		(0.14	)		(1.68	)		(1.82	)		—			13.18
Class C
Six Months Ended April 30, 2017 (Unaudited)		8.62		(0.05	)		(0.04	)		(0.09	)		—			8.53
Year Ended October 31, 2016		8.88		(0.13	)		(0.13	)		(0.26	)		—			8.62
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 (f) through October 31, 2013		15.00		(0.20	)		(1.68	)		(1.88	)		—			13.12
Class I (formerly Select Class)
Six Months Ended April 30, 2017 (Unaudited)		8.87		(0.02	)		(0.03	)		(0.05	)		—			8.82
Year Ended October 31, 2016		9.08		(0.06	)		(0.15	)		(0.21	)		—			8.87
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 (f) through October 31, 2013		15.00		(0.11	)		(1.68	)		(1.79	)		—			13.21
Class R6
Six Months Ended April 30, 2017 (Unaudited)		8.92		(0.01	)		(0.04	)		(0.05	)		—			8.87
Year Ended October 31, 2016		9.12		(0.05	)		(0.15	)		(0.20	)		—			8.92
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	)		—	(h)		12.40
December 17, 2012 (f) through October 31, 2013		15.00		(0.09	)		(1.69	)		(1.78	)		—			13.22

(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 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

(h) Amount rounds to less than $0.005.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2017

					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)
	(0.80	)%	$	1,121,462		1.22	%		(0.74	)%		1.98	%		0	%
	(2.55	)		1,170,180		1.21			(0.99	)		2.53			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	(g)		(1.16	)(g)		2.74	(g)		0
	(1.04	)		417,789		1.72			(1.22	)		2.52			0
	(2.93	)		301,866		1.73			(1.51	)		3.25			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	(g)		(1.66	)(g)		3.24	(g)		0
	(0.56	)		921,998		0.97			(0.49	)		1.78			0
	(2.31	)		936,623		0.92			(0.72	)		2.14			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	(g)		(0.91	)(g)		2.10	(g)		0
	(0.56	)		146,944,249		0.82			(0.32	)		1.40			0
	(2.19	)		82,060,358		0.83			(0.61	)		1.85			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	(g)		(0.76	)(g)		1.86	(g)		0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 I* and Class R6	Non-diversified

* Effective April 3, 2017, Select Class was renamed Class I.

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 I and Class R6 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

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.

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, 2017, net assets of the Fund were $149,405,498 of which $33,134,813, or approximately 22.2%, represented the Subsidiary’s net assets. Net realized losses in the Subsidiary amounted to $(2,171,397). 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 Investment 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.

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.

16 J.P. MORGAN FUNDS APRIL 30, 2017

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)	$	30,927,744		$	116,703,445		$	—	$	147,631,189
Appreciation in Other Financial Instruments
Futures Contracts	$	5,133,260		$	—		$	—	$	5,133,260
Return Swaps		—			1,972,231			—		1,972,231
Total Appreciation in Other Financial Instruments	$	5,133,260		$	1,972,231		$	—	$	7,105,491
Depreciation in Other Financial Instruments
Futures Contracts	$	(6,207,717	)	$	—		$	—	$	(6,207,717	)
Return Swaps		—			(3,121,040	)		—		(3,121,040	)
Total Depreciation in Other Financial Instruments	$	(6,207,717	)	$	(3,121,040	)	$	—	$	(9,328,757	)

(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 and options purchased. 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, 2017.

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 (e.g., 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.

APRIL 30, 2017 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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

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

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

The Fund may be required to post or receive collateral for over the counter options.

(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.G.) 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.F.).

18 J.P. MORGAN FUNDS APRIL 30, 2017

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of April 30, 2017 is as follows:

Counterparty		Value of swap contracts			Collateral amount
Macquarie Bank Ltd.	Collateral Posted	$	(1,148,809	)	$	9,831,029

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL.

The Fund’s activities in return swaps are concentrated with one counterparty. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The Fund’s swap contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of April 30, 2017:

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.	$	1,972,231	$	(1,972,231	)	$	—		$	—
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.	$	3,121,040	$	(1,972,231	)	$	(1,148,809	)(b)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the CSAL.

(b) 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, 2017.

Futures Contracts:
Average Notional Balance Long	$	115,231,732
Average Notional Balance Short		84,979,904
Ending Notional Balance Long		83,781,858
Ending Notional Balance Short		50,992,070
Exchange-Traded Options:
Average Number of Contracts Purchased		30
Ending Number of Contracts Purchased		52
Return Swaps on Commodities:
Average Notional Balance Long	$	49,321,758
Average Notional Balance Short		2,931,138	(a)
Ending Notional Balance Long		65,706,760
Return Swaps on Commodity Indices:
Average Notional Balance Long		43,822,857
Ending Notional Balance Long		52,405,000

(a) For the period November 1, 2016 through February 28, 2017.

The Fund’s derivatives contracts held at April 30, 2017 are not accounted for as hedging instruments under GAAP.

APRIL 30, 2017 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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 agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Fund ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee which has been renamed as the Service Fee.

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the six months ended April 30, 2017 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	383	$	193	$	566	$	515	$	1,657
Sub-transfer agency fees		—		—		13		—		13

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, 2017, 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 at least 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 an 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.G.

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, 2017, 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.G.

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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares.

20 J.P. MORGAN FUNDS APRIL 30, 2017

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 Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, 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, JPMDS 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, 2017, JPMDS retained the following amounts:

Front-End Sales Charge	CDSC
$319	$	50

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% for Class A, Class C and Class I Shares.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.G.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund and Subsidiary. For performing 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. 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.

G. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS 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 I			Class R6
	1.25	%		1.75	%		1.00	%		0.85	%

The expense limitation agreement was in effect for the six months ended April 30, 2017 and is in place until at least February 28, 2018.

For the six months ended April 30, 2017, 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 Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
$	299,420	$	52,376	$	2,371	$	354,167	$	1

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/or JPMDS, 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.

Waivers resulting from investments in these money market funds for the six months ended April 30, 2017 were $15,842.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. 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.

APRIL 30, 2017 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

The Fund may use related party broker-dealers. For the six months ended April 30, 2017, 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, 2017, sales of long-term investments were $60,834. Additionally, during the six months ended April 30, 2017, there were no purchases or sales of long-term U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at April 30, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	147,633,022	$	7,124	$	8,957	$	(1,833	)

As of October 31, 2016, the Fund had net capital loss carryforwards as follows:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	2,161	$	—

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).

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 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2017.

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.

22 J.P. MORGAN FUNDS APRIL 30, 2017

As of April 30, 2017, 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
	13.0	%		81.7	%

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

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap contracts.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

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

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. 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.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Fund’s financial statements and related disclosures.

APRIL 30, 2017 J.P. MORGAN FUNDS 23

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, 2016, and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	992.00	$	6.03		1.22	%
Hypothetical		1,000.00		1,018.74		6.11		1.22
Class C
Actual		1,000.00		989.60		8.48		1.72
Hypothetical		1,000.00		1,016.27		8.60		1.72
Class I (formerly Select Class)
Actual		1,000.00		994.40		4.80		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class R6
Actual		1,000.00		994.40		4.05		0.82
Hypothetical		1,000.00		1,020.73		4.11		0.82

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

24 J.P. MORGAN FUNDS APRIL 30, 2017

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., 2017.  All rights reserved. April 2017. SAN-CSTRAT-417

Semi-Annual Report

J.P. Morgan Funds

April 30, 2017 (Unaudited)

JPMorgan Systematic Alpha Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	42
Consolidated Financial Highlights	48
Notes to Consolidated Financial Statements	50
Schedule of Shareholder Expenses	61

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 25, 2017 (Unaudited)

Dear Shareholder,

The world’s leading economies continued their upward trajectory over the six months ended April 30, 2017, bolstered by central bank policies, growth in corporate earnings and buoyant consumer and business sentiment.

  “While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns.” — George C.W. Gatch

While the U.S. and China had been leading drivers of growth for most of the current economic expansion, by late 2016 and into 2017 the world’s other leading economies began to strengthen. Each of the world’s 20 largest economies was forecast to increase output of goods and services through 2017 and the variation in growth rates among those economies was forecast to be the lowest since 1980, according to Bloomberg News.

The U.S. economy slowed somewhat in the first quarter of 2017, but unemployment dropped to 4.4% in April 2017 and the U.S. Federal Reserve reiterated its intent to raise interest rates amid continued economic growth and rising inflation. Throughout the six month reporting period, U.S. financial markets — particularly U.S. equities — generally outperformed other developed markets and emerging markets.

China’s economy continued to grow and posted a 6.9% rise in gross domestic product (GDP) in the first quarter of 2017, amid strength in housing, infrastructure investment, exports and retail sales. Notably, financial markets in China remained largely stable for the six month reporting period. For the 86 trading days through April 24, 2017, the Shanghai Stock Exchange Composite Index hadn’t fallen by more than 1%, thanks in large part to government efforts to prevent a recurrence of the sharp sell-offs that hit Chinese markets in mid-2015 and early 2016.

Meanwhile, Chinese officials sought to reduce financial system risk by tightening money-market rules and pushing to reduce the use of leverage and financial market speculation.

In the European Union (EU), rising consumer spending and manufacturing led to 0.6% growth in first quarter GDP. In particular, Germany’s economy continued to accelerate into 2017, with positive growth in factory orders and an estimated 14% increase in corporate earnings in the first quarter of 2017. Surveys of consumer sentiment across the EU were more upbeat than in recent years. At the end of March 2017, EU unemployment stood at 9.5%, the lowest level since April 2009.

In emerging markets, economic strength in China and a rebound in commodities prices, which began in the latter half of 2016, helped lift economic growth. Moreover, the economies of Brazil, Argentina, Russia, Turkey and South Africa — which were seen as weak links in the global economy — all showed positive growth by the end of April 2017.

While bond markets provided a mixed performance over the six months ended April 30, 2017, equity markets rewarded investors with solid returns. The Standard & Poor’s 500 Index returned 13.32% for the reporting period, while the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 11.73% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.03%.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

APRIL 30, 2017 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*	2.49%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.23%
Net Assets as of 4/30/2017	$382,789,778

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in both developed and emerging markets.

During the final quarter of 2016 and into 2017, leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President Trump’s administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

In Europe, a pickup in corporate earnings and improvements in consumer sentiment also proved attractive to investors. Electoral defeats of anti-European Union (EU) politicians in Austria and the Netherlands also helped lift investor sentiment across the EU and other developed markets.

Emerging markets also saw investment inflows during the six month reporting period amid economic and financial market stability in China. Notably, the Chinese government’s efforts to curb excessive leverage in its financial markets put a damper on the Shanghai Composite Index in April 2017. Meanwhile, several previously underperforming economies — particularly Brazil, Argentina, Russia, Turkey and South Africa — were growing by the end of the reporting period.

Commodities prices stabilized during the reporting period and global oil prices reached 15-month highs in October 2016. Oil prices were further bolstered by the Organization of Petroleum Exporting Countries’ decision to curb production. However, by the end of the reporting period, overproduction pushed global oil prices lower.

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

The Fund (Class I Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2017. References to the Benchmark 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 reporting period, the Fund’s alternative investment strategies experienced strong performance with gains from its equity market neutral, event driven, and global macro strategies outpacing minor losses from the Fund’s convertible bond arbitrage strategies.

The Fund’s equity market neutral strategy was the leading contributor to absolute returns. From a return perspective, value, size, and quality factors led the way, offsetting underperformance from the momentum factor. The value factor continued to perform well in the wake of a drawdown in the first half of 2016.

The Fund’s event-driven strategy generated a positive overall return. The merger arbitrage sub-strategy was the leading contributor within the event-driven strategy, benefiting from a high proportion of “friendly” mergers during the reporting period that were considered more likely to be completed. The Fund’s share repurchase and activism sub-strategies contributed to absolute performance, while the conglomerate discount arbitrage and index arbitrage sub-strategies detracted from absolute performance.

The Fund’s macro investment strategies also generated positive returns, with gains across momentum and foreign exchange-based return factors offsetting losses from commodity and fixed-income based return factors.

The convertible bond arbitrage strategy slightly detracted from absolute performance as long convertible bond positions slightly underperformed the related equity hedge positions.

HOW WAS THE FUND POSITIONED?

During the six month reporting period, the Fund’s risk was diversified across its investment strategies. Risk within the event-driven style remained below the historical average, reflecting slightly below average activity levels. In the equity market neutral style, aggregate factor dispersion was at the lower end of the typical range, however the global macro style was running near long-term target risk levels.

2 J.P. MORGAN FUNDS APRIL 30, 2017

RISK ALLOCATION AS OF APRIL 30, 2017
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		6.0	%
Equity Market Neutral (2)		42.5
Event Driven (3)		28.9
Macro Based (4)		22.6

TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	Akorn, Inc.	1.1	%
	2.	Panera Bread Co., Class A	1.1
	3.	Mobileye NV	1.1
	4.	Syngenta AG (Switzerland)	1.1
	5.	Mead Johnson Nutrition Co.	1.0
	6.	VCA, Inc.	1.0
	7.	Brocade Communications Systems, Inc.	1.0
	8.	Valspar Corp. (The)	1.0
	9.	NXP Semiconductors NV (Netherlands)	0.9
	10.	Cabela’s, Inc.	0.9

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* 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, 2017 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 globe through a broad range of asset classes including, but not limited to fixed income, currency and commodities.

(a) Percentages indicated are based upon total market value of investments as of April 30, 2017. The Fund’s portfolio composition is subject to change.

APRIL 30, 2017 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
With Sales Charge**				(2.26	)%		(1.11	)%		0.02	%		1.77	%
Without Sales Charge				2.35			3.53			1.58			2.89
CLASS C SHARES		February 12, 2013
With CDSC***				1.18			2.09			1.07			2.39
Without CDSC				2.18			3.09			1.07			2.39
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		February 12, 2013		2.49			3.78			1.80			3.14
CLASS R6 SHARES		February 12, 2013		2.61			4.05			2.06			3.35

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (2/12/13 TO 4/30/17)

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 Class I Shares (formerly 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, 2017. 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.

Class I Shares (formerly 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 redemptions 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, 2017

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 54.1%
		Consumer Discretionary — 8.9%
		Auto Components — 0.2%
	29,486	Gentex Corp.		608,886
	3,708	Linamar Corp., (Canada)		157,659
				766,545
		Automobiles — 0.1%
	14,300	Subaru Corp., (Japan)		542,143
		Diversified Consumer Services — 0.5%
	16,514	DeVry Education Group, Inc.		625,055
	33,000	H&R Block, Inc.		818,070
	10,974	Nord Anglia Education, Inc., (Hong Kong) (a)		353,363
				1,796,488
		Hotels, Restaurants & Leisure — 1.8%
	38,600	Bloomin’ Brands, Inc.		837,234
	15,800	Brinker International, Inc.		698,202
	50,800	La Quinta Holdings, Inc. (a)		716,788
	12,213	Panera Bread Co., Class A (a)		3,818,761
	1,972	Wyndham Worldwide Corp.		187,951
	10,200	Yum Brands, Inc.		670,650
				6,929,586
		Household Durables — 0.8%
	46,500	Haseko Corp., (Japan)		530,785
	30,200	PulteGroup, Inc.		684,634
	39,300	Sumitomo Forestry Co. Ltd., (Japan)		601,730
	27,059	Taylor Morrison Home Corp., Class A (a)		625,063
	14,400	Tempur Sealy International, Inc. (a)		676,080
				3,118,292
		Leisure Products — 0.6%
	26,995	American Outdoor Brands Corp. (a)		597,939
	18,700	Bandai Namco Holdings, Inc., (Japan)		586,929
	25,300	Heiwa Corp., (Japan)		652,047
	31,900	Vista Outdoor, Inc. (a)		623,964
				2,460,879
		Media — 1.7%
	11,000	AMC Networks, Inc., Class A (a)		656,480
	10,100	CBS Corp. (Non-Voting), Class B		672,256
	10,455	Gannett Co., Inc.		87,404
	10,240	John Wiley & Sons, Inc., Class A		539,648
	9,766	Meredith Corp.		571,799
	6,247	Omnicom Group, Inc.		513,003
	7,976	Scripps Networks Interactive, Inc., Class A		595,967
	30,866	Sinclair Broadcast Group, Inc., Class A		1,217,664

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	31,100	TEGNA, Inc.		792,428
	51,092	Time, Inc.		776,598
				6,423,247
		Multiline Retail — 0.1%
	2,675	Dillard’s, Inc., Class A		148,115
	3,504	Target Corp.		195,698
				343,813
		Specialty Retail — 2.6%
	17,900	Adastria Co. Ltd., (Japan)		444,566
	7,560	American Eagle Outfitters, Inc.		106,521
	59,730	Cabela’s, Inc. (a)		3,261,258
	41,378	Chico’s FAS, Inc.		571,844
	58,707	CST Brands, Inc.		2,834,961
	11,748	Dick’s Sporting Goods, Inc.		593,861
	28,563	JB Hi-Fi Ltd., (Australia)		527,728
	28,200	Select Comfort Corp. (a)		871,380
	9,200	Signet Jewelers Ltd.		605,728
				9,817,847
		Textiles, Apparel & Luxury Goods — 0.5%
	3,400	Deckers Outdoor Corp. (a)		202,606
	12,970	Michael Kors Holdings Ltd. (a)		484,170
	6,246	PVH Corp.		631,033
	22,877	Wolverine World Wide, Inc.		551,565
				1,869,374
		Total Consumer Discretionary		34,068,214
		Consumer Staples — 5.2%
		Beverages — 0.3%
	15,366	Coca-Cola European Partners plc, (United Kingdom)		593,435
	4,844	PepsiCo, Inc.		548,728
				1,142,163
		Food & Staples Retailing — 1.2%
	10,600	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		531,621
	335,246	Metcash Ltd., (Australia) (a)		539,720
	409,463	Rite Aid Corp. (a)		1,637,852
	10,007	Sysco Corp.		529,070
	6,305	Walgreens Boots Alliance, Inc.		545,635
	8,266	Wal-Mart Stores, Inc.		621,438
	5,500	Whole Foods Market, Inc.		200,035
				4,605,371

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food Products — 2.9%
	49,481	AdvancePierre Foods Holdings, Inc.		2,009,918
	15,355	Cal-Maine Foods, Inc. (a)		579,651
	9,692	Campbell Soup Co.		557,678
	9,787	General Mills, Inc.		562,850
	878	Ingredion, Inc.		108,714
	4,377	JM Smucker Co. (The)		554,653
	13,674	Lamb Weston Holdings, Inc.		570,889
	40,843	Mead Johnson Nutrition Co.		3,623,591
	13,500	Morinaga & Co. Ltd., (Japan)		637,951
	23,600	Nichirei Corp., (Japan)		587,465
	5,546	Sanderson Farms, Inc.		642,116
	7,776	Tyson Foods, Inc., Class A		499,686
				10,935,162
		Household Products — 0.6%
	16,754	Central Garden & Pet Co., Class A (a)		590,243
	6,342	Procter & Gamble Co. (The)		553,847
	4,045	Spectrum Brands Holdings, Inc.		581,388
	21,708	Svenska Cellulosa AB SCA, (Sweden), Class B		718,694
				2,444,172
		Personal Products — 0.2%
	13,300	Nu Skin Enterprises, Inc., Class A		734,559
		Total Consumer Staples		19,861,427
		Energy — 2.3%
		Energy Equipment & Services — 1.3%
	47,826	Archrock, Inc.		564,347
	8,714	Baker Hughes, Inc.		517,350
	4,800	Basic Energy Services, Inc. (a)		130,416
	27,115	Forum Energy Technologies, Inc. (a)		458,244	��
	8,304	Helmerich & Payne, Inc.		503,555
	45,297	Nabors Industries Ltd.		468,371
	14,474	National Oilwell Varco, Inc.		506,156
	84,728	Noble Corp. plc		406,694
	19,703	Patterson-UTI Energy, Inc.		426,471
	26,982	RPC, Inc.		490,263
	20,957	Unit Corp. (a)		450,366
				4,922,233
		Oil, Gas & Consumable Fuels — 1.0%
	29,867	ARC Resources Ltd., (Canada)		392,086
	34,888	CONSOL Energy, Inc. (a)		529,600
	24,165	Delek US Holdings, Inc.		581,651
	11,596	Halcon Resources Corp. (a)		77,693
	40,111	Husky Energy, Inc., (Canada) (a)		463,096

SHARES		SECURITY DESCRIPTION		VALUE($)
		Oil, Gas & Consumable Fuels — continued
	17,100	Idemitsu Kosan Co. Ltd., (Japan)			546,720
	12,516	International Petroleum Corp., (Canada) (a)			45,501
	11,469	Marathon Petroleum Corp.			584,231
	602	PrairieSky Royalty Ltd., (Canada)			13,120
	3,800	SandRidge Energy, Inc. (a)			69,996
	61,100	Showa Shell Sekiyu KK, (Japan)			590,090
	1,500	Southwestern Energy Co. (a)			11,265
	9,900	Stone Energy Corp. (a)			207,306
					4,112,355
		Total Energy			9,034,588
		Financials — 5.0%
		Banks — 1.1%
	7,880	Bank of Montreal, (Canada)			557,988
	10,240	Bank of Nova Scotia (The), (Canada)			569,218
	18,700	CIT Group, Inc.			865,997
	30,280	Old National Bancorp			508,704
	13,264	Popular, Inc., (Puerto Rico)			555,894
	8,460	Royal Bank of Canada, (Canada)			579,287
	10,446	Toronto-Dominion Bank (The), (Canada)			491,518
					4,128,606
		Capital Markets — 0.8%
	19,242	IGM Financial, Inc., (Canada)			578,085
	54,027	KCG Holdings, Inc., Class A (a)			1,075,137
	17,800	Legg Mason, Inc.			665,364
	6,000	Virtus Investment Partners, Inc.			638,400
					2,956,986
		Consumer Finance — 0.2%
	7,100	Capital One Financial Corp.			570,698
	21,155	Navient Corp.			321,556
					892,254
			��
		Diversified Financial Services — 0.2%
	16,100	Voya Financial, Inc.			601,818
		Insurance — 2.2%
	10,400	American International Group, Inc.			633,464
	6,800	Assurant, Inc.			654,432
	30,234	Assured Guaranty Ltd.			1,152,822
	11,545	Athene Holding Ltd., Class A (a)			615,464
	9,267	Axis Capital Holdings Ltd.			610,695
	2,356	Everest Re Group Ltd.			593,029
	14,397	Industrial Alliance Insurance & Financial Services, Inc., (Canada)			607,394
	31,833	Maiden Holdings Ltd.			393,138

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	14,400	MetLife, Inc.		746,064
	9,430	Principal Financial Group, Inc.		614,176
	5,405	Prudential Financial, Inc.		578,497
	3,800	Stewart Information Services Corp.		180,272
	12,834	Unum Group		594,599
	700	White Mountains Insurance Group Ltd.		601,258
				8,575,304
		Thrifts & Mortgage Finance — 0.5%
	17,040	Essent Group Ltd. (a)		630,650
	33,499	EverBank Financial Corp.		653,231
	32,507	Radian Group, Inc.		548,718
				1,832,599
		Total Financials		18,987,567
		Health Care — 5.9%
		Biotechnology — 0.1%
	393	AquaBounty Technologies, Inc. (a)		3,053
	3,800	Bioverativ, Inc. (a)		223,478
				226,531
		Health Care Equipment & Supplies — 1.2%
	31,092	Ansell Ltd., (Australia)		553,468
	2,855	Cooper Cos., Inc. (The)		571,942
	26,351	Getinge AB, (Sweden), Class B		514,715
	15,264	Halyard Health, Inc. (a)		602,928
	8,120	Hill-Rom Holdings, Inc.		614,197
	13,430	Hologic, Inc. (a)		606,364
	6,173	Masimo Corp. (a)		634,214
	2,985	Teleflex, Inc.		617,567
				4,715,395
		Health Care Providers & Services — 2.2%
	7,300	AmerisourceBergen Corp.		598,965
	3,822	Cigna Corp.		597,646
	20,300	Community Health Systems, Inc. (a)		174,783
	9,700	DaVita, Inc. (a)		669,397
	2,166	Express Scripts Holding Co. (a)		132,863
	13,041	HealthSouth Corp.		611,623
	9,200	LifePoint Health, Inc. (a)		571,780
	4,400	McKesson Corp.		608,476
	3,899	Owens & Minor, Inc.		135,100
	39,495	VCA, Inc. (a)		3,616,557
	3,648	WellCare Health Plans, Inc. (a)		559,640
				8,276,830

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.6%
	11,282	Agilent Technologies, Inc.		621,074
	2,877	Bio-Rad Laboratories, Inc., Class A (a)		627,934
	10,530	Cambrex Corp. (a)		624,956
	9,915	PerkinElmer, Inc.		589,050
				2,463,014
		Pharmaceuticals — 1.8%
	116,985	Akorn, Inc. (a)		3,913,149
	2,400	Allergan plc		585,264
	9,000	Hisamitsu Pharmaceutical Co., Inc., (Japan)		460,747
	8,431	Merck & Co., Inc.		525,504
	24,500	Mitsubishi Tanabe Pharma Corp., (Japan)		497,665
	14,853	Pfizer, Inc.		503,814
	57,817	SciClone Pharmaceuticals, Inc. (a)		557,934
				7,044,077
		Total Health Care		22,725,847
		Industrials — 5.8%
		Aerospace & Defense — 0.6%
	3,258	Boeing Co. (The)		602,176
	39,463	CAE, Inc., (Canada)		602,765
	18,965	DigitalGlobe, Inc. (a)		610,673
	10,800	Spirit AeroSystems Holdings, Inc., Class A		617,328
				2,432,942
		Airlines — 0.3%
	11,099	Delta Air Lines, Inc.		504,339
	10,984	Hawaiian Holdings, Inc. (a)		596,431
				1,100,770
		Commercial Services & Supplies — 0.8%
	48,306	ACCO Brands Corp. (a)		688,360
	16,146	Brady Corp., Class A		628,887
	104,948	Downer EDI Ltd., (Australia)		461,177
	16,780	Herman Miller, Inc.		555,418
	22,557	Quad/Graphics, Inc.		592,347
			��
				2,926,189
		Construction & Engineering — 0.8%
	21,400	COMSYS Holdings Corp., (Japan)		407,091
	894	EMCOR Group, Inc.		58,771
	75,900	Hazama Ando Corp., (Japan)		540,535
	9,105	Jacobs Engineering Group, Inc.		500,047
	57,000	Kandenko Co. Ltd., (Japan)		566,596
	92,700	Penta-Ocean Construction Co. Ltd., (Japan)		469,628
	54,300	Tokyu Construction Co. Ltd., (Japan)		442,889
				2,985,557

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — 0.9%
	8,378	Eaton Corp. plc		633,712
	6,817	EnerSys		566,561
	90,000	Fuji Electric Co. Ltd., (Japan)		493,315
	17,200	Furukawa Electric Co. Ltd., (Japan)		696,286
	46,800	Nissin Electric Co. Ltd., (Japan)		553,223
	7,662	Regal Beloit Corp.		604,149
				3,547,246
		Machinery — 1.6%
	16,318	Allison Transmission Holdings, Inc.		631,180
	46,800	Amada Holdings Co. Ltd., (Japan)		556,421
	7,798	Crane Co.		623,138
	3,855	Cummins, Inc.		581,874
	12,268	Greenbrier Cos., Inc. (The)		533,044
	7,088	Ingersoll-Rand plc		629,060
	59,000	OKUMA Corp., (Japan)		618,843
	7,738	Oshkosh Corp.		536,940
	3,627	Parker-Hannifin Corp.		583,221
	12,075	Timken Co. (The)		582,619
	7,200	Trinity Industries, Inc.		193,680
				6,070,020
		Trading Companies & Distributors — 0.8%
	14,600	AerCap Holdings NV, (Ireland) (a)		671,746
	9,117	Applied Industrial Technologies, Inc.		583,488
	6,600	MSC Industrial Direct Co., Inc., Class A		590,898
	34,020	NOW, Inc. (a)		578,680
	17,626	Rush Enterprises, Inc., Class A (a)		665,382
				3,090,194
		Total Industrials		22,152,918
		Information Technology — 10.8%
		Communications Equipment — 1.7%
	285,755	Brocade Communications Systems, Inc.		3,591,940
	4,292	Cisco Systems, Inc.		146,228
	4,005	F5 Networks, Inc. (a)		517,166
	17,332	Finisar Corp. (a)		395,863
	6,743	InterDigital, Inc.		606,196
	10,099	NETGEAR, Inc. (a)		476,168
	10,392	Plantronics, Inc.		567,403
				6,300,964
		Electronic Equipment, Instruments & Components — 1.9%
	18,277	Benchmark Electronics, Inc. (a)		579,381
	27,796	Corning, Inc.		801,915
	11,548	Dolby Laboratories, Inc., Class A		608,926

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	116,514	InvenSense, Inc. (a)		1,498,370
	28,000	Japan Aviation Electronics Industry Ltd., (Japan)		382,994
	15,335	Orbotech Ltd., (Israel) (a)		504,982
	13,409	Sanmina Corp. (a)		499,485
	5,219	SYNNEX Corp.		565,896
	36,766	TTM Technologies, Inc. (a)		615,095
	3,300	V Technology Co. Ltd., (Japan)		506,387
	31,974	Vishay Intertechnology, Inc.		522,775
				7,086,206
		Internet Software & Services — 0.5%
	566	Alphabet, Inc., Class A (a)		523,278
	6,980	j2 Global, Inc.		629,875
	12,200	Mixi, Inc., (Japan)		676,786
				1,829,939
		IT Services — 0.8%
	2,040	Amdocs Ltd.		124,930
	4,800	Blackhawk Network Holdings, Inc. (a)		194,160
	12,213	Convergys Corp.		274,915
	3,565	DXC Technology Co. (a)		268,587
	3,421	International Business Machines Corp.		548,352
	34,233	NeuStar, Inc., Class A (a)		1,136,535
	22,100	TIS, Inc., (Japan)		557,048
	6,130	Western Union Co. (The)		121,742
				3,226,269
		Semiconductors & Semiconductor Equipment — 3.3%
	7,092	Analog Devices, Inc.		540,410
	15,750	Applied Materials, Inc.		639,607
	10,456	Cabot Microelectronics Corp.		819,228
	3,606	Intel Corp.		130,357
	28,440	Kulicke & Soffa Industries, Inc., (Singapore) (a)		634,781
	5,013	Lam Research Corp.		726,133
	111,243	Lattice Semiconductor Corp. (a)		763,127
	33,969	Marvell Technology Group Ltd., (Bermuda)		510,214
	8,535	Microchip Technology, Inc.		645,075
	31,725	NXP Semiconductors NV, (Netherlands) (a)		3,354,919
	9,193	Qorvo, Inc. (a)		625,400
	18,416	Semtech Corp. (a)		628,906
	7,352	Silicon Laboratories, Inc. (a)		523,095
	6,430	Teradyne, Inc.		226,786
	7,601	Texas Instruments, Inc.		601,847

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	12,500	Ulvac, Inc., (Japan)		586,850
	16,803	XPERI Corp.		564,581
				12,521,316
		Software — 2.3%
	6,927	Citrix Systems, Inc. (a)		560,671
	63,000	COLOPL, Inc., (Japan)		581,707
	12,100	Konami Holdings Corp., (Japan)		503,691
	60,912	Mobileye NV (a)		3,771,671
	17,400	Nexon Co. Ltd., (Japan)		296,137
	14,926	Open Text Corp., (Canada)		517,525
	3,228	Oracle Corp.		145,131
	25,034	Progress Software Corp.		744,010
	8,524	Synopsys, Inc. (a)		628,219
	12,949	VMware, Inc., Class A (a)		1,218,760
				8,967,522
		Technology Hardware, Storage & Peripherals — 0.3%
	41,500	Hewlett Packard Enterprise Co.		773,145
	12,992	NCR Corp. (a)		535,920
				1,309,065
		Total Information Technology		41,241,281
		Materials — 7.3%
		Chemicals — 4.2%
	9,373	Cabot Corp.		564,161
	18,800	Hitachi Chemical Co. Ltd., (Japan)		538,416
	81,745	Huntsman Corp.		2,024,824
	9,993	Innophos Holdings, Inc.		479,064
	39,200	Kuraray Co. Ltd., (Japan)		632,654
	26,600	Mitsubishi Gas Chemical Co., Inc., (Japan)		568,792
	14,715	Monsanto Co.		1,715,916
	5,534	Stepan Co.		469,283
	8,133	Syngenta AG, (Switzerland) (a)		3,770,771
	27,800	Teijin Ltd., (Japan)		538,635
	67,000	Tosoh Corp., (Japan)		629,706
	240,000	Ube Industries Ltd., (Japan)		557,943
	30,548	Valspar Corp. (The)		3,434,817
				15,924,982
		Construction Materials — 0.5%
	191,441	CSR Ltd., (Australia)		701,994
	56,347	Headwaters, Inc. (a)		1,338,805
				2,040,799
		Containers & Packaging — 0.7%
	10,634	Greif, Inc., Class A		623,365

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — continued
	15,534	Multi Packaging Solutions International Ltd. (a)		278,835
	6,297	Packaging Corp. of America		622,018
	14,900	Sealed Air Corp.		655,898
	11,167	WestRock Co.		598,104
				2,778,220
		Metals & Mining — 1.9%
	62,558	BlueScope Steel Ltd., (Australia)		546,566
	70,332	Cliffs Natural Resources, Inc. (a)		472,631
	30,560	Commercial Metals Co.		569,638
	106,376	Fortescue Metals Group Ltd., (Australia)		421,638
	6,700	Nisshin Steel Co. Ltd., (Japan)		81,827
	10,293	Nucor Corp.		631,270
	196,410	Regis Resources Ltd., (Australia)		487,795
	15,308	Steel Dynamics, Inc.		553,231
	133,076	Stillwater Mining Co. (a)		2,392,706
	70,278	Westgold Resources Ltd., (Australia) (a)		102,779
	11,559	Worthington Industries, Inc.		502,817
	17,400	Yamato Kogyo Co. Ltd., (Japan)		435,214
				7,198,112
		Total Materials		27,942,113
		Real Estate — 0.5%
		Real Estate Management & Development — 0.5%
	5,300	CBRE Group, Inc., Class A (a)		189,793
	35,817	First Capital Realty, Inc., (Canada)		520,574
	32,713	Forestar Group, Inc. (a)		462,889
	18,932	HFF, Inc., Class A		594,465
		Total Real Estate		1,767,721
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.5%
	1,237	ATN International, Inc.		85,588
	9,310	Straight Path Communications, Inc., Class B (a)		1,199,686
	79,987	Vonage Holdings Corp. (a)		536,713
				1,821,987
		Wireless Telecommunication Services — 0.2%
	17,000	KDDI Corp., (Japan)		450,739
	19,700	NTT DOCOMO, Inc., (Japan)		476,683
				927,422
		Total Telecommunication Services		2,749,409

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 1.7%
		Electric Utilities — 0.3%
	8,558	ALLETE, Inc.		598,290
	17,402	Hawaiian Electric Industries, Inc.		583,315
				1,181,605
		Gas Utilities — 1.0%
	141,000	Osaka Gas Co. Ltd., (Japan)		527,795
	12,188	UGI Corp.		611,350
	31,614	WGL Holdings, Inc.		2,606,891
				3,746,036
		Independent Power & Renewable Electricity Producers — 0.4%
	51,564	AES Corp.		583,189
	33,174	NRG Yield, Inc., Class C		587,180
	10,090	Ormat Technologies, Inc.		595,915
				1,766,284
		Total Utilities		6,693,925
		Total Common Stocks (Cost $194,131,931)		207,225,010
	Convertible Preferred Stocks — 1.7%
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	7,617	Hess Corp., 8.000%, 02/01/19 ($50 par value)		454,354
	10,323	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		475,374
	15,459	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		285,683
		Total Energy		1,215,411
		Financials — 0.3%
		Banks — 0.3%
	359	Bank of America Corp., Series L, 7.250% ($1,000 par value)		435,618
	360	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		457,200
		Total Financials		892,818
		Health Care — 0.3%
		Health Care Providers & Services — 0.1%
	8,965	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		460,622
		Pharmaceuticals — 0.2%
	875	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		757,557
		Total Health Care		1,218,179

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 0.1%
		Aerospace & Defense — 0.1%
	6,716	Arconic, Inc., 5.375%, 10/01/17 ($50 par value)		285,161
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	4,750	Welltower, Inc., Series I, 6.500% ($50 par value)		300,247
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.1%
	6,800	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		301,512
		Wireless Telecommunication Services — 0.2%
	8,800	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		965,536
		Total Telecommunication Services		1,267,048
		Utilities — 0.3%
		Electric Utilities — 0.2%
	10,125	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		500,074
	6,900	NextEra Energy, Inc., 6.371%, 09/01/18 ($50 par value)		425,523
				925,597
		Multi-Utilities — 0.1%
	3,750	Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		188,850
		Total Utilities		1,114,447
		Total Convertible Preferred Stocks (Cost $6,417,403)		6,293,311
	Preferred Stock — 0.1%
		Consumer Staples — 0.1%
		Food Products — 0.1%
	6,279	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value) (Cost $314,911)		435,449
PRINCIPAL AMOUNT($)
	Convertible Bonds — 6.5%
		Consumer Discretionary — 0.7%
		Internet & Direct Marketing Retail — 0.4%
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		215,803
	150,000	1.000%, 03/15/18		292,312
	639,000	Shutterfly, Inc., 0.250%, 05/15/18		645,789

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Internet & Direct Marketing Retail — continued
	538,000	Vipshop Holdings Ltd., (China), 1.500%, 03/15/19		549,433
				1,703,337
		Media — 0.2%
	678,000	Liberty Media Corp., 1.375%, 10/15/23		764,021
		Textiles, Apparel & Luxury Goods — 0.1%
	194,000	Iconix Brand Group, Inc., 1.500%, 03/15/18		185,027
		Total Consumer Discretionary		2,652,385
		Financials — 0.5%
		Capital Markets — 0.3%
	478,000	Jefferies Group LLC, 3.875%, 11/01/29		480,988
	706,000	Prospect Capital Corp., 4.750%, 04/15/20		703,352
				1,184,340
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
		Starwood Property Trust, Inc.,
	387,000	4.000%, 01/15/19		441,664
	266,000	4.550%, 03/01/18		288,942
				730,606
		Total Financials		1,914,946
		Health Care — 1.8%
		Biotechnology — 0.6%
	779,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		611,515
		BioMarin Pharmaceutical, Inc.,
	412,000	0.750%, 10/15/18		485,387
	373,000	1.500%, 10/15/20		462,287
	661,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		689,093
				2,248,282
		Health Care Equipment & Supplies — 0.1%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		211,995
	174,000	Series 2012, SUB, 2.000%, 03/01/42		253,931
				465,926
		Health Care Providers & Services — 0.6%
	133,000	Anthem, Inc., 2.750%, 10/15/42		323,938
	652,000	Brookdale Senior Living, Inc., 2.750%, 06/15/18		643,850
	408,000	HealthSouth Corp., 2.000%, 12/01/43		534,735
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		369,900
	369,000	1.625%, 08/15/44		403,132
				2,275,555

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Technology — 0.2%
	593,000	Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20		587,441
		Life Sciences Tools & Services — 0.0% (g)
	187,000	Illumina, Inc., 0.500%, 06/15/21		199,272
		Pharmaceuticals — 0.3%
	142,000	Impax Laboratories, Inc., 2.000%, 06/15/22		119,724
	800,000	Jazz Investments I Ltd., 1.875%, 08/15/21		886,000
				1,005,724
		Total Health Care		6,782,200
		Industrials — 0.1%
		Machinery — 0.1%
	465,000	Trinity Industries, Inc., 3.875%, 06/01/36		571,369
		Information Technology — 2.8%
		Communications Equipment — 0.2%
	520,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20		526,500
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		257,406
				783,906
		Internet Software & Services — 0.5%
	643,000	Akamai Technologies, Inc., Zero Coupon, 02/15/19		640,187
	573,000	j2 Global, Inc., 3.250%, 06/15/29		814,376
	535,000	Yandex NV, (Russia), 1.125%, 12/15/18		516,610
				1,971,173
		IT Services — 0.2%
	414,000	Euronet Worldwide, Inc., 1.500%, 10/01/44		512,842
		Semiconductors & Semiconductor Equipment — 1.2%
		Intel Corp.,
	210,000	3.250%, 08/01/39		367,238
	221,000	3.479%, 12/15/35		300,974
	273,000	Lam Research Corp., 1.250%, 05/15/18		651,446
	429,000	Microchip Technology, Inc., 1.625%, 02/15/25		627,144
	932,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,006,560
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		432,217
	600,000	NXP Semiconductors NV, (Netherlands), 1.000%, 12/01/19		699,375
	286,000	Xilinx, Inc., 2.625%, 06/15/17		629,200
				4,714,154

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Software — 0.7%
	440,000	Citrix Systems, Inc., 0.500%, 04/15/19		538,725
	236,000	Nuance Communications, Inc., 2.750%, 11/01/31		236,737
	478,000	Red Hat, Inc., 0.250%, 10/01/19		628,271
	780,000	Rovi Corp., 0.500%, 03/01/20		770,250
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		521,051
				2,695,034
		Total Information Technology		10,677,109
		Materials — 0.2%
		Metals & Mining — 0.2%
	435,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		435,000
	438,000	Royal Gold, Inc., 2.875%, 06/15/19		465,649
		Total Materials		900,649
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		277,725
	305,000	3.750%, 05/15/21		314,150
		Total Real Estate		591,875

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utilities — 0.2%
		Independent Power & Renewable Electricity Producers — 0.2%
	758,000	NRG Yield, Inc., 3.500%, 02/01/19 (e)		769,844
		Total Convertible Bonds (Cost $23,335,937)		24,860,377
NUMBER OF RIGHTS
	Right — 0.0%
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics, Inc., (Denmark) (a) (Cost $—)		—
SHARES		SECURITY DESCRIPTION
	Short-Term Investment — 31.0%
		Investment Company — 31.0%
	118,754,602	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.620% (b) (l) ^^ (Cost $118,754,602)		118,754,602
		Total Investments — 93.4% (Cost $342,954,784)		357,568,749
		Other Assets in Excess of Liabilities — 6.6%		25,221,029
		NET ASSETS — 100.0%	$	382,789,778

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	5	LME Nickel Futures^		05/15/17		USD	$	282,180	$	(47,025	)
	89	LME Primary Aluminum Futures^		05/15/17		USD		4,236,400		(48,025	)
	18	LME Zinc Futures^		05/15/17		USD		1,176,525		(105,479	)
	50	CAC 40 Index		05/19/17		EUR		2,841,021		112,822
	19	IBEX 35 Index		05/19/17		EUR		2,219,270		79,319
	6	Feeder Cattle Futures^		05/25/17		USD		448,650		83,370
	72	Euro Bobl		06/08/17		EUR		10,341,727		(5,760	)
	20	Euro Bund		06/08/17		EUR		3,524,539		9,302
	10	TOPIX Index		06/08/17		JPY		1,374,606		(15,634	)
	26	Lean Hogs Futures^		06/14/17		USD		769,600		(47,117	)
	613	10 Year Australian Government Bond		06/15/17		AUD		59,542,958		1,690,360
	22	SPI 200 Index		06/15/17		AUD		2,432,679		74,660
	8	DAX Index		06/16/17		EUR		2,716,099		97,490
	33	E-mini S&P 500		06/16/17		USD		3,927,825		36,170

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2017

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	73		Euro STOXX 50 Index		06/16/17		EUR	$	2,789,844		$	148,139
	33		FTSE 100 Index		06/16/17		GBP		3,062,217			(47,032	)
	16		FTSE MIB Index		06/16/17		EUR		1,767,457			85,013
	42		LME Primary Aluminum Futures^		06/19/17		USD		2,002,613			45,455
	15		LME Zinc Futures^		06/19/17		USD		982,594			(47,852	)
	350		10 Year U.S. Treasury Note		06/21/17		USD		44,001,563			561,339
	24		Gold 100 OZ Futures^		06/28/17		USD		3,043,920			26,846
	16		Long Gilt		06/28/17		GBP		2,658,165			25,701
	14		Hang Seng Index		06/29/17		HKD		2,190,269			44,253
	95		Live Cattle Futures^		06/30/17		USD		4,712,950			659,850
	104		Cotton No. 2 Futures^		07/07/17		USD		4,101,240			46,992
	13		Cocoa Futures^		07/14/17		USD		239,330			(35,289	)
	29		Copper Futures^		07/27/17		USD		1,890,438			(2,827	)
	5		Silver Futures^		07/27/17		USD		431,550			(15,588	)
	15		Gold 100 OZ Futures^		08/29/17		USD		1,907,550			24,561
	18		Feeder Cattle Futures^		08/31/17		USD		1,392,300			101,922
	40		Live Cattle Futures^		08/31/17		USD		1,920,800			279,902
	53		Cocoa Futures^		09/14/17		USD		980,500			(141,460	)
	7		Silver Futures^		09/27/17		USD		606,760			(37,258	)
			Short Futures Outstanding
	(5	)	LME Nickel Futures^		05/15/17		USD		(282,180	)		5,709
	(46	)	LME Primary Aluminum Futures^		05/15/17		USD		(2,189,600	)		(53,039	)
	(7	)	WTI Crude Oil Futures^		05/22/17		USD		(345,310	)		13,911
	(58	)	Natural Gas Futures^		05/26/17		USD		(1,900,080	)		(63,714	)
	(259	)	Euro Bund		06/08/17		EUR		(45,642,781	)		(97,895	)
	(3	)	Euro-Buxl 30-Year Bond		06/08/17		EUR		(552,798	)		(3,279	)
	(66	)	10 Year Japanese Government Bond		06/12/17		JPY		(8,941,898	)		(56,581	)
	(174	)	Lean Hogs Futures^		06/14/17		USD		(5,150,400	)		257,287
	(19	)	10 Year Australian Government Bond		06/15/17		AUD		(1,845,540	)		(56,694	)
	(60	)	3 Year Australian Government Bond		06/15/17		AUD		(5,037,280	)		(45,097	)
	(429	)	E-mini S&P 500		06/16/17		USD		(51,061,725	)		(419,146	)
	(5	)	LME Zinc Futures^		06/19/17		USD		(327,531	)		2,672
	(297	)	10 Year Canadian Government Bond		06/21/17		CAD		(30,364,690	)		(643,452	)
	(25	)	10 Year U.S. Treasury Note		06/21/17		USD		(3,142,969	)		(38,547	)
	(3	)	LME Primary Aluminum Futures^		06/21/17		USD		(143,044	)		3,647
	(12	)	U.S. Treasury Long Bond		06/21/17		USD		(1,835,625	)		(32,129	)
	(63	)	Long Gilt		06/28/17		GBP		(10,466,524	)		(82,342	)
	(29	)	Natural Gas Futures^		06/28/17		USD		(972,370	)		(18,427	)
	(41	)	5 Year U.S. Treasury Note		06/30/17		USD		(4,854,656	)		(41,610	)
	(42	)	Sugar No. 11 (World Markets) Futures^		06/30/17		USD		(758,755	)		13,459
	(241	)	CBOT Wheat Futures^		07/14/17		USD		(5,208,613	)		61,739
	(48	)	Cocoa Futures^		07/14/17		USD		(883,680	)		27,166
	(179	)	Corn Futures^		07/14/17		USD		(3,280,175	)		28,735
	(21	)	Soybean Futures^		07/14/17		USD		(1,004,063	)		3,088
	(1	)	LME Nickel Futures^		07/17/17		USD		(56,682	)		291
	(8	)	Coffee ‘C’ Futures^		07/19/17		USD		(400,200	)		1,738
	(80	)	CBOT Wheat Futures^		09/14/17		USD		(1,783,000	)		28,764
	(95	)	Corn Futures^		09/14/17		USD		(1,777,688	)		22,282
											$	2,455,656

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	16,845,116	AUD	Citibank, NA		05/23/17	$	12,763,096	$	12,608,689	$	(154,407	)
	9,140,220	BRL	Goldman Sachs International†		05/23/17		2,894,215		2,863,221		(30,994	)
	4,614,189	EUR	Goldman Sachs International		05/23/17		4,923,504		5,031,711		108,207
	1,453,208	EUR	National Australia Bank		05/23/17		1,556,647		1,584,704		28,057
	72,142,074	JPY	HSBC Bank, NA		05/23/17		664,412		647,674		(16,738	)
	527,991,706	JPY	Royal Bank of Canada		05/23/17		4,862,312		4,740,184		(122,128	)
	55,600,410	MXN	Merrill Lynch International		05/23/17		2,985,306		2,942,059		(43,247	)
	162,693,813	RUB	Goldman Sachs International†		05/23/17		2,877,922		2,843,545		(34,377	)
	53,339,114	SEK	Merrill Lynch International		05/23/17		5,944,020		6,028,927		84,907
	10,087,208	TRY	Merrill Lynch International		05/23/17		2,707,013		2,822,455		115,442
	36,426,326	ZAR	Goldman Sachs International		05/23/17		2,710,994		2,715,040		4,046
	5,846,598	ZAR	Merrill Lynch International		05/23/17		420,482		435,777		15,295
						$	45,309,923	$	45,263,986	$	(45,937	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,607,060	AUD	Citibank, NA		05/23/17	$	1,975,300	$	1,951,403	$	23,897
	5,606,666	AUD	HSBC Bank, NA		05/23/17		4,248,709		4,196,629		52,080
	12,906,621	CAD	State Street Corp.		05/23/17		9,676,808		9,457,879		218,929
	17,266,652	CHF	Citibank, NA		05/23/17		17,239,805		17,377,761		(137,956	)
	2,568,663	EUR	Goldman Sachs International		05/23/17		2,745,066		2,801,093		(56,027	)
	1,689,253	GBP	Goldman Sachs International		05/23/17		2,118,585		2,189,271		(70,686	)
	835,124,880	HUF	Merrill Lynch International		05/23/17		2,846,029		2,906,700		(60,671	)
	10,130,510	ILS	Citibank, NA		05/23/17		2,772,488		2,799,006		(26,518	)
	2,504,149,588	JPY	Morgan Stanley		05/23/17		23,056,656		22,481,662		574,994
	58,570,254	JPY	Royal Bank of Canada		05/23/17		527,181		525,830		1,351
	110,871,474	NOK	Merrill Lynch International		05/23/17		12,980,742		12,916,665		64,077
	4,658,918	NZD	Australia and New Zealand Banking Group Ltd.		05/23/17		3,260,120		3,197,058		63,062
	12,063,490	PLN	Merrill Lynch International		05/23/17		3,037,492		3,108,935		(71,443	)
	16,486,251	SEK	Merrill Lynch International		05/23/17		1,837,200		1,863,444		(26,244	)
	97,480,769	THB	Australia and New Zealand Banking Group Ltd.		05/23/17		2,836,109		2,817,752		18,357
	90,003,825	TWD	Merrill Lynch International†		05/23/17		2,960,224		2,981,411		(21,187	)
						$	94,118,514	$	93,572,499	$	546,015

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2017

Total Return Basket Swaps* Outstanding at April 30, 2017
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		VALUE**
Bank of America NA	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions within the swap.		05/07/18	$	(4,178	)
Bank of America NA	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions within the swap.		01/26/18		(2,227	)
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.		12/03/19		(2,764	)
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.		03/20/18		(10,942	)
				$	(20,111	)

* See the accompanying “Additional Information — Total Return Basket Swap” for further details

** This represents the value of the swap subsequent to reset.

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
CBOT	—  Chicago Board of Trade
CHF	—  Swiss Franc
DAX	—  Deutscher Aktien Index
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar
HUF	—  Hungarian Forint
IBEX	—  Spanish Exchange Index
ILS	—  Israeli Shekel
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
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, 2017.
THB	—  Thai Baht
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 0.05%.
(l)	—  The rate shown is the current yield as of April 30, 2017.
†	—  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.

APRIL 30, 2017 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 1.7%
Auto Components — 0.1%
TS Tech Co. Ltd. (Japan)		21,300		558,510		559,544		1,034
Automobiles — 0.1%
Peugeot SA (France) (a)		12,121		253,968		254,124		156
Hotels, Restaurants & Leisure — 0.3%
GVC Holdings plc (Isle of Man)		65,562		634,322		634,322		—
Ladbrokes Coral Group plc (United Kingdom)		95,534		161,970		161,970		—
William Hill plc (United Kingdom)		40,526		154,056		153,976		(80	)
		201,622		950,348		950,268		(80	)
Household Durables — 0.5%
Barratt Developments plc (United Kingdom)		98,276		737,629		737,425		(204	)
Crest Nicholson Holdings plc (United Kingdom)		85,380		667,375		667,842		467
Persimmon plc (United Kingdom)		22,030		664,825		664,714		(111	)
		205,686		2,069,829		2,069,981		152
Media — 0.2%
Informa plc (United Kingdom)		14,593		121,343		121,336		(7	)
Mediaset Espana Comunicacion SA (Spain) (a)		46,403		639,670		639,274		(396	)
		60,996		761,013		760,610		(403	)
Specialty Retail — 0.3%
Kingfisher plc (United Kingdom)		142,804		631,267		631,757		490
K’s Holdings Corp. (Japan)		31,200		600,350		600,179		(171	)
		174,004		1,231,617		1,231,936		319
Textiles, Apparel & Luxury Goods — 0.2%
Burberry Group plc (United Kingdom)		30,456		636,668		636,478		(190	)
Total Consumer Discretionary		706,185		6,461,953		6,462,941		988
Consumer Staples — 0.5%
Beverages — 0.3%
Coca-Cola HBC AG (Switzerland) (a)		23,671		656,709		656,706		(3	)
Diageo plc (United Kingdom)		20,171		586,909		587,121		212
		43,842		1,243,618		1,243,827		209
Food & Staples Retailing — 0.2%
FamilyMart UNY Holdings Co. Ltd. (Japan)		9,400		531,240		531,353		113
Total Consumer Staples		53,242		1,774,858		1,775,180		322
Energy — 0.1%
Oil, Gas & Consumable Fuels — 0.1%
Woodside Petroleum Ltd. (Australia)		23,487		565,952		565,367		(585	)
Financials — 0.2%
Banks — 0.2%
Resona Holdings, Inc. (Japan)		103,200		573,791		573,708		(83	)
Health Care — 0.5%
Pharmaceuticals — 0.5%
Astellas Pharma, Inc. (Japan)		39,600		521,487		522,210		723
Hisamitsu Pharmaceutical Co., Inc. (Japan)		1,800		92,038		92,149		111
Kaken Pharmaceutical Co. Ltd. (Japan)		10,300		610,747		611,753		1,006
Recordati SpA (Italy)		17,366		643,360		643,360		—
Roche Holding AG (Switzerland)		488		127,763		127,845		82
Total Health Care		69,554		1,995,395		1,997,317		1,922

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Industrials — 0.7%
Commercial Services & Supplies — 0.0% (g)
Downer EDI Ltd. (Australia)		29,181		128,482		128,231		(251	)
Construction & Engineering — 0.0% (g)
Tokyu Construction Co. Ltd. (Japan)		14,300		116,606		116,636		30
Electrical Equipment — 0.2%
Schneider Electric SE (France)		7,462		589,306		591,033		1,727
Professional Services — 0.3%
Experian plc (United Kingdom)		28,390		610,026		610,748		722
RELX plc (United Kingdom)		28,462		577,290		577,059		(231	)
		56,852		1,187,316		1,187,807		491
Trading Companies & Distributors — 0.2%
Sumitomo Corp. (Japan)		42,800		571,499		571,951		452
Total Industrials		150,595		2,593,209		2,595,658		2,449
Information Technology — 0.4%
Electronic Equipment, Instruments & Components — 0.2%
Japan Aviation Electronics Industry Ltd. (Japan)		13,000		177,726		177,819		93
Spectris plc (United Kingdom)		17,632		630,300		630,300		—
		30,632		808,026		808,119		93
Internet Software & Services — 0.2%
Moneysupermarket.com Group plc (United Kingdom)		139,074		623,065		623,021		(44	)
Total Information Technology		169,706		1,431,091		1,431,140		49
Materials — 0.9%
Chemicals — 0.3%
Covestro AG (Germany) (e)		7,169		558,826		558,691		(135	)
Mitsui Chemicals, Inc. (Japan)		121,000		618,704		619,120		416
		128,169		1,177,530		1,177,811		281
Metals & Mining — 0.6%
Mitsui Mining & Smelting Co. Ltd. (Japan)		173,000		583,521		583,727		206
Rio Tinto plc (United Kingdom)		12,484		495,103		492,497		(2,606	)
South32 Ltd. (Australia)		270,484		563,057		560,523		(2,534	)
Vedanta Resources plc (India)		57,489		514,889		514,515		(374	)
		513,457		2,156,570		2,151,262		(5,308	)
Total Materials		641,626		3,334,100		3,329,073		(5,027	)
Real Estate — 0.1%
Real Estate Management & Development — 0.1%
Swiss Prime Site AG (Registered) (Switzerland) (a)		5,989		519,147		519,208		61
Telecommunication Services — 0.0% (g)
Wireless Telecommunication Services — 0.0% (g)
KDDI Corp. (Japan)		4,700		124,610		124,616		6
Utilities — 0.6%
Electric Utilities — 0.5%
Enel SpA (Italy)		117,863		560,286		560,343		57
Kansai Electric Power Co., Inc. (The) (Japan)		51,100		690,807		690,574		(233	)
SSE plc (United Kingdom)		31,111		560,503		560,445		(58	)
		200,074		1,811,596		1,811,362		(234	)
Multi-Utilities — 0.1%
Centrica plc (United Kingdom)		173,041		443,539		443,409		(130	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Multi-Utilities — continued
National Grid plc (United Kingdom)		12,917		167,301		167,253		(48	)
		185,958		610,840		610,662		(178	)
Total Utilities		386,032		2,422,436		2,422,024		(412	)
Total Long Positions of Total Return Basket Swap		2,314,316		21,796,542		21,796,232		(310	)
Short Positions
Common Stocks
Consumer Discretionary — 4.5%
Auto Components — 0.1%
Visteon Corp. (a)		5,378		553,665		553,665		—
Distributors — 0.2%
Core-Mark Holding Co., Inc.		16,918		592,468		592,468		—
Hotels, Restaurants & Leisure — 1.0%
Buffalo Wild Wings, Inc. (a)		541		85,235		85,235		—
Chipotle Mexican Grill, Inc. (a)		530		251,469		251,469		—
ClubCorp Holdings, Inc.		9,617		129,349		129,349		—
Domino’s Pizza Enterprises Ltd. (Australia)		2,544		116,430		116,337		93
Greene King plc (United Kingdom)		59,551		579,250		579,523		(273	)
Merlin Entertainments plc (United Kingdom) (e)		22,032		144,249		144,206		43
MGM Resorts International		18,714		574,707		574,707		—
NH Hotel Group SA (Spain) (a)		22,734		117,754		117,583		171
Norwegian Cruise Line Holdings Ltd. (a)		10,116		545,556		545,556		—
Red Robin Gourmet Burgers, Inc. (a)		8,879		521,641		521,641		—
Resorttrust, Inc. (Japan)		12,300		211,629		211,715		(86	)
Star Entertainment Grp Ltd. (The) (Australia)		112,513		469,271		468,643		628
Whitbread plc (United Kingdom)		3,392		177,270		177,222		48
		283,463		3,923,810		3,923,186		624
Household Durables — 0.3%
Meritage Homes Corp. (a)		13,710		534,005		534,005		—
TomTom NV (Netherlands) (a)		54,672		555,879		555,862		17
		68,382		1,089,884		1,089,867		17
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. (a)		134,862		528,659		528,659		—
Netflix, Inc. (a)		3,534		537,875		537,875		—
Rakuten, Inc. (Japan)		11,000		112,590		112,685		(95	)
TripAdvisor, Inc. (a)		6,025		271,185		271,185		—
		155,421		1,450,309		1,450,404		(95	)
Leisure Products — 0.3%
Mattel, Inc.		20,145		451,651		451,651		—
Polaris Industries, Inc.		5,986		510,366		510,366		—
		26,131		962,017		962,017		—
Media — 0.7%
Axel Springer SE (Germany)		9,651		541,516		541,491		25
Dentsu, Inc. (Japan)		9,100		512,653		513,669		(1,016	)
JCDecaux SA (France)		17,085		602,707		603,093		(386	)
Lions Gate Entertainment Corp., Class A		19,640		513,979		513,979		—
REA Group Ltd. (Australia)		12,198		561,641		560,186		1,455
		67,674		2,732,496		2,732,418		78

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Multiline Retail — 0.5%
B&M European Value Retail SA (Luxembourg)		40,082		174,951			174,916		35
Dollar Tree, Inc. (a)		6,242		516,650			516,650		—
Don Quijote Holdings Co. Ltd. (Japan)		14,200		517,811			517,362		449
Marui Group Co. Ltd. (Japan)		31,800		435,316			435,512		(196	)
Next plc (United Kingdom)		4,273		238,256			238,193		63
		96,597		1,882,984			1,882,633		351
Specialty Retail — 0.6%
CarMax, Inc. (a)		7,405		433,193			433,193		—
Fast Retailing Co. Ltd. (Japan)		1,500		489,257			489,927		(670	)
L Brands, Inc.		11,144		588,515			588,515		—
Murphy USA, Inc. (a)		7,434		517,183			517,183		—
RH (a)		6,033		289,403			289,403		—
		33,516		2,317,551			2,318,221		(670	)
Textiles, Apparel & Luxury Goods — 0.5%
G-III Apparel Group Ltd. (a)		9,655		228,823			228,823		—
Hanesbrands, Inc.		21,944		478,599			478,599		—
NIKE, Inc., Class B		9,345		517,806			517,806		—
Skechers U.S.A., Inc., Class A (a)		21,214		535,654			535,654		—
		62,158		1,760,882			1,760,882		—
Total Consumer Discretionary		815,638		17,266,066			17,265,761		305
Consumer Staples — 2.9%
Beverages — 0.8%
Anheuser-Busch InBev SA/NV (Belgium)		1,344		151,379			151,563		(184	)
Britvic plc (United Kingdom)		69,183		595,879			595,236		643
Brown-Forman Corp., Class B		2,314		109,498			109,498		—
Coca-Cola Bottling Co. Consolidated		2,794		591,937			591,937		—
Heineken NV (Netherlands)		6,080		542,088			542,295		(207	)
Remy Cointreau SA (France)		5,514		556,313	��		556,235		78
Suntory Beverage & Food Ltd. (Japan)		10,200		456,129			459,555		(3,426	)
		97,429		3,003,223			3,006,319		(3,096	)
Food & Staples Retailing — 0.5%
Aeon Co. Ltd. (Japan)		34,000		504,319			503,910		409
Carrefour SA (France)		20,059		472,512			472,415		97
Casey’s General Stores, Inc.		3,866		433,263			433,263		—
Sugi Holdings Co. Ltd. (Japan)		9,400		466,311			465,822		489
Woolworths Ltd. (Australia)		151		3,039			3,035		4
		67,476		1,879,444			1,878,445		999
Food Products — 0.9%
Associated British Foods plc (United Kingdom)		15,078		548,766			548,976		(210	)
Calbee, Inc. (Japan)		3,300		115,156			115,373		(217	)
Chocoladefabriken Lindt & Spruengli AG (Registered) (Switzerland)		8		531,538			531,853		(315	)
Ezaki Glico Co. Ltd. (Japan)		10,300		542,373			542,787		(414	)
Kewpie Corp. (Japan)		5,200		132,198			132,315		(117	)
Nissin Foods Holdings Co. Ltd. (Japan)		8,400		480,753			481,001		(248	)
Pilgrim’s Pride Corp.		24,214		628,595			628,595		—
Viscofan SA (Spain)		10,122		605,763			605,010		753
		76,622		3,585,142			3,585,910		(768	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Household Products — 0.1%
Clorox Co. (The)		3,785		506,017		506,017		—
Personal Products — 0.6%
Avon Products, Inc. (a)		116,860		566,771		566,771		—
Coty, Inc., Class A		29,339		523,701		523,701		—
Edgewell Personal Care Co. (a)		1,349		96,440		96,440		—
elf Beauty, Inc. (a)		17,107		466,166		466,166		—
Shiseido Co. Ltd. (Japan)		19,300		522,169		522,848		(679	)
		183,955		2,175,247		2,175,926		(679	)
Total Consumer Staples		429,267		11,149,073		11,152,617		(3,544	)
Energy — 1.9%
Energy Equipment & Services — 0.3%
Precision Drilling Corp. (Canada) (a)		112,037		445,669		445,669		—
Vallourec SA (France) (a)		70,796		453,609		452,843		766
		182,833		899,278		898,512		766
Oil, Gas & Consumable Fuels — 1.6%
Antero Resources Corp. (a)		20,135		426,661		426,661		—
Carrizo Oil & Gas, Inc. (a)		18,316		460,647		460,647		—
Chesapeake Energy Corp. (a)		74,752		393,196		393,196		—
EQT Corp.		2,062		119,885		119,885		—
Extraction Oil & Gas, Inc. (a)		28,141		440,407		440,407		—
Gulfport Energy Corp. (a)		14,952		237,438		237,438		—
Hess Corp.		11,086		541,329		541,329		—
Inpex Corp. (Japan)		50,400		483,088		482,953		135
Matador Resources Co. (a)		22,312		483,724		483,724		—
MEG Energy Corp. (Canada) (a)		18,346		83,058		83,058		—
Oasis Petroleum, Inc. (a)		30,575		365,066		365,066		—
Occidental Petroleum Corp.		8,204		504,874		504,874		—
Parsley Energy, Inc., Class A (a)		16,126		480,394		480,394		—
PDC Energy, Inc. (a)		1,803		99,580		99,580		—
QEP Resources, Inc. (a)		40,912		483,171		483,171		—
Rice Energy, Inc. (a)		7,175		152,756		152,756		—
Seven Generations Energy Ltd. (Canada), Class A (a)		6,006		106,344		106,344		—
SM Energy Co.		10,395		234,823		234,823		—
Tullow Oil plc (United Kingdom) (a)		44,937		122,166		121,914		252
		426,635		6,218,607		6,218,220		387
Total Energy		609,468		7,117,885		7,116,732		1,153
Financials — 1.6%
Banks — 0.4%
Banco de Sabadell SA (Spain)		295,041		567,572		567,483		89
Royal Bank of Scotland Group plc (United Kingdom) (a)		57,533		197,767		197,522		245
Seven Bank Ltd. (Japan)		30,600		102,663		102,775		(112	)
UniCredit SpA (Italy) (a)		34,394		559,733		560,020		(287	)
		417,568		1,427,735		1,427,800		(65	)
Capital Markets — 0.8%
Azimut Holding SpA (Italy)		24,604		480,276		479,944		332
Deutsche Bank AG (Registered) (Germany) (a)		30,899		556,371		555,589		782
Hargreaves Lansdown plc (United Kingdom)		31,737		566,438		566,600		(162	)
Interactive Brokers Group, Inc., Class A		12,548		437,047		437,047		—
London Stock Exchange Group plc (United Kingdom)		12,963		567,995		567,993		2

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Capital Markets — continued
NEX Group plc (United Kingdom)		40,808		325,320		325,320		—
TP ICAP plc (United Kingdom)		33,350		197,876		197,876		—
		186,909		3,131,323		3,130,369		954
Consumer Finance — 0.1%
Aiful Corp. (Japan) (a)		29,400		88,616		88,661		(45	)
LendingClub Corp. (a)		44,112		258,055		258,055		—
		73,512		346,671		346,716		(45	)
Diversified Financial Services — 0.0% (g)
Element Fleet Management Corp. (Canada)		12,446		109,320		109,320		—
Insurance — 0.3%
Markel Corp. (a)		525		509,040		509,040		—
Sony Financial Holdings, Inc. (Japan)		27,900		463,519		464,053		(534	)
		28,425		972,559		973,093		(534	)
Thrifts & Mortgage Finance — 0.0% (g)
PHH Corp. (a)		9,038		116,590		116,590		—
Total Financials		727,898		6,104,198		6,103,888		310
Health Care — 1.6%
Health Care Equipment & Supplies — 0.5%
DexCom, Inc. (a)		3,359		261,868		261,868		—
Glaukos Corp. (a)		10,932		519,598		519,598		—
Insulet Corp. (a)		2,940		127,625		127,625		—
Penumbra, Inc. (a)		6,865		586,614		586,614		—
Spectranetics Corp. (The) (a)		19,997		571,914		571,914		—
		44,093		2,067,619		2,067,619		—
Health Care Providers & Services — 0.4%
Acadia Healthcare Co., Inc. (a)		12,297		535,903		535,903		—
Diplomat Pharmacy, Inc. (a)		24,203		377,567		377,567		—
Healthscope Ltd. (Australia)		66,279		109,682		109,463		219
Tenet Healthcare Corp. (a)		29,702		465,430		465,430		—
		132,481		1,488,582		1,488,363		219
Health Care Technology — 0.1%
athenahealth, Inc. (a)		4,468		437,909		437,909		—
Life Sciences Tools & Services — 0.2%
Eurofins Scientific SE (Luxembourg)		1,140		561,419		561,481		(62	)
Pharmaceuticals — 0.4%
Dermira, Inc. (a)		14,168		482,562		482,562		—
Medicines Co. (The) (a)		2,953		145,642		145,642		—
Nektar Therapeutics (a)		11,687		221,702		221,702		—
Ono Pharmaceutical Co. Ltd. (Japan)		24,900		513,077		513,606		(529	)
Pacira Pharmaceuticals, Inc. (a)		2,240		108,752		108,752		—
TherapeuticsMD, Inc. (a)		15,875		80,963		80,963		—
		71,823		1,552,698		1,553,227		(529	)
Total Health Care		254,005		6,108,227		6,108,599		(372	)
Industrials ��� 5.9%
Aerospace & Defense — 0.6%
Bombardier, Inc. (Canada), Class B (a)		67,162		103,814		103,814		—
Cobham plc (United Kingdom)		257,682		442,218		442,218		—
Cubic Corp.		9,581		497,254		497,254		—
Mercury Systems, Inc. (a)		14,591		545,412		545,412		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Aerospace & Defense — continued
Rolls-Royce Holdings plc (United Kingdom) (a)		17,060		179,420		179,326		94
Rolls-Royce Holdings plc (United Kingdom), Class C (a)		1,211,260		1,569		1,569		—
TransDigm Group, Inc.		1,968		485,565		485,565		—
		1,579,304		2,255,252		2,255,158		94
Air Freight & Logistics — 0.2%
Bollore SA (France)		124,926		508,266		508,315		(49	)
Yamato Holdings Co. Ltd. (Japan)		5,000		108,029		108,045		(16	)
		129,926		616,295		616,360		(65	)
Airlines — 0.3%
American Airlines Group, Inc.		12,333		525,632		525,632		—
easyJet plc (United Kingdom)		41,817		632,605		632,539		66
		54,150		1,158,237		1,158,171		66
Building Products — 0.1%
Armstrong World Industries, Inc. (a)		2,543		118,885		118,885		—
Nippon Sheet Glass Co. Ltd. (Japan) (a)		14,600		113,552		113,590		(38	)
		17,143		232,437		232,475		(38	)
Commercial Services & Supplies — 0.8%
Brambles Ltd. (Australia)		19,648		152,126		152,038		88
Clean Harbors, Inc. (a)		9,361		543,968		543,968		—
Healthcare Services Group, Inc.		12,176		559,000		559,000		—
Serco Group plc (United Kingdom) (a)		361,096		540,651		540,370		281
Sohgo Security Services Co. Ltd. (Japan)		12,600		549,890		550,094		(204	)
Stericycle, Inc. (a)		2,690		229,565		229,565		—
Team, Inc. (a)		19,273		518,444		518,444		—
		436,844		3,093,644		3,093,479		165
Construction & Engineering — 0.4%
Ferrovial SA (Spain)		26,562		565,224		565,042		182
Primoris Services Corp.		21,450		492,707		492,707		—
SNC-Lavalin Group, Inc. (Canada)		13,259		533,255		533,255		—
		61,271		1,591,186		1,591,004		182
Electrical Equipment — 0.4%
Acuity Brands, Inc.		2,341		412,250		412,250		—
Melrose Industries plc (United Kingdom)		184,959	��	566,557		566,557		—
OSRAM Licht AG (Germany)		8,207		549,713		549,782		(69	)
		195,507		1,528,520		1,528,589		(69	)
Industrial Conglomerates — 0.1%
Roper Technologies, Inc.		2,456		537,127		537,127		—
Machinery — 0.9%
CIRCOR International, Inc.		7,608		507,530		507,530		—
EnPro Industries, Inc.		7,334		518,147		518,147		—
FANUC Corp. (Japan)		2,700		548,719		549,709		(990	)
GEA Group AG (Germany)		11,666		496,112		495,950		162
Kone OYJ (Finland), Class B		11,702		536,138		535,628		510
Proto Labs, Inc. (a)		4,716		273,528		273,528		—
WELBILT, Inc. (a)		27,029		554,095		554,095		—
		72,755		3,434,269		3,434,587		(318	)
Marine — 0.1%
Matson, Inc.		15,200		481,840		481,840		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Professional Services — 0.6%
Advisory Board Co. (The) (a)		10,377		530,265		530,265		—
Bureau Veritas SA (France)		24,548		568,629		568,786		(157	)
Capita plc (United Kingdom)		76,742		552,643		553,135		(492	)
SGS SA (Registered) (Switzerland)		243		546,811		547,190		(379	)
		111,910		2,198,348		2,199,376		(1,028	)
Road & Rail — 0.7%
AMERCO		1,373		514,134		514,134		—
Avis Budget Group, Inc. (a)		18,246		556,503		556,503		—
Hertz Global Holdings, Inc. (a)		20,862		344,014		344,014		—
Keio Corp. (Japan)		14,000		112,025		112,118		(93	)
Kintetsu Group Holdings Co. Ltd. (Japan)		128,000		467,333		467,429		(96	)
Odakyu Electric Railway Co. Ltd. (Japan)		6,400		124,125		124,242		(117	)
Werner Enterprises, Inc.		16,442		448,867		448,867		—
		205,323		2,567,001		2,567,307		(306	)
Trading Companies & Distributors — 0.5%
Beacon Roofing Supply, Inc. (a)		10,591		524,996		524,996		—
GMS, Inc. (a)		11,400		412,224		412,224		—
Herc Holdings, Inc. (a)		10,213		464,385		464,385		—
MISUMI Group, Inc. (Japan)		5,800		109,835		109,881		(46	)
SiteOne Landscape Supply, Inc. (a)		10,742		513,575		513,575		—
		48,746		2,025,015		2,025,061		(46	)
Transportation Infrastructure — 0.2%
Aeroports de Paris (France)		4,544		606,100		606,100		—
Groupe Eurotunnel SE (Registered) (France)		12,351		135,683		135,685		(2	)
Mitsubishi Logistics Corp. (Japan)		9,000		116,260		116,438		(178	)
		25,895		858,043		858,223		(180	)
Total Industrials		2,956,430		22,577,214		22,578,757		(1,543	)
Information Technology — 3.9%
Communications Equipment — 0.4%
EchoStar Corp., Class A (a)		8,818		507,564		507,564		—
Infinera Corp. (a)		51,166		507,567		507,567		—
Nokia OYJ (Finland)		47,570		272,044		271,950		94
ViaSat, Inc. (a)		3,525		225,706		225,706		—
		111,079		1,512,881		1,512,787		94
Internet Software & Services — 1.2%
2U, Inc. (a)		4,775		216,785		216,785		—
Benefitfocus, Inc. (a)		9,038		284,697		284,697		—
Box, Inc., Class A (a)		31,534		543,646		543,646		—
Cornerstone OnDemand, Inc. (a)		13,557		532,519		532,519		—
CoStar Group, Inc. (a)		791		190,544		190,544		—
GMO internet, Inc. (Japan)		12,600		149,537		149,560		(23	)
New Relic, Inc. (a)		4,121		164,758		164,758		—
Pandora Media, Inc. (a)		13,434		145,759		145,759		—
Q2 Holdings, Inc. (a)		14,697		560,691		560,691		—
Quotient Technology, Inc. (a)		55,095		600,536		600,536		—
Stamps.com, Inc. (a)		3,851		408,784		408,784		—
WebMD Health Corp. (a)		5,939		322,072		322,072		—
Zillow Group, Inc., Class C (a)		15,341		598,299		598,299		—
		184,773		4,718,627		4,718,650		(23	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
IT Services — 0.5%
CSRA, Inc.		16,333		474,964		474,964		—
InterXion Holding NV (Netherlands) (a)		3,524		146,810		146,810		—
Syntel, Inc.		30,929		544,660		544,660		—
Wirecard AG (Germany)		9,014		532,285		533,002		(717	)
Worldpay Group plc (United Kingdom) (e)		41,614		161,695		161,610		85
		101,414		1,860,414		1,861,046		(632	)
Semiconductors & Semiconductor Equipment — 0.4%
ams AG (Austria)		9,467		608,932		609,045		(113	)
Cavium, Inc. (a)		7,355		506,392		506,392		—
First Solar, Inc. (a)		19,367		572,295		572,295		—
		36,189		1,687,619		1,687,732		(113	)
Software — 1.2%
FireEye, Inc. (a)		24,873		311,161		311,161		—
Globant SA (a)		6,269		237,532		237,532		—
Guidewire Software, Inc. (a)		8,978		552,057		552,057		—
HubSpot, Inc. (a)		2,262		151,667		151,667		—
Imperva, Inc. (a)		6,404		284,658		284,658		—
Nintendo Co. Ltd. (Japan)		1,200		301,898		303,679		(1,781	)
Paylocity Holding Corp. (a)		13,381		527,747		527,747		—
Pegasystems, Inc.		12,378		563,818		563,818		—
RingCentral, Inc., Class A (a)		5,937		189,687		189,687		—
salesforce.com, Inc. (a)		5,578		480,377		480,377		—
Splunk, Inc. (a)		1,983		127,527		127,527		—
Tableau Software, Inc., Class A (a)		4,624		248,216		248,216		—
Workday, Inc., Class A (a)		1,569		137,131		137,131		—
Zendesk, Inc. (a)		9,211		264,816		264,816		—
		104,647		4,378,292		4,380,073		(1,781	)
Technology Hardware, Storage & Peripherals — 0.2%
Pure Storage, Inc., Class A (a)		13,055		138,514		138,514		—
Ricoh Co. Ltd. (Japan)		62,800		522,793		523,463		(670	)
Stratasys Ltd. (a)		5,226		129,396		129,396		—
		81,081		790,703		791,373		(670	)
Total Information Technology		619,183		14,948,536		14,951,661		(3,125	)
Materials — 3.6%
Chemicals — 1.3%
Air Liquide SA (France)		4,071		490,460		490,499		(39	)
CF Industries Holdings, Inc.		18,114		484,368		484,368		—
Clariant AG (Registered) (Switzerland) (a)		27,417		555,229		555,242		(13	)
DuluxGroup Ltd. (Australia)		103,236		523,342		522,715		627
Essentra plc (United Kingdom)		90,967		637,998		637,998		—
Ferro Corp. (a)		31,951		572,562		572,562		—
Incitec Pivot Ltd. (Australia)		185,286		525,833		524,944		889
Symrise AG (Germany)		7,839		548,803		548,796		7
Umicore SA (Belgium)		9,034		528,940		529,277		(337	)
WR Grace & Co.		1,777		123,892		123,892		—
		479,692		4,991,427		4,990,293		1,134
Construction Materials — 0.3%
Boral Ltd. (Australia)		125,000		576,575		576,193		382
Vulcan Materials Co.		4,378		529,213		529,213		—
		129,378		1,105,788		1,105,406		382

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Containers & Packaging — 0.5%
Amcor Ltd. (Australia)		45,039		529,823		529,581		242
Ball Corp.		7,023		539,998		539,998		—
Huhtamaki OYJ (Finland)		13,324		516,402		516,472		(70	)
Toyo Seikan Group Holdings Ltd. (Japan)		31,400		525,329		526,608		(1,279	)
		96,786		2,111,552		2,112,659		(1,107	)
Metals & Mining — 1.5%
Century Aluminum Co. (a)		41,756		569,552		569,552		—
Compass Minerals International, Inc.		6,278		414,348		414,348		—
Detour Gold Corp. (Canada) (a)		44,476		562,039		562,039		—
Eldorado Gold Corp. (Canada)		150,725		550,982		550,982		—
Franco-Nevada Corp. (Canada)		1,827		124,258		124,258		—
Fresnillo plc (Mexico)		9,420		177,155		177,116		39
Goldcorp, Inc. (Canada)		35,226		490,823		490,823		—
Iluka Resources Ltd. (Australia)		90,197		567,332		566,802		530
Independence Group NL (Australia)		50,117		122,340		122,783		(443	)
New Gold, Inc. (Canada) (a)		172,872		490,103		490,103		—
Randgold Resources Ltd. (Jersey)		6,214		547,692		546,623		1,069
Royal Gold, Inc.		7,354		519,781		519,781		—
Silver Wheaton Corp. (Canada)		24,673		492,357		492,357		—
		641,135		5,628,762		5,627,567		1,195
Total Materials		1,346,991		13,837,529		13,835,925		1,604
Real Estate — 0.2%
Real Estate Management & Development — 0.2%
Capital & Counties Properties plc (United Kingdom)		26,205		107,185		107,167		18
Ichigo, Inc. (Japan)		175,900		511,250		511,425		(175	)
Total Real Estate		202,105		618,435		618,592		(157	)
Telecommunication Services — 0.5%
Diversified Telecommunication Services — 0.4%
Cellnex Telecom SA (Spain) (e)		31,531		557,275		556,543		732
Iliad SA (France)		607		147,383		147,334		49
SFR Group SA (France) (a)		4,249		139,131		139,109		22
Vivendi SA (France) (a)		27,138		538,461		538,288		173
		63,525		1,382,250		1,381,274		976
Wireless Telecommunication Services — 0.1%
Vodafone Group plc (United Kingdom)		200,134		515,965		515,473		492
Total Telecommunication Services		263,659		1,898,215		1,896,747		1,468
Utilities — 0.9%
Electric Utilities — 0.1%
Chugoku Electric Power Co., Inc. (The) (Japan)		8,500		92,644		92,662		(18	)
Hokkaido Electric Power Co., Inc. (Japan)		14,700		106,681		106,712		(31	)
Hokuriku Electric Power Co. (Japan)		18,400		170,011		170,065		(54	)
		41,600		369,336		369,439		(103	)
Gas Utilities — 0.1%
New Jersey Resources Corp.		13,970		563,690		563,690		—
Independent Power & Renewable Electricity Producers — 0.2%
Calpine Corp. (a)		18,672		190,454		190,454		—
NRG Energy, Inc.		29,580		499,902		499,902		—
		48,252		690,356		690,356		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Multi-Utilities — 0.1%
NiSource, Inc.		21,886		530,736			530,736			—
Water Utilities — 0.4%
American Water Works Co., Inc.		6,650		530,404			530,404			—
Aqua America, Inc.		16,091		532,451			532,451			—
Pennon Group plc (United Kingdom)		10,890		120,877			120,815			62
United Utilities Group plc (United Kingdom)		11,337		142,946			142,872			74
		44,968		1,326,678			1,326,542			136
Total Utilities		170,676		3,480,796			3,480,763			33
Total Short Positions of Total Return Basket Swap		8,395,320		105,106,174			105,110,042			(3,868	)
Total of Long and Short Positions of Total Return Basket Swap		6,081,004		(83,309,632	)		(83,313,810	)		(4,178	)
Outstanding swap contract, at value									$	(4,178	)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 2.0%
Household Durables — 0.1%
PanaHome Corp. (Japan)		42,000		466,059		466,621		562
Media — 1.9%
Sky plc (United Kingdom)		281,985		3,623,051		3,622,466		(585	)
Time Warner, Inc.		36,254		3,598,935		3,598,935		—
		318,239		7,221,986		7,221,401		(585	)
Total Consumer Discretionary		360,239		7,688,045		7,688,022		(23	)
Consumer Staples — 1.3%
Food & Staples Retailing — 0.2%
Booker Group plc (United Kingdom)		329,276		827,368		827,368		—
Tobacco — 1.1%
Reynolds American, Inc.		61,679		3,978,295		3,978,295		—
Total Consumer Staples		390,955		4,805,663		4,805,663		—
Energy — 1.5%
Energy Equipment & Services — 0.4%
Amec Foster Wheeler plc (United Kingdom)		237,022		1,666,961		1,664,065		(2,896	)
Oil, Gas & Consumable Fuels — 1.1%
Clayton Williams Energy, Inc. (a)		16,261		2,030,457		2,030,457		—
Western Refining, Inc.		70,607		2,435,235		2,435,235		—
		86,868		4,465,692		4,465,692		—
Total Energy		323,890		6,132,653		6,129,757		(2,896	)
Financials — 2.2%
Banks — 1.0%
BNC Bancorp		17,332		579,755		579,755		—
PrivateBancorp, Inc.		57,788		3,338,413		3,338,413		—
		75,120		3,918,168		3,918,168		—
Capital Markets — 0.0% (g)
SVG Capital plc (United Kingdom) (a)		5,123		49,002		49,002		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Insurance — 0.8%
Allied World Assurance Co. Holdings AG		54,332		2,884,486		2,884,486		—
Thrifts & Mortgage Finance — 0.4%
Astoria Financial Corp.		81,540		1,662,600		1,662,600		—
Total Financials		216,115		8,514,256		8,514,256		—
Health Care — 1.0%
Health Care Equipment & Supplies — 1.0%
CR Bard, Inc.		12,568		3,864,409		3,864,409		—
Industrials — 1.5%
Aerospace & Defense — 0.5%
Rockwell Collins Inc.		16,760		1,744,549		1,744,549		—
Road & Rail — 1.0%
Swift Transportation Co. (a)		155,161		3,813,857		3,813,857		—
Total Industrials		171,921		5,558,406		5,558,406		—
Information Technology — 0.1%
Semiconductors & Semiconductor Equipment — 0.1%
Ultratech, Inc. (a)		16,413		500,925		500,925		—
Telecommunication Services — 0.1%
Diversified Telecommunication Services — 0.1%
FairPoint Communications, Inc. (a)		13,797		235,239		235,239		—
Total Long Positions of Total Return Basket Swap		1,505,898		37,299,596		37,296,677		(2,919	)
Short Positions
Common Stocks
Consumer Staples — 0.7%
Food & Staples Retailing — 0.2%
Tesco plc (United Kingdom) (a)		280,671		666,160		666,092		68
Tobacco — 0.5%
British American Tobacco plc (United Kingdom)		32,119		2,169,467		2,170,068		(601	)
Total Consumer Staples		312,790		2,835,627		2,836,160		(533	)
Energy — 1.6%
Energy Equipment & Services — 0.5%
John Wood Group plc (United Kingdom)		175,988		1,731,202		1,729,977		1,225
Oil, Gas & Consumable Fuels — 1.1%
Noble Energy, Inc.		44,733		1,446,218		1,446,218		—
Tesoro Corp.		35,225		2,807,785		2,807,785		—
		79,958		4,254,003		4,254,003		—
Total Energy		255,946		5,985,205		5,983,980		1,225
Financials — 1.2%
Banks — 1.0%
Canadian Imperial Bank of Commerce (Canada)		20,922		1,689,792		1,689,792		—
Pinnacle Financial Partners, Inc.		8,982		574,848		574,848		—
Sterling Bancorp		70,634		1,642,241		1,642,241		—
		100,538		3,906,881		3,906,881		—
Insurance — 0.2%
Fairfax Financial Holdings Ltd. (Canada)		1,634		746,944		746,944		—
Total Financials		102,172		4,653,825		4,653,825		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Health Care — 0.3%
Health Care Equipment & Supplies — 0.3%
Becton Dickinson and Co.		6,316		1,180,903		1,180,903		—
Industrials — 1.0%
Road & Rail — 1.0%
Knight Transportation, Inc.		110,598		3,793,511		3,793,511		—
Information Technology — 0.0% (g)
Semiconductors & Semiconductor Equipment — 0.0% (g)
Veeco Instruments, Inc. (a)		4,346		143,418		143,418		—
Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		51,575		2,043,917		2,043,917		—
Consolidated Communications Holdings, Inc.		9,970		235,990		235,990		—
Total Telecommunication Services		61,545		2,279,907		2,279,907		—
Total Short Positions of Total Return Basket Swap		853,713		20,872,396		20,871,704		692
Total of Long and Short Positions of Total Return Basket Swap		652,185		16,427,200		16,424,973		(2,227	)
Outstanding swap contract, at value							$	(2,227	)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 0.7%
Hotels, Restaurants & Leisure — 0.4%
Tatts Group Ltd. (Australia)		502,505		1,617,986		1,616,571		(1,415	)
Textiles, Apparel & Luxury Goods — 0.3%
Christian Dior SE (France)		4,101		1,125,516		1,124,759		(757	)
Total Consumer Discretionary		506,606		2,743,502		2,741,330		(2,172	)
Consumer Staples — 0.2%
Food & Staples Retailing — 0.2%
METRO AG (Germany)		21,833		718,475		718,510		35
Energy — 0.1%
Energy Equipment & Services — 0.1%
Canyon Services Group, Inc. (Canada) (a)		80,689		374,170		374,170		—
Health Care — 1.1%
Biotechnology — 1.0%
Actelion Ltd. (Switzerland) (a)		13,208		3,740,054		3,740,054		—
Pharmaceuticals — 0.1%
STADA Arzneimittel AG (Germany)		3,900		276,265		276,356		91
Total Health Care		17,108		4,016,319		4,016,410		91
Industrials — 1.4%
Aerospace & Defense — 0.8%
DigitalGlobe, Inc. (a)		28,119		905,432		905,432		—
Zodiac Aerospace (France)		89,698		2,177,912		2,177,466		(446	)
		117,817		3,083,344		3,082,898		(446	)
Commercial Services & Supplies — 0.3%
Spotless Group Holdings Ltd. (Australia)		1,284,236		1,038,567		1,037,594		(973	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Machinery — 0.1%
Pfeiffer Vacuum Technology AG (Germany)		3,373		437,965		437,920		(45	)
Professional Services — 0.2%
WS Atkins plc (United Kingdom)		22,374		622,175		622,414		239
Total Industrials		1,427,800		5,182,051		5,180,826		(1,225	)
Information Technology — 0.5%
IT Services — 0.5%
DH Corp. (Canada)		112,717		2,096,542		2,096,542		—
Materials — 0.0% (g)
Metals & Mining — 0.0% (g)
Kirkland Lake Gold Ltd. (Canada) (a)		314		2,174		2,174		—
Telecommunication Services — 0.9%
Diversified Telecommunication Services — 0.9%
Level 3 Communications, Inc. (a)		55,963		3,400,312		3,400,312		—
Utilities — 0.1%
Electric Utilities — 0.0% (g)
Westar Energy, Inc.		689		35,849		35,849		—
Independent Power & Renewable Electricity Producers — 0.1%
EDP Renovaveis SA (Spain)		51,860		395,155		395,205		50
Total Utilities		52,549		431,004		431,054		50
Right
Consumer Discretionary — 0.0% (g)
Media — 0.0% (g)
Media Gen, Inc., CVR		48,548		—		—		—
Total Long Positions of Total Return Basket Swap		2,324,127		18,964,549		18,961,328		(3,221	)
Short Positions
Common Stocks
Consumer Discretionary — 0.2%
Textiles, Apparel & Luxury Goods — 0.2%
Hermes International (France)		1,305		624,339		623,881		458
Energy — 0.1%
Energy Equipment & Services — 0.1%
Trican Well Service Ltd. (Canada) (a)		135,799		373,061		373,061		—
Oil, Gas & Consumable Fuels — 0.0% (g)
Royal Dutch Shell plc (Netherlands), Class A		32		829		830		(1	)
Total Energy		135,831		373,890		373,891		(1	)
Industrials — 0.2%
Aerospace & Defense — 0.2%
MacDonald Dettwiler & Associates Ltd. (Canada)		14,599		720,833		720,833		—
Telecommunication Services — 0.5%
Diversified Telecommunication Services — 0.5%
CenturyLink, Inc.		79,149		2,031,755		2,031,755		—
Total Short Positions of Total Return Basket Swap		230,884		3,750,817		3,750,360		457
Total of Long and Short Positions of Total Return Basket Swap		2,093,243		15,213,732		15,210,968		(2,764	)
Outstanding swap contract, at value							$	(2,764	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 3.2%
Auto Components — 1.0%
Cie Generale des Etablissements Michelin (France)		4,831		631,226		631,900		674
Cooper-Standard Holdings, Inc. (a)		5,373		607,525		607,525		—
GKN plc (United Kingdom)		126,986		590,291		590,137		(154	)
Lear Corp.		4,108		586,047		586,047		—
Linamar Corp. (Canada)		8,479		360,515		360,515		—
Magna International, Inc. (Canada)		12,090		505,016		505,016		—
Valeo SA (France)		10,158		730,298		730,971		673
		172,025		4,010,918		4,012,111		1,193
Automobiles — 0.2%
Peugeot SA (France) (a)		17,280		362,062		362,286		224
Thor Industries, Inc.		5,144		494,750		494,750		—
		22,424		856,812		857,036		224
Hotels, Restaurants & Leisure — 0.5%
Carnival plc		9,120		562,970		562,088		(882	)
Ladbrokes Coral Group plc (United Kingdom)		255,321		432,876		432,876		—
William Hill plc (United Kingdom)		110,440		419,828		419,610		(218	)
Wyndham Worldwide Corp.		4,687		446,718		446,718		—
		379,568		1,862,392		1,861,292		(1,100	)
Household Durables — 0.2%
KB Home		29,051		598,451		598,451		—
Media — 0.3%
Informa plc (United Kingdom)		52,567		437,104		437,078		(26	)
Quebecor, Inc. (Canada), Class B		18,708		571,087		571,087		—
		71,275		1,008,191		1,008,165		(26	)
Multiline Retail — 0.4%
Big Lots, Inc.		10,626		536,507		536,507		—
Dillard’s, Inc., Class A		8,672		480,168		480,168		—
Target Corp.		7,067		394,692		394,692		—
		26,365		1,411,367		1,411,367		—
Specialty Retail — 0.4%
Adastria Co. Ltd. (Japan)		5,200		129,166		129,148		(18	)
American Eagle Outfitters, Inc.		28,514		401,762		401,762		—
Best Buy Co., Inc.		11,821		612,446		612,446		—
Children’s Place, Inc. (The)		4,841		555,747		555,747		—
		50,376		1,699,121		1,699,103		(18	)
Textiles, Apparel & Luxury Goods — 0.2%
Christian Dior SE (France)		2,767		759,401		758,890		(511	)
Total Consumer Discretionary		753,851		12,206,653		12,206,415		(238	)
Consumer Staples — 1.4%
Food & Staples Retailing — 0.5%
SpartanNash Co.		14,221		523,333		523,333		—
Tsuruha Holdings, Inc. (Japan)		6,000		608,208		607,364		(844	)
Wm Morrison Supermarkets plc (United Kingdom)		176,035		546,973		546,835		(138	)
		196,256		1,678,514		1,677,532		(982	)
Food Products — 0.6%
Fresh Del Monte Produce, Inc.		8,788		538,704		538,704		—
Ingredion, Inc.		3,897		482,527		482,527		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Food Products — continued
Maple Leaf Foods, Inc. (Canada)		24,226		606,426		606,426		—
Pinnacle Foods, Inc.		11,039		641,918		641,918		—
		47,950		2,269,575		2,269,575		—
Personal Products — 0.2%
Ontex Group NV (Belgium)		17,982		599,974		599,972		(2	)
Tobacco — 0.1%
Universal Corp.		7,662		562,774		562,774		—
Total Consumer Staples		269,850		5,110,837		5,109,853		(984	)
Energy — 2.6%
Energy Equipment & Services — 0.1%
Petrofac Ltd. (United Kingdom)		43,489		458,783		458,332		(451	)
Oil, Gas & Consumable Fuels — 2.5%
ARC Resources Ltd. (Canada)		11,021		144,681		144,681		—
BP plc (United Kingdom)		105,472		604,487		603,786		(701	)
Clayton Williams Energy, Inc. (a)		4,501		562,025		562,025		—
Enbridge Income Fund Holdings, Inc. (Canada)		22,781		559,074		559,074		—
Enerplus Corp. (Canada)		73,140		527,767		527,767		—
Galp Energia SGPS SA (Portugal)		40,307		626,545		626,411		(134	)
Husky Energy, Inc. (Canada) (a)		11,811		136,362		136,362		—
Imperial Oil Ltd. (Canada)		18,999		552,691		552,691		—
Neste OYJ (Finland)		14,454		590,270		588,989		(1,281	)
OMV AG (Austria)		16,769		772,215		772,399		184
Repsol SA (Spain)		38,510		609,728		607,816		(1,912	)
Royal Dutch Shell plc (Netherlands), Class B		21,561		573,177		573,673		496
Saras SpA (Italy)		299,185		625,080		625,054		(26	)
TOTAL SA (France)		11,339		582,624		582,067		(557	)
Valero Energy Corp.		8,006		517,268		517,268		—
Veresen, Inc. (Canada)		53,107		592,520		592,520		—
Western Refining, Inc.		20,277		699,354		699,354		—
		771,240		9,275,868		9,271,937		(3,931	)
Total Energy		814,729		9,734,651		9,730,269		(4,382	)
Financials — 1.7%
Banks — 0.5%
BNP Paribas SA (France)		8,782		619,701		619,809		108
ING Groep NV (Netherlands)		38,709		630,167		630,939		772
National Bank of Canada (Canada)		13,550		526,594		526,594		—
		61,041		1,776,462		1,777,342		880
Capital Markets — 0.1%
3i Group plc (United Kingdom)		60,525		622,040		622,018		(22	)
Insurance — 1.1%
ASR Nederland NV (Netherlands) (a)		20,410		603,727		603,849		122
CNP Assurances (France)		31,160		650,679		650,894		215
Manulife Financial Corp. (Canada)		32,991		578,590		578,590		—
Mapfre SA (Spain)		170,529		595,166		594,817		(349	)
Reinsurance Group of America, Inc.		4,224		528,169		528,169		—
Swiss Life Holding AG (Registered) (Switzerland) (a)		2,024		658,665		658,687		22
Validus Holdings Ltd.		9,786		540,970		540,970		—
		271,124		4,155,966		4,155,976		10
Total Financials		392,690		6,554,468		6,555,336		868

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Health Care — 2.0%
Health Care Providers & Services — 0.9%
Aetna, Inc.		4,594		620,512		620,512		—
Chemed Corp.		3,218		648,041		648,041		—
Express Scripts Holding Co. (a)		5,765		353,625		353,625		—
Owens & Minor, Inc.		12,823		444,317		444,317		—
Quest Diagnostics, Inc.		6,281		662,708		662,708		—
UnitedHealth Group, Inc.		3,787		662,270		662,270		—
		36,468		3,391,473		3,391,473		—
Life Sciences Tools & Services — 0.2%
Lonza Group AG (Registered) (Switzerland) (a)		3,254		665,517		665,801		284
Pharmaceuticals — 0.9%
Bayer AG (Registered) (Germany)		4,994		617,980		617,924		(56	)
Johnson & Johnson		4,790		591,421		591,421		—
Merck KGaA (Germany)		5,085		597,114		597,344		230
Roche Holding AG (Switzerland)		1,878		491,677		491,995		318
Sanofi (France)		6,369		600,879		601,831		952
STADA Arzneimittel AG (Germany)		10,892		771,559		771,811		252
		34,008		3,670,630		3,672,326		1,696
Total Health Care		73,730		7,727,620		7,729,600		1,980
Industrials — 3.6%
Aerospace & Defense — 0.6%
Huntington Ingalls Industries, Inc.		2,987		600,058		600,058		—
Meggitt plc (United Kingdom)		85,625		512,920		512,771		(149	)
Safran SA (France)		7,590		628,517		628,413		(104	)
Thales SA (France)		5,497		577,950		577,771		(179	)
		101,699		2,319,445		2,319,013		(432	)
Airlines — 0.4%
Alaska Air Group, Inc.		5,694		484,502		484,502		—
Deutsche Lufthansa AG (Registered) (Germany) (a)		35,403		610,862		610,782		(80	)
WestJet Airlines Ltd. (Canada)		31,621		523,059		523,059		—
		72,718		1,618,423		1,618,343		(80	)
Building Products — 0.2%
Owens Corning		10,963		667,099		667,099		—
Commercial Services & Supplies — 0.3%
Deluxe Corp.		7,781		559,532		559,532		—
Tetra Tech, Inc.		12,571		552,495		552,495		—
		20,352		1,112,027		1,112,027		—
Construction & Engineering — 0.4%
ACS Actividades de Construccion y Servicios SA (Spain)		17,618		653,079		652,757		(322	)
HOCHTIEF AG (Germany)		3,464		624,110		623,842		(268	)
		21,082		1,277,189		1,276,599		(590	)
Electrical Equipment — 0.2%
Prysmian SpA (Italy)		21,564		622,711		622,309		(402	)
Machinery — 1.0%
Barnes Group, Inc.		13,111		720,712		720,712		—
Georg Fischer AG (Registered) (Switzerland)		621		585,425		585,583		158
Metso OYJ (Finland)		19,501		699,514		698,409		(1,105	)
New Flyer Industries, Inc. (Canada)		15,786		588,050		588,050		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Machinery — continued
Valmet OYJ (Finland)		36,831		671,208		670,874		(334	)
Wabash National Corp.		25,127		572,393		572,393		—
		110,977		3,837,302		3,836,021		(1,281	)
Road & Rail — 0.1%
Canadian National Railway Co. (Canada)		7,772		561,784		561,784		—
Trading Companies & Distributors — 0.1%
Finning International, Inc. (Canada)		27,337		519,885		519,885		—
Transportation Infrastructure — 0.3%
Aena SA (Spain) (e)		3,583		632,280		631,728		(552	)
Flughafen Zuerich AG (Registered) (Switzerland)		2,843		626,317		626,533		216
		6,426		1,258,597		1,258,261		(336	)
Total Industrials		400,890		13,794,462		13,791,341		(3,121	)
Information Technology — 2.8%
Communications Equipment — 0.1%
Cisco Systems, Inc.		12,504		426,011		426,011		—
Electronic Equipment, Instruments & Components — 0.3%
Corning, Inc.		17,475		504,154		504,154		—
Methode Electronics, Inc.		13,416		597,683		597,683		—
		30,891		1,101,837		1,101,837		—
IT Services — 1.1%
Amadeus IT Group SA (Spain)		11,615		626,285		626,853		568
Amdocs Ltd.		7,071		433,028		433,028		—
Atos SE (France)		4,464		584,975		584,719		(256	)
Cap Gemini SA (France)		6,263		626,968		627,064		96
CGI Group, Inc. (Canada), Class A (a)		11,193		540,196		540,196		—
Convergys Corp.		15,234		342,917		342,917		—
NeuStar, Inc., Class A (a)		17,379		576,983		576,983		—
Western Union Co. (The)		20,236		401,887		401,887		—
		93,455		4,133,239		4,133,647		408
Semiconductors & Semiconductor Equipment — 0.9%
Advanced Energy Industries, Inc. (a)		9,224		680,731		680,731		—
BE Semiconductor Industries NV (Netherlands)		13,995		731,138		731,641		503
Infineon Technologies AG (Germany)		28,390		587,579		586,809		(770	)
Intel Corp.		11,466		414,496		414,496		—
MKS Instruments, Inc.		8,646		676,550		676,550		—
Teradyne, Inc.		13,417		473,218		473,218		—
XPERI Corp.		708		23,789		23,789		—
		85,846		3,587,501		3,587,234		(267	)
Software — 0.2%
Nexon Co. Ltd. (Japan)		21,800		370,586		371,022		436
Oracle Corp.		10,113		454,680		454,680		—
		31,913		825,266		825,702		436
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.		4,214		605,341		605,341		—
Total Information Technology		258,823		10,679,195		10,679,772		577
Materials — 1.0%
Chemicals — 0.3%
LyondellBasell Industries NV, Class A		5,521		467,960		467,960		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Chemicals — continued
Trinseo SA		7,762		515,397		515,397		—
		13,283		983,357		983,357		—
Metals & Mining — 0.4%
APERAM SA (Luxembourg)		10,738		540,631		539,855		(776	)
Centamin plc (Jersey)		296,424		679,169		679,153		(16	)
OZ Minerals Ltd. (Australia)		91,845		486,917		487,682		765
Yamato Kogyo Co. Ltd. (Japan)		4,900		122,549		122,560		11
		403,907		1,829,266		1,829,250		(16	)
Paper & Forest Products — 0.3%
Schweitzer-Mauduit International, Inc.		12,251		527,406		527,406		—
UPM-Kymmene OYJ (Finland)		22,865		603,492		602,417		(1,075	)
		35,116		1,130,898		1,129,823		(1,075	)
Total Materials		452,306		3,943,521		3,942,430		(1,091	)
Real Estate — 0.6%
Real Estate Management & Development — 0.6%
BUWOG AG (Austria) (a)		24,424		659,540		659,540		—
Deutsche EuroShop AG (Germany)		14,070		571,140		571,222		82
Nexity SA (France) (a)		10,484		570,040		570,040		—
Vonovia SE (Germany)		17,238		624,065		624,088		23
Total Real Estate		66,216		2,424,785		2,424,890		105
Telecommunication Services — 0.5%
Diversified Telecommunication Services — 0.3%
Deutsche Telekom AG (Registered) (Germany)		32,766		574,642		574,742		100
Telefonica SA (Spain)		52,897		585,138		585,038		(100	)
		85,663		1,159,780		1,159,780		—
Wireless Telecommunication Services — 0.2%
NTT DOCOMO, Inc. (Japan)		4,600		110,919		111,306		387
Rogers Communications, Inc. (Canada), Class B		14,369		658,845		658,845		—
		18,969		769,764		770,151		387
Total Telecommunication Services		104,632		1,929,544		1,929,931		387
Utilities — 1.0%
Electric Utilities — 0.3%
EDP — Energias de Portugal SA (Portugal)		159,960		527,961		527,904		(57	)
Endesa SA (Spain)		24,051		566,810		566,477		(333	)
		184,011		1,094,771		1,094,381		(390	)
Gas Utilities — 0.1%
Gas Natural SDG SA (Spain)		26,529		599,923		599,490		(433	)
Multi-Utilities — 0.6%
A2A SpA (Italy)		359,557		534,623		534,423		(200	)
CenterPoint Energy, Inc.		20,509		585,122		585,122		–
E.ON SE (Germany)		72,311		563,745		563,692		(53	)
National Grid plc (United Kingdom)		36,232		469,277		469,141		(136	)
		488,609		2,152,767		2,152,378		(389	)
Total Utilities		699,149		3,847,461		3,846,249		(1,212	)
Total Long Positions of Total Return Basket Swap		4,286,866		77,953,197		77,946,086		(7,111	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions
Common Stocks
Consumer Discretionary — 3.4%
Hotels, Restaurants & Leisure — 1.5%
Accor SA (France) (a)		10,446		476,147		476,329		(182	)
Buffalo Wild Wings, Inc. (a)		2,616		412,151		412,151		—
Chipotle Mexican Grill, Inc. (a)		769		364,867		364,867		—
ClubCorp Holdings, Inc.		19,050		256,223		256,223		—
Domino’s Pizza Enterprises Ltd. (Australia)		9,130		417,850		417,514		336
Fiesta Restaurant Group, Inc. (a)		17,915		436,230		436,230		—
Merlin Entertainments plc (United Kingdom) (e)		66,575		435,882		435,753		129
NH Hotel Group SA (Spain) (a)		95,810		496,259		495,542		717
Penn National Gaming, Inc. (a)		28,816		532,520		532,520		—
Resorttrust, Inc. (Japan)		17,000		292,496		292,614		(118	)
Shake Shack, Inc., Class A (a)		15,474		525,188		525,188		—
Whitbread plc (United Kingdom)		7,190		375,759		375,657		102
Wynn Resorts Ltd.		4,719		580,484		580,484		—
		295,510		5,602,056		5,601,072		984
Internet & Direct Marketing Retail — 0.6%
Ocado Group plc (United Kingdom) (a)		171,502		557,545		557,545		—
Rakuten, Inc. (Japan)		38,000		388,948		389,274		(326	)
TripAdvisor, Inc. (a)		6,157		277,127		277,127		—
Yoox Net-A-Porter Group SpA (Italy) (a)		21,541		572,537		572,397		140
Zalando SE (Germany) (a) (e)		11,509		507,550		507,687		(137	)
		248,709		2,303,707		2,304,030		(323	)
Media — 0.3%
Altice NV (Netherlands), Class A (a)		24,977		620,466		620,584		(118	)
Atresmedia Corp. de Medios de Comunicacion SA (Spain)		40,503		508,702		507,971		731
		65,480		1,129,168		1,128,555		613
Multiline Retail — 0.6%
B&M European Value Retail SA (Luxembourg)		86,622		378,090		378,014		76
Isetan Mitsukoshi Holdings Ltd. (Japan)		47,800		521,844		522,320		(476	)
Izumi Co. Ltd. (Japan)		11,400		570,639		570,167		472
Next plc (United Kingdom)		5,738		319,941		319,857		84
Ollie’s Bargain Outlet Holdings, Inc. (a)		16,839		644,934		644,934		—
		168,399		2,435,448		2,435,292		156
Specialty Retail — 0.2%
Dufry AG (Registered) (Switzerland) (a)		3,912		640,861		641,008		(147	)
RH (a)		5,056		242,536		242,536		—
		8,968		883,397		883,544		(147	)
Textiles, Apparel & Luxury Goods — 0.2%
Cie Financiere Richemont SA (Registered) (Switzerland)		6,420		536,505		536,446		59
G-III Apparel Group Ltd. (a)		9,777		231,715		231,715		—
		16,197		768,220		768,161		59
Total Consumer Discretionary		803,263		13,121,996		13,120,654		1,342
Consumer Staples — 1.2%
Beverages — 0.2%
Anheuser-Busch InBev SA (Belgium)		3,243		365,271		365,714		(443	)
Brown-Forman Corp., Class B		8,956		423,798		423,798		—
		12,199		789,069		789,512		(443	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing — 0.1%
Costco Wholesale Corp.		2,534		449,836		449,836			—
Food Products — 0.7%
Calbee, Inc. (Japan)		12,200		425,728		426,530			(802	)
Greencore Group plc (Ireland)		164,891		486,932		486,764			168
Kerry Group plc (Ireland), Class A		6,213		507,722		507,722			—
Kewpie Corp. (Japan)		13,300		338,122		338,420			(298	)
Yakult Honsha Co. Ltd. (Japan)		10,200		580,112		581,361			(1,249	)
		206,804		2,338,616		2,340,797			(2,181	)
Personal Products — 0.1%
Edgewell Personal Care Co. (a)		5,096		364,313		364,313			—
Tobacco — 0.1%
Vector Group Ltd.		22,216		482,532		482,532			—
Total Consumer Staples		248,849		4,424,366		4,426,990			(2,624	)
Energy — 1.8%
Energy Equipment & Services — 0.1%
Weatherford International plc (a)		81,679		471,288		471,288			—
Oil, Gas & Consumable Fuels — 1.7%
Cheniere Energy, Inc. (a)		10,159		460,711		460,711			—
Concho Resources, Inc. (a)		3,919		496,381		496,381			—
EQT Corp.		6,555		381,108		381,108	��		—
Gulfport Energy Corp. (a)		15,702		249,348		249,348			—
Kosmos Energy Ltd. (a)		81,313		488,691		488,691			—
MEG Energy Corp. (Canada) (a)		85,944		389,095		389,095			—
Noble Energy, Inc.		12,559		406,032		406,032			—
PDC Energy, Inc. (a)		6,742		372,361		372,361			—
PrairieSky Royalty Ltd. (Canada)		602		13,120		13,120			—
Rice Energy, Inc. (a)		16,610		353,627		353,627			—
RSP Permian, Inc. (a)		10,783		410,293		410,293			—
Seven Generations Energy Ltd. (Canada), Class A (a)		22,400		396,621		396,621			—
SM Energy Co.		11,566		261,276		261,276			—
SRC ENERGY, Inc. (a)		55,331		417,196		417,196			—
Teekay Corp. (Bermuda)		48,891		424,374		424,374			—
Tullow Oil plc (United Kingdom) (a)		136,574		371,292		370,526			766
WPX Energy, Inc. (a)		32,498		387,701		387,701			—
		558,148		6,279,227		6,278,461			766
Total Energy		639,827		6,750,515		6,749,749			766
Financials — 2.3%
Banks — 0.6%
Banco Espirito Santo SA (Registered) (Portugal) (a)		35,937		—		—			—
Bank of Ireland (Ireland) (a)		2,054,485		516,967		517,193			(226	)
Bank of Kyoto Ltd. (The) (Japan)		65,000		514,286		514,777			(491	)
Royal Bank of Scotland Group plc (United Kingdom) (a)		137,970		474,266		473,676			590
Seven Bank Ltd. (Japan)		136,400		457,624		458,122			(498	)
Standard Chartered plc (United Kingdom) (a)		51,531		481,350		481,578			(228	)
		2,481,323		2,444,493		2,445,346			(853	)
Capital Markets — 0.7%
Charles Schwab Corp. (The)		14,132		549,028		549,028			—
Financial Engines, Inc.		12,372		525,810		525,810			—
Julius Baer Group Ltd. (Switzerland) (a)		10,842		564,982		565,374			(392	)
Moody’s Corp.		4,908		580,715		580,715			—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Capital Markets — continued
TD Ameritrade Holding Corp.		10,906		417,373		417,373		—
		53,160		2,637,908		2,638,300		(392	)
Consumer Finance — 0.2%
Aiful Corp. (Japan) (a)		135,200		407,510		407,720		(210	)
LendingClub Corp. (a)		53,253		311,530		311,530		—
		188,453		719,040		719,250		(210	)
Diversified Financial Services — 0.4%
Ackermans & van Haaren NV (Belgium)		3,472		568,064		568,253		(189	)
Element Fleet Management Corp. (Canada)		40,395		354,812		354,812		—
Wendel SA (France)		3,938		551,865		552,032		(167	)
		47,805		1,474,741		1,475,097		(356	)
Insurance — 0.3%
Japan Post Holdings Co. Ltd. (Japan)		38,600		478,193		478,954		(761	)
St James’s Place plc (United Kingdom)		40,765		606,131		605,905		226
		79,365		1,084,324		1,084,859		(535	)
Thrifts & Mortgage Finance — 0.1%
PHH Corp. (a)		31,891		411,394		411,394		—
Total Financials		2,881,997		8,771,900		8,774,246		(2,346	)
Health Care — 1.3%
Health Care Equipment & Supplies — 0.6%
DexCom, Inc. (a)		2,669		208,075		208,075		—
Insulet Corp. (a)		10,249		444,909		444,909		—
Neogen Corp. (a)		8,534		531,924		531,924		—
Olympus Corp. (Japan)		12,400		477,201		478,117		(916	)
Wright Medical Group NV (a)		16,743		508,820		508,820		—
		50,595		2,170,929		2,171,845		(916	)
Health Care Providers & Services — 0.1%
Diplomat Pharmacy, Inc. (a)		12,075		188,370		188,370		—
Healthscope Ltd. (Australia)		221,778		367,009		366,275		734
		233,853		555,379		554,645		734
Life Sciences Tools & Services — 0.1%
MorphoSys AG (Germany) (a)		8,841		536,611		536,754		(143	)
Pharmaceuticals — 0.5%
Medicines Co. (The) (a)		7,434		366,645		366,645		—
Nektar Therapeutics (a)		11,077		210,131		210,131		—
Pacira Pharmaceuticals, Inc. (a)		9,247		448,942		448,942		—
Takeda Pharmaceutical Co. Ltd. (Japan)		10,600		507,963		508,520		(557	)
TherapeuticsMD, Inc. (a)		50,459		257,341		257,341		—
		88,817		1,791,022		1,791,579		(557	)
Total Health Care		382,106		5,053,941		5,054,823		(882	)
Industrials — 3.8%
Aerospace & Defense — 0.5%
Airbus SE (France)		6,848		553,720		553,953		(233	)
Bombardier, Inc. (Canada), Class B (a)		273,641		422,975		422,975		—
Hexcel Corp.		10,087		522,002		522,002		—
Rolls-Royce Holdings plc (United Kingdom) (a)		45,843		482,132		481,879		253
Rolls-Royce Holdings plc (United Kingdom), Class C (a)		3,254,853		4,216		4,216		—
		3,591,272		1,985,045		1,985,025		20

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 37

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Air Freight & Logistics — 0.1%
Yamato Holdings Co. Ltd. (Japan)		18,500		399,706		399,766			(60	)
Airlines — 0.3%
Air France-KLM (France) (a)		68,207		573,208		573,015			193
Spirit Airlines, Inc. (a)		9,599		549,735		549,735			—
		77,806		1,122,943		1,122,750			193
Building Products — 0.4%
Armstrong World Industries, Inc. (a)		9,971		466,144		466,144			—
Nippon Sheet Glass Co. Ltd. (Japan) (a)		56,900		442,542		442,688			(146	)
Reliance Worldwide Corp. Ltd. (Australia)		235,828		538,593		537,241			1,352
		302,699		1,447,279		1,446,073			1,206
Commercial Services & Supplies — 0.4%
Bilfinger SE (Germany) (a)		12,095		525,422		525,093			329
Brambles Ltd. (Australia)		52,653		407,671		407,433			238
Covanta Holding Corp.		28,580		415,839		415,839			—
Stericycle, Inc. (a)		3,755		320,452		320,452			—
		97,083		1,669,384		1,668,817			567
Construction & Engineering — 0.1%
OCI NV (Netherlands) (a)		24,209		470,984		471,071			(87	)
Electrical Equipment — 0.2%
Mabuchi Motor Co. Ltd. (Japan)		9,600		541,682		541,925			(243	)
Machinery — 0.5%
Alstom SA (France) (a)		17,378		551,805		551,584			221
Flowserve Corp.		9,928		505,037		505,037			—
Konecranes OYJ (Finland)		12,826		538,317		537,889			428
Proto Labs, Inc. (a)		5,719		331,702		331,702			—
		45,851		1,926,861		1,926,212			649
Road & Rail — 0.4%
Genesee & Wyoming, Inc., Class A (a)		7,032		476,488		476,488			—
Hertz Global Holdings, Inc. (a)		10,213		168,402		168,402			—
Keio Corp. (Japan)		45,000		360,081		360,381	��		(300	)
Odakyu Electric Railway Co. Ltd. (Japan)		18,000		349,101		349,432			(331	)
		80,245		1,354,072		1,354,703			(631	)
Trading Companies & Distributors — 0.4%
Ashtead Group plc (United Kingdom)		26,823		566,628		565,857			771
Brenntag AG (Germany)		8,564		507,858		507,689			169
Herc Holdings, Inc. (a)		3,404		154,787		154,787			—
MISUMI Group, Inc. (Japan)		23,600		446,913		447,103			(190	)
		62,391		1,676,186		1,675,436			750
Transportation Infrastructure — 0.5%
Abertis Infraestructuras SA (Spain)		34,771		611,698		611,261			437
Groupe Eurotunnel SE (Registered) (France)		37,649		413,597		413,601			(4	)
Mitsubishi Logistics Corp. (Japan)		29,000		374,613		375,190			(577	)
Qube Holdings Ltd. (Australia)		238,453		469,596		468,763			833
		339,873		1,869,504		1,868,815			689
Total Industrials		4,649,529		14,463,646		14,460,593			3,053
Information Technology — 2.6%
Communications Equipment — 0.2%
Nokia OYJ (Finland)		56,159		321,163		321,052			111

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Communications Equipment — continued
ViaSat, Inc. (a)		4,652		297,868		297,868		—
		60,811		619,031		618,920		111
Electronic Equipment, Instruments & Components — 0.2%
Japan Display, Inc. (Japan) (a)		146,700		331,629		331,621		8
Topcon Corp. (Japan)		32,400		571,705		572,449		(744	)
		179,100		903,334		904,070		(736	)
Internet Software & Services — 0.7%
2U, Inc. (a)		10,054		456,452		456,452		—
Benefitfocus, Inc. (a)		6,816		214,704		214,704		—
CoStar Group, Inc. (a)		1,376		331,465		331,465		—
GMO internet, Inc. (Japan)		31,400		372,659		372,716		(57	)
New Relic, Inc. (a)		10,155		405,997		405,997		—
Pandora Media, Inc. (a)		26,645		289,098		289,098		—
Twilio, Inc., Class A (a)		18,245		602,997		602,997		—
		104,691		2,673,372		2,673,429		(57	)
IT Services — 0.2%
InterXion Holding NV (Netherlands) (a)		8,440		351,610		351,610		—
Worldpay Group plc (United Kingdom) (e)		91,306		354,779		354,593		186
		99,746		706,389		706,203		186
Software — 1.1%
Autodesk, Inc. (a)		5,863		528,080		528,080		—
Blackline, Inc. (a)		10,765		353,846		353,846		—
FireEye, Inc. (a)		19,000		237,690		237,690		—
Globant SA (a)		8,103		307,023		307,023		—
HubSpot, Inc. (a)		5,593		375,011		375,011		—
Imperva, Inc. (a)		6,397		284,347		284,347		—
Nintendo Co. Ltd. (Japan)		1,000		251,581		253,065		(1,484	)
RingCentral, Inc., Class A (a)		12,811		409,311		409,311		—
Splunk, Inc. (a)		5,520		354,991		354,991		—
Tableau Software, Inc., Class A (a)		5,265		282,625		282,625		—
Workday, Inc., Class A (a)		3,690		322,506		322,506		—
Zendesk, Inc. (a)		11,256		323,610		323,610		—
		95,263		4,030,621		4,032,105		(1,484	)
Technology Hardware, Storage & Peripherals — 0.2%
Pure Storage, Inc., Class A (a)		37,729		400,305		400,305		—
Stratasys Ltd. (a)		19,245		476,506		476,506		—
		56,974		876,811		876,811		—
Total Information Technology		596,585		9,809,558		9,811,538		(1,980	)
Materials — 1.5%
Chemicals — 0.5%
Axalta Coating Systems Ltd. (a)		15,100		473,687		473,687		—
K+S AG (Registered) (Germany)		19,824		473,022		472,967		55
Potash Corp. of Saskatchewan, Inc. (Canada)		25,969		437,937		437,937		—
WR Grace & Co.		5,376		374,815		374,815		—
		66,269		1,759,461		1,759,406		55
Construction Materials — 0.1%
Summit Materials, Inc., Class A (a)		22,163		568,703		568,703		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 39

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Metals & Mining — 0.9%
Antofagasta plc (Chile)		46,165		501,065		500,879		186
First Quantum Minerals Ltd. (Canada)		40,717		388,065		388,065		—
Franco-Nevada Corp. (Canada)		5,646		383,997		383,997		—
Fresnillo plc (Mexico)		19,643		369,412		369,331		81
Hecla Mining Co.		85,160		464,122		464,122		—
Independence Group NL (Australia)		144,620		353,030		354,308		(1,278	)
Kobe Steel Ltd. (Japan) (a)		50,300		446,710		446,868		(158	)
thyssenkrupp AG (Germany)		20,024		476,704		477,183		(479	)
		412,275		3,383,105		3,384,753		(1,648	)
Total Materials		500,707		5,711,269		5,712,862		(1,593	)
Real Estate — 0.1%
Real Estate Management & Development — 0.1%
Capital & Counties Properties plc (United Kingdom)		91,190		372,989		372,926		63
Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.5%
Iliad SA (France)		1,728		419,567		419,426		141
SFR Group SA (France) (a)		14,157		463,561		463,489		72
TalkTalk Telecom Group plc (United Kingdom)		229,335		573,871		573,871		—
Zayo Group Holdings, Inc. (a)		14,493		508,270		508,270		—
		259,713		1,965,269		1,965,056		213
Wireless Telecommunication Services — 0.1%
Sprint Corp. (a)		58,023		523,948		523,948		—
Total Telecommunication Services		317,736		2,489,217		2,489,004		213
Utilities — 1.1%
Electric Utilities — 0.3%
Chugoku Electric Power Co., Inc. (The) (Japan)		37,500		408,724		408,803		(79	)
Hokkaido Electric Power Co., Inc. (Japan)		52,400		380,279		380,391		(112	)
Hokuriku Electric Power Co. (Japan)		34,700		320,619		320,720		(101	)
		124,600		1,109,622		1,109,914		(292	)
Independent Power & Renewable Electricity Producers — 0.2%
Calpine Corp. (a)		29,065		296,463		296,463		—
Northland Power, Inc. (Canada)		27,332		483,148		483,148		—
		56,397		779,611		779,611		—
Multi-Utilities — 0.2%
Dominion Resources, Inc.		5,869		454,437		454,437		—
Sempra Energy		4,216		476,492		476,492		—
		10,085		930,929		930,929		—
Water Utilities — 0.4%
American States Water Co.		11,202		498,713		498,713		—
Pennon Group plc (United Kingdom)		39,236		435,514		435,289		225
United Utilities Group plc (United Kingdom)		34,137		430,426		430,202		224
		84,575		1,364,653		1,364,204		449
Total Utilities		275,657		4,184,815		4,184,658		157

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2017

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Preferred Stock
Industrials — 0.0% (g)
Aerospace & Defense — 0.0% (g)
Rolls-Royce Holdings plc (Preference) (United Kingdom), Class C (a)		115,485		150		150		—
Total Short Positions of Total Return Basket Swap		11,502,931		75,154,362		75,158,193		(3,831	)
Total of Long and Short Positions of Total Return Basket Swap		7,216,065		2,798,835		2,787,893		(10,942	)
Outstanding swap contract, at value							$	(10,942	)

Percentages indicated are based on net assets.

NOTES TO ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS:

CVR — Contingent Value Rights

(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, 2017 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

(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 0.05%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 41

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)

	Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	238,814,147
Investments in affiliates, at value		118,754,602
Total investment securities, at value		357,568,749
Restricted cash		2,040,000
Cash		4,007,506
Foreign currency, at value		5,550,767
Deposits at broker for futures contracts		10,495,000
Receivables:
Investment securities sold		4,739,212
Fund shares sold		95,490
Interest from non-affiliates		437,918
Dividends from affiliates		61,498
Tax reclaims		28,864
Unrealized appreciation on forward foreign currency exchange contracts		1,372,701
Due from counterparty for swap contracts		657,203
Other assets		4,768
Total Assets		387,059,676
LIABILITIES:
Payables:
Investment securities purchased		470,348
Fund shares redeemed		37,566
Variation margin on futures contracts		208,165
Unrealized depreciation on forward foreign currency exchange contracts		872,623
Outstanding swap contracts, at value		20,111
Due to counterparty for swap contracts		2,244,607
Accrued liabilities:
Investment advisory fees		170,047
Administration fees		4,095
Distribution fees		11,979
Service fees		22,142
Custodian and accounting fees		38,770
Other		169,445
Total Liabilities		4,269,898
Net Assets	$	382,789,778

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2017

	Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	376,896,548
Accumulated undistributed (distributions in excess of) net investment income		(5,326,638	)
Accumulated net realized gains (losses)		(6,444,731	)
Net unrealized appreciation (depreciation)		17,664,599
Total Net Assets	$	382,789,778
Net Assets:
Class A	$	56,198,887
Class C		444,753
Class I (formerly Select Class)		51,407,083
Class R6		274,739,055
Total	$	382,789,778
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,701,748
Class C		29,807
Class I (formerly Select Class)		3,294,121
Class R6		17,765,426
Net Asset Value (a):
Class A — Redemption price per share	$	15.18
Class C — Offering price per share (b)		14.92
Class I (formerly Select Class) — Offering and redemption price per share		15.61
Class R6 — Offering and redemption price per share		15.46
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.90
Cost of investments in non-affiliates	$	224,200,182
Cost of investments in affiliates		118,754,602
Cost of foreign currency		5,433,361

(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, 2017 J.P. MORGAN FUNDS 43

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)

	Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,345,096
Dividend income from affiliates		242,052
Interest income from non-affiliates		315,384
Interest income from affiliates		2,631
Foreign taxes withheld		(79,085	)
Total investment income		2,826,078
EXPENSES:
Investment advisory fees		1,519,677
Administration fees		169,981
Distribution fees:
Class A		62,065
Class C		1,870
Service fees:
Class A		62,065
Class C		623
Class I (formerly Select Class)		56,001
Custodian and accounting fees		112,468
Interest expense to affiliates		2,577
Professional fees		86,480
Trustees’ and Chief Compliance Officer’s fees		23,925
Printing and mailing costs		12,837
Registration and filing fees		43,075
Transfer agency fees (See Note 2.F.)		2,238
Sub-transfer agency fees (See Note 2.F.)		7,828
Other		5,800
Total expenses		2,169,510
Less fees waived		(728,042	)
Less earnings credits		(376	)
Net expenses		1,441,092
Net investment income (loss)		1,384,986
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,149,993
Futures		(8,329,259	)
Foreign currency transactions		3,654,587
Swaps		(7,426,793	)
Net realized gain (loss)		(4,951,472	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		11,794,060
Futures		1,370,072
Foreign currency translations		(483,723	)
Swaps		(68,382	)
Change in net unrealized appreciation/depreciation		12,612,027
Net realized/unrealized gains (losses)		7,660,555
Change in net assets resulting from operations	$	9,045,541

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2017

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Systematic Alpha Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,384,986		$	1,982,641
Net realized gain (loss)		(4,951,472	)		(7,924,104	)
Change in net unrealized appreciation/depreciation		12,612,027			4,956,512
Change in net assets resulting from operations		9,045,541			(984,951	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			(988,643	)
From net realized gains		(83,124	)		—
Class C
From net investment income		—			(13,623	)
From net realized gains		(1,193	)		—
Class I (formerly Select Class)
From net investment income		(33,272	)		—
From net realized gains		(83,117	)		—
Class R6
From net investment income		(598,010	)		(6,365,412	)
From net realized gains		(482,836	)		—
Total distributions to shareholders		(1,281,552	)		(7,367,678	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		39,163,306			23,949,299
NET ASSETS:
Change in net assets		46,927,295			15,596,670
Beginning of period		335,862,483			320,265,813
End of period	$	382,789,778		$	335,862,483
Accumulated undistributed (distributions in excess of) net investment income	$	(5,326,638	)	$	(6,080,342	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 45

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Systematic Alpha Fund
	Six Months Ended April 30, 2017 (Unaudited)			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	27,051,112		$	34,490,135
Distributions reinvested		83,124			988,643
Cost of shares redeemed		(15,009,504	)		(39,177,739	)
Change in net assets resulting from Class A capital transactions	$	12,124,732		$	(3,698,961	)
Class C
Proceeds from shares issued	$	308,997		$	587,296
Distributions reinvested		1,193			13,623
Cost of shares redeemed		(645,377	)		(269,858	)
Change in net assets resulting from Class C capital transactions	$	(335,187	)	$	331,061
Class I (formerly Select Class)
Proceeds from shares issued	$	24,581,741		$	39,913,331
Distributions reinvested		76,067			—
Cost of shares redeemed		(7,197,351	)		(268,520,160	)
Change in net assets resulting from Class I capital transactions	$	17,460,457		$	(228,606,829	)
Class R6
Proceeds from shares issued	$	12,318,147		$	271,927,080
Distributions reinvested		1,080,846			6,365,412
Cost of shares redeemed		(3,485,689	)		(22,368,464	)
Change in net assets resulting from Class R6 capital transactions	$	9,913,304		$	255,924,028
Total change in net assets resulting from capital transactions	$	39,163,306		$	23,949,299
SHARE TRANSACTIONS:
Class A
Issued		1,791,712			2,319,369
Reinvested		5,508			66,219
Redeemed		(995,615	)		(2,633,244	)
Change in Class A Shares		801,605			(247,656	)
Class C
Issued		20,881			39,656
Reinvested		80			922
Redeemed		(43,414	)		(18,540	)
Change in Class C Shares		(22,453	)		22,038
Class I (formerly Select Class)
Issued		1,590,355			2,616,027
Reinvested		4,900			—
Redeemed		(464,104	)		(17,537,819	)
Change in Class I Shares		1,131,151			(14,921,792	)
Class R6
Issued		798,739			17,544,824
Reinvested		70,226			420,437
Redeemed		(226,232	)		(1,470,170	)
Change in Class R6 Shares		642,733			16,495,091

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2017 J.P. MORGAN FUNDS 47

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, 2017 (Unaudited)	$	14.85	$	0.03	(e)	$	0.33		$	0.36		$	—		$	(0.03	)	$	(0.03	)
Year Ended October 31, 2016		15.27		0.03	(e)		(0.14	)		(0.11	)		(0.31	)(f)		—			(0.31	)
Year Ended October 31, 2015		15.16		(0.01	)(e)		0.29			0.28			(0.15	)		(0.02	)		(0.17	)
Year Ended October 31, 2014		15.60		(0.11	)(e)(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, 2017 (Unaudited)		14.63		(0.01	)(e)(g)		0.33			0.32			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.14		(0.04	)(e)		(0.14	)		(0.18	)		(0.33	)(f)		—			(0.33	)
Year Ended October 31, 2015		15.10		(0.07	)(e)		0.27			0.20			(0.14	)		(0.02	)		(0.16	)
Year Ended October 31, 2014		15.55		(0.12	)(e)(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 I (formerly Selcet Class)
Six Months Ended April 30, 2017 (Unaudited)		15.26		0.05	(e)		0.34			0.39			(0.01	)		(0.03	)		(0.04	)
Year Ended October 31, 2016		15.33		0.06	(e)		(0.13	)		(0.07	)		—	(f)		—			—
Year Ended October 31, 2015		15.19		0.04	(e)		0.28			0.32			(0.16	)		(0.02	)		(0.18	)
Year Ended October 31, 2014		15.63		(0.05	)(e)(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			—			—			—
Class R6
Six Months Ended April 30, 2017 (Unaudited)		15.13		0.07	(e)		0.33			0.40			(0.04	)		(0.03	)		(0.07	)
Year Ended October 31, 2016		15.56		0.11	(e)		(0.15	)		(0.04	)		(0.39	)(f)		—			(0.39	)
Year Ended October 31, 2015		15.21		0.09	(e)		0.28			0.37			—			(0.02	)		(0.02	)
Year Ended October 31, 2014		15.64		0.01	(e)(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			—			—			—

(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 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Distributions of 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.

(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.

48 J.P. MORGAN FUNDS APRIL 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	15.18		2.42	%	$	56,198,887		1.20	%		0.37	%		1.60	%		72	%
	14.85		(0.74	)		43,075,837		1.18			0.18			1.66			151
	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
	14.92		2.18			444,753		1.71			(0.20	)(g)		2.24			72
	14.63		(1.23	)		764,511		1.69			(0.29	)		2.26			151
	15.14		1.34			457,517		1.62			(0.50	)		2.26			164
	15.10		4.16			53,974		1.77			(0.80	)(g)		5.85	(h)		113
	15.55		3.67			51,827		1.80	(j)		(0.22	)(j)		7.43	(j)		112
	15.61		2.56			51,407,083		0.95			0.61			1.39			72
	15.26		(0.46	)		33,006,202		0.94			0.42			1.40			151
	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
	15.46		2.61			274,739,055		0.70			0.88			1.10			72
	15.13		(0.25	)		259,015,933		0.69			0.70			1.12			151
	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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2017 J.P. MORGAN FUNDS 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (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 I^ and Class R6	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

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 I and Class R6 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 (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017, sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A after ten years.

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.

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, 2017, net assets of the Fund were $382,789,778 of which $51,949,464 or approximately 13.6% represented the Subsidiary’s net assets. The net realized loss in the Subsidiary amounted to $(1,563,953). 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 Investment 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.

50 J.P. MORGAN FUNDS APRIL 30, 2017

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	$	30,182,286	$	3,885,928	$	—	$	34,068,214
Consumer Staples		16,845,976		3,015,451		—		19,861,427
Energy		7,897,778		1,136,810		—		9,034,588
Financials		18,987,567		—		—		18,987,567
Health Care		20,699,252		2,026,595		—		22,725,847
Industrials		16,346,914		5,806,004		—		22,152,918
Information Technology		37,149,681		4,091,600		—		41,241,281
Materials		17,927,383		10,014,730		—		27,942,113
Real Estate		1,767,721		—		—		1,767,721
Telecommunication Services		1,821,987		927,422		—		2,749,409
Utilities		6,166,130		527,795		—		6,693,925
Total Common Stocks		175,792,675		31,432,335		—		207,225,010
Convertible Preferred Stocks
Energy		1,215,411		—		—		1,215,411
Financials		892,818		—		—		892,818
Health Care		1,218,179		—		—		1,218,179
Industrials		285,161		—		—		285,161
Real Estate		300,247		—		—		300,247
Telecommunication Services		1,267,048		—		—		1,267,048
Utilities		1,114,447		—		—		1,114,447
Total Convertible Preferred Stocks		6,293,311		—		—		6,293,311

APRIL 30, 2017 J.P. MORGAN FUNDS 51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Preferred Stock
Consumer Staples	$	435,449		$	—		$	—		$	435,449
Debt Securities
Convertible Bonds
Consumer Discretionary		—			2,652,385			—			2,652,385
Financials		—			1,914,946			—			1,914,946
Health Care		—			6,782,200			—			6,782,200
Industrials		—			571,369			—			571,369
Information Technology		—			10,677,109			—			10,677,109
Materials		—			900,649			—			900,649
Real Estate		—			591,875			—			591,875
Utilities		—			769,844			—			769,844
Total Convertible Bonds		—			24,860,377			—			24,860,377
Rights
Health Care		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Companies		118,754,602			—			—			118,754,602
Total Investments in Securities	$	301,276,037		$	56,292,712		$	—	(a)	$	357,568,749
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,372,701		$	—		$	1,372,701
Futures Contracts		4,062,258			641,696			—			4,703,954
Total Appreciation in Other Financial Instruments	$	4,062,258		$	2,014,397		$	—		$	6,076,655
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(872,623	)	$	—		$	(872,623	)
Futures Contracts		(2,185,632	)		(62,666	)		—			(2,248,298	)
Swaps		—			(20,111	)		—			(20,111	)
Total Depreciation in Other Financial Instruments	$	(2,185,632	)	$	(955,400	)	$	—		$	(3,141,032	)

(a) Value is zero.

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no significant transfers between Level 1 and Level 2 during the period ended April 30, 2017.

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 asset value of the Fund.

As of April 30, 2017, 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”).

52 J.P. MORGAN FUNDS APRIL 30, 2017

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (e.g., 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. 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 some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. 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). The Funds may be required to post or receive collateral for Non-Deliverable 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

APRIL 30, 2017 J.P. MORGAN FUNDS 53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, 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. For certain counterparties cash collateral posted or received by the Fund is reported on the CSAL as Restricted cash.

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. The Fund may be required to post or receive collateral for total return basket swaps.

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of April 30, 2017, 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	$	2,286,702		$	—		$	—		$	2,286,702
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		677,866			—			—			677,866
Foreign exchange contracts	Receivables		—			1,372,701			—			1,372,701
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		1,739,386			—			—			1,739,386
Total		$	4,703,954		$	1,372,701		$	—		$	6,076,655
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,103,386	)	$	—		$	—		$	(1,103,386	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(481,812	)		—			(20,111	)		(501,923	)
Foreign exchange contracts	Payables		—			(872,623	)		—			(872,623	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(663,100	)		—			—			(663,100	)
Total		$	(2,248,298	)	$	(872,623	)	$	(20,111	)	$	(3,141,032	)

(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.

54 J.P. MORGAN FUNDS APRIL 30, 2017

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, 2017:

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)
Australia and New Zealand Banking Group Ltd.	$	81,419	$	—		$	—		$	81,419
Citibank, NA		23,897		(23,897	)		—			—
Goldman Sachs International		112,253		(112,253	)		—			—
HSBC Bank, NA		52,080		(16,738	)		—			35,342
Merrill Lynch International		279,721		(222,792	)		(56,929	)(b)		—
Morgan Stanley		574,994		—			—			574,994
National Australia Bank		28,057		—			—			28,057
Royal Bank of Canada		1,351		(1,351	)		—			—
State Street Corp.		218,929		—			—			218,929
	$	1,372,701	$	(377,031	)	$	(56,929	)	$	938,741
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)
Bank of America, NA	$	6,405	$	—		$	—		$	6,405
Citibank, NA		318,881		(23,897	)		—			294,984
Goldman Sachs International		192,084		(112,253	)		—			79,831
HSBC Bank, NA		16,738		(16,738	)		—			—
Merrill Lynch International		222,792		(222,792	)		—			—
Royal Bank of Canada		122,128		(1,351	)		—			120,777
Union Bank of Switzerland AG		13,706		—			—			13,706
	$	892,734	$	(377,031	)	$	—		$	515,703

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. Collateral posted is presented as Restricted cash on the CSAL.

The following tables present the effect of derivatives on the CSOP for the six months ended April 30, 2017, 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	$	(2,691,950	)	$	—		$	—		$	(2,691,950	)
Equity contracts		(4,005,395	)		—			(7,426,793	)		(11,432,188	)
Foreign exchange contracts		—			3,758,736			—			3,758,736
Commodity contracts		(1,631,914	)		—			—			(1,631,914	)
Total	$	(8,329,259	)	$	3,758,736		$	(7,426,793	)	$	(11,997,316	)
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	$	1,710,023		$	—		$	—		$	1,710,023
Equity contracts		(1,098,477	)		—			(68,382	)		(1,166,859	)
Foreign exchange contracts		—			(605,696	)		—			(605,696	)
Commodity contracts		758,526			—			—			758,526
Total	$	1,370,072		$	(605,696	)	$	(68,382	)	$	695,994

APRIL 30, 2017 J.P. MORGAN FUNDS 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

The Fund’s derivatives contracts held at April 30, 2017 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, 2017. 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	$	26,820,467
Average Notional Balance Short		23,226,790
Ending Notional Balance Long		31,125,900
Ending Notional Balance Short		26,463,371
Equity
Average Notional Balance Long	$	14,509,430
Average Notional Balance Short		52,861,104
Ending Notional Balance Long		25,321,287
Ending Notional Balance Short		51,061,725
Interest
Average Notional Balance Long	$	108,993,137
Average Notional Balance Short		102,636,349
Ending Notional Balance Long		120,068,952
Ending Notional Balance Short		112,684,761
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	50,338,497
Average Settlement Value Sold		101,063,409
Ending Settlement Value Purchased		45,309,923
Ending Settlement Value Sold		94,118,514
Total Return Basket Swaps:
Average Notional Balance Long	$	140,317,724
Average Notional Balance Short		180,437,430
Ending Notional Balance Long		156,013,884
Ending Notional Balance Short		204,883,748

D. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOP.

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

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

56 J.P. MORGAN FUNDS APRIL 30, 2017

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class specific expenses up through April 2, 2017. Effective April 3, 2017, the Fund ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the six months ended April 30, 2017 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	494	$	79	$	696	$	969	$	2,238
Sub-transfer agency fees		—		259		7,569		—		7,828

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, 2017, 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 an 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, 2017, the effective annualized rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Subsidiary.

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

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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

APRIL 30, 2017 J.P. MORGAN FUNDS 57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

In addition, JPMDS 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, 2017, JPMDS retained the following:

Front-End Sales Charge		CDSC
$	243	$	—

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not participate in the shareholder servicing agreement. For performing these services, JPMDS 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 Class I Shares.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing 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 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 JPMDS 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 I			Class R6
	1.25	%		1.75	%		1.00	%		0.75	%

The expense limitation agreement was in effect for the six months ended April 30, 2017, and is in place until at least February 28, 2018.

For the six months ended April 30, 2017, 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 Fees		Administration Fees		Service Fees		Total
$	482,288	$	146,813	$	8,748	$	637,849

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/or JPMDS, 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.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2017 was $90,193.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP.

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

58 J.P. MORGAN FUNDS APRIL 30, 2017

The Fund may use related party broker-dealers. For the six months ended April 30, 2017, 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, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	170,010,976	$	168,774,374

During the six months ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at April 30, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	342,954,784	$	22,862,510	$	8,248,545	$	14,613,965

The Federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized appreciation of the Fund’s investment in its Subsidiary of $1,076,286, which, if realized, is not deductible for income tax purposes.

During the year ended October 31, 2016 the Fund utilized capital loss carryforwards of $1,807,945.

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2016, the Fund deferred to November 1, 2016 late year ordinary losses of $5,240,144.

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).

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 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred

APRIL 30, 2017 J.P. MORGAN FUNDS 59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (continued)

on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Fund did not utilize the Credit Facility during the six months ended April 30, 2017.

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, 2017, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 67.5% of the net assets of the Fund.

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

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

Derivatives, including 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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. 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.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Fund’s financial statements and related disclosures.

60 J.P. MORGAN FUNDS APRIL 30, 2017

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, 2016 and continued to hold your shares at the end of the reporting period, April 30, 2017.

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, 2016		Ending Account Value April 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	1,024.20	$	6.02		1.20	%
Hypothetical		1,000.00		1,018.84		6.01		1.20
Class C
Actual		1,000.00		1,021.80		8.57		1.71
Hypothetical		1,000.00		1,016.31		8.55		1.71
Class I (formerly Select Class)
Actual		1,000.00		1,025.60		4.77		0.95
Hypothetical		1,000.00		1,020.08		4.76		0.95
Class R6
Actual		1,000.00		1,026.10		3.52		0.70
Hypothetical		1,000.00		1,021.32		3.51		0.70

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2017 J.P. MORGAN FUNDS 61

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., 2017.  All rights reserved. April 2017. SAN-SA-417

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/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Office
	July 5, 2017

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/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 5, 2017
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	July 5, 2017