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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2016 through October 31, 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).

Annual Report

J.P. Morgan Specialty Funds

October 31, 2017

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	20
Financial Highlights	26
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	39
Trustees	40
Officers	42
Schedule of Shareholder Expenses	43
Board Approval of Investment Advisory Agreements	44
Tax Letter	47
Privacy Policy — Located at the back of this Annual Report

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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

U.S. financial markets overall provided positive returns during the reporting period. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment. Low interest rates generally weighed on bond prices, while investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index hit fresh highs in 11 of the 22 trading days in October 2017.

For the twelve months ended October 31, 2017, the S&P 500 returned 23.63%, while the BofA Merrill Lynch 3-Month U.S. Treasury Index returned 0.72%.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		13.92%
Standard & Poor’s 500 Index		23.63%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.72%
Net Assets as of 10/31/2017 (In Thousands)	$	161,421

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 twelve months ended October 31, 2017. The Fund’s short positions in the consumer discretionary and consumer staples sectors were leading detractors from performance relative to the Benchmark, while the Fund’s long positions in the utilities and telecommunications services sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s long position in Newell Brands Inc. and its short positions in Nike Inc. and Host Hotels & Resorts Inc. Shares of Newell Brands, a household products company, fell after the company lowered its profit forecast. Shares of Nike, a maker of athletic footwear and apparel, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter. Shares of Host Hotels & Resorts, a lodging sector real estate investment trust, rose amid strength in earnings and less-than-expected business disruption from Hurricanes Harvey and Irma.

Leading individual contributors to relative performance included the Fund’s long positions in Alphabet Inc., American Express Co. and Royal Caribbean Cruises Ltd. Shares of

Alphabet, parent company of Google, rose amid continued growth in the company’s earnings and revenue.

Shares of American Express, a credit card company, rose after the company reported better-than-expected third-quarter 2017 earnings and raised its earnings forecast. Shares of Royal Caribbean Cruises, a cruise ship operator, rose after the company reported better-than-expected earnings and sales and raised its quarterly dividend.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2017, the Fund invested an average of 111% 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 twelve month reporting period, the Fund’s average gross exposure was 111% and its average net exposure was 54%.

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.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class A	7.9	%
	2.	Coca-Cola Co. (The)	5.8
	3.	Intel Corp.	5.7
	4.	Eaton Corp. plc	5.4
	5.	Berkshire Hathaway, Inc., Class A	5.4
	6.	American Express Co.	5.3
	7.	UnitedHealth Group, Inc.	5.1
	8.	Wal-Mart Stores, Inc.	4.9
	9.	Brookfield Asset Management, Inc., Class A, (Canada)	3.7
	10.	Cummins, Inc.	3.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Kimberly-Clark Corp.,	16.2	%
	2.	Harley-Davidson, Inc.,	7.8
	3.	Starbucks Corp.,	6.5
	4.	United Natural Foods, Inc.,	6.5
	5.	TJX Cos., Inc. (The),	5.7
	6.	Church & Dwight Co., Inc.,	5.5
	7.	Mondelez International, Inc., Class A,	4.3
	8.	Express Scripts Holding Co.,	4.2
	9.	Johnson Controls International plc,	4.2
	10.	Costco Wholesale Corp.,	4.0

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.8	%
Consumer Staples	17.8
Industrials	16.0
Financials	14.4
Health Care	7.7
Consumer Discretionary	7.7
Materials	3.9
Utilities	3.2
Others (each less than 1.0%)	0.2
Short-Term Investment	6.3

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Staples	43.0	%
Consumer Discretionary	32.5
Health Care	11.3
Industrials	6.6
Materials	2.5
Utilities	1.8
Real Estate	1.2
Financials	1.1

*** Percentages indicated are based on total long investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge*			7.67	%		5.86	%		7.17	%
Without Sales Charge			13.64			7.78			9.00
CLASS C SHARES	August 29, 2014
With CDSC**			12.07			7.26			8.47
Without CDSC			13.07			7.26			8.47
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	August 29, 2014		13.92			8.05			9.26
CLASS R2 SHARES	August 29, 2014		13.35			7.52			8.73
CLASS R5 SHARES	August 29, 2014		14.15			8.27			9.49
CLASS R6 SHARES	August 29, 2014		14.19			8.32			9.54

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 10/31/17)

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 (formerly Select Class Shares) of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Long/Short Equity Funds Index from August 29, 2014 to October 31, 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.

From the inception of the Fund through January 23, 2015, the Fund did not experience any shareholder activity. If such 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.

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

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1*		6.57%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.72%
Net Assets as of 10/31/2017 (In Thousands)	$	219,531

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 (Class L Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury bill Index (the “Benchmark”) for the twelve months ended October 31, 2017.

The Fund’s security selection in the retail and banks & brokerages sectors was a leading contributor to performance relative to the Benchmark, while security selection in the industrial cyclical and financial services sectors was a leading detractor from relative performance. Leading individual contributors to the Fund’s relative performance included its short positions in Mattel Inc., Bed Bath & Beyond Inc. and Under Armour Inc. Shares of Mattel, a toy maker, fell after the company reported a drop in sales and a loss for the three months ended October 2017. Shares of Bed Bath & Beyond, a household products retail chain, fell after the company reported lower-than-expected earnings and a decline in sales for the second quarter of 2017. Shares of Under Armour, a maker of sports apparel, fell amid declines in sales.

Leading individual detractors from relative performance included the Fund’s short positions in Boeing Co., AbbVie Inc.

and Whole Foods Market Inc. Shares of Boeing, an airplanes and aerospace company, rose amid global demand and revenue growth. Shares of AbbVie, a pharmaceuticals company, rose amid continued growth in earnings and sales. Shares of Whole Foods Market, an upscale supermarket chain, rose in advance of its acquisition by Amazon.com Inc.

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 OCTOBER 31, 2017

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	2.8	%
	2.	Union Pacific Corp.	2.5
	3.	UnitedHealth Group, Inc.	2.0
	4.	Morgan Stanley	1.9
	5.	EOG Resources, Inc.	1.7
	6.	Duke Energy Corp.	1.6
	7.	Texas Instruments, Inc.	1.6
	8.	NextEra Energy, Inc.	1.5
	9.	Norfolk Southern Corp.	1.4
	10.	Microsoft Corp.	1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Exxon Mobil Corp.	2.9	%
	2.	LyondellBasell Industries NV, Class A	2.5
	3.	Southern Co. (The)	2.5
	4.	Intel Corp.	2.3
	5.	Dominion Energy, Inc.	2.0
	6.	Heartland Express, Inc.	1.9
	7.	Sempra Energy	1.8
	8.	Boeing Co. (The)	1.8
	9.	Schlumberger Ltd.	1.7
	10.	AT&T, Inc.	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	15.4	%
Financials	12.8
Industrials	12.6
Consumer Discretionary	11.3
Utilities	7.0
Health Care	6.2
Energy	5.8
Materials	5.4
Consumer Staples	4.2
Real Estate	1.4
Others (each less than 1.0%)	0.5
Short-Term Investments	17.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.5	%
Financials	15.4
Information Technology	14.4
Industrials	14.1
Utilities	9.4
Consumer Staples	6.6
Energy	6.4
Health Care	6.4
Materials	6.3
Real Estate	2.4
Telecommunication Services	2.1

*** Percentages indicated are based on total long investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			0.55	%		(0.21	)%		0.07	%
Without Sales Charge			6.14			0.87			0.61
CLASS C SHARES	November 2, 2009
With CDSC**			4.59			0.36			0.11
Without CDSC			5.59			0.36			0.11
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	November 2, 2009		6.47			1.13			0.92
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	December 31, 1998		6.57			1.33			1.10

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/07 TO 10/31/17)

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 (formerly Institutional Class 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 Index from October 31, 2007 to October 31, 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 Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Equity Market Neutral Funds Index 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 OCTOBER 31, 2017

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 93.0%
	Common Stocks — 87.0%
			Consumer Discretionary — 7.1%
			Household Durables — 1.0%
	41		Newell Brands, Inc. (j)		1,656
			Media — 1.1%
	45		Altice USA, Inc., Class A (a)		1,070
	14		DISH Network Corp., Class A (a)		681
					1,751
			Multiline Retail — 2.0%
	44		Kohl’s Corp.		1,849
	24		Target Corp.		1,405
					3,254
			Specialty Retail — 2.0%
	20		Home Depot, Inc. (The)		3,268
			Textiles, Apparel & Luxury Goods — 1.0%
	18		Ralph Lauren Corp.		1,596
			Total Consumer Discretionary		11,525
			Consumer Staples — 16.6%
			Beverages — 9.3%
	190		Coca-Cola Co. (The)		8,743
	23		Constellation Brands, Inc., Class A		4,985
	11		PepsiCo, Inc.		1,198
					14,926
			Food & Staples Retailing — 4.5%
	84		Wal-Mart Stores, Inc.		7,305
			Personal Products — 1.8%
	25		Estee Lauder Cos., Inc. (The), Class A		2,844
			Tobacco — 1.0%
	16		Philip Morris International, Inc.		1,653
			Total Consumer Staples		26,728
			Financials — 13.4%
			Capital Markets — 3.4%
	131		Brookfield Asset Management, Inc., (Canada), Class A		5,514
			Consumer Finance — 5.0%
	84		American Express Co. (j)		8,020
			Diversified Financial Services — 5.0%
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		8,134
			Total Financials		21,668

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 7.2%
		Health Care Providers & Services — 4.7%
	36	UnitedHealth Group, Inc.		7,655
		Life Sciences Tools & Services — 2.5%
	20	Thermo Fisher Scientific, Inc. (j)		3,957
		Total Health Care		11,612
		Industrials — 14.9%
		Aerospace & Defense — 1.1%
	3	Northrop Grumman Corp.		807
	5	Raytheon Co.		924
				1,731
		Electrical Equipment — 5.0%
	102	Eaton Corp. plc		8,135
		Machinery — 6.3%
	17	Caterpillar, Inc.		2,354
	30	Cummins, Inc.		5,383
	13	Parker-Hannifin Corp.		2,390
				10,127
		Road & Rail — 2.5%
	30	Norfolk Southern Corp.		3,993
		Total Industrials		23,986
		Information Technology — 21.2%
		Internet Software & Services — 7.3%
	11	Alphabet, Inc., Class A (a) (j)		11,829
		IT Services — 6.7%
	25	Fidelity National Information Services, Inc.		2,363
	21	Fiserv, Inc. (a) (j)		2,722
	17	Mastercard, Inc., Class A (j)		2,523
	29	Visa, Inc., Class A (j)		3,186
				10,794
		Semiconductors & Semiconductor Equipment — 5.3%
	190	Intel Corp.		8,627
		Software — 1.9%
	37	Microsoft Corp.		3,044
		Total Information Technology		34,294
		Materials — 3.6%
		Chemicals — 1.6%
	20	Ecolab, Inc. (j)		2,590
		Containers & Packaging — 2.0%
	54	Berry Global Group, Inc. (a)		3,228
		Total Materials		5,818

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands, except number of Options contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Utilities — 3.0%
		Electric Utilities — 3.0%
	31	NextEra Energy, Inc. (j)		4,880
		Total Common Stocks (Cost $126,777)		140,511
NUMBER OF CONTRACTS
	Options Purchased — 0.2%
		Call Option — 0.0% (g)
		Household Durables — 0.0% (g)
	553	Newell Brands, Inc., 01/19/2018 at USD 50.00, American Style (a) Notional Amount: USD 2,255 Exchange Traded		6
		Put Option — 0.2%
		Index Fund — 0.2%
	117	S&P 500 Index, 12/29/2017 at USD 2,525.00, European Style (a) (o) Notional Amount: USD 30,131 Exchange Traded		253
		Total Options Purchased (Cost $493)		259
SHARES
	Short-Term Investment — 5.8%
		Investment Company — 5.8%
	9,415	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $9,415)		9,415
		Total Investments — 93.0% (Cost $136,685)		150,185
		Other Assets in Excess of Liabilities — 7.0%		11,236
		NET ASSETS — 100.0%	$	161,421
	Short Positions — 24.9%
	Common Stocks — 24.9%
		Consumer Discretionary — 8.1%
		Automobiles — 2.0%
	67	Harley-Davidson, Inc.		3,155
		Hotels, Restaurants & Leisure — 2.1%
	12	Papa John’s International, Inc.		809
	48	Starbucks Corp.		2,616
				3,425
		Household Durables — 0.9%
	9	Whirlpool Corp.		1,485

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — 1.7%
	15	CBS Corp. (Non-Voting), Class B		868
	14	Omnicom Group, Inc.		941
	9	Walt Disney Co. (The)		868
				2,677
		Specialty Retail — 1.4%
	33	TJX Cos., Inc. (The)		2,291
		Total Consumer Discretionary		13,033
		Consumer Staples — 10.7%
		Food & Staples Retailing — 2.7%
	10	Costco Wholesale Corp.		1,612
	4	Sysco Corp.		205
	67	United Natural Foods, Inc. (a)		2,596
				4,413
		Food Products — 2.2%
	28	General Mills, Inc.		1,461
	6	Kellogg Co.		379
	42	Mondelez International, Inc., Class A		1,743
				3,583
		Household Products — 5.4%
	49	Church & Dwight Co., Inc.		2,214
	58	Kimberly-Clark Corp.		6,505
				8,719
		Personal Products — 0.1%
	13	Coty, Inc., Class A		204
		Tobacco — 0.3%
	6	Altria Group, Inc.		402
		Total Consumer Staples		17,321
		Financials — 0.3%
		Capital Markets — 0.2%
	2	CME Group, Inc.		238
		Insurance — 0.1%
	3	WR Berkley Corp.		222
		Total Financials		460
		Health Care — 2.8%
		Health Care Providers & Services — 2.8%
	24	Cardinal Health, Inc.		1,492
	27	Express Scripts Holding Co. (a)		1,681
	18	Henry Schein, Inc. (a)		1,385
		Total Health Care		4,558

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Industrials — 1.7%
		Building Products — 1.1%
	41	Johnson Controls International plc		1,681
		Industrial Conglomerates — 0.6%
	49	General Electric Co.		993
		Total Industrials		2,674
		Materials — 0.6%
		Containers & Packaging — 0.6%
	4	International Paper Co.		248
	17	Sealed Air Corp.		757
		Total Materials		1,005
		Real Estate — 0.3%
		Equity Real Estate Investment Trusts (REITs) — 0.3%
	2	Crown Castle International Corp.		248
	3	Welltower, Inc.		219
		Total Real Estate		467

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 0.4%
		Gas Utilities — 0.1%
	4	National Fuel Gas Co.		225
		Multi-Utilities — 0.3%
	3	Consolidated Edison, Inc.		250
	3	Dominion Energy, Inc.		252
				502
		Total Utilities		727
		Total Securities Sold Short (Proceeds $41,881)	$	40,245

Percentages indicated are based on net assets.

Written Put Options Contracts as of October 31, 2017:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index, European Style

Exchange Traded

117

USD 30,131

USD 2,400.00

12/29/2017

(100

)

Total Written Options Contracts (Premiums Received $123)

(100

)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.6%
	Common Stocks — 82.3%
		Consumer Discretionary — 11.2%
		Auto Components — 0.4%
	8	Delphi Automotive plc		843
		Hotels, Restaurants & Leisure — 1.5%
	3	McDonald’s Corp.		521
	17	Royal Caribbean Cruises Ltd.		2,090
	8	Yum Brands, Inc.		575
				3,186
		Household Durables — 1.0%
	15	MDC Holdings, Inc.		573
	24	PulteGroup, Inc.		735
	19	Toll Brothers, Inc.		877
				2,185
		Internet & Direct Marketing Retail — 0.4%
	1	Amazon.com, Inc. (a)		964
		Media — 2.4%
	13	Altice USA, Inc., Class A (a)		297
	2	Charter Communications, Inc., Class A (a)		626
	13	Comcast Corp., Class A		461
	22	DISH Network Corp., Class A (a)		1,079
	45	Sirius XM Holdings, Inc.		242
	12	Time Warner, Inc.		1,165
	20	Twenty-First Century Fox, Inc., Class B		519
	9	Walt Disney Co. (The) (j)		903
				5,292
		Multiline Retail — 1.0%
	25	Dollar Tree, Inc. (a)		2,307
		Specialty Retail — 4.1%
	2	AutoZone, Inc. (a)		1,390
	13	Home Depot, Inc. (The)		2,089
	19	Lowe’s Cos., Inc.		1,518
	8	O’Reilly Automotive, Inc. (a)		1,713
	19	Ross Stores, Inc.		1,213
	15	TJX Cos., Inc. (The)		1,061
				8,984
		Textiles, Apparel & Luxury Goods — 0.4%
	16	NIKE, Inc., Class B		884
		Total Consumer Discretionary		24,645
		Consumer Staples — 4.2%
		Beverages — 1.4%
	9	Molson Coors Brewing Co., Class B		706
	22	PepsiCo, Inc. (j)		2,407
				3,113

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 0.4%
	3	Costco Wholesale Corp.		514
	7	Walgreens Boots Alliance, Inc.		441
				955
		Food Products — 1.4%
	7	Kellogg Co.		443
	40	Mondelez International, Inc., Class A		1,661
	11	Post Holdings, Inc. (a)		897
				3,001
		Tobacco — 1.0%
	20	Philip Morris International, Inc. (j)		2,121
		Total Consumer Staples		9,190
		Energy — 5.7%
		Oil, Gas & Consumable Fuels — 5.7%
	14	Concho Resources, Inc. (a)		1,913
	21	Diamondback Energy, Inc. (a)		2,270
	38	EOG Resources, Inc.		3,751
	7	Marathon Petroleum Corp.		428
	12	Parsley Energy, Inc., Class A (a)		326
	19	Pioneer Natural Resources Co.		2,910
	13	RSP Permian, Inc. (a)		443
	7	Valero Energy Corp.		537
		Total Energy		12,578
		Financials — 12.8%
		Banks — 4.8%
	100	Bank of America Corp. (j)		2,738
	40	Citigroup, Inc.		2,942
	35	Citizens Financial Group, Inc.		1,349
	17	Comerica, Inc.		1,329
	44	KeyCorp		801
	13	SunTrust Banks, Inc.		803
	3	SVB Financial Group (a)		656
				10,618
		Capital Markets — 4.3%
	22	Bank of New York Mellon Corp. (The)		1,117
	42	Charles Schwab Corp. (The)		1,871
	20	Intercontinental Exchange, Inc.		1,291
	84	Morgan Stanley (j)		4,184
	11	State Street Corp.		1,000
				9,463
		Consumer Finance — 0.3%
	6	Capital One Financial Corp.		561

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Diversified Financial Services — 0.1%
	5	Voya Financial, Inc.		192
		Insurance — 3.3%
	21	American International Group, Inc.		1,389
	17	Arthur J Gallagher & Co.		1,077
	1	Brighthouse Financial, Inc. (a)		65
	5	Chubb Ltd.		754
	1	Everest Re Group Ltd.		224
	25	Hartford Financial Services Group, Inc. (The)		1,404
	12	Lincoln National Corp.		878
	20	MetLife, Inc.		1,047
	7	Validus Holdings Ltd.		347
				7,185
		Total Financials		28,019
		Health Care — 6.2%
		Biotechnology — 1.8%
	2	Alexion Pharmaceuticals, Inc. (a)		265
	2	Biogen, Inc. (a)		523
	3	BioMarin Pharmaceutical, Inc. (a)		233
	5	Bioverativ, Inc. (a)		293
	7	Celgene Corp. (a) (j)		729
	2	Incyte Corp. (a)		192
	11	Vertex Pharmaceuticals, Inc. (a)		1,670
				3,905
		Health Care Equipment & Supplies — 0.5%
	27	Boston Scientific Corp. (a)		767
	3	Zimmer Biomet Holdings, Inc.		388
				1,155
		Health Care Providers & Services — 2.5%
	1	Cigna Corp.		266
	4	Humana, Inc.		913
	21	UnitedHealth Group, Inc. (j)		4,447
				5,626
		Life Sciences Tools & Services — 0.2%
	5	Agilent Technologies, Inc.		368
		Pharmaceuticals — 1.2%
	8	Allergan plc		1,377
	34	Pfizer, Inc.		1,185
				2,562
		Total Health Care		13,616

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 12.6%
		Aerospace & Defense — 1.7%
	7	General Dynamics Corp.		1,396
	7	Northrop Grumman Corp.		1,985
	6	Textron, Inc.		314
				3,695
		Airlines — 1.2%
	11	Alaska Air Group, Inc.		695
	30	Delta Air Lines, Inc.		1,476
	7	United Continental Holdings, Inc. (a)		397
				2,568
		Building Products — 0.3%
	8	Allegion plc		676
		Electrical Equipment — 1.2%
	19	Eaton Corp. plc (j)		1,542
	6	Rockwell Automation, Inc.		1,160
				2,702
		Industrial Conglomerates — 0.8%
	11	Honeywell International, Inc.		1,638
		Machinery — 2.2%
	2	Deere & Co.		298
	20	Ingersoll-Rand plc		1,751
	17	Stanley Black & Decker, Inc. (j)		2,778
				4,827
		Road & Rail — 5.2%
	13	Canadian Pacific Railway Ltd., (Canada) (j)		2,307
	5	Kansas City Southern		540
	24	Norfolk Southern Corp.		3,161
	47	Union Pacific Corp. (j)		5,456
				11,464
		Total Industrials		27,570
		Information Technology — 15.3%
		Internet Software & Services — 3.9%
	6	Alphabet, Inc., Class C (a) (j)		6,039
	14	Facebook, Inc., Class A (a)		2,484
				8,523
		IT Services — 3.1%
	9	Accenture plc, Class A (j)		1,221
	14	International Business Machines Corp.		2,105
	6	Square, Inc., Class A (a)		232
	14	Vantiv, Inc., Class A (a)		970
	13	Visa, Inc., Class A		1,403

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — continued
	7	WEX, Inc. (a) (j)		891
				6,822
		Semiconductors & Semiconductor Equipment — 5.3%
	18	Analog Devices, Inc.		1,659
	11	Broadcom Ltd.		2,824
	18	Microchip Technology, Inc.		1,735
	22	Micron Technology, Inc. (a)		994
	3	NVIDIA Corp.		674
	16	ON Semiconductor Corp. (a)		342
	36	Texas Instruments, Inc. (j)		3,450
				11,678
		Software — 2.4%
	6	Adobe Systems, Inc. (a) (j)		1,006
	36	Microsoft Corp.		3,008
	19	Symantec Corp.		601
	6	Workday, Inc., Class A (a)		692
				5,307
		Technology Hardware, Storage & Peripherals — 0.6%
	4	Apple, Inc.		593
	51	Hewlett Packard Enterprise Co.		709
				1,302
		Total Information Technology		33,632
		Materials — 5.4%
		Chemicals — 3.3%
	3	Albemarle Corp.		481
	21	Celanese Corp., Series A		2,156
	27	DowDuPont, Inc.		1,965
	15	Eastman Chemical Co.		1,355
	8	Olin Corp.		275
	12	Westlake Chemical Corp.		1,023
				7,255
		Containers & Packaging — 1.6%
	9	Avery Dennison Corp.		1,006
	8	Crown Holdings, Inc. (a)		470
	32	WestRock Co.		1,951
				3,427
		Metals & Mining — 0.5%
	25	Alcoa Corp. (a)		1,211
		Total Materials		11,893

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 1.4%
		Equity Real Estate Investment Trusts (REITs) — 1.4%
	6	AvalonBay Communities, Inc.		1,064
	3	Equity Residential		223
	3	Extra Space Storage, Inc.		225
	2	Public Storage		418
	16	Vornado Realty Trust		1,201
		Total Real Estate		3,131
		Telecommunication Services — 0.5%
		Wireless Telecommunication Services — 0.5%
	17	T-Mobile US, Inc. (a) (j)		1,038
		Utilities — 7.0%
		Electric Utilities — 5.8%
	17	American Electric Power Co., Inc.		1,282
	41	Duke Energy Corp.		3,580
	23	Exelon Corp.		929
	21	NextEra Energy, Inc. (j)		3,281
	14	PG&E Corp.		782
	56	Xcel Energy, Inc.		2,769
				12,623
		Multi-Utilities — 1.2%
	24	CMS Energy Corp. (j)		1,178
	58	NiSource, Inc.		1,538
				2,716
		Total Utilities		15,339
		Total Common Stocks (Cost $132,529)		180,651
	Short-Term Investments — 17.3%
		Investment Company — 17.2%
	37,753	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $37,753)		37,753
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	318	U.S. Treasury Bills, 0.97%, 03/01/2018 (k) (n) (Cost $317)		317
		Total Short-Term Investments (Cost $38,070)		38,070
		Total Investments — 99.6% (Cost $170,599)		218,721
		Other Assets in Excess of Liabilities — 0.4%		810
		NET ASSETS — 100.0%	$	219,531

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — 80.0%
	Common Stocks — 80.0%
			Consumer Discretionary — 13.2%
			Auto Components — 0.2%
	4		Autoliv, Inc., (Sweden)		437
			Automobiles — 0.9%
	40		General Motors Co.		1,703
	5		Harley-Davidson, Inc.		217
					1,920
			Hotels, Restaurants & Leisure — 1.9%
	14		Aramark		593
	8		Bloomin’ Brands, Inc.		148
	13		Brinker International, Inc.		408
	8		Carnival Corp.		550
	6		Chipotle Mexican Grill, Inc. (a)		1,607
	5		Hyatt Hotels Corp., Class A (a)		332
	12		Starbucks Corp.		662
					4,300
			Household Durables — 0.1%
	6		Garmin Ltd.		333
			Internet & Direct Marketing Retail — 1.0%
	3		Expedia, Inc.		396
	6		Netflix, Inc. (a)		1,172
	—	(h)	Priceline Group, Inc. (The) (a)		555
					2,123
			Leisure Products — 0.7%
	5		Hasbro, Inc.		472
	69		Mattel, Inc.		974
					1,446
			Media — 4.1%
	21		AMC Networks, Inc., Class A (a)		1,045
	5		CBS Corp. (Non-Voting), Class B		291
	33		Discovery Communications, Inc., Class A (a)		626
	48		Interpublic Group of Cos., Inc. (The)		930
	161		News Corp., Class A		2,197
	37		Omnicom Group, Inc.		2,507
	41		Regal Entertainment Group, Class A		671
	10		Scripps Networks Interactive, Inc., Class A		808
					9,075
			Multiline Retail — 1.7%
	18		Kohl’s Corp.		763
	12		Nordstrom, Inc.		490
	41		Target Corp.		2,417
					3,670

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 1.7%
	19	Abercrombie & Fitch Co., Class A		256
	10	Advance Auto Parts, Inc.		790
	17	American Eagle Outfitters, Inc.		215
	104	Ascena Retail Group, Inc. (a)		202
	4	AutoNation, Inc. (a)		209
	49	Bed Bath & Beyond, Inc.		974
	6	Buckle, Inc. (The)		91
	28	DSW, Inc., Class A		534
	43	Express, Inc. (a)		293
	5	L Brands, Inc.		221
				3,785
		Textiles, Apparel & Luxury Goods — 0.9%
	29	Hanesbrands, Inc.		641
	4	Michael Kors Holdings Ltd. (a)		210
	5	Ralph Lauren Corp.		436
	33	Under Armour, Inc., Class A (a)		410
	17	Under Armour, Inc., Class C (a)		202
				1,899
		Total Consumer Discretionary		28,988
		Consumer Staples — 5.2%
		Food & Staples Retailing — 0.9%
	24	CVS Health Corp.		1,670
	7	Sysco Corp.		382
				2,052
		Food Products — 1.1%
	45	General Mills, Inc.		2,358
		Household Products — 3.0%
	33	Church & Dwight Co., Inc.		1,510
	20	Clorox Co. (The)		2,528
	31	Procter & Gamble Co. (The)		2,691
				6,729
		Personal Products — 0.2%
	25	Coty, Inc., Class A		391
		Total Consumer Staples		11,530
		Energy — 5.1%
		Energy Equipment & Services — 1.7%
	16	Helmerich & Payne, Inc.		867
	46	Schlumberger Ltd.		2,922
				3,789

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 3.4%
	10	Apache Corp.		423
	16	ConocoPhillips		834
	7	Enbridge, Inc., (Canada)		272
	61	Exxon Mobil Corp.		5,055
	10	Hess Corp.		452
	13	Murphy Oil Corp.		355
				7,391
		Total Energy		11,180
		Financials — 12.3%
		Banks — 5.3%
	19	Associated Banc-Corp.		489
	23	Bank of Hawaii Corp.		1,899
	19	Commerce Bancshares, Inc.		1,118
	8	Fifth Third Bancorp		232
	57	First Hawaiian, Inc.		1,654
	31	Fulton Financial Corp.		565
	4	M&T Bank Corp.		642
	118	People’s United Financial, Inc.		2,197
	7	PNC Financial Services Group, Inc. (The)		969
	20	US Bancorp		1,067
	17	Webster Financial Corp.		909
				11,741
		Capital Markets — 3.1%
	2	BlackRock, Inc.		805
	5	CME Group, Inc.		723
	13	Federated Investors, Inc., Class B		390
	6	Goldman Sachs Group, Inc. (The)		1,567
	23	Invesco Ltd.		838
	15	Nasdaq, Inc.		1,075
	12	Northern Trust Corp.		1,123
	3	T Rowe Price Group, Inc.		246
				6,767
		Consumer Finance — 0.2%
	4	Discover Financial Services		284
	7	Synchrony Financial		244
				528
		Insurance — 3.7%
	7	Aflac, Inc.		622
	7	Allstate Corp. (The)		629
	15	Arch Capital Group Ltd. (a)		1,533
	12	Principal Financial Group, Inc.		809
	14	Progressive Corp. (The)		696

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	16	Torchmark Corp.		1,344
	10	Travelers Cos., Inc. (The)		1,269
	17	WR Berkley Corp.		1,154
				8,056
		Total Financials		27,092
		Health Care — 5.1%
		Biotechnology — 1.8%
	28	AbbVie, Inc.		2,520
	8	Amgen, Inc.		1,412
				3,932
		Health Care Equipment & Supplies — 1.0%
	1	CR Bard, Inc.		347
	9	Medtronic plc		739
	11	Varian Medical Systems, Inc. (a)		1,158
				2,244
		Health Care Providers & Services — 1.2%
	28	Cardinal Health, Inc.		1,709
	14	Express Scripts Holding Co. (a)		877
				2,586
		Pharmaceuticals — 1.1%
	14	Johnson & Johnson		1,967
	8	Merck & Co., Inc.		435
				2,402
		Total Health Care		11,164
		Industrials — 11.3%
		Aerospace & Defense — 2.5%
	12	Boeing Co. (The)		3,164
	8	Lockheed Martin Corp.		2,405
				5,569
		Air Freight & Logistics — 1.4%
	8	CH Robinson Worldwide, Inc.		640
	16	Expeditors International of Washington, Inc.		925
	13	United Parcel Service, Inc., Class B		1,506
				3,071
		Building Products — 0.6%
	33	Johnson Controls International plc		1,347
		Electrical Equipment — 0.5%
	17	Emerson Electric Co.		1,069

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Industrial Conglomerates — 1.7%
	12	3M Co.		2,672
	52	General Electric Co.		1,055
				3,727
		Machinery — 0.4%
	9	Donaldson Co., Inc.		438
	3	Illinois Tool Works, Inc.		482
				920
		Professional Services — 0.4%
	5	Equifax, Inc.		533
	6	Nielsen Holdings plc		232
				765
		Road & Rail — 3.1%
	6	Canadian National Railway Co., (Canada)		520
	154	Heartland Express, Inc.		3,277
	34	Knight-Swift Transportation Holdings, Inc. (a)		1,420
	43	Werner Enterprises, Inc.		1,536
				6,753
		Trading Companies & Distributors — 0.7%
	19	Air Lease Corp.		808
	4	WW Grainger, Inc.		805
				1,613
		Total Industrials		24,834
		Information Technology — 11.6%
		Communications Equipment — 1.8%
	75	Cisco Systems, Inc.		2,547
	53	Juniper Networks, Inc.		1,314
				3,861
		Electronic Equipment, Instruments & Components — 0.3%
	6	Amphenol Corp., Class A		544
		Internet Software & Services — 1.0%
	36	eBay, Inc. (a)		1,368
	43	Twitter, Inc. (a)		890
				2,258
		IT Services — 1.4%
	12	First Data Corp., Class A (a)		219
	3	Fiserv, Inc. (a)		326
	3	Jack Henry & Associates, Inc.		340
	8	Mastercard, Inc., Class A		1,247
	14	Paychex, Inc.		918
				3,050

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 5.1%
	18	Applied Materials, Inc.		1,020
	89	Intel Corp.		4,065
	2	KLA-Tencor Corp.		220
	4	Lam Research Corp.		761
	28	QUALCOMM, Inc.		1,411
	3	Skyworks Solutions, Inc.		288
	52	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		2,186
	16	Xilinx, Inc.		1,211
				11,162
		Software — 0.7%
	18	Oracle Corp.		905
	7	salesforce.com, Inc. (a)		685
				1,590
		Technology Hardware, Storage & Peripherals — 1.3%
	11	NetApp, Inc.		479
	59	Seagate Technology plc		2,171
	3	Western Digital Corp.		271
				2,921
		Total Information Technology		25,386
		Materials — 5.1%
		Chemicals — 3.4%
	8	Air Products & Chemicals, Inc.		1,268
	9	Ecolab, Inc.		1,117
	43	LyondellBasell Industries NV, Class A		4,426
	4	Praxair, Inc.		647
				7,458
		Containers & Packaging — 0.7%
	4	AptarGroup, Inc.		331
	10	Sealed Air Corp.		429
	12	Sonoco Products Co.		637
				1,397
		Metals & Mining — 0.4%
	14	Compass Minerals International, Inc.		949
		Paper & Forest Products — 0.6%
	28	Domtar Corp.		1,318
		Total Materials		11,122
		Real Estate — 1.9%
		Equity Real Estate Investment Trusts (REITs) — 1.9%
	28	Apple Hospitality REIT, Inc.		533
	2	Camden Property Trust		215

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	32	CBL & Associates Properties, Inc.		254
	10	GGP, Inc.		186
	25	Host Hotels & Resorts, Inc.		485
	5	Macerich Co. (The)		296
	16	Pennsylvania REIT		155
	3	Simon Property Group, Inc.		534
	6	SL Green Realty Corp.		526
	4	Taubman Centers, Inc.		174
	33	Washington Prime Group, Inc.		262
	8	Welltower, Inc.		514
		Total Real Estate		4,134
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.6%
	80	AT&T, Inc.		2,707
	18	Verizon Communications, Inc.		862
				3,569
		Wireless Telecommunication Services — 0.1%
	31	Sprint Corp. (a)		201
		Total Telecommunication Services		3,770

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 7.5%
		Electric Utilities — 2.8%
	10	Eversource Energy		648
	30	PPL Corp.		1,123
	83	Southern Co. (The)		4,315
				6,086
		Gas Utilities — 0.3%
	6	National Fuel Gas Co.		349
	9	UGI Corp.		435
				784
		Multi-Utilities — 4.4%
	6	Ameren Corp.		341
	27	Consolidated Edison, Inc.		2,352
	44	Dominion Energy, Inc.		3,553
	5	SCANA Corp.		224
	27	Sempra Energy		3,167
				9,637
		Total Utilities		16,507
		Total Securities Sold Short (Proceeds $175,424)	$	175,707

Percentages indicated are based on net assets.

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
S&P 500 E-Mini Index	(41)		12/2017		USD		(5,274	)		(28	)
										(28	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

J.P. Morgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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 and cash segregated as collateral for JPMorgan Opportunistic Equity Long/Short Fund were approximately $19,170,000 and $0; for JPMorgan Research Market Neutral Fund were approximately $35,877,000 and $4,000, respectively.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2017.
(n)	—  The rate shown is the effective yield as of October 31, 2017.
(o)	—  All or a portion of the security is segregated for options written.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 19

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	140,511		$	180,968
Investments in affiliates, at value		9,415			37,753
Options purchased, at value		259			—
Restricted cash for securities sold short		—			4
Cash		—			1
Deposits at broker for securities sold short		36,745			175,413
Receivables:
Investment securities sold		28,059			5,943
Fund shares sold		330			24
Dividends from non-affiliates		132			117
Dividends from affiliates		9			27
Total Assets		215,460			400,250
LIABILITIES:
Payables:
Due to custodian		32			—
Foreign currency due to custodian		—			2
Securities sold short, at value		40,245			175,707
Dividend expense to non-affiliates on securities sold short		14			208
Investment securities purchased		12,905			4,439
Fund shares redeemed		389			78
Variation margin on futures contracts		—			9
Outstanding options written, at fair value		100			—
Accrued liabilities:
Investment advisory fees		128			102
Administration fees		—			1
Distribution fees		12			11
Service fees		33			27
Custodian and accounting fees		15			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		166			124
Total Liabilities		54,039			180,719
Net Assets	$	161,421		$	219,531

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	146,109		$	219,646
Accumulated undistributed (distributions in excess of) net investment income		(9	)		(2,365	)
Accumulated net realized gains (losses)		162			(45,561	)
Net unrealized appreciation (depreciation)		15,159			47,811
Total Net Assets	$	161,421		$	219,531
Net Assets:
Class A	$	49,338		$	17,932
Class C		2,594			10,920
Class I (formerly Select Class)		103,091			44,219
Class L (formerly Institutional Class)		—			146,460
Class R2		24			—
Class R5		24			—
Class R6		6,350			—
Total	$	161,421		$	219,531
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,722			1,220
Class C		146			792
Class I (formerly Select Class)		5,639			2,891
Class L (formerly Institutional Class)		—			9,402
Class R2		1			—
Class R5		1			—
Class R6		344			—
Net Asset Value (a):
Class A — Redemption price per share	$	18.13		$	14.69
Class C — Offering price per share (b)		17.83			13.79
Class I (formerly Select Class) — Offering and redemption price per share		18.28			15.30
Class L (formerly Institutional Class) — Offering and redemption price per share		—			15.58
Class R2 — Offering and redemption price per share		17.98			—
Class R5 — Offering and redemption price per share		18.41			—
Class R6 — Offering and redemption price per share		18.44			—
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)]	$	19.13		$	15.50
Cost of investments in non-affiliates	$	126,777		$	132,846
Cost of investments in affiliates		9,415			37,753
Cost of options purchased		493			—
Cost of foreign currency		—			(2	)
Proceeds from securities sold short		41,881			175,424
Premiums received from options written		123			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 21

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	3
Interest income from affiliates		1			—	(a)
Interest income from non-affiliates on securities sold short		363			1,359
Dividend income from non-affiliates		2,035			4,013
Dividend income from affiliates		189			146
Total investment income		2,588			5,521
EXPENSES:
Investment advisory fees		2,298			2,070
Administration fees		156			211
Distribution fees:
Class A		115			50
Class C		21			94
Class R2		—	(a)		—
Service fees:
Class A		115			50
Class C		7			31
Class I (formerly Select Class)		338			114
Class L (formerly Institutional Class)		—			181
Class R2		—	(a)		—
Class R5		—	(a)		—
Custodian and accounting fees		54			35
Interest expense to affiliates		2			6
Professional fees		98			82
Trustees’ and Chief Compliance Officer’s fees		26			27
Printing and mailing costs		35			67
Registration and filing fees		141			48
Transfer agency fees (See Note 2.F.)		7			15
Sub-transfer agency fees (See Note 2.F.)		28			47
Other		11			13
Dividend expense to non-affiliates on securities sold short		1,130			6,255
Total expenses		4,582			9,396
Less fees waived		(337	)		(718	)
Less expense reimbursements		(1	)		—
Net expenses		4,244			8,678
Net investment income (loss)		(1,656	)		(3,157	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		24,842			73,718
Options purchased		(103	)		—
Futures contracts		—			(698	)
Securities sold short		(5,264	)		(27,783	)
Foreign currency transactions		—			—	(a)
Net realized gain (loss)		19,475			45,237
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		5,544			(20,846	)
Options purchased		(234	)		—
Futures contracts		—			(76	)
Foreign currency translations		—			—	(a)
Options Written		23			—
Securities sold short		524			(4,617	)
Change in net unrealized appreciation/depreciation		5,857			(25,539	)
Net realized/unrealized gains (losses)		25,332			19,698
Change in net assets resulting from operations	$	23,676		$	16,541

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,656	)	$	(1,625	)	$	(3,157	)	$	(8,226	)
Net realized gain (loss)		19,475			(760	)		45,237			19,177
Change in net unrealized appreciation/depreciation		5,857			2,877			(25,539	)		(27,397	)
Change in net assets resulting from operations		23,676			492			16,541			(16,446	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(3,097	)		(567	)		—			—
Class C
From net realized gains		(187	)		(18	)		—			—
Class I (formerly Select Class)
From net realized gains		(9,417	)		(1,173	)		—			—
Class R2
From net realized gains		(2	)		—	(a)		—			—
Class R5
From net realized gains		(1	)		—	(a)		—			—
Class R6
From net realized gains		(544	)		—	(a)		—			—
Total distributions to shareholders		(13,248	)		(1,758	)		—			—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(62,641	)		67,443			(144,361	)		(293,232	)
NET ASSETS:
Change in net assets		(52,213	)		66,177			(127,820	)		(309,678	)
Beginning of period		213,634			147,457			347,351			657,029
End of period	$	161,421		$	213,634		$	219,531		$	347,351
Accumulated undistributed (distributions in excess of) net investment income	$	(9	)	$	(1,098	)	$	(2,365	)	$	(6,483	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	21,397		$	64,846		$	2,593		$	11,078
Distributions reinvested		3,087			567			—			—
Cost of shares redeemed		(21,283	)		(51,340	)		(11,262	)		(46,582	)
Change in net assets resulting from Class A capital transactions	$	3,201		$	14,073		$	(8,669	)	$	(35,504	)
Class C
Proceeds from shares issued	$	407		$	3,353		$	409		$	674
Distributions reinvested		187			18			—			—
Cost of shares redeemed		(1,426	)		(916	)		(5,187	)		(8,689	)
Change in net assets resulting from Class C capital transactions	$	(832	)	$	2,455		$	(4,778	)	$	(8,015	)
Class I (formerly Select Class)
Proceeds from shares issued	$	34,015		$	101,558		$	7,361		$	8,216
Distributions reinvested		9,182			1,148			—			—
Cost of shares redeemed		(105,645	)		(59,796	)		(19,265	)		(288,879	)
Change in net assets resulting from Class I capital transactions	$	(62,448	)	$	42,910		$	(11,904	)	$	(280,663	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	11,368		$	303,966
Cost of shares redeemed		—			—			(130,378	)		(273,016	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(119,010	)	$	30,950
Class R2
Distributions reinvested	$	2		$	—	(a)	$	—		$	—
Change in net assets resulting from Class R2 capital transactions	$	2		$	—	(a)	$	—		$	—
Class R5
Distributions reinvested	$	1		$	—	(a)	$	—		$	—
Change in net assets resulting from Class R5 capital transactions	$	1		$	—	(a)	$	—		$	—
Class R6
Proceeds from shares issued	$	605		$	9,490		$	—		$	—
Distributions reinvested		544			—	(a)		—			—
Cost of shares redeemed		(3,714	)		(1,485	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(2,565	)	$	8,005		$	—		$	—
Total change in net assets resulting from capital transactions	$	(62,641	)	$	67,443		$	(144,361	)	$	(293,232	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		1,199			3,830			180			789
Reinvested		178			34			—			—
Redeemed		(1,184	)		(3,089	)		(795	)		(3,369	)
Change in Class A Shares		193			775			(615	)		(2,580	)
Class C
Issued		24			199			30			51
Reinvested		11			1			—			—
Redeemed		(82	)		(55	)		(387	)		(663	)
Change in Class C Shares		(47	)		145			(357	)		(612	)
Class I (formerly Select Class)
Issued		1,859			6,047			494			570
Reinvested		524			68			—			—
Redeemed		(5,957	)		(3,566	)		(1,306	)		(19,768	)
Change in Class I Shares		(3,574	)		2,549			(812	)		(19,198	)
Class L (formerly Institutional Class)
Issued		—			—			761			20,509
Redeemed		—			—			(8,719	)		(18,650	)
Change in Class L Shares		—			—			(7,958	)		1,859
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		33			571			—			—
Reinvested		31			—	(a)		—			—
Redeemed		(207	)		(85	)		—			—
Change in Class R6 Shares		(143	)		486			—			—

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 25

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
Year Ended October 31, 2017	$	17.12	$	(0.19	)	$	2.46	$	2.27		$	(1.26	)
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
Year Ended October 31, 2017		16.94		(0.27	)		2.42		2.15			(1.26	)
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)
Year Ended October 31, 2017		17.21		(0.14	)		2.47		2.33			(1.26	)
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
Year Ended October 31, 2017		17.03		(0.23	)		2.44		2.21			(1.26	)
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
Year Ended October 31, 2017		17.29		(0.11	)		2.49		2.38			(1.26	)
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
Year Ended October 31, 2017		17.31		(0.10	)		2.49		2.39			(1.26	)
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 1.83% and 2.02% for the year ended October 31, 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 2.52% for the year ended October 31, 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 1.56% and 1.73% for the year ended October 31, 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 2.07% and 3.55% for the year ended October 31, 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 1.37% and 2.84% for the year ended October 31, 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 1.47% for the year ended October 31, 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.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 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)
$	18.13		13.58	%	$	49,338		2.42	%		(1.05	)%		2.61	%		493	%		795	%
	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
	17.83		13.00			2,594		2.90			(1.53	)		3.11			493			795
	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
	18.28		13.86			103,091		2.15			(0.81	)		2.32			493			795
	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
	17.98		13.29			24		2.66			(1.30	)		4.14			493			795
	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		14.08			24		1.96			(0.60	)		3.43			493			795
	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
	18.44		14.13			6,350		1.90			(0.56	)		2.06			493			795
	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.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY 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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Research Market Neutral Fund
Class A
Year Ended October 31, 2017	$	13.84	$	(0.22	)	$	1.07		$	0.85		$	—
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			—
Class C
Year Ended October 31, 2017		13.06		(0.27	)		1.00			0.73			—
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			—
Class I (formerly Select Class)
Year Ended October 31, 2017		14.37		(0.18	)		1.11			0.93			—
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			—
Class L (formerly Institutional Class)
Year Ended October 31, 2017		14.62		(0.17	)		1.13			0.96			—
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			—

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.24% and 1.53% for the year ended October 31, 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 and 1.49% and 1.93% for the year ended October 31, 2013; for Class C are 1.72% and 2.07% for the year ended October 31, 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 and 1.99% and 2.43% for the year ended October 31, 2013; for Class I (formerly Select Class) are 0.95% and 1.26% for the year ended October 31, 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 and 1.24% and 1.66% for the year ended October 31, 2013; for Class L (formerly Institutional Class) are 0.84% and 1.10% for the year ended October 31, 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 and 0.99% and 1.53% for the year ended October 31, 2013, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities  sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	14.69		6.14	%	$	17,932		3.66	%		(1.51	)%		3.95	%		109	%		278	%
	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
	13.79		5.59			10,920		4.14			(2.01	)		4.49			109			278
	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
	15.30		6.47			44,219		3.37			(1.24	)		3.68			109			278
	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
	15.58		6.57			146,460		3.26			(1.13	)		3.52			109			278
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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. 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 automatically convert to Class A Shares after ten years. 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.

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 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.

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

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

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

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

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

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

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

Opportunistic Equity Long/Short Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	150,185		$	—	$	—	$	150,185
Total Liabilities for Securities Sold Short (a)	$	(40,245	)	$	—	$	—	$	(40,245	)
Depreciation in Other Financial Instruments
Options Written (a)	$	(100	)	$	—	$	—	$	(100	)

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)	$	218,404		$	317	$	—	$	218,721
Total Liabilities for Securities Sold Short (a)	$	(175,707	)	$	—	$	—	$	(175,707	)
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(28	)	$	—	$	—	$	(28	)

(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 year ended October 31, 2017.

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

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

Options Written — Premiums received by the Fund for options written are included on the Statements 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 is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statements 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.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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.

The table below discloses the volume of the Fund’s options contracts activity during the year ended October 31, 2017:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		669
Average Number of Contracts Written		117
Ending Number of Contracts Purchased		670	(a)
Ending Number of Contracts Written		117	(b)

(a) For the period January 1, 2017 through October 31, 2017.

(b) For the period October 1, 2017 through October 31, 2017.

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 October 31, 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

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2017 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Short	$	3,948
Ending Notional Balance Short		5,274

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

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

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

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer 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 year ended October 31, 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	$	2	$	1	$	4		n/a	$	—	(a)	$	—	(a)		n/a	$	7
Sub-transfer agency fees		13		1		14		n/a		—			—			n/a		28
Research Market Neutral Fund
Transfer agency fees		7		3		2	$	3		n/a			n/a			n/a		15
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 October 31, 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,

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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

	Paid-in-Capital			Accumulated undistributed net investment income		Accumulated net realized gains (losses)
JPMorgan Opportunistic Equity Long/Short Fund	$	—	(a)	$	2,745	$	(2,745	)
JPMorgan Research Market Neutral Fund		(7,274	)		7,275		(1	)

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

(a) Amount rounds to less than 500.

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 year ended October 31, 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.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, 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 year ended October 31, 2017, the JPMDS retained the following (amounts in thousands):

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

(a) Amount rounds to less than 500.

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

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

* Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

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 year ended October 31, 2017 and are in place until at least February 28, 2018.

For the year ended October 31, 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	$	146	$	89	$	33	$	268	$	1
Research Market Neutral Fund		433		211		34		678		—

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 year ended October 31, 2017 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	69
Research Market Neutral Fund		40

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.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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

During the year ended October 31, 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 year ended October 31, 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 year ended October 31, 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	$	756,155	$	771,851	$	450,214	$	462,694
Research Market Neutral Fund		258,260		453,931		222,828		402,175

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2017 were as follows (amounts in thousands):

	Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Opportunistic Equity Long/Short Fund	$	96,508	$	14,569	$	1,237	$	13,332
Research Market Neutral Fund		6,281		54,741		18,036		36,705

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

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

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	7,752	$	5,496	$	13,248

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	1,677	$	81	$	1,758

* Short-term gain distributions are treated as ordinary income for income tax purposes.

There were no distributions paid from Research Market Neutral Fund during the fiscal years ended October 31, 2017 and October 31, 2016.

At October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation
Opportunistic Equity Long/Short Fund	$	1,101	$	983	$	—		$	13,239
Research Market Neutral Fund		—		5,517		(38,285	)		35,019

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, late year ordinary loss deferrals and Straddle Loss Deferral.

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

As of October 31, 2017, the following Fund had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Research Market Neutral Fund		38,285	*	$	—

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

During the year ended October 31, 2017, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

Research Market Neutral Fund $ 29,604

Net capital losses and other late year losses incurred after October 31, 2017 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2017, the following Funds deferred to November 1, 2017 net capital losses and other late year loss of (amounts in thousands):

	Late Year Ordinary Loss Deferral
Research Market Neutral Fund	$	2,340

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 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

As of October 31, 2017, the Funds had individual shareholder accounts and/or omnibus accounts which collectively represent the following percentage of each Fund’s net assets:

	Number of Individual Affiliated Shareholder Accounts and/or Affiliated Omnibus Accounts		% of the fund			Number of Individual  Non-affiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the fund
JPMorgan Opportunistic Equity Long/Short Fund		3		15.2	%		5		48.2	%

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate 50.5% 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 October 31, 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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

9. Reorganization

At a meeting held November 14–15, 2017, the Boards of Trustees of the Trust and JPM JPMorgan Trust II (“Trust II”), another JPMorgan Trust, approved, subject to shareholder approval, the merger of the JPMorgan Multi-Cap Market Neutral Fund (“Multi-Cap Market Neutral Fund”), a separate fund of Trust II, into Research Market Neutral Fund. Completion of the merger is subject to a number of conditions, including approval by the shareholders of Multi-Cap Market Neutral Fund. This approval will be sought at a shareholder meeting to be held on or about March 14, 2018. If approved, the merger is expected to occur on or about April 6, 2018.

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (each a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 39

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 41

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 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 (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,069.00	$	12.99		2.49	%
Hypothetical		1,000.00		1,012.65		12.63		2.49
Class C
Actual		1,000.00		1,067.10		15.53		2.98
Hypothetical		1,000.00		1,010.18		15.10		2.98
Class I (formerly Select Class)
Actual		1,000.00		1,070.20		11.64		2.23
Hypothetical		1,000.00		1,013.96		11.32		2.23
Class R2
Actual		1,000.00		1,067.70		14.18		2.72
Hypothetical		1,000.00		1,011.49		13.79		2.72
Class R5
Actual		1,000.00		1,071.40		10.55		2.02
Hypothetical		1,000.00		1,015.02		10.26		2.02
Class R6
Actual		1,000.00		1,071.90		10.29		1.97
Hypothetical		1,000.00		1,015.27		10.01		1.97
Research Market Neutral Fund
Class A
Actual		1,000.00		1,020.10		18.58		3.65
Hypothetical		1,000.00		1,006.81		18.46		3.65
Class C
Actual		1,000.00		1,017.70		21.00		4.13
Hypothetical		1,000.00		1,004.39		20.87		4.13
Class I (formerly Select Class)
Actual		1,000.00		1,022.00		17.07		3.35
Hypothetical		1,000.00		1,008.32		16.96		3.35
Class L (formerly Institutional Class)
Actual		1,000.00		1,022.30		16.41		3.22
Hypothetical		1,000.00		1,008.97		16.31		3.22

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

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense analyses compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is

a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Investment Performance

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

The Trustees noted that the Opportunistic Equity Long/Short Fund’s performance for both Class A and Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2016. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that based upon the Universe, the Research Market Neutral Fund’s performance for Class A shares was in the fifth quintile for each of the one-, three- and five-year periods ended December 31, 2016, and in the fifth, fifth and fourth quintiles for Class I shares for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees

concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Opportunistic Equity Long/Short Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the third quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Research Market Neutral Fund’s net advisory fee for both Class A and Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2017:

	Dividend Received Deduction
Opportunistic Equity Long/Short Fund		16.13	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Long Term Capital Gain
Opportunistic Equity Long/Short Fund	$	5,496

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Qualified Dividend Income
Opportunistic Equity Long/Short Fund	$	2,081

OCTOBER 31, 2017 J.P. MORGAN SPECIALTY FUNDS 47

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-SPEC-1017

Annual Report

J.P. Morgan International Equity Funds

October 31, 2017

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan Global Unconstrained Equity Fund

JPMorgan International Equity Fund

JPMorgan International Equity Income Fund

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 Global Research Enhanced Index Fund	10
JPMorgan Global Unconstrained Equity Fund	12
JPMorgan International Equity Fund	14
JPMorgan International Equity Income Fund	16
JPMorgan International Research Enhanced Equity Fund	20
JPMorgan International Unconstrained Equity Fund	22
JPMorgan International Value Fund	25
JPMorgan Intrepid International Fund	28
Schedules of Portfolio Investments	30
Financial Statements	66
Financial Highlights	90
Notes to Financial Statements	110
Report of Independent Registered Public Accounting Firm	136
Trustees	137
Officers	139
Schedule of Shareholder Expenses	140
Board Approval of Investment Advisory Agreements	144
Tax Letter	150
Privacy Policy — Located at the back of this Annual Report

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’ prospectuses 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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and for the twelve months ended

October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment. Low interest rates generally weighed on developed market bond prices, while investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index hit fresh highs in 11 of the 22 trading days in October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and an election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations.

For the twelve months ended October 31, 2017, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 24.01% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.91%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*	29.61%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	26.45%
Net Assets as of 10/31/2017 (In Thousands)	$2,037,695

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 twelve months ended October 31, 2017.

The Fund’s security selection in the materials and energy sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection and overweight position in the utilities sector and its security selection in the real estate sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Geely Automobile Holdings Ltd., BYD Electronic (International) Co. and AAC Technologies Holdings Inc. Shares of Geely Automobile Holdings, the Chinese parent company of Volvo Car Group, rose amid sales and earnings growth during the reporting period. Shares of BYD Electronic, a Chinese maker of smartphone handsets that was not held in the Benchmark, rose after the company reported earnings and sales growth for the first half of its fiscal year. 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 positions in Samsung Electronics Co., Tencent Holdings Ltd. and Alibaba Group Holding

Ltd. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, rose amid continued earnings growth during the reporting period. Shares of Tencent Holdings, a Chinese Internet services company, rose as the company reported better-than-expected earnings during the reporting period. Shares of Alibaba Group Holding, an Internet shopping provider, rose amid continued growth in the company’s sales and earnings.

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 twelve months ended October 31, 2017, were to China, South Korea and Taiwan and its smallest average country exposures were to Chile, Singapore and Luxembourg. From a sector perspective, the Fund’s largest average weightings were in the financials, information technology and materials 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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	2.5	%
	2.	Samsung Electronics Co. Ltd. (South Korea)	2.4
	3.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.2
	4.	Alibaba Group Holding Ltd., ADR (China)	2.1
	5.	Itau Unibanco Holding SA, ADR (Brazil)	1.6
	6.	NetEase, Inc., ADR (China)	1.5
	7.	China Construction Bank Corp., Class H (China)	1.4
	8.	Hon Hai Precision Industry Co. Ltd. (Taiwan)	1.3
	9.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.3
	10.	Largan Precision Co. Ltd. (Taiwan)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
China	22.8	%
South Korea	17.4
Taiwan	11.5
Brazil	8.9
Russia	7.5
Turkey	4.8
Thailand	4.0
Hong Kong	3.3
Malaysia	2.6
India	2.5
Poland	2.0
Hungary	1.5
South Africa	1.5
Panama	1.3
Indonesia	1.2
Others (each less than 1.0%)	3.1
Short-Term Investment	4.1

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2008
With Sales Charge*			22.49	%		2.81	%		0.67	%
Without Sales Charge			29.28			3.92			1.23
CLASS C SHARES	February 28, 2008
With CDSC**			27.62			3.41			0.72
Without CDSC			28.62			3.41			0.72
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2008		29.61			4.19			1.48
CLASS R5 SHARES	February 28, 2008		29.89			4.40			1.68
CLASS R6 SHARES	September 1, 2015		29.87			4.42			1.70

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/17)

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 October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1,*	27.68%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	26.45%
Net Assets as of 10/31/2017 (In Thousands)	$4,447,888

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return.

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 twelve months ended October 31, 2017.

By sector, the Fund’s security selection in the financials sector and its underweight position in the telecommunication services sector, where the Fund had no holdings, were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the materials and information technology sectors was a leading detractor from relative performance.

By country, the Fund’s security selection in China and its underweight position in Mexico were leading contributors to relative performance, while the Fund’s security selection and overweight positions in South Africa and India were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tencent Holdings Inc. and Sberbank of Russia OJSC, and its underweight position in China Mobile Ltd. Shares of Tencent Holdings, a Chinese Internet services company, rose as the company reported better-than-expected earnings during the reporting period. Shares of Sberbank, a Russian bank, rose along with a general rebound in Russian equities during the reporting period. Shares of China Mobile, a telecommunications provider not held in the Fund, fell amid investor expectations for weaker earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Magnit PJSC and Woolworths Holdings Ltd., and its underweight position in Samsung Electronics Co. Shares of Magnit, a Russian operator of retail stores, fell on weak sales growth. Shares of Woolworths Holdings, a South African supermarket chain, fell after the company reported a decline in earnings for its latest fiscal year. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, rose after the company reported strong earnings 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 Spain, Turkey 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 OCTOBER 31, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	6.6	%
	2.	Alibaba Group Holding Ltd., ADR (China)	5.3
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	4.2
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.0
	5.	AIA Group Ltd. (Hong Kong)	3.7
	6.	Housing Development Finance Corp. Ltd. (India)	3.5
	7.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.4
	8.	Sberbank of Russia PJSC (Russia)	2.7
	9.	Tata Consultancy Services Ltd. (India)	2.3
	10.	Bid Corp. Ltd. (South Africa)	2.2

PORTFOLIO COMPOSITION BY COUNTRY***
China	26.0	%
India	16.3
Brazil	10.4
Taiwan	7.6
Hong Kong	6.3
South Africa	6.2
South Korea	5.4
Russia	4.1
United States	2.9
Indonesia	2.8
Mexico	2.2
Peru	1.5
Argentina	1.4
Panama	1.1
Others (each less than 1.0%)	2.9
Short-Term Investment	2.9

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			20.53	%		4.04	%		0.52	%
Without Sales Charge			27.22			5.17			1.06
CLASS C SHARES	February 28, 2006
With CDSC**			25.58			4.65			0.56
Without CDSC			26.58			4.65			0.56
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		27.49			5.43			1.32
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	November 15, 1993		27.68			5.59			1.47
CLASS R2 SHARES	July 31, 2017		26.94			5.09			1.02
CLASS R3 SHARES	July 31, 2017		27.22			5.17			1.06
CLASS R4 SHARES	July 31, 2017		27.49			5.43			1.32
CLASS R5 SHARES	September 9, 2016		27.72			5.60			1.48
CLASS R6 SHARES	December 23, 2013		27.82			5.67			1.51

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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.

Returns shown for Class R2 and Class R3 prior to their inception are based on the performance of Class A Shares. The actual returns of Class R2 and Class R3 Shares would have been lower than those shown because Class R2 and Class R3 Shares have higher expenses than Class A Shares.

Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I 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 October 31, 2007 to October 31, 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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		23.29%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		22.77%
Net Assets as of 10/31/2017 (In Thousands)	$	8,663,460

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 twelve months ended October 31, 2017.

By sector, the Fund’s security selection in the banks-finance sector and in the technology - semiconductors sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and industrial cyclical sectors was a leading detractor from relative performance. By region, the Fund’s security selection in Europe and North America was the leading contributor to relative performance, while the Fund’s security selection in Japan and in the Pacific, excluding Japan, were the smallest contributors to relative performance.

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

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took 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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc. (United States)	2.4	%
	2.	Microsoft Corp. (United States)	1.9
	3.	Amazon.com, Inc. (United States)	1.4
	4.	Facebook, Inc., Class A (United States)	1.3
	5.	Alphabet, Inc., Class C (United States)	1.0
	6.	Bank of America Corp. (United States)	1.0
	7.	Alphabet, Inc., Class A (United States)	0.9
	8.	UnitedHealth Group, Inc. (United States)	0.8
	9.	Citigroup, Inc. (United States)	0.8
	10.	Visa, Inc., Class A (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	58.9	%
Japan	8.8
United Kingdom	5.7
France	4.3
Germany	3.5
Canada	3.3
Switzerland	2.8
Australia	2.5
Netherlands	2.3
Spain	1.4
Hong Kong	1.2
Others (each less than 1.0%)	4.1
Short-Term Investment	1.2

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 October 31, 2017. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		February 28, 2013		23.29	%		8.09	%		10.73	%

LIFE OF FUND PERFORMANCE (2/28/13 TO 10/31/17)

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 October 31, 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)

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*	21.88%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	23.20%
Net Assets as of 10/31/2017 (In Thousands)	$3,549

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 underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2017.

By sector, the Fund’s security selection in the health care and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and industrials sectors was a leading positive contributor to performance.

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

Leading individual detractors from the Fund’s relative performance included its overweight positions in Teva Pharmaceutical Industries Ltd., Kroger Co. and Molson Coors Brewing Co. Shares of Teva Pharmaceutical Industries, a maker of generic drugs, fell late in the reporting period after losing a drug patent lawsuit to rival Mylan NV. Shares of Kroger, a supermarket chain, fell after the company reported a decline in profit for the second quarter of 2017. Shares of Molson Coors Brewing, a beer and beverages company, fell after the company reported a decline in sales and lower-than-expected earnings for the second quarter of 2017.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Time Inc., Citigroup Inc. and Harman International Industries Inc. Shares of Time, a media company that was not held in the Benchmark, rose on investor expectations of a takeover offer and the company’s efforts to restructure its business model. Shares of Citigroup, a banking and financial services company, rose on better-than-expected earnings and overall gains in the financials sector. Shares of Harman International, an auto parts manufacturer, rose ahead of its takeover by Samsung Electronics Co.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers and analyst team conducted 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)	5.1	%
	2.	Citigroup, Inc. (United States)	3.4
	3.	Vodafone Group plc (United Kingdom)	3.2
	4.	Pioneer Natural Resources Co. (United States)	3.1
	5.	Comcast Corp., Class A (United States)	3.1
	6.	Apple, Inc. (United States)	2.9
	7.	Schneider Electric SE (France)	2.7
	8.	UnitedHealth Group, Inc. (United States)	2.7
	9.	FANUC Corp. (Japan)	2.7
	10.	Novartis AG (Registered) (Switzerland)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
United States	47.8	%
China	8.1
Japan	8.1
United Kingdom	7.2
France	6.0
Switzerland	4.7
South Africa	2.3
Hong Kong	2.3
Germany	2.3
India	2.1
Singapore	2.1
Netherlands	2.0
Austria	1.8
Canada	1.1
Luxembourg	1.1
Italy	1.0

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 October 31, 2017. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
With Sales Charge*				15.03	%		9.34	%		9.85	%
Without Sales Charge				21.39			10.53			10.85
CLASS C SHARES		November 30, 2011
With CDSC**				19.76			9.97			10.30
Without CDSC				20.76			9.97			10.30
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		November 30, 2011		21.88			10.88			11.19
CLASS R2 SHARES		November 30, 2011		21.15			10.26			10.58
CLASS R5 SHARES		November 30, 2011		21.91			11.03			11.35
CLASS R6 SHARES		November 30, 2011		21.99			11.08			11.41

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/17)

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 October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		25.69%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		23.44%
Net Assets as of 10/31/2017 (In Thousands)	$	4,007,091

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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2017.

By sector, the Fund’s security selection and overweight position in the information technology sector and its security selection in the financials sector were leading contributors 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 overweight position in emerging markets and its security selection in the U.K. contributed to performance relative to the Benchmark, while the Fund’s underweight position in Europe, excluding the U.K., detracted from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Samsung Electronics Co., Tokyo Electron Ltd. and Prudential PLC. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer not held in the Benchmark, rose as the company continued to report strong earnings growth during the reporting period. Shares of Tokyo Electron, a Japanese maker of semiconductor and electronics manufacturing equipment, rose amid increased demand for its products. 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.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Japan Tobacco Inc., Teva Pharmaceutical Industries Ltd. and TechnipFMC 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 Teva Pharmaceutical Industries, a maker of generic drugs, fell late in the reporting period after losing a drug patent lawsuit to rival Mylan NV. Shares of TechnipFMC, a U.K. oilfield services and engineering company not held in the Benchmark, fell amid overall weakness in the oil exploration sector.

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.	Royal Dutch Shell plc, Class A (Netherlands)	2.4	%
	2.	Unilever plc (United Kingdom)	2.2
	3.	Samsung Electronics Co. Ltd., GDR (South Korea)	2.1
	4.	Prudential plc (United Kingdom)	2.1
	5.	SAP SE (Germany)	2.0
	6.	Novartis AG (Registered) (Switzerland)	1.9
	7.	BNP Paribas SA (France)	1.8
	8.	Allianz SE (Registered) (Germany)	1.7
	9.	Sumitomo Mitsui Financial Group, Inc. (Japan)	1.7
	10.	British American Tobacco plc (United Kingdom)	1.6

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	20.1	%
United Kingdom	15.7
France	13.3
Switzerland	10.5
Germany	9.9
Netherlands	6.3
Hong Kong	4.5
China	3.5
South Korea	2.7
Spain	1.5
Sweden	1.5
Belgium	1.2
Singapore	1.2
Australia	1.2
Denmark	1.2
India	1.1
Taiwan	1.1
South Africa	1.0
Others (each less than 1.0%)	1.9
Short-Term Investment	0.6

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 October 31, 2017. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			18.84	%		6.26	%		0.95	%
Without Sales Charge			25.43			7.41			1.49
CLASS C SHARES	January 31, 2003
With CDSC**			23.79			6.87			0.97
Without CDSC			24.79			6.87			0.97
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	January 1, 1997		25.69			7.69			1.74
CLASS R2 SHARES	November 3, 2008		25.12			7.14			1.25
CLASS R5 SHARES	May 15, 2006		25.88			7.89			1.94
CLASS R6 SHARES	November 30, 2010		26.04			7.94			1.97

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 October 31, 2007 to October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		18.65%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		23.44%
Net Assets as of 10/31/2017 (In Thousands)	$	200,456

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 twelve months ended October 31, 2017.

By sector, the Fund’s security selection in the consumer non-durables sector and its security selection and overweight position in the media sector were leading detractors from performance relative to the Benchmark. The Fund’s overweight position in the technology-semiconductors sector and its security selection and overweight position in the industrial cyclical sector were leading positive contributors to relative performance.

By region, the Fund’s underweight position and security selection in Europe, excluding the U.K., and its overweight position and security selection in the U.K. were leading detractors from relative performance, while the Fund’s underweight allocation the Pacific region, excluding Japan, and its security selection in North America, where the Benchmark had no exposure, 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 GlaxoSmithKline PLC. Shares of Royal Ahold Delhaize, a Netherlands grocery chain, fell after the company reported a decline in earnings during the reporting period. Shares of Daiwa Securities Group, a Japanese financial services company, fell amid investor expectations for low returns in Japanese financial markets.

Shares of GlaxoSmithKline, a U.K. pharmaceuticals company, fell amid investor concerns that Britain’s exit from the European Union would raise the company’s costs of doing business.

Leading individual contributors to relative performance included the Fund’s underweight positions in NXP Semiconductors N.V. and Toyota Motor Corp. and its overweight position in Michelin SCA. Shares of NXP Semiconductors, a Dutch computer chip maker that was not held in the Fund, fell amid uncertainty about its planned acquisition by Qualcomm Inc. Shares of Toyota, a Japanese automaker, fell amid a slowdown in U.S. auto sales and ongoing litigation related to passenger air bags. Shares of Michelin, a French maker of automotive tires and maps and guides, rose amid investor expectations for increased auto sales.

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.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	HSBC Holdings plc, ADR (United Kingdom)	2.9	%
	2.	British American Tobacco plc (United Kingdom)	2.6
	3.	Samsung Electronics Co. Ltd. (South Korea)	2.2
	4.	Bridgestone Corp. (Japan)	2.1
	5.	Mitsubishi UFJ Financial Group, Inc., ADR (Japan)	2.1
	6.	Vinci SA (France)	2.1
	7.	UPM-Kymmene OYJ (Finland)	2.1
	8.	NN Group NV (Netherlands)	2.1
	9.	Ferguson plc (Switzerland)	2.1
	10.	Allianz SE (Registered) (Germany)	2.1

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	22.0	%
Japan	10.5
Germany	10.1
France	9.7
Switzerland	8.9
Netherlands	7.7
Russia	3.2
Finland	3.1
Norway	2.8
Italy	2.6
South Korea	2.2
Spain	2.1
Denmark	1.8
China	1.6
Taiwan	1.3
New Zealand	1.1
United States	1.0
Canada	1.0
Singapore	1.0
Hong Kong	1.0
Others (each less than 1.0%)	4.2
Short-Term Investment	1.1

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge*			12.01	%		6.29	%		4.61	%
Without Sales Charge			18.24			7.44			5.45
CLASS C SHARES	February 28, 2011
With CDSC**			16.64			6.89			4.92
Without CDSC			17.64			6.89			4.92
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2011		18.65			7.76			5.75
CLASS R2 SHARES	February 28, 2011		17.99			7.17			5.19
CLASS R5 SHARES	February 28, 2011		18.74			7.91			5.92
CLASS R6 SHARES	January 30, 2015		18.81			7.93			5.93

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/17)

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 October 31, 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 International Equity Income Funds Index includes expenses associated with a mutual

fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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 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

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively,

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

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		23.71%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		23.44%
Net Assets as of 10/31/2017 (In Thousands)	$	5,038,702

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 twelve months ended October 31, 2017.

By sector, the Fund’s security selection in the banks and industrial cyclical sectors was a leading positive contributor to performance relative to the Benchmark, while the Fund’s security selection in the automobiles and health care sectors was a leading detractor from relative performance.

Each of the Fund’s regional allocations made a positive contribution to relative performance. The Fund’s security selection in Europe was a leading contributor to relative performance, while the Fund’s security selection in 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)	2.1	%
	2.	HSBC Holdings plc (United Kingdom)	1.5
	3.	British American Tobacco plc (United Kingdom)	1.5
	4.	Roche Holding AG (Switzerland)	1.5
	5.	Toyota Motor Corp. (Japan)	1.5
	6.	SAP SE (Germany)	1.3
	7.	TOTAL SA (France)	1.3
	8.	Royal Dutch Shell plc, Class B (Netherlands)	1.3
	9.	Air Liquide SA (France)	1.2
	10.	Anheuser-Busch InBev SA/NV (Belgium)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.6	%
United Kingdom	15.8
France	11.3
Germany	10.3
Switzerland	9.4
Netherlands	5.3
Australia	4.7
Italy	2.9
Spain	2.4
Hong Kong	2.2
Finland	1.8
Denmark	1.3
Belgium	1.2
Others (each less than 1.0%)	4.8
Short-Term Investment	5.0

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 October 31, 2017. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge*			16.94	%		7.23	%		(0.21	)%
Without Sales Charge			23.41			8.40			0.33
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	October 28, 1992		23.71			8.68			0.58

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2007 to October 31, 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)

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		25.60%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)		23.64%
Net Assets as of 10/31/2017 (In Thousands)	$	357,629

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 twelve months ended October 31, 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 health care sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Emerging Markets and its security selection and overweight position in Europe, excluding the U.K., were leading contributors to performance relative to the Benchmark. The Fund’s security selection in Canada detracted from relative performance.

Leading individual contributors to the relative performance included the Fund’s overweight positions in Actelion Ltd., Nokia Oyj and NN Group N.V. Shares of Actelion, a Swiss drug maker, rose in advance of its $30 billion acquisition by Johnson & Johnson. Shares of Nokia, a Finnish provider of mobile technology services, rose after the company reported earnings growth in the second quarter of 2017. Shares of NN Group, a Dutch life insurance company, rose after the company reported better than expected earnings during the reporting period.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Teva Pharmaceutical Industries Ltd., Alimentation Couche-Tard Inc. and TechnipFMC PLC. Shares of Teva Pharmaceutical Industries, a maker of generic drugs, fell late in the reporting period after the company lost a drug patent lawsuit to rival Mylan NV. Shares of Alimentation Couche-Tard, a Canadian operator of convenience stores, fell ahead of its planned acquisition of CST Brands Inc. Shares of TechnipFMC, a U.K. oilfield services and engineering company not held in the Benchmark, fell amid overall weakness in the oil exploration sector.

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.

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Ping An Insurance Group Co. of China Ltd., Class H (China)	4.2	%
	2.	Unilever NV, CVA (United Kingdom)	3.1
	3.	AIA Group Ltd. (Hong Kong)	3.0
	4.	Samsung Electronics Co. Ltd., GDR (South Korea)	2.9
	5.	Continental AG (Germany)	2.9
	6.	Linde AG (Germany)	2.9
	7.	Bayer AG (Registered) (Germany)	2.7
	8.	HDFC Bank Ltd., ADR (India)	2.7
	9.	Shin-Etsu Chemical Co. Ltd. (Japan)	2.6
	10.	British American Tobacco plc (United Kingdom)	2.5

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	15.7	%
Japan	11.8
Germany	10.8
China	10.4
Netherlands	8.8
Switzerland	8.1
Hong Kong	6.7
South Korea	4.9
Canada	2.9
India	2.6
Spain	2.2
France	2.0
Indonesia	2.0
South Africa	2.0
Italy	1.9
Finland	1.7
Denmark	1.4
Short-Term Investment	4.1

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
With Sales Charge*				18.56	%		7.41	%		8.79	%
Without Sales Charge				25.16			8.57			9.79
CLASS C SHARES		November 30, 2011
With CDSC**				23.51			8.02			9.23
Without CDSC				24.51			8.02			9.23
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		November 30, 2011		25.60			8.90			10.11
CLASS R2 SHARES		November 30, 2011		24.85			8.30			9.51
CLASS R5 SHARES		November 30, 2011		25.67			9.05			10.27
CLASS R6 SHARES		November 30, 2011		25.72			9.11			10.33

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/17)

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 October 31, 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.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1,*		23.88%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		23.21%
Net Assets as of 10/31/2017 (In Thousands)	$	793,787

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 twelve months ended October 31, 2017.

By sector, the Fund’s security selection in the insurance and banks sectors was a leading contributor to performance relative to the Benchmark, while 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 Europe and the U.K. was a leading contributor to relative performance, while the Fund’s security selection in North America detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s positions in ASR Nederland NV, Airbus SE and Prudential PLC, none of which were held in the Benchmark. Shares of ASR Nederland, a Dutch insurance company, rose on news reports that rival Aegon NV sought to acquire the company. Shares of Airbus, a maker of commercial aircraft and military hardware, rose amid strong demand for new aircraft and better-than-expected earnings during the reporting period. Shares of Prudential, a U.K. financial services company, rose amid continued growth in earnings and expansion into China.

Leading individual detractors from relative performance included the Fund’s overweight positions in Teva Pharmaceutical Industries Ltd., Shire PLC and TechnipFMC PLC. Shares of Teva Pharmaceutical Industries, a maker of generic drugs, fell late in the reporting period after losing a drug patent lawsuit to rival Mylan NV. Shares of Shire, a pharmaceutical company based in Ireland, fell after the company reduced its sales forecast. Shares of TechnipFMC, a U.K. oilfield services and engineering company not held in the Benchmark, fell amid overall weakness in the oil exploration sector.

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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	4.4	%
	2.	TOTAL SA (France)	3.4
	3.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.8
	4.	Australia & New Zealand Banking Group Ltd. (Australia)	2.4
	5.	AXA SA (France)	2.3
	6.	BNP Paribas SA (France)	2.1
	7.	Siemens AG (Registered) (Germany)	2.1
	8.	Air Liquide SA (France)	2.0
	9.	Honda Motor Co. Ltd. (Japan)	2.0
	10.	Enel SpA (Italy)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.5	%
France	15.9
United Kingdom	11.2
Switzerland	8.4
Germany	7.7
Netherlands	7.5
Italy	3.6
Australia	3.3
Spain	3.0
Belgium	2.3
Luxembourg	1.4
United States	1.4
Canada	1.4
Singapore	1.4
Austria	1.3
Finland	1.3
Norway	1.0
South Korea	1.0
Others (each less than 1.0%)	3.4
Short-Term Investment	1.0

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			16.80	%		5.07	%		(1.01	)%
Without Sales Charge			23.30			6.20			(0.47	)
CLASS C SHARES	July 11, 2006
With CDSC**			21.67			5.68			(0.97	)
Without CDSC			22.67			5.68			(0.97	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		23.66			6.51			(0.21	)
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	November 4, 1993		23.88			6.65			(0.06	)
CLASS R2 SHARES	November 3, 2008		23.02			5.96			(0.69	)
CLASS R5 SHARES	September 9, 2016		23.81			6.66			(0.06	)
CLASS R6 SHARES	November 30, 2010		23.99			6.80			0.02

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 October 31, 2007 to October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		22.98%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		23.44%
Net Assets as of 10/31/2017 (In Thousands)	$	3,155,609

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 twelve months ended October 31, 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 sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the financials and utilities 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. Due to the relatively large number of securities held in the Fund during the reporting period, the impact of individual holdings on the Fund’s relative 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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Novartis AG (Registered) (Switzerland)	1.9	%
	2.	Unilever NV, CVA (United Kingdom)	1.8
	3.	Nestle SA (Registered) (Switzerland)	1.7
	4.	Allianz SE (Registered) (Germany)	1.5
	5.	Roche Holding AG (Switzerland)	1.4
	6.	Sanofi (France)	1.4
	7.	ING Groep NV (Netherlands)	1.2
	8.	Lloyds Banking Group plc (United Kingdom)	1.2
	9.	Enel SpA (Italy)	1.1
	10.	ABB Ltd. (Registered) (Switzerland)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.2	%
United Kingdom	14.1
Switzerland	10.5
France	10.1
Germany	6.7
Australia	6.5
Netherlands	5.3
Denmark	4.0
Sweden	3.5
Singapore	2.1
Spain	2.0
Hong Kong	1.4
Belgium	1.4
Austria	1.2
Italy	1.1
Others (each less than 1.0%)	5.2
Short-Term Investment	1.7

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

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

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			16.53	%		7.38	%		(0.37	)%
Without Sales Charge			22.98			8.54			0.17
CLASS C SHARES	February 28, 2006
With CDSC**			21.35			7.99			(0.33	)
Without CDSC			22.35			7.99			(0.33	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2006		23.39			8.86			0.45
CLASS R2 SHARES	November 3, 2008		22.70			8.27			(0.05	)
CLASS R6 SHARES	May 29, 2015		23.59			9.09			0.68

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 the now liquidated Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $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 October 31, 2007 to October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.9%
		Argentina — 0.7%
	60	Banco Macro SA, ADR		7,615
	190	Telecom Argentina SA, ADR (a)		6,181
				13,796
		Brazil — 8.9%
	1,638	Banco Bradesco SA, ADR		17,313
	2,204	Banco do Brasil SA		23,298
	585	Braskem SA (Preference), Class A (a)		9,291
	226	Cia de Saneamento de Minas Gerais-COPASA		2,751
	2,348	Cia de Saneamento do Parana (Preference)		7,787
	1,609	EDP — Energias do Brasil SA (a)		7,173
	378	Fibria Celulose SA		6,040
	2,577	Itau Unibanco Holding SA, ADR		33,015
	3,403	Kroton Educacional SA		18,873
	279	M Dias Branco SA (a)		4,128
	248	Magazine Luiza SA		4,844
	4,007	Metalurgica Gerdau SA (Preference) (a)		6,247
	2,061	MRV Engenharia e Participacoes SA		7,983
	938	Suzano Papel e Celulose SA (Preference), Class A		5,809
	710	Transmissora Alianca de Energia Eletrica SA		4,463
	2,235	Vale SA, ADR		21,877
				180,892
		China — 22.8%
	1,223	AAC Technologies Holdings, Inc.		22,426
	6,656	Air China Ltd., Class H		6,347
	237	Alibaba Group Holding Ltd., ADR (a)		43,741
	2,699	Anhui Conch Cement Co. Ltd., Class H		11,560
	38,510	Bank of China Ltd., Class H		19,246
	4,378	Electronic International Co. Ltd.		11,870
	31,280	China Construction Bank Corp., Class H		27,955
	6,430	China Merchants Bank Co. Ltd., Class H		24,553
	2,726	China Overseas Land & Investment Ltd.		8,851
	16,030	China Power International Development Ltd.		5,096
	5,404	Geely Automobile Holdings Ltd.		16,757
	9,874	Guangzhou Automobile Group Co. Ltd., Class H		24,555
	11,074	Huadian Power International Corp. Ltd., Class H		4,601
	14,084	Huaneng Power International, Inc., Class H		9,419
	57,285	Industrial & Commercial Bank of China Ltd., Class H		45,573
	112	NetEase, Inc., ADR		31,540
	2,384	Nexteer Automotive Group Ltd. (a)		4,669
	9,550	PICC Property & Casualty Co. Ltd., Class H		18,952
	2,978	Ping An Insurance Group Co. of China Ltd., Class H		26,170
	6,426	Qingdao Haier Co. Ltd., Class A		16,784

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	5,348	Shenzhen Expressway Co. Ltd., Class H		5,470
	1,118	Tencent Holdings Ltd.		50,235
	9,620	Xinyi Solar Holdings Ltd.		3,332
	124	Yirendai Ltd., ADR		5,372
	112	YY, Inc., ADR (a)		10,084
	4,492	Zhejiang Expressway Co. Ltd., Class H		5,555
	1,818	Zhongsheng Group Holdings Ltd.		3,736
				464,449
		Hong Kong — 3.3%
	3,010	Haier Electronics Group Co. Ltd. (a)		7,937
	1,996	Kingboard Chemical Holdings Ltd.		11,844
	3,742	Kingboard Laminates Holdings Ltd.		6,288
	5,573	Lee & Man Paper Manufacturing Ltd.		6,808
	5,230	Nine Dragons Paper Holdings Ltd.		9,613
	18,925	WH Group Ltd., Reg. S (e)		19,178
	5,596	Xinyi Glass Holdings Ltd.		5,423
				67,091
		Hungary — 1.5%
	922	MOL Hungarian Oil & Gas plc		11,044
	485	OTP Bank plc		19,546
				30,590
		India — 2.5%
	1,441	HCL Technologies Ltd.		19,039
	1,218	Hindustan Petroleum Corp. Ltd.		8,411
	2,666	Rural Electrification Corp. Ltd.		7,137
	3,350	Vedanta Ltd.		17,196
				51,783
		Indonesia — 1.2%
	17,953	Bank Negara Indonesia Persero Tbk. PT		10,064
	12,975	Bank Rakyat Indonesia Persero Tbk. PT		14,928
				24,992
		Luxembourg — 0.3%
	213	Ternium SA, ADR		6,606
		Malaysia — 2.6%
	12,441	AirAsia Bhd.		9,818
	8,217	CIMB Group Holdings Bhd.		11,918
	2,625	Genting Bhd.		5,611
	5,782	Malayan Banking Bhd.		12,633
	3,660	Tenaga Nasional Bhd.		12,966
				52,946
		Mexico — 0.3%
	1,064	Grupo Financiero Banorte SAB de CV, Class O		6,302

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Panama — 1.3%
	207	Copa Holdings SA, Class A		25,459
		Poland — 2.0%
	146	Jastrzebska Spolka Weglowa SA (a)		3,926
	313	KGHM Polska Miedz SA		10,570
	551	Polski Koncern Naftowy ORLEN SA		19,488
	4,160	Polskie Gornictwo Naftowe i Gazownictwo SA		7,645
				41,629
		Qatar — 0.3%
	203	Qatar National Bank QPSC		6,782
		Russia — 7.5%
	1,592	Aeroflot PJSC		4,900
	11,486	Alrosa PJSC		14,763
	941	Evraz plc		3,608
	10,213	Magnitogorsk Iron & Steel Works PJSC		7,710
	1,059	MMC Norilsk Nickel PJSC, ADR		19,482
	1,846	Mobile TeleSystems PJSC, ADR		19,590
	164	Ros Agro plc, Reg. S, GDR		1,967
	324,010	RusHydro PJSC		4,526
	1,776	Sberbank of Russia PJSC, ADR		25,487
	888	Severstal PJSC, Reg. S, GDR		13,539
	20,045	Surgutneftegas OJSC (Preference)		9,935
	279	Tatneft PJSC, ADR		12,550
	6,697	United Co. RUSAL plc		4,323
	238	X5 Retail Group NV, Reg. S, GDR (a)		9,780
				152,160
		Singapore — 0.6%
	8,860	IGG, Inc.		11,895
		South Africa — 1.5%
	264	Kumba Iron Ore Ltd.		5,078
	337	Nedbank Group Ltd.		4,936
	1,746	Standard Bank Group Ltd.		20,271
				30,285
		South Korea — 17.4%
	532	Hana Financial Group, Inc.		22,787
	114	Hyosung Corp.		13,666
	231	Hyundai Engineering & Construction Co. Ltd.		7,798
	238	Hyundai Marine & Fire Insurance Co. Ltd.		9,652
	1,103	Industrial Bank of Korea		15,116
	465	Korea Electric Power Corp.		16,298
	257	KT&G Corp.		24,343
	65	LG Chem Ltd.		23,317
	597	LG Uplus Corp.		6,856
	53	NCSoft Corp.		20,022

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	67	POSCO		19,565
	20	Samsung Electronics Co. Ltd.		48,646
	21	Samsung SDI Co. Ltd.		3,882
	171	Seoul Semiconductor Co. Ltd.		4,188
	146	SFA Engineering Corp.		5,314
	463	Shinhan Financial Group Co. Ltd.		20,787
	329	SK Hynix, Inc.		24,242
	135	SK Innovation Co. Ltd.		24,684
	165	S-Oil Corp.		18,951
	137	TES Co. Ltd.		4,252
	1,356	Woori Bank		19,848
				354,214
		Taiwan — 11.5%
	5,134	Accton Technology Corp.		16,554
	1,462	Catcher Technology Co. Ltd.		15,560
	34,313	CTBC Financial Holding Co. Ltd.		21,969
	1,746	Elite Material Co. Ltd.		6,953
	2,578	FLEXium Interconnect, Inc. (a)		9,886
	11,551	Fubon Financial Holding Co. Ltd.		18,409
	1,777	General Interface Solution Holding Ltd.		16,315
	120	Grape King Bio Ltd.		691
	7,257	Hon Hai Precision Industry Co. Ltd.		26,972
	136	Largan Precision Co. Ltd.		25,780
	2,627	Merry Electronics Co. Ltd.		20,096
	3,177	Pegatron Corp.		8,232
	368	Phison Electronics Corp.		4,381
	3,225	Powertech Technology, Inc.		10,100
	539	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		22,801
	20,484	Yuanta Financial Holding Co. Ltd.		9,110
				233,809
		Thailand — 4.0%
	3,188	Kiatnakin Bank PCL		7,267
	30,960	Krung Thai Bank PCL		16,968
	4,309	PTT Global Chemical PCL		10,380
	1,617	PTT PCL		20,454
	17,443	Star Petroleum Refining PCL		9,142
	3,166	Thai Oil PCL		9,720
	2,728	Tisco Financial Group PCL		7,207
				81,138
		Turkey — 4.8%
	5,340	Akbank TAS		14,127
	3,357	Eregli Demir ve Celik Fabrikalari TAS		7,889
	7,224	Petkim Petrokimya Holding A/S		12,666

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	2,064	Tekfen Holding A/S		6,983
	614	Tupras Turkiye Petrol Rafinerileri A/S		22,127
	5,054	Turkcell Iletisim Hizmetleri A/S		18,937
	5,160	Turkiye Halk Bankasi A/S		15,074
				97,803
		United States — 0.5%
	137	Cognizant Technology Solutions Corp., Class A		10,353
		Vietnam — 0.4%
	4,577	Hoa Phat Group JSC (a)		7,456
		Total Common Stocks (Cost $1,543,887)		1,952,430
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Taiwan — 0.0% (g)
	470	CTBC Financial Holding Co. Ltd., expiring 12/15/2017 (a) (Cost $—)		—	(h)
SHARES
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	84,272	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $84,272)		84,272
		Total Investments — 100.0% (Cost $1,628,159)		2,036,702
		Other Assets in Excess of Liabilities — 0.0% (g)		993
		NET ASSETS — 100.0%	$	2,037,695

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		24.2	%
Oil, Gas & Consumable Fuels		8.6
Metals & Mining		8.3
Electronic Equipment, Instruments & Components		7.6
Internet Software & Services		6.9
Semiconductors & Semiconductor Equipment		3.6
Technology Hardware, Storage & Peripherals		3.6
Chemicals		3.4
Insurance		2.7
Airlines		2.3
Electric Utilities		2.2
Automobiles		2.0
Wireless Telecommunication Services		1.9
Household Durables		1.6
Software		1.6
IT Services		1.4
Communications Equipment		1.4
Paper & Forest Products		1.4
Diversified Financial Services		1.3
Food Products		1.2
Tobacco		1.2
Others (each less than 1.0%)		7.5
Short-Term Investment		4.1

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index		633		12/2017		USD		35,581		564
										564

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Argentina — 1.4%
	261	MercadoLibre, Inc.		62,699
		Australia — 0.5%
	4,107	Oil Search Ltd.		23,282
		Brazil — 10.4%
	8,231	Ambev SA, ADR		52,102
	3,884	BB Seguridade Participacoes SA		32,782
	5,580	CCR SA		30,978
	3,264	Cielo SA		22,292
	1,076	Itau Unibanco Holding SA (Preference)		13,885
	4,059	Itau Unibanco Holding SA, ADR		52,000
	14,662	Kroton Educacional SA		81,306
	6,545	Lojas Renner SA (a)		68,830
	846	Marcopolo SA (a)		861
	6,582	Marcopolo SA (Preference) (a)		8,008
	1,331	Raia Drogasil SA (a)		32,034
	2,252	Ultrapar Participacoes SA		53,975
	2,410	WEG SA		15,773
				464,826
		China — 26.1%
	2,320	AAC Technologies Holdings, Inc.		42,533
	1,279	Alibaba Group Holding Ltd., ADR (a)		236,461
	15,417	Fuyao Glass Industry Group Co. Ltd., Class A		63,123
	8,995	Hangzhou Robam Appliances Co. Ltd., Class A		63,069
	2,598	JD.com, Inc., ADR (a)		97,489
	387	Kweichow Moutai Co. Ltd., Class A		36,098
	9,401	Midea Group Co. Ltd., Class A		72,362
	504	New Oriental Education & Technology Group, Inc., ADR		41,993
	17,489	Ping An Insurance Group Co. of China Ltd., Class H		153,692
	4,591	Shenzhou International Group Holdings Ltd.		39,231
	693	TAL Education Group, ADR		19,056
	6,561	Tencent Holdings Ltd.		294,889
				1,159,996
		Egypt — 0.7%
	6,541	Commercial International Bank Egypt SAE (Registered), GDR		29,860
		Hong Kong — 6.3%
	22,769	AIA Group Ltd.		171,572
	516	Jardine Matheson Holdings Ltd.		33,037
	6,128	Sands China Ltd.		28,908
	8,038	Techtronic Industries Co. Ltd.		47,185
				280,702

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 16.4%
	1,781	Asian Paints Ltd.		32,524
	3,414	HDFC Bank Ltd.		95,494
	945	HDFC Bank Ltd., ADR		87,203
	5,831	Housing Development Finance Corp. Ltd.		153,770
	2,454	IndusInd Bank Ltd.		61,680
	14,965	ITC Ltd.		61,442
	2,674	Kotak Mahindra Bank Ltd.		42,343
	2,518	Tata Consultancy Services Ltd.		102,075
	1,135	Tata Motors Ltd., ADR (a)		37,193
	799	UltraTech Cement Ltd.		54,323
				728,047
		Indonesia — 2.8%
	71,409	Astra International Tbk. PT		42,122
	35,605	Bank Central Asia Tbk. PT		54,848
	23,402	Bank Rakyat Indonesia Persero Tbk. PT		26,924
				123,894
		Mexico — 2.2%
	9,980	Becle SAB de CV (a)		15,939
	8,736	Grupo Financiero Banorte SAB de CV, Class O		51,763
	6,086	Infraestructura Energetica Nova SAB de CV		31,047
				98,749
		Panama — 1.1%
	405	Copa Holdings SA, Class A		49,888
		Peru — 1.5%
	310	Credicorp Ltd.		64,888
		Russia — 4.1%
	446	Magnit PJSC		58,601
	146	Magnit PJSC, Reg. S, GDR		4,122
	36,641	Sberbank of Russia PJSC		121,415
				184,138
		South Africa — 6.2%
	4,435	Bid Corp. Ltd.		97,555
	3,896	Bidvest Group Ltd. (The)		47,298
	336	Capitec Bank Holdings Ltd.		22,313
	9,029	FirstRand Ltd.		32,773
	1,734	Mr Price Group Ltd.		21,486
	706	Remgro Ltd.		10,680
	8,806	Sanlam Ltd.		44,077
				276,182
		South Korea — 5.4%
	182	Netmarble Games Corp., Reg. S (a) (e)		28,202
	99	Samsung Biologics Co. Ltd., Reg. S (a) (e)		34,074

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — continued
	72	Samsung Electronics Co. Ltd.		177,155
				239,431
		Spain — 0.6%
	3,396	Prosegur Cia de Seguridad SA		25,917
		Taiwan — 7.6%
	3,928	Delta Electronics, Inc.		18,900
	423	Largan Precision Co. Ltd.		80,184
	5,867	President Chain Store Corp.		52,756
	4,448	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		188,279
				340,119
		Thailand — 0.8%
	5,132	Kasikornbank PCL, NVDR		33,988
		Turkey — 0.3%
	1,037	Ford Otomotiv Sanayi A/S		14,648
		United States — 2.4%
	627	EPAM Systems, Inc. (a)		57,136
	187	Luxoft Holding, Inc. (a)		8,728
	996	Yum China Holdings, Inc. (a)		40,197
				106,061
		Total Common Stocks (Cost $3,001,631)		4,307,315
NUMBER OF WARRANTS
	Warrants — 0.6%
		United States — 0.6%
		Almarai Co.
	1,597	expiring 07/11/2019 (Strike Price $1.00) (a)		23,268
	90	expiring 07/20/2020 (Strike Price $1.00) (a)		1,314
		Total Warrants (Cost $30,284)		24,582

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	128,728	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92%, (b) (l) (Cost $128,728)		128,728
		Total Investments — 100.3% (Cost $3,160,643)		4,460,625
		Liabilities in Excess of Other Assets — (0.3)%		(12,737	)
		NET ASSETS — 100.0%	$	4,447,888

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		17.0	%
Internet Software & Services		13.3
Insurance		9.0
Food & Staples Retailing		5.5
IT Services		4.3
Semiconductors & Semiconductor Equipment		4.2
Household Durables		4.1
Technology Hardware, Storage & Peripherals		4.0
Thrifts & Mortgage Finance		3.4
Diversified Consumer Services		3.2
Electronic Equipment, Instruments & Components		3.2
Beverages		2.3
Internet & Direct Marketing Retail		2.2
Automobiles		2.1
Industrial Conglomerates		1.8
Oil, Gas & Consumable Fuels		1.7
Hotels, Restaurants & Leisure		1.6
Multiline Retail		1.5
Auto Components		1.4
Tobacco		1.4
Construction Materials		1.2
Airlines		1.1
Diversified Financial Services		1.0
Others (each less than 1.0%)		6.6
Short-Term Investment		2.9

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Australia — 2.5%
	114	AGL Energy Ltd.		2,213
	1,184	Alumina Ltd.		2,124
	332	Amcor Ltd.		4,032
	531	AMP Ltd.		2,024
	306	APA Group		2,009
	74	Aristocrat Leisure Ltd.		1,334
	24	ASX Ltd.		996
	709	Aurizon Holdings Ltd.		2,814
	693	Australia & New Zealand Banking Group Ltd.		15,899
	86	Bendigo & Adelaide Bank Ltd.		747
	703	BHP Billiton Ltd.		14,475
	131	BHP Billiton plc		2,366
	237	Boral Ltd.		1,302
	337	Brambles Ltd.		2,446
	82	Caltex Australia Ltd.		2,144
	96	Challenger Ltd.		984
	240	Coca-Cola Amatil Ltd.		1,498
	19	Cochlear Ltd.		2,615
	369	Commonwealth Bank of Australia		21,975
	187	Computershare Ltd.		2,230
	10	Crown Resorts Ltd.		90
	99	CSL Ltd.		10,536
	228	Dexus		1,708
	165	Fortescue Metals Group Ltd.		587
	449	Goodman Group		2,879
	152	GPT Group (The)		595
	274	Incitec Pivot Ltd.		805
	405	Insurance Australia Group Ltd.		2,037
	121	LendLease Group		1,502
	75	Macquarie Group Ltd.		5,694
	487	Medibank Pvt Ltd.		1,145
	1,448	Mirvac Group		2,677
	611	National Australia Bank Ltd.		15,297
	157	Newcrest Mining Ltd.		2,680
	357	Oil Search Ltd.		2,025
	130	Orica Ltd.		2,080
	333	Origin Energy Ltd. (a)		2,031
	370	Qantas Airways Ltd.		1,748
	391	QBE Insurance Group Ltd.		3,206
	40	Ramsay Health Care Ltd.		2,072
	25	REA Group Ltd.		1,366
	317	Santos Ltd.		1,095
	1,503	Scentre Group		4,633
	6	SEEK Ltd.		87
	54	Sonic Healthcare Ltd.		895

SHARES		��	SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	1,438		South32 Ltd.		3,756
	544		Stockland		1,884
	377		Suncorp Group Ltd.		3,921
	380		Sydney Airport		2,070
	341		Tabcorp Holdings Ltd.		1,173
	247		Tatts Group Ltd.		791
	954		Telstra Corp. Ltd.		2,589
	175		TPG Telecom Ltd.		724
	545		Transurban Group		5,065
	110		Treasury Wine Estates Ltd.		1,317
	634		Vicinity Centres		1,289
	237		Wesfarmers Ltd.		7,592
	278		Westfield Corp.		1,657
	711		Westpac Banking Corp.		18,005
	156		Woodside Petroleum Ltd.		3,685
	328		Woolworths Ltd.		6,509
					217,724
			Austria — 0.1%
	272		Erste Group Bank AG (a)		11,660
			Belgium — 0.5%
	136		Anheuser-Busch InBev SA/NV		16,626
	166		KBC Group NV		13,785
	80		UCB SA		5,843
	147		Umicore SA		6,571
					42,825
			Bermuda — 0.1%
	93		Marvell Technology Group Ltd.		1,719
	124		XL Group Ltd.		5,021
					6,740
			Canada — 3.3%
	52		Agnico Eagle Mines Ltd.		2,325
	33		Agrium, Inc.		3,544
	104		Alimentation Couche-Tard, Inc., Class B		4,886
	85		ARC Resources Ltd.		1,031
	155		Bank of Montreal		11,870
	280		Bank of Nova Scotia (The)		18,096
	275		Barrick Gold Corp.		3,980
	36		BCE, Inc.		1,678
	221		Brookfield Asset Management, Inc., Class A		9,263
	98		Canadian Imperial Bank of Commerce		8,625
	188		Canadian National Railway Co.		15,106
	270		Canadian Natural Resources Ltd.		9,431
	36		Canadian Pacific Railway Ltd.		6,230
	17		Canadian Tire Corp. Ltd., Class A		2,108

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Canada — continued
	209	Cenovus Energy, Inc.		2,027
	55	CGI Group, Inc., Class A (a)		2,910
	5	Constellation Software, Inc.		2,678
	126	Crescent Point Energy Corp.		1,033
	29	Dollarama, Inc.		3,197
	194	Enbridge, Inc.		7,456
	211	Encana Corp.		2,471
	6	Fairfax Financial Holdings Ltd.		2,909
	69	Fortis, Inc.		2,542
	43	Franco-Nevada Corp.		3,384
	57	Gildan Activewear, Inc.		1,740
	198	Goldcorp, Inc.		2,583
	73	Great-West Lifeco, Inc.		2,037
	73	Imperial Oil Ltd.		2,377
	32	Intact Financial Corp.		2,647
	84	Inter Pipeline Ltd.		1,702
	294	Kinross Gold Corp. (a)		1,162
	56	Loblaw Cos. Ltd.		2,888
	98	Magna International, Inc.		5,362
	486	Manulife Financial Corp.		9,770
	59	Metro, Inc.		1,868
	82	National Bank of Canada		3,988
	60	Open Text Corp.		2,089
	93	Pembina Pipeline Corp.		3,083
	207	Potash Corp. of Saskatchewan, Inc.		4,024
	92	Power Corp. of Canada		2,370
	62	Power Financial Corp.		1,726
	54	Restaurant Brands International, Inc.		3,497
	89	Rogers Communications, Inc., Class B		4,636
	336	Royal Bank of Canada		26,252
	63	Saputo, Inc.		2,281
	101	Shaw Communications, Inc., Class B		2,297
	37	SNC-Lavalin Group, Inc.		1,657
	152	Sun Life Financial, Inc.		5,916
	383	Suncor Energy, Inc.		12,994
	133	Teck Resources Ltd., Class B		2,713
	85	Thomson Reuters Corp.		3,968
	423	Toronto-Dominion Bank (The)		24,063
	175	TransCanada Corp.		8,299
	62	Waste Connections, Inc.		4,354
	103	Wheaton Precious Metals Corp.		2,140
				285,263
		China — 0.1%
	981	BOC Hong Kong Holdings Ltd.		4,674
	412	Yangzijiang Shipbuilding Holdings Ltd.		476
				5,150

SHARES		SECURITY DESCRIPTION	VALUE($)
		Denmark — 0.6%
	41	Chr Hansen Holding A/S		3,551
	241	Danske Bank A/S		9,213
	546	Novo Nordisk A/S, Class B		27,189
	94	Pandora A/S		8,882
	942	TDC A/S		5,572
				54,407
		Finland — 0.2%
	106	Cargotec OYJ, Class B		6,273
	474	Outokumpu OYJ		4,484
	279	Stora Enso OYJ, Class R		4,363
	199	UPM-Kymmene OYJ		5,975
				21,095
		France — 4.3%
	203	Accor SA		10,143
	187	Air Liquide SA		23,844
	211	Airbus SE		21,621
	86	Arkema SA		10,811
	946	AXA SA		28,549
	395	BNP Paribas SA		30,865
	82	Capgemini SE		9,936
	28	Cie Generale des Etablissements Michelin		4,101
	40	Kering		18,390
	23	L’Oreal SA		5,039
	47	LVMH Moet Hennessy Louis Vuitton SE		14,065
	1,472	Natixis SA		11,547
	105	Pernod Ricard SA		15,784
	265	Peugeot SA		6,291
	128	Renault SA		12,738
	324	Sanofi		30,644
	293	Schneider Electric SE (a)		25,786
	110	Sodexo SA		13,958
	129	Thales SA		13,393
	724	TOTAL SA		40,355
	6	Unibail-Rodamco SE		1,593
	180	Vinci SA		17,657
	162	Vivendi SA		4,017
				371,127
		Germany — 3.5%
	88	adidas AG		19,684
	46	Allianz SE (Registered)		10,727
	140	BASF SE		15,364
	137	Bayer AG (Registered)		17,853
	96	Bayerische Motoren Werke AG		9,818
	97	Brenntag AG		5,480

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	68	Continental AG		17,358
	115	Daimler AG (Registered)		9,581
	58	Deutsche Post AG (Registered)		2,650
	691	Deutsche Telekom AG (Registered)		12,515
	188	Fresenius SE & Co. KGaA		15,740
	89	Henkel AG & Co. KGaA (Preference)		12,445
	519	Infineon Technologies AG		14,346
	32	Linde AG (a)		6,877
	68	Merck KGaA		7,245
	78	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		17,531
	341	SAP SE		38,939
	217	Siemens AG (Registered)		31,099
	1,335	Telefonica Deutschland Holding AG		6,809
	104	Volkswagen AG (Preference)		19,013
	198	Vonovia SE		8,764
				299,838
		Hong Kong — 1.2%
	2,635	AIA Group Ltd.		19,858
	67	ASM Pacific Technology Ltd.		982
	41	Bank of East Asia Ltd. (The)		180
	464	CK Asset Holdings Ltd.		3,817
	703	CK Hutchison Holdings Ltd.		8,927
	220	CK Infrastructure Holdings Ltd.		1,911
	483	CLP Holdings Ltd.		4,916
	586	Galaxy Entertainment Group Ltd.		3,996
	59	Hang Lung Properties Ltd.		136
	220	Hang Seng Bank Ltd.		5,205
	385	Henderson Land Development Co. Ltd.		2,514
	556	HKT Trust & HKT Ltd.		679
	2,121	Hong Kong & China Gas Co. Ltd.		4,021
	240	Hong Kong Exchanges & Clearing Ltd.		6,690
	243	Hongkong Land Holdings Ltd.		1,763
	2,431	Hutchison Port Holdings Trust		1,045
	195	I-CABLE Communications Ltd. (a)		6
	21	Jardine Matheson Holdings Ltd.		1,313
	342	Kerry Properties Ltd.		1,539
	1,756	Li & Fung Ltd.		885
	394	Link REIT		3,313
	220	MTR Corp. Ltd.		1,275
	673	New World Development Co. Ltd.		1,003
	410	NWS Holdings Ltd.		830
	293	Power Assets Holdings Ltd.		2,536
	691	Sands China Ltd.		3,259
	1,172	Sino Land Co. Ltd.		2,020

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	381	Sun Hung Kai Properties Ltd.		6,233
	204	Swire Pacific Ltd., Class A		2,011
	99	Techtronic Industries Co. Ltd.		578
	1,040	WH Group Ltd., Reg. S (e)		1,053
	381	Wharf Holdings Ltd. (The)		3,470
	352	Wheelock & Co. Ltd.		2,452
	249	Yue Yuen Industrial Holdings Ltd.		954
				101,370
		Ireland — 0.3%
	258	CRH plc		9,728
	141	James Hardie Industries plc, CDI		2,152
	114	Ryanair Holdings plc, ADR (a)		12,814
				24,694
		Israel — 0.0% (g)
	155	Teva Pharmaceutical Industries Ltd., ADR		2,136
		Italy — 0.8%
	452	Atlantia SpA		14,723
	3,826	Enel SpA		23,724
	160	Eni SpA		2,619
	644	Intesa Sanpaolo SpA		2,165
	1,640	Snam SpA		8,376
	740	UniCredit SpA (a)		14,136
				65,743
		Japan — 8.8%
	57	AEON Financial Service Co. Ltd.		1,229
	80	Aeon Mall Co. Ltd.		1,432
	227	Ajinomoto Co., Inc.		4,565
	61	Alfresa Holdings Corp.		1,156
	245	Amada Holdings Co. Ltd.		3,049
	23	ANA Holdings, Inc.		880
	166	Asahi Group Holdings Ltd.		7,575
	347	Asahi Kasei Corp.		4,202
	181	Astellas Pharma, Inc.		2,412
	123	Bandai Namco Holdings, Inc.		4,212
	217	Bridgestone Corp.		10,381
	192	Canon, Inc.		7,198
	11	Central Japan Railway Co.		1,944
	29	Chugai Pharmaceutical Co. Ltd.		1,364
	49	Coca-Cola Bottlers Japan, Inc.		1,704
	765	Concordia Financial Group Ltd.		4,049
	34	Dai Nippon Printing Co. Ltd.		803
	338	Daicel Corp.		4,214
	336	Dai-ichi Life Holdings, Inc.		6,425
	292	Daiichi Sankyo Co. Ltd.		6,700

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	84		Daikin Industries Ltd.		9,272
	20		Daito Trust Construction Co. Ltd.		3,514
	223		Daiwa House Industry Co. Ltd.		8,177
	—	(h)	Daiwa House REIT Investment Corp.		755
	120		DeNA Co. Ltd.		2,824
	61		Denso Corp.		3,332
	66		East Japan Railway Co.		6,381
	173		Electric Power Development Co. Ltd.		4,365
	32		FANUC Corp.		7,529
	8		Fast Retailing Co. Ltd.		2,710
	160		Fuji Electric Co. Ltd.		1,159
	160		FUJIFILM Holdings Corp.		6,553
	601		Fujitsu Ltd.		4,683
	54		Hakuhodo DY Holdings, Inc.		751
	49		Hankyu Hanshin Holdings, Inc.		1,899
	25		Hisamitsu Pharmaceutical Co., Inc.		1,393
	21		Hitachi High-Technologies Corp.		891
	1,545		Hitachi Ltd.		12,303
	492		Honda Motor Co. Ltd.		15,415
	66		Hoya Corp.		3,575
	318		Hulic Co. Ltd.		3,277
	481		ITOCHU Corp.		8,417
	280		J Front Retailing Co. Ltd.		4,151
	123		Japan Airlines Co. Ltd.		4,200
	40		Japan Exchange Group, Inc.		721
	77		Japan Post Bank Co. Ltd.		978
	—	(h)	Japan Prime Realty Investment Corp.		624
	—	(h)	Japan Real Estate Investment Corp.		1,491
	1		Japan Retail Fund Investment Corp.		1,184
	339		Japan Tobacco, Inc.		11,221
	92		JFE Holdings, Inc.		1,969
	21		JGC Corp.		351
	54		JTEKT Corp.		891
	1,380		JXTG Holdings, Inc.		7,127
	267		Kansai Electric Power Co., Inc. (The)		3,650
	83		Kao Corp.		5,010
	134		Kawasaki Heavy Industries Ltd.		4,689
	323		KDDI Corp.		8,608
	34		Keikyu Corp.		693
	29		Keyence Corp.		15,879
	21		Kintetsu Group Holdings Co. Ltd.		823
	259		Kirin Holdings Co. Ltd.		6,205
	192		Komatsu Ltd.		6,261
	11		Kose Corp.		1,386
	43		Kubota Corp.		805

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	13		Kyocera Corp.		896
	248		Kyowa Hakko Kirin Co. Ltd.		4,574
	80		Kyushu Electric Power Co., Inc.		914
	155		M3, Inc.		4,608
	45		Mabuchi Motor Co. Ltd.		2,372
	195		Marubeni Corp.		1,304
	264		Marui Group Co. Ltd.		4,037
	334		Mazda Motor Corp.		4,817
	809		Mebuki Financial Group, Inc.		3,375
	352		Mitsubishi Chemical Holdings Corp.		3,674
	478		Mitsubishi Corp.		11,184
	609		Mitsubishi Electric Corp.		10,417
	88		Mitsubishi Estate Co. Ltd.		1,596
	103		Mitsubishi Tanabe Pharma Corp.		2,267
	3,152		Mitsubishi UFJ Financial Group, Inc.		21,379
	253		Mitsubishi UFJ Lease & Finance Co. Ltd.		1,335
	326		Mitsui & Co. Ltd.		4,869
	166		Mitsui Chemicals, Inc.		5,116
	32		Mitsui Fudosan Co. Ltd.		735
	3,169		Mizuho Financial Group, Inc.		5,757
	38		MS&AD Insurance Group Holdings, Inc.		1,284
	45		Murata Manufacturing Co. Ltd.		7,119
	192		NGK Insulators Ltd.		3,798
	197		NGK Spark Plug Co. Ltd.		4,500
	86		NH Foods Ltd.		2,474
	83		Nidec Corp.		10,984
	26		Nintendo Co. Ltd.		10,009
	—	(h)	Nippon Building Fund, Inc.		1,547
	—	(h)	Nippon Prologis REIT, Inc.		540
	265		Nippon Steel & Sumitomo Metal Corp.		6,346
	227		Nippon Telegraph & Telephone Corp.		10,951
	140		Nippon Yusen KK		2,963
	641		Nissan Motor Co. Ltd.		6,231
	19		Nisshin Seifun Group, Inc.		330
	26		Nitori Holdings Co. Ltd.		3,750
	54		Nitto Denko Corp.		5,049
	495		Nomura Holdings, Inc.		2,832
	1		Nomura Real Estate Master Fund, Inc.		925
	57		Nomura Research Institute Ltd.		2,425
	118		NSK Ltd.		1,692
	359		NTT DOCOMO, Inc.		8,682
	134		Obayashi Corp.		1,760
	92		Olympus Corp.		3,409
	246		Ono Pharmaceutical Co. Ltd.		5,636
	84		Oriental Land Co. Ltd.		6,687

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	506	ORIX Corp.		8,703
	64	Otsuka Corp.		4,363
	163	Otsuka Holdings Co. Ltd.		6,788
	561	Panasonic Corp.		8,463
	215	Rakuten, Inc.		2,295
	126	Recruit Holdings Co. Ltd.		3,084
	215	Resona Holdings, Inc.		1,159
	65	Rohm Co. Ltd.		6,013
	6	Ryohin Keikaku Co. Ltd.		1,682
	61	Santen Pharmaceutical Co. Ltd.		961
	200	Seibu Holdings, Inc.		3,579
	263	Sekisui House Ltd.		4,920
	200	Seven & i Holdings Co. Ltd.		8,069
	53	Shimadzu Corp.		1,110
	11	Shimano, Inc.		1,464
	346	Shimizu Corp.		4,073
	77	Shin-Etsu Chemical Co. Ltd.		8,152
	40	Shionogi & Co. Ltd.		2,159
	32	Shiseido Co. Ltd.		1,299
	343	Shizuoka Bank Ltd. (The)		3,338
	14	SMC Corp.		5,471
	209	SoftBank Group Corp.		18,504
	60	Sompo Holdings, Inc.		2,416
	349	Sony Corp.		14,600
	27	Stanley Electric Co. Ltd.		993
	72	Start Today Co. Ltd.		1,958
	32	Subaru Corp.		1,088
	533	Sumitomo Chemical Co. Ltd.		3,746
	345	Sumitomo Electric Industries Ltd.		5,865
	126	Sumitomo Metal Mining Co. Ltd.		4,963
	386	Sumitomo Mitsui Financial Group, Inc.		15,468
	143	Sumitomo Mitsui Trust Holdings, Inc.		5,644
	172	Sumitomo Realty & Development Co. Ltd.		5,761
	20	Sundrug Co. Ltd.		870
	77	Suntory Beverage & Food Ltd.		3,557
	11	Suzuken Co. Ltd.		386
	144	Suzuki Motor Corp.		7,898
	160	T&D Holdings, Inc.		2,498
	120	Takeda Pharmaceutical Co. Ltd.		6,772
	109	THK Co. Ltd.		3,965
	61	Tohoku Electric Power Co., Inc.		794
	195	Tokio Marine Holdings, Inc.		8,384
	282	Tokyo Electric Power Co. Holdings, Inc. (a)		1,159
	46	Tokyo Electron Ltd.		8,064
	69	Tokyo Gas Co. Ltd.		1,711

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	301	Tokyo Tatemono Co. Ltd.		4,224
	347	Tokyu Corp.		5,242
	134	Toppan Printing Co. Ltd.		1,363
	523	Toray Industries, Inc.		5,297
	49	Toyota Industries Corp.		2,998
	573	Toyota Motor Corp.		35,535
	27	Toyota Tsusho Corp.		978
	7	Trend Micro, Inc.		349
	1	United Urban Investment Corp.		774
	49	West Japan Railway Co.		3,434
	192	Yahoo Japan Corp.		859
	217	Yamada Denki Co. Ltd.		1,154
	77	Yamato Holdings Co. Ltd.		1,581
				758,732
		Jersey — 0.0% (g)
	49	Randgold Resources Ltd.		4,812
		Luxembourg — 0.1%
	367	ArcelorMittal (a)		10,523
		Macau — 0.0% (g)
	316	Wynn Macau Ltd.		812
		Netherlands — 2.3%
	150	ASML Holding NV		27,082
	140	ASR Nederland NV		5,733
	120	Heineken Holding NV		11,145
	39	Heineken NV		3,784
	1,537	ING Groep NV		28,398
	894	Koninklijke Ahold Delhaize NV		16,820
	2,580	Koninklijke KPN NV		8,879
	100	Koninklijke Philips NV		4,060
	260	NN Group NV		10,880
	1,393	Royal Dutch Shell plc, Class A		43,865
	918	Royal Dutch Shell plc, Class B		29,561
	131	Wolters Kluwer NV		6,427
				196,634
		New Zealand — 0.1%
	346	Auckland International Airport Ltd.		1,475
	239	Contact Energy Ltd.		942
	262	Fletcher Building Ltd.		1,323
	130	Ryman Healthcare Ltd.		827
	662	Spark New Zealand Ltd.		1,669
				6,236
		Norway — 0.1%
	942	Norsk Hydro ASA		7,286

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — 0.4%
	556	Ascendas REIT		1,119
	911	CapitaLand Ltd.		2,452
	379	CapitaLand Mall Trust		562
	390	ComfortDelGro Corp. Ltd.		578
	491	DBS Group Holdings Ltd.		8,201
	771	Genting Singapore plc		690
	17	Jardine Cycle & Carriage Ltd.		483
	449	Keppel Corp. Ltd.		2,473
	852	Oversea-Chinese Banking Corp. Ltd.		7,441
	79	Singapore Exchange Ltd.		447
	153	Singapore Press Holdings Ltd.		304
	1,756	Singapore Telecommunications Ltd.		4,833
	272	United Overseas Bank Ltd.		4,919
	659	Wilmar International Ltd.		1,639
				36,141
		Spain — 1.4%
	23	Aena SME SA, Reg. S (e)		4,142
	317	Banco Bilbao Vizcaya Argentaria SA		2,772
	4,441	Banco Santander SA		30,107
	3,059	Iberdrola SA		24,717
	490	Industria de Diseno Textil SA		18,314
	579	Red Electrica Corp. SA		12,813
	688	Repsol SA		12,896
	1,547	Telefonica SA		16,224
				121,985
		Sweden — 0.6%
	517	Assa Abloy AB, Class B		10,893
	748	Sandvik AB		13,654
	978	Skandinaviska Enskilda Banken AB, Class A		12,049
	1,121	Svenska Handelsbanken AB, Class A		16,069
				52,665
		Switzerland — 2.8%
	410	ABB Ltd. (Registered)		10,709
	125	Adecco Group AG (Registered) (a)		9,878
	26	Cie Financiere Richemont SA (Registered)		2,412
	1,010	Credit Suisse Group AG (Registered) (a)		15,914
	183	Ferguson plc		12,782
	657	Glencore plc		3,171
	307	LafargeHolcim Ltd. (Registered) (a)		17,347
	37	Lonza Group AG (Registered) (a)		9,961
	749	Nestle SA (Registered)		63,062
	507	Novartis AG (Registered)		41,843
	183	Roche Holding AG		42,278
	485	UBS Group AG (Registered) (a)		8,247

SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — continued
	27	Zurich Insurance Group AG		8,224
				245,828
		United Kingdom — 5.7%
	793	3i Group plc		10,123
	191	AstraZeneca plc		12,926
	1,548	Aviva plc		10,386
	515	BAE Systems plc		4,060
	852	Barratt Developments plc		7,405
	2,539	BP plc		17,224
	590	British American Tobacco plc		38,103
	1,912	BT Group plc		6,586
	584	Burberry Group plc		14,754
	563	Compass Group plc		12,369
	903	Diageo plc		30,852
	1,028	GlaxoSmithKline plc		18,450
	4,011	HSBC Holdings plc		39,172
	157	Imperial Brands plc		6,387
	135	InterContinental Hotels Group plc		7,483
	147	Johnson Matthey plc		6,591
	1,159	Legal & General Group plc		4,109
	89	Liberty Global plc, Class C (a)		2,667
	14,558	Lloyds Banking Group plc		13,196
	237	London Stock Exchange Group plc		11,843
	1,277	Prudential plc		31,346
	99	Reckitt Benckiser Group plc		8,847
	402	RELX plc		9,241
	110	Rio Tinto Ltd.		5,859
	446	Rio Tinto plc		21,093
	906	Sage Group plc (The)		8,964
	1,517	Standard Chartered plc		15,105
	4,085	Taylor Wimpey plc		10,826
	678	Unilever NV, CVA		39,396
	167	Unilever plc		9,482
	11,442	Vodafone Group plc		32,728
	273	Whitbread plc		13,393
	797	WPP plc		14,082
				495,048
		United States — 58.7%
	31	3M Co.		7,106
	469	Abbott Laboratories		25,455
	71	AbbVie, Inc.		6,374
	312	Accenture plc, Class A		44,474
	48	Activision Blizzard, Inc.		3,150
	259	Adobe Systems, Inc. (a)		45,297
	175	Agilent Technologies, Inc.		11,880

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	47	Albemarle Corp.		6,613
	160	Alcoa Corp.		7,640
	75	Alexion Pharmaceuticals, Inc. (a)		9,007
	234	Allegion plc		19,537
	140	Allergan plc		24,743
	71	Alphabet, Inc., Class A (a)		73,789
	88	Alphabet, Inc., Class C (a)		89,206
	184	Altria Group, Inc.		11,804
	106	Amazon.com, Inc. (a)		117,530
	184	American Electric Power Co., Inc.		13,718
	274	American Express Co.		26,190
	406	American International Group, Inc.		26,230
	62	Ameriprise Financial, Inc.		9,682
	35	AmerisourceBergen Corp.		2,724
	30	Amgen, Inc.		5,257
	177	Anadarko Petroleum Corp.		8,717
	352	Analog Devices, Inc.		32,094
	33	Antero Resources Corp. (a)		641
	58	Anthem, Inc.		12,030
	1,232	Apple, Inc.		208,325
	40	Aramark		1,728
	21	Arrow Electronics, Inc. (a)		1,726
	258	Arthur J Gallagher & Co.		16,342
	907	AT&T, Inc.		30,516
	23	AutoZone, Inc. (a)		13,276
	85	AvalonBay Communities, Inc.		15,393
	30	Avery Dennison Corp.		3,150
	77	Ball Corp.		3,325
	3,095	Bank of America Corp.		84,762
	405	Bank of New York Mellon Corp. (The)		20,845
	97	Becton Dickinson and Co.		20,153
	272	Berkshire Hathaway, Inc., Class B (a)		50,862
	89	Best Buy Co., Inc.		4,981
	78	Biogen, Inc. (a)		24,251
	35	BioMarin Pharmaceutical, Inc. (a)		2,899
	38	BlackRock, Inc.		17,675
	43	Boeing Co. (The)		11,191
	933	Boston Scientific Corp. (a)		26,253
	20	Brighthouse Financial, Inc. (a)		1,256
	552	Bristol-Myers Squibb Co.		34,029
	69	Brixmor Property Group, Inc.		1,202
	185	Broadcom Ltd.		48,927
	27	Broadridge Financial Solutions, Inc.		2,323
	73	CA, Inc.		2,371
	63	Cadence Design Systems, Inc. (a)		2,736

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	17	Camden Property Trust		1,538
	292	Capital One Financial Corp.		26,907
	44	Caterpillar, Inc.		5,966
	69	CBRE Group, Inc., Class A (a)		2,719
	30	CDK Global, Inc.		1,915
	33	CDW Corp.		2,325
	181	Celanese Corp., Series A		18,912
	320	Celgene Corp. (a)		32,313
	38	Centene Corp. (a)		3,600
	726	Charles Schwab Corp. (The)		32,565
	88	Charter Communications, Inc., Class A (a)		29,425
	417	Chevron Corp.		48,345
	180	Chubb Ltd.		27,177
	154	Cigna Corp.		30,449
	20	Cintas Corp.		2,991
	586	Cisco Systems, Inc.		20,015
	956	Citigroup, Inc.		70,282
	380	Citizens Financial Group, Inc.		14,438
	325	CMS Energy Corp.		15,710
	453	Coca-Cola Co. (The)		20,831
	133	Cognizant Technology Solutions Corp., Class A		10,045
	64	Colgate-Palmolive Co.		4,506
	1,534	Comcast Corp., Class A		55,265
	103	Comerica, Inc.		8,059
	184	Concho Resources, Inc. (a)		24,657
	121	Constellation Brands, Inc., Class A		26,501
	23	Continental Resources, Inc. (a)		924
	11	Cooper Cos., Inc. (The)		2,552
	8	Core Laboratories NV		771
	213	Corning, Inc.		6,684
	160	Costco Wholesale Corp.		25,768
	173	Crown Holdings, Inc. (a)		10,422
	139	Danaher Corp.		12,793
	201	Deere & Co.		26,751
	121	Delphi Automotive plc		12,036
	278	Delta Air Lines, Inc.		13,906
	185	Diamondback Energy, Inc. (a)		19,867
	22	Dick’s Sporting Goods, Inc.		529
	66	Digital Realty Trust, Inc.		7,805
	246	DISH Network Corp., Class A (a)		11,951
	194	Dollar Tree, Inc. (a)		17,711
	866	DowDuPont, Inc.		62,620
	309	DR Horton, Inc.		13,675
	278	Duke Energy Corp.		24,532
	88	Duke Realty Corp.		2,511

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	66	DXC Technology Co.		6,002
	62	E*TRADE Financial Corp. (a)		2,694
	270	Eastman Chemical Co.		24,555
	344	Eaton Corp. plc		27,546
	152	Edison International		12,188
	413	Eli Lilly & Co.		33,878
	362	EOG Resources, Inc.		36,159
	110	EQT Corp.		6,858
	27	Equinix, Inc.		12,694
	199	Equity Residential		13,373
	16	Essex Property Trust, Inc.		4,086
	20	Everest Re Group Ltd.		4,673
	217	Exelon Corp.		8,721
	88	Extra Space Storage, Inc.		7,180
	698	Exxon Mobil Corp.		58,157
	14	F5 Networks, Inc. (a)		1,701
	643	Facebook, Inc., Class A (a)		115,789
	55	Federal Realty Investment Trust		6,602
	57	FedEx Corp.		12,759
	176	Fidelity National Information Services, Inc.		16,353
	62	First Data Corp., Class A (a)		1,104
	25	FLIR Systems, Inc.		1,149
	32	Foot Locker, Inc.		960
	1,042	Ford Motor Co.		12,784
	68	Fortive Corp.		4,884
	142	General Dynamics Corp.		28,870
	1,705	General Electric Co.		34,381
	359	Gilead Sciences, Inc.		26,938
	33	Global Payments, Inc.		3,391
	56	Goldman Sachs Group, Inc. (The)		13,617
	190	Halliburton Co.		8,129
	392	Hartford Financial Services Group, Inc. (The)		21,584
	323	HCP, Inc.		8,333
	66	HD Supply Holdings, Inc. (a)		2,342
	210	Hilton Worldwide Holdings, Inc.		15,170
	41	Hologic, Inc. (a)		1,570
	378	Home Depot, Inc. (The)		62,643
	331	Honeywell International, Inc.		47,663
	962	HP, Inc.		20,734
	23	Humana, Inc.		5,822
	10	Huntington Ingalls Industries, Inc.		2,249
	10	IDEXX Laboratories, Inc. (a)		1,590
	56	Illumina, Inc. (a)		11,526
	21	Incyte Corp. (a)		2,327
	330	Ingersoll-Rand plc		29,241

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	14	Ingredion, Inc.		1,815
	426	Intel Corp.		19,386
	396	Intercontinental Exchange, Inc.		26,171
	196	International Business Machines Corp.		30,159
	71	Intuit, Inc.		10,792
	473	Johnson & Johnson		65,990
	9	Jones Lang LaSalle, Inc.		1,125
	823	KeyCorp		15,021
	142	Kimberly-Clark Corp.		16,019
	439	Kinder Morgan, Inc.		7,945
	221	Kraft Heinz Co. (The)		17,074
	24	Laboratory Corp. of America Holdings (a)		3,671
	25	Lear Corp.		4,395
	25	Liberty Broadband Corp., Class C (a)		2,157
	25	Liberty Media Corp.-Liberty SiriusXM, Class A (a)		1,055
	31	Liberty Property Trust		1,316
	49	Lincoln National Corp.		3,725
	428	Lowe’s Cos., Inc.		34,204
	16	ManpowerGroup, Inc.		2,014
	302	Marathon Petroleum Corp.		18,059
	3	Martin Marietta Materials, Inc.		603
	329	Masco Corp.		13,110
	63	Mastercard, Inc., Class A		9,309
	60	Maxim Integrated Products, Inc.		3,152
	117	McDonald’s Corp.		19,494
	82	McKesson Corp.		11,310
	157	Medtronic plc		12,628
	604	Merck & Co., Inc.		33,288
	469	MetLife, Inc.		25,114
	241	Microchip Technology, Inc.		22,824
	122	Micron Technology, Inc. (a)		5,385
	1,928	Microsoft Corp.		160,336
	23	Mid-America Apartment Communities, Inc.		2,355
	20	Mohawk Industries, Inc. (a)		5,227
	273	Molson Coors Brewing Co., Class B		22,082
	753	Mondelez International, Inc., Class A		31,214
	786	Morgan Stanley		39,306
	117	Mylan NV (a)		4,171
	31	National Retail Properties, Inc.		1,242
	148	Newell Brands, Inc.		6,046
	47	Newfield Exploration Co. (a)		1,433
	53	Newmont Mining Corp.		1,932
	242	NextEra Energy, Inc.		37,464
	241	NIKE, Inc., Class B		13,228
	461	NiSource, Inc.		12,167

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	204	Norfolk Southern Corp.		26,751
	107	Northrop Grumman Corp.		31,660
	55	Nuance Communications, Inc. (a)		811
	145	NVIDIA Corp.		29,905
	372	Occidental Petroleum Corp.		24,017
	553	Oracle Corp.		28,152
	74	O’Reilly Automotive, Inc. (a)		15,631
	131	PACCAR, Inc.		9,415
	17	Palo Alto Networks, Inc. (a)		2,547
	31	Parker-Hannifin Corp.		5,581
	55	Parsley Energy, Inc., Class A (a)		1,452
	151	PayPal Holdings, Inc. (a)		10,956
	484	PepsiCo, Inc.		53,334
	1,815	Pfizer, Inc.		63,641
	180	PG&E Corp.		10,395
	553	Philip Morris International, Inc.		57,845
	171	Pioneer Natural Resources Co.		25,627
	26	Plains GP Holdings LP, Class A		532
	131	PNC Financial Services Group, Inc. (The)		17,911
	16	Priceline Group, Inc. (The) (a)		29,960
	335	Procter & Gamble Co. (The)		28,939
	124	Prologis, Inc.		7,991
	94	Prudential Financial, Inc.		10,433
	71	Public Storage		14,638
	174	PulteGroup, Inc.		5,255
	36	PVH Corp.		4,549
	30	Raymond James Financial, Inc.		2,537
	55	Realty Income Corp.		2,962
	20	Red Hat, Inc. (a)		2,409
	14	Reinsurance Group of America, Inc.		2,135
	28	Robert Half International, Inc.		1,458
	30	Rockwell Automation, Inc.		5,974
	7	Rockwell Collins, Inc.		935
	221	Ross Stores, Inc.		14,044
	156	Royal Caribbean Cruises Ltd.		19,300
	35	Sabre Corp.		676
	27	SBA Communications Corp. (a)		4,250
	39	ServiceNow, Inc. (a)		4,869
	6	Sherwin-Williams Co. (The)		2,177
	330	Shire plc		16,261
	1,333	Sirius XM Holdings, Inc.		7,253
	73	Snap-on, Inc.		11,546
	8	Spectrum Brands Holdings, Inc.		827
	191	Stanley Black & Decker, Inc.		30,906
	143	Starbucks Corp.		7,838

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	261		State Street Corp.		23,996
	359		SunTrust Banks, Inc.		21,632
	26		SVB Financial Group (a)		5,804
	33		Synopsys, Inc. (a)		2,859
	53		TD Ameritrade Holding Corp.		2,647
	224		TE Connectivity Ltd.		20,410
	8		Teleflex, Inc.		2,012
	17		Tesla, Inc. (a)		5,785
	496		Texas Instruments, Inc.		47,912
	126		Thermo Fisher Scientific, Inc.		24,363
	56		Time Warner, Inc.		5,527
	368		TJX Cos., Inc. (The)		25,665
	234		T-Mobile US, Inc. (a)		13,984
	361		Toll Brothers, Inc.		16,617
	581		Twenty-First Century Fox, Inc., Class A		15,192
	93	��	Twenty-First Century Fox, Inc., Class B		2,379
	375		Union Pacific Corp.		43,403
	18		United Rentals, Inc. (a)		2,479
	146		United Technologies Corp.		17,483
	10		United Therapeutics Corp. (a)		1,189
	342		UnitedHealth Group, Inc.		71,901
	51		Unum Group		2,663
	54		US Bancorp		2,920
	131		Valero Energy Corp.		10,317
	224		Vantiv, Inc., Class A (a)		15,670
	269		VEREIT, Inc.		2,124
	22		VeriSign, Inc. (a)		2,367
	635		Verizon Communications, Inc.		30,389
	121		Vertex Pharmaceuticals, Inc. (a)		17,664
	71		VF Corp.		4,939
	632		Visa, Inc., Class A		69,488
	100		Vornado Realty Trust		7,452
	36		Voya Financial, Inc.		1,439
	29		Vulcan Materials Co.		3,512
	401		Walgreens Boots Alliance, Inc.		26,573
	115		Wal-Mart Stores, Inc.		10,001
	472		Walt Disney Co. (The)		46,133
	32		Waste Management, Inc.		2,594
	1,075		Wells Fargo & Co.		60,367
	206		WestRock Co.		12,649
	71		Weyerhaeuser Co.		2,560
	141		Workday, Inc., Class A (a)		15,612
	533		Xcel Energy, Inc.		26,397
	48		Xerox Corp.		1,469
	72		Yum Brands, Inc.		5,366

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	120	Zimmer Biomet Holdings, Inc.		14,575
				5,084,895
		Total Common Stocks (Cost $6,682,145)		8,531,369
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	105,120	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $105,120)		105,120
		Total Investments — 99.7% (Cost $6,787,265)		8,636,489
		Other Assets in Excess of Liabilities — 0.3%		26,971
		NET ASSETS — 100.0%	$	8,663,460

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		6.0
Pharmaceuticals		5.9
Insurance		4.1
Software		4.0
Internet Software & Services		3.3
Capital Markets		3.2
Semiconductors & Semiconductor Equipment		3.1
IT Services		2.9
Technology Hardware, Storage & Peripherals		2.8
Chemicals		2.8
Beverages		2.6
Electric Utilities		2.5
Media		2.3
Specialty Retail		2.3
Machinery		2.1
Health Care Providers & Services		1.9
Equity Real Estate Investment Trusts (REITs)		1.8
Biotechnology		1.8
Internet & Direct Marketing Retail		1.8
Hotels, Restaurants & Leisure		1.7
Automobiles		1.7
Diversified Telecommunication Services		1.6
Industrial Conglomerates		1.6
Health Care Equipment & Supplies		1.5
Aerospace & Defense		1.5
Food Products		1.5
Tobacco		1.5
Metals & Mining		1.4
Road & Rail		1.3
Food & Staples Retailing		1.3
Textiles, Apparel & Luxury Goods		1.2
Electrical Equipment		1.1
Household Durables		1.1
Wireless Telecommunication Services		1.0
Others (each less than 1.0%)		11.4
Short-Term Investment		1.2

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index	1,450		12/2017		EUR		62,195		3,513
									3,513

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.4%
			Austria — 1.8%
	1		Erste Group Bank AG (a)		63
			Canada — 1.1%
	—	(h)	Canadian Pacific Railway Ltd.		39
			China — 8.0%
	—	(h)	Baidu, Inc., ADR (a)		35
	36		China Unicom Hong Kong Ltd. (a)		51
	—	(h)	CNOOC Ltd., ADR		59
	1		JD.com, Inc., ADR (a)		55
	10		Ping An Insurance Group Co. of China Ltd., Class H		84
					284
			France — 5.9%
	1		Airbus SE		62
	2		AXA SA		55
	1		Schneider Electric SE (a)		94
					211
			Germany — 2.2%
	—	(h)	Linde AG (a)		79
			Hong Kong — 2.2%
	11		AIA Group Ltd.		80
			India — 2.1%
	1		HDFC Bank Ltd., ADR		74
			Italy — 1.0%
	2		UniCredit SpA (a)		35
			Japan — 8.0%
	—	(h)	FANUC Corp.		93
	4		Inpex Corp.		43
	3		Komatsu Ltd.		82
	5		Renesas Electronics Corp. (a)		65
					283
			Luxembourg — 1.1%
	1		ArcelorMittal (a)		39
			Netherlands — 2.0%
	4		Altice NV, Class A (a)		70
			Singapore — 2.0%
	4		DBS Group Holdings Ltd.		72
			South Africa — 2.3%
	—	(h)	Naspers Ltd., Class N		81
			Switzerland — 4.6%
	1		LafargeHolcim Ltd. (Registered) (a)		71
	1		Novartis AG (Registered)		92
					163

SHARES			SECURITY DESCRIPTION	VALUE($)
			United Kingdom — 7.1%
	1		British American Tobacco plc		74
	19		BT Group plc		67
	39		Vodafone Group plc		110
					251
			United States — 47.0%
	1		Activision Blizzard, Inc.		51
	—	(h)	Allergan plc		42
	—	(h)	Alphabet, Inc., Class C (a)		178
	—	(h)	Amazon.com, Inc. (a)		82
	1		Apple, Inc.		101
	1		BioMarin Pharmaceutical, Inc. (a)		53
	—	(h)	Broadcom Ltd.		49
	—	(h)	Celgene Corp. (a)		36
	2		Citigroup, Inc.		119
	3		Comcast Corp., Class A		107
	1		EQT Corp.		48
	—	(h)	Facebook, Inc., Class A (a)		88
	—	(h)	First Republic Bank		44
	1		Globant SA (a)		25
	1		Molson Coors Brewing Co., Class B		57
	1		Occidental Petroleum Corp.		82
	1		Oracle Corp.		74
	1		Pioneer Natural Resources Co.		110
	1		Shire plc, ADR		87
	2		Synchrony Financial		64
	3		Twenty-First Century Fox, Inc., Class A		77
	—	(h)	UnitedHealth Group, Inc.		94
					1,668
			Total Common Stocks (Cost $3,281)		3,492
			Total Investments — 98.4% (Cost $3,281)		3,492
			Other Assets in Excess of Liabilities — 1.6%		57
			NET ASSETS — 100.0%	$	3,549

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		11.7	%
Oil, Gas & Consumable Fuels		9.8
Media		9.6
Internet Software & Services		8.6
Insurance		6.3
Biotechnology		5.0
Machinery		5.0
Software		4.3
Internet & Direct Marketing Retail		3.9
Pharmaceuticals		3.8
Diversified Telecommunication Services		3.4
Semiconductors & Semiconductor Equipment		3.3
Wireless Telecommunication Services		3.2
Technology Hardware, Storage & Peripherals		2.9
Electrical Equipment		2.7
Health Care Providers & Services		2.7
Chemicals		2.3
Tobacco		2.1
Construction Materials		2.0
Consumer Finance		1.8
Aerospace & Defense		1.8
Beverages		1.6
Road & Rail		1.1
Metals & Mining		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.4%
		Australia — 1.2%
	1,574	BHP Billiton Ltd.		32,414
	768	BHP Billiton plc		13,914
				46,328
		Belgium — 1.2%
	400	Anheuser-Busch InBev SA/NV		49,104
		China — 3.5%
	147	Baidu, Inc., ADR (a)		35,976
	5,578	China Overseas Land & Investment Ltd.		18,112
	30,300	CNOOC Ltd.		41,372
	5,238	Ping An Insurance Group Co. of China Ltd., Class H		46,031
				141,491
		Denmark — 1.2%
	924	Novo Nordisk A/S, Class B		46,008
		France — 13.3%
	842	Accor SA		41,992
	1,805	AXA SA		54,491
	922	BNP Paribas SA		71,938
	226	Essilor International SA		28,642
	305	Imerys SA		27,732
	175	LVMH Moet Hennessy Louis Vuitton SE		52,310
	2,804	Orange SA		46,057
	329	Pernod Ricard SA		49,390
	543	Safran SA		57,145
	535	Sanofi		50,645
	602	Schneider Electric SE (a)		52,853
				533,195
		Germany — 9.9%
	298	Allianz SE (Registered)		69,570
	446	Bayer AG (Registered)		58,027
	246	Continental AG		62,482
	374	Fresenius Medical Care AG & Co. KGaA		36,223
	252	Henkel AG & Co. KGaA (Preference)		35,416
	267	Linde AG (a)		57,453
	689	SAP SE		78,720
				397,891
		Hong Kong — 4.5%
	8,359	AIA Group Ltd.		62,986
	5,219	CK Asset Holdings Ltd.		42,952
	3,967	CK Hutchison Holdings Ltd.		50,388
	5,110	Sands China Ltd.		24,105
				180,431

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.1%
	489	HDFC Bank Ltd., ADR		45,171
		Indonesia — 0.6%
	40,823	Astra International Tbk. PT		24,080
		Japan — 20.1%
	358	Daikin Industries Ltd.		39,541
	240	FANUC Corp.		56,141
	1,838	Honda Motor Co. Ltd.		57,594
	3,680	Inpex Corp.		39,397
	1,224	Japan Tobacco, Inc.		40,508
	1,490	KDDI Corp.		39,700
	78	Keyence Corp.		43,530
	1,674	Komatsu Ltd.		54,699
	3,182	Kubota Corp.		59,869
	999	Makita Corp.		41,846
	1,362	Mitsui Fudosan Co. Ltd.		31,790
	391	Nidec Corp.		52,036
	301	Nitto Denko Corp.		27,999
	572	Shin-Etsu Chemical Co. Ltd.		60,271
	141	SMC Corp.		53,979
	1,666	Sumitomo Mitsui Financial Group, Inc.		66,733
	220	Tokyo Electron Ltd.		38,720
				804,353
		Macau — 0.6%
	10,009	Wynn Macau Ltd.		25,697
		Netherlands — 6.3%
	377	Akzo Nobel NV		34,048
	326	ASML Holding NV		58,897
	3,565	ING Groep NV		65,879
	2,989	Royal Dutch Shell plc, Class A		94,093
				252,917
		Singapore — 1.2%
	2,921	DBS Group Holdings Ltd.		48,778
		South Africa — 1.0%
	155	Naspers Ltd., Class N		37,840
		South Korea — 2.7%
	95	Hyundai Mobis Co. Ltd.		22,511
	70	Samsung Electronics Co. Ltd., GDR (e)		85,791
				108,302
		Spain — 1.5%
	6,812	Banco Bilbao Vizcaya Argentaria SA		59,570
		Sweden — 1.5%
	1,349	Atlas Copco AB, Class A		59,141

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — 10.5%
	1,260	ABB Ltd. (Registered)		32,902
	595	Cie Financiere Richemont SA (Registered)		54,880
	10,563	Glencore plc (a)		50,947
	835	LafargeHolcim Ltd. (Registered) (a)		47,132
	930	Novartis AG (Registered)		76,741
	191	Roche Holding AG		44,170
	3,755	UBS Group AG (Registered) (a)		63,879
	167	Zurich Insurance Group AG		51,080
				421,731
		Taiwan — 1.1%
	1020	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		43,194
		United Kingdom — 15.7%
	1,022	British American Tobacco plc		66,008
	1,814	Burberry Group plc		45,806
	4,681	Meggitt plc		32,224
	862	Persimmon plc		32,080
	3,411	Prudential plc		83,721
	1,655	RELX NV		37,375
	703	Rio Tinto Ltd.		37,435
	543	Rio Tinto plc		25,655
	4,669	Standard Chartered plc (a)		46,504
	975	TechnipFMC plc (a)		26,518
	865	Travis Perkins plc		17,470
	1,551	Unilever plc		87,913
	19,740	Vodafone Group plc		56,462
	1,810	WPP plc		31,999
				627,170
		United States — 0.7%
	600	Shire plc		29,568
		Total Common Stocks (Cost $3,006,098)		3,981,960
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	24,698	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $24,698)		24,698
		Total Investments — 100.0% (Cost $3,030,796)		4,006,658
		Other Assets in Excess of Liabilities — 0.0% (g)		433
		NET ASSETS — 100.0%	$	4,007,091

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		10.1	%
Insurance		9.2
Machinery		8.1
Pharmaceuticals		6.9
Chemicals		4.5
Oil, Gas & Consumable Fuels		4.4
Metals & Mining		4.0
Textiles, Apparel & Luxury Goods		3.8
Semiconductors & Semiconductor Equipment		3.5
Electrical Equipment		3.4
Tobacco		2.7
Beverages		2.5
Wireless Telecommunication Services		2.4
Real Estate Management & Development		2.3
Hotels, Restaurants & Leisure		2.3
Aerospace & Defense		2.2
Personal Products		2.2
Technology Hardware, Storage & Peripherals		2.1
Auto Components		2.1
Automobiles		2.0
Software		2.0
Construction Materials		1.9
Media		1.7
Capital Markets		1.6
Industrial Conglomerates		1.3
Diversified Telecommunication Services		1.1
Electronic Equipment, Instruments & Components		1.1
Building Products		1.0
Others (each less than 1.0%)		7.0
Short-Term Investment		0.6

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Australia — 0.9%
	200	Transurban Group		1,862
		Austria — 0.8%
	29	BAWAG Group AG, Reg. S (a) (e)		1,518
		Belgium — 0.9%
	14	Anheuser-Busch InBev SA/NV		1,758
		Canada — 1.0%
	43	TransCanada Corp.		2,020
		China — 1.6%
	2,343	CNOOC Ltd.		3,199
		Czech Republic — 0.6%
	379	Moneta Money Bank A/S, Reg. S (e)		1,294
		Denmark — 1.8%
	95	Danske Bank A/S		3,627
		Finland — 3.1%
	35	Cargotec OYJ, Class B		2,088
	139	UPM-Kymmene OYJ		4,172
				6,260
		France — 9.7%
	20	Airbus SE		2,089
	26	Amundi SA, Reg. S (e)		2,186
	26	Cie Generale des Etablissements Michelin		3,705
	40	Sanofi		3,755
	17	Thales SA		1,771
	7	Unibail-Rodamco SE		1,780
	43	Vinci SA		4,195
				19,481
		Germany — 10.1%
	18	Allianz SE (Registered)		4,117
	23	BASF SE		2,539
	11	Continental AG		2,924
	48	Daimler AG (Registered)		3,980
	22	Deutsche Boerse AG		2,281
	45	Deutsche Wohnen SE		1,911
	17	Siemens AG (Registered)		2,509
				20,261
		Hong Kong — 1.0%
	406	Sands China Ltd.		1,917
		Ireland — 0.9%
	313	Allied Irish Banks plc		1,863
		Italy — 2.6%
	61	Atlantia SpA		2,001

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — continued
	527	Enel SpA		3,270
				5,271
		Japan — 10.5%
	90	Bridgestone Corp.		4,299
	104	Daiwa House Industry Co. Ltd.		3,816
	40	Japan Airlines Co. Ltd.		1,376
	55	Japan Tobacco, Inc.		1,830
	128	Mitsubishi Corp.		3,007
	621	Mitsubishi UFJ Financial Group, Inc., ADR		4,214
	52	Nippon Telegraph & Telephone Corp.		2,524
				21,066
		Netherlands — 7.7%
	21	ASML Holding NV		3,710
	210	ING Groep NV		3,880
	194	Koninklijke Ahold Delhaize NV		3,652
	99	NN Group NV		4,160
				15,402
		New Zealand — 1.1%
	879	Spark New Zealand Ltd.		2,216
		Norway — 2.8%
	172	DNB ASA		3,329
	283	Norsk Hydro ASA		2,190
				5,519
		Russia — 3.2%
	63	LUKOIL PJSC, ADR		3,349
	195	Severstal PJSC, Reg. S, GDR		2,970
				6,319
		Singapore — 1.0%
	121	DBS Group Holdings Ltd.		2,016
		South Korea — 2.2%
	2	Samsung Electronics Co. Ltd.		4,316
		Spain — 2.0%
	509	Iberdrola SA		4,110
		Switzerland — 8.9%
	59	Ferguson plc		4,132
	431	Glencore plc (a)		2,077
	37	LafargeHolcim Ltd. (Registered) (a)		2,065
	44	Novartis AG (Registered)		3,618
	42	Swiss Re AG		3,929
	6	Zurich Insurance Group AG		1,946
				17,767

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Taiwan — 1.3%
	63	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,673
		United Kingdom — 22.0%
	156	3i Group plc		1,986
	69	Berkeley Group Holdings plc		3,406
	79	British American Tobacco plc		5,135
	58	Diageo plc		1,977
	640	Direct Line Insurance Group plc		3,159
	196	GlaxoSmithKline plc		3,524
	118	HSBC Holdings plc, ADR		5,756
	62	Imperial Brands plc		2,524
	628	ITV plc		1,373
	31	Persimmon plc		1,144
	73	Prudential plc		1,803
	84	Rio Tinto plc		3,951
	219	RSA Insurance Group plc		1,833
	181	Sage Group plc (The)		1,792
	33	Unilever NV, CVA		1,910
	964	Vodafone Group plc		2,759
				44,032
		United States — 1.0%
	31	Carnival plc		2,034
		Total Common Stocks (Cost $168,991)		197,801
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	2,218	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $2,218)		2,218
		Total Investments — 99.8% (Cost $171,209)		200,019
		Other Assets in Excess of Liabilities — 0.2%		437
		NET ASSETS — 100.0%	$	200,456

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		13.7	%
Insurance		10.5
Metals & Mining		5.6
Auto Components		5.5
Pharmaceuticals		5.4
Tobacco		4.7
Oil, Gas & Consumable Fuels		4.3
Electric Utilities		3.7
Trading Companies & Distributors		3.6
Capital Markets		3.2
Semiconductors & Semiconductor Equipment		3.2
Real Estate Management & Development		2.9
Diversified Telecommunication Services		2.4
Household Durables		2.3
Technology Hardware, Storage & Peripherals		2.2
Construction & Engineering		2.1
Paper & Forest Products		2.1
Automobiles		2.0
Hotels, Restaurants & Leisure		2.0
Transportation Infrastructure		1.9
Aerospace & Defense		1.9
Beverages		1.9
Food & Staples Retailing		1.8
Wireless Telecommunication Services		1.4
Chemicals		1.3
Industrial Conglomerates		1.2
Machinery		1.0
Construction Materials		1.0
Personal Products		0.9
Others (each less than 1.0%)		3.2
Short-Term Investment		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	GBP	11	USD	14	BNP Paribas		11/20/2017		—	(h)
	GBP	1,307	USD	1,736	National Australia Bank Ltd.		11/20/2017		1
	USD	823	AUD	1,051	Deutsche Bank AG		11/20/2017		19
	USD	484	JPY	54,306	Credit Suisse International		11/20/2017		6
	Total unrealized appreciation								26
	AUD	10,801	USD	8,482	Australia & New Zealand Banking Group Ltd.		11/20/2017		(217	)
	JPY	908,874	USD	8,116	National Australia Bank Ltd.		11/20/2017		(116	)
	USD	17,041	GBP	12,839	Standard Chartered Bank		11/20/2017		(21	)
	Total unrealized depreciation								(354	)
	Net unrealized depreciation								(328	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 92.3%
		Australia — 4.6%
	381	AMP Ltd.		1,453
	2,156	Australia & New Zealand Banking Group Ltd.		49,483
	449	BGP Holdings Beneficial (a) (bb)		—	(h)
	1,776	BHP Billiton Ltd.		36,559
	384	Commonwealth Bank of Australia		22,819
	128	CSL Ltd.		13,656
	2,778	Dexus		20,800
	4,245	Goodman Group		27,220
	364	Macquarie Group Ltd.		27,497
	641	Wesfarmers Ltd.		20,541
	423	Westpac Banking Corp.		10,714
				230,742
		Austria — 0.6%
	741	Erste Group Bank AG (a)		31,790
		Belgium — 1.1%
	470	Anheuser-Busch InBev SA/NV		57,688
		Denmark — 1.3%
	208	Chr Hansen Holding A/S		18,175
	896	Novo Nordisk A/S, Class B		44,624
				62,799
		Finland — 1.8%
	314	Cargotec OYJ, Class B		18,549
	5,132	Nokia OYJ		25,237
	2,271	Outokumpu OYJ		21,464
	374	Wartsila OYJ Abp		24,092
				89,342
		France — 10.9%
	477	Air Liquide SA		60,765
	552	Airbus SE		56,659
	1,687	AXA SA		50,935
	711	BNP Paribas SA		55,488
	189	Capgemini SE		22,955
	261	Pernod Ricard SA		39,129
	395	Renault SA		39,134
	562	Sanofi		53,255
	606	Schneider Electric SE (a)		53,223
	189	Sodexo SA		24,069
	1,149	TOTAL SA		64,053
	1,255	Vivendi SA		31,165
				550,830
		Germany — 10.0%
	119	adidas AG		26,527
	36	Allianz SE (Registered)		8,511

SHARES			SECURITY DESCRIPTION	VALUE($)
			Germany — continued
	63		BASF SE		6,926
	435		Bayer AG (Registered)		56,523
	579		Brenntag AG		32,863
	658		Daimler AG (Registered)		54,938
	284		Deutsche Boerse AG		29,439
	876		Deutsche Post AG (Registered)		40,154
	1,703		Deutsche Telekom AG (Registered)		30,839
	108		HeidelbergCement AG		11,023
	269		Henkel AG & Co. KGaA (Preference)		37,749
	1,168		Infineon Technologies AG		32,309
	108		Linde AG (a)		23,374
	567		SAP SE		64,774
	338		Siemens AG (Registered)		48,522
					504,471
			Hong Kong — 2.1%
	4,836		AIA Group Ltd.		36,445
	1,745		CK Asset Holdings Ltd.		14,362
	2,675		CK Hutchison Holdings Ltd.		33,973
	99		Hang Seng Bank Ltd.		2,353
	254		I-CABLE Communications Ltd. (a)		8
	2,269		Wharf Holdings Ltd. (The)		20,669
					107,810
			Ireland — 0.5%
	224		Ryanair Holdings plc, ADR (a)		25,131
			Israel — 0.2%
	822		Teva Pharmaceutical Industries Ltd., ADR		11,340
			Italy — 2.8%
	1,576		Assicurazioni Generali SpA		28,676
	717		Atlantia SpA		23,366
	7,115		Enel SpA		44,126
	20,045		Telecom Italia SpA (a)		17,344
	1,401		UniCredit SpA (a)		26,783
					140,295
			Japan — 21.0%
	795		Bridgestone Corp.		37,973
	154		Central Japan Railway Co.		27,937
	302		Daikin Industries Ltd.		33,406
	1,079		DMG Mori Co. Ltd.		21,767
	360		East Japan Railway Co.		34,922
	288	��	Electric Power Development Co. Ltd.		7,251
	3,372		Fujitsu Ltd.		26,278
	3,487		Hitachi Ltd.		27,768
	1,057		Honda Motor Co. Ltd.		33,136
	669		Japan Airlines Co. Ltd.		22,898

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	941		Japan Tobacco, Inc.		31,134
	4,588		JXTG Holdings, Inc.		23,691
	548		KDDI Corp.		14,603
	24		Keyence Corp.		13,103
	1,048		Kyowa Hakko Kirin Co. Ltd.		19,341
	817		Kyushu Electric Power Co., Inc.		9,313
	597		Mabuchi Motor Co. Ltd.		31,322
	1,637		Marui Group Co. Ltd.		25,060
	858		Mazda Motor Corp.		12,379
	777		Medipal Holdings Corp.		14,424
	1,287		Mitsubishi Corp.		30,137
	7,957		Mitsubishi UFJ Financial Group, Inc.		53,974
	1,133		Mitsui Fudosan Co. Ltd.		26,444
	524		MS&AD Insurance Group Holdings, Inc.		17,788
	1,154		NGK Spark Plug Co. Ltd.		26,342
	239		Nidec Corp.		31,823
	889		Nippon Telegraph & Telephone Corp.		42,986
	—	(h)	Nitori Holdings Co. Ltd.		12
	302		Otsuka Corp.		20,553
	562		Otsuka Holdings Co. Ltd.		23,456
	2,602		Panasonic Corp.		39,289
	1,579		Renesas Electronics Corp. (a)		20,416
	1,208		Sekisui House Ltd.		22,593
	886		Seven & i Holdings Co. Ltd.		35,698
	348		Sony Corp.		14,541
	966		Sumitomo Mitsui Financial Group, Inc.		38,705
	330		Suntory Beverage & Food Ltd.		15,170
	495		Tokyo Gas Co. Ltd.		12,352
	2,430		Toray Industries, Inc.		24,597
	1,147		Toyota Motor Corp.		71,132
	1,122		Yamato Holdings Co. Ltd.		22,932
					1,058,646
			Luxembourg — 0.6%
	1,026		ArcelorMittal (a)		29,394
			Netherlands — 5.1%
	184		ASML Holding NV		33,163
	273		Heineken NV		26,578
	2,723		ING Groep NV		50,322
	653		Koninklijke Philips NV		26,613
	304		NN Group NV		12,727
	1,437		Royal Dutch Shell plc, Class A		45,225
	1,955		Royal Dutch Shell plc, Class B		62,955
					257,583

SHARES		SECURITY DESCRIPTION	VALUE($)
		Norway — 0.4%
	2,450	Norsk Hydro ASA		18,955
		Singapore — 0.9%
	2,638	DBS Group Holdings Ltd.		44,055
		Spain — 2.4%
	3,793	Banco Santander SA		25,711
	5,291	Bankia SA		25,251
	4,333	Iberdrola SA		35,012
	732	Repsol SA		13,709
	1,817	Telefonica SA		19,050
				118,733
		Sweden — 0.7%
	2,446	Svenska Handelsbanken AB, Class A		35,064
		Switzerland — 9.1%
	378	Cie Financiere Richemont SA (Registered)		34,833
	1,364	Credit Suisse Group AG (Registered) (a)		21,501
	550	Ferguson plc		38,448
	671	LafargeHolcim Ltd. (Registered) (a)		37,859
	1,247	Nestle SA (Registered)		104,922
	590	Novartis AG (Registered)		48,675
	312	Roche Holding AG		72,191
	298	Swiss Re AG		28,000
	2,083	UBS Group AG (Registered) (a)		35,444
	117	Zurich Insurance Group AG		35,656
				457,529
		United Kingdom — 15.4%
	1,926	3i Group plc		24,583
	327	Associated British Foods plc		14,465
	565	AstraZeneca plc		38,228
	3,837	Aviva plc		25,739
	2,161	Barratt Developments plc		18,790
	5,865	BP plc		39,783
	1,129	British American Tobacco plc		72,964
	1,245	Burberry Group plc		31,439
	10,172	Centrica plc		22,941
	3,340	Dixons Carphone plc		7,694
	2,122	GlaxoSmithKline plc		38,083
	7,505	HSBC Holdings plc		73,285
	600	InterContinental Hotels Group plc		33,241
	9,435	ITV plc		20,624
	24,981	Lloyds Banking Group plc		22,644
	1,956	Prudential plc		48,010
	79	Reckitt Benckiser Group plc		7,070
	864	Rio Tinto Ltd.		46,031
	186	Rio Tinto plc		8,791

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (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 — continued
	3,581	Standard Chartered plc (a)		35,670
	6,609	Taylor Wimpey plc		17,515
	539	TechnipFMC plc (a)		14,663
	480	Unilever NV, CVA		27,898
	18,789	Vodafone Group plc		53,744
	200	Whitbread plc		9,816
	1,218	WPP plc		21,533
				775,244
		United States — 0.8%
	843	Shire plc		41,536
		Total Common Stocks (Cost $4,330,440)		4,648,977
PRINCIPAL AMOUNT($)
	Corporate Bond — 0.0% (g)
		Materials — 0.0% (g)
		Metals & Mining — 0.0% (g)
	BRL 11	Vale SA, Series A6, 0.00% (d) (x) (y) (aa) (bb) (Cost $—)		—	(h)
SHARES
	Short-Term Investment — 4.8%
		Investment Company — 4.8%
	242,928	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $242,928)		242,928
		Total Investments — 97.1% (Cost $4,573,368)		4,891,905
		Other Assets in Excess of Liabilities — 2.9%		146,797
		NET ASSETS — 100.0%	$	5,038,702

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		12.3	%
Pharmaceuticals		8.3
Insurance		6.0
Oil, Gas & Consumable Fuels		5.1
Automobiles		4.3
Metals & Mining		3.3
Diversified Telecommunication Services		2.9
Beverages		2.8
Capital Markets		2.8
Chemicals		2.7
Food Products		2.4
Electrical Equipment		2.4
Household Durables		2.3
Tobacco		2.1
Trading Companies & Distributors		2.1
Textiles, Apparel & Luxury Goods		1.9
Electric Utilities		1.8
Semiconductors & Semiconductor Equipment		1.8
Industrial Conglomerates		1.7
IT Services		1.4
Wireless Telecommunication Services		1.4
Hotels, Restaurants & Leisure		1.4
Software		1.3
Machinery		1.3
Auto Components		1.3
Air Freight & Logistics		1.3
Road & Rail		1.3
Real Estate Management & Development		1.3
Aerospace & Defense		1.2
Food & Staples Retailing		1.1
Biotechnology		1.1
Construction Materials		1.0
Airlines		1.0
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		7.6
Short-Term Investment		5.0

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Hang Seng Index	193	11/2017		HKD		34,904		(425	)
EURO STOXX 50 Index	2,756	12/2017		EUR		118,214		3,414
FTSE 100 Index	795	12/2017		GBP		78,872		426
TOPIX Index	769	12/2017		JPY		120,224		5,210
								8,625

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 95.3%
		Canada — 2.8%
	101	Alimentation Couche-Tard, Inc., Class B		4,736
	67	Canadian National Railway Co.		5,392
				10,128
		China — 10.4%
	22	Baidu, Inc., ADR (a)		5,324
	3,588	China Unicom Hong Kong Ltd. (a)		5,091
	5,195	CNOOC Ltd.		7,092
	127	JD.com, Inc., ADR (a)		4,757
	1,680	Ping An Insurance Group Co. of China Ltd., Class H		14,764
				37,028
		Denmark — 1.4%
	100	Novo Nordisk A/S, Class B		4,964
		Finland — 1.7%
	92	Wartsila OYJ Abp		5,902
		France — 2.0%
	69	Safran SA		7,239
		Germany — 10.7%
	73	Bayer AG (Registered)		9,497
	41	Continental AG		10,364
	101	Delivery Hero AG, Reg. S (a) (e)		4,294
	47	Linde AG (a)		10,163
	79	Zalando SE, Reg. S (a) (e)		3,998
				38,316
		Hong Kong — 6.7%
	1,407	AIA Group Ltd.		10,602
	790	CK Asset Holdings Ltd.		6,498
	539	CK Hutchison Holdings Ltd.		6,846
				23,946
		India — 2.6%
	102	HDFC Bank Ltd., ADR		9,400
		Indonesia — 2.0%
	4,634	Bank Central Asia Tbk. PT		7,138
		Italy — 1.9%
	351	UniCredit SpA (a)		6,710
		Japan — 11.7%
	31	FANUC Corp.		7,225
	237	Komatsu Ltd.		7,734
	346	Kubota Corp.		6,516
	433	ORIX Corp.		7,436
	154	Recruit Holdings Co. Ltd.		3,776
	88	Shin-Etsu Chemical Co. Ltd.		9,302
				41,989

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 8.8%
	426	Altice NV, Class A (a)		8,030
	47	ASML Holding NV		8,490
	392	ING Groep NV		7,252
	182	NN Group NV		7,638
				31,410
		South Africa — 2.0%
	29	Naspers Ltd., Class N		7,058
		South Korea — 4.8%
	47	Hyundai Motor Co.		6,827
	8	Samsung Electronics Co. Ltd., GDR (e)		10,449
				17,276
		Spain — 2.2%
	895	Banco Bilbao Vizcaya Argentaria SA		7,830
		Switzerland — 8.0%
	60	Cie Financiere Richemont SA (Registered)		5,499
	1,572	Glencore plc (a)		7,582
	147	LafargeHolcim Ltd. (Registered) (a)		8,277
	433	UBS Group AG (Registered) (a)		7,364
				28,722
		United Kingdom — 15.6%
	140	British American Tobacco plc		9,029
	2,933	ITV plc		6,412
	724	Meggitt plc		4,986
	237	RELX NV		5,361
	147	Rio Tinto plc		6,926
	359	Smith & Nephew plc		6,779
	200	TechnipFMC plc (a)		5,431
	188	Unilever NV, CVA		10,945
				55,869
		Total Common Stocks (Cost $300,460)		340,925
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	14,714	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $14,714)		14,714
		Total Investments — 99.4% (Cost $315,174)		355,639
		Other Assets in Excess of Liabilities — 0.6%		1,990
		NET ASSETS — 100.0%	$	357,629

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		10.8	%
Insurance		9.3
Machinery		7.7
Media		6.1
Chemicals		5.5
Metals & Mining		4.1
Pharmaceuticals		4.1
Aerospace & Defense		3.4
Personal Products		3.1
Technology Hardware, Storage & Peripherals		2.9
Auto Components		2.9
Internet Software & Services		2.7
Professional Services		2.6
Tobacco		2.5
Internet & Direct Marketing Retail		2.5
Semiconductors & Semiconductor Equipment		2.4
Construction Materials		2.3
Diversified Financial Services		2.1
Capital Markets		2.1
Oil, Gas & Consumable Fuels		2.0
Industrial Conglomerates		1.9
Automobiles		1.9
Health Care Equipment & Supplies		1.9
Real Estate Management & Development		1.8
Textiles, Apparel & Luxury Goods		1.6
Energy Equipment & Services		1.5
Road & Rail		1.5
Diversified Telecommunication Services		1.4
Food & Staples Retailing		1.3
Short-Term Investment		4.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 98.5%
		Australia — 3.3%
	835	Australia & New Zealand Banking Group Ltd.		19,153
	1,135	Goodman Group		7,275
				26,428
		Austria — 1.3%
	238	Erste Group Bank AG (a)		10,196
		Belgium — 2.3%
	106	Anheuser-Busch InBev SA/NV		12,986
	64	KBC Group NV		5,323
				18,309
		Canada — 1.4%
	233	TransCanada Corp.		11,081
		China — 0.9%
	5,170	CNOOC Ltd.		7,059
		Finland — 1.3%
	1,053	Outokumpu OYJ		9,957
		France — 15.8%
	126	Air Liquide SA		16,001
	109	Airbus SE		11,224
	595	AXA SA		17,971
	217	BNP Paribas SA		16,949
	113	Renault SA		11,170
	130	Sanofi		12,281
	142	Schneider Electric SE (a)		12,508
	487	TOTAL SA		27,123
				125,227
		Germany — 7.6%
	52	Bayer AG (Registered)		6,804
	107	Brenntag AG		6,095
	164	Daimler AG (Registered)		13,728
	77	Deutsche Boerse AG		7,963
	32	HeidelbergCement AG		3,242
	218	Infineon Technologies AG		6,043
	117	Siemens AG (Registered)		16,764
				60,639
		Ireland — 0.9%
	63	Ryanair Holdings plc, ADR (a)		7,036
		Israel — 0.7%
	408	Teva Pharmaceutical Industries Ltd., ADR		5,631
		Italy — 3.6%
	2,524	Enel SpA		15,656
	2,229	Intesa Sanpaolo SpA		7,494

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — continued
	5,867	Telecom Italia SpA (a)		5,077
				28,227
		Japan — 22.4%
	266	Bridgestone Corp.		12,721
	88	Daikin Industries Ltd.		9,714
	319	DMG Mori Co. Ltd.		6,431
	508	Honda Motor Co. Ltd.		15,916
	232	Japan Airlines Co. Ltd.		7,941
	324	Japan Tobacco, Inc.		10,728
	176	Mabuchi Motor Co. Ltd.		9,220
	443	Mitsubishi Corp.		10,383
	3,217	Mitsubishi UFJ Financial Group, Inc.		21,822
	241	Mitsui Fudosan Co. Ltd.		5,630
	409	NGK Spark Plug Co. Ltd.		9,329
	291	Nippon Telegraph & Telephone Corp.		14,050
	135	Otsuka Corp.		9,169
	400	Renesas Electronics Corp. (a)		5,175
	327	Sumitomo Electric Industries Ltd.		5,559
	164	Sumitomo Mitsui Financial Group, Inc.		6,574
	208	Sumitomo Mitsui Trust Holdings, Inc.		8,202
	68	Toyota Motor Corp.		4,236
	244	Yamato Holdings Co. Ltd.		4,983
				177,783
		Luxembourg — 1.4%
	391	ArcelorMittal (a)		11,191
		Netherlands — 7.5%
	814	ING Groep NV		15,038
	227	NN Group NV		9,491
	1,114	Royal Dutch Shell plc, Class A		35,057
				59,586
		Norway — 1.0%
	1,001	Norsk Hydro ASA		7,744
		Singapore — 1.4%
	662	DBS Group Holdings Ltd.		11,051
		South Korea — 1.0%
	3	Samsung Electronics Co. Ltd.		7,703
		Spain — 3.0%
	367	Banco Santander SA		2,488
	1,845	Bankia SA		8,804
	1,515	Iberdrola SA		12,245
				23,537
		Sweden — 0.9%
	519	Svenska Handelsbanken AB, Class A		7,436

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Switzerland — 8.3%
	798	Credit Suisse Group AG (Registered) (a)		12,571
	114	Ferguson plc		7,953
	93	LafargeHolcim Ltd. (Registered) (a)		5,261
	132	Novartis AG (Registered)		10,876
	31	Roche Holding AG		7,232
	90	Swiss Re AG		8,425
	46	Zurich Insurance Group AG		13,893
				66,211
		United Kingdom — 11.1%
	699	Barratt Developments plc		6,079
	1,152	HSBC Holdings plc		11,254
	87	InterContinental Hotels Group plc		4,823
	3,232	ITV plc		7,066
	541	Prudential plc		13,281
	229	Rio Tinto plc		10,818
	1,301	Standard Chartered plc (a)		12,958
	231	TechnipFMC plc (a)		6,279
	5,422	Vodafone Group plc		15,510
				88,068
		United States — 1.4%
	227	Shire plc		11,188
		Total Common Stocks (Cost $708,994)		781,288
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	8,228	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $8,228)		8,228
		Total Investments — 99.5% (Cost $717,222)		789,516
		Other Assets in Excess of Liabilities — 0.5%		4,271
		NET ASSETS — 100.0%	$	793,787

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		20.9	%
Oil, Gas & Consumable Fuels		10.2
Insurance		8.0
Automobiles		5.7
Pharmaceuticals		5.4
Metals & Mining		5.0
Electric Utilities		3.5
Auto Components		3.5
Trading Companies & Distributors		3.1
Electrical Equipment		2.8
Capital Markets		2.6
Diversified Telecommunication Services		2.4
Industrial Conglomerates		2.1
Chemicals		2.0
Wireless Telecommunication Services		2.0
Airlines		1.9
Beverages		1.7
Aerospace & Defense		1.4
Semiconductors & Semiconductor Equipment		1.4
Biotechnology		1.4
Tobacco		1.4
Building Products		1.2
IT Services		1.2
Construction Materials		1.1
Technology Hardware, Storage & Peripherals		1.0
Others (each less than 1.0%)		6.1
Short-Term Investment		1.0

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	GBP	1,810	CHF	2,245	Citibank, NA#		11/22/2017		151
	GBP	10,489	USD	13,538	Merrill Lynch International		11/22/2017		401
	GBP	4,451	USD	5,740	National Australia Bank Ltd.		11/22/2017		175
	GBP	2,792	USD	3,706	State Street Corp.		11/22/2017		4
	HKD	159,139	USD	20,390	HSBC Bank, NA		11/22/2017		13
	USD	2,334	AUD	2,944	Australia & New Zealand Banking Group Ltd.		11/22/2017		81
	USD	12,142	CAD	15,286	Union Bank of Switzerland AG		11/22/2017		291
	USD	1,563	CHF	1,524	Credit Suisse International		11/22/2017		33
	USD	78	CHF	76	Merrill Lynch International		11/22/2017		1
	USD	14,300	CHF	13,750	National Australia Bank Ltd.		11/22/2017		499
	USD	1,649	EUR	1,395	BNP Paribas		11/22/2017		22
	USD	78,541	EUR	66,578	Citibank, NA		11/22/2017		904
	USD	11,802	EUR	10,018	Credit Suisse International		11/22/2017		119
	USD	10,890	EUR	9,174	National Australia Bank Ltd.		11/22/2017		193
	USD	5,487	JPY	618,910	Merrill Lynch International		11/22/2017		39
	USD	9,464	JPY	1,031,420	National Australia Bank Ltd.		11/22/2017		385
	USD	6,956	NOK	54,963	Deutsche Bank AG		11/22/2017		223
	USD	2,567	SEK	20,614	Citibank, NA		11/22/2017		102
	USD	2,351	SEK	19,094	Credit Suisse International		11/22/2017		68
	Total unrealized appreciation								3,704
	AUD	2,965	USD	2,344	Australia & New Zealand Banking Group Ltd.		11/22/2017		(75	)
	AUD	2,107	USD	1,669	National Australia Bank Ltd.		11/22/2017		(56	)
	AUD	30,192	USD	23,859	Standard Chartered Bank		11/22/2017		(757	)
	CAD	1,368	USD	1,088	National Australia Bank Ltd.		11/22/2017		(28	)
	CHF	1,937	USD	2,017	Australia & New Zealand Banking Group Ltd.		11/22/2017		(73	)
	CHF	2,235	USD	2,294	Deutsche Bank AG		11/22/2017		(50	)
	CHF	11,817	USD	12,291	HSBC Bank, NA		11/22/2017		(431	)
	CHF	1,608	USD	1,653	TD Bank Financial Group		11/22/2017		(40	)
	DKK	40,063	USD	6,357	Merrill Lynch International		11/22/2017		(78	)
	EUR	7,303	USD	8,602	Citibank, NA		11/22/2017		(86	)
	EUR	1,381	USD	1,634	Deutsche Bank AG		11/22/2017		(23	)
	EUR	20,870	USD	24,740	National Australia Bank Ltd.		11/22/2017		(402	)
	EUR	2,929	USD	3,446	Union Bank of Switzerland AG		11/22/2017		(31	)
	JPY	941,260	USD	8,478	National Australia Bank Ltd.		11/22/2017		(192	)
	JPY	107,300	USD	988	Standard Chartered Bank		11/22/2017		(44	)
	JPY	838,521	USD	7,694	State Street Corp.		11/22/2017		(313	)
	NOK	31,588	EUR	3,379	HSBC Bank, NA#		11/22/2017		(71	)
	NOK	12,931	USD	1,632	Union Bank of Switzerland AG		11/22/2017		(48	)
	SEK	141,823	USD	17,556	Citibank, NA		11/22/2017		(597	)
	USD	3,095	GBP	2,353	National Australia Bank Ltd.		11/22/2017		(32	)
	USD	3,889	GBP	3,006	Royal Bank of Canada		11/22/2017		(106	)
	USD	3,114	GBP	2,344	Standard Chartered Bank		11/22/2017		(1	)
	Total unrealized depreciation								(3,534	)
	Net unrealized appreciation								170

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2017 of the currency being sold, and the value at October 31, 2017 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.8%
		Australia — 6.4%
	1,199	AGL Energy Ltd.		23,208
	1,361	Aristocrat Leisure Ltd.		24,612
	514	BlueScope Steel Ltd.		5,056
	160	CIMIC Group Ltd.		5,926
	1,148	Computershare Ltd.		13,722
	99	Flight Centre Travel Group Ltd.		3,540
	2,114	Fortescue Metals Group Ltd.		7,517
	384	Macquarie Group Ltd.		28,971
	2,675	Metcash Ltd.		5,526
	263	Monadelphous Group Ltd.		3,417
	865	Orica Ltd.		13,860
	5,266	Qantas Airways Ltd.		24,852
	1,665	Regis Resources Ltd.		4,947
	9,113	South32 Ltd.		23,804
	5,199	Whitehaven Coal Ltd. (a)		14,860
				203,818
		Austria — 1.2%
	249	Erste Group Bank AG (a)		10,681
	433	OMV AG		25,986
				36,667
		Belgium — 1.4%
	336	KBC Group NV		27,914
	376	Proximus SADP		12,476
	20	Solvay SA		3,013
				43,403
		China — 0.9%
	5,740	BOC Hong Kong Holdings Ltd.		27,352
		Denmark — 4.0%
	740	Danske Bank A/S		28,225
	120	Dfds A/S		6,959
	223	Jyske Bank A/S (Registered)		12,620
	586	Novo Nordisk A/S, Class B		29,196
	100	Royal Unibrew A/S		5,747
	31	Schouw & Co. AB		3,274
	254	Sydbank A/S		9,899
	116	Topdanmark A/S (a)		4,774
	283	Vestas Wind Systems A/S		24,996
				125,690
		Finland — 0.4%
	421	UPM-Kymmene OYJ		12,636
		France — 10.1%
	801	Air France-KLM (a)		12,540
	103	Arkema SA		13,012

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	173	Atos SE		26,827
	364	BNP Paribas SA		28,440
	223	Capgemini SE		27,149
	201	Cie Generale des Etablissements Michelin		29,145
	638	Credit Agricole SA		11,138
	99	Eurazeo SA		9,203
	412	Faurecia		29,980
	1,517	Natixis SA		11,899
	971	Peugeot SA		23,049
	458	Sanofi		43,370
	238	Schneider Electric SE (a)		20,939
	34	Sopra Steria Group		6,340
	73	TOTAL SA		4,095
	217	Vinci SA		21,270
				318,396
		Germany — 6.6%
	201	Allianz SE (Registered)		46,839
	214	Aurubis AG		17,535
	310	Covestro AG, Reg. S (e)		29,787
	595	Deutsche Lufthansa AG (Registered)		19,112
	92	HOCHTIEF AG		16,237
	522	Infineon Technologies AG		14,439
	563	Innogy SE, Reg. S (e)		26,192
	184	Jenoptik AG		6,207
	218	RWE AG (a)		5,479
	1,010	Uniper SE		28,380
				210,207
		Hong Kong — 1.4%
	1,349	CK Asset Holdings Ltd.		11,102
	482	Hongkong Land Holdings Ltd.		3,525
	1,424	Luk Fook Holdings International Ltd.		6,024
	12,957	WH Group Ltd., Reg. S (e)		13,130
	10,958	Xinyi Glass Holdings Ltd.		10,619
				44,400
		Israel — 0.7%
	199	Check Point Software Technologies Ltd. (a)		23,399
		Italy — 1.1%
	5,448	Enel SpA		33,785
		Japan — 23.1%
	306	Aeon Mall Co. Ltd.		5,475
	269	Aisin Seiki Co. Ltd.		13,919
	294	Asahi Glass Co. Ltd.		11,522
	412	Bridgestone Corp.		19,658
	567	Brother Industries Ltd.		13,792

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	91	Central Japan Railway Co.		16,457
	1,876	Fuji Electric Co. Ltd.		13,592
	2,699	Hitachi Ltd.		21,493
	1,045	ITOCHU Corp.		18,310
	1,431	Kajima Corp.		14,842
	947	Kansai Electric Power Co., Inc. (The)		12,972
	605	KDDI Corp.		16,129
	730	Kirin Holdings Co. Ltd.		17,523
	188	Koito Manufacturing Co. Ltd.		12,593
	667	Kuraray Co. Ltd.		13,134
	1,194	Marubeni Corp.		8,005
	176	Matsumotokiyoshi Holdings Co. Ltd.		12,650
	78	Meitec Corp.		3,805
	1,230	Mitsubishi Chemical Holdings Corp.		12,844
	636	Mitsubishi Corp.		14,901
	872	Mitsubishi Electric Corp.		14,921
	4,055	Mitsubishi UFJ Financial Group, Inc.		27,504
	850	Mitsubishi UFJ Lease & Finance Co. Ltd.		4,483
	496	Mitsui Chemicals, Inc.		15,295
	426	MS&AD Insurance Group Holdings, Inc.		14,482
	249	Nichias Corp.		3,242
	1,031	Nippon Light Metal Holdings Co. Ltd.		3,034
	506	Nippon Suisan Kaisha Ltd.		3,098
	304	Nippon Telegraph & Telephone Corp.		14,717
	179	Nishimatsu Construction Co. Ltd.		5,407
	777	NTT DOCOMO, Inc.		18,806
	1,218	Obayashi Corp.		15,941
	174	Open House Co. Ltd.		6,719
	1,011	ORIX Corp.		17,385
	1,592	Penta-Ocean Construction Co. Ltd.		10,534
	767	Prima Meat Packers Ltd.		5,012
	157	SCREEN Holdings Co. Ltd.		12,290
	596	Sekisui Chemical Co. Ltd.		12,032
	1,221	Shimizu Corp.		14,371
	205	Shionogi & Co. Ltd.		11,037
	22	SoftBank Group Corp.		1,923
	373	Sompo Holdings, Inc.		14,973
	558	Sony Corp.		23,352
	275	Subaru Corp.		9,508
	502	Sumitomo Bakelite Co. Ltd.		4,082
	2,012	Sumitomo Chemical Co. Ltd.		14,140
	614	Sumitomo Corp.		8,884
	468	Sumitomo Mitsui Financial Group, Inc.		18,737
	708	Sumitomo Rubber Industries Ltd.		13,438
	238	Taiheiyo Cement Corp.		9,497

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	319	Taisei Corp.		17,658
	169	Takasago Thermal Engineering Co. Ltd.		2,983
	107	Tokyo Electron Ltd.		18,753
	805	Tokyo Tatemono Co. Ltd.		11,297
	247	Toyota Boshoku Corp.		4,964
	426	Toyota Motor Corp.		26,423
	172	TS Tech Co. Ltd.		6,156
	48	Ulvac, Inc.		3,386
	469	Yamaha Motor Co. Ltd.		14,067
				728,147
		Luxembourg — 0.9%
	960	ArcelorMittal (a)		27,489
		Netherlands — 5.2%
	871	ABN AMRO Group NV, Reg. S, CVA (e)		26,896
	537	ASR Nederland NV		22,012
	174	Euronext NV, Reg. S (e)		10,349
	260	EXOR NV		16,665
	2,064	ING Groep NV		38,133
	580	Philips Lighting NV, Reg. S (e)		21,971
	901	Royal Dutch Shell plc, Class B		29,001
				165,027
		Norway — 0.8%
	726	DNB ASA		14,016
	609	Marine Harvest ASA (a)		11,895
				25,911
		Singapore — 2.1%
	1,772	DBS Group Holdings Ltd.		29,588
	3,420	Oversea-Chinese Banking Corp. Ltd.		29,866
	556	Venture Corp. Ltd.		7,951
				67,405
		South Africa — 0.7%
	889	Mondi plc		21,508
		Spain — 2.0%
	304	ACS Actividades de Construccion y Servicios SA		11,981
	126	Aena SME SA, Reg. S (e)		23,206
	237	Amadeus IT Group SA		16,079
	602	Repsol SA		11,277
				62,543
		Sweden — 3.5%
	599	Electrolux AB, Series B		21,169
	248	Hemfosa Fastigheter AB		3,010
	641	Peab AB		6,225
	1,132	Sandvik AB		20,655

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden – continued
	2,055	Skandinaviska Enskilda Banken AB, Class A		25,325
	979	Swedbank AB, Class A		24,298
	229	Swedish Match AB		8,618
				109,300
		Switzerland — 10.5%
	1,250	ABB Ltd. (Registered)		32,640
	326	Adecco Group AG (Registered) (a)		25,889
	150	Baloise Holding AG (Registered)		23,657
	482	Coca-Cola HBC AG (a)		16,278
	18	Flughafen Zurich AG (Registered)		3,948
	3	Forbo Holding AG (Registered)		4,161
	10	Georg Fischer AG (Registered)		12,837
	438	Logitech International SA (Registered)		15,655
	626	Nestle SA (Registered)		52,704
	739	Novartis AG (Registered)		60,964
	190	Roche Holding AG		43,919
	4	Sika AG		26,505
	35	Swiss Life Holding AG (Registered) (a)		12,181
				331,338
		United Kingdom — 14.0%
	1,949	3i Group plc		24,874
	2,927	Barratt Developments plc		25,446
	1,183	Beazley plc		7,938
	243	Berkeley Group Holdings plc		12,054
	365	BP plc		2,479
	121	British American Tobacco plc		7,826
	482	Burberry Group plc		12,184
	179	Diageo plc		6,116
	229	Dialog Semiconductor plc (a)		11,430
	500	GlaxoSmithKline plc		8,973
	1,608	HSBC Holdings plc		15,704
	957	Ibstock plc, Reg. S (e)		3,154
	2,729	International Consolidated Airlines Group SA		23,047
	7,486	Legal & General Group plc		26,544
	40,634	Lloyds Banking Group plc		36,832
	105	Next plc		6,882
	1,184	Pagegroup plc		7,356
	756	Persimmon plc		28,134
	693	Playtech plc		9,058
	654	Polypipe Group plc		3,585
	959	Prudential plc		23,529
	2,953	Redrow plc		25,528
	607	Rio Tinto plc		28,691

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	365	Savills plc		4,518
	255	Schroders plc		11,828
	787	Subsea 7 SA		13,270
	963	Unilever NV, CVA		55,960
				442,940
		United States — 0.8%
	372	Carnival plc		24,545
		Total Common Stocks (Cost $2,698,155)		3,085,906
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	53,390	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $53,390)		53,390
		Total Investments — 99.5% (Cost $2,751,545)		3,139,296
		Other Assets in Excess of Liabilities — 0.5%		16,313
		NET ASSETS — 100.0%	$	3,155,609

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		14.1	%
Pharmaceuticals		6.3
Insurance		6.3
Household Durables		4.8
Chemicals		4.6
Construction & Engineering		4.6
Auto Components		4.5
Electrical Equipment		4.1
Metals & Mining		3.8
IT Services		2.9
Food Products		2.8
Capital Markets		2.8
Oil, Gas & Consumable Fuels		2.8
Airlines		2.5
Automobiles		2.3
Semiconductors & Semiconductor Equipment		1.9

INDUSTRY	PERCENTAGE
Personal Products		1.8
Multi-Utilities		1.7
Hotels, Restaurants & Leisure		1.7
Trading Companies & Distributors		1.6
Diversified Financial Services		1.5
Electric Utilities		1.5
Beverages		1.5
Real Estate Management & Development		1.5
Professional Services		1.2
Wireless Telecommunication Services		1.2
Electronic Equipment, Instruments & Components		1.1
Paper & Forest Products		1.1
Machinery		1.1
Software		1.0
Others (each less than 1.0%)		7.7
Short-Term Investment		1.7

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		281		12/2017		EUR		12,053		268
FTSE 100 Index		90		12/2017		GBP		8,929		(48	)
TOPIX Index		58		12/2017		JPY		9,068		320
										540

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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 and the London 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
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SEK	—  Swedish Krona
TOPIX	—  Tokyo Stock Price Index
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.
(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act. 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 October 31, 2017.
(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 October 31, 2017.
(y)	—  Security is an interest bearing note with preferred security characteristics.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2017.
(bb)	—  Security has been valued using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,952,430		$	4,331,897		$	8,531,369
Investments in affiliates, at value		84,272			128,728			105,120
Cash		2,017			196			50
Foreign currency, at value		2,880			2,784			3,950
Deposits at broker for futures contracts		1,463			—			4,690
Due from custodian		—			567			—
Receivables:
Investment securities sold		3,120			—			77,430
Fund shares sold		609			5,822			3,830
Dividends from non-affiliates		2,346			1,481			11,152
Dividends from affiliates		51			107			77
Tax reclaims		11			—			6,952
Variation margin on futures contracts		307			—			580
Total Assets		2,049,506			4,471,582			8,745,200
LIABILITIES:
Payables:
Investment securities purchased		8,026			7,257			77,554
Fund shares redeemed		616			12,801			1,670
Accrued liabilities:
Investment advisory fees		1,281			2,477			412
Administration fees		24			—			10
Distribution fees		39			142			—
Service fees		50			237			1,779
Custodian and accounting fees		347			605			167
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—
Deferred India capital gains tax		1,314			—			—
Audit fees		68			67			59
Registration fees		2			—			—
Other		44			108			89
Total Liabilities		11,811			23,694			81,740
Net Assets	$	2,037,695		$	4,447,888		$	8,663,460

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,679,231		$	3,249,646		$	6,867,114
Accumulated undistributed (distributions in excess of) net investment income		34,533			21,775			120,190
Accumulated net realized gains (losses)		(83,696	)		(123,509	)		(176,493	)
Net unrealized appreciation (depreciation)		407,627			1,299,976			1,852,649
Total Net Assets	$	2,037,695		$	4,447,888		$	8,663,460
Net Assets:
Class A	$	179,772		$	525,451		$	—
Class C		2,782			48,497			—
Class I (formerly Select Class)		63,965			629,451			8,663,460
Class L (formerly Institutional Class)		—			430,860			—
Class R2		—			21			—
Class R3		—			21			—
Class R4		—			21			—
Class R5		417			217			—
Class R6		1,790,759			2,813,349			—
Total	$	2,037,695		$	4,447,888		$	8,663,460
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		12,203			19,049			—
Class C		191			1,809			—
Class I (formerly Select Class)		4,283			22,253			391,019
Class L (formerly Institutional Class)		—			15,125			—
Class R2		—			1			—
Class R3		—			1			—
Class R4		—			1			—
Class R5		28			7			—
Class R6		120,396			98,863			—
Net Asset Value (a):
Class A — Redemption price per share	$	14.73		$	27.58		$	—
Class C — Offering price per share (b)		14.60			26.80			—
Class I (formerly Select Class) — Offering and redemption price per share		14.93			28.29			22.16
Class L (formerly Institutional Class) — Offering and redemption price per share		—			28.49			—
Class R2 — Offering and redemption price per share		—			27.57			—
Class R3 — Offering and redemption price per share		—			27.59			—
Class R4 — Offering and redemption price per share		—			28.28			—
Class R5 — Offering and redemption price per share		15.07			28.47			—
Class R6 — Offering and redemption price per share		14.87			28.46			—
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)]	$	15.55		$	29.11		$	—
Cost of investments in non-affiliates	$	1,543,887		$	3,031,915		$	6,682,145
Cost of investments in affiliates		84,272			128,728			105,120
Cost of foreign currency		2,901			2,775			3,970

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands, except per share amounts)

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund
ASSETS:
Investments in non-affiliates, at value	$	3,492		$	3,981,960		$	197,801
Investments in affiliates, at value		—			24,698			2,218
Cash		113			494			118
Foreign currency, at value		—			126			164
Receivables:
Investment securities sold		56			21,282			—
Fund shares sold		14			829			392
Dividends from non-affiliates		1			6,332			294
Dividends from affiliates		—	(a)		31			3
Tax reclaims		14			5,973			319
Unrealized appreciation on forward foreign currency exchange contracts		—			—			26
Total Assets		3,690			4,041,725			201,335
LIABILITIES:
Payables:
Investment securities purchased		33			11,614			—
Fund shares redeemed		3			20,175			229
Unrealized depreciation on forward foreign currency exchange contracts		—			—			354
Accrued liabilities:
Investment advisory fees		29			2,182			86
Administration fees		—			160			—
Distribution fees		—	(a)		78			27
Service fees		1			96			28
Custodian and accounting fees		14			153			23
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Audit fees		49			65			60
Registration fees		—	(a)		—			53
Other		12			111			19
Total Liabilities		141			34,634			879
Net Assets	$	3,549		$	4,007,091		$	200,456

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund
NET ASSETS:
Paid-in-Capital	$	3,190		$	3,032,761		$	182,868
Accumulated undistributed (distributions in excess of) net investment income		14			53,694			(319	)
Accumulated net realized gains (losses)		134			(55,302	)		(10,580	)
Net unrealized appreciation (depreciation)		211			975,938			28,487
Total Net Assets	$	3,549		$	4,007,091		$	200,456
Net Assets:
Class A	$	1,171		$	302,130		$	84,553
Class C		386			24,281			13,679
Class I (formerly Select Class)		1,827			139,715			86,550
Class R2		22			2,096			322
Class R5		21			21,891			1,297
Class R6		122			3,516,978			14,055
Total	$	3,549		$	4,007,091		$	200,456
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		68			16,966			5,123
Class C		23			1,443			835
Class I (formerly Select Class)		105			7,724			5,229
Class R2		2			118			20
Class R5		1			1,208			78
Class R6		7			193,974			849
Net Asset Value (a):
Class A — Redemption price per share	$	17.14		$	17.81		$	16.50
Class C — Offering price per share (b)		16.93			16.83			16.38
Class I (formerly Select Class) — Offering and redemption price per share		17.30			18.09			16.55
Class R2 — Offering and redemption price per share		17.24			17.70			16.47
Class R5 — Offering and redemption price per share		17.25			18.13			16.57
Class R6 — Offering and redemption price per share		17.24			18.13			16.55
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.09		$	18.80		$	17.41
Cost of investments in non-affiliates	$	3,281		$	3,006,098		$	168,991
Cost of investments in affiliates		—			24,698			2,218
Cost of foreign currency		—			132			167

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017 (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	$	4,648,977		$	340,925		$	781,288		$	3,085,906
Investments in affiliates, at value		242,928			14,714			8,228			53,390
Cash		174,079			34			158			50
Foreign currency, at value		46,048			5			558			1,022
Deposits at broker for futures contracts		15,549			—			—			1,617
Due from custodian		20,173			—			—			—
Receivables:
Investment securities sold		15,341			—			—			16,279
Fund shares sold		14,251			1,890			1,028			6,393
Dividends from non-affiliates		6,911			342			1,954			7,533
Dividends from affiliates		167			10			3			26
Tax reclaims		3,487			112			3,161			4,825
Variation margin on futures contracts		3,110			—			—			206
Unrealized appreciation on forward foreign currency exchange contracts		—			—			3,704			—
Other assets		32			—			—			—
Total Assets		5,191,053			358,032			800,082			3,177,247
LIABILITIES:
Payables:
Investment securities purchased		150,397			—			—			17,720
Fund shares redeemed		457			57			1,349			1,741
Unrealized depreciation on forward foreign currency exchange contracts		—			—			3,534			—
Accrued liabilities:
Investment advisory fees		300			182			395			1,580
Administration fees		1			12			54			212
Distribution fees		62			21			81			53
Service fees		989			32			241			55
Custodian and accounting fees		50			18			46			152
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Audit fees		67			59			59			61
Registration fees		—			8			48			13
Other		28			14			488			51
Total Liabilities		152,351			403			6,295			21,638
Net Assets	$	5,038,702		$	357,629		$	793,787		$	3,155,609

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	4,650,273		$	317,884		$	777,736		$	2,714,157
Accumulated undistributed (distributions in excess of) net investment income		34,860			2,551			14,279			54,925
Accumulated net realized gains (losses)		26,370			(3,272	)		(70,627	)		(1,762	)
Net unrealized appreciation (depreciation)		327,199			40,466			72,399			388,289
Total Net Assets	$	5,038,702		$	357,629		$	793,787		$	3,155,609
Net Assets:
Class A	$	298,112		$	67,684		$	316,510		$	232,530
Class C		—			14,534			20,997			1,773
Class I (formerly Select Class)		4,740,590			131,356			144,875			52,871
Class L (formerly Institutional Class)		—			—			201,672			—
Class R2		—			97			1,369			8,790
Class R5		—			90			62			—
Class R6		—			143,868			108,302			2,859,645
Total	$	5,038,702		$	357,629		$	793,787		$	3,155,609
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		15,894			3,202			22,193			10,467
Class C		—			695			1,524			79
Class I (formerly Select Class)		250,593			6,136			9,908			2,287
Class L (formerly Institutional Class)		—			—			13,861			—
Class R2		—			5			98			399
Class R5		—			4			4			—
Class R6		—			6,723			7,453			125,526
Net Asset Value (a):
Class A — Redemption price per share	$	18.76		$	21.14		$	14.26		$	22.22
Class C — Offering price per share (b)		—			20.90			13.78			22.40
Class I (formerly Select Class) — Offering and redemption price per share		18.92			21.41			14.62			23.12
Class L (formerly Institutional Class) — Offering and redemption price per share		—			—			14.55			—
Class R2 — Offering and redemption price per share		—			21.11			14.01			22.01
Class R5 — Offering and redemption price per share		—			21.39			14.51			—
Class R6 — Offering and redemption price per share		—			21.40			14.53			22.78
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)]	$	19.80		$	22.31		$	15.05		$	23.45
Cost of investments in non-affiliates	$	4,330,440		$	300,460		$	708,994		$	2,698,155
Cost of investments in affiliates		242,928			14,714			8,228			53,390
Cost of foreign currency		46,029			5			562			1,019

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	1		$	10
Interest income from affiliates		20			27			11
Dividend income from non-affiliates		63,358			65,794			182,706
Dividend income from affiliates		223			419			495
Foreign taxes withheld		(5,357	)		(4,005	)		(7,959	)
Total investment income		58,245			62,236			175,263
EXPENSES:
Investment advisory fees		16,093			30,891			15,459
Administration fees		1,546			2,967			6,312
Distribution fees:
Class A		386			1,131			—	(a)
Class C		20			300			—	(a)
Class R2 (b)		—			—	(a)		—	(a)
Class R3 (b)		—			—	(a)		—
Service fees:
Class A		386			1,131			—	(a)
Class C		7			100			—	(a)
Class I (formerly Select Class)		148			1,046			19,324
Class L (formerly Institutional Class)		—			497			—
Class R2 (b)		—			—	(a)		—	(a)
Class R3 (b)		—			—	(a)		—
Class R4 (b)		—			—	(a)		—
Class R5		1			—	(a)		—
Custodian and accounting fees		1,634			2,215			625
Interest expense to affiliates		20			5			20
Professional fees		178			159			197
Trustees’ and Chief Compliance Officer’s fees		31			35			11
Printing and mailing costs		63			301			227
Registration and filing fees		73			121			40
Transfer agency fees (See Note 2.I.)		28			125			56
Sub-transfer agency fees (See Note 2.I.)		61			562			158
Other		44			85			133
Total expenses		20,719			41,671			42,562
Less fees waived		(3,705	)		(6,666	)		(16,357	)
Less expense reimbursements		(11	)		(6	)		—
Net expenses		17,003			34,999			26,205
Net investment income (loss)		41,242			27,237			149,058
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		158,591	(c)		(15,954	)		147,265
Futures		56			—			686
Foreign currency transactions		(328	)		(762	)		252
Forward foreign currency exchange contracts		166			204			—
Net realized gain (loss)		158,485			(16,512	)		148,203
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		302,535	(d)		907,423	(e)		1,302,083
Futures		846			—			3,513
Foreign currency translations		(25	)		(16	)		459
Change in net unrealized appreciation/depreciation		303,356			907,407			1,306,055
Net realized/unrealized gains (losses)		461,841			890,895			1,454,258
Change in net assets resulting from operations	$	503,083		$	918,132		$	1,603,316

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective July 31, 2017, for Emerging Markets Equity Fund.

(c) Net of India capital gains tax of approximately $(1,038,000) for Emerging Economies Fund.

(d) Net of change in India capital gains tax of approximately $(655,000) for Emerging Economies Fund.

(e) Net of change in India capital gains tax of approximately $4,628,000 for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	—	(a)
Interest income from affiliates		—	(a)		7			2
Dividend income from non-affiliates		40			102,608			7,429
Dividend income from affiliates		—	(a)		319			28
Foreign taxes withheld		(2	)		(7,899	)		(593	)
Total investment income		38			95,035			6,866
EXPENSES:
Investment advisory fees		17			25,759			1,201
Administration fees		2			3,005			140
Distribution fees:
Class A		2			617			190
Class C		2			172			97
Class R2		—	(a)		8			2
Service fees:
Class A		2			617			190
Class C		1			57			32
Class I (formerly Select Class)		3			286			197
Class R2		—	(a)		4			1
Class R5		—	(a)		19			1
Custodian and accounting fees		45			571			77
Interest expense to affiliates		—	(a)		11			1
Professional fees		75			153			95
Trustees’ and Chief Compliance Officer’s fees		26			29			26
Printing and mailing costs		23			105			9
Registration and filing fees		76			64			124
Transfer agency fees (See Note 2.I.)		1			69			22
Sub-transfer agency fees (See Note 2.I.)		1			136			53
Other		7			81			10
Total expenses		283			31,763			2,468
Less fees waived		(22	)		(2,799	)		(551	)
Less expense reimbursements		(246	)		(11	)		(6	)
Net expenses		15			28,953			1,911
Net investment income (loss)		23			66,082			4,955
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		186			(9,800	)		144
Foreign currency transactions		(1	)		858			152
Forward foreign currency exchange contracts		—	(a)		(354	)		(477	)
Net realized gain (loss)		185			(9,296	)		(181	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		212			803,534			24,501
Foreign currency translations		—	(a)		447			16
Forward foreign currency exchange contracts		—			—			(215	)
Change in net unrealized appreciation/depreciation		212			803,981			24,302
Net realized/unrealized gains (losses)		397			794,685			24,121
Change in net assets resulting from operations	$	420		$	860,767		$	29,076

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017 (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	21		$	—	(a)	$	1		$	4
Interest income from affiliates		8			2			4			2
Dividend income from non-affiliates		55,150			4,294			30,449			89,235
Dividend income from affiliates		545			65			74			258
Foreign taxes withheld		(3,913	)		(313	)		(3,151	)		(6,775	)
Total investment income		51,811			4,048			27,377			82,724
EXPENSES:
Investment advisory fees		3,823			1,358			5,474			17,512
Administration fees		1,559			158			746			2,384
Distribution fees:
Class A		223			78			798			478
Class C		90			52			169			15
Class R2		58			—	(a)		6			6
Service fees:
Class A		223			78			798			478
Class C		30			18			56			5
Class I (formerly Select Class)		4,496			120			361			111
Class L (formerly Institutional Class)		—			—			388			2
Class R2		29			—	(a)		3			3
Class R5		—			—	(a)		—	(a)		—
Custodian and accounting fees		251			74			157			512
Interest expense to affiliates		8			—	(a)		13			16
Professional fees		154			86			175			171
Trustees’ and Chief Compliance Officer’s fees		29			26			26			30
Printing and mailing costs		115			10			282			79
Registration and filing fees		132			98			175			90
Transfer agency fees (See Note 2.I.)		90			15			47			32
Sub-transfer agency fees (See Note 2.I.)		219			10			272			19
Other		39			9			36			60
Total expenses		11,568			2,190			9,982			22,003
Less fees waived		(4,593	)		(449	)		(45	)		(133	)
Less expense reimbursements		(14	)		(1	)		(6	)		(1	)
Net expenses		6,961			1,740			9,931			21,869
Net investment income (loss)		44,850			2,308			17,446			60,855
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		30,981			1,823			72,078			158,921
Futures contracts		10,841			—			890			1,906
Foreign currency transactions		(6,521	)		297			357			(703	)
Forward foreign currency exchange contracts		71			(41	)		(1,445	)		548
Net realized gain (loss)		35,372			2,079			71,880			160,672
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		296,798			40,011			106,966			401,189
Futures contracts		7,927			—			—			540
Foreign currency translations		310			3			284			351
Forward foreign currency exchange contracts		—			—			609			—
Change in net unrealized appreciation/depreciation		305,035			40,014			107,859			402,080
Net realized/unrealized gains (losses)		340,407			42,093			179,739			562,752
Change in net assets resulting from operations	$	385,257		$	44,401		$	197,185		$	623,607

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	41,242		$	24,658		$	27,237		$	20,045
Net realized gain (loss)		158,485			(59,529	)		(16,512	)		(68,841	)
Change in net unrealized appreciation/depreciation		303,356			133,106			907,407			346,979
Change in net assets resulting from operations		503,083			98,235			918,132			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 (a)
From net investment income		(23	)		—			—	(b)		—
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		(217,505	)		593,917			429,170			580,806
NET ASSETS:
Change in net assets		257,983			678,869			1,323,310			858,727
Beginning of period		1,779,712			1,100,843			3,124,578			2,265,851
End of period	$	2,037,695		$	1,779,712		$	4,447,888		$	3,124,578
Accumulated undistributed (distributions in excess of) net investment income	$	34,533		$	21,844		$	21,775		$	19,088

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Research Enhanced Index Fund						Global Unconstrained Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	149,058		$	152,165		$	23		$	334
Net realized gain (loss)		148,203			(222,262	)		185			5,782
Change in net unrealized appreciation/depreciation		1,306,055			116,394			212			(108	)
Change in net assets resulting from operations		1,603,316			46,297			420			6,008
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		—	(a)		—			(443	)
From net realized gains		—			—			—			(5,070	)
Return of capital		—			—			—			(841	)
Class C
From net investment income		—	(a)		—			—			(4	)
From net realized gains		—			—			—			(7	)
Return of capital		—			—			—			(17	)
Class I (formerly Select Class)
From net investment income		(155,975	)		(138,054	)		(3	)		(78	)
From net realized gains		—			—			—			(590	)
Return of capital		—			—			—			(169	)
Class R2
From net investment income		—	(a)		—	(a)		—			—	(a)
From net realized gains		—			—			—			(1	)
Return of capital		—			—			—			(1	)
Class R5
From net investment income		—			—			—	(a)		—	(a)
From net realized gains		—			—			—			—	(a)
Return of capital		—			—			—			(1	)
Class R6
From net investment income		—			—			—	(a)		—	(a)
From net realized gains		—			—			—			—	(a)
Return of capital		—			—			—			(1	)
Total distributions to shareholders		(155,976	)		(138,054	)		(3	)		(7,223	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		308,814			(416,215	)		1,460			1,246
NET ASSETS:
Change in net assets		1,756,154			(507,972	)		1,877			31
Beginning of period		6,907,306			7,415,278			1,672			1,641
End of period	$	8,663,460		$	6,907,306		$	3,549		$	1,672
Accumulated undistributed (distributions in excess of) net investment income	$	120,190		$	125,863		$	14		$	(5	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	International Equity Fund						International Equity Income Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	66,082		$	64,099		$	4,955		$	3,443
Net realized gain (loss)		(9,296	)		(22,289	)		(181	)		(9,171	)
Change in net unrealized appreciation/depreciation		803,981			(25,645	)		24,302			1,423
Change in net assets resulting from operations		860,767			16,165			29,076			(4,305	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(611	)		(3,550	)		(2,272	)		(2,121	)
From net realized gains		—			—			—			(1,055	)
Class C
From net investment income		(22	)		(328	)		(346	)		(297	)
From net realized gains		—			—			—			(151	)
Class I (formerly Select Class)
From net investment income		(394	)		(2,129	)		(2,676	)		(1,237	)
From net realized gains		—			—			—			(534	)
Class R2
From net investment income		(2	)		(21	)		(11	)		(4	)
From net realized gains		—			—			—			(1	)
Class R5
From net investment income		(165	)		(1,103	)		(47	)		(14	)
From net realized gains		—			—			—			—	(a)
Class R6
From net investment income		(16,643	)		(57,230	)		(30	)		(1	)
From net realized gains		—			—			—			(1	)
Total distributions to shareholders		(17,837	)		(64,361	)		(5,382	)		(5,416	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(260,305	)		550,039			42,607			33,459
NET ASSETS:
Change in net assets		582,625			501,843			66,301			23,738
Beginning of period		3,424,466			2,922,623			134,155			110,417
End of period	$	4,007,091		$	3,424,466		$	200,456		$	134,155
Accumulated undistributed (distributions in excess of) net investment income	$	53,694		$	4,945		$	(319	)	$	248

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	44,850		$	31,541		$	2,308		$	1,438
Net realized gain (loss)		35,372			(7,725	)		2,079			(3,109	)
Change in net unrealized appreciation/depreciation		305,035			(35,894	)		40,014			2,169
Change in net assets resulting from operations		385,257			(12,078	)		44,401			498
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,511	)		(1,772	)		(259	)		(18	)
From net realized gains		—			(738	)		—			—
Class C
From net investment income		(227	)		(316	)		(67	)		(3	)
From net realized gains		—			(169	)		—			—
Class I (formerly Select Class)
From net investment income		(32,213	)		(19,237	)		(257	)		—
From net realized gains		—			(7,017	)		—			—
Class R2
From net investment income		(254	)		(80	)		—	(a)		—
From net realized gains		—			(35	)		—			—
Class R5
From net investment income		—			—			—	(a)		—	(a)
Class R6
From net investment income		—			—			(1,980	)		(253	)
Total distributions to shareholders		(34,205	)		(29,364	)		(2,563	)		(274	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,352,439			492,324			206,016			35,055
NET ASSETS:
Change in net assets		3,703,491			450,882			247,854			35,279
Beginning of period		1,335,211			884,329			109,775			74,496
End of period	$	5,038,702		$	1,335,211		$	357,629		$	109,775
Accumulated undistributed (distributions in excess of) net investment income	$	34,860		$	28,549		$	2,551		$	2,550

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	17,446		$	42,906		$	60,855		$	63,699
Net realized gain (loss)		71,880			(34,758	)		160,672			(12,289	)
Change in net unrealized appreciation/depreciation		107,859			(142,738	)		402,080			(67,747	)
Change in net assets resulting from operations		197,185			(134,590	)		623,607			(16,337	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(18,922	)		(7,469	)		(3,117	)		(2,746	)
Class C
From net investment income		(1,312	)		(176	)		(28	)		(35	)
Class I (formerly Select Class)
From net investment income		(8,933	)		(2,865	)		(1,014	)		(365	)
Class L (formerly Institutional Class)
From net investment income		(30,468	)		(19,068	)		—			(210	)
Class R2
From net investment income		(59	)		(18	)		(9	)		(3	)
Class R5 (a)
From net investment income		(1	)		—			—			—
Class R6
From net investment income		(1,834	)		(61	)		(66,113	)		(39,523	)
Total distributions to shareholders		(61,529	)		(29,657	)		(70,281	)		(42,882	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(650,089	)		(971,729	)		(92,031	)		671,617
NET ASSETS:
Change in net assets		(514,433	)		(1,135,976	)		461,295			612,398
Beginning of period		1,308,220			2,444,196			2,694,314			2,081,916
End of period	$	793,787		$	1,308,220		$	3,155,609		$	2,694,314
Accumulated undistributed (distributions in excess of) net investment income	$	14,279		$	57,698		$	54,925		$	60,413

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	52,611		$	124,070		$	183,624		$	206,821
Distributions reinvested		1,900			378			1,872			1,541
Cost of shares redeemed		(60,941	)		(24,840	)		(181,184	)		(105,922	)
Change in net assets resulting from Class A capital transactions	$	(6,430	)	$	99,608		$	4,312		$	102,440
Class C
Proceeds from shares issued	$	631		$	283		$	17,118		$	7,659
Distributions reinvested		14			1			12			—
Cost of shares redeemed		(984	)		(1,482	)		(17,463	)		(15,484	)
Change in net assets resulting from Class C capital transactions	$	(339	)	$	(1,198	)	$	(333	)	$	(7,825	)
Class I (formerly Select Class)
Proceeds from shares issued	$	17,416		$	21,815		$	331,493		$	115,950
Distributions reinvested		360			86			1,623			1,651
Cost of shares redeemed		(22,430	)		(216,425	)		(109,592	)		(350,209	)
Change in net assets resulting from Class I capital transactions	$	(4,654	)	$	(194,524	)	$	223,524		$	(232,608	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	402,572		$	177,616
Distributions reinvested		—			—			2,482			1,936
Cost of shares redeemed		—			—			(496,701	)		(138,231	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(91,647	)	$	41,321
Class R2 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	20		$	—
Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	20		$	—
Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	20		$	—
Class R5 (b)
Proceeds from shares issued	$	324		$	79,836		$	185		$	20
Distributions reinvested		23			—			—	(c)		—
Cost of shares redeemed		(1,787	)		(158,991	)		—	(c)		—
Change in net assets resulting from Class R5 capital transactions	$	(1,440	)	$	(79,155	)	$	185		$	20
Class R6
Proceeds from shares issued	$	124,871		$	962,670		$	672,770		$	895,741
Distributions reinvested		24,949			12,736			16,658			13,982
Cost of shares redeemed		(354,462	)		(206,220	)		(396,359	)		(232,265	)
Change in net assets resulting from Class R6 capital transactions	$	(204,642	)	$	769,186		$	293,069		$	677,458
Total change in net assets resulting from capital transactions	$	(217,505	)	$	593,917		$	429,170		$	580,806

(a) Commencement of offering of class of shares effective July 31, 2017, for Emerging Markets Equity Fund.

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

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		4,043			11,197			7,615			10,198
Reinvested		173			36			93			84
Redeemed		(4,857	)		(2,309	)		(7,550	)		(5,454	)
Change in Class A Shares		(641	)		8,924			158			4,828
Class C
Issued		49			28			702			402
Reinvested		1			—	(a)		1			—
Redeemed		(74	)		(145	)		(762	)		(822	)
Change in Class C Shares		(24	)		(117	)		(59	)		(420	)
Class I (formerly Select Class)
Issued		1,347			2,004			13,114			5,865
Reinvested		33			8			79			88
Redeemed		(1,678	)		(19,109	)		(4,464	)		(17,594	)
Change in Class I Shares		(298	)		(17,097	)		8,729			(11,641	)
Class L (formerly Institutional Class)
Issued		—			—			16,403			8,547
Reinvested		—			—			119			103
Redeemed		—			—			(18,771	)		(6,992	)
Change in Class L Shares		—			—			(2,249	)		1,658
Class R2 (b)
Issued		—			—			1			—
Change in Class R2 Shares		—			—			1			—
Class R3 (b)
Issued		—			—			1			—
Change in Class R3 Shares		—			—			1			—
Class R4 (b)
Issued		—			—			1			—
Change in Class R4 Shares		—			—			1			—
Class R5 (c)
Issued		26			7,225			6			1
Reinvested		2			—			—	(a)		—
Redeemed		(136	)		(14,428	)		—	(a)		—
Change in Class R5 Shares		(108	)		(7,203	)		6			1
Class R6
Issued		9,667			87,032			25,331			42,972
Reinvested		2,258			1,219			804			745
Redeemed		(26,789	)		(18,962	)		(15,462	)		(11,576	)
Change in Class R6 Shares		(14,864	)		69,289			10,673			32,141

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective July 31, 2017, for Emerging Markets Equity Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Research Enhanced Index Fund						Global Unconstrained Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—		$	—	(a)	$	1,003		$	121,461
Distributions reinvested		1			—	(a)		—			6,351
Cost of shares redeemed		(24	)		—			(379	)		(126,936	)
Change in net assets resulting from Class A capital transactions	$	(23	)	$	—	(a)	$	624		$	876
Class C
Proceeds from shares issued	$	—		$	—		$	230		$	50
Distributions reinvested		—	(a)		—			—			26
Cost of shares redeemed		(23	)		—			(101	)		(146	)
Change in net assets resulting from Class C capital transactions	$	(23	)	$	—		$	129		$	(70	)
Class I (formerly Select Class)
Proceeds from shares issued	$	1,447,613		$	1,314,724		$	1,004		$	15,051
Distributions reinvested		19,299			9,477			3			803
Cost of shares redeemed		(1,158,029	)		(1,740,416	)		(396	)		(15,414	)
Change in net assets resulting from Class I capital transactions	$	308,883		$	(416,215	)	$	611		$	440
Class R2
Proceeds from shares issued	$	—		$	—		$	—	(a)	$	—	(a)
Distributions reinvested		—	(a)		—	(a)		—			—
Cost of shares redeemed		(23	)		—			—			—	(a)
Change in net assets resulting from Class R2 capital transactions	$	(23	)	$	—	(a)	$	—	(a)	$	—	(a)
Class R5
Proceeds from shares issued	$	—		$	—		$	—	(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	$	—		$	—		$	96		$	—
Cost of shares redeemed		—			—			—	(a)		—	(a)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	96		$	—	(a)
Total change in net assets resulting from capital transactions	$	308,814		$	(416,215	)	$	1,460		$	1,246

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Global Research Enhanced Index Fund						Global Unconstrained Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		—			—			61			9,129
Reinvested		—	(a)		—	(a)		—			478
Redeemed		(1	)		—			(23	)		(9,592	)
Change in Class A Shares		(1	)		—	(a)		38			15
Class C
Issued		—			—			15			3
Reinvested		—	(a)		—			—			2
Redeemed		(1	)		—			(7	)		(10	)
Change in Class C Shares		(1	)		—			8			(5	)
Class I (formerly Select Class)
Issued		71,810			74,956			59			1,096
Reinvested		1,023			538			—	(a)		60
Redeemed		(57,817	)		(99,095	)		(24	)		(1,149	)
Change in Class I Shares		15,016			(23,601	)		35			7
Class R2
Issued		—			—			—	(a)		—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(1	)		—			—			—
Change in Class R2 Shares		(1	)		—	(a)		—	(a)		—
Class R5
Issued		—			—			—	(a)		—
Change in Class R5 Shares		—			—			—	(a)		—
Class R6
Issued		—			—			6			—
Redeemed		—			—			—	(a)		—
Change in Class R6 Shares		—			—			6			—

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Fund						International Equity Income Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	115,322		$	110,321		$	39,144		$	47,652
Distributions reinvested		605			3,515			2,269			3,171
Cost of shares redeemed		(86,838	)		(113,970	)		(33,881	)		(45,371	)
Change in net assets resulting from Class A capital transactions	$	29,089		$	(134	)	$	7,532		$	5,452
Class C
Proceeds from shares issued	$	6,163		$	2,485		$	5,012		$	7,012
Distributions reinvested		19			272			343			445
Cost of shares redeemed		(9,245	)		(7,667	)		(5,201	)		(3,519	)
Change in net assets resulting from Class C capital transactions	$	(3,063	)	$	(4,910	)	$	154		$	3,938
Class I (formerly Select Class)
Proceeds from shares issued	$	56,730		$	32,905		$	59,870		$	54,317
Distributions reinvested		320			1,578			2,443			1,598
Cost of shares redeemed		(37,900	)		(460,051	)		(41,426	)		(32,820	)
Change in net assets resulting from Class I capital transactions	$	19,150		$	(425,568	)	$	20,887		$	23,095
Class R2
Proceeds from shares issued	$	672		$	883		$	295		$	282
Distributions reinvested		1			10			11			5
Cost of shares redeemed		(396	)		(596	)		(356	)		(12	)
Change in net assets resulting from Class R2 capital transactions	$	277		$	297		$	(50	)	$	275
Class R5
Proceeds from shares issued	$	1,663		$	6,787		$	997		$	696
Distributions reinvested		165			1,103			47			14
Cost of shares redeemed		(43,919	)		(4,763	)		(635	)		(14	)
Change in net assets resulting from Class R5 capital transactions	$	(42,091	)	$	3,127		$	409		$	696
Class R6
Proceeds from shares issued	$	393,780		$	1,159,108		$	14,231		$	1
Distributions reinvested		16,643			57,229			30			2
Cost of shares redeemed		(674,090	)		(239,110	)		(586	)		—	(a)
Change in net assets resulting from Class R6 capital transactions	$	(263,667	)	$	977,227		$	13,675		$	3
Total change in net assets resulting from capital transactions	$	(260,305	)	$	550,039		$	42,607		$	33,459

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	International Equity Fund						International Equity Income Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		7,301			8,046			2,566			3,246
Reinvested		42			265			148			216
Redeemed		(5,607	)		(8,294	)		(2,230	)		(3,069	)
Change in Class A Shares		1,736			17			484			393
Class C
Issued		405			189			329			479
Reinvested		1			22			22			31
Redeemed		(610	)		(584	)		(338	)		(243	)
Change in Class C Shares		(204	)		(373	)		13			267
Class I (formerly Select Class)
Issued		3,517			2,347			3,939			3,700
Reinvested		22			117			158			108
Redeemed		(2,347	)		(30,864	)		(2,659	)		(2,258	)
Change in Class I Shares		1,192			(28,400	)		1,438			1,550
Class R2
Issued		41			64			20			19
Reinvested		—	(a)		1			1			—	(a)
Redeemed		(26	)		(44	)		(23	)		(1	)
Change in Class R2 Shares		15			21			(2	)		18
Class R5
Issued		111			483			66			48
Reinvested		11			81			3			1
Redeemed		(2,981	)		(338	)		(40	)		(1	)
Change in Class R5 Shares		(2,859	)		226			29			48
Class R6
Issued		25,401			82,405			882			—	(a)
Reinvested		1,123			4,227			2			—	(a)
Redeemed		(42,082	)		(16,681	)		(36	)		—	(a)
Change in Class R6 Shares		(15,558	)		69,951			848			—	(a)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	291,313		$	9,158		$	56,512		$	11,592
Distributions reinvested		1,449			2,436			256			18
Cost of shares redeemed		(80,384	)		(19,422	)		(9,624	)		(3,467	)
Change in net assets resulting from Class A capital transactions	$	212,378		$	(7,828	)	$	47,144		$	8,143
Class C
Proceeds from shares issued	$	655		$	998		$	12,093		$	2,759
Distributions reinvested		221			467			66			3
Cost of shares redeemed		(16,621	)		(5,171	)		(3,674	)		(1,551	)
Change in net assets resulting from Class C capital transactions	$	(15,745	)	$	(3,706	)	$	8,485		$	1,211
Class I (formerly Select Class)
Proceeds from shares issued	$	3,428,331		$	568,584		$	133,949		$	7,331
Distributions reinvested		31,067			25,196			199			—
Cost of shares redeemed		(291,221	)		(96,905	)		(23,313	)		(57,428	)
Change in net assets resulting from Class I capital transactions	$	3,168,177		$	496,875		$	110,835		$	(50,097	)
Class R2
Proceeds from shares issued	$	6,205		$	8,693		$	71		$	—
Distributions reinvested		189			28			—	(a)		—
Cost of shares redeemed		(18,765	)		(1,738	)		—	(a)		—	(a)
Change in net assets resulting from Class R2 capital transactions	$	(12,371	)	$	6,983		$	71		$	—	(a)
Class R5
Proceeds from shares issued	$	—		$	—		$	69		$	—
Distributions reinvested		—			—			—	(a)		—	(a)
Cost of shares redeemed		—			—			(6	)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	63		$	—	(a)
Class R6
Proceeds from shares issued	$	—		$	—		$	38,555		$	75,541
Distributions reinvested		—			—			1,980			253
Cost of shares redeemed		—			—			(1,117	)		4
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	39,418		$	75,798
Total change in net assets resulting from capital transactions	$	3,352,439		$	492,324		$	206,016		$	35,055

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		15,780			600			2,894			688
Reinvested		93			157			15			1
Redeemed		(4,458	)		(1,276	)		(521	)		(206	)
Change in Class A Shares		11,415			(519	)		2,388			483
Class C
Issued		40			67			610			167
Reinvested		15			32			4			—	(a)
Redeemed		(963	)		(353	)		(191	)		(92	)
Change in Class C Shares		(908	)		(254	)		423			75
Class I (formerly Select Class)
Issued		186,476			37,181			6,707			438
Reinvested		1,983			1,614			12			—
Redeemed		(17,061	)		(6,312	)		(1,152	)		(3,248	)
Change in Class I Shares		171,398			32,483			5,567			(2,810	)
Class R2
Issued		382			581			4			—
Reinvested		12			2			—	(a)		—
Redeemed		(1,067	)		(115	)		—	(a)		—
Change in Class R2 Shares		(673	)		468			4			—
Class R5
Issued		—			—			3			—
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			—	(a)		—
Change in Class R5 Shares		—			—			3			—	(a)
Class R6
Issued		—			—			2,008			4,336
Reinvested		—			—			117			15
Redeemed		—			—			(53	)		(1	)
Change in Class R6 Shares		—			—			2,072			4,350

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

		International Value Fund						Intrepid International Fund
		Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued		$	82,228		$	205,683		$	90,711		$	102,499
Distributions reinvested			18,745			7,392			3,114			2,734
Cost of shares redeemed			(406,516	)		(291,409	)		(62,079	)		(87,263	)
Change in net assets resulting from Class A capital transactions		$	(305,543	)	$	(78,334	)	$	31,746		$	17,970
Class C
Proceeds from shares issued		$	2,914		$	5,220		$	455		$	651
Distributions reinvested			1,151			154			26			32
Cost of shares redeemed			(10,863	)		(10,150	)		(1,359	)		(1,054	)
Change in net assets resulting from Class C capital transactions		$	(6,798	)	$	(4,776	)	$	(878	)	$	(371	)
Class I (formerly Select Class)
Proceeds from shares issued		$	29,799		$	57,659		$	39,085		$	6,578
Distributions reinvested			4,900			1,701			451			221
Cost of shares redeemed			(69,741	)		(119,752	)		(11,981	)		(8,803	)
Change in net assets resulting from Class I capital transactions		$	(35,042	)	$	(60,392	)	$	27,555		$	(2,004	)
Class L (formerly Institutional Class)
Proceeds from shares issued		$	193,382		$	320,955		$	39		$	3,104
Distributions reinvested			20,403			13,888			—			50
Cost of shares redeemed			(590,617	)		(1,188,471	)		(23,795	)		(27,450	)
Change in net assets resulting from Class L capital transactions		$	(376,832	)	$	(853,628	)	$	(23,756	)	$	(24,296	)
Class R2	��
Proceeds from shares issued		$	368		$	765		$	8,299		$	318
Distributions reinvested			24			8			4			3
Cost of shares redeemed			(402	)		(1,410	)		(321	)		(41	)
Change in net assets resulting from Class R2 capital transactions		$	(10	)	$	(637	)	$	7,982		$	280
Class R5 (a)
Proceeds from shares issued		$	36		$	20		$	—		$	—
Distributions reinvested			1			—			—			—
Cost of shares redeemed			(1	)		—			—			—
Change in net assets resulting from Class R5 capital transactions		$	36		$	20		$	—		$	—
Class R6
Proceeds from shares issued		$	106,682		$	28,014		$	257,105		$	900,498
Distributions reinvested			1,834			61			66,113			39,523
Cost of shares redeemed			(34,416	)		(2,057	)		(457,898	)		(259,983	)
Change in net assets resulting from Class R6 capital transactions		$	74,100		$	26,018		$	(134,680	)	$	680,038
Total change in net assets resulting from capital transactions		$	(650,089	)	$	(971,729	)	$	(92,031	)	$	671,617

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

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		6,323			17,288			4,549			5,754
Reinvested		1,558			600			171			148
Redeemed		(32,574	)		(24,382	)		(3,165	)		(4,883	)
Change in Class A Shares		(24,693	)		(6,494	)		1,555			1,019
Class C
Issued		229			445			22			35
Reinvested		99			13			1			2
Redeemed		(863	)		(874	)		(67	)		(57	)
Change in Class C Shares		(535	)		(416	)		(44	)		(20	)
Class I (formerly Select Class)
Issued		2,244			4,708			1,985			354
Reinvested		399			135			24			12
Redeemed		(5,291	)		(9,716	)		(574	)		(472	)
Change in Class I Shares		(2,648	)		(4,873	)		1,435			(106	)
Class L (formerly Institutional Class)
Issued		14,882			26,460			2			170
Reinvested		1,668			1,108			—			3
Redeemed		(44,537	)		(97,097	)		(1,238	)		(1,551	)
Change in Class L Shares		(27,987	)		(69,529	)		(1,236	)		(1,378	)
Class R2
Issued		30			65			386			18
Reinvested		2			1			—	(a)		—	(a)
Redeemed		(32	)		(118	)		(15	)		(2	)
Change in Class R2 Shares		—	(a)		(52	)		371			16
Class R5 (b)
Issued		2			2			—			—
Reinvested		—	(a)		—			—			—
Redeemed		—	(a)		—			—			—
Change in Class R5 Shares		2			2			—			—
Class R6
Issued		7,566			2,230			13,047			49,855
Reinvested		150			5			3,555			2,101
Redeemed		(2,501	)		(174	)		(22,597	)		(13,945	)
Change in Class R6 Shares		5,215			2,061			(5,995	)		38,011

(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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Emerging Economies Fund
Class A
Year Ended October 31, 2017	$	11.55	$	0.22		$	3.11		$	3.33		$	(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	)
Class C
Year Ended October 31, 2017		11.41		0.16			3.09			3.25			(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		11.68		0.26			3.15			3.41			(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	)
Class R5
Year Ended October 31, 2017		11.78		0.26			3.20			3.46			(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	)
Class R6
Year Ended October 31, 2017		11.64		0.29			3.12			3.41			(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.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	14.73		29.28	%	$	179,772		1.34	%		1.72	%		1.57	%		62	%
	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
	14.60		28.71			2,782		1.85			1.23			2.17			62
	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
	14.93		29.61			63,965		1.10			2.01			1.30			62
	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
	15.07		29.89			417		0.93			2.06			1.16			62
	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
	14.87		29.87			1,790,759		0.85			2.23			1.04			62
	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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

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
Year Ended October 31, 2017	$	21.79	$	0.09		$	5.80		$	5.89		$	(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	)
Class C
Year Ended October 31, 2017		21.18		(0.04	)		5.67			5.63			(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		22.33		0.16			5.94			6.10			(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	)
Class L (formerly Institutional Class)
Year Ended October 31, 2017		22.49		0.21			5.96			6.17			(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	)
Class R2
July 31, 2017 (g) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—
Class R3
July 31, 2017 (g) through October 31, 2017		26.40		0.01			1.18			1.19			—
Class R4
July 31, 2017 (g) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Year Ended October 31, 2017		22.49		0.15			6.01			6.16			(0.18	)
September 9, 2016 (g) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Year Ended October 31, 2017		22.46		0.21			5.98			6.19			(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.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	27.58		27.22	%	$	525,451		1.35	%		0.36	%		1.58	%		22	%
	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
	26.80		26.58			48,497		1.85			(0.15	)		2.09			22
	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
	28.29		27.54			629,451		1.10			0.62			1.30			22
	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
	28.49		27.72			430,860		0.95			0.84			1.14			22
	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
	27.57		4.43			21		1.60			(0.17	)		1.80			22
	27.59		4.51			21		1.35			0.08			1.55			22
	28.28		4.55			21		1.10			0.33			1.30			22
	28.47		27.72			217		0.95			0.58			3.36			22
	22.49		0.40			20		0.90			0.28			1.08			23
	28.46		27.87			2,813,349		0.85			0.85			1.01			22
	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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

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 I (formerly Select Class)
Year Ended October 31, 2017	$	18.37	$	0.39	$	3.82		$	4.21	$	(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		—			—			—

(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.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	22.16		23.29	%	$	8,663,460		0.34	%		1.93	%		0.55	%		33	%
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY 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
Global Unconstrained Equity Fund
Class A
Year Ended October 31, 2017	$	14.12	$	0.15	(c)	$	2.87		$	3.02		$	—		$	—		$	—		$	—
Year Ended October 31, 2016		16.12		0.27	(c)		(0.88	)		(0.61	)		(0.30	)		(0.27	)		(0.82	)		(1.39	)
Year Ended October 31, 2015		19.55		0.11	(c)		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	)
Class C
Year Ended October 31, 2017		14.02		0.07	(c)		2.84			2.91			—			—			—			—
Year Ended October 31, 2016		16.01		0.11	(c)		(0.79	)		(0.68	)		(0.22	)		(0.27	)		(0.82	)		(1.31	)
Year Ended October 31, 2015		19.43		0.04	(c)		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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		14.23		0.20	(c)		2.91			3.11			(0.04	)		—			—			(0.04	)
Year Ended October 31, 2016		16.18		0.26	(c)		(0.83	)		(0.57	)		(0.29	)		(0.27	)		(0.82	)		(1.38	)
Year Ended October 31, 2015		19.60		0.19	(c)		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	)
Class R2
Year Ended October 31, 2017		14.24		0.11	(c)		2.89			3.00			—			—			—			—
Year Ended October 31, 2016		16.11		0.14	(c)		(0.79	)		(0.65	)		(0.13	)		(0.27	)		(0.82	)		(1.22	)
Year Ended October 31, 2015		19.49		0.08	(c)		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	)
Class R5
Year Ended October 31, 2017		14.24		0.22	(c)		2.89			3.11			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.21		0.24	(c)		(0.80	)		(0.56	)		(0.32	)		(0.27	)		(0.82	)		(1.41	)
Year Ended October 31, 2015		19.65		0.21	(c)		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	)
Class R6
Year Ended October 31, 2017		14.23		0.23	(c)		2.88			3.11			(0.10	)		—			—			(0.10	)
Year Ended October 31, 2016		16.22		0.25	(c)		(0.80	)		(0.55	)		(0.35	)		(0.27	)		(0.82	)		(1.44	)
Year Ended October 31, 2015		19.66		0.21	(c)		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	)

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

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Calculated based upon average shares outstanding.

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

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	17.14		21.39	%	$	1,171		0.74	%		0.93	%		11.79	%		105	%
	14.12		(3.53	)		417		0.74			1.95			1.90			1,256
	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	(d)		1.37	(d)		5.36	(d)		71
	16.93		20.76			386		1.24			0.45			13.04			105
	14.02		(4.02	)		210		1.17			0.78			11.83			1,256
	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	(d)		0.87	(d)		5.85	(d)		71
	17.30		21.88			1,827		0.40			1.25			11.90			105
	14.23		(3.23	)		991		0.36			1.86			5.37			1,256
	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	(d)		1.62	(d)		5.10	(d)		71
	17.24		21.07			22		1.00			0.69			13.20			105
	14.24		(3.79	)		18		0.92			1.00			13.46			1,256
	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	(d)		1.12	(d)		5.60	(d)		71
	17.25		21.91			21		0.30			1.39			12.47			105
	14.24		(3.12	)		18		0.22			1.70			12.77			1,256
	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	(d)		1.82	(d)		4.89	(d)		71
	17.24		21.99			122		0.25			1.37			9.95			105
	14.23		(3.10	)		18		0.17			1.75			12.75			1,256
	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	(d)		1.87	(d)		4.85	(d)		71

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Equity Fund
Class A
Year Ended October 31, 2017	$	14.24	$	0.22		$	3.39		$	3.61		$	(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	(d)		(0.68	)		(0.31	)		(0.36	)
Year Ended October 31, 2013		13.36		0.20			2.56			2.76			(0.20	)
Class C
Year Ended October 31, 2017		13.50		0.12			3.22			3.34			(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	(d)		(0.64	)		(0.38	)		(0.30	)
Year Ended October 31, 2013		12.78		0.12			2.45			2.57			(0.15	)
Class I (formerly Select Class)
Year Ended October 31, 2017		14.45		0.26			3.44			3.70			(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	(d)		(0.67	)		(0.28	)		(0.40	)
Year Ended October 31, 2013		13.52		0.23			2.61			2.84			(0.23	)
Class R2
Year Ended October 31, 2017		14.17		0.17			3.38			3.55			(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	(d)		(0.65	)		(0.35	)		(0.33	)
Year Ended October 31, 2013		13.31		0.11			2.61			2.72			(0.16	)
Class R5
Year Ended October 31, 2017		14.47		0.21			3.52			3.73			(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	(d)		(0.69	)		(0.25	)		(0.42	)
Year Ended October 31, 2013		13.52		0.27			2.60			2.87			(0.26	)
Class R6
Year Ended October 31, 2017		14.46		0.29			3.46			3.75			(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	(d)		(0.69	)		(0.24	)		(0.43	)
Year Ended October 31, 2013		13.52		0.28			2.59			2.87			(0.26	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) 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.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	17.81		25.43	%	$	302,130		1.23	%		1.39	%		1.35	%		17	%
	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	(d)		1.45			6
	15.92		20.85			188,590		1.30			1.33			1.47			8
	16.83		24.79			24,281		1.74			0.83			1.88			17
	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	(d)		1.95			6
	15.20		20.25			23,655		1.80			0.83			1.97			8
	18.09		25.69			139,715		0.99			1.59			1.10			17
	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	(d)		1.20			6
	16.13		21.23			434,316		1.05			1.51			1.22			8
	17.70		25.12			2,096		1.49			1.07			1.71			17
	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	(d)		1.70			6
	15.87		20.58			1,230		1.55			0.78			1.72			8
	18.13		25.88			21,891		0.84			1.36			0.93			17
	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	(d)		1.00			6
	16.13		21.42			106,963		0.85			1.79			1.02			8
	18.13		26.04			3,516,978		0.74			1.84			0.81			17
	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	(d)		0.95			6
	16.13		21.47			1,248,489		0.80			1.85			0.97			8

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

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
Year Ended October 31, 2017	$	14.38	$	0.42		$	2.16		$	2.58		$	(0.46	)	$	—		$	(0.46	)
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	)
Class C
Year Ended October 31, 2017		14.30		0.34			2.15			2.49			(0.41	)		—			(0.41	)
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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		14.41		0.50			2.14			2.64			(0.50	)		—			(0.50	)
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	)
Class R2
Year Ended October 31, 2017		14.36		0.41			2.13			2.54			(0.43	)		—			(0.43	)
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	)
Class R5
Year Ended October 31, 2017		14.42		0.55			2.12			2.67			(0.52	)		—			(0.52	)
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	)
Class R6
Year Ended October 31, 2017		14.41		0.16			2.50			2.66			(0.52	)		—			(0.52	)
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.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	16.50		18.24	%	$	84,553		1.25	%		2.70	%		1.52	%		64	%
	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
	16.38		17.64			13,679		1.74			2.24			2.04			64
	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
	16.55		18.65			86,550		0.90			3.21			1.27			64
	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
	16.47		17.99			322		1.49			2.65			1.97			64
	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
	16.57		18.81			1,297		0.80			3.52			1.11			64
	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
	16.55		18.81			14,055		0.74			0.99			1.22			64
	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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			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
Year Ended October 31, 2017	$	15.54	$	0.34		$	3.23		$	3.57		$	(0.35	)	$	—		$	(0.35	)
Year Ended October 31, 2016		16.54		0.40	(d)		(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		15.68		0.41			3.23			3.64			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		16.70		0.46	(d)		(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	18.76		23.41	%	$	298,112		0.59	%		1.98	%		0.90	%		33	%
	15.54		(2.94	)		69,626		0.60			2.60	(d)		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
	18.92		23.71			4,740,590		0.34			2.37			0.58			33
	15.68		(2.72	)		1,241,856		0.34			2.98	(d)		0.59			24
	16.70		0.00	(e)		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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Unconstrained Equity Fund
Class A
Year Ended October 31, 2017	$	17.24		0.16	(c)	$	4.09		$	4.25		$	(0.35	)	$	—		$	(0.35	)
Year Ended October 31, 2016		17.61		0.22	(c)(d)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(c)(d)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Year Ended October 31, 2014		20.59		0.13	(e)		(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	)
Class C
Year Ended October 31, 2017		17.04		0.05	(c)		4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(c)(d)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(c)(d)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(e)		(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		17.45		0.23	(c)		4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(c)(d)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(c)(d)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(e)		(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	)
Class R2
Year Ended October 31, 2017		17.21		0.06	(c)		4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(c)(d)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(c)(d)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(e)		(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	)
Class R5
Year Ended October 31, 2017		17.44		0.20	(c)		4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(c)(d)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(c)(d)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(e)		(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	)
Class R6
Year Ended October 31, 2017		17.45		0.26	(c)		4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(c)(d)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(c)(d)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(e)		(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	)

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

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) 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.

(e) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	21.14		25.16	%	$	67,684		1.24	%		0.83	%		1.46	%		38	%
	17.24		(1.86	)		14,034		1.24			1.28	(d)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(d)		2.31			42
	18.59		(2.47	)		351		1.32			0.98	(e)		5.09			63
	20.59		22.23			83		1.32	(f)		0.89	(f)		7.99	(f)		65
	20.90		24.51			14,534		1.74			0.27			2.00			38
	17.04		(2.28	)		4,626		1.74			0.75	(d)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(d)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(e)		6.19			63
	20.47		21.61			76		1.82	(f)		0.40	(f)		8.35	(f)		65
	21.41		25.60			131,356		0.89			1.14			1.19			38
	17.45		(1.47	)		9,929		0.89			1.41	(d)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(d)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(e)		5.55			63
	20.64		22.49			3,925		1.07	(f)		1.17	(f)		7.52	(f)		65
	21.11		24.85			97		1.49			0.31			2.79			38
	17.21		(2.05	)		20		1.49			0.87	(d)		4.37			51
	17.57		2.67			20		1.51			0.19	(d)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(e)		6.05			63
	20.53		21.92			70		1.57	(f)		0.67	(f)		8.01	(f)		65
	21.39		25.67			90		0.79			1.01			2.44			38
	17.44		(1.38	)		20		0.80			1.57	(d)		3.59			51
	17.75		3.43			20		0.81			0.89	(d)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(e)		5.34			63
	20.69		22.76			71		0.87	(f)		1.37	(f)		7.31	(f)		65
	21.40		25.72			143,868		0.74			1.37			0.95			38
	17.45		(1.29	)		81,146		0.74			1.70	(d)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(d)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(e)		5.29			63
	20.70		22.80			71		0.82	(f)		1.42	(f)		7.26	(f)		65

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

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
Year Ended October 31, 2017	$	12.23	$	0.22		$	2.50		$	2.72		$	(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	)
Class C
Year Ended October 31, 2017		11.88		0.15			2.42			2.57			(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		12.57		0.28			2.55			2.83			(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	)
Class L (formerly Institutional Class)
Year Ended October 31, 2017		12.50		0.27			2.57			2.84			(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	)
Class R2
Year Ended October 31, 2017		12.04		0.19			2.46			2.65			(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	)
Class R5
Year Ended October 31, 2017		12.51		0.23			2.59			2.82			(0.82	)
September 9, 2016 (h) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Year Ended October 31, 2017		12.51		0.31			2.53			2.84			(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	)

(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.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	14.26		23.30	%	$	316,510		1.35	%		1.71	%		1.35	%		31	%
	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
	13.78		22.67			20,997		1.85			1.21			1.87			31
	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
	14.62		23.66			144,875		1.04			2.07			1.04			31
	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
	14.55		23.88			201,672		0.87			2.03			0.88			31
	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
	14.01		23.02			1,369		1.58			1.52			1.73			31
	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
	14.51		23.81			62		0.93			1.69			4.00			31
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	14.53		23.99			108,302		0.80			2.28			0.82			31
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

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
Year Ended October 31, 2017	$	18.44	$	0.33		$	3.83		$	4.16		$	(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	)
Class C
Year Ended October 31, 2017		18.57		0.22			3.87			4.09			(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		19.20		0.42			3.97			4.39			(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	)
Class R2
Year Ended October 31, 2017		18.29		0.01			4.07			4.08			(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	)
Class R6
Year Ended October 31, 2017		18.91		0.43			3.92			4.35			(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.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	22.22		22.98	%	$	232,530		1.21	%		1.66	%		1.22	%		82	%
	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
	22.40		22.30			1,773		1.75			1.07			1.81			82
	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
	23.12		23.39			52,871		0.90			1.99			0.99			82
	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
	22.01		22.70			8,790		1.49			0.07			1.54			82
	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
	22.78		23.59			2,859,645		0.71			2.12			0.71			82
	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.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017

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 10 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 R2***, Class R3***, Class R4***, 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 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 Research Enhanced Equity Fund	Class A, Class C***** and 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 L******, Class R2 and Class R6	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 R2, Class R3 and Class R4 commenced operations on July 31, 2017.

    **** Effective August 11, 2017, Class A, Class C and Class R2 liquidated.

  ***** Effective October 9, 2017, Class C and Class R2 liquidated.

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

As of October 9, 2017, Class A shares of the International Research Enhanced Equity Fund were publicly offered on a limited basis.

As of October 31, 2017, 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 Global Research Enhanced Index Fund, Global Unconstrained Equity 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 Equity Income Fund is to seek to provide both current income and long-term capital appreciation.

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 R3, Class R4, Class R5 and Class R6 Shares. 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 automatically convert to Class A Shares after ten years. 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 shareholder servicing 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.

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

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

(“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (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
Argentina	$	13,796	$	—		$	—	$	13,796
Brazil		180,892		—			—		180,892
China		90,737		373,712			—		464,449
Hong Kong		—		67,091			—		67,091
Hungary		—		30,590			—		30,590
India		—		51,783			—		51,783
Indonesia		—		24,992			—		24,992
Luxembourg		6,606		—			—		6,606
Malaysia		—		52,946			—		52,946
Mexico		6,302		—			—		6,302
Panama		25,459		—			—		25,459
Poland		3,926		37,703			—		41,629
Qatar		—		6,782			—		6,782
Russia		70,765		81,395			—		152,160
Singapore		—		11,895			—		11,895
South Africa		—		30,285			—		30,285
South Korea		24,343		329,871			—		354,214
Taiwan		22,801		211,008			—		233,809
Thailand		81,138		—			—		81,138
Turkey		—		97,803			—		97,803
United States		10,353		—			—		10,353
Vietnam		7,456		—			—		7,456
Total Common Stocks		544,574		1,407,856			—		1,952,430
Rights
Taiwan		—		—	(a)		—		—	(a)
Short-Term Investment
Investment Company		84,272		—			—		84,272
Total Investments in Securities	$	628,846	$	1,407,856		$	—	$	2,036,702
Appreciation in Other Financial Instruments
Futures Contracts	$	564	$	—		$	—	$	564

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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	$	62,699	$	—	$	—	$	62,699
Australia		—		23,282		—		23,282
Brazil		464,826		—		—		464,826
China		458,068		701,928		—		1,159,996
Egypt		29,860		—		—		29,860
Hong Kong		—		280,702		—		280,702
India		124,396		603,651		—		728,047
Indonesia		—		123,894		—		123,894
Mexico		98,749		—		—		98,749
Panama		49,888		—		—		49,888
Peru		64,888		—		—		64,888
Russia		—		184,138		—		184,138
South Africa		119,868		156,314		—		276,182
South Korea		28,202		211,229		—		239,431
Spain		—		25,917		—		25,917
Taiwan		188,279		151,840		—		340,119
Thailand		—		33,988		—		33,988
Turkey		—		14,648		—		14,648
United States		106,061		—		—		106,061
Total Common Stocks		1,795,784		2,511,531		—		4,307,315
Warrants
United States		—		24,582		—		24,582
Short-Term Investment
Investment Company		128,728		—		—		128,728
Total Investments in Securities	$	1,924,512	$	2,536,113	$	—	$	4,460,625

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Global Research Enhanced Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	217,724	$	—	$	217,724
Austria		—		11,660		—		11,660
Belgium		—		42,825		—		42,825
Bermuda		6,740		—		—		6,740
Canada		285,263		—		—		285,263
China		—		5,150		—		5,150
Denmark		—		54,407		—		54,407
Finland		—		21,095		—		21,095
France		12,738		358,389		—		371,127
Germany		6,877		292,961		—		299,838
Hong Kong		679		100,691		—		101,370
Ireland		12,814		11,880		—		24,694
Israel		2,136		—		—		2,136
Italy		—		65,743		—		65,743
Japan		12,960		745,772		—		758,732
Jersey		—		4,812		—		4,812
Luxembourg		—		10,523		—		10,523
Macau		—		812		—		812
Netherlands		16,820		179,814		—		196,634
New Zealand		827		5,409		—		6,236
Norway		—		7,286		—		7,286
Singapore		—		36,141		—		36,141
Spain		—		121,985		—		121,985
Sweden		—		52,665		—		52,665
Switzerland		—		245,828		—		245,828
United Kingdom		2,667		492,381		—		495,048
United States		5,068,634		16,261		—		5,084,895
Total Common Stocks		5,429,155		3,102,214		—		8,531,369
Short-Term Investment
Investment Company		105,120		—		—		105,120
Total Investments in Securities	$	5,534,275	$	3,102,214	$	—	$	8,636,489
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	3,513	$	—	$	3,513

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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
Austria	$	—	$	63	$	—	$	63
Canada		39		—		—		39
China		149		135		—		284
France		—		211		—		211
Germany		79		—		—		79
Hong Kong		—		80		—		80
India		74		—		—		74
Italy		—		35		—		35
Japan		—		283		—		283
Luxembourg		—		39		—		39
Netherlands		—		70		—		70
Singapore		—		72		—		72
South Africa		—		81		—		81
Switzerland		—		163		—		163
United Kingdom		—		251		—		251
United States		1,668		—		—		1,668
Total Investments in Securities	$	2,009	$	1,483	$	—	$	3,492

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	$	—	$	46,328	$	—	$	46,328
Belgium		—		49,104		—		49,104
China		35,976		105,515		—		141,491
Denmark		—		46,008		—		46,008
France		—		533,195		—		533,195
Germany		57,453		340,438		—		397,891
Hong Kong		—		180,431		—		180,431
India		45,171		—		—		45,171
Indonesia		—		24,080		—		24,080
Japan		—		804,353		—		804,353
Macau		—		25,697		—		25,697
Netherlands		—		252,917		—		252,917
Singapore		—		48,778		—		48,778
South Africa		—		37,840		—		37,840
South Korea		22,511		85,791		—		108,302
Spain		—		59,570		—		59,570
Sweden		—		59,141		—		59,141
Switzerland		—		421,731		—		421,731
Taiwan		43,194		—		—		43,194
United Kingdom		49,550		577,620		—		627,170
United States		—		29,568		—		29,568
Total Common Stocks		253,855		3,728,105		—		3,981,960
Short-Term Investment
Investment Company		24,698		—		—		24,698
Total Investments in Securities	$	278,553	$	3,728,105	$	—	$	4,006,658

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

International Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	1,862		$	—	$	1,862
Austria		1,518		—			—		1,518
Belgium		—		1,758			—		1,758
Canada		2,020		—			—		2,020
China		—		3,199			—		3,199
Czech Republic		1,294		—			—		1,294
Denmark		—		3,627			—		3,627
Finland		—		6,260			—		6,260
France		—		19,481			—		19,481
Germany		—		20,261			—		20,261
Hong Kong		—		1,917			—		1,917
Ireland		1,863		—			—		1,863
Italy		—		5,271			—		5,271
Japan		4,214		16,852			—		21,066
Netherlands		3,652		11,750			—		15,402
New Zealand		—		2,216			—		2,216
Norway		—		5,519			—		5,519
Russia		—		6,319			—		6,319
Singapore		—		2,016			—		2,016
South Korea		—		4,316			—		4,316
Spain		—		4,110			—		4,110
Switzerland		—		17,767			—		17,767
Taiwan		2,673		—			—		2,673
United Kingdom		10,306		33,726			—		44,032
United States		—		2,034			—		2,034
Total Common Stocks		27,540		170,261			—		197,801
Short-Term Investment
Investment Company		2,218		—			—		2,218
Total Investments in Securities	$	29,758	$	170,261		$	—	$	200,019
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	26		$	—	$	26
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(354	)	$	—	$	(354	)

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

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	$	—	$	230,742		$	—	(b)	$	230,742
Austria		—		31,790			—			31,790
Belgium		—		57,688			—			57,688
Denmark		—		62,799			—			62,799
Finland		24,092		65,250			—			89,342
France		39,134		511,696			—			550,830
Germany		23,374		481,097			—			504,471
Hong Kong		—		107,810			—			107,810
Ireland		25,131		—			—			25,131
Israel		11,340		—			—			11,340
Italy		—		140,295			—			140,295
Japan		—		1,058,646			—			1,058,646
Luxembourg		—		29,394			—			29,394
Netherlands		—		257,583			—			257,583
Norway		—		18,955			—			18,955
Singapore		—		44,055			—			44,055
Spain		—		118,733			—			118,733
Sweden		—		35,064			—			35,064
Switzerland		—		457,529			—			457,529
United Kingdom		—		775,244			—			775,244
United States		—		41,536			—			41,536
Total Common Stocks		123,071		4,525,906			—	(b)		4,648,977
Debt Securities
Corporate Bonds
Brazil		—		—			—	(b)		—	(b)
Short-Term Investment
Investment Company		242,928		—			—			242,928
Total Investments in Securities	$	365,999	$	4,525,906		$	—	(b)	$	4,891,905
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	9,050		$	—		$	9,050
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(425	)	$	—		$	(425	)

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

International Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Canada	$	10,128	$	—	$	—	$	10,128
China		10,081		26,947		—		37,028
Denmark		—		4,964		—		4,964
Finland		5,902		—		—		5,902
France		—		7,239		—		7,239
Germany		14,457		23,859		—		38,316
Hong Kong		—		23,946		—		23,946
India		9,400		—		—		9,400
Indonesia		—		7,138		—		7,138
Italy		—		6,710		—		6,710
Japan		—		41,989		—		41,989
Netherlands		—		31,410		—		31,410
South Africa		—		7,058		—		7,058
South Korea		—		17,276		—		17,276
Spain		—		7,830		—		7,830
Switzerland		—		28,722		—		28,722
United Kingdom		—		55,869		—		55,869
Total Common Stocks		49,968		290,957		—		340,925
Short-Term Investment
Investment Company		14,714		—		—		14,714
Total Investments in Securities	$	64,682	$	290,957	$	—	$	355,639

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	$	—	$	26,428	$	—	$	26,428
Austria		—		10,196		—		10,196
Belgium		—		18,309		—		18,309
Canada		11,081		—		—		11,081
China		—		7,059		—		7,059
Finland		—		9,957		—		9,957
France		11,170		114,057		—		125,227
Germany		—		60,639		—		60,639
Ireland		7,036		—		—		7,036
Israel		5,631		—		—		5,631
Italy		—		28,227		—		28,227
Japan		—		177,783		—		177,783
Luxembourg		—		11,191		—		11,191
Netherlands		—		59,586		—		59,586
Norway		—		7,744		—		7,744
Singapore		—		11,051		—		11,051
South Korea		—		7,703		—		7,703
Spain		—		23,537		—		23,537
Sweden		—		7,436		—		7,436
Switzerland		—		66,211		—		66,211
United Kingdom		—		88,068		—		88,068
United States		—		11,188		—		11,188
Total Common Stocks		34,918		746,370		—		781,288

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

International Value Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	8,228	$	—		$	—	$	8,228
Total Investments in Securities	$	43,146	$	746,370		$	—	$	789,516
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	3,704		$	—	$	3,704
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(3,534	)	$	—	$	(3,534	)

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	$	—	$	203,818		$	—	$	203,818
Austria		—		36,667			—		36,667
Belgium		—		43,403			—		43,403
China		—		27,352			—		27,352
Denmark		5,747		119,943			—		125,690
Finland		—		12,636			—		12,636
France		6,340		312,056			—		318,396
Germany		—		210,207			—		210,207
Hong Kong		9,549		34,851			—		44,400
Israel		23,399		—			—		23,399
Italy		—		33,785			—		33,785
Japan		—		728,147			—		728,147
Luxembourg		—		27,489			—		27,489
Netherlands		—		165,027			—		165,027
Norway		11,895		14,016			—		25,911
Singapore		—		67,405			—		67,405
South Africa		—		21,508			—		21,508
Spain		—		62,543			—		62,543
Sweden		—		109,300			—		109,300
Switzerland		—		331,338			—		331,338
United Kingdom		73,819		369,121			—		442,940
United States		—		24,545			—		24,545
Total Common Stocks		130,749		2,955,157			—		3,085,906
Short-Term Investment
Investment Company		53,390		—			—		53,390
Total Investments in Securities	$	184,139	$	2,955,157		$	—	$	3,139,296
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	588		$	—	$	588
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(48	)	$	—	$	(48	)

(a) Value is zero.

(b) Amount rounds to less than 500.

For the Emerging Economies Fund, transfers from level 1 to level 2 in the amount of approximately $14,600,000 and from level 2 to level 1 in the amount of approximately $18,262,000 are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2017.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

For the Emerging Markets Equity Fund, transfers from level 1 to level 2 in the amount of approximately $31,497,000 and from level 2 to level 1 in the amount of approximately $93,359,000 are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2017.

For the International Equity Fund, transfers from level 1 to level 2 in the amount of approximately $60,798,000 and from level 2 to level 1 in the amount of approximately $55,082,000 are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2017.

For the International Equity Income Fund, transfers from level 1 to level 2 in the amount of approximately $4,725,000 and from level 2 to level 1 in the amount of approximately $6,401,000 are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2017.

For the International Value Fund, transfers from level 1 to level 2 in the amount of approximately $13,046,000 and from level 2 to level 1 in the amount of approximately $19,348,000 are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2017.

For the Global Research Enhanced Index Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund and Intrepid International Fund, there were no significant transfers among any levels during the year ended October 31, 2017.

For the Global Unconstrained Equity Fund there were no transfers among any levels during the year ended October 31, 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 October 31, 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, Global Research Enhanced Index 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 year ended October 31, 2017 (amounts in thousands):

	Emerging Economies Fund		Global Research Enhanced Index Fund			International Research Enhanced Equity Fund		International Value Fund		Intrepid International Fund
Futures Contracts:
Average Notional Balance Long	$	10,876	$	38,730	(a)	$	72,726	$	4,750	$	13,417
Ending Notional Balance Long		35,581		62,195			352,214		—		30,050

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

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

D. Forward Foreign Currency Exchange Contracts — Emerging Economies Fund, Emerging Markets Equity Fund, Global Unconstrained Equity Fund, International Equity Fund, International Equity Income Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International 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 Fund, Global Unconstrained Equity Fund, International Equity Fund, International Equity Income Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International 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 year ended October 31, 2017 (amounts in thousands):

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund		International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund		Intrepid International Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	3,175	(a)	$	4,501	(b)	$	5	(c)	$	15,947	(d)	$	2,411	$	1,370	(d)	$	141	(e)	$	228,704	$	13,347	(c)
Average Settlement Value Sold		—			—			—			—			2,319		—			—			200,813		—
Ending Settlement Value Purchased		—			—			—			—			18,348		—			—			177,910		—
Ending Settlement Value Sold		—			—			—			—			18,348		—			—			170,222		—

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

(b) For the period from October 3, 2017 to October 10, 2017.

(c) For the period from May 3, 2017 to May 9, 2017.

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

(e) For the period from October 2, 2017 to October 10, 2017.

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 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	$	564

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

The following table presents the value of derivatives held as of October 31, 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	$	3,513

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

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

The following table presents the value of derivatives held as of October 31, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Equity Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	26
Gross Liabilities:
Foreign exchange contracts	Payables	$	(354	)

The following table presents the value of derivatives held as of October 31, 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)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	9,050
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(425	)

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

The following table presents the value of derivatives held as of October 31, 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	$	3,704
Gross Liabilities:
Foreign exchange contracts	Payables	$	(3,534	)

The following table presents the value of derivatives held at October 31, 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	$	588
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(48	)

(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,

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

absent other conditions, the Funds 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 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 year ended October 31, 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
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	56	$	—	$	56
Foreign exchange contracts		—		166		166
	$	56	$	166	$	222

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	846

Emerging Markets Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	204

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	686

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,513

Global Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	—	(a)

International Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(354	)

International Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(477	)

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(215	)

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	10,841	$	—	$	10,841
Foreign exchange contracts		—		71		71
	$	10,841	$	71	$	10,912

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	7,927

International Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(41	)

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	890	$	—		$	890
Foreign exchange contracts		—		(1,445	)		(1,445	)
	$	890	$	(1,445	)	$	(555	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	609

Intrepid International Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	1,906	$	—	$	1,906
Foreign exchange contracts		—		548		548
	$	1,906	$	548	$	2,454

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	540

(a) Amount rounds to less than 500.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

The Funds’ derivatives contracts held at October 31, 2017 are not accounted for as hedging instruments under GAAP.

F. Structured Instruments — Emerging Markets Equity 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. 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 on the Statement 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 Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer 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 year ended October 31, 2017 are as follows (amounts in thousands):

	Class A			Class C			Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Emerging Economies Fund
Transfer agency fees	$	10		$	2		$	4		n/a		n/a			n/a			n/a		$	—	(a)	$	12	$	28
Sub-transfer agency fees		57			2			1		n/a		n/a			n/a			n/a			1			—		61
Emerging Markets Equity Fund
Transfer agency fees		62			9			18	$	18	$	—	(a)	$	—	(a)	$	—	(a)		1			17		125
Sub-transfer agency fees		278			24			117		143		—			—			—			—			—		562
Global Research Enhanced Index Fund
Transfer agency fees		—	(a)		—	(a)		56		n/a		—	(a)		n/a			n/a			n/a			n/a		56
Sub-transfer agency fees		—			—			158		n/a		—			n/a			n/a			n/a			n/a		158

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Class A			Class C			Class I			Class L			Class R2			Class R3		Class R4		Class R5			Class R6			Total
Global Unconstrained Equity Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	1			n/a		$	—	(a)		n/a		n/a	$	—	(a)	$	—	(a)	$	1
Sub-transfer agency fees		1			—	(a)		—	(a)		n/a			—			n/a		n/a		—			—			1
International Equity Fund
Transfer agency fees		32			7			5			n/a			1			n/a		n/a		1			23			69
Sub-transfer agency fees		69			11			41			n/a			2			n/a		n/a		13			—			136
International Equity Income Fund
Transfer agency fees		4			4			8			n/a			1			n/a		n/a		—	(a)		5			22
Sub-transfer agency fees		23			5			25			n/a			—	(a)		n/a		n/a		—	(a)		—			53
International Research Enhanced Equity Fund
Transfer agency fees		38			3			15			n/a			34			n/a		n/a		n/a			n/a			90
Sub-transfer agency fees		37			8			167			n/a			7			n/a		n/a		n/a			n/a			219
International Unconstrained Equity Fund
Transfer agency fees		4			3			7			n/a			—	(a)		n/a		n/a		1			—			15
Sub-transfer agency fees		5			1			4			n/a			—			n/a		n/a		—			—			10
International Value Fund
Transfer agency fees		19			3			6		$	5			1			n/a		n/a		1			12			47
Sub-transfer agency fees		235			17			18			—			2			n/a		n/a		—			—			272
Intrepid International Fund
Transfer agency fees		10			1			2			—			1			n/a		n/a		n/a			18			32
Sub-transfer agency fees		10			1			8			—	(a)		—	(a)		n/a		n/a		n/a			—			19

(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 October 31, 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.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. 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.

L. 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.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

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

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Economies Fund	$	(1,890	)	$	(958	)	$	2,848
Emerging Markets Equity Fund		(4,903	)		(558	)		5,461
Global Research Enhanced Index Fund		—			1,245			(1,245	)
Global Unconstrained Equity Fund		—			(1	)		1
International Equity Fund		—			504			(504	)
International Equity Income Fund		—			(140	)		140
International Research Enhanced Equity Fund		—			(4,334	)		4,334
International Unconstrained Equity Fund		—			256			(256	)
International Value Fund		(241,545	)		664			240,881
Intrepid International Fund		(144,377	)		3,938			140,439

The reclassifications for the Funds relate primarily to foreign currency gains or losses, expiration of capital loss carryforwards, India capital gains tax, return of capital distributions and investments in passive foreign investment companies (“PFICs”).

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
Global Research Enhanced Index Fund	0.20
Global Unconstrained Equity Fund	0.70
International Equity Fund	0.70
International Equity Income Fund	0.70
International Research Enhanced Equity Fund	0.20
International Unconstrained Equity Fund	0.70
International Value Fund	0.60
Intrepid International Fund	0.60

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

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 year ended October 31, 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.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, 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, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class R4, Class R5, Class R6, Class I and Class L 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			Class R3
Emerging Economies Fund		0.25	%		0.75	%		n/a			n/a
Emerging Markets Equity Fund		0.25			0.75			0.50	%		0.25	%
Global Unconstrained Equity Fund		0.25			0.75			0.50			n/a
International Equity Fund		0.25			0.75			0.50			n/a

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Class A			Class C			Class R2			Class R3
International Equity Income Fund		0.25	%		0.75	%		0.50	%		n/a
International Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
International Unconstrained Equity Fund		0.25			0.75			0.50			n/a
International Value Fund		0.25			0.75			0.50			n/a
Intrepid International Fund		0.25			0.75			0.50			n/a

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 year ended October 31, 2017, JPMDS retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Emerging Economies Fund	$	2	$	—
Emerging Markets Equity Fund		95		—	(a)
Global Unconstrained Equity Fund		1		—
International Equity Fund		22		—	(a)
International Equity Income Fund		26		—	(a)
International Research Enhanced Equity Fund		4		—
International Unconstrained Equity Fund		45		—	(a)
International Value Fund		110		—	(a)
Intrepid International Fund		2		—	(a)

(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 R3			Class R4			Class R5
Emerging Economies Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			0.10	%*
Emerging Markets Equity Fund		0.25			0.25			0.25			0.10	%		0.25	%		0.25	%		0.25	%		0.10	*
Global Research Enhanced Index Fund		0.25	**		0.25	**		0.25			n/a			0.25	**		n/a			n/a			n/a
Global Unconstrained Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10	*
International Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10	*
International Equity Income Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10	*
International Research Enhanced Equity Fund		0.25			0.25	***		0.25			n/a			0.25	***		n/a			n/a			n/a
International Unconstrained Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10	*
International Value Fund		0.25			0.25			0.25			0.10			0.25			n/a			n/a			0.10	*
Intrepid International Fund		0.25			0.25			0.25			0.10	****		0.25			n/a			n/a			n/a

      * Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

    ** Liquidated on August 11, 2017.

  *** Liquidated on October 9, 2017.

**** Liquidated on December 8, 2016.

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

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

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 R3			Class R4			Class R5			Class R6
Emerging Economies Fund (1)		1.35	%		1.85	%		1.10	%		n/a			n/a			n/a			n/a			0.95	%		0.85	%
Emerging Markets Equity Fund (2)		1.35			1.85			1.10			0.95	%		1.60	%		1.35	%		1.10	%		0.95			0.85
Global Research Enhanced Index Fund		n/a			n/a			0.34			n/a			n/a			n/a			n/a			n/a			n/a
Global Unconstrained Equity Fund (3), (4)		1.25			1.75			0.90			n/a			1.50			n/a			n/a			0.80			0.75
International Equity Fund (5)		1.24			1.74			0.99			n/a			1.49			n/a			n/a			0.84			0.74
International Equity Income Fund (6)		1.25			1.75			0.90			n/a			1.50			n/a			n/a			0.80			0.75
International Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			n/a
International Unconstrained Equity Fund (7)		1.25			1.75			0.90			n/a			1.50			n/a			n/a			0.80			0.75
International Value Fund (8)		1.35			1.85			1.10			0.95			1.60			n/a			n/a			0.95			0.85
Intrepid International Fund (9)		1.25			1.75			0.90			n/a			1.50			n/a			n/a			n/a			0.75

(1) Effective November 1, 2017, the contractual expense limitations for Emerging Economies Fund were lowered to 1.14%, 1.64%, 0.89%, 0.79% and 0.69% for Class A, Class C, Class I, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(2) Effective November 1, 2017, the contractual expense limitations for Emerging Markets Equity Fund were lowered to 1.24%, 1.74%, 0.99%, 1.54%, 1.29%, 1.04%, 0.89% and 0.79% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(3) Prior to May 31, 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.

(4) Effective November 1, 2017, the contractual expense limitations for Global Unconstrained Equity Fund were lowered to 1.00%, 1.50%, 0.75%, 1.30%, 0.65% and 0.55% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(5) Effective November 1, 2017, the contractual expense limitations for International Equity Fund were lowered to 0.95%, 1.45%, 0.70%, 1.25%, 0.60% and 0.50% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(6) Effective November 1, 2017, the contractual expense limitations for International Equity Income Fund were lowered to 0.95%, 1.45%, 0.70%, 1.25%, 0.60% and 0.50% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(7) Effective November 1, 2017, the contractual expense limitations for International Unconstrained Equity Fund were lowered to 1.00%, 1.50%, 0.75%, 1.30%, 0.65% and 0.55% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(8) Effective November 1, 2017, the contractual expense limitations for International Value Fund were lowered to 1.00%, 1.50%, 0.75%, 1.30%, 0.65% and 0.55% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and are in effect until October 31, 2019.

(9) Effective November 1, 2017, the contractual expense limitations for Intrepid International Fund were lowered to 1.00%, 1.50%, 0.75%, 1.30% and 0.55% for Class A, Class C, Class I, Class R2 and Class R6, respectively, and are in effect until October 31, 2019.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2017 and are in place until February 28, 2018.

For the year ended October 31, 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	$	2,181	$	1,387	$	77	$	3,645	$	11
Emerging Markets Equity Fund		3,640		2,264		649		6,553		6
Global Research Enhanced Index Fund		9,802		6,302		133		16,237		—
Global Unconstrained Equity Fund		5		2		3		10		246
International Equity Fund		1,525		1,007		169		2,701		11
International Equity Income Fund		301		131		111		543		6
International Research Enhanced Equity Fund		2,761		1,558		161		4,480		14
International Unconstrained Equity Fund		227		136		71		434		1
International Value Fund		—		—		19		19		6
Intrepid International Fund		3		2		41		46		1

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Voluntary Waivers
	Investment Advisory fees
Global Unconstrained Equity Fund	$	12

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 year ended October 31, 2017 were as follows (amounts in thousands):

Emerging Economies Fund	$	60
Emerging Markets Equity Fund		113
Global Research Enhanced Index Fund		120
Global Unconstrained Equity Fund		—	(a)
International Equity Fund		98
International Equity Income Fund		8
International Research Enhanced Equity Fund		113
International Unconstrained Equity Fund		15
International Value Fund		26
Intrepid International Fund		87

(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.

During the year ended October 31, 2017, Emerging Markets Equity Fund, Global Unconstrained Equity Fund, International Equity Income Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund and International Value 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 year ended October 31, 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 year ended October 31, 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	$	1,143,659	$	1,383,206
Emerging Markets Equity Fund		1,228,555		786,166
Global Research Enhanced Index Fund		2,742,996		2,529,931

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Global Unconstrained Equity Fund	$	3,829	$	2,382
International Equity Fund		609,088		795,772
International Equity Income Fund		147,992		105,928
International Research Enhanced Equity Fund		3,626,671		598,717
International Unconstrained Equity Fund		263,896		72,634
International Value Fund		274,921		971,554
Intrepid International Fund		2,341,557		2,445,460

During the year ended October 31, 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 investments held at October 31, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,631,645	$	454,939	$	49,318	$	405,621
Emerging Markets Equity Fund		3,168,327		1,353,479		61,181		1,292,298
Global Research Enhanced Index Fund		6,880,883		1,891,302		132,183		1,759,119
Global Unconstrained Equity Fund		3,296		298		102		196
International Equity Fund		3,040,734		1,030,689		64,765		965,924
International Equity Income Fund		172,882		30,181		3,044		27,137
International Research Enhanced Equity Fund		4,607,087		353,643		60,200		293,443
International Unconstrained Equity Fund		316,105		40,588		1,054		39,534
International Value Fund		724,149		111,583		46,046		65,537
Intrepid International Fund		2,761,963		425,926		48,053		377,873

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark-to-market of forward foreign currency contracts, mark-to-market of futures contracts and investments in PFICs.

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Total Distributions Paid
Emerging Economies Fund	$	27,595	$	27,595
Emerging Markets Equity Fund		23,992		23,992
Global Research Enhanced Index Fund		155,976		155,976
Global Unconstrained Equity Fund		3		3
International Equity Fund		17,837		17,837
International Equity Income Fund		5,382		5,382
International Research Enhanced Equity Fund		34,205		34,205
International Unconstrained Equity Fund		2,563		2,563
International Value Fund		61,529		61,529
Intrepid International Fund		70,281		70,281

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Emerging Economies Fund	$	13,283	$	—	$	—	$	13,283
Emerging Markets Equity Fund		20,262		—		—		20,262
Global Research Enhanced Index Fund		138,054		—		—		138,054
Global Unconstrained Equity Fund		5,669		524		1,030		7,223
International Equity Fund		64,361		—		—		64,361
International Equity Income Fund		3,670		1,746		—		5,416

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
International Research Enhanced Equity Fund	$	21,405	$	7,959	$	—	$	29,364
International Unconstrained Equity Fund		274		—		—		274
International Value Fund		29,657		—		—		29,657
Intrepid International Fund		42,882		—		—		42,882

* Short-term gain distributions are treated as ordinary income for income tax purposes.

At October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	34,661	$	(80,320	)	$	404,141
Emerging Markets Equity Fund		21,827		115,827			1,292,292
Global Research Enhanced Index Fund		135,233		(97,823	)		1,758,975
Global Unconstrained Equity Fund		142		31			196
International Equity Fund		60,072		(51,652	)		966,000
International Equity Income Fund		320		(9,533	)		26,814
International Research Enhanced Equity Fund		61,850		33,138			293,478
International Unconstrained Equity Fund		3,142		(2,922	)		39,535
International Value Fund		16,348		(65,718	)		65,472
Intrepid International Fund		63,609		—			377,870

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, capital Loss carryovers, trustee deferred compensation, mark-to-market of forward foreign currency contracts and investments in PFICs.

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, 2017, 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):

	2018		2019		Total
Emerging Economies Fund	$	—	$	16,730	$	16,730
International Equity Fund		4,532		3,312		7,844
International Value Fund		63,767		—		63,767

At October 31, 2017, 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	$	63,590		—
Emerging Markets Equity Fund		—		115,827
Global Research Enhanced Index Fund		52,602		45,221
International Equity Fund		—		43,808
International Equity Income Fund		9,533		—
International Unconstrained Equity Fund		1,615		1,307
International Value Fund		1,951		—

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

During the year ended October 31, 2017, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

Emerging Economies Fund	$	158,471
Emerging Markets Equity Fund		10,629
Global Research Enhanced Index Fund		138,657
International Equity Income Fund		718
International Research Enhanced Equity Fund		3,153
International Unconstrained Equity Fund		2,024
International Value Fund		69,190
Intrepid International Fund		152,894

During the year ended October 31, 2017, the following Funds had expired capital loss carryforwards as follows (amounts in thousands):

Emerging Economies Fund	$	1,890
Emerging Markets Equity Fund		4,903
International Value Fund		241,545
Intrepid International Fund		144,376

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 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2017. Average borrowings from the Facility for the year ended October 31, 2017, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	25,617		1.56	%		16	$	18
Emerging Markets Equity Fund		13,143		1.65			6		4
International Equity Fund		21,828		1.47			11		9
International Value Fund		16,262		1.25			18		10
Intrepid International Fund		38,825		1.49			8		13

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 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Funds had no borrowings outstanding from the Credit Facility at October 31, 2017.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Average borrowings from the Credit Facility for, or at any time during the year ended October 31, 2017, were as follows (amounts in thousands, except number of days outstanding):

	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 October 31, 2017, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		10.3	%		70.6	%
Emerging Markets Equity Fund		—			39.4
International Equity Fund		—			70.3
International Research Enhanced Equity Fund		15.1			54.4
International Unconstrained Equity Fund		33.4			—
Intrepid International Fund		—			89.7

As of October 31, 2017, the following Funds had individual shareholder accounts and/or omnibus accounts each owning more than 10% of the respective Fund’s 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
Global Research Enhanced Index Fund		2		92.5	%		—		—	%
Global Unconstrained Equity Fund		—		—			6		37.4
International Equity Income Fund		—		—			8		52.2
International Research Enhanced Equity Fund		2		13.6			—		—
International Value Fund		—		—			7		58.3

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2017, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Germany			India			Japan
Emerging Economies Fund		—	%		22.8	%		—	%		—	%		—	%		—	%
Emerging Markets Equity Fund		10.4			26.0			—			—			16.3			—
International Equity Fund		—			—			13.3			—			—			20.1
International Equity Income Fund		—			—			—			10.1			—			10.5
International Research Enhanced Equity Fund		—			—			11.3			10.3			—			21.6
International Unconstrained Equity Fund		—			10.4			—			10.8			—			11.8
International Value Fund		—			—			15.9			—			—			22.5
Intrepid International Fund					—			10.1			—						23.2

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Netherlands			South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		—	%		17.4	%		—	%		11.5	%		—	%
International Equity Fund		—			—			10.5			—			15.7
International Equity Income Fund		—			—			—			—			22.0
International Research Enhanced Equity Fund		—			—			—			—			15.8
International Unconstrained Equity Fund		—			—			—			—			15.7
International Value Fund		—			—			—			—			11.2
Intrepid International Fund		—			—			10.5			—			14.1

As of October 31, 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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Research Enhanced Equity Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate fund of JPMorgan Trust I), and JPMorgan International Research Enhanced Equity Fund (a separate series of JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual*	$	1,000.00	$	1,166.30	$	7.26		1.33	%
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class C
Actual*		1,000.00		1,163.30		10.09		1.85
Hypothetical*		1,000.00		1,015.88		9.40		1.85
Class I (formerly Select Class)
Actual*		1,000.00		1,167.30		6.01		1.10
Hypothetical*		1,000.00		1,019.66		5.60		1.10
Class R5
Actual*		1,000.00		1,168.20		5.19		0.95
Hypothetical*		1,000.00		1,020.42		4.84		0.95
Class R6
Actual*		1,000.00		1,169.00		4.65		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Emerging Markets Equity Fund
Class A
Actual*		1,000.00		1,157.90		7.34		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class C
Actual*		1,000.00		1,155.20		10.05		1.85
Hypothetical*		1,000.00		1,015.88		9.40		1.85
Class I (formerly Select Class)
Actual*		1,000.00		1,159.30		5.99		1.10
Hypothetical*		1,000.00		1,019.66		5.60		1.10
Class L (formerly Institutional Class)
Actual*		1,000.00		1,160.50		5.17		0.95
Hypothetical*		1,000.00		1,020.42		4.84		0.95

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Beginning Account Value May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Class R2
Actual**	$	1,000.00	$	1,044.30	$	8.24		3.20	%
Hypothetical*		1,000.00		1,009.07		16.20		3.20
Class R3
Actual**		1,000.00		1,045.10		6.96		2.70
Hypothetical*		1,000.00		1,011.59		13.69		2.70
Class R4
Actual**		1,000.00		1,045.50		5.67		2.20
Hypothetical*		1,000.00		1,014.12		11.17		2.20
Class R5
Actual*		1,000.00		1,160.10		5.17		0.95
Hypothetical*		1,000.00		1,020.42		4.84		0.95
Class R6
Actual*		1,000.00		1,161.20		4.63		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Global Research Enhanced Index Fund
Class I (formerly Select Class)
Actual*		1,000.00		1,093.20		1.79		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
Global Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,063.30		3.85		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class C
Actual*		1,000.00		1,060.80		6.44		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class I (formerly Select Class)
Actual*		1,000.00		1,065.30		2.08		0.40
Hypothetical*		1,000.00		1,023.19		2.04		0.40
Class R2
Actual*		1,000.00		1,062.20		5.20		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00
Class R5
Actual*		1,000.00		1,066.10		1.56		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Class R6
Actual*		1,000.00		1,066.20		1.30		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25
International Equity Fund
Class A
Actual*		1,000.00		1,130.80		6.61		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class C
Actual*		1,000.00		1,127.30		9.33		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I (formerly Select Class)
Actual*		1,000.00		1,132.00		5.32		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R2
Actual*		1,000.00		1,128.80		7.99		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R5
Actual*		1,000.00		1,133.10		4.52		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period		Annualized Expense Ratio
International Equity Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,133.10	$	3.98		0.74	%
Hypothetical*		1,000.00		1,021.48		3.77		0.74
International Equity Income Fund
Class A
Actual*		1,000.00		1,087.90		6.58		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class C
Actual*		1,000.00		1,085.10		9.20		1.75
Hypothetical*		1,000.00		1,016.38		8.89		1.75
Class I (formerly Select Class)
Actual*		1,000.00		1,089.90		4.74		0.90
Hypothetical*		1,000.00		1,020.67		4.58		0.90
Class R2
Actual*		1,000.00		1,086.90		7.89		1.50
Hypothetical*		1,000.00		1,017.64		7.63		1.50
Class R5
Actual*		1,000.00		1,090.90		4.22		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Class R6
Actual*		1,000.00		1,090.60		3.90		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
International Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,097.10		3.12		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class I (formerly Select Class)
Actual*		1,000.00		1,098.10		1.80		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
International Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,122.10		6.63		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,118.80		9.29		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I (formerly Select Class)
Actual*		1,000.00		1,123.90		4.76		0.89
Hypothetical*		1,000.00		1,020.72		4.53		0.89
Class R2
Actual*		1,000.00		1,120.50		7.96		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R5
Actual*		1,000.00		1,124.00		4.23		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		1,124.50		3.96		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
International Value Fund
Class A
Actual*		1,000.00		1,094.40		7.18		1.36
Hypothetical*		1,000.00		1,018.35		6.92		1.36

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

	Beginning Account Value May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period		Annualized Expense Ratio
International Value Fund (continued)
Class C
Actual*	$	1,000.00	$	1,091.90	$	9.81		1.86	%
Hypothetical*		1,000.00		1,015.83		9.45		1.86
Class I (formerly Select Class)
Actual*		1,000.00		1,096.80		5.50		1.04
Hypothetical*		1,000.00		1,019.96		5.30		1.04
Class L (formerly Institutional Class)
Actual*		1,000.00		1,097.30		4.65		0.88
Hypothetical*		1,000.00		1,020.77		4.48		0.88
Class R2
Actual*		1,000.00		1,093.70		8.34		1.58
Hypothetical*		1,000.00		1,017.24		8.03		1.58
Class R5
Actual*		1,000.00		1,097.60		4.97		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R6
Actual*		1,000.00		1,098.30		4.39		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Intrepid International Fund
Class A
Actual*		1,000.00		1,106.60		6.48		1.22
Hypothetical*		1,000.00		1,019.06		6.21		1.22
Class C
Actual*		1,000.00		1,103.40		9.28		1.75
Hypothetical*		1,000.00		1,016.38		8.89		1.75
Class I (formerly Select Class)
Actual*		1,000.00		1,108.30		4.78		0.90
Hypothetical*		1,000.00		1,020.67		4.58		0.90
Class R2
Actual*		1,000.00		1,105.50		7.96		1.50
Hypothetical*		1,000.00		1,017.64		7.63		1.50
Class R6
Actual*		1,000.00		1,109.10		3.77		0.71
Hypothetical*		1,000.00		1,021.63		3.62		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).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual period). Commencement of operations was July 31, 2017.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 16, 2017.

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

counsel at which no representatives of the Adviser were

present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Funds’ Senior Officer/ Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the Senior Officer’s report in determining whether to continue the Advisory Agreements.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Equity Income Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

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

The Trustees noted that the Emerging Economies Fund’s performance for Class A shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for the Class I shares was in the third, fifth and fifth quintiles based upon the Peer Group, and in the third, fourth, and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other

factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Emerging Markets Equity Fund’s performance for Class A shares was in the second, first and fourth quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for Class I shares was in the first, first and fourth quintiles based upon the Peer Group, and in the first, second, and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that based upon the Universe, the Global Research Enhanced Index Fund’s performance for Class A shares was in the second and first quintiles for the one- and three-year periods ended December 31, 2016, respectively, and in the first quintile for Class I shares for both the one- and three-year periods ended December 31, 2016. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.

The Trustees noted that the Global Unconstrained Equity Fund’s performance for Class A shares was in the fourth quintile based upon the Peer Group for the one-year period ended December 31, 2016, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2016 , respectively. The Trustees noted that the performance for Class I shares was in fourth, second, and second quintiles based upon the Universe for the one-, three- and five- year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Equity Fund’s performance for Class A shares was in the second, second, and third quintiles based upon the Peer group, and in the third, third and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for the

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

Class I shares was in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2016. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Equity Income Fund’s performance for Class A shares was in the fifth and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2016, respectively, and in the fifth, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees noted that performance for Class I shares was in the fifth, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that, based upon the Universe, the International Research Enhanced Equity Fund’s performance for Class A shares was in the third, first, and first quintiles, and in the second, first, and first quintiles for Class I shares, for the one- three- and five- year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that, based upon the Universe, the International Unconstrained Equity Fund’s performance for Class A shares was in the second, third and first quintiles, and in the second, second, and first quintiles for Class I shares, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that, based upon the Universe, the International Value Fund’s performance for Class A shares was in the third, fifth and fifth quintiles, and in the second, fourth and fourth quintiles for Class I shares, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance

analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Intrepid International Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, and in the fourth, third, and second quintiles based upon the Universe, for the one-, three- and five- year periods ended December 31, 2016, respectively. The Trustees noted that the performance for the Class I shares was in the second quintile based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three,- and five- year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Emerging Economies Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. The Trustees also noted that the

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Global Research Enhanced Index Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Global Unconstrained Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Equity Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second and third quintiles based upon the Universe, respectively. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Equity Income Fund’s net advisory fee and actual total expenses for Class A shares were in the first and second quintiles, respectively, based upon both the Peer Group and the Universe. The Trustees noted that

the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles based upon the Universe, respectively. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee and total actual expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Value Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid International Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for the Class I shares were in the second quintile based upon both the Peer Group and Universe. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. The Trustees also noted that the

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2017 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2017:

	Dividends Received Deduction
Global Research Enhanced Index Fund		50.82	%
Global Unconstrained Equity Fund		7.41

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Qualified Dividend Income
Emerging Economies Fund	$	32,892
Emerging Markets Equity Fund		29,196
Global Research Enhanced Index Fund		155,976
Global Unconstrained Equity Fund		3
International Equity Fund		25,808
International Equity Income Fund		6,084
International Research Enhanced Equity Fund		38,026
International Unconstrained Equity Fund		2,882
International Value Fund		30,449
Intrepid International Fund		77,253

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2017, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Emerging Economies Fund	$	63,581	$	5,297
Emerging Markets Equity Fund		66,994		5,204
International Equity Fund		103,374		7,971
International Equity Income Fund		7,561		702
International Research Enhanced Equity Fund		55,178		3,821
International Unconstrained Equity Fund		4,303		319
International Value Fund		30,664		2,954
Intrepid International Fund		89,455		6,972

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2017

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-INTEQ-1017

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2017

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
Report of Independent Registered Public Accounting Firm	45
Trustees	46
Officers	48
Schedule of Shareholder Expenses	49
Board Approval of Investment Advisory Agreements	50
Tax Letter	53
Privacy Policy — Located at back of this Annual Report

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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

Twelve Months Ended October 31, 2017 (Unaudited)

U.S. financial markets overall provided positive returns during the reporting period amid synchronized global economic growth, historically low interest rates and strong corporate earnings. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

U.S. equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index (the “S&P 500”) hit fresh highs in 11 of the 22 trading days in October 2017. 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.

Overall, municipal bonds produced positive returns, helped by limited new issuance and fading investor expectations for increased infrastructure spending by the federal government.

For the twelve months ended October 31, 2017, the S&P 500 returned 23.63%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 1.94%.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		25.82%
S&P 500 Index		23.63%
Net Assets as of 10/31/2017 (In Thousands) .	$	1,273,997

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 twelve months ended October 31, 2017. The Fund’s security selection in both the health services & systems sector and the semiconductors & hardware sector was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in both the pharmaceutical/medical technology sector and the industrial cyclical sector was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in UnitedHealth Group Inc. and Broadcom Ltd., and its underweight position in Qualcomm Inc. Shares of UnitedHealth Group, a health insurance provider, rose after the company reported better-than-expected earnings for the third quarter of 2017 and raised its earnings forecast for the full year 2017. Shares of Broadcom, a semiconductor manufacturer, rose amid sales growth and rising valuations among technology stocks in general. Shares of Qualcomm, a maker of communications semiconductors, fell amid legal disputes with Apple Inc. and an unnamed customer that sharply reduced the company’s technology licensing revenue.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Pioneer Natural Resources Inc., Walt Disney Co. and Molson Coors Brewing Co. Shares of Pioneer Natural Resources, a natural gas and oil exploration and production company, fell after the company cut its production forecast. Shares of Walt Disney, an entertainment and media company, fell on declining cable TV subscriptions and the prospect of increased competition from Netflix Inc. Shares of Molson Coors Brewing, a beer maker, fell after the company reported a drop in sales and lower-than-expected earnings for the second quarter of 2017.

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.	4.6	%
	2.	UnitedHealth Group, Inc.	4.1
	3.	Microsoft Corp.	4.1
	4.	Apple, Inc.	4.1
	5.	Amazon.com, Inc.	3.6
	6.	Bank of America Corp.	3.2
	7.	Honeywell International, Inc.	3.0
	8.	Alphabet, Inc., Class C	2.7
	9.	Citigroup, Inc.	2.6
	10.	Alphabet, Inc., Class A	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.9	%
Financials	18.7
Health Care	15.1
Consumer Discretionary	12.7
Industrials	8.7
Energy	6.1
Consumer Staples	4.0
Materials	2.8
Utilities	1.3
Short-Term Investment	0.7

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 October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge*			18.66	%		17.33	%		11.39	%		14.21	%		13.39	%		11.27	%		7.00	%		6.50	%		5.56	%
Without Sales Charge			25.25			23.85			15.17			15.45			14.62			12.31			7.57			7.07			6.05
CLASS C SHARES	March 22, 2011
With CDSC**			23.65			22.37			14.19			14.88			14.16			11.86			7.22			6.78			5.77
Without CDSC			24.65			23.37			14.76			14.88			14.16			11.86			7.22			6.78			5.77
CLASS I SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	January 30, 1997		25.82			24.30			15.58			15.95			15.02			12.71			7.88			7.32			6.30

* Sales Charge for Class A Shares is 5.25%.

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

TEN YEAR FUND PERFORMANCE (10/31/07 TO 10/31/17)

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. 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.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from October 31, 2007 to October 31, 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 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 OCTOBER 31, 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.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		1.35%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index .		1.94%
Composite Benchmark**		2.52%
Net Assets as of 10/31/2017 (In Thousands)	$	1,519,442

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 but underperformed both the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Composite Benchmark for the twelve months ended October 31, 2017.

Relative to the Benchmark, the Fund’s underweight position in industrial development revenue/pollution control revenue bonds and housing bonds hurt performance as those sectors outperformed other municipal bond market sectors during the reporting period. The Fund’s overweight position in bonds rates AAA and AA also detracted from relative performance.

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 reporting period, the two, five, ten and thirty year Barclays inflation swap indexes returned 0.30%, 1.27%, 1.94% and 6.19% respectively. Swaps contract returns were pulled higher by the recovery in oil prices during the reporting period.

Relative to the Benchmark, the Fund’s shorter overall duration, particularly in water & sewer bonds also contributed to performance as interest rates rose during the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller increase or decrease in price as interest rates fall or rise, respectively, versus bonds with longer duration.

The Fund was not fully hedged during the reporting period, which detracted from performance relative to the Composite Benchmark.

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 reporting period, the Fund’s portfolio managers increased the hedge ratio to 94% from 90%.

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 changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

6 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PORTFOLIO COMPOSITION****
Municipal Bonds	95.0	%
Short-Term Investment	5.0

⁽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 October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge*			(2.64	)%		(2.73	)%		(0.55	)%		(0.38	)%		(0.40	)%		0.26	%		1.71	%		1.70	%		1.89	%
Without Sales Charge			1.12			1.02			1.61			0.39			0.37			0.85			2.11			2.10			2.21
CLASS C SHARES	August 31, 2005
With CDSC**			(0.50	)		(0.57	)		0.50			(0.24	)		(0.26	)		0.24			1.46			1.46			1.57
Without CDSC			0.50			0.43			1.06			(0.24	)		(0.26	)		0.24			1.46			1.46			1.57
CLASS I SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	August 31, 2005		1.35			1.25			1.84			0.64			0.62			1.10			2.37			2.36			2.47
CLASS R6 SHARES	August 16, 2013		1.47			1.26			1.85			0.73			0.69			1.16			2.41			2.39			2.50

* Sales Charge for Class A Shares is 3.75%.

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

TEN YEAR FUND PERFORMANCE (10/31/07 TO 10/31/17)

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. 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.

The graph illustrates comparative performance for $1,000,000 invested in Class I 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 October 31, 2007 to October 31, 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 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.

8 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

Class I 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.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 12.7%
		Auto Components — 0.6%
	79	Delphi Automotive plc		7,891
		Automobiles — 0.3%
	75	General Motors Co.		3,207
		Hotels, Restaurants & Leisure — 0.4%
	64	Yum Brands, Inc.		4,735
		Internet & Direct Marketing Retail — 3.6%
	42	Amazon.com, Inc. (a)		46,492
		Media — 3.5%
	44	Charter Communications, Inc., Class A (a)		14,592
	345	Comcast Corp., Class A		12,432
	98	DISH Network Corp., Class A (a)		4,766
	127	Walt Disney Co. (The)		12,412
				44,202
		Multiline Retail — 0.3%
	39	Dollar Tree, Inc. (a)		3,550
		Specialty Retail — 4.0%
	10	AutoZone, Inc. (a)		5,819
	151	Home Depot, Inc. (The)		25,071
	195	Lowe's Cos., Inc.		15,575
	70	TJX Cos., Inc. (The)		4,886
				51,351
		Total Consumer Discretionary		161,428
		Consumer Staples — 4.0%
		Beverages — 2.3%
	34	Constellation Brands, Inc., Class A		7,384
	110	Molson Coors Brewing Co., Class B		8,876
	112	PepsiCo, Inc.		12,342
				28,602
		Food Products — 0.8%
	251	Mondelez International, Inc., Class A		10,400
		Tobacco — 0.9%
	112	Philip Morris International, Inc.		11,709
		Total Consumer Staples		50,711
		Energy — 6.1%
		Oil, Gas & Consumable Fuels — 6.1%
	420	Cabot Oil & Gas Corp.		11,645
	52	Diamondback Energy, Inc. (a)		5,529
	205	EOG Resources, Inc.		20,519
	81	EQT Corp.		5,091
	228	Occidental Petroleum Corp.		14,729
	98	Pioneer Natural Resources Co.		14,713

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	124	TransCanada Corp., (Canada)		5,868
		Total Energy		78,094
		Financials — 18.6%
		Banks — 8.7%
	1,464	Bank of America Corp.		40,100
	457	Citigroup, Inc.		33,621
	65	First Republic Bank		6,331
	552	Wells Fargo & Co.		30,970
				111,022
		Capital Markets — 5.0%
	33	BlackRock, Inc.		15,639
	23	Goldman Sachs Group, Inc. (The)		5,553
	234	Intercontinental Exchange, Inc.		15,488
	527	Morgan Stanley		26,358
				63,038
		Consumer Finance — 0.8%
	53	Capital One Financial Corp.		4,840
	88	Discover Financial Services		5,861
				10,701
		Insurance — 4.1%
	153	American International Group, Inc.		9,879
	13	Brighthouse Financial, Inc. (a)		781
	190	Chubb Ltd.		28,726
	110	Hartford Financial Services Group, Inc. (The)		6,039
	138	MetLife, Inc.		7,399
				52,824
		Total Financials		237,585
		Health Care — 15.0%
		Biotechnology — 2.5%
	39	Biogen, Inc. (a)		12,301
	22	Bioverativ, Inc. (a)		1,250
	97	Celgene Corp. (a)		9,770
	55	Vertex Pharmaceuticals, Inc. (a)		8,025
				31,346
		Health Care Equipment & Supplies — 2.0%
	375	Boston Scientific Corp. (a)		10,544
	113	Danaher Corp.		10,454
	36	Zimmer Biomet Holdings, Inc.		4,318
				25,316
		Health Care Providers & Services — 4.6%
	23	Humana, Inc.		5,957

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	249	UnitedHealth Group, Inc.		52,414
				58,371
		Life Sciences Tools & Services — 0.6%
	124	Agilent Technologies, Inc.		8,402
		Pharmaceuticals — 5.3%
	53	Allergan plc		9,406
	247	Bristol-Myers Squibb Co.		15,238
	152	Eli Lilly & Co.		12,479
	125	Merck & Co., Inc.		6,903
	684	Pfizer, Inc.		23,991
				68,017
		Total Health Care		191,452
		Industrials — 8.7%
		Aerospace & Defense — 0.3%
	19	General Dynamics Corp.		3,776
		Airlines — 1.0%
	102	Southwest Airlines Co.		5,472
	123	United Continental Holdings, Inc. (a)		7,194
				12,666
		Building Products — 1.6%
	92	Allegion plc		7,672
	330	Masco Corp.		13,126
				20,798
		Commercial Services & Supplies — 0.8%
	148	Waste Connections, Inc., (Canada)		10,431
		Industrial Conglomerates — 3.4%
	246	General Electric Co.		4,966
	268	Honeywell International, Inc.		38,685
				43,651
		Machinery — 1.6%
	121	Stanley Black & Decker, Inc.		19,612
		Total Industrials		110,934
		Information Technology — 29.8%
		Internet Software & Services — 7.3%
	30	Alphabet, Inc., Class A (a)		31,437
	33	Alphabet, Inc., Class C (a)		33,799
	157	Facebook, Inc., Class A (a)		28,244
				93,480
		IT Services — 5.7%
	65	Accenture plc, Class A		9,286
	192	Fidelity National Information Services, Inc.		17,827
	157	Mastercard, Inc., Class A		23,430

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	119	Visa, Inc., Class A		13,131
	68	WEX, Inc. (a)		8,404
				72,078
		Semiconductors & Semiconductor Equipment — 6.9%
	73	Analog Devices, Inc.		6,638
	219	Broadcom Ltd.		57,863
	56	Microchip Technology, Inc.		5,313
	36	NVIDIA Corp.		7,424
	111	Texas Instruments, Inc.		10,752
				87,990
		Software — 5.8%
	122	Adobe Systems, Inc. (a)		21,429
	630	Microsoft Corp.		52,371
				73,800
		Technology Hardware, Storage & Peripherals — 4.1%
	308	Apple, Inc.		52,148
		Total Information Technology		379,496
		Materials — 2.8%
		Chemicals — 2.1%
	376	DowDuPont, Inc.		27,176
		Construction Materials — 0.7%
	39	Martin Marietta Materials, Inc.		8,350
		Total Materials		35,526
		Utilities — 1.3%
		Multi-Utilities — 1.3%
	156	CMS Energy Corp.		7,527
	354	NiSource, Inc.		9,338
		Total Utilities		16,865
		Total Common Stocks (Cost $625,797)		1,262,091
	Short-Term Investment — 0.7%
		Investment Company — 0.7%
	8,544	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $8,544)		8,544
		Total Investments — 99.7% (Cost $634,341)		1,270,635
		Other Assets in Excess of Liabilities — 0.3%		3,362
		NET ASSETS — 100.0%	$	1,273,997

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 94.5% (t)
		Alabama — 0.6%
		Transportation — 0.6%
		Alabama Federal Aid Highway Finance Authority,
	3,900	Series A, Rev., 5.00%, 09/01/2030		4,710
	3,500	Series A, Rev., 5.00%, 09/01/2031		4,205
		Total Alabama		8,915
		Alaska — 1.1%
		Other Revenue — 1.1%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.25%, 09/01/2029		15,957
		Arizona — 3.0%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.00%, 07/01/2018		1,446
		Other Revenue — 0.1%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.00%, 07/01/2022		1,223
	1,000	Series C, Rev., 5.00%, 07/01/2024		1,126
				2,349
		Prerefunded — 2.7%
	33,840	Arizona State Transportation Board, Series A, Rev., GAN, 5.25%, 07/01/2020 (p)		37,400
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.00%, 07/01/2020 (p)		3,292
				40,692
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.00%, 01/01/2022		1,567
		Total Arizona		46,054
		Arkansas — 0.1%
		Prerefunded — 0.0% (g)
	710	City of Fort Smith, Water & Sewer, Rev., AGM, 5.00%, 10/01/2018 (p)		735
		Water & Sewer — 0.1%
	1,105	City of Fort Smith, Water & Sewer, Rev., AGM, 5.00%, 10/01/2022		1,142
		Total Arkansas		1,877

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — 17.1%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.00%, 10/01/2031		92
		Education — 0.8%
	3,000	California State University, Systemwide, Series A, Rev., 5.00%, 11/01/2024		3,649
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.50%, 08/01/2020		2,755
	5,000	University of California, Series AF, Rev., 5.00%, 05/15/2027		5,873
				12,277
		General Obligation — 6.6%
	5,775	Arcadia Unified School District, County of Los Angeles, GO, 4.00%, 08/01/2041		6,061
	1,490	Carlsbad Unified School District, Series B, GO, Zero Coupon, 05/01/2019		1,466
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/2026		499
		Contra Costa Community College District,
	2,115	GO, 5.00%, 08/01/2021		2,410
	1,000	GO, 5.00%, 08/01/2022		1,138
	1,000	GO, 5.00%, 08/01/2024		1,136
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.00%, 08/01/2039		153
		Los Angeles Unified School District,
	4,850	Series A, GO, 5.00%, 07/01/2026		6,069
	2,350	Series A, GO, 5.00%, 07/01/2027		2,958
	10,010	Series B, GO, 5.00%, 07/01/2026		12,543
	9,000	Series C, GO, 5.00%, 07/01/2026		10,807
	5,000	Series D, GO, 5.25%, 07/01/2024		5,345
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.00%, 09/01/2022		638
	725	GO, AGM, 5.00%, 09/01/2023		858
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.50%, 07/01/2024		4,724
	1,000	Series F-1, GO, AGM, 5.25%, 07/01/2028		1,291
	1,000	State Center Community College District, GO, 5.00%, 08/01/2024		1,163
		State of California, Various Purpose,
	5,000	GO, 5.00%, 04/01/2020		5,273
	10,370	GO, 5.00%, 08/01/2030		12,296

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	5,000	GO, 5.50%, 04/01/2018		5,094
	5,000	GO, 5.50%, 04/01/2021		5,308
	5,000	GO, 5.63%, 04/01/2026		5,320
	6,600	GO, 6.50%, 04/01/2033		7,102
				99,652
		Hospital — 0.2%
	1,000	California Health Facilities Financing Authority, Kaiser Permanente, Subseries A-2, Rev., 4.00%, 11/01/2038		1,055
	1,750	California Municipal Finance Authority, Community Medical Centers, Series A, Rev., 5.00%, 02/01/2031		2,001
				3,056
		Other Revenue — 0.4%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.00%, 06/01/2034		5,719
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.00%, 07/01/2024		212
	395	Series A, Rev., 5.00%, 07/01/2025		485
	225	Series A, Rev., 5.00%, 07/01/2026		275
				6,691
		Prerefunded — 1.9%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.00%, 10/01/2018 (p)		2,073
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.25%, 10/01/2018 (p)		3,667
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.00%, 05/01/2018 (p)		2,111
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.00%, 09/01/2023 (p)		10,396
	15	City of Los Angeles, Department of Water & Power, Power System, Series A, Rev., 5.00%, 01/01/2023 (p)		18
	10,285	University of California, Series O, Rev., 5.75%, 05/15/2019 (p)		11,018
				29,283
		Transportation — 0.6%
	1,250	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series S-7, Rev., 4.00%, 04/01/2033		1,361

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — continued
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.00%, 07/01/2022 (p)		396
	2,315	Series A, Rev., FGIC, 5.00%, 07/01/2025 (p)		2,858
		San Joaquin County Transportation Authority, Measure K,
	2,285	Rev., 5.00%, 03/01/2029		2,801
	2,000	Rev., 5.00%, 03/01/2030		2,437
				9,853
		Utility — 5.6%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.00%, 07/01/2023		2,945
	1,010	Series A, Rev., 5.00%, 07/01/2030		1,176
	2,050	Series A, Rev., 5.00%, 07/01/2031		2,491
	2,550	Series A, Rev., 5.00%, 07/01/2032		3,081
	5,000	Series A, Rev., 5.00%, 07/01/2033		6,011
	10,710	Series A, Rev., 5.00%, 07/01/2034		12,787
	25,385	Series B, Rev., 5.00%, 07/01/2028		29,950
	8,580	Series B, Rev., 5.00%, 07/01/2029		10,549
	2,100	Series B, Rev., 5.00%, 07/01/2031		2,476
	1,925	Series B, Rev., 5.00%, 07/01/2032		2,262
	3,300	Series D, Rev., 5.00%, 07/01/2032		3,905
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/2021		5,593
	1,290	Sacramento Municipal Utility District Financing Authority, Cosumnes Project, Rev., 5.00%, 07/01/2028		1,563
				84,789
		Water & Sewer — 1.0%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.00%, 06/01/2019		478
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/2023		4,258
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.00%, 10/01/2025		2,936
	6,000	San Diego County Water Authority, Rev., 5.00%, 05/01/2030		7,004
				14,676
		Total California		260,369

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Colorado — 2.0%
		General Obligation — 1.8%
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/2022 (p)		3,901
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.25%, 12/15/2023		8,379
	2,345	GO, 5.25%, 12/15/2025		2,913
	10,000	Jefferson County School District No. R-1, GO, 5.00%, 12/15/2022		11,698
				26,891
		Prerefunded — 0.2%
	2,170	Colorado Higher Education, COP, 5.50%, 11/01/2018 (p)		2,264
	1,225	Platte River Power Authority, Series HH, Rev., 5.00%, 06/01/2019 (p)		1,299
				3,563
		Total Colorado		30,454
		Connecticut — 0.7%
		General Obligation — 0.6%
	200	City of Greenwich, GO, 5.00%, 06/01/2020		204
	8,200	State of Connecticut, Series E, GO, 5.00%, 08/15/2030		9,201
				9,405
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.25%, 08/01/2019		267
	1,290	Series A, Rev., NATL-RE, 5.25%, 08/01/2020		1,424
				1,691
		Total Connecticut		11,096
		Delaware — 0.1%
		Education — 0.0% (g)
	1,000	University of Delaware, Series B, Rev., 5.00%, 11/01/2021		1,075
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.00%, 03/01/2021		1,122
		Total Delaware		2,197

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		District of Columbia — 1.8%
		General Obligation — 0.2%
		District of Columbia,
	290	Series A, GO, 5.00%, 06/01/2029		355
	400	Series A, GO, 5.00%, 06/01/2030		487
	600	Series A, GO, 5.00%, 06/01/2031		727
	620	Series A, GO, 5.00%, 06/01/2032		748
	950	Series A, GO, 5.00%, 06/01/2033		1,141
				3,458
		Special Tax — 0.2%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.00%, 12/01/2020		2,226
		Transportation — 0.6%
	7,920	Washington Metropolitan Area Transit Authority, Series A-1, Rev., 5.00%, 07/01/2029		9,694
		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.00%, 10/01/2025		5,785
	5,000	Series C, Rev., 5.00%, 10/01/2029		5,753
				11,538
		Total District of Columbia		26,916
		Florida — 2.8%
		General Obligation — 2.8%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.00%, 06/01/2024		5,625
	32,375	Series D, GO, 5.00%, 06/01/2025		36,440
		Total Florida		42,065
		Georgia — 3.7%
		General Obligation — 2.4%
		State of Georgia,
	300	Series B, GO, 5.00%, 07/01/2020		330
	13,820	Series C, GO, 5.00%, 07/01/2026		17,188
	3,960	Series E, GO, 5.00%, 12/01/2025		4,889
	11,510	Series F, GO, 5.00%, 07/01/2026		14,315
				36,722
		Transportation — 0.4%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.00%, 01/01/2021		6,673
		Water & Sewer — 0.9%
	6,895	Cobb County, Water & Sewer, Rev., 5.00%, 07/01/2022		7,335

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	5,000	Fulton County, Water & Sewerage, Rev., 5.00%, 01/01/2023		5,562
	125	Henry County Water & Sewerage Authority, Rev., 5.00%, 02/01/2029		142
				13,039
		Total Georgia		56,434
		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.00%, 12/01/2018 (p)		8,422
		Illinois — 0.9%
		General Obligation — 0.0% (g)
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		165
	625	Village of Schaumburg, Series A, GO, 4.00%, 12/01/2020		671
				836
		Other Revenue — 0.0% (g)
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.00%, 01/01/2020		78
	200	Rev., 5.00%, 01/01/2021		212
	105	Rev., 5.00%, 01/01/2022		112
				402
		Prerefunded — 0.1%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC-CR, 5.25%, 01/01/2018 (p)		1,133
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.00%, 12/01/2022		3,479
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.00%, 07/01/2024		930
				4,409
		Water & Sewer — 0.5%
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.00%, 11/01/2021		1,114
	400	Rev., 5.00%, 11/01/2022		452
	1,000	Rev., 5.00%, 11/01/2029		1,127

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
		Illinois Finance Authority, State Clean Water Initiative Revolving Fund,
	985	Rev., 5.00%, 01/01/2025		1,182
	1,110	Rev., 5.00%, 01/01/2027		1,360
	1,920	Rev., 5.00%, 01/01/2028		2,336
				7,571
		Total Illinois		14,351
		Indiana — 1.3%
		Other Revenue — 0.2%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.00%, 02/01/2026		1,305
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.00%, 01/01/2022		1,881
				3,186
		Prerefunded — 0.7%
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.00%, 02/01/2022 (p)		11,338
		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.00%, 01/01/2026		4,715
		Water & Sewer — 0.1%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.00%, 01/01/2022		369
	375	Series B, Rev., 5.00%, 01/01/2023		424
				793
		Total Indiana		20,032
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.00%, 08/01/2026		6,144
		Kentucky — 1.0%
		Education — 0.1%
	1,190	Meade Country School District Finance Corp., School Building, Rev., 5.00%, 09/01/2026		1,421
		Prerefunded — 0.9%
	7,145	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.00%, 11/01/2018 (p)		7,417

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.00%, 07/01/2021 (p)		5,846
				13,263
		Total Kentucky		14,684
		Louisiana — 0.8%
		Housing — 0.2%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/2020 (p)		3,174
		Other Revenue — 0.5%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.00%, 10/01/2032		3,409
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/2019 (p)		4,261
				7,670
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.00%, 05/01/2043		1,376
		Total Louisiana		12,220
		Maryland — 0.8%
		General Obligation — 0.8%
	10,000	State of Maryland, State & Local Facilities Loan, Series B, GO, 5.00%, 08/01/2024		12,099
		Massachusetts — 5.3%
		General Obligation — 1.7%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.25%, 08/01/2019		9,643
	200	Series C, GO, AGM, 5.50%, 12/01/2022		239
	6,000	Series F, GO, 5.00%, 11/01/2041		7,071
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.00%, 07/01/2031		5,377
	2,500	Series C, GO, 5.00%, 07/01/2023		2,886
				25,216
		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.00%, 08/15/2030		8,535

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 1.6%
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	13,300	Series F, GO, 5.00%, 11/01/2022 (p)		15,502
	6,875	Series F, GO, 5.00%, 11/01/2022 (p)		8,039
				23,541
		Transportation — 0.8%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.25%, 07/01/2027		12,700
		Water & Sewer — 0.6%
	8,280	Massachusetts Clean Water Trust (The), Green Bond, Series 20, Rev., 5.00%, 02/01/2036		9,702
		Total Massachusetts		79,694
		Michigan — 1.3%
		Education — 0.2%
		Eastern Michigan University, Board of Regents,
	750	Series A, Rev., 5.00%, 03/01/2026		903
	750	Series A, Rev., 5.00%, 03/01/2027		911
	1,000	Series A, Rev., 5.00%, 03/01/2033		1,173
				2,987
		General Obligation — 0.1%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.00%, 05/01/2024		2,232
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.00%, 11/15/2028		1,406
		Prerefunded — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.00%, 04/01/2019 (p)		4,393
		Water & Sewer — 0.6%
	8,545	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., BHAC-CR, AGM-CR FGIC, 5.50%, 01/01/2022		9,326
		Total Michigan		20,344
		Minnesota — 1.7%
		General Obligation — 1.0%
	775	Olmsted County, Crossover, Series A, GO, 5.00%, 02/01/2021		867
	2,050	State of Minnesota, Trunk Highway, Series E, GO, 5.00%, 10/01/2027		2,578
		State of Minnesota, Various Purpose,
	1,350	Series A, GO, 5.00%, 10/01/2032		1,650
	8,275	Series F, GO, 5.00%, 08/01/2020		9,117
				14,212

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
			Other Revenue — 0.7%
	9,705		State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.00%, 03/01/2025		11,084
			Total Minnesota		25,296
			Missouri — 0.8%
			Industrial Development Revenue/Pollution Control Revenue — 0.5%
	6,620		Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.00%, 09/01/2021		7,436
	365		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 07/01/2025		407
		��
					7,843
			Prerefunded — 0.0% (g)
	20		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.00%, 01/01/2020 (p)		21
			Transportation — 0.3%
	4,060		Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.00%, 05/01/2020		4,293
			Water & Sewer — 0.0% (g)
	15		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.00%, 01/01/2019 (p)		16
			Total Missouri		12,173
			Nebraska — 0.4%
			Utility — 0.4%
	5,000		Omaha Public Power District, Electric System, Series A, Rev., 4.00%, 02/01/2032		5,285
			New Hampshire — 0.3%
			Prerefunded — 0.3%
	4,505		New Hampshire Municipal Bond Bank, Series E, Rev., 5.00%, 01/15/2020 (p)		4,860
			New Jersey — 2.2%
			Education — 1.3%
			New Jersey Economic Development Authority, School Facilities Construction,
	10,000		Series PP, Rev., 5.00%, 06/15/2029		10,876
	3,500		Series XX, Rev., 5.00%, 06/15/2019		3,695
	5,145		Series XX, Rev., 5.00%, 06/15/2021		5,612
					20,183

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.00%, 07/15/2022		927
		Township of Woodbridge,
	1,100	GO, 5.00%, 07/15/2022		1,206
	1,200	GO, 5.00%, 07/15/2023		1,317
				3,450
		Transportation — 0.6%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2036		2,633
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,613
				8,246
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/2020		1,898
		Total New Jersey		33,777
		New Mexico — 0.9%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.00%, 06/01/2022		1,661
	1,690	Series B, Rev., 5.00%, 06/01/2023		1,728
	1,820	Series B, Rev., 5.00%, 06/01/2025		1,861
	1,965	Series B, Rev., 5.00%, 06/01/2027		2,009
	4,200	Series C, Rev., 5.00%, 06/01/2022		4,723
				11,982
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.00%, 12/15/2021		1,539
		Total New Mexico		13,521
		New York — 21.5%
		Education — 0.4%
		Monroe County IDA, School Facility, Modernization Project,
	1,470	Rev., 5.00%, 05/01/2029		1,793
	2,100	Rev., 5.00%, 05/01/2030		2,544
	1,440	Rev., 5.00%, 05/01/2031		1,734
				6,071

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 2.0%
	12,500	City of New York, Fiscal Year 2006, Series I, Subseries I-4, GO, LOC: TD Bank NA, 0.92%, 11/03/2017		12,500
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.00%, 08/01/2023		5,327
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.00%, 08/01/2028		7,059
	4,050	Series F, Sub Series F-1, GO, 5.00%, 03/01/2030		4,666
				29,552
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.00%, 02/15/2018		512
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.00%, 09/15/2030		10,796
		Other Revenue — 7.7%
		Hudson Yards Infrastructure Corp.,
	2,000	Series A, Rev., 5.00%, 02/15/2032		2,394
	1,500	Series A, Rev., 5.00%, 02/15/2033		1,789
	3,745	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.00%, 11/01/2021		4,023
	9,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series D, Sub Series D-1, Rev., 5.00%, 11/01/2031		10,176
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.00%, 02/01/2031		11,546
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series A-1, Rev., 5.00%, 05/01/2040		11,595
	10,000	New York Convention Center Development Corp., Hotel Unit Fee Secured, Series B, Rev., AGM-CR, Zero Coupon, 11/15/2052		2,428
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5/6, Rev., 5.50%, 04/01/2019		8,367
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.00%, 07/01/2023		9,040
	5,000	New York State Dormitory Authority, Sales Tax, Series A, Rev., 5.00%, 03/15/2030		6,095

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.00%, 03/15/2028		3,554
	5,000	Series A, Rev., 5.00%, 03/15/2029		5,922
	1,000	Series A, Rev., 5.00%, 03/15/2033		1,171
	4,225	Series A, Rev., 5.00%, 03/15/2034		4,917
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.25%, 01/01/2025		15,412
	5,000	Series D, Rev., 5.50%, 01/01/2019		5,253
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	1,800	Series A, Rev., 5.00%, 10/15/2028		2,166
	7,500	Series A, Rev., 5.00%, 10/15/2029		9,004
	1,850	Series A, Rev., 5.00%, 10/15/2031		2,209
				117,061
		Prerefunded — 1.5%
		Metropolitan Transportation Authority,
	805	Series C, Rev., 6.50%, 11/15/2018 (p)		850
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.00%, 06/15/2018 (p)		359
	5	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.00%, 11/01/2019 (p)		6
		New York State Dormitory Authority, State Personal Income Tax, Education,
	10,000	Series A, Rev., 5.00%, 03/15/2018 (p)		10,150
	4,000	Series A, Rev., 5.00%, 03/15/2019 (p)		4,210
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.00%, 07/01/2018 (p)		4,512
	1,000	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.00%, 12/15/2017 (p)		1,005
	1,865	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.00%, 11/15/2018 (p)		1,941
				23,033
		Special Tax — 2.5%
	7,250	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.00%, 03/15/2031		8,479
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	12,500	Series C, Rev., 5.00%, 03/15/2033		14,554
	3,500	Series C, Rev., 5.00%, 03/15/2041		3,879

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Special Tax — continued
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.00%, 03/15/2026		11,041
				37,953
		Transportation — 3.8%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.00%, 11/15/2041		1,664
	195	Series C, Rev., 6.50%, 11/15/2028		206
	5,000	Subseries C-1, Rev., 5.25%, 11/15/2028		6,085
	2,530	New York Transportation Development Corp., Special Facilities, Laguardia Airport Terminal B Redevelopment Project, Series A, Rev., AMT, 4.00%, 07/01/2031		2,649
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.00%, 05/01/2034		3,229
	2,000	Rev., 5.00%, 05/01/2035		2,177
	6,500	Rev., 5.00%, 10/15/2041		7,567
	3,105	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.00%, 11/15/2028		3,231
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.00%, 01/01/2026		28,556
	1,250	Series B, Rev., 5.00%, 11/15/2031		1,442
				56,806
		Utility — 0.6%
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.00%, 12/15/2028		4,718
	4,250	Series TE, Rev., 5.00%, 12/15/2041		4,944
				9,662
		Water & Sewer — 2.3%
	2,150	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.00%, 06/15/2029		2,202
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.00%, 06/15/2024		17,897
	3,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.00%, 06/15/2031		3,556

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
		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., 5.00%, 06/15/2026		3,423
	3,500	Series A, Rev., 5.00%, 06/15/2027		4,410
	3,000	Series A, Rev., 5.00%, 06/15/2028		3,753
				35,241
		Total New York		326,687
		North Carolina — 0.6%
		Prerefunded — 0.6%
	2,170	City of High Point, Combined Enterprise System, Rev., AGM, 5.00%, 11/01/2018 (p)		2,254
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.00%, 06/01/2019 (p)		6,309
				8,563
		Transportation — 0.0% (g)
	700	North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2029		829
		Total North Carolina		9,392
		Ohio — 0.8%
		Other Revenue — 0.0% (g)
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.25%, 09/15/2018 (p)		569
		Prerefunded — 0.4%
	4,750	City of Columbus, Series 1, GO, 5.00%, 07/01/2023 (p)		5,624
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.00%, 11/01/2017 (p)		670
				6,294
		Transportation — 0.1%
	555	Northeast Ohio Regional Sewer District, Wastewater Improvement, Rev., 5.00%, 11/15/2025		669
		Water & Sewer — 0.3%
	1,500	Northeast Ohio Regional Sewer District, Wastewater Improvement, Rev., 5.00%, 11/15/2027		1,795
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.00%, 10/01/2022		2,395
				4,190
		Total Ohio		11,722

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oklahoma — 0.6%
		Transportation — 0.5%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.00%, 01/01/2022		3,331
	2,000	Series A, Rev., 5.00%, 01/01/2024		2,219
	2,000	Series A, Rev., 5.00%, 01/01/2038		2,312
				7,862
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.00%, 07/01/2027		1,622
		Total Oklahoma		9,484
		Oregon — 1.7%
		General Obligation — 0.7%
		Linn & Benton Counties, School District No. 8J, Greater Albany,
	1,725	GO, 5.00%, 06/15/2029		2,116
	500	GO, 5.00%, 06/15/2030		609
	1,180	GO, 5.00%, 06/15/2031		1,430
	1,765	GO, 5.00%, 06/15/2032		2,128
	4,000	GO, 5.00%, 06/15/2033		4,803
	100	Marion County, GO, AMBAC, 5.50%, 06/01/2023		120
				11,206
		Other Revenue — 0.1%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.00%, 04/01/2027		1,755
		Prerefunded — 0.7%
		Oregon State Department of Administrative Services,
	6,965	Series A, COP, 5.00%, 05/01/2019 (p)		7,359
	3,425	Series A, COP, 5.00%, 05/01/2019 (p)		3,621
				10,980
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.00%, 10/01/2036		2,287
		Total Oregon		26,228
		Pennsylvania — 0.9%
		General Obligation — 0.3%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.38%, 07/01/2021		4,759

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.3%
		Berks County Pennsylvania, IDA, Health System, Tower Health Project,
	350	Rev., 5.00%, 11/01/2027		421
	450	Rev., 5.00%, 11/01/2028		537
	150	Rev., 5.00%, 11/01/2029		177
	150	Rev., 5.00%, 11/01/2030		176
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., (ICE LIBOR USD 3 Month + 0.78%), 1.66%, 12/01/2024 (aa)		2,900
				4,211
		Prerefunded — 0.3%
	3,225	Pennsylvania State University, Series A, Rev., 5.00%, 03/01/2019 (p)		3,390
	1,860	Red Lion Area School District, GO, AGM, 5.00%, 05/01/2018 (p)		1,896
				5,286
		Total Pennsylvania		14,256
		Rhode Island — 0.1%
		Education — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.00%, 09/01/2025		742
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.00%, 11/01/2024		1,181
		Total Rhode Island		1,923
		South Carolina — 0.7%
		Prerefunded — 0.1%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.00%, 01/01/2019 (p)		2,320
		Utility — 0.5%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.00%, 01/01/2018		7,044
		Water & Sewer — 0.1%
	1,500	City of Columbia, Rev., 5.00%, 02/01/2026		1,709
		Total South Carolina		11,073
		Tennessee — 0.1%
		General Obligation — 0.1%
	835	Metropolitan Government of Nashville & Davidson County, GO, 5.00%, 07/01/2024		963

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	195	Metropolitan Government of Nashville & Davidson County, GO, 5.00%, 07/01/2022 (p)		226
		Total Tennessee		1,189
		Texas — 9.9%
		Education — 0.3%
	500	University of Texas, Financing System, Series C, Rev., 5.00%, 08/15/2018		516
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.00%, 03/01/2021		2,304
	1,215	Series C, Rev., 5.00%, 03/01/2022		1,230
				4,050
		General Obligation — 3.0%
		Carroll Independent School District,
	1,000	Series C, GO, 5.00%, 02/15/2020		1,048
	945	Series C, GO, 5.00%, 02/15/2022		990
	325	Series C, GO, 5.00%, 02/15/2023		341
	4,000	City of Houston, Public Improvement, Series A, GO, 5.00%, 03/01/2030		4,624
	3,150	City of Lubbock, GO, 5.00%, 02/15/2025		3,716
	680	City of Pflugerville, Limited Tax, GO, 5.00%, 08/01/2023		784
		City of San Antonio, General Improvement,
	700	GO, 5.00%, 08/01/2023		789
	2,000	GO, 5.00%, 08/01/2024		2,255
	1,500	GO, 5.00%, 08/01/2024		1,691
	4,735	GO, 5.00%, 08/01/2026		5,342
	2,735	GO, 5.00%, 08/01/2027		3,083
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.00%, 02/15/2029		4,588
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2025		941
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2026		1,686
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2027		1,627
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2028		1,536
		San Jacinto Community College District,
	390	GO, AMBAC, 5.00%, 02/15/2020		391
	2,600	GO, 5.00%, 02/15/2040		2,845
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.00%, 08/01/2020		2,572
	4,340	Series A, GO, 5.00%, 08/01/2021		4,467
				45,316

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	12,500	Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Series 2010, Rev., 0.92%, 11/03/2017		12,500
		Prerefunded — 3.5%
	4,485	City of Garland, Series A, GO, 5.00%, 02/15/2018 (p)		4,536
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.25%, 12/01/2018 (p)		3,131
	7,660	Series A, Rev., 5.00%, 06/01/2019 (p)		8,115
	1,965	Dallas County Community College District, GO, 5.00%, 02/15/2019 (p)		2,061
	1,830	Harlandale Independent School District, GO, AGC, 5.00%, 08/01/2019 (p)		1,949
	1,000	Hays County, GO, 5.00%, 02/15/2020 (p)		1,084
	5,695	Hays County, Pass-Through Toll, GO, 5.00%, 02/15/2020 (p)		6,172
	9,055	North Texas Municipal Water District, Rev., 5.00%, 06/01/2018 (p)		9,260
	5,000	San Jacinto Community College District, GO, 5.00%, 02/15/2019 (p)		5,241
	5,000	Southwest Higher Education Authority, Inc., Southern Methodist University Project, Rev., 5.00%, 10/01/2019 (p)		5,355
	1,800	Tarrant County, Limited Tax, GO, 5.00%, 07/15/2018 (p)		1,849
	3,755	University of North Texas, Financing System, Series A, Rev., 5.00%, 04/15/2019 (p)		3,961
				52,714
		Transportation — 1.0%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.00%, 07/01/2026		3,367
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.25%, 10/01/2051		8,574
		North Texas Tollway Authority System, First Tier,
	200	Series A, Rev., 5.00%, 01/01/2026		231
	550	Series A, Rev., 5.00%, 01/01/2027		661
	360	Series A, Rev., 5.00%, 01/01/2030		426
	600	Series A, Rev., 5.00%, 01/01/2035		700
		North Texas Tollway Authority System, Second Tier,
	150	Series B, Rev., 5.00%, 01/01/2026		173
	300	Series B, Rev., 5.00%, 01/01/2027		360
	400	Series B, Rev., 5.00%, 01/01/2030		471
				14,963

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.00%, 02/01/2026		3,680
		Water & Sewer — 1.1%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.75%, 12/01/2032 (p)		7,835
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.00%, 05/15/2024		1,465
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.00%, 12/15/2018		103
	3,315	Rev., 5.00%, 12/15/2023		3,679
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.00%, 07/15/2020		4,067
				17,149
		Total Texas		150,372
		Utah — 0.7%
		Prerefunded — 0.6%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.00%, 07/01/2019 (p)		7,929
	1,150	Utah State University of Agriculture & Applied Science, Rev., 5.00%, 06/01/2019 (p)		1,219
				9,148
		Water & Sewer — 0.1%
		Weber Basin Water Conservancy District,
	250	Series B, Rev., 5.00%, 10/01/2030		305
	470	Series B, Rev., 5.00%, 10/01/2031		570
				875
		Total Utah		10,023
		Virginia — 2.3%
		Education — 0.7%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.00%, 09/01/2019		10,737
		General Obligation — 1.2%
	17,575	Commonwealth of Virginia, Series D, GO, 5.00%, 06/01/2020		18,645
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.00%, 08/01/2018 (p)		26

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	405	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.00%, 11/01/2023		435
				461
		Prerefunded — 0.1%
	205	City of Richmond, Public Improvement, Series D, GO, 5.00%, 07/15/2020 (p)		226
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.00%, 11/01/2019 (p)		602
				828
		Utility — 0.3%
	4,090	City of Richmond, Public Utility Revenue, Series A, Rev., 5.00%, 01/15/2028		4,951
		Total Virginia		35,622
		Washington — 2.9%
		General Obligation — 0.5%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.00%, 12/01/2033		1,283
	3,555	State of Washington, Motor Vehicle Fuel Tax, Series C, GO, 5.00%, 06/01/2030		4,280
	2,000	State of Washington, Various Purpose, Series D, GO, 5.00%, 02/01/2024		2,337
	275	Yakima County School District No. 7, GO, 5.50%, 12/01/2023		299
				8,199
		Prerefunded — 1.9%
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.00%, 08/01/2019 (p)		10,656
	12,400	Series R-2010A, GO, 5.00%, 01/01/2019 (p)		12,951
	4,415	Yakima County School District No. 7, GO, 5.50%, 12/01/2019 (p)		4,801
				28,408
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.00%, 03/01/2033		4,368
	1,000	Series B, Rev., 5.00%, 03/01/2034		1,160
				5,528

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.00%, 09/01/2026		1,516
		Total Washington		43,651
		Total Municipal Bonds (Cost $1,366,539)		1,436,858

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 5.0%
		Investment Company — 5.0%
	75,282	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (Cost $75,282) (b) (l) †		75,282
		Total Investments — 99.5% (Cost $1,441,821)		1,512,140
		Other Assets in Excess of Liabilities — 0.5%		7,302
		NET ASSETS — 100.0%	$	1,519,442

Percentages indicated are based on net assets.

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of October 31, 2017:
FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	COUNTERPARTY	MATURITY DATE	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	1.82% at termination	Receive	Barclays Bank plc	11/08/2021		USD 25,000		272
CPI-U at termination	1.82% at termination	Receive	Deutsche Bank AG	11/08/2021		USD 25,000		272
CPI-U at termination	2.00% at termination	Receive	BNP Paribas	11/07/2026		USD 25,000		296
CPI-U at termination	2.00% at termination	Receive	Deutsche Bank AG	11/07/2026		USD 25,000		281
CPI-U at termination	2.00% at termination	Receive	Deutsche Bank AG	10/13/2045		USD   5,000		218
CPI-U at termination	2.07% at termination	Receive	Barclays Bank plc	10/16/2022		USD 50,000		44
								1,383
CPI-U at termination	2.10% at termination	Receive	BNP Paribas	08/26/2018		USD 25,000		(934	)
CPI-U at termination	2.11% at termination	Receive	BNP Paribas	08/26/2018		USD 12,000		(452	)
CPI-U at termination	2.14% at termination	Receive	Deutsche Bank AG	09/10/2019		USD 55,000		(2,113	)
CPI-U at termination	2.17% at termination	Receive	BNP Paribas	04/04/2024		USD 24,000		(310	)
CPI-U at termination	2.17% at termination	Receive	Union Bank of Switzerland AG	04/22/2018		USD 50,000		(2,308	)
CPI-U at termination	2.18% at termination	Receive	Barclays Bank plc	10/02/2027		USD 66,000		(20	)
CPI-U at termination	2.18% at termination	Receive	Barclays Bank plc	10/16/2027		USD 70,000		(77	)
CPI-U at termination	2.18% at termination	Receive	Credit Suisse International	05/28/2018		USD 65,000		(3,040	)
CPI-U at termination	2.18% at termination	Receive	Morgan Stanley	10/01/2018		USD 20,000		(817	)
CPI-U at termination	2.19% at termination	Receive	BNP Paribas	09/03/2019		USD 13,000		(538	)
CPI-U at termination	2.19% at termination	Receive	Citibank, NA	09/02/2019		USD   9,000		(373	)
CPI-U at termination	2.19% at termination	Receive	Goldman Sachs International	09/02/2019		USD 12,000		(494	)
CPI-U at termination	2.19% at termination	Receive	Goldman Sachs International	09/02/2019		USD 19,000		(791	)
CPI-U at termination	2.20% at termination	Receive	Union Bank of Switzerland AG	03/09/2022		USD 10,000		(114	)
CPI-U at termination	2.21% at termination	Receive	Goldman Sachs International	08/29/2019		USD 20,000		(852	)
CPI-U at termination	2.27% at termination	Receive	BNP Paribas	02/06/2024		USD 25,000		(417	)
CPI-U at termination	2.32% at termination	Receive	Morgan Stanley	06/23/2019		USD 20,000		(942	)
CPI-U at termination	2.33% at termination	Receive	Citibank, NA	07/06/2020		USD 50,000		(3,243	)
CPI-U at termination	2.35% at termination	Receive	BNP Paribas	07/06/2020		USD 25,000		(1,680	)
CPI-U at termination	2.41% at termination	Receive	Citibank, NA	07/01/2020		USD 50,000		(3,730	)
CPI-U at termination	2.41% at termination	Receive	Deutsche Bank AG	06/30/2020		USD 20,000		(1,493	)
CPI-U at termination	2.42% at termination	Receive	Citibank, NA	06/30/2020		USD 50,000		(3,792	)
CPI-U at termination	2.42% at termination	Receive	Citibank, NA	05/24/2020		USD 25,000		(1,936	)
CPI-U at termination	2.42% at termination	Receive	Deutsche Bank AG	12/15/2024		USD 54,000		(866	)
CPI-U at termination	2.42% at termination	Receive	Royal Bank of Scotland	06/30/2020		USD 75,000		(5,718	)
CPI-U at termination	2.43% at termination	Receive	Royal Bank of Scotland	06/28/2020		USD 25,000		(1,926	)
CPI-U at termination	2.44% at termination	Receive	Barclays Bank plc	05/15/2024		USD 18,000		(1,314	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

CPI-U at termination

2.48% at termination

Receive

Citibank, NA

09/02/2024

USD 15,000

(1,184

)

CPI-U at termination

2.48% at termination

Receive

Deutsche Bank AG

02/21/2024

USD 40,000

(3,039

)

CPI-U at termination

2.48% at termination

Receive

Royal Bank of Scotland

03/17/2024

USD   7,000

(532

)

CPI-U at termination

2.49% at termination

Receive

Citibank, NA

08/27/2024

USD 22,000

(1,771

)

CPI-U at termination

2.50% at termination

Receive

Deutsche Bank AG

02/25/2018

USD 50,000

(3,041

)

CPI-U at termination

2.50% at termination

Receive

Deutsche Bank AG

10/10/2044

USD   8,000

(1,054

)

CPI-U at termination

2.50% at termination

Receive

Morgan Stanley

02/04/2024

USD 34,000

(2,660

)

CPI-U at termination

2.53% at termination

Receive

Morgan Stanley

01/27/2024

USD 30,000

(2,438

)

CPI-U at termination

2.59% at termination

Receive

Barclays Bank plc

12/31/2019

USD 35,000

(2,968

)

CPI-U at termination

2.62% at termination

Receive

Citibank, NA

10/07/2024

USD 14,000

(371

)

CPI-U at termination

2.68% at termination

Receive

Morgan Stanley

09/12/2044

USD   3,000

(581

)

CPI-U at termination

2.70% at termination

Receive

Barclays Bank plc

09/03/2044

USD   5,000

(1,020

)

CPI-U at termination

2.71% at termination

Receive

Deutsche Bank AG

02/25/2044

USD   5,000

(1,031

)

CPI-U at termination

2.73% at termination

Receive

Royal Bank of Scotland

02/10/2044

USD   9,000

(1,936

)

CPI-U at termination

2.81% at termination

Receive

Barclays Bank plc

10/12/2019

USD 25,000

(4,021

)

(67,937

)

(66,554

)

^(a)  Value of floating rate index at October 31, 2017 was 2.46%.

Summary of total swap contracts outstanding as of October 31, 2017:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Inflation-linked swaps outstanding		—		1,383
Total OTC swap contracts outstanding		—		1,383
Liabilities
OTC Inflation-linked swaps outstanding		—		(67,937	)
Total OTC swap contracts outstanding		—		(67,937	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

J.P. Morgan Tax Aware Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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
ICE	—  Intercontinental Exchange
IDA	—  Industrial Development Authority
LIBOR	—  London Interbank Offered Rate
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
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%.
(l)	—  The rate shown is the current yield as of October 31, 2017..
(p)	—  Security is prerefunded or escrowed to maturity.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2017.
†	—  Approximately $2,340,000 of this investment is restricted as collateral for certain derivatives to a broker.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,262,091		$	1,436,858
Investments in affiliates, at value		8,544			72,942
Investments in affiliates — restricted, at value		—			2,340
Restricted cash for OTC derivatives		—			66,370
Cash		7			—	(a)
Receivables:
Investment securities sold		7,252			—
Fund shares sold		650			1,760
Interest and dividends from non-affiliates		622			18,311
Dividends from affiliates		5			71
Outstanding swap contracts, at value		—			1,383
Total Assets		1,279,171			1,600,035
LIABILITIES:
Payables:
Investment securities purchased		4,309			10,102
Fund shares redeemed		221			1,940
Outstanding swap contracts, at value		—			67,937
Accrued liabilities:
Investment advisory fees		372			379
Administration fees		86			65
Distribution fees		10			29
Service fees		87			34
Custodian and accounting fees		10			3
Collateral management fees		—			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		79			93
Total Liabilities		5,174			80,593
Net Assets	$	1,273,997		$	1,519,442

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

	Tax Aware Equity Fund			Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	554,679		$	1,589,103
Accumulated undistributed (distributions in excess of) net investment income		793			307
Accumulated net realized gains (losses)		82,231			(73,733	)
Net unrealized appreciation (depreciation)		636,294			3,765
Total Net Assets	$	1,273,997		$	1,519,442
Net Assets:
Class A	$	20,140		$	56,720
Class C		8,988			26,545
Class I (formerly Institutional Class)		1,244,869			323,320
Class R6		—			1,112,857
Total	$	1,273,997		$	1,519,442
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		585			5,998
Class C		264			2,815
Class I (formerly Institutional Class)		36,006			34,123
Class R6		—			117,445
Net Asset Value (a):
Class A — Redemption price per share	$	34.41		$	9.46
Class C — Offering price per share (b)		34.13			9.43
Class I (formerly Institutional Class) — Offering and redemption price per share		34.57			9.48
Class R6 — Offering and redemption price per share		—			9.48
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)]	$	36.32		$	9.83
Cost of investments in non-affiliates	$	625,797		$	1,366,539
Cost of investments in affiliates		8,544			72,942
Cost of investments in affiliates — restricted		—			2,340

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

(Amounts in thousands)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	46,220
Interest income from affiliates		2			3
Dividend income from non-affiliates		18,471			—
Dividend income from affiliates		40			618
Total investment income		18,513			46,841
EXPENSES:
Investment advisory fees		4,196			5,120
Administration fees		979			1,195
Distribution fees:
Class A		44			128
Class C		56			217
Service fees:
Class A		44			128
Class C		19			72
Class I (formerly Institutional Class)		2,168			1,820
Select Class (a)		101			121
Custodian and accounting fees		36			96
Professional fees		72			115
Collateral management fees		—			42
Trustees’ and Chief Compliance Officer’s fees		29			30
Printing and mailing costs		57			49
Registration and filing fees		71			95
Transfer agency fees (See Note 2.E.)		20			18
Sub-transfer agency fees (See Note 2.E.)		49			35
Other		22			35
Total expenses		7,963			9,316
Less fees waived		(1,226	)		(2,282	)
Net expenses		6,737			7,034
Net investment income (loss)		11,776			39,807
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		111,296			(7,139	)
Swaps		—			(32,684	)
Net realized gain (loss)		111,296			(39,823	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		153,147			(29,126	)
Swaps		—			44,969
Change in net unrealized appreciation/depreciation		153,147			15,843
Net realized/unrealized gains (losses)		264,443			(23,980	)
Change in net assets resulting from operations	$	276,219		$	15,827

(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 OCTOBER 31, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	11,776		$	14,629		$	39,807		$	43,339
Net realized gain (loss)		111,296			50,563			(39,823	)		(12,693	)
Distributions of capital gains received from investment company affiliates		—			—			—			1
Change in net unrealized appreciation/depreciation		153,147			(30,737	)		15,843			29,871
Change in net assets resulting from operations		276,219			34,455			15,827			60,518
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(106	)		(108	)		(1,281	)		(1,249	)
From net realized gains		(616	)		(526	)		—			—
Class C
From net investment income		(14	)		(18	)		(568	)		(691	)
From net realized gains		(255	)		(198	)		—			—
Class I (formerly Institutional Class)
From net investment income		(11,635	)		(13,182	)		(26,332	)		(32,988	)
From net realized gains		(44,856	)		(51,885	)		—			—
Class R6
From net investment income		—			—			(10,092	)		(5,423	)
Select Class (a)
From net investment income		(548	)		(925	)		(1,354	)		(3,204	)
From net realized gains		(3,890	)		(3,533	)		—			—
Total distributions to shareholders		(61,920	)		(70,375	)		(39,627	)		(43,555	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(122,107	)		(149,342	)		7,487			(211,512	)
NET ASSETS:
Change in net assets		92,192			(185,262	)		(16,313	)		(194,549	)
Beginning of period		1,181,805			1,367,067			1,535,755			1,730,304
End of period	$	1,273,997		$	1,181,805		$	1,519,442		$	1,535,755
Accumulated undistributed (distributions in excess of) net investment income	$	793		$	1,437		$	307		$	127
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,130		$	5,639		$	29,920		$	5,823
Distributions reinvested		640			505			1,206			1,131
Cost of shares redeemed		(5,759	)		(4,291	)		(20,872	)		(16,887	)
Change in net assets resulting from Class A capital transactions	$	3,011		$	1,853		$	10,254		$	(9,933	)
Class C
Proceeds from shares issued	$	3,150		$	1,806		$	2,832		$	2,704
Distributions reinvested		269			216			431			508
Cost of shares redeemed		(1,481	)		(913	)		(9,272	)		(13,442	)
Change in net assets resulting from Class C capital transactions	$	1,938		$	1,109		$	(6,009	)	$	(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.

OCTOBER 31, 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
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS: (continued)
Class I (formerly Institutional Class)
Proceeds from shares issued	$	238,226		$	151,339		$	489,275		$	390,021
Distributions reinvested		7,214			4,570			4,103			5,007
Cost of shares redeemed		(271,435	)		(317,844	)		(1,298,948	)		(565,755	)
Change in net assets resulting from Class I capital transactions	$	(25,995	)	$	(161,935	)	$	(805,570	)	$	(170,727	)
Class R6
Proceeds from shares issued	$	—		$	—		$	1,030,708		$	9,612
Distributions reinvested		—			—			2,900			3,012
Cost of shares redeemed		—			—			(112,873	)		—	(b)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	920,735		$	12,624
Select Class (a)
Proceeds from shares issued	$	5,685		$	23,060		$	32,949		$	27,567
Distributions reinvested		1,453			1,414			606			1,312
Cost of shares redeemed		(108,199	)		(14,843	)		(145,478	)		(62,125	)
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	$	(122,107	)	$	(149,342	)	$	7,487		$	(211,512	)

(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.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		254			210			3,148			608
Reinvested		22			18			127			118
Redeemed		(176	)		(154	)		(2,205	)		(1,766	)
Change in Class A Shares		100			74			1,070			(1,040	)
Class C
Issued		102			65			299			283
Reinvested		9			8			46			53
Redeemed		(47	)		(32	)		(981	)		(1,410	)
Change in Class C Shares		64			41			(636	)		(1,074	)
Class I (formerly Institutional Class)
Issued		7,540			5,539			51,422			40,712
Reinvested		239			164			432			523
Redeemed		(8,695	)		(11,397	)		(136,860	)		(59,079	)
Change in Class I Shares		(916	)		(5,694	)		(85,006	)		(17,844	)
Class R6
Issued		—			—			108,487			996
Reinvested		—			—			305			314
Redeemed		—			—			(11,943	)		—	(a)
Change in Class R6 Shares		—			—			96,849			1,310
Select Class (b)
Issued		189			867			3,465			2,886
Reinvested		49			51			64			137
Redeemed		(3,474	)		(534	)		(15,291	)		(6,513	)
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.

OCTOBER 31, 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) (a)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Tax Aware Equity Fund
Class A
Year Ended October 31, 2017	$	28.82	$	0.17		$	6.87	$	7.04	$	(0.19	)	$	(1.26	)	$	(1.45	)
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	(d)		5.33		5.56		(0.29	)		—			(0.29	)
Class C
Year Ended October 31, 2017		28.62		0.01			6.83		6.84		(0.07	)		(1.26	)		(1.33	)
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	(d)		5.32		5.44		(0.20	)		—			(0.20	)
Class I (formerly Institutional Class)
Year Ended October 31, 2017		28.94		0.31			6.91		7.22		(0.33	)		(1.26	)		(1.59	)
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	(d)		5.32		5.66		(0.37	)		—			(0.37	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) 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 OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	34.41		25.25	%	$	20,140		0.99	%		0.53	%		0.99	%		28	%
	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	(d)		0.96			67
	34.13		24.65			8,988		1.48			0.04			1.48			28
	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	(d)		1.46			67
	34.57		25.82			1,244,869		0.55			0.99			0.65			28
	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	(d)		0.56			67

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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
Year Ended October 31, 2017	$	9.59	$	0.23	(e)	$	(0.13	)	$	0.10		$	(0.23	)
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	)
Class C
Year Ended October 31, 2017		9.57		0.19	(e)		(0.14	)		0.05			(0.19	)
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	)
Class I (formerly Institutional Class)
Year Ended October 31, 2017		9.61		0.26	(e)		(0.13	)		0.13			(0.26	)
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	)
Class R6
Year Ended October 31, 2017		9.61		0.26	(e)		(0.12	)		0.14			(0.27	)
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 OCTOBER 31, 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)
$	9.46		1.12	%	$	56,720		0.73	%		2.47	%		0.97	%		20	%
	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
	9.43		0.50			26,545		1.23			1.98			1.49			20
	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
	9.48		1.35			323,320		0.48			2.74			0.65			20
	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
	9.48		1.47			1,112,857		0.38			2.75			0.47			20
	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.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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
Tax Aware Equity Fund	Class A, Class C and Class I^	Diversified
Tax Aware Real Return Fund	Class A, Class C, Class I^ and Class R6	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 I and Class R6 Shares. 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 automatically convert to Class A Shares after ten years. 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.

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Swaps are valued utilizing market quotations from approved Pricing Services.

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

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

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)	$	1,270,635	$	—		$	—	$	1,270,635
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)	$	75,282	$	1,436,858		$	—	$	1,512,140
Appreciation in Other Financial Instruments
Swaps (c)	$	—	$	1,383		$	—	$	1,383
Depreciation in Other Financial Instruments
Swaps (c)	$	—	$	(67,937	)	$	—	$	(67,937	)

(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.

(c) All portfolio holdings designated as level 2 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

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

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Liabilities and are disclosed in the table below. Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2017 are as follows (amounts in thousands):

Fund Counterparty		Value of derivative contracts			Collateral amount
Barclays Bank plc	Collateral Posted	$	(9,104	)	$	9,530
BNP Paribas			(4,035	)		4,390
Citibank, N.A.			(16,400	)		16,630
Credit Suisse International			(3,040	)		3,120
Deutsche Bank AG			(11,866	)		12,060
Goldman Sachs International			(2,137	)		2,340
Morgan Stanley			(7,438	)		7,580
Royal Bank of Scotland			(10,112	)		10,490
Union Bank of Switzerland AG			(2,422	)		2,570

Inflation-Linked Swaps

Tax Aware Real Return Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. 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 year ended October 31, 2017 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,267,462
Ending Notional Balance — Pays Fixed Rate		1,364,000

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 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	$	316	$	(316	)	$	—	$	—
BNP Paribas		296		(296	)		—		—
Deutsche Bank AG		771		(771	)		—		—
	$	1,383	$	(1,383	)	$	—	$	—

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 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	$	9,420	$	(316	)	$	(9,104	)	$	—
BNP Paribas		4,331		(296	)		(4,035	)		—
Citibank, N.A.		16,400		—			(16,400	)		—
Credit Suisse International		3,040		—			(3,040	)		—
Deutsche Bank AG		12,637		(771	)		(11,866	)		—
Goldman Sachs International		2,137		—			(2,137	)		—
Morgan Stanley		7,438		—			(7,438	)		—
Royal Bank of Scotland		10,112		—			(10,112	)		—
Union Bank of Switzerland AG		2,422		—			(2,422	)		—
	$	67,937	$	(1,383	)	$	(66,554	)	$	—

(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 October 31, 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 year ended October 31, 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	$	3	$	1	$	14		n/a	$	2	$	20
Sub-transfer agency fees		3		1		41		n/a		4		49
Tax Aware Real Return Fund
Transfer agency fees		2		2		10	$	3		1		18
Sub-transfer agency fees		4		6		10		—		15		35

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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 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

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	23,071		$	(117	)	$	(22,954	)
Tax Aware Real Return Fund		(26,211	)		—			26,211

The reclassifications for the Funds relate primarily to tax equalization and expired capital loss carryfowards.

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 year ended October 31, 2017, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, 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 and Class R6 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 year ended October 31, 2017, the JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	8	$	—
Tax Aware Real Return Fund		3		2

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

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

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 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 I			Class R6
Tax Aware Equity Fund		1.05	%		1.55	%		0.55	%		n/a
Tax Aware Real Return Fund		0.75			1.25			0.50			0.40	%

The expense limitation agreements were in effect for the year October 31, 2017 and are in place until at least October 31, 2018.

For the year ended October 31, 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	$	—	$	—	$	1,215	$	1,215
Tax Aware Real Return Fund		563		376		1,048		1,987

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 year ended October 31, 2017 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	11
Tax Aware Real Return Fund		295

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 year ended October 31, 2017, the Tax Aware Real Return Fund and the Tax Aware Equity 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 year ended October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

4. Investment Transactions

During the year ended October 31, 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	$	329,107	$	508,578
Tax Aware Real Return Fund		278,182		274,880

During the year ended October 31, 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 investments held at October 31, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	638,902	$	637,729	$	5,996		631,733
Tax Aware Real Return Fund		1,441,821		72,439		68,674		3,765

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

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	12,290	$	—	$	49,630	$	61,920
Tax Aware Real Return Fund		551		39,076		—		39,627

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	14,233	$	—	$	56,142	$	70,375
Tax Aware Real Return Fund		73		43,482		—		43,555

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	839	$	—	$	86,798		$	631,733
Tax Aware Real Return Fund		—		362		(73,734	)		3,765

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals and trustee deferred compensation.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

At October 31, 2017, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset furture realized gains (amounts in thousands):

	2018		2019		Total
Tax Aware Real Return Fund	$	2,850	$	124	$	2,974

At October 31, 2017, 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	$	68,730	$	2,030

During the year ended October 31, 2017, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):

Tax Aware Real Return Fund $ 26,211

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 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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. Effective August 15, 2017, their agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

As of October 31, 2017, the Funds had affiliated omnibus accounts which owed more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		1		77.2	%
Tax Aware Real Return Fund		2		71.1

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (each a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 45

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 47

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 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 (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,089.40	$	5.11		0.97	%
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class C
Actual		1,000.00		1,086.80		7.73		1.47
Hypothetical		1,000.00		1,017.80		7.48		1.47
Class I (formerly Institutional Class)
Actual		1,000.00		1,091.70		2.90		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,015.60		3.66		0.72
Hypothetical		1,000.00		1,021.58		3.67		0.72
Class C
Actual		1,000.00		1,008.20		6.18		1.22
Hypothetical		1,000.00		1,019.06		6.21		1.22
Class I (formerly Institutional Class)
Actual		1,000.00		1,017.60		2.34		0.46
Hypothetical		1,000.00		1,022.89		2.35		0.46
Class R6
Actual		1,000.00		1,019.00		1.93		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38

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

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense analyses compiled by Broadridge, using data from Lipper Inc. (together, “Broadridge/Lipper”), independent providers of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of the Tax Aware Real Return Fund as compared to the Fund’s objectives and peers, in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

50 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For the Tax Aware Real Return Fund, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group, and in the third, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that performance for the Class I shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s performance for both Class A and Class I shares was in the first, fifth and fifth quintiles for the one-, three-, and five-year periods

ended December 31, 2016, respectively, based upon both the Peer Group and Universe. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Tax Aware Equity Fund’s net advisory fee for Class A shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee and actual total expenses for Class A shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

52 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2017:

	Dividend Received Deduction
Tax Aware Equity Fund		100.00	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Long-Term Capital Gain
Tax Aware Equity Fund	$	72,701

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Qualified Dividend Income
Tax Aware Equity Fund	$	12,290

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2017:

	Exempt Distributions Paid
Tax Aware Real Return Fund		98.81	%

OCTOBER 31, 2017 J.P. MORGAN TAX AWARE FUNDS 53

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-TA-1017

Annual Report

J.P. Morgan Region Funds

October 31, 2017

JPMorgan Intrepid European Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	24
Trustees	25
Officers	27
Schedule of Shareholder Expenses	28
Board Approval of Investment Advisory Agreements	29
Tax Letter	32
Privacy Policy — Located at back of this Annual Report

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 objectives, 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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 1

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	25.65%
Morgan Stanley Capital International (“MSCI”)
Europe Index (net of foreign withholding taxes)	27.01%
Net Assets as of 10/31/2017 (In Thousands)	$977,496

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.

HOW DID THE MARKET PERFORM?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and certain other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region, remained worrisome for politicians and economists, financial markets were largely stable and equity prices rose.

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2017. The Fund’s security selection in both the food, beverage & tobacco sector and the capital goods sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection and overweight position in the semiconductors & semiconductor equipment sector and its security selection in the pharmaceuticals & biotechnology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in ArcelorMittal SA,

Outokumpu Oyj and Vestas Wind Systems A/S. Shares of steelmakers ArcelorMittal and Outokumpu, which was not held in the Benchmark, fell amid weakness in global steel prices. Shares of Vestas Wind Systems, a maker of wind power turbines, fell amid pricing pressure from rival manufacturers.

Leading individual positive contributors to relative performance included the Fund’s overweight positions in STMicroelectronics NV, Ferrari NV and Kering. Shares of STMicroelectronics, a semiconductor maker, rose after the company reported better-than-expected earnings for the third quarter of 2017. Shares of Ferrari, an automaker, rose on growth in earnings and sales. Shares of Kering, a retailer of apparel and accessories, rose after the company reported better-than-expected sales and earnings for the third quarter of 2017.

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.	Allianz SE (Registered) (Germany)	3.2	%
	2.	Sanofi (France)	3.1
	3.	Novartis AG (Registered) (Switzerland)	2.9
	4.	STMicroelectronics NV (Switzerland)	2.8
	5.	Engie SA (France)	2.8
	6.	ING Groep NV (Netherlands)	2.6
	7.	adidas AG (Germany)	2.5
	8.	Vinci SA (France)	2.5
	9.	Glencore plc (Switzerland)	2.5
	10.	Partners Group Holding AG (Switzerland)	2.3

2 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

PORTFOLIO COMPOSITION BY COUNTRY***
France	22.0	%
United Kingdom	19.7
Germany	16.2
Switzerland	14.7
Netherlands	5.9
Denmark	4.2
Italy	3.9
Sweden	3.2
Spain	2.5
Finland	1.3
Austria	1.3
Belgium	1.2
United States	1.1
Short-Term Investment	2.8

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

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

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 3

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge*			19.03	%		9.15	%		0.51	%
Without Sales Charge			25.65			10.33			1.05
CLASS C SHARES	November 1, 1998
With CDSC**			24.02			9.79			0.55
Without CDSC			25.02			9.79			0.55
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		26.00			10.65			1.32
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	September 10, 2001		26.22			10.86			1.53

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 (net of foreign withholding taxes) and the Lipper European Region Funds Index from October 31, 2007 to October 31, 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 (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 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 (net of foreign withholding taxes) 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.

4 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Austria — 1.3%
	142	ams AG (a)		12,992
		Belgium — 1.2%
	142	KBC Group NV		11,824
		Denmark — 4.2%
	254	Danske Bank A/S		9,698
	423	Novo Nordisk A/S, Class B		21,037
	108	Pandora A/S		10,187
				40,922
		Finland — 1.3%
	436	UPM-Kymmene OYJ		13,089
		France — 21.9%
	89	Atos SE		13,753
	731	AXA SA		22,056
	243	BNP Paribas SA		18,962
	174	Capgemini SE		21,079
	617	Credit Agricole SA		10,761
	1,601	Engie SA		27,059
	43	Kering		19,870
	320	Sanofi		30,322
	234	Societe Generale SA		13,046
	251	Vinci SA		24,602
	491	Vivendi SA		12,193
				213,703
		Germany — 16.1%
	111	adidas AG		24,707
	133	Allianz SE (Registered)		30,969
	88	BASF SE		9,596
	219	Covestro AG, Reg. S (e)		21,081
	126	Delivery Hero AG, Reg. S (a) (e)		5,389
	253	Deutsche Lufthansa AG (Registered)		8,125
	696	Evotec AG (a)		14,806
	64	Hannover Rueck SE		8,067
	49	HOCHTIEF AG		8,592
	547	RWE AG (a)		13,749
	437	Uniper SE		12,270
				157,351
		Italy — 3.9%
	76	Ferrari NV		9,041
	4,462	Intesa Sanpaolo SpA		15,001
	481	Moncler SpA		13,661
				37,703

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 5.9%
	506	ABN AMRO Group NV, Reg. S, CVA (e)		15,633
	90	ASML Holding NV		16,301
	1,392	ING Groep NV		25,717
				57,651
		Spain — 2.5%
	48	Aena SME SA, Reg. S (e)		8,807
	2,345	Banco Santander SA		15,898
				24,705
		Sweden — 3.1%
	432	Electrolux AB, Series B		15,263
	784	Volvo AB, Class B		15,527
				30,790
		Switzerland — 14.6%
	4,945	Glencore plc (a)		23,850
	510	Logitech International SA (Registered)		18,254
	38	Lonza Group AG (Registered) (a)		10,024
	345	Novartis AG (Registered)		28,483
	33	Partners Group Holding AG		22,335
	1,158	STMicroelectronics NV		27,263
	36	Swiss Life Holding AG (Registered)		12,520
				142,729
		United Kingdom — 19.7%
	634	Anglo American plc		11,951
	402	Ashtead Group plc		10,356
	1,643	Aviva plc		11,021
	1,157	Barratt Developments plc		10,062
	293	Fevertree Drinks plc		8,245
	222	InterContinental Hotels Group plc		12,275
	1,289	International Consolidated Airlines Group SA		10,876
	21,978	Lloyds Banking Group plc		19,921
	4,092	Man Group plc		10,523
	158	Next plc		10,344
	1,173	Pearson plc		10,955
	450	Persimmon plc		16,758
	401	Rio Tinto plc		18,959
	3,875	Taylor Wimpey plc		10,270
	254	Unilever NV, CVA		14,769
	187	Weir Group plc (The)		4,856
				192,141
		United States — 1.1%
	159	Carnival plc		10,480
		Total Common Stocks (Cost $845,820)		946,080

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 5

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	27,134	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $27,134)		27,134
		Total Investments — 99.6% (Cost $872,954)		973,214
		Other Assets in Excess of Liabilities — 0.4%		4,282
		NET ASSETS — 100.0%	$	977,496

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		16.1	%
Insurance		8.7
Pharmaceuticals		8.2
Textiles, Apparel & Luxury Goods		7.0
Semiconductors & Semiconductor Equipment		5.8
Metals & Mining		5.6
Household Durables		5.4
Multi-Utilities		4.2
IT Services		3.6
Construction & Engineering		3.4
Capital Markets		3.4
Chemicals		3.2
Life Sciences Tools & Services		2.5
Media		2.4
Hotels, Restaurants & Leisure		2.3
Machinery		2.1
Airlines		1.9
Technology Hardware, Storage & Peripherals		1.9
Personal Products		1.5
Paper & Forest Products		1.3
Independent Power and Renewable Electricity Producers		1.3
Trading Companies & Distributors		1.1
Multiline Retail		1.1
Others (each less than 1.0%)		3.2
Short-Term Investment		2.8

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		162		12/2017		EUR		6,949		91
FTSE 100 Index		35		12/2017		GBP		3,472		5
										96

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

CVA	—  Dutch Certification
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
(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. 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 October 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	Intrepid European Fund
ASSETS:
Investments in non-affiliates, at value	$	946,080
Investments in affiliates, at value		27,134
Cash		101
Foreign currency, at value		282
Deposits at broker for futures contracts		702
Receivables:
Investment securities sold		5,951
Fund shares sold		632
Dividends from non-affiliates		991
Dividends from affiliates		17
Tax reclaims		3,266
Variation margin on futures contracts		99
Total Assets		985,255
LIABILITIES:
Payables:
Investment securities purchased		5,549
Fund shares redeemed		1,167
Accrued liabilities:
Investment advisory fees		531
Administration fees		67
Distribution fees		65
Service fees		133
Custodian and accounting fees		58
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		189
Total Liabilities		7,759
Net Assets	$	977,496

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

	Intrepid European Fund
NET ASSETS:
Paid-in-Capital	$	923,034
Accumulated undistributed (distributions in excess of) net investment income		15,632
Accumulated net realized gains (losses)		(61,629	)
Net unrealized appreciation (depreciation)		100,459
Total Net Assets	$	977,496
Net Assets:
Class A	$	165,020
Class C		46,615
Class I (formerly Select Class)		187,678
Class L (formerly Institutional Class)		578,183
Total	$	977,496
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		6,102
Class C		1,942
Class I (formerly Select Class)		6,800
Class L (formerly Institutional Class)		20,758
Net Asset Value (a):
Class A — Redemption price per share	$	27.04
Class C — Offering price per share (b)		24.00
Class I (formerly Select Class) — Offering and redemption price per share		27.60
Class L (formerly Institutional Class) — Offering and redemption price per share		27.85
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	28.54
Cost of investments in non-affiliates	$	845,820
Cost of investments in affiliates		27,134
Cost of foreign currency		282

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 9

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

(Amounts in thousands)

	Intrepid European Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	8
Interest income from affiliates		3
Dividend income from non-affiliates		27,332
Dividend income from affiliates		207
Foreign taxes withheld		(2,587	)
Total investment income		24,963
EXPENSES:
Investment advisory fees		5,519
Administration fees		693
Distribution fees:
Class A		389
Class C		353
Service fees:
Class A		389
Class C		118
Class I (formerly Select Class)		381
Class L (formerly Institutional Class)		494
Custodian and accounting fees		214
Interest expense to affiliates		6
Professional fees		166
Trustees’ and Chief Compliance Officer’s fees		28
Printing and mailing costs		83
Registration and filing fees		67
Transfer agency fees (See Note 2.F.)		49
Sub-transfer agency fees (See Note 2.F.)		138
Other		23
Total expenses		9,110
Less fees waived		(58	)
Net expenses		9,052
Net investment income (loss)		15,911
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		81,254
Futures contracts		1,884
Foreign currency transactions		(260	)
Net realized gain (loss)		82,878
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		95,388
Futures contracts		91
Foreign currency translations		292
Change in net unrealized appreciation/depreciation		95,771
Net realized/unrealized gains (losses)		178,649
Change in net assets resulting from operations	$	194,560

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Intrepid European Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,911		$	18,013
Net realized gain (loss)		82,878			(96,679	)
Change in net unrealized appreciation/depreciation		95,771			(18,236	)
Change in net assets resulting from operations		194,560			(96,902	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,962	)		(2,758	)
Class C
From net investment income		(764	)		(733	)
Class I (formerly Select Class)
From net investment income		(2,896	)		(3,259	)
Class L (formerly Institutional Class)
From net investment income		(10,351	)		(8,098	)
Total distributions to shareholders		(16,973	)		(14,848	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		17,522			(174,875	)
NET ASSETS:
Change in net assets		195,109			(286,625	)
Beginning of period		782,387			1,069,012
End of period	$	977,496		$	782,387
Accumulated undistributed (distributions in excess of) net investment income	$	15,632		$	16,954

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 11

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid European Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	39,901		$	62,580
Distributions reinvested		2,847			2,662
Cost of shares redeemed		(72,459	)		(97,769	)
Change in net assets resulting from Class A capital transactions	$	(29,711	)	$	(32,527	)
Class C
Proceeds from shares issued	$	10,881		$	9,072
Distributions reinvested		683			641
Cost of shares redeemed		(24,752	)		(26,738	)
Change in net assets resulting from Class C capital transactions	$	(13,188	)	$	(17,025	)
Class I (formerly Select Class)
Proceeds from shares issued	$	79,324		$	72,289
Distributions reinvested		1,243			1,756
Cost of shares redeemed		(68,901	)		(481,537	)
Change in net assets resulting from Class I capital transactions	$	11,666		$	(407,492	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	132,401		$	371,399
Distributions reinvested		9,412			6,847
Cost of shares redeemed		(93,058	)		(96,077	)
Change in net assets resulting from Class L capital transactions	$	48,755		$	282,169
Total change in net assets resulting from capital transactions	$	17,522		$	(174,875	)

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

	Intrepid European Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		1,592			2,755
Reinvested		130			115
Redeemed		(3,039	)		(4,445	)
Change in Class A Shares		(1,317	)		(1,575	)
Class C
Issued		489			449
Reinvested		35			31
Redeemed		(1,152	)		(1,362	)
Change in Class C Shares		(628	)		(882	)
Class I (formerly Select Class)
Issued		3,145			3,181
Reinvested		56			74
Redeemed		(2,885	)		(20,109	)
Change in Class I Shares		316			(16,854	)
Class L (formerly Institutional Class)
Issued		5,289			14,948
Reinvested		421			288
Redeemed		(3,725	)		(4,219	)
Change in Class L Shares		1,985			11,017

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 13

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid European Fund
Class A
Year Ended October 31, 2017	$	21.94	$	0.37	$	5.15		$	5.52		$	(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	)
Class C
Year Ended October 31, 2017		19.52		0.23		4.58			4.81			(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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		22.37		0.46		5.25			5.71			(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	)
Class L (formerly Institutional Class)
Year Ended October 31, 2017		22.61		0.52		5.27			5.79			(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	27.04		25.65	%	$	165,020		1.36	%		1.52	%		1.36	%		189	%
	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
	24.00		25.02			46,615		1.85			1.07			1.86			189
	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
	27.60		26.06			187,678		1.06			1.85			1.07			189
	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
	27.85		26.22			578,183		0.90			2.07			0.91			189
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 15

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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 is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Intrepid European Fund	Class A, Class C, Class I* and Class L**	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 objective of the Fund is to seek total return from long-term capital growth. Total return consists of capital growth and current income.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class L Shares. 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 automatically convert to Class A Shares after ten years. 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.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

16 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

lated. 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 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 for 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
Common Stocks
Austria	$	—	$	12,992	$	—	$	12,992
Belgium		—		11,824		—		11,824
Denmark		—		40,922		—		40,922
Finland		—		13,089		—		13,089
France		27,059		186,644		—		213,703
Germany		5,389		151,962		—		157,351
Italy		—		37,703		—		37,703
Netherlands		—		57,651		—		57,651
Spain		—		24,705		—		24,705
Sweden		—		30,790		—		30,790
Switzerland		—		142,729		—		142,729
United Kingdom		25,003		167,138		—		192,141
United States		—		10,480		—		10,480
Total Common Stocks		57,451		888,629		—		946,080
Short-Term Investment
Investment Company		27,134		—		—		27,134
Total Investments in Securities		84,585		888,629		—		973,214
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	96	$	—	$	96

Transfers from level 2 to level 1 in the amount of approximately $8,580,000 are due to the non-application of the fair value factors to certain securities during the year ended October 31, 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 October 31, 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. Futures Contracts — The 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.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 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 on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2017 (amounts in thousands):

Futures Contracts:
Average Notional Balance Long	$	20,946
Ending Notional Balance Long		10,421

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. Foreign Currency Translation — The books and records of the Fund is maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on 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 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 a 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 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.

18 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the year ended October 31, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Total
Transfer agency fees	$	28	$	7	$	10	$	4	$	49
Sub-transfer agency fees		73		22		23		20		138

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 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.

I. 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 the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

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

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(98,909	)	$	(260	)	$	99,169

The reclassifications for the Fund relate primarily to foreign currency gains or losses and expiration of capital loss carryforwards.

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 of 0.65% 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 year ended October 31, 2017, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, 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 and Class C Shares of the Fund, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I and Class L Shares do not participate in the Distribution Plan. 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
	0.25	%		0.75	%

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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 year ended October 31, 2017, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge		CDSC
$	36	$	1

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. 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
	0.25	%		0.25	%		0.25	%		0.10	%

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.

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 L
	1.50	%		2.00	%		1.25	%		1.00	%

The expense limitation agreement was in effect for the year ended October 31, 2017.

Effective November 1, 2017, the contractual expense limitations were lowered to 1.24%, 1.74% and 0.99% for Class A, Class C and Class I Shares, respectively, and are in place until at least October 31, 2019.

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 waivers resulting from investments in these money market funds for the year ended October 31, 2017 was approximately $58,000.

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 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.

The Fund may use related party broker-dealers. For the year ended October 31, 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.

20 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

4. Investment Transactions

During the year ended October 31, 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)
$	1,551,683	$	1,532,534

During the year ended October 31, 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 investments held at October 31, 2017 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	875,037	$	103,190	$	4,917	$	98,273

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

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	16,973	$	—	$	16,973

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	14,848	$	—	$	14,848

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	15,654	$	(59,546	)	$	98,377

For the Fund the cumulative timing differences primarily consist of wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Fund were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of October 31, 2017, the Fund had post-enactment net capital loss carryforwards as follows (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	53,616	$	5,930

During the year ended October 31, 2017, the Fund utilized capital loss carryforwards in the amount of approximately $79,669,000.

During the year ended October 31, 2017, the Fund had expired capital loss carryforwards in the amount of approximately $98,908,000.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund had no borrowings outstanding from the Credit Facility at October 31, 2017, or at any time during the year then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2017, the Fund had two affiliated omnibus accounts which owned more than 12.4% of the Fund’s outstanding shares.

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

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2017, the Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

France			Germany			Switzerland			United Kingdom
	22.0	%		16.2	%		14.7	%		19.7	%

As of October 31, 2017, substantially all of the 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.

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.

22 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

Because the Fund may invest a significant portion of it’s assets in these markets, it’s 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.

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Fund’s financial statements as of October 31, 2017. The adoption had no effect on the Fund’s net assets or results of operations.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Intrepid European Fund

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Intrepid European Fund (a separate series of JPMorgan Trust I) (the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

24 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 25

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

26 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 27

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid European Fund
Class A
Actual	$	1,000.00	$	1,087.70	$	6.89		1.31	%
Hypothetical		1,000.00		1,018.60		6.67		1.31
Class C
Actual		1,000.00		1,085.00		9.51		1.81
Hypothetical		1,000.00		1,016.08		9.20		1.81
Class I (formerly Select Class)
Actual		1,000.00		1,089.20		5.53		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
Class L (formerly Institutional Class)
Actual		1,000.00		1,090.00		4.69		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89

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

28 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no

representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

30 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Investment Performance

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

The Trustees noted that the Fund’s performance for Class A shares was in the second, third and first quintiles based upon the Peer Group, and in the fourth, fourth and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that the Fund’s performance for Class I shares was in the fourth, third and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and

various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that, the Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that net advisory fee and actual total expenses for Class I shares were in the first and third quintiles, respectively, based upon the Universe. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2017 J.P. MORGAN REGION FUNDS 31

TAX LETTER

(Unaudited) (amounts in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Qualified Dividend Income (QDI)

The Fund had $19,520, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2017, the Fund intends to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax pass through expense as finally determined are $27,398 and $2,547, respectively.

32 J.P. MORGAN REGION FUNDS OCTOBER 31, 2017

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-INTEQ-CO-1017

Annual Report

J.P. Morgan SMA Funds

October 31, 2017

JPMorgan International Value SMA Fund

JPMorgan Tax Aware Real Return SMA Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan International Value SMA Fund	3
JPMorgan Tax Aware Real Return SMA Fund	6
Schedules of Portfolio Investments	9
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Trustees	32
Officers	34
Schedule of Shareholder Expenses	35
Board Approval of Investment Advisory Agreements	36
Tax Letter	39
Privacy Policy — Located at the back of this Annual Report

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’ prospectuses 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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. Meanwhile, U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment. Low interest rates generally weighed on developed market bond prices, while investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index hit fresh highs in 11 of the 22 trading days in October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and an election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations.

For the twelve months ended October 31, 2017, the MSCI Europe Australasia and Far East Index (net of foreign withholding taxes) returned 23.21%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 1.94%.

2 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

Reporting Period Return:
Fund*		28.15%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		23.21%
Net Assets as of 10/31/2017 (In Thousands)	$	62,204

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 twelve months ended October 31, 2017.

By sector, the Fund’s overweight position in the technology-semiconductors sector and its security selection in the insurance sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the technology-hardware sector and the transportation services & consumer cyclical sector was a leading detractor from relative performance.

By region, the Fund’s security selection in Europe, including the U.K., was a leading contributor to performance relative to the Benchmark. The Fund’s allocation to emerging market securities, which were not held in the Benchmark, also contributed to relative performance. The Fund’s overweight position in Japan and its underweight position in Continental Europe were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASR Nederland NV, Suzuki Motor Corp. and Erste Group Bank AG. Shares of ASR Nederland, a Dutch insurance company that was not held in the Benchmark, rose on news reports that the Dutch government would sell its stake in the company and following the company’s announcement of a share repurchase program. Shares of Suzuki Motor, a Japanese automaker not held in the Benchmark, rose on continued growth in sales and earnings. Shares of Erste Group Bank, an Austrian financial services company, rose after the company reported better-than-expected results for the second quarter of 2017.

Leading individual detractors from relative performance included the Fund’s overweight positions in Mabuchi Motor Co.,

Yamato Holdings Co. and Mitsubishi Corp. Shares of Mabuchi Motor, a Japanese maker of miniature and specialty motors that was not held in the Benchmark, fell after the company reported lower-than-expected earnings for the second quarter of 2017. Shares of Yamato Holdings, a Japanese parcel delivery and logistics company, fell after the company reported lower-than-expected earnings during the reporting period. Shares of Mitsubishi, a Japanese general trading company operating in the energy, metals, machinery and chemicals sectors, fell amid flood damage to its Australian coal mining operations.

HOW WAS THE FUND POSITIONED?

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

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.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Daimler AG (Registered) (Germany)	7.2	%
	2.	Renault SA (France)	5.8
	3.	Mitsubishi Corp. (Japan)	5.3
	4.	Daikin Industries Ltd. (Japan)	5.1
	5.	Outokumpu OYJ (Finland)	4.8
	6.	Erste Group Bank AG (Austria)	4.7
	7.	NGK Spark Plug Co. Ltd. (Japan)	4.6
	8.	Standard Chartered plc (United Kingdom)	4.6
	9.	Otsuka Corp. (Japan)	4.6
	10.	NN Group NV (Netherlands)	4.5

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	41.5	%
Germany	15.8
United Kingdom	7.5
France	5.8
Finland	4.8
Austria	4.7
Netherlands	4.5
Spain	4.5
South Korea	3.8
Australia	3.7
Sweden	3.4

* Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017

	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			5 YEAR			10 YEAR
International Value SMA Fund		August 17, 2007		28.15	%		7.07	%		7.99	%		1.11	%

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 the JPMorgan International Value SMA Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Index from October 31, 2007 to October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

Reporting Period Return:
Fund*		1.94%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		1.94%
Tax Aware Real Return Composite Benchmark**		2.52%
Net Assets as of 10/31/2017 (In Thousands)	$	9,956

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 performed in line with the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) but underperformed the Composite Benchmark for the twelve months ended October 31, 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 reporting period, the two, five, ten and thirty year Bloomberg Barclays inflation swap indexes returned 0.30%, 1.27%, 1.94% and 6.19%, respectively. Returns for inflation swaps were pulled higher by the recovery in oil prices during the reporting period.

Relative to the Benchmark, the Fund’s shorter duration in cash bonds helped performance as interest rates rose during the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller increase or decrease in price as interest rates fall or rise, respectively, versus bonds with longer duration. The Fund’s underweight position in pre-refunded bonds, which underperformed other sectors of the municipal bond market during the reporting period, and its overweight position in leasing bonds also helped relative performance.

Overall, lower quality municipal bonds outperformed higher quality bonds during the reporting period. Relative to the Benchmark, the Fund’s underweight position in industrial development revenue/pollution control revenue bonds and hospital sector bonds detracted from performance. The Fund’s overweight to bonds rated AA or higher and its underweight position in bonds rated single A and BBB also detracted from relative performance.

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 performance and performance relative to the Benchmark and the Composite Benchmark. The Fund’s overweight allocation to AAA-rated bonds, which underperformed lower rated bonds, also detracted from absolute performance and performance relative to the Benchmark and the Composite Benchmark.

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 reporting period, the Fund’s portfolio managers increased the hedge ratio to 97% from 90%.

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.

6 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

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. 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	88.7	%
Short-Term Investment	11.3

* 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 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 October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 7

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017

	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			5 YEAR			10 YEAR
Tax Aware Real Return SMA Fund		May 31, 2007
Before Taxes				1.94	%		1.13	%		0.68	%		2.85	%
After Taxes on Distributions				1.84			1.13			0.66			2.84
After Taxes on Distributions and Sale of Fund Shares				2.14			1.50			1.15			2.90

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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 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 October 31, 2007 to October 31, 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 OCTOBER 31, 2017

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 97.5%
		Australia — 3.6%
	351	Goodman Group		2,254
		Austria — 4.5%
	66	Erste Group Bank AG (a)		2,822
		Finland — 4.7%
	307	Outokumpu OYJ		2,901
		France — 5.6%
	35	Renault SA		3,503
		Germany — 15.5%
	35	Brenntag AG		1,971
	52	Daimler AG (Registered)		4,359
	23	Deutsche Boerse AG		2,398
	9	HeidelbergCement AG		882
				9,610
		Japan — 40.4%
	28	Daikin Industries Ltd.		3,083
	79	DMG Mori Co. Ltd.		1,589
	72	Japan Airlines Co. Ltd.		2,451
	51	Mabuchi Motor Co. Ltd.		2,692
	138	Mitsubishi Corp.		3,220
	73	Mitsui Fudosan Co. Ltd.		1,704
	123	NGK Spark Plug Co. Ltd.		2,814
	41	Otsuka Corp.		2,768
	121	Renesas Electronics Corp. (a)		1,568
	101	Sumitomo Electric Industries Ltd.		1,725
	75	Yamato Holdings Co. Ltd.		1,531
				25,145
		Netherlands — 4.4%
	66	NN Group NV		2,753
		South Korea — 3.7%
	1	Samsung Electronics Co. Ltd.		2,283
		Spain — 4.4%
	571	Bankia SA		2,726
		Sweden — 3.4%
	146	Svenska Handelsbanken AB, Class A		2,087

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — 7.3%
	202	Barratt Developments plc		1,760
	280	Standard Chartered plc (a)		2,790
				4,550
		Total Common Stocks (Cost $47,086)		60,634
		Total Investments — 97.5% (Cost $47,086)		60,634
		Other Assets in Excess of Liabilities — 2.5%		1,570
		NET ASSETS — 100.0%	$	62,204

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		17.2	%
Automobiles		13.0
Trading Companies & Distributors		8.6
Auto Components		7.5
Building Products		5.1
Metals & Mining		4.8
IT Services		4.6
Insurance		4.5
Electrical Equipment		4.4
Airlines		4.0
Capital Markets		3.9
Technology Hardware, Storage & Peripherals		3.8
Equity Real Estate Investment Trusts (REITs)		3.7
Household Durables		2.9
Real Estate Management & Development		2.8
Machinery		2.6
Semiconductors & Semiconductor Equipment		2.6
Air Freight & Logistics		2.5
Construction Materials		1.5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 9

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 86.8% (t)
		California — 7.5%
		Education — 1.8%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.00%, 01/01/2018		61
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.80%, 02/01/2020		82
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, 5.25%, 08/01/2023		30
				173
		General Obligation — 2.0%
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.00%, 08/01/2031		201
		Utility — 3.7%
	300	City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.00%, 07/01/2029		369
		Total California		743
		Connecticut — 4.1%
		Water & Sewer — 4.1%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.00%, 08/15/2020		112
	150	Series A, Rev., 6.00%, 08/15/2021		174
	100	Series A, Rev., 6.00%, 08/15/2022		119
		Total Connecticut		405
		Florida — 7.5%
		Education — 0.2%
	20	Florida State Board of Education, Lottery, Series B, Rev., 5.00%, 07/01/2018		21
		General Obligation — 2.8%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.00%, 06/01/2025		281
		Utility — 3.7%
	300	Sarasota County, Florida Utility System, Series B, Rev., 5.00%, 10/01/2025		367
		Water & Sewer — 0.8%
	75	City of Auburndale, Water & Sewer, Rev., AGC-ICC, AMBAC, 5.25%, 12/01/2018		78
		Total Florida		747

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Georgia — 6.9%
		General Obligation — 3.1%
	150	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.00%, 12/01/2026		185
	100	State of Georgia, Series C, GO, 5.00%, 07/01/2026		125
				310
		Water & Sewer — 3.8%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.25%, 10/01/2026		314
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.25%, 09/01/2021		67
				381
		Total Georgia		691
		Illinois — 0.6%
		General Obligation — 0.6%
	60	City of Chicago, Series A, GO, AGM, 5.50%, 01/01/2019		63
		Indiana — 1.1%
		Education — 1.1%
	100	Purdue University, Student Fee, Series U, Rev., 5.25%, 07/01/2021		114
		Kansas — 0.5%
		Prerefunded — 0.5%
	50	Sedgwick County Unified School District No 259 Wichita, School Building, Series A, GO, 4.50%, 10/01/2018 (p)		51
		Louisiana — 0.3%
		Water & Sewer — 0.3%
	25	Tangipahoa Water District, Series A, Rev., AGM, 3.00%, 11/01/2018		25
		Massachusetts — 4.9%
		Transportation — 4.9%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.25%, 07/01/2027		191
	250	Series B, Rev., 5.25%, 07/01/2023		299
		Total Massachusetts		490
		Nevada — 2.4%
		Water & Sewer — 2.4%
	200	Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2031		239

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Jersey — 1.5%
		Transportation — 1.5%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.25%, 12/15/2020		87
	60	Series A, Rev., 5.50%, 12/15/2021		67
		Total New Jersey		154
		New Mexico — 6.7%
		Other Revenue — 2.3%
	200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.00%, 06/01/2022		225
		Transportation — 4.4%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.00%, 06/15/2024		274
	150	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.00%, 12/15/2021		166
				440
		Total New Mexico		665
		New York — 8.1%
		Education — 0.3%
	30	New York State Dormitory Authority, The New School, Rev., 5.00%, 07/01/2018		31
		General Obligation — 0.6%
		City of New York,
	25	Sub Series E-1, GO, 5.38%, 10/15/2018		26
	10	Sub Series E-1, GO, 6.25%, 10/15/2028		10
	20	County of Tompkins, Public Improvement, Series A, GO, 4.00%, 03/01/2021		22
				58
		Other Revenue — 1.2%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.00%, 01/15/2026		115
		Prerefunded — 0.3%
	30	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund,, Series B, Rev., 5.00%, 10/01/2018 (p)		31
		Special Tax — 1.7%
	150	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.00%, 03/15/2033		175

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION		VALUE($)
		Transportation — 4.0%
	345	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.00%, 01/01/2026	��		394
		Total New York			804
		Ohio — 5.0%
		General Obligation — 1.6%
	125	State of Ohio, Common Schools, Series A, GO, 5.00%, 09/15/2026			154
		Prerefunded — 3.4%
	25	Barberton City School District, GO, 5.25%, 06/01/2018 (p)			26
	250	City of Columbus, Series 1, GO, 5.00%, 07/01/2023 (p)			296
	20	Village of New Albany, GO, AMBAC, 5.00%, 12/01/2017 (p)			20
					342
		Total Ohio			496
		Oregon — 2.7%
		General Obligation — 2.7%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.25%, 06/01/2025			266
		Pennsylvania — 1.1%
		General Obligation — 1.1%
		Central Bucks School District,
	80	Series A, GO, 4.50%, 05/15/2021 (p)			88
	15	Series A, GO, 5.00%, 05/15/2023			17
		Total Pennsylvania			105
		South Carolina — 3.4%
		General Obligation — 3.4%
	300	State of South Carolina, Series C, GO, 5.00%, 03/01/2022			336
		Tennessee — 0.8%
		Prerefunded — 0.5%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.00%, 01/01/2018 (p)			50
		Water & Sewer — 0.3%
	30	City of Knoxville, Water System, Series BB, Rev., 5.00%, 03/01/2019			32
		Total Tennessee			82
		Texas — 12.9%
		Education — 3.5%
	30	Harris County Cultural Education Facilities Finance Corp., Methodist Hospital System, Series B, Rev., 5.50%, 12/01/2018			31

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	250	Permanent University Fund—University of Texas System, Series B, Rev., 5.25%, 07/01/2028		321
				352
		Prerefunded — 9.1%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.00%, 11/15/2021 (p)		405
	210	Harris County, Series C, Rev., 5.00%, 08/15/2019 (p)		224
	250	Hays County, Pass-Through Toll, GO, 5.00%, 02/15/2020 (p)		271
				900
		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.25%, 09/01/2020		33
		Total Texas		1,285
		Utah — 2.4%
		Other Revenue — 2.4%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.00%, 06/15/2029		239
		Virginia — 4.7%
		Education — 1.1%
	50	University of Virginia, Rev., 4.00%, 09/01/2021		55
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.00%, 02/01/2023		59
				114

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 0.6%
	50	City of Alexandria, Series A, GO, 4.50%, 06/15/2020		54
		Utility — 3.0%
	250	City of Richmond, Public Utility Revenue, Series A, Rev., 5.00%, 01/15/2025		303
		Total Virginia		471
		Washington — 1.7%
		Transportation — 1.7%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.00%, 02/01/2025		172
		Total Municipal Bonds (Cost $8,225)		8,643
SHARES
	Short-Term Investment — 11.1%
		Investment Company — 11.1%
	1,102	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $1,102)		1,102
		Total Investments — 97.9% (Cost $9,327)		9,745
		Other Assets in Excess of Liabilities — 2.1%		211
		NET ASSETS — 100.0%	$	9,956

Percentages indicated are based on net assets.

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of October 31, 2017:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

CPI-U at termination

1.70% at termination

Receive

BNP Paribas

06/02/2019

USD

1,250

16

16

CPI-U at termination

2.17% at termination

Receive

BNP Paribas

04/04/2024

USD

600

(8

)

CPI-U at termination

2.28% at termination

Receive

Union Bank of Switzerland AG

03/16/2027

USD

700

(13

)

CPI-U at termination

2.62% at termination

Receive

Royal Bank of Scotland

06/28/2025

USD

1,000

(131

)

CPI-U at termination

2.72% at termination

Receive

BNP Paribas

04/01/2021

USD

4,900

(546

)

(698

)

(682

)

(a) Value of floating rate index at October 31, 2017 was 2.46%.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

Summary of total OTC swap contracts outstanding as of October 31, 2017:

	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Inflation-linked swaps outstanding		—		16
Total OTC swap contracts outstanding		—		16
Liabilities
OTC Inflation-linked swaps outstanding		—		(698	)
Total OTC swap contracts outstanding		—		(698	)

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 13

J.P. Morgan SMA Funds

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
CPI-U	—  Consumer Price Index for All Urban Consumers
GO	—  General Obligation
ICC	—  Insured Custody Certificates
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
RE	—  Reinsured
Rev.	—  Revenue

USD	—  United States Dollar
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 October 31, 2017.
(p)	—  Security is prerefunded or escrowed to maturity.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	60,634		$	8,643
Investments in affiliates, at value		—			1,102
Restricted cash for OTC derivatives		—			830
Cash		1,129			—
Receivables:
Fund shares sold		36			—
Interest and dividends from non-affiliates		251			112
Dividends from affiliates		—			1
Tax reclaims		198			—
Outstanding OTC swap contracts, at value		—			16
Due from adviser		42			19
Total Assets		62,290			10,723
LIABILITIES:
Payables:
Outstanding OTC swap contracts, at value		—			698
Accrued liabilities:
Administration fees		—			1
Custodian and accounting fees		11			6
Collateral management fees		—			9
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Audit fees		60			49
Printing and mailing cost		5			1
Other		10			3
Total Liabilities		86			767
Net Assets	$	62,204		$	9,956
NET ASSETS:
Paid-in-Capital	$	47,974		$	10,477
Accumulated undistributed (distributions in excess of) net investment income		1,258			—
Accumulated net realized gains (losses)		(575	)		(257	)
Net unrealized appreciation (depreciation)		13,547			(264	)
Total Net Assets	$	62,204		$	9,956
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		4,368			998
Net asset value, offering and redemption price per share (b)	$	14.24		$	9.97
Cost of investments in non-affiliates	$	47,086		$	8,225
Cost of investments in affiliates		—			1,102

(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.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

(Amounts in thousands)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	257
Interest income from affiliates		1			4
Dividend income from non-affiliates		1,678			—
Dividend income from affiliates		—			5
Foreign taxes withheld		(211	)		—
Total investment income		1,468			266
EXPENSES:
Administration fees		54			8
Custodian and accounting fees		44			33
Interest expense to affiliates		2			—
Professional fees		146			83
Collateral management fees		—			33
Trustees’ and Chief Compliance Officer’s fees		26			26
Printing and mailing costs		12			6
Registration and filing fees		18			19
Transfer agency fees		1			—	(a)
Sub-transfer agency fees		2			—	(a)
Other		9			3
Total expenses		314			211
Less fees waived		(54	)		(8	)
Less expense reimbursements		(258	)		(203	)
Net expenses		2			—	(a)
Net investment income (loss)		1,466			266
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		8,835			21
Futures contracts		32			—
Foreign currency transactions		13			—
Forward foreign currency exchange contracts		(29	)		—
Swaps		—			(126	)
Net realized gain (loss)		8,851			(105	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		5,848			(135	)
Foreign currency translations		23			—
Swaps		—			175
Change in net unrealized appreciation/depreciation		5,871			40
Net realized/unrealized gains (losses)		14,722			(65	)
Change in net assets resulting from operations	$	16,188		$	201

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	International Value SMA Fund						Tax Aware Real Return SMA Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,466		$	1,934		$	266		$	289
Net realized gain (loss)		8,851			(4,971	)		(105	)		164
Change in net unrealized appreciation/depreciation		5,871			1,947			40			(61	)
Change in net assets resulting from operations		16,188			(1,090	)		201			392
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,258	)		(3,412	)		(267	)		(290	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		12,839			24,016			3,674			3,956
Distributions reinvested		1,413			1,944			—			—
Cost of shares redeemed		(42,726	)		(50,767	)		(3,849	)		(4,944	)
Change in net assets resulting from capital transactions		(28,474	)		(24,807	)		(175	)		(988	)
NET ASSETS:
Change in net assets		(14,544	)		(29,309	)		(241	)		(886	)
Beginning of period		76,748			106,057			10,197			11,083
End of period	$	62,204		$	76,748		$	9,956		$	10,197
Accumulated undistributed (distributions in excess of) net investment income	$	1,258		$	1,825		$	—		$	1
SHARE TRANSACTIONS:
Issued		1,089			2,260			369			394
Reinvested		124			173			—			—
Redeemed		(3,536	)		(4,564	)		(386	)		(493	)
Change in Shares		(2,323	)		(2,131	)		(17	)		(99	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 17

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Value SMA Fund
Year Ended October 31, 2017	$	11.47	$	0.28	(d)	$	2.86		$	3.14		$	(0.37	)
Year Ended October 31, 2016		12.02		0.25	(d)		(0.36	)		(0.11	)		(0.44	)
Year Ended October 31, 2015		12.78		0.26	(d)		(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	)

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

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment 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.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	14.24		28.15	%	$	62,204		—	%(e)		2.21	%		0.47	%		39	%
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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
Tax Aware Real Return SMA Fund
Year Ended October 31, 2017	$	10.04	$	0.26	(d)	$	(0.07	)	$	0.19		$	(0.26	)
Year Ended October 31, 2016		9.95		0.28	(d)		0.09			0.37			(0.28	)
Year Ended October 31, 2015		10.52		0.31	(d)		(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	)

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

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

(c) The Fund's expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment 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.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000's)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	9.97		1.94	%	$	9,956		—	(e)%		2.59	%		2.05	%		23	%
	10.04		3.80			10,197		—			2.82			1.97			32
	9.95		(2.27	)		11,083		—			3.07			1.01			—	(e)
	10.52		2.38			20,947		—			2.85			0.78			6
	10.58		(2.29	)		27,244		—			2.58			0.60			16

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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:

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

22 J.P. MORGAN SMA FUNDS OCTOBER 31, 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)	$	3,503	$	57,131	$	—	$	60,634

Tax Aware Real Return SMA Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	1,102	$	8,643		$	—	$	9,745
Appreciation in Other Financial Instruments
Swaps (b)	$	—	$	16		$	—	$	16
Depreciation in Other Financial Instruments
Swaps (b)	$	—	$	(698	)	$	—	$	(698	)

(a) All portfolio holdings designated as level 1 and 2 are disclosed individually on the SOI’s. 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.

Transfers between fair value levels are valued utilizing values as of the beginning of the year.

For International Value SMA Fund, a transfer from level 2 to level 1 in the amount of approximately $3,621 is due to the non-application of a fair value factor to a certain security during the year ended October 31, 2017.

For Tax Aware Real Return SMA Fund there were no transfers among any levels during the year ended October 31, 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 October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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

As of October 31, 2017, the Fund did not hold futures contracts.

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2017 (amounts in thousands):

	International Value SMA Fund
Futures Contracts
Average Notional Balance Long	$	456

D. Swaps — Tax Aware Real Return SMA Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. 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 OTC 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 year ended October 31, 2017 (amounts in thousands):

	Tax Aware Real Return SMA Fund
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate	$	8,958
Ending Notional Balance — Pays Fixed Rate		8,450

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.

24 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of October 31, 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	$	(538	)	$	570
		Royal Bank of Scotland		(131	)		260

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 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	$	16
Gross Liabilities:		Swaps
Interest rate contracts	Payables	$	(698	)

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 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)
BNP Paribas	$	16	$	(16	)	$	—	$	—

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	$	554	$	(16	)	$	(538	)(b)	$	—
Royal Bank of Scotland		131		—			(131	)(b)		—
Union Bank of Switzerland AG		13		—			—			13
	$	698	$	(16	)	$	(669	)	$	13

(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 year ended October 31, 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		Forward Foreign Currency Exchange Contracts			Total
Equity contracts		$	32	$	—		$	32
Foreign exchange contracts			—		(29	)		(29	)
	��
		$	32	$	(29	)	$	3

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Tax Aware Real Return SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(126	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	175

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 October 31, 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.

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
International Value SMA Fund	$	(6,925	)	$	225	$	6,700

The reclassifications for the Fund relate primarily to Investments in Passive Foreign Investment Companies (“PFICs”) and expired capital loss carryforwards.

26 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

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 year ended October 31, 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.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, 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 year ended October 31, 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	$	54	$	258
Tax Aware Real Return SMA Fund		8		203

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 year ended October 31, 2017 was as follows (amounts in thousands):

Tax Aware Real Return SMA Fund $ 3

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.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

During the year ended October 31, 2017, the International Value SMA 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 year ended October 31, 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 year ended October 31, 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	$	25,176	$	54,013
Tax Aware Real Return SMA Fund		2,111		2,058

During the year ended October 31, 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 investments held at October 31, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	48,336	$	12,831	$	533	$	12,298
Tax Aware Real Return SMA Fund		9,327		455		719		(264	)

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

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Tax-Exempt Distributions		Net Long-Term Capital Gains		Total Distributions Paid
International Value SMA Fund	$	2,258	$	—	$	—	$	2,258
Tax Aware Real Return SMA Fund		8		259		—		267

* Short-term gains distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*			Tax-Exempt Distributions		Net Long-Term Capital Gains		Total Distributions Paid
International Value SMA Fund	$	3,412		$	—	$	—	$	3,412
Tax Aware Real Return SMA Fund		—	(a)		290		—		290

* Short-term gains distributions are treated as ordinary income for tax purposes.

(a) Amount rounds to less than 500.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	1,948	$	—	$	—		$	12,297
Tax Aware Real Return SMA Fund		—		8		(255	)		(264	)

For the Funds the cumulative timing differences primarily consist of Investments in,PFICs trustee deferred compensation and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

28 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

At October 31, 2017, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2018		2019		Total
Tax Aware Real Return SMA Fund	$	9	$	4	$	13

At October 31, 2017, 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 SMA Fund	$	243	$	—

During the year ended October 31, 2017, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

International Value SMA Fund $ 8,578

During the year ended October 31, 2017, the following Funds had expired capital loss carryforwards as follows (amounts in thousands):

International Value SMA Fund $ 6,925

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 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2017. Average borrowings from the Facility for, or at any time during the year ended October 31, 2017, were as follows (amounts in thousands, except number of days outstanding):

	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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2017, International Value SMA Fund had three shareholders, which are accounts maintained by separately managed account sponsors on behalf of their clients, that owned 94.6% 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 October 31, 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		15.8	%		41.5	%

As of October 31, 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 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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

30 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan International Value SMA Fund and JPMorgan Tax Aware Real Return SMA Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan International Value SMA Fund and JPMorgan Tax Aware Real Return SMA Fund (each a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 31

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

32 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 33

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

34 J.P. MORGAN SMA FUNDS OCTOBER 31, 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, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period†*		Annualized Expense Ratio
International Value SMA Fund
Actual	$	1,000.00	$	1,124.80	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.21		0.00		0.00
Tax Aware Real Return SMA Fund
Actual		1,000.00		1,016.40		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

† Reflects the fact that no fees or expenses are borne by the Funds. The Funds are an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Funds and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

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

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 35

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense analyses compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no

representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

36 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

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

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

The Trustees noted that there was no advisory fee charged to the Funds. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

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

The Trustees also considered that JPMIM did not earn fees from the Funds for providing administrative services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of, and/or investors in, separately managed accounts that are invested in the Funds.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered whether it would be appropriate to add advisory fee breakpoints, but noted that the

Fund has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the contractual Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 37

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”) by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and/or Universe. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted that, based upon the Universe, the International Value SMA Fund’s performance was in the second, fifth and fifth quintiles for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s analysis and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that, based upon the Universe, the Tax Aware Real Return SMA Fund’s performance was in the first, fifth and fifth quintiles for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s analysis and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Funds are not charged a separate investment advisory fee by the Adviser because the Funds are used only by managed-account strategies advised or sub-advised by the Adviser, or to which the Adviser provides a model portfolio. The Trustees considered each Fund’s contractual advisory fee rate and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the expenses of each Fund after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s expense ratios are summarized below:

The Trustees noted that, based upon the Universe, the International Value SMA Fund’s contractual advisory fee and the actual total expenses were in the first quintile. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that, based upon the Universe, the Tax Aware Real Return SMA Fund’s contractual advisory fee and the actual total expenses were in the first quintile. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

38 J.P. MORGAN SMA FUNDS OCTOBER 31, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Qualified Dividend Income
International Value SMA Fund	$	1,678

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2017, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
International Value SMA Fund	$	1,678	$	211

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2016:

	Exempt Distributions Paid
Tax Aware Real Return SMA Fund		98.7	%

OCTOBER 31, 2017 J.P. MORGAN SMA FUNDS 39

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-SMA-1017

Annual Report

J.P. Morgan Funds

October 31, 2017

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	7
Schedules of Portfolio Investments	11
Financial Statements	100
Financial Highlights	106
Notes to Financial Statements	110
Report of Independent Registered Public Accounting Firm	134
Trustees	135
Officers	137
Schedule of Shareholder Expenses	138
Board Approval of Investment Advisory Agreements	139
Tax Letter	143
Privacy Policy — Located at the back of this Annual Report

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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment. Low interest rates generally weighed on developed market bond prices, while investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index hit fresh highs in 11 of the 22 trading days in October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and a snap election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations.

For the twelve months ended October 31, 2017, the MSCI World Index (net of foreign withholding taxes) returned 22.17% and the Bloomberg Barclays U.S. Aggregate Index returned 0.90%.

2 J.P. MORGAN FUNDS OCTOBER 31, 2017

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		16.12%
Morgan Stanley Capital International (“MSCI”)
World Index (net of foreign withholding taxes)		22.17%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)2		1.18%
Global Allocation Composite Benchmark		13.72%
Net Assets as of 10/31/2017 (In Thousands)	$	2,326,385

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the twelve months ended October 31, 2017, the Fund’s Class I Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed both the Bloomberg Barclays Global Aggregate Index (Unhedged USD) and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index.

Relative to the Benchmark, the Fund’s allocation to bonds was a leading detractor from performance. However, relative to the Composite Benchmark, the Fund’s increased allocation to both global developed market and emerging market equities contributed positively to performance as equities rallied globally during the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s U.S. equity market exposure was decreased in favor of more exposure to both international developed market and emerging market equities given the portfolio managers’ view on positive global growth and earnings strength. In late April 2017, the portfolio managers added a dedicated European Dynamic Hedged Equity strategy. Given the portfolio managers’ expectations for continued market volatility, the portfolio managers held some of the Fund’s global equity exposure in call options in an effort to manage risk while still capturing potential market gains. In fixed income assets, the portfolio managers reduced their allocation to high yield credit (also known as “junk bonds”) in the U.S. and Europe, as well as non-agency mortgages. Within core fixed income, the Fund maintained exposure to government bonds to further diversify its fixed income exposure.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	Government of Japan, 0.10%, 06/20/26, (Japan)	1.7	%
	2.	Republic of Australia, Reg. S5.25%, 03/15/19, (Australia)	1.4
	3.	United Kingdom Gilt, Reg. S1.50%, 07/22/26, (United Kingdom)	0.8
	4.	UnitedHealth Group, Inc., (United States).	0.7
	5.	Government of Japan, 0.10%, 12/20/26, (Japan)	0.7
	6.	Alphabet, Inc., Class C, (United States)	0.6
	7.	FNMA REMIC, Series 2017-49, Class JA, 4.00%, 07/25/53, (United States)	0.6
	8.	Apple, Inc. , (United States)	0.6
	9.	Republic of Canada, 1.75%, 03/01/19, (Canada)	0.6
	10.	U.S. Treasury Bonds, 3.75%, 08/15/41, (United States)	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Kimberly-Clark Corp., (United States)	16.1	%
	2.	Harley-Davidson, Inc., (United States)	7.8
	3.	Starbucks Corp., (United States)	6.5
	4.	United Natural Foods, Inc., (United States)	6.5
	5.	TJX Cos., Inc. (The), (United States)	5.6
	6.	Church & Dwight Co., Inc., (United States)	5.5
	7.	Mondelez International, Inc., Class A, (United States)	4.3
	8.	Express Scripts Holding Co., (United States)	4.2
	9.	Johnson Controls International plc, (United States)	4.2
	10.	Costco Wholesale Corp., (United States)	4.0

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	55.2	%
Corporate Bonds	12.2
Foreign Government Securities	10.8
Collateralized Mortgage Obligations	5.7
U.S. Treasury Obligations	2.1
Asset-Backed Securities	1.7
Options Purchased	1.1
Others (each less than 1.0%)	0.8
Short-Term Investments	10.4

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	100.0	%

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

²  On November 21, 2016, the Fund’s secondary benchmark index was changed to the Bloomberg Barclays Global Aggregate Index from the Bloomberg Barclays U.S. Aggregate Index to better reflect the Fund’s global asset allocation mandate and its available investment opportunities.

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

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

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2011
With Sales Charge*				10.67	%		7.35	%		5.62	%
Without Sales Charge				15.88			8.34			6.38
CLASS C SHARES		May 31, 2011
With CDSC**				14.29			7.80			5.85
Without CDSC				15.29			7.80			5.85
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		May 31, 2011		16.12			8.61			6.64
CLASS R2 SHARES		May 31, 2011		15.50			8.06			6.11
CLASS T SHARES		June 6, 2017
With Sales Charge***				12.96			7.79			5.96
Without Sales Charge				15.86			8.34			6.38

* 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.

*** Sales Charge for Class T Shares is 2.50%.

LIFE OF FUND PERFORMANCE (5/31/11 TO 10/31/17)

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.

Return for Class T Shares prior to its inception date are based on the performance of Class A Shares. The actual return for Class T Shares would have been different than those shown because Class T Shares have different expenses than Class A Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Allocation Fund, the MSCI World Index (net of foreign withholding taxes), 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 October 31, 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 (net of foreign withholding taxes), 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 (net of foreign withholding taxes) 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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

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.

6 J.P. MORGAN FUNDS OCTOBER 31, 2017

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		11.11%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		22.77%
Bloomberg Barclays U.S. Aggregate Index		0.90%
Income Builder Composite Benchmark		13.57%
Net Assets as of 10/31/2017 (In Thousands)	$	12,789,736

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

J.P. Morgan’s Multi-Asset Solutions Team (the “Team”) combined capital markets research and asset allocation with the insights of specialist asset class teams to construct a broadly diversified portfolio of income producing securities that the Team believed would perform well given the Team’s market views. The underlying specialist teams built portfolios of their highest conviction securities with what they believed to be the best opportunities for yield and total return on a risk-adjusted basis.

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

For the twelve months ended October 31, 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 the 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 would continue to be 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 equities. As global growth continued to broaden out, the Fund’s portfolio became more regionally diversified across equity regions. While the portfolio managers preferred equity securities over bonds, corporate credit remained their most favored asset class within fixed income.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	0.7	%
	2.	Pfizer, Inc.	0.7
	3.	Occidental Petroleum Corp.	0.6
	4.	Novartis AG (Registered), (Switzerland)	0.6
	5.	HSBC Holdings plc, (United Kingdom)	0.5
	6.	Johnson & Johnson	0.5
	7.	Rio Tinto plc, (United Kingdom)	0.5
	8.	Wells Fargo & Co.	0.5
	9.	Altria Group, Inc.	0.5
	10.	Vodafone Group plc, (United Kingdom)	0.4

PORTFOLIO COMPOSITION***
Common Stocks	44 .1	%
Corporate Bonds	38.3
Asset-Backed Securities	4.6
Foreign Government Securities	3.3
Collateralized Mortgage Obligations	3.3
Convertible Bonds	1.4
Others (each less than 1.0%)	3.0
Short-Term Investments	2.0

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

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

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

8 J.P. MORGAN FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge*			6.10	%		5.39	%		5.33	%
Without Sales Charge			11.11			6.37			5.82
CLASS C SHARES	May 31, 2007
With CDSC**			9.58			5.84			5.29
Without CDSC			10.58			5.84			5.29
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 31, 2007		11.26			6.51			5.99
CLASS T SHARES	June 6, 2017
With Sales Charge***			8.28			5.83			5.55
Without Sales Charge			11.11			6.37			5.82

* 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.

*** Sales Charge for Class T Shares is 2.50%.

TEN YEAR PERFORMANCE (10/31/07 TO 10/31/17)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Flexible Portfolio Funds Index from October 31, 2007 to October 31, 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 (net of foreign withholding taxes), 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 (net of foreign withholding taxes) assumes the dividend is reinvested after deduction of with-

holding 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 (net of foreign withholding taxes) 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 (net of foreign withholding taxes) 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 October 31, 2007 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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 9

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

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.

10 J.P. MORGAN FUNDS OCTOBER 31, 2017

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 103.0%
	Asset-Backed Securities — 1.7%
		United States — 1.7%
	460	ABFC Trust, Series 2004-HE1, Class M1, 2.14%, 03/25/2034 (z) (bb)		459
		ACE Securities Corp. Home Equity Loan Trust,
	474	Series 2002-HE3, Class M1, 3.04%, 10/25/2032 (z) (bb)		472
	340	Series 2003-NC1, Class M1, 2.41%, 07/25/2033 (z) (bb)		336
	423	Series 2003-OP1, Class M1, 2.29%, 12/25/2033 (z) (bb)		419
	134	Series 2004-HE4, Class M2, 2.21%, 12/25/2034 (z) (bb)		131
	550	Series 2004-OP1, Class M3, 3.11%, 04/25/2034 (z)		511
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	556	Series 2003-10, Class M1, 2.29%, 12/25/2033 (z) (bb)		548
	246	Series 2003-10, Class M2, 3.79%, 12/25/2033 (z) (bb)		241
	16	Series 2003-11, Class M3, 4.03%, 12/25/2033 (z) (bb)		15
	382	Series 2004-FR1W, Class A6, 4.46%, 05/25/2034 (z) (bb)		388
	336	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, 3.11%, 10/25/2034 (z) (bb)		332
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	835	Series 2003-W5, Class M2, 4.01%, 10/25/2033 (z) (bb)		803
	1,489	Series 2003-W9, Class M2, 3.82%, 01/25/2034 (z) (bb)		1,459
	198	Series 2004-W5, Class M1, 2.14%, 04/25/2034 (z) (bb)		198
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	623	Series 2004-HE2, Class M2, 3.11%, 04/25/2034 (z) (bb)		574
	1,144	Series 2004-HE3, Class M2, 2.92%, 06/25/2034 (z) (bb)		1,113
		Bear Stearns Asset-Backed Securities I Trust,
	479	Series 2004-FR2, Class M3, 3.04%, 06/25/2034 (z)		468
	819	Series 2004-HE6, Class M2, 3.11%, 08/25/2034 (z) (bb)		816
		Bear Stearns Asset-Backed Securities Trust,
	582	Series 2004-1, Class M1, 2.21%, 06/25/2034 (z) (bb)		580

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	238	Series 2004-2, Class M1, 2.44%, 08/25/2034 (z) (bb)		229
		Countrywide Asset-Backed Certificates,
	7	Series 2002-3, Class M1, 2.36%, 03/25/2032 (z) (bb)		7
	52	Series 2002-4, Class M1, 2.36%, 12/25/2032 (z) (bb)		51
	17	Series 2003-BC4, Class M2, 2.59%, 06/25/2033 (z) (bb)		17
	69	Series 2003-BC6, Class M2, 2.96%, 10/25/2033 (z) (bb)		68
	92	Series 2004-2, Class M1, 1.99%, 05/25/2034 (z) (bb)		92
	320	Series 2004-3, Class M1, 1.99%, 06/25/2034 (z) (bb)		311
	1,000	Series 2005-12, Class M2, 1.73%, 02/25/2036 (z) (bb)		998
	436	Series 2005-AB3, Class 1A1, 1.74%, 02/25/2036 (z) (bb)		429
	790	Countrywide Partnership Trust, Series 2004-EC1, Class M2, 2.18%, 01/25/2035 (z) (bb)		788
		Credit-Based Asset Servicing & Securitization LLC,
	1,392	Series 2004-CB4, Class A5, SUB, 6.78%, 05/25/2035		1,383
	160	Series 2005-CB1, Class M2, 2.33%, 01/25/2035 (z) (bb)		161
		CWABS, Inc. Asset-Backed Certificates Trust,
	453	Series 2003-BCI, Class A1, 2.04%, 03/25/2033 (z) (bb)		446
	93	Series 2004-5, Class M3, 2.96%, 07/25/2034 (z) (bb)		92
	343	Series 2004-6, Class M1, 2.14%, 10/25/2034 (z)		337
	77	Series 2004-6, Class M2, 2.21%, 10/25/2034 (z) (bb)		76
	280	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.87%, 10/25/2034 (bb)		279
	528	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, 1.54%, 11/25/2035 (z) (bb)		510
		Fremont Home Loan Trust,
	27	Series 2003-B, Class M2, 3.67%, 12/25/2033 (z) (bb)		27
	642	Series 2004-2, Class M2, 2.17%, 07/25/2034 (z)		646

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States — continued
	129	Series 2004-B, Class M7, 4.24%, 05/25/2034 (z)		112
		GSAMP Trust,
	626	Series 2004-OPT, Class M1, 2.11%, 11/25/2034 (z) (bb)		621
	322	Series 2006-HE3, Class A2C, 1.40%, 05/25/2046 (z)		318
	292	Home Equity Asset Trust, Series 2004-7, Class M1, 2.17%, 01/25/2035 (z)		293
		Home Equity Mortgage Loan Asset-Backed Trust,
	264	Series 2004-B, Class M3, 2.44%, 11/25/2034 (z) (bb)		263
	238	Series 2004-B, Class M8, 4.54%, 11/25/2034 (z) (bb)		217
		Long Beach Mortgage Loan Trust,
	945	Series 2004-3, Class M2, 2.14%, 07/25/2034 (z) (bb)		943
	543	Series 2004-3, Class M4, 2.85%, 07/25/2034 (z) (bb)		548
		Mastr Asset-Backed Securities Trust,
	87	Series 2003-NC1, Class M5, 4.94%, 04/25/2033 (z) (bb)		78
	635	Series 2005-NC1, Class M2, 1.99%, 12/25/2034 (z) (bb)		640
		Morgan Stanley ABS Capital I, Inc. Trust,
	193	Series 2003-HE2, Class M2, 3.71%, 08/25/2033 (z) (bb)		188
	627	Series 2004-HE6, Class M1, 2.06%, 08/25/2034 (z)		631
	30	Series 2004-HE8, Class M3, 2.36%, 09/25/2034 (z) (bb)		30
	377	Series 2004-NC5, Class M1, 2.14%, 05/25/2034 (z) (bb)		374
	458	Series 2004-NC6, Class M2, 3.11%, 07/25/2034 (z) (bb)		435
	342	Series 2004-NC7, Class M2, 2.17%, 07/25/2034 (z) (bb)		345
	51	Series 2005-HE1, Class M3, 2.02%, 12/25/2034 (z) (bb)		47
	345	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, 2.22%, 02/25/2033 (z) (bb)		337
	506	New Century Home Equity Loan Trust, Series 2004-2, Class M3, 2.24%, 08/25/2034 (z) (bb)		505

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	510	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, 4.61%, 09/25/2033 (z) (bb)		504
	1,498	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, 2.26%, 07/25/2033 (z) (bb)		1,386
		Option One Mortgage Loan Trust,
	704	Series 2004-1, Class M1, 2.14%, 01/25/2034 (z) (bb)		699
	681	Series 2004-1, Class M2, 2.89%, 01/25/2034 (z) (bb)		662
	33	Series 2004-3, Class M2, 2.09%, 11/25/2034 (z) (bb)		32
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 2.48%, 01/25/2036 (z) (bb)		510
		Pretium Mortgage Credit Partners I LLC,
	799	Series 2016-NPL6, Class A1, SUB, 3.50%, 10/27/2031 (e) (bb)		802
	1,766	Series 2017-NPL1, Class A1, SUB, 3.50%, 04/29/2032 (e) (bb)		1,775
	916	Series 2017-NPL2, Class A1, SUB, 3.25%, 03/28/2057 (e) (bb)		919
	1,000	Series 2017-NPL2, Class A2, SUB, 5.50%, 03/28/2057 (e) (bb)		993
		Renaissance Home Equity Loan Trust,
	358	Series 2003-2, Class M1, 2.48%, 08/25/2033 (z) (bb)		358
	759	Series 2004-1, Class M4, 3.94%, 05/25/2034 (z) (bb)		634
	97	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		99
	402	Saxon Asset Securities Trust, Series 2003-3, Class M1, 2.21%, 12/25/2033 (z) (bb)		387
	885	Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M2, 2.96%, 02/25/2034 (z) (bb)		879
	550	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 1.91%, 06/25/2035 (z) (bb)		546
	747	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, 2.14%, 11/25/2034 (z) (bb)		717
		Structured Asset Investment Loan Trust,
	225	Series 2003-BC11, Class M1, 2.21%, 10/25/2033 (z) (bb)		224
	389	Series 2004-6, Class A3, 2.04%, 07/25/2034 (z) (bb)		393

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States — continued
	404	Series 2004-7, Class M2, 2.36%, 08/25/2034 (z) (bb)		383
	644	Series 2004-8, Class M9, 4.99%, 09/25/2034 (z)		642
	38	Series 2004-BNC1, Class A5, 2.48%, 09/25/2034 (z) (bb)		39
	438	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, 1.41%, 12/25/2036 (z) (bb)		422
	779	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		784
	891	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.37%, 04/25/2047 (e) (bb)		898
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	372	Series 2004-2, Class M6, 4.06%, 10/25/2034 (z)		369
	97	Series 2004-2, Class M8A, 5.74%, 10/25/2034 (e) (z) (bb)		97
		Total Asset-Backed Securities (Cost $38,188)		39,888
	Collateralized Mortgage Obligations — 5.9%
		United States — 5.9%
		Alternative Loan Trust
	550	Series 2004-27CB, Class A1, 6.00%, 12/25/2034		554
	137	Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035		137
	104	Series 2005-11CB, Class 2A1, 5.50%, 06/25/2035		102
	25	Series 2005-19CB, Class A2, IF, 14.22%, 06/25/2035 (z)		30
	1,270	Series 2005-28CB, Class 2A6, 5.00%, 08/25/2035		1,124
	925	Series 2006-14CB, Class A1, 6.00%, 06/25/2036		817
	80	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.50%, 10/25/2035		76
		Bear Stearns ALT-A Trust
	94	Series 2005-4, Class 23A1, 3.52%, 05/25/2035 (z)		95
	724	Series 2005-4, Class 23A2, 3.52%, 05/25/2035 (z)		734
	213	Series 2005-7, Class 12A3, 1.92%, 08/25/2035 (z)		210
		Bear Stearns ARM Trust
	656	Series 2005-5, Class A2, 2.82%, 08/25/2035 (z)		654

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	326	Series 2005-9, Class A1, 3.52%, 10/25/2035 (z)		328
	604	Series 2006-1, Class A1, 2.91%, 02/25/2036 (z)		605
	725	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class M1, 2.06%, 06/25/2034 (z) (bb)		657
		Chase Mortgage Finance Trust
	324	Series 2006-S4, Class A5, 6.00%, 12/25/2036		277
	134	Series 2007-A1, Class 1A1, 3.62%, 02/25/2037 (z)		135
	192	Series 2007-A1, Class 8A1, 3.65%, 02/25/2037 (z)		196
		CHL Mortgage Pass-Through Trust
	111	Series 2004-9, Class A7, 5.25%, 06/25/2034		114
	562	Series 2004-25, Class 2A1, 1.92%, 02/25/2035 (z)		544
	824	Series 2005-26, Class 1A11, 5.50%, 11/25/2035		749
	686	Series 2005-31, Class 2A1, 3.16%, 01/25/2036 (z)		653
	248	Series 2006-21, Class A14, 6.00%, 02/25/2037		223
	273	Series 2007-10, Class A4, 5.50%, 07/25/2037		231
		Citigroup Mortgage Loan Trust, Inc.
	519	Series 2005-3, Class 2A2A, 3.47%, 08/25/2035 (z)		519
	634	Series 2005-4, Class A, 3.55%, 08/25/2035 (z)		628
	163	Series 2005-11, Class A2A, 3.63%, 10/25/2035 (z)		165
	9	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-25, Class 2A1, 4.50%, 10/25/2018		9
	513	CSFB Mortgage-Backed Pass-Through, Series 2004-8, Class 5A1, 6.00%, 12/25/2034		544
		FHLMC REMIC
	6,150	1.50%, 05/15/2042		5,932
	5,739	1.77%, 01/15/2041		5,774
	1,381	3.00%, 01/15/2040		1,408
	561	3.00%, 05/15/2040		570
	5,783	3.00%, 08/15/2040		5,901
	5,285	3.00%, 12/15/2040		5,394
	9,346	3.00%, 03/15/2041		9,538

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
			United States — continued
	1,285		3.00%, 07/15/2041		1,306
	822		4.00%, 03/15/2027		871
	915		4.00%, 05/15/2028		977
	1,412		Series 4446, 3.50%, 12/15/2050		1,461
	1,711		Series 4494, 3.75%, 10/15/2042		1,780
	1,317		FHLMC STRIPS, 1.49%, 11/15/2036 (w)		1,314
			FNMA REMIC
	5,761		1.69%, 03/25/2046		5,799
	3,217		1.71%, 12/25/2040		3,237
	4,550		2.00%, 04/25/2041		4,485
	7,473		2.50%, 03/25/2041		7,484
	10,445		3.00%, 05/25/2041		10,614
	10,655		3.00%, 02/25/2043		10,858
	1,626		3.00%, 05/25/2044		1,651
	475		3.00%, 07/25/2045		482
	13,621		Series 2017-49, Class JA, 4.00%, 07/25/2053		14,317
		��	GNMA
	2,743		1.54%, 06/20/2043		2,748
	2,531		1.84%, 04/20/2038		2,561
	446		GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, 3.72%, 09/25/2034 (z)		449
			Impac CMB Trust
	105		Series 2004-6, Class 1A2, 2.02%, 10/25/2034 (z)		103
	664		Series 2005-2, Class 2A2, 2.04%, 04/25/2035 (z)		642
	384		Series 2005-4, Class 2A2, 2.00%, 05/25/2035 (z)		365
	406		Series 2005-4, Class 2B1, 3.71%, 05/25/2035 (z) (bb)		389
	271		Series 2005-4, Class 2M2, 2.36%, 05/25/2035 (z)		250
	284		JP Morgan Mortgage Trust, Series 2005-A8, Class 2A3, 3.43%, 11/25/2035 (z)		275
	341		MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 3.46%, 04/21/2034 (z)		349
	153		MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.50%, 07/25/2034		157
	71		Merrill Lynch Mortgage Investors Trust, Series 2005-1, Class 2A1, 3.15%, 04/25/2035 (z)		70
			Merrill Lynch Mortgage Investors Trust MLMI
	121		Series 2003-A4, Class 3A, 3.88%, 05/25/2033 (z)		120
	70		Series 2005-A2, Class A3, 2.97%, 02/25/2035 (z)		69

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
			Morgan Stanley Mortgage Loan Trust
	149		Series 2004-5AR, Class 4A, 3.52%, 07/25/2034 (z)		147
	407		Series 2004-7AR, Class 2A6, 3.40%, 09/25/2034 (z)		417
	305		Series 2004-11AR, Class 1A2A, 1.55%, 01/25/2035 (z)		296
	477		MortgageIT Trust, Series 2005-1, Class 1B1, 2.74%, 02/25/2035 (z) (bb)		443
			Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	578		Series 2005-4, Class 1A2, 1.63%, 11/25/2035 (z)		568
	907		Series 2005-5, Class 1APT, 1.52%, 12/25/2035 (z)		881
			Opteum Mortgage Acceptance Corp. Trust
	738		Series 2006-1, Class 1AC1, 1.54%, 04/25/2036 (z)		708
	1,034		Series 2006-1, Class 1APT, 1.45%, 04/25/2036 (z)		980
	—	(h)	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, 0.00%, 04/25/2018 (z)		—	(h)
			RALI Trust
	895		Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036		839
	85		Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		82
	49		Residential Asset Securitization Trust, Series 2004-A8, Class A1, 5.25%, 11/25/2034		49
			RFMSI Trust
	8		Series 2003-S15, Class A1, 4.50%, 08/25/2018		8
	12		Series 2003-S16, Class A2, 4.50%, 09/25/2018		12
	847		Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		815
	91		Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, 3.45%, 08/25/2035 (z)		91
			WaMu Mortgage Pass-Through Certificates Trust
	8		Series 2003-S8, Class A2, 5.00%, 09/25/2018		8
	45		Series 2004-CB2, Class 5A, 5.00%, 07/25/2019		45
	892		Series 2005-AR3, Class A1, 3.07%, 03/25/2035 (z)		877
	615		Series 2005-AR5, Class A6, 3.01%, 05/25/2035 (z)		619

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States — continued
	466	Series 2005-AR7, Class A3, 3.22%, 08/25/2035 (z)		468
	314	Series 2005-AR10, Class 1A3, 3.28%, 09/25/2035 (z)		313
	410	Series 2005-AR14, Class 1A4, 3.06%, 12/25/2035 (z)		400
	9	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.50%, 03/25/2018		9
		Wells Fargo Mortgage-Backed Securities Trust
	206	Series 2003-H, Class A1, 3.59%, 09/25/2033 (z)		210
	243	Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (z)		246
	264	Series 2003-M, Class A1, 3.46%, 12/25/2033 (z)		267
	160	Series 2004-H, Class A1, 3.35%, 06/25/2034 (z)		162
	77	Series 2004-K, Class 1A2, 3.48%, 07/25/2034 (z)		77
	192	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		193
	241	Series 2004-Z, Class 2A2, 3.08%, 12/25/2034 (z)		246
	744	Series 2004-CC, Class A1, 3.15%, 01/25/2035 (z)		758
	355	Series 2004-DD, Class 1A1, 3.12%, 01/25/2035 (z)		368
	125	Series 2004-EE, Class 2A2, 3.40%, 12/25/2034 (z)		128
	1,072	Series 2005-AR1, Class 1A1, 3.12%, 02/25/2035 (z)		1,091
	323	Series 2005-AR2, Class 2A2, 3.22%, 03/25/2035 (z)		327
	121	Series 2005-AR2, Class 3A1, 3.17%, 03/25/2035 (z)		123
	444	Series 2005-AR3, Class 1A1, 3.44%, 03/25/2035 (z)		455
	525	Series 2005-AR10, Class 2A1, 3.37%, 06/25/2035 (z)		538
	576	Series 2005-AR14, Class A1, 3.47%, 08/25/2035 (z)		583
	261	Series 2005-AR16, Class 6A3, 3.45%, 10/25/2035 (z)		262
	57	Series 2006-AR2, Class 2A3, 3.26%, 03/25/2036 (z)		57
	209	Series 2006-AR3, Class A3, 3.25%, 03/25/2036 (z)		207

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	562	Series 2006-AR6, Class 7A1, 3.50%, 03/25/2036 (z)		569
		Total Collateralized Mortgage Obligations (Cost $135,830)		136,752
	Commercial Mortgage-Backed Securities — 0.2%
		United States — 0.2%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	569	Series 2007-LD11, Class AM, 5.99%, 06/15/2049 (z)		582
	307	Series 2007-LDPX, Class AM, 5.46%, 01/15/2049 (z)		308
	373	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 5.90%, 07/15/2044 (z)		373
	1,540	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		1,230
		Morgan Stanley Capital I Trust,
	895	Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		895
	419	Series 2007-HQ11, Class AJ, 5.51%, 02/12/2044 (z)		409
	1,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, 5.97%, 04/15/2047 (z) (bb)		1,024
		Total Commercial Mortgage-Backed Securities (Cost $5,024)		4,821
SHARES
	Common Stocks — 56.8%
		Australia — 1.2%
	40	AMP Ltd.		153
	256	Australia & New Zealand Banking Group Ltd.		5,880
	207	BHP Billiton Ltd.		4,266
	45	Commonwealth Bank of Australia		2,663
	16	CSL Ltd.		1,658
	285	Dexus		2,137
	523	Goodman Group		3,352
	43	Macquarie Group Ltd.		3,237
	43	Oil Search Ltd.		243
	75	Wesfarmers Ltd.		2,397
	37	Westpac Banking Corp.		940
				26,926
		Austria — 0.2%
	19	ams AG (a)		1,746
	86	Erste Group Bank AG (a)		3,709
				5,455

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Belgium — 0.4%
	58	Anheuser-Busch InBev SA/NV		7,072
	19	KBC Group NV		1,557
				8,629
		Brazil — 0.5%
	297	Ambev SA, ADR		1,878
	143	CCR SA		794
	187	Cielo SA		1,279
	193	Itau Unibanco Holding SA (Preference)		2,493
	160	Lojas Renner SA (a)		1,683
	76	Ultrapar Participacoes SA		1,817
	3	Vale SA, ADR (a)		29
	15	Vale SA, ADR (a)		146
	149	WEG SA		974
				11,093
		Canada — 0.5%
	85	Brookfield Asset Management, Inc., Class A		3,572
	2	Fairfax Financial Holdings Ltd.		975
	24	Gildan Activewear, Inc.		739
	98	Waste Connections, Inc.		6,959
				12,245
		Chile — 0.1%
	45	Banco Santander Chile, ADR		1,409
		China — 1.0%
	30	Alibaba Group Holding Ltd., ADR (a)		5,454
	9	Baidu, Inc., ADR (a)		2,137
	569	CNOOC Ltd.		777
	58	JD.com, Inc., ADR (a)		2,158
	452	Ping An Insurance Group Co. of China Ltd., Class H		3,972
	197	Tencent Holdings Ltd.		8,845
	212	Tsingtao Brewery Co. Ltd., Class H		888
				24,231
		Denmark — 0.6%
	23	Chr Hansen Holding A/S		2,001
	32	Danske Bank A/S		1,222
	164	Novo Nordisk A/S, Class B		8,150
	14	Pandora A/S		1,333
				12,706
		Finland — 0.5%
	33	Cargotec OYJ, Class B		1,963
	608	Nokia OYJ		2,990
	254	Outokumpu OYJ		2,403

SHARES		SECURITY DESCRIPTION	VALUE
		Finland — continued
	59	UPM-Kymmene OYJ		1,759
	48	Wartsila OYJ Abp		3,115
				12,230
		France — 4.1%
	58	Air Liquide SA		7,351
	67	Airbus SE		6,836
	12	Atos SE		1,826
	299	AXA SA		9,025
	115	BNP Paribas SA		8,985
	43	Capgemini SE		5,260
	80	Credit Agricole SA		1,404
	199	Engie SA		3,365
	30	Faurecia		2,182
	6	Kering		2,722
	30	Pernod Ricard SA		4,566
	46	Renault SA		4,566
	106	Sanofi		10,025
	71	Schneider Electric SE (a)		6,210
	29	Societe Generale SA		1,623
	22	Sodexo SA		2,799
	134	TOTAL SA		7,474
	33	Vinci SA		3,273
	210	Vivendi SA		5,214
				94,706
		Germany — 3.6%
	28	adidas AG		6,190
	20	Allianz SE (Registered)		4,744
	18	BASF SE		1,938
	53	Bayer AG (Registered)		6,902
	67	Brenntag AG		3,777
	29	Covestro AG, Reg. S (e)		2,760
	80	Daimler AG (Registered)		6,689
	13	Delivery Hero AG, Reg. S (a) (e)		539
	33	Deutsche Boerse AG		3,396
	33	Deutsche Lufthansa AG (Registered)		1,066
	105	Deutsche Post AG (Registered)		4,814
	196	Deutsche Telekom AG (Registered)		3,554
	99	Evotec AG (a)		2,106
	9	Fraport AG Frankfurt Airport Services Worldwide		884
	8	Hannover Rueck SE		1,035
	10	HeidelbergCement AG		1,018
	33	Henkel AG & Co. KGaA (Preference)		4,612
	6	HOCHTIEF AG		972

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Germany — continued
	140	Infineon Technologies AG		3,866
	12	Linde AG (a)		2,600
	75	RWE AG (a)		1,885
	69	SAP SE		7,933
	39	Siemens AG (Registered)		5,668
	16	Siltronic AG (a)		2,452
	59	Uniper SE		1,670
				83,070
		Hong Kong — 0.9%
	1,177	AIA Group Ltd.		8,866
	178	CK Asset Holdings Ltd.		1,464
	323	CK Hutchison Holdings Ltd.		4,101
	9	Hang Seng Bank Ltd.		213
	64	I-CABLE Communications Ltd. (a)		2
	37	Jardine Matheson Holdings Ltd.		2,358
	337	Sands China Ltd.		1,591
	232	Wharf Holdings Ltd. (The)		2,113
				20,708
		India — 0.7%
	27	Dr Reddy’s Laboratories Ltd., ADR		966
	96	HDFC Bank Ltd., ADR		8,898
	259	Infosys Ltd., ADR		3,852
	82	Mahindra & Mahindra Ltd., Reg. S, GDR		1,709
	21	Mahindra & Mahindra Ltd., Reg. S, GDR		433
				15,858
		Indonesia — 0.2%
	2,272	Astra International Tbk. PT		1,340
	891	Bank Central Asia Tbk. PT		1,373
	1,245	Bank Rakyat Indonesia Persero Tbk. PT		1,433
	194	Unilever Indonesia Tbk. PT		709
				4,855
		Ireland — 0.1%
	26	Ryanair Holdings plc, ADR (a)		2,955
		Israel — 0.0% (g)
	71	Teva Pharmaceutical Industries Ltd., ADR		986
		Italy — 0.9%
	184	Assicurazioni Generali SpA		3,346
	85	Atlantia SpA		2,779
	856	Enel SpA		5,310
	9	Ferrari NV		1,128
	555	Intesa Sanpaolo SpA		1,866
	59	Moncler SpA		1,662

SHARES		SECURITY DESCRIPTION	VALUE
		Italy — continued
	2,206	Telecom Italia SpA (a)		1,909
	174	UniCredit SpA (a)		3,328
				21,328
		Japan — 5.2%
	93	Bridgestone Corp.		4,428
	18	Central Japan Railway Co.		3,215
	35	Daikin Industries Ltd.		3,901
	126	DMG Mori Co. Ltd.		2,541
	43	East Japan Railway Co.		4,199
	20	Electric Power Development Co. Ltd.		502
	392	Fujitsu Ltd.		3,055
	407	Hitachi Ltd.		3,241
	121	Honda Motor Co. Ltd.		3,779
	77	Japan Airlines Co. Ltd.		2,639
	108	Japan Tobacco, Inc.		3,572
	514	JXTG Holdings, Inc.		2,654
	58	KDDI Corp.		1,548
	3	Keyence Corp.		1,499
	102	Kyowa Hakko Kirin Co. Ltd.		1,883
	72	Kyushu Electric Power Co., Inc.		822
	69	Mabuchi Motor Co. Ltd.		3,642
	191	Marui Group Co. Ltd.		2,925
	100	Mazda Motor Corp.		1,445
	95	Medipal Holdings Corp.		1,757
	150	Mitsubishi Corp.		3,517
	928	Mitsubishi UFJ Financial Group, Inc.		6,297
	131	Mitsui Fudosan Co. Ltd.		3,053
	57	MS&AD Insurance Group Holdings, Inc.		1,926
	140	NGK Spark Plug Co. Ltd.		3,186
	28	Nidec Corp.		3,670
	104	Nippon Telegraph & Telephone Corp.		5,014
	35	Otsuka Corp.		2,400
	66	Otsuka Holdings Co. Ltd.		2,736
	304	Panasonic Corp.		4,584
	138	Renesas Electronics Corp. (a)		1,780
	141	Sekisui House Ltd.		2,637
	105	Seven & i Holdings Co. Ltd.		4,244
	41	Sony Corp.		1,699
	112	Sumitomo Mitsui Financial Group, Inc.		4,495
	39	Suntory Beverage & Food Ltd.		1,771
	49	Tokyo Gas Co. Ltd.		1,212
	284	Toray Industries, Inc.		2,871
	134	Toyota Motor Corp.		8,299

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Japan — continued
	131	Yamato Holdings Co. Ltd.		2,680
				121,318
		Luxembourg — 0.2%
	127	ArcelorMittal (a)		3,628
		Malaysia — 0.0% (g)
	152	Public Bank Bhd.		735
		Mexico — 0.1%
	154	Grupo Financiero Banorte SAB de CV, Class O		914
	504	Wal-Mart de Mexico SAB de CV		1,128
				2,042
		Netherlands — 1.8%
	69	ABN AMRO Group NV, Reg. S, CVA (e)		2,139
	29	AMG Advanced Metallurgical Group NV		1,404
	35	ASML Holding NV		6,340
	25	BE Semiconductor Industries NV		1,941
	32	Heineken NV		3,101
	493	ING Groep NV		9,117
	82	Koninklijke Philips NV		3,329
	35	NN Group NV		1,485
	167	Royal Dutch Shell plc, Class A		5,247
	237	Royal Dutch Shell plc, Class B		7,629
				41,732
		Norway — 0.1%
	265	Norsk Hydro ASA		2,050
		Peru — 0.1%
	8	Credicorp Ltd.		1,613
		Russia — 0.2%
	44	Magnit PJSC, Reg. S, GDR		1,251
	414	Sberbank of Russia PJSC		1,372
	104	Sberbank of Russia PJSC, ADR		1,485
				4,108
		Singapore — 0.2%
	325	DBS Group Holdings Ltd.		5,432
		South Africa — 0.4%
	24	Aspen Pharmacare Holdings Ltd.		535
	53	Bid Corp. Ltd.		1,166
	88	Bidvest Group Ltd. (The)		1,067
	13	Capitec Bank Holdings Ltd.		837
	414	FirstRand Ltd.		1,501
	34	Mr Price Group Ltd.		425
	54	MTN Group Ltd.		473

SHARES		SECURITY DESCRIPTION	VALUE
		South Africa — continued
	58	Remgro Ltd.		875
	103	RMB Holdings Ltd.		457
	176	Sanlam Ltd.		879
	70	Shoprite Holdings Ltd.		1,005
	30	Tiger Brands Ltd.		831
				10,051
		South Korea — 0.3%
	13	Hyundai Motor Co.		1,929
	2	Samsung Electronics Co. Ltd.		5,628
				7,557
		Spain — 0.7%
	6	Aena SME SA, Reg. S (e)		1,172
	807	Banco Santander SA		5,470
	638	Bankia SA		3,045
	506	Iberdrola SA		4,085
	80	Repsol SA		1,504
	186	Telefonica SA		1,953
				17,229
		Sweden — 0.4%
	60	Electrolux AB, Series B		2,114
	285	Svenska Handelsbanken AB, Class A		4,091
	105	Volvo AB, Class B		2,076
				8,281
		Switzerland — 3.1%
	44	Cie Financiere Richemont SA (Registered)		4,064
	159	Credit Suisse Group AG (Registered) (a)		2,509
	68	Ferguson plc		4,780
	2	Georg Fischer AG (Registered)		2,054
	68	LafargeHolcim Ltd. (Registered) (a)		3,821
	8	LafargeHolcim Ltd. (Registered) (a)		455
	65	Logitech International SA (Registered)		2,323
	5	Lonza Group AG (Registered) (a)		1,318
	146	Nestle SA (Registered)		12,243
	117	Novartis AG (Registered)		9,614
	4	Partners Group Holding AG		2,887
	35	Roche Holding AG		8,130
	149	STMicroelectronics NV		3,507
	4	Swiss Life Holding AG (Registered) (a)		1,562
	36	Swiss Re AG		3,383
	253	UBS Group AG (Registered) (a)		4,312
	12	VAT Group AG, Reg. S (a) (e)		1,522
	14	Zurich Insurance Group AG		4,160
				72,644

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Taiwan — 0.5%
	264	Delta Electronics, Inc.		1,269
	6	Largan Precision Co. Ltd.		1,137
	211	President Chain Store Corp.		1,897
	177	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,507
				11,810
		Thailand — 0.1%
	87	Siam Cement PCL (The) (Registered)		1,274
	239	Siam Commercial Bank PCL (The)		1,052
				2,326
		Turkey — 0.0% (g)
	121	KOC Holding A/S		540
		United Kingdom — 4.0%
	232	3i Group plc		2,956
	38	Associated British Foods plc		1,688
	66	AstraZeneca plc		4,494
	453	Aviva plc		3,042
	225	Barratt Developments plc		1,954
	678	BP plc		4,596
	135	British American Tobacco plc		8,698
	145	Burberry Group plc		3,668
	1,227	Centrica plc		2,766
	283	Dixons Carphone plc		652
	245	GlaxoSmithKline plc		4,402
	889	HSBC Holdings plc		8,683
	71	InterContinental Hotels Group plc		3,918
	158	International Consolidated Airlines Group SA		1,335
	1,101	ITV plc		2,406
	2,915	Lloyds Banking Group plc		2,642
	16	Micro Focus International plc, ADR (a)		565
	228	Prudential plc		5,602
	8	Reckitt Benckiser Group plc		721
	101	Rio Tinto Ltd.		5,371
	18	Rio Tinto plc		868
	437	Standard Chartered plc (a)		4,357
	626	Taylor Wimpey plc		1,659
	59	TechnipFMC plc (a)		1,599
	90	Unilever NV, CVA		5,252
	2,192	Vodafone Group plc		6,271
	18	Whitbread plc		879
	140	WPP plc		2,470
				93,514

SHARES			SECURITY DESCRIPTION	VALUE
			United States — 23.9%
	59		Acadia Healthcare Co., Inc. (a)		1,865
	19		Adobe Systems, Inc. (a)		3,320
	15		AdvanSix, Inc. (a)		703
	10		Aetna, Inc. (j)		1,633
	1		Alleghany Corp. (a)		676
	10		Allergan plc		1,734
	70		Ally Financial, Inc.		1,833
	7		Alphabet, Inc., Class A (a)		7,624
	15		Alphabet, Inc., Class C (a)		15,531
	29		Altice USA, Inc., Class A (a)		694
	10		Amazon.com, Inc. (j) (a)		11,174
	33		American Electric Power Co., Inc.		2,465
	54		American Express Co. (j)		5,166
	66		American Homes 4 Rent, Class A		1,407
	57		American International Group, Inc.		3,678
	30		Amphenol Corp., Class A		2,568
	28		Apache Corp.		1,156
	81		Apple, Inc.		13,644
	46		Applied Materials, Inc.		2,573
	11		Arista Networks, Inc. (a)		2,236
	19		Arrow Electronics, Inc. (a)		1,587
	18		Athene Holding Ltd., Class A (a)		943
	4		AutoZone, Inc. (a)		2,359
	67		Ball Corp.		2,880
	274		Bank of America Corp.		7,494
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		5,048
	35		Berry Global Group, Inc. (a)		2,098
	21		Best Buy Co., Inc.		1,193
	4		BlackRock, Inc.		1,965
	35		Brinker International, Inc.		1,060
	85		Brixmor Property Group, Inc.		1,492
	12		Broadcom Ltd.		3,229
	61		Capital One Financial Corp. (j)		5,648
	21		Carlisle Cos., Inc.		2,313
	21		Carnival plc		1,377
	11		Caterpillar, Inc.		1,518
	31		Cavium, Inc. (a)		2,171
	95		CBRE Group, Inc., Class A (a)		3,718
	41		CBS Corp. (Non-Voting), Class B		2,274
	153		Charles Schwab Corp. (The)		6,867
	6		Charter Communications, Inc., Class A (a)		1,912
	15		Chubb Ltd.		2,232
	6		Cigna Corp. (j)		1,132
	73		Cisco Systems, Inc.		2,487

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	46	Citigroup, Inc.		3,374
	71	Citizens Financial Group, Inc.		2,712
	63	Clear Channel Outdoor Holdings, Inc., Class A		239
	38	CNO Financial Group, Inc.		919
	123	Coca-Cola Co. (The)		5,636
	25	Columbia Sportswear Co.		1,530
	26	Comerica, Inc.		2,004
	42	CommScope Holding Co., Inc. (a)		1,342
	16	Concho Resources, Inc. (a)		2,170
	39	ConocoPhillips		2,014
	15	Constellation Brands, Inc., Class A		3,209
	49	Copart, Inc. (a)		1,762
	71	Corning, Inc.		2,229
	68	Coty, Inc., Class A		1,051
	20	Cummins, Inc.		3,468
	23	CVS Health Corp.		1,543
	120	Delta Air Lines, Inc.		5,983
	74	DISH Network Corp., Class A (a)		3,603
	21	Dover Corp.		1,969
	19	Dr Pepper Snapple Group, Inc.		1,589
	14	Duke Energy Corp.		1,231
	31	Eagle Materials, Inc.		3,271
	42	East West Bancorp, Inc.		2,542
	15	EastGroup Properties, Inc.		1,317
	65	Eaton Corp. plc		5,238
	13	Ecolab, Inc.		1,668
	21	Edison International		1,709
	40	Electronic Arts, Inc. (a)		4,732
	10	Energizer Holdings, Inc.		426
	51	Entercom Communications Corp., Class A (j)		559
	16	EOG Resources, Inc.		1,555
	26	EQT Corp.		1,637
	16	Estee Lauder Cos., Inc. (The), Class A		1,831
	21	Eversource Energy		1,336
	70	Evolent Health, Inc., Class A (a)		1,140
	28	Exact Sciences Corp. (a)		1,523
	12	Expedia, Inc.		1,472
	55	Exxon Mobil Corp. (j)		4,551
	56	Facebook, Inc., Class A (a)		10,127
	16	Fidelity National Information Services, Inc.		1,521
	57	Fifth Third Bancorp		1,657
	23	First Republic Bank		2,259
	14	Fiserv, Inc. (a)		1,753
	36	Fortune Brands Home & Security, Inc.		2,387

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	38	Gap, Inc. (The)		984
	14	Genuine Parts Co.		1,211
	34	Global Payments, Inc.		3,483
	50	GoDaddy, Inc., Class A (a)		2,336
	2	Goodman Private (a) (bb)		—
	77	Graphic Packaging Holding Co.		1,197
	19	Guidewire Software, Inc. (a)		1,489
	45	Hartford Financial Services Group, Inc. (The)		2,452
	22	HCA Healthcare, Inc. (a)		1,628
	94	Hewlett Packard Enterprise Co.		1,306
	36	Hilton Grand Vacations, Inc. (a)		1,494
	62	Hilton Worldwide Holdings, Inc.		4,450
	24	Home Depot, Inc. (The)		3,898
	20	Honeywell International, Inc.		2,840
	10	Humana, Inc.		2,611
	10	Illinois Tool Works, Inc. (j)		1,609
	11	Illumina, Inc. (a)		2,240
	122	Intel Corp.		5,561
	12	Intercept Pharmaceuticals, Inc. (a)		753
	5	Intuitive Surgical, Inc. (a)		1,995
	38	Invesco Ltd.		1,378
	14	Jazz Pharmaceuticals plc (a)		1,955
	12	John Bean Technologies Corp.		1,297
	30	Johnson & Johnson		4,191
	35	KapStone Paper and Packaging Corp.		796
	73	Kimco Realty Corp.		1,321
	99	Kinder Morgan, Inc.		1,792
	8	KLA-Tencor Corp.		848
	73	Kohl’s Corp.		3,042
	64	Kroger Co. (The)		1,316
	70	La Quinta Holdings, Inc. (a)		1,237
	10	Lam Research Corp.		2,045
	7	Lazard Ltd., Class A		330
	16	Lennox International, Inc.		3,080
	67	LKQ Corp. (a)		2,508
	87	Loews Corp. (j)		4,292
	22	M&T Bank Corp.		3,732
	38	Marathon Petroleum Corp.		2,275
	8	Marsh & McLennan Cos., Inc.		647
	9	Martin Marietta Materials, Inc.		1,950
	43	Mastercard, Inc., Class A		6,412
	54	Merck & Co., Inc.		2,973
	121	Microsoft Corp.		10,059
	15	Mid-America Apartment Communities, Inc.		1,513

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	9	Middleby Corp. (The) (a)		1,101
	22	Mohawk Industries, Inc. (a)		5,723
	22	Molson Coors Brewing Co., Class B		1,766
	27	Monster Beverage Corp. (a)		1,559
	36	Morgan Stanley		1,818
	18	Murphy USA, Inc. (a)		1,353
	20	Nasdaq, Inc.		1,483
	14	Netflix, Inc. (a)		2,722
	41	Newell Brands, Inc.		1,656
	24	Nexstar Media Group, Inc., Class A		1,545
	38	NextEra Energy, Inc.		5,891
	1	NII Holdings, Inc. (a)		—	(h)
	25	Nordstrom, Inc.		995
	20	Norfolk Southern Corp.		2,575
	12	Northern Trust Corp.		1,166
	2	Northrop Grumman Corp.		520
	31	Norwegian Cruise Line Holdings Ltd. (a)		1,718
	20	NVIDIA Corp. (j)		4,195
	24	Occidental Petroleum Corp.		1,580
	22	Old Dominion Freight Line, Inc.		2,652
	25	Oshkosh Corp.		2,296
	58	Outfront Media, Inc.		1,355
	9	Palo Alto Networks, Inc. (a)		1,384
	18	Park Hotels & Resorts, Inc.		513
	8	Parker-Hannifin Corp.		1,549
	62	PayPal Holdings, Inc. (a)		4,498
	43	PBF Energy, Inc., Class A		1,250
	1	Penn Virginia Corp. (a)		41
	7	PepsiCo, Inc.		772
	162	Pfizer, Inc.		5,693
	10	Philip Morris International, Inc.		1,065
	24	Phillips 66		2,189
	28	PNC Financial Services Group, Inc. (The)		3,891
	23	Post Holdings, Inc. (a)		1,899
	2	Priceline Group, Inc. (The) (j) (a)		3,711
	27	Procter & Gamble Co. (The)		2,333
	10	Prudential Financial, Inc.		1,146
	8	Public Storage		1,569
	18	QUALCOMM, Inc.		905
	12	Ralph Lauren Corp.		1,030
	58	Rayonier, Inc.		1,746
	3	Raytheon Co.		605
	10	Red Hat, Inc. (a)		1,245
	28	Revance Therapeutics, Inc. (a)		731

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	23		S&P Global, Inc.		3,562
	6		Sage Therapeutics, Inc. (a)		399
	35		salesforce.com, Inc. (a)		3,535
	6		Sempra Energy		712
	17		ServiceNow, Inc. (a)		2,103
	102		Shire plc		5,044
	8		Sinclair Broadcast Group, Inc., Class A		250
	55		Snap, Inc., Class A (a)		840
	49		Southwest Airlines Co.		2,623
	17		Spark Therapeutics, Inc. (a)		1,397
	36		Splunk, Inc. (a)		2,405
	42		Square, Inc., Class A (a)		1,564
	22		Stanley Black & Decker, Inc.		3,564
	—	(h)	Stone Energy Corp. (a)		12
	48		SunTrust Banks, Inc.		2,909
	37		T Rowe Price Group, Inc.		3,467
	16		Take-Two Interactive Software, Inc. (a)		1,794
	15		Target Corp.		903
	26		Teladoc, Inc. (a)		847
	5		Tesla, Inc. (a)		1,496
	33		Texas Instruments, Inc.		3,161
	158		TherapeuticsMD, Inc. (a)		744
	13		Thermo Fisher Scientific, Inc.		2,550
	13		Tiffany & Co.		1,213
	13		Time Warner, Inc.		1,271
	18		Travelers Cos., Inc. (The)		2,431
	16		TreeHouse Foods, Inc. (a)		1,056
	20		United Technologies Corp.		2,395
	76		UnitedHealth Group, Inc.		16,009
	29		Unum Group		1,490
	48		US Bancorp		2,603
	39		Vantiv, Inc., Class A (a)		2,702
	23		Veeva Systems, Inc., Class A (a)		1,395
	38		Verizon Communications, Inc.		1,804
	16		Vertex Pharmaceuticals, Inc. (a)		2,397
	63		Visa, Inc., Class A		6,948
	17		Vistra Energy Corp.		333
	18		VWR Corp. (a)		606
	19		WABCO Holdings, Inc. (a)		2,789
	18		Walgreens Boots Alliance, Inc.		1,203
	54		Wal-Mart Stores, Inc.		4,705
	20		Wayfair, Inc., Class A (a)		1,397
	135		Wells Fargo & Co. (j)		7,577
	38		WestRock Co.		2,303

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	28	Weyerhaeuser Co.		1,009
	50	Xcel Energy, Inc.		2,463
				556,405
		Total Common Stocks (Cost $1,129,307)		1,322,405
PRINCIAL AMOUNT/UNIT
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
		Liberty Interactive LLC,
	100	3.75%, 02/15/2030		69
	55	4.00%, 11/15/2029		39
		Total Convertible Bonds (Cost $96)		108
	Corporate Bonds — 12.5%
		Argentina — 0.1%
		Pampa Energia SA,
	100	Reg. S, 7.38%, 07/21/2023		109
	150	Reg. S, 7.50%, 01/24/2027		164
		YPF SA,
	90	6.95%, 07/21/2027 (e)		96
	651	Reg. S, 8.50%, 03/23/2021		736
	300	Reg. S, 8.75%, 04/04/2024		348
				1,453
		Australia — 0.0% (g)
		FMG Resources August 2006 Pty. Ltd.,
	93	4.75%, 05/15/2022 (e)		95
	110	5.13%, 05/15/2024 (e)		113
				208
		Azerbaijan — 0.0% (g)
	200	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/2030		220
		Bahrain — 0.0% (g)
	300	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		299
		Belgium — 0.1%
	900	Anheuser-Busch InBev Finance, Inc., 3.65%, 02/01/2026		929
	EUR 115	Nyrstar Netherlands Holdings BV, Reg. S, 6.88%, 03/15/2024		143
	EUR 450	Solvay Finance SA, Reg. S, (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (x) (y) (aa)		620
				1,692

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil — 0.2%
	200	Banco do Brasil SA, Reg. S, 5.88%, 01/26/2022		211
	300	Caixa Economica Federal, Reg. S, 4.50%, 10/03/2018		305
		JBS USA LUX SA,
	998	7.25%, 06/01/2021 (e)		1,018
	600	8.25%, 02/01/2020 (e)		608
	210	JSL Europe SA, 7.75%, 07/26/2024 (e)		223
	200	Minerva Luxembourg SA, Reg. S, 6.50%, 09/20/2026		209
		Petrobras Global Finance BV,
	613	6.00%, 01/27/2028 (e)		623
	200	6.13%, 01/17/2022		216
	630	6.85%, 06/05/2115		598
	190	7.38%, 01/17/2027		211
	615	8.38%, 05/23/2021		708
	40	8.75%, 05/23/2026		48
	200	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		214
				5,192
		Canada — 0.5%
	405	1011778 BC ULC, 4.25%, 05/15/2024 (e)		408
	100	ATS Automation Tooling Systems, Inc., 6.50%, 06/15/2023 (e)		105
		Baytex Energy Corp.,
	23	5.13%, 06/01/2021 (e)		22
	49	5.63%, 06/01/2024 (e)		45
		Bombardier, Inc.,
	134	6.00%, 10/15/2022 (e)		132
	192	6.13%, 01/15/2023 (e)		191
	1,012	8.75%, 12/01/2021 (e)		1,126
	285	Brookfield Finance, Inc., 4.70%, 09/20/2047		291
		Cenovus Energy, Inc.,
	92	4.25%, 04/15/2027 (e)		92
	265	5.25%, 06/15/2037 (e)		271
	618	5.40%, 06/15/2047 (e)		639
		Concordia International Corp.,
	421	7.00%, 04/15/2023 (e)		45
	359	9.00%, 04/01/2022 (e)		315
	387	Cott Holdings, Inc., 5.50%, 04/01/2025 (e)		399
	250	Emera US Finance LP, 4.75%, 06/15/2046		270
	175	Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024 (e)		186
	995	GW Honos Security Corp., 8.75%, 05/15/2025 (e)		1,060
	120	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		129

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Canada — continued
	579	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		558
		Mattamy Group Corp.,
	250	6.50%, 10/01/2025 (e)		260
	76	6.88%, 12/15/2023 (e)		80
	253	MEG Energy Corp., 6.38%, 01/30/2023 (e)		232
		NOVA Chemicals Corp.,
	192	4.88%, 06/01/2024 (e)		195
	147	5.00%, 05/01/2025 (e)		149
	96	5.25%, 06/01/2027 (e)		98
	323	Open Text Corp., 5.63%, 01/15/2023 (e)		338
		Precision Drilling Corp.,
	120	5.25%, 11/15/2024		112
	65	6.50%, 12/15/2021		66
	150	Quebecor Media, Inc., 5.75%, 01/15/2023		163
	240	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		242
		Teck Resources Ltd.,
	180	5.40%, 02/01/2043		184
	260	6.00%, 08/15/2040		288
	565	6.13%, 10/01/2035		640
	875	TransCanada PipeLines Ltd., 4.63%, 03/01/2034		970
		Videotron Ltd.,
	47	5.13%, 04/15/2027 (e)		49
	320	5.38%, 06/15/2024 (e)		346
				10,696
		Chile — 0.0% (g)
	300	Corp. Nacional del Cobre de Chile, Reg. S, 4.50%, 09/16/2025		323
	200	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		200
	200	Geopark Ltd., 6.50%, 09/21/2024 (e)		205
	200	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		211
				939
		China — 0.1%
	200	Bluestar Finance Holdings Ltd., Reg. S, 3.13%, 09/30/2019		201
	200	Fortune Star BVI Ltd., Reg. S, 5.25%, 03/23/2022		200
	260	GOME Electrical Appliances Holding Ltd., Reg. S, 5.00%, 03/10/2020		264
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		198

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		China — continued
	200	Huarong Finance II Co. Ltd., Reg. S, 2.75%, 06/03/2019		199
	500	Logan Property Holdings Co. Ltd., Reg. S, 5.25%, 02/23/2023		490
	200	Moon Wise Global Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 12.37%), 9.00%, 01/28/2019 (x) (y) (aa)		212
	200	Rock International Investment, Inc., Reg. S, 6.63%, 03/27/2020		194
	200	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.10%, 04/28/2045		204
	EUR 108	SMCP Group SAS, Reg. S, 5.88%, 05/01/2023		137
	200	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.70%, 06/10/2025		207
	200	Times Property Holdings Ltd., Reg. S, 6.25%, 01/23/2020		206
				2,712
		Colombia — 0.0% (g)
	150	Banco GNB Sudameris SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 04/03/2027 (e) (aa)		155
		Ecopetrol SA,
	470	5.38%, 06/26/2026		502
	200	5.88%, 09/18/2023		226
				883
		Congo, Democratic Republic of the — 0.0% (g)
	240	HTA Group Ltd., Reg. S, 9.13%, 03/08/2022		257
		Costa Rica — 0.0% (g)
	200	Banco Nacional de Costa Rica, Reg. S, 5.88%, 04/25/2021		208
		Ecuador — 0.0% (g)
	200	Petroamazonas EP, Reg. S, 4.63%, 02/16/2020		193
		Finland — 0.0% (g)
		Nokia OYJ,
	15	3.38%, 06/12/2022		15
	15	4.38%, 06/12/2027		15
	251	6.63%, 05/15/2039		286
				316
		France — 0.4%
	EUR 300	Arkema SA, Reg. S, (EUR Swap Annual 5 Year + 4.35%), 4.75%, 10/29/2020 (x) (y) (aa)		383
	EUR 100	Autodis SA, Reg. S, 4.38%, 05/01/2022		120

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		France — continued
	EUR 500	Casino Guichard Perrachon SA, Reg. S, 4.50%, 03/07/2024		658
	EUR 150	CMA CGM SA, Reg. S, 6.50%, 07/15/2022		188
	EUR 250	Europcar Groupe SA, Reg. S, 5.75%, 06/15/2022		308
	EUR 200	Fnac Darty SA, Reg. S, 3.25%, 09/30/2023		246
	EUR 350	Horizon Holdings I SAS, Reg. S, 7.25%, 08/01/2023		434
	EUR 350	La Financiere Atalian SAS, Reg. S, 4.00%, 05/15/2024		428
	EUR 400	Loxam SAS, Reg. S, 3.50%, 05/03/2023		486
	EUR 200	NEW Areva Holding SA, 4.88%, 09/23/2024		263
	EUR 450	Novafives SAS, Reg. S, 4.50%, 06/30/2021		534
	EUR 500	Peugeot SA, Reg. S, 2.38%, 04/14/2023		619
		Rexel SA,
	EUR 100	Reg. S, 2.63%, 06/15/2024		120
	EUR 200	Reg. S, 3.50%, 06/15/2023		245
		SFR Group SA,
	400	6.00%, 05/15/2022 (e)		417
	450	6.25%, 05/15/2024 (e)		472
	334	7.38%, 05/01/2026 (e)		359
	EUR 750	Reg. S, 5.63%, 05/15/2024		950
	200	Societe Generale SA, (USD Swap Semi 5 Year + 6.24%), 7.30%, 09/13/2021 (e) (x) (y) (aa)		221
	EUR 200	Vallourec SA, Reg. S, 2.25%, 09/30/2024		192
	EUR 300	Verallia Packaging SASU, Reg. S, 5.13%, 08/01/2022		369
				8,012
		Germany — 0.3%
	EUR 137	CBR Fashion Finance BV, 5.13%, 10/01/2022 (e)		161
	EUR 300	CeramTec Group GmbH, Reg. S, 8.25%, 08/15/2021		369
	EUR 200	Douglas GmbH, Reg. S, 6.25%, 07/15/2022		249
		Hapag-Lloyd AG,
	EUR 180	5.13%, 07/15/2024 (e)		221
	EUR 100	Reg. S, 6.75%, 02/01/2022		127
	EUR 550	IHO Verwaltungs GmbH, 3.25%, (cash), 09/15/2023 (v)		672
	EUR 100	Nidda Healthcare Holding AG, 3.50%, 09/30/2024 (e)		119
	EUR 350	ProGroup AG, Reg. S, 5.13%, 05/01/2022		426
		thyssenkrupp AG,
	EUR 200	Reg. S, 1.75%, 11/25/2020		243
	EUR 1,000	Reg. S, 2.75%, 03/08/2021		1,245

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany — continued
		Unitymedia GmbH,
	255	6.13%, 01/15/2025 (e)		272
	EUR 450	Reg. S, 3.75%, 01/15/2027		546
	EUR 400	Unitymedia Hessen GmbH & Co. KG, Reg. S, 4.00%, 01/15/2025		496
	EUR 400	WEPA Hygieneprodukte GmbH, Reg. S, 3.75%, 05/15/2024		486
				5,632
		Greece — 0.0% (g)
	EUR 200	Crystal Almond SARL, Reg. S, 10.00%, 11/01/2021		263
		OTE plc,
	EUR 200	Reg. S, 3.50%, 07/09/2020		247
	EUR 200	Reg. S, 7.88%, 02/07/2018		237
				747
		Guatemala — 0.0% (g)
		Central American Bottling Corp.,
	50	5.75%, 01/31/2027 (e)		53
	60	Reg. S, 5.75%, 01/31/2027		63
	200	Comcel Trust, Reg. S, 6.88%, 02/06/2024		211
				327
		Hong Kong — 0.0% (g)
	200	King Power Capital Ltd., Reg. S, 5.63%, 11/03/2024		226
	200	Radiant Access Ltd., Reg. S, 4.60%, 05/18/2020 (x) (y)		195
				421
		Hungary — 0.0% (g)
	200	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.25%, 10/21/2020		220
		India — 0.0% (g)
	200	Greenko Dutch BV, 5.25%, 07/24/2024 (e)		204
	200	IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019		201
	240	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		247
				652
		Indonesia — 0.1%
	260	APL Realty Holdings Pte. Ltd., Reg. S, 5.95%, 06/02/2024		265
	200	Listrindo Capital BV, Reg. S, 4.95%, 09/14/2026		203
		Minejesa Capital BV,
	270	4.63%, 08/10/2030 (e)		275
	300	5.63%, 08/10/2037 (e)		319

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Indonesia — continued
		Pertamina Persero PT,
	200	Reg. S, 6.45%, 05/30/2044		242
	200	Reg. S, 6.50%, 05/27/2041		241
	200	Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027		201
	400	Saka Energi Indonesia PT, 4.45%, 05/05/2024 (e)		407
				2,153
		Ireland — 0.2%
	EUR 300	Allied Irish Banks plc, Reg. S, (EUR Swap Annual 5 Year + 3.95%), 4.12%, 11/26/2025 (aa)		377
		Ardagh Packaging Finance plc,
	200	7.25%, 05/15/2024 (e)		220
	EUR 250	Reg. S, 2.75%, 03/15/2024		300
	EUR 200	Reg. S, 4.13%, 05/15/2023		248
	EUR 500	Reg. S, 6.75%, 05/15/2024		651
	EUR 200	Bank of Ireland, Reg. S, (EUR Swap Annual 5 Year + 3.55%), 4.25%, 06/11/2024 (aa)		246
	200	C&W Senior Financing Designated Activity Co., 6.88%, 09/15/2027 (e)		209
	EUR 200	eircom Finance DAC, Reg. S, 4.50%, 05/31/2022		243
		Park Aerospace Holdings Ltd.,
	65	4.50%, 03/15/2023 (e)		65
	205	5.25%, 08/15/2022 (e)		213
	337	5.50%, 02/15/2024 (e)		350
	EUR 600	Smurfit Kappa Acquisitions ULC, Reg. S, 3.25%, 06/01/2021		759
				3,881
		Israel — 0.1%
	1,405	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/2046		1,118
		Italy — 0.2%
	EUR 300	Buzzi Unicem SpA, Reg. S, 2.13%, 04/28/2023		371
	EUR 300	Enel SpA, Reg. S, (EUR Swap Annual 5 Year + 3.65%), 5.00%, 01/15/2075 (aa)		381
		Leonardo SpA,
	EUR 100	4.50%, 01/19/2021		133
	EUR 650	4.88%, 03/24/2025		942
	EUR 300	N&W Global Vending SpA, Reg. S, 7.00%, 10/15/2023		375
	EUR 125	Saipem Finance International BV, Reg. S, 3.75%, 09/08/2023		158
		Telecom Italia Capital SA,
	140	6.00%, 09/30/2034		157

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Italy — continued
	192	6.38%, 11/15/2033		223
	63	7.20%, 07/18/2036		78
	26	7.72%, 06/04/2038		33
	EUR 100	Telecom Italia Finance SA, 7.75%, 01/24/2033		181
		Telecom Italia SpA,
	EUR 500	Reg. S, 3.25%, 01/16/2023		651
	EUR 375	Reg. S, 3.63%, 05/25/2026		500
	EUR 800	Wind Acquisition Finance SA, Reg. S, 7.00%, 04/23/2021		966
	271	Wind Tre SpA, 5.00%, 01/20/2026 (e)		273
				5,422
		Jamaica — 0.0% (g)
	200	Digicel Group Ltd., Reg. S, 8.25%, 09/30/2020		198
		Japan — 0.1%
		SoftBank Group Corp.,
	200	4.50%, 04/15/2020 (e)		207
	EUR 300	Reg. S, 4.00%, 07/30/2022		382
	EUR 400	Reg. S, 4.75%, 07/30/2025		524
	EUR 175	Reg. S, 5.25%, 07/30/2027		233
				1,346
		Jordan — 0.0% (g)
	370	Hikma Pharmaceuticals plc, Reg. S, 4.25%, 04/10/2020		374
		Kazakhstan — 0.1%
	470	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		526
		KazMunayGas National Co. JSC,
	200	Reg. S, 3.88%, 04/19/2022		202
	200	Reg. S, 4.75%, 04/19/2027		205
	400	Reg. S, 7.00%, 05/05/2020		436
	350	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		364
				1,733
		Luxembourg — 0.4%
		Altice Financing SA,
	650	7.50%, 05/15/2026 (e)		714
	EUR 200	Reg. S, 5.25%, 02/15/2023		245
		Altice Luxembourg SA,
	400	7.63%, 02/15/2025 (e)		434
	200	7.75%, 05/15/2022 (e)		212
	EUR 600	Reg. S, 6.25%, 02/15/2025		772
	EUR 300	Reg. S, 7.25%, 05/15/2022		372

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Luxembourg — continued
		ArcelorMittal,
	475	6.75%, 02/25/2022		546
	63	7.25%, 03/01/2041		77
	268	7.50%, 10/15/2039		335
	EUR 850	Reg. S, 3.13%, 01/14/2022		1,094
	EUR 350	Auris Luxembourg II SA, Reg. S, 8.00%, 01/15/2023		429
	EUR 150	Galapagos SA, Reg. S, 5.38%, 06/15/2021		175
	EUR 150	INEOS Group Holdings SA, Reg. S, 5.38%, 08/01/2024		189
		Intelsat Jackson Holdings SA,
	325	5.50%, 08/01/2023		278
	337	7.25%, 10/15/2020		324
	530	7.50%, 04/01/2021		502
	432	8.00%, 02/15/2024 (e)		460
	160	9.75%, 07/15/2025 (e)		161
	EUR 400	Matterhorn Telecom Holding SA, Reg. S, 4.88%, 05/01/2023		482
	EUR 275	Monitchem HoldCo 2 SA, Reg. S, 6.88%, 06/15/2022		305
	EUR 400	SES SA, Reg. S, (EUR Swap Annual 5 Year + 4.66%), 4.62%, 01/02/2022 (x) (y) (aa)		504
	EUR 450	SIG Combibloc Holdings SCA, Reg. S, 7.75%, 02/15/2023		553
	EUR 200	Telenet Finance VI Luxembourg SCA, Reg. S, 4.88%, 07/15/2027		258
				9,421
		Mauritius — 0.0% (g)
	260	Liquid Telecommunications Financing plc, 8.50%, 07/13/2022 (e)		276
	200	Neerg Energy Ltd., Reg. S, 6.00%, 02/13/2022		206
				482
		Mexico — 0.3%
	200	Banco Nacional de Comercio Exterior SNC, Reg. S, 4.38%, 10/14/2025		207
	400	BBVA Bancomer SA, Reg. S, 4.38%, 04/10/2024		417
		Cemex SAB de CV,
	300	5.70%, 01/11/2025 (e)		316
	1,060	6.13%, 05/05/2025 (e)		1,131
	400	7.75%, 04/16/2026 (e)		453
	300	Grupo KUO SAB de CV, Reg. S, 5.75%, 07/07/2027		306
	200	Mexichem SAB de CV, 5.50%, 01/15/2048 (e)		194
	400	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		397

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
		Petroleos Mexicanos,
	450	6.50%, 03/13/2027 (e)		491
	1,370	6.75%, 09/21/2047 (e)		1,412
	290	6.88%, 08/04/2026		326
	100	Reg. S, (ICE LIBOR USD 3 Month + 3.65%), 4.97%, 03/11/2022 (aa)		109
	1,400	Reg. S, 5.38%, 03/13/2022		1,485
	400	Reg. S, 6.50%, 03/13/2027		436
				7,680
		Morocco — 0.0% (g)
	200	OCP SA, Reg. S, 6.88%, 04/25/2044		226
		Netherlands — 0.1%
		Constellium NV,
	250	6.63%, 03/01/2025 (e)		260
	EUR 150	Reg. S, 4.63%, 05/15/2021		178
	EUR 200	Hema Bondco II BV, 8.50%, 01/15/2023 (e)		245
	400	NXP BV, 4.63%, 06/15/2022 (e)		428
	EUR 250	UPCB Finance IV Ltd., Reg. S, 4.00%, 01/15/2027		310
	EUR 200	UPCB Finance VII Ltd., 3.63%, 06/15/2029 (e)		234
	EUR 300	Ziggo Bond Finance BV, Reg. S, 4.63%, 01/15/2025		373
		Ziggo Secured Finance BV,
	180	5.50%, 01/15/2027 (e)		184
	EUR 250	Reg. S, 3.75%, 01/15/2025		306
				2,518
		New Zealand — 0.0% (g)
		Reynolds Group Issuer, Inc.,
	410	5.13%, 07/15/2023 (e)		427
	65	6.88%, 02/15/2021		66
				493
		Nigeria — 0.0% (g)
	288	Fidelity Bank plc, 10.50%, 10/16/2022 (e)		292
	280	IHS Netherlands Holdco BV, Reg. S, 9.50%, 10/27/2021		297
				589
		Norway — 0.0% (g)
	200	DNO ASA, Reg. S, 8.75%, 06/18/2020 (e)		197
		Panama — 0.0% (g)
	200	Banistmo SA, 3.65%, 09/19/2022 (e)		199

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Peru — 0.1%
	200	Fondo MIVIVIENDA SA, Reg. S, 3.50%, 01/31/2023		204
	200	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		212
		Petroleos del Peru SA,
	200	Reg. S, 4.75%, 06/19/2032		205
	200	Reg. S, 5.63%, 06/19/2047		210
	150	Union Andina de Cementos SAA, Reg. S, 5.88%, 10/30/2021		157
				988
		Portugal — 0.0% (g)
	EUR 100	EDP — Energias de Portugal SA, Reg. S, (EUR Swap Annual 5 Year + 5.04%), 5.38%, 09/16/2075 (aa)		130
		Qatar — 0.1%
	890	ABQ Finance Ltd., Reg. S, 3.50%, 02/22/2022		878
	495	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		512
				1,390
		Russia — 0.1%
	200	GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024		204
		Metalloinvest Finance DAC,
	200	4.85%, 05/02/2024 (e)		203
	200	Reg. S, 4.85%, 05/02/2024		204
	200	Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022		219
		Vnesheconombank Via VEB Finance plc,
	200	Reg. S, 5.94%, 11/21/2023		217
	300	Reg. S, 6.03%, 07/05/2022		326
				1,373
		Singapore — 0.0% (g)
	300	Olam International Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.29%), 5.35%, 07/20/2021 (x) (y) (aa)		304
		South Africa — 0.1%
		Eskom Holdings SOC Ltd.,
	200	Reg. S, 6.75%, 08/06/2023		204
	200	Reg. S, 7.13%, 02/11/2025		205
	230	MTN Mauritius Investment Ltd., Reg. S, 6.50%, 10/13/2026		249
	530	Stillwater Mining Co., 6.13%, 06/27/2022 (e)		538
				1,196

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Spain — 0.2%
	EUR 300	Bankia SA, Reg. S, (EUR Swap Annual 5 Year + 3.35%), 3.38%, 03/15/2027 (aa)		367
	EUR 100	CaixaBank SA, Reg. S, (EUR Swap Annual 5 Year + 3.35%), 3.50%, 02/15/2027 (aa)		124
	EUR 300	Cellnex Telecom SA, Reg. S, 2.88%, 04/18/2025		371
	EUR 500	Cirsa Funding Luxembourg SA, Reg. S, 5.75%, 05/15/2021		614
	EUR 391	eDreams ODIGEO SA, Reg. S, 8.50%, 08/01/2021		493
	EUR 400	Gas Natural Fenosa Finance BV, Reg. S, (EUR Swap Annual 8 Year + 3.35%), 4.12%, 11/18/2022 (x) (y) (aa)		507
	EUR 200	Repsol International Finance BV, Reg. S, (EUR Swap Annual 10 Year + 4.20%), 4.50%, 03/25/2075 (aa)		260
	810	Telefonica Emisiones SAU, 5.21%, 03/08/2047		891
		Telefonica Europe BV,
	EUR 600	Reg. S, (EUR Swap Annual 6 Year + 3.80%), 5.00%, 03/31/2020 (x) (y) (aa)		760
	EUR 500	Reg. S, (EUR Swap Annual 8 Year + 5.59%), 7.62%, 09/18/2021 (x) (y) (aa)		711
				5,098
		Sweden — 0.0% (g)
	EUR 150	Telefonaktiebolaget LM Ericsson, Reg. S, 1.88%, 03/01/2024		172
	EUR 504	Verisure Holding AB, Reg. S, 6.00%, 11/01/2022		633
				805
		Switzerland — 0.0% (g)
	EUR 400	Dufry Finance SCA, Reg. S, 4.50%, 08/01/2023		495
		Trinidad and Tobago — 0.0% (g)
	150	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.75%, 08/14/2019		158
		Tunisia — 0.0% (g)
	500	Banque Centrale de Tunisie International Bond, Reg. S, 5.75%, 01/30/2025		497
		Turkey — 0.1%
	570	Finansbank A/S, Reg. S, 4.88%, 05/19/2022		561
	551	TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e)		540
	300	Turkiye Is Bankasi, 6.13%, 04/25/2024 (e)		299
	200	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.25%, 05/09/2020		203
				1,603

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Ukraine — 0.0% (g)
	200	State Savings Bank of Ukraine, Reg. S, , SUB, 9.38%, 03/10/2023		213
		United Arab Emirates — 0.1%
		DAE Funding LLC,
	141	4.50%, 08/01/2022 (e)		144
	151	5.00%, 08/01/2024 (e)		154
	590	EA Partners I BV, Reg. S, 6.88%, 09/28/2020		457
	900	MAF Global Securities Ltd., Reg. S, (USD Swap Semi 5 Year + 5.70%), 7.13%, 10/29/2018 (x) (y) (aa)		928
	384	Shelf Drilling Holdings Ltd., 9.50%, 11/02/2020 (e)		390
				2,073
		United Kingdom — 0.4%
	400	Ashtead Capital, Inc., 5.63%, 10/01/2024 (e)		426
	300	Barclays plc, (USD Swap Semi 5 Year + 6.71%), 8.25%, 12/15/2018 (x) (y) (aa)		319
		BAT Capital Corp.,
	265	4.39%, 08/15/2037 (e)		274
	965	4.54%, 08/15/2047 (e)		984
	GBP 125	Cabot Financial Luxembourg SA, Reg. S, 7.50%, 10/01/2023		182
	EUR 200	CNH Industrial Finance Europe SA, Reg. S, 2.88%, 05/17/2023		260
		Fiat Chrysler Automobiles NV,
	463	5.25%, 04/15/2023		492
	EUR 250	Reg. S, 3.75%, 03/29/2024		321
		Iceland Bondco plc,
	GBP 126	4.63%, 03/15/2025 (e)		162
	GBP 150	Reg. S, 6.75%, 07/15/2024		214
	218	Jaguar Land Rover Automotive plc, 4.50%, 10/01/2027 (e)		216
	282	KCA Deutag UK Finance plc, 7.25%, 05/15/2021 (e)		271
	GBP 250	New Look Secured Issuer plc, Reg. S, 6.50%, 07/01/2022		200
		Noble Holding International Ltd.,
	24	5.25%, 03/15/2042		15
	135	6.20%, 08/01/2040		91
	GBP 100	Pizzaexpress Financing 2 plc, Reg. S, 6.63%, 08/01/2021		129
	555	Reynolds American, Inc., 4.45%, 06/12/2025		597
		Royal Bank of Scotland Group plc,
	1,147	6.10%, 06/10/2023		1,277
	335	6.13%, 12/15/2022		372

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	200	(USD Swap Semi 5 Year + 5.80%), 7.50%, 08/10/2020 (x) (y) (aa)		214
	200	(USD Swap Semi 5 Year + 7.60%), 8.63%, 08/15/2021 (x) (y) (aa)		227
	EUR 450	Synlab Unsecured Bondco plc, Reg. S, 8.25%, 07/01/2023		575
	EUR 700	Tesco Corporate Treasury Services plc, Reg. S, 2.50%, 07/01/2024		879
		Virgin Media Finance plc,
	600	6.38%, 04/15/2023 (e)		626
	EUR 200	Reg. S, 4.50%, 01/15/2025		246
	EUR 500	Worldpay Finance plc, Reg. S, 3.75%, 11/15/2022		650
				10,219
		United States — 8.0%
	1,035	21st Century Fox America, Inc., 4.95%, 10/15/2045		1,143
	695	Abbott Laboratories, 4.75%, 11/30/2036		765
	700	AbbVie, Inc., 4.45%, 05/14/2046		736
		Acadia Healthcare Co., Inc.,
	336	5.63%, 02/15/2023		345
	40	6.13%, 03/15/2021		41
	115	6.50%, 03/01/2024		121
	125	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		130
	723	ACE Cash Express, Inc., 11.00%, 02/01/2019 (e)		719
	EUR 100	Adient Global Holdings Ltd., Reg. S, 3.50%, 08/15/2024		123
	735	ADT Corp. (The), 4.13%, 06/15/2023		747
		AECOM,
	548	5.13%, 03/15/2027		564
	440	5.88%, 10/15/2024		485
	360	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		329
	107	Airxcel, Inc., 8.50%, 02/15/2022 (e)		113
	230	AK Steel Corp., 7.00%, 03/15/2027		232
		Albertsons Cos. LLC,
	282	5.75%, 03/15/2025		248
	1,063	6.63%, 06/15/2024		999
	257	Alcoa Nederland Holding BV, 6.75%, 09/30/2024 (e)		286
	292	Alere, Inc., 6.50%, 06/15/2020		297
		Aleris International, Inc.,
	35	7.88%, 11/01/2020		35
	120	9.50%, 04/01/2021 (e)		128
	725	Allergan Funding SCS, 4.55%, 03/15/2035		762

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Alliance Data Systems Corp.,
	323	5.38%, 08/01/2022 (e)		329
	170	5.88%, 11/01/2021 (e)		176
	81	Allison Transmission, Inc., 4.75%, 10/01/2027 (e)		82
		Ally Financial, Inc.,
	421	4.13%, 02/13/2022		438
	515	4.63%, 03/30/2025		548
	710	5.13%, 09/30/2024		777
	400	5.75%, 11/20/2025		442
	253	8.00%, 11/01/2031		335
		Altice US Finance I Corp.,
	465	5.38%, 07/15/2023 (e)		485
	372	5.50%, 05/15/2026 (e)		387
	915	Altria Group, Inc., 3.88%, 09/16/2046		894
		Amazon.com, Inc.,
	460	4.05%, 08/22/2047 (e)		475
	755	4.25%, 08/22/2057 (e)		792
		AMC Entertainment Holdings, Inc.,
	105	5.75%, 06/15/2025		102
	123	5.88%, 11/15/2026		120
	126	6.13%, 05/15/2027		125
		AMC Networks, Inc.,
	203	4.75%, 08/01/2025		203
	130	5.00%, 04/01/2024		132
		American Axle & Manufacturing, Inc.,
	486	6.25%, 04/01/2025 (e)		498
	489	6.50%, 04/01/2027 (e)		500
	197	American Greetings Corp., 7.88%, 02/15/2025 (e)		214
		American International Group, Inc.,
	815	3.88%, 01/15/2035		806
	325	4.80%, 07/10/2045		356
		AmeriGas Partners LP,
	62	5.63%, 05/20/2024		66
	193	5.75%, 05/20/2027		197
	127	5.88%, 08/20/2026		132
	770	Amgen, Inc., 4.40%, 05/01/2045		811
	164	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		169
	30	Analog Devices, Inc., 4.50%, 12/05/2036		32
		Antero Resources Corp.,
	511	5.13%, 12/01/2022		525
	132	5.38%, 11/01/2021		136
	45	Archrock Partners LP, 6.00%, 10/01/2022		45

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Arconic, Inc.,
	408	5.13%, 10/01/2024		438
	100	5.95%, 02/01/2037		108
		AT&T, Inc.,
	600	4.35%, 06/15/2045		536
	710	4.50%, 03/09/2048		643
	545	5.25%, 03/01/2037		570
	440	5.30%, 08/14/2058		435
		Avaya, Inc.,
	561	7.00%, 04/01/2019 (d) (e)		471
	205	10.50%, 03/01/2021 (d) (e)		13
	85	Avis Budget Car Rental LLC, 5.25%, 03/15/2025 (e)		83
	EUR 200	Axalta Coating Systems LLC, Reg. S, 4.25%, 08/15/2024		251
	120	B&G Foods, Inc., 5.25%, 04/01/2025		123
		Ball Corp.,
	100	4.00%, 11/15/2023		103
	EUR 300	4.38%, 12/15/2023		401
		Bank of America Corp.,
	1,165	(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 01/20/2028 (aa)		1,200
	360	4.88%, 04/01/2044		413
	218	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		243
	560	Becton Dickinson and Co., 4.67%, 06/06/2047		585
		Berry Global, Inc.,
	330	5.13%, 07/15/2023		347
	40	5.50%, 05/15/2022		41
	584	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		711
	80	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		83
	109	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		111
		Boyd Gaming Corp.,
	120	6.38%, 04/01/2026		132
	72	6.88%, 05/15/2023		77
	720	Brighthouse Financial, Inc., 4.70%, 06/22/2047 (e)		712
	152	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		151
	215	BWAY Holding Co., 5.50%, 04/15/2024 (e)		224
	438	Cablevision Systems Corp., 8.00%, 04/15/2020		485
		CalAtlantic Group, Inc.,
	83	5.25%, 06/01/2026		89
	300	5.88%, 11/15/2024		334

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	152	Caleres, Inc., 6.25%, 08/15/2023		160
	131	California Resources Corp., 8.00%, 12/15/2022 (e)		87
	182	Callon Petroleum Co., 6.13%, 10/01/2024		189
		Calpine Corp.,
	370	5.25%, 06/01/2026 (e)		370
	4	5.38%, 01/15/2023		4
	20	5.50%, 02/01/2024		19
	7	5.75%, 01/15/2025		7
	450	5.88%, 01/15/2024 (e)		466
	22	Calumet Specialty Products Partners LP, 6.50%, 04/15/2021		22
	301	Camelot Finance SA, 7.88%, 10/15/2024 (e)		324
	419	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		426
	68	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		69
	122	CB Escrow Corp., 8.00%, 10/15/2025 (e)		126
	175	CBS Corp., 4.60%, 01/15/2045		175
	103	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		107
		CCO Holdings LLC,
	402	5.00%, 02/01/2028 (e)		399
	155	5.13%, 05/01/2027 (e)		156
	470	5.50%, 05/01/2026 (e)		482
	644	5.75%, 02/15/2026 (e)		673
	1,064	5.88%, 04/01/2024 (e)		1,133
	105	CDW LLC, 5.00%, 09/01/2023		110
		Cedar Fair LP,
	5	5.38%, 06/01/2024		5
	150	5.38%, 04/15/2027 (e)		159
	610	Celgene Corp., 4.35%, 11/15/2047 (w)		608
		Centene Corp.,
	455	4.75%, 01/15/2025		470
	195	5.63%, 02/15/2021		202
	220	6.13%, 02/15/2024		237
		CenturyLink, Inc.,
	80	Series S, 6.45%, 06/15/2021		84
	80	Series T, 5.80%, 03/15/2022		81
	18	Series W, 6.75%, 12/01/2023		19
	62	Series Y, 7.50%, 04/01/2024		66
		CF Industries, Inc.,
	121	4.50%, 12/01/2026 (e)		128
	260	5.15%, 03/15/2034		259
		Charter Communications Operating LLC,
	1,060	6.38%, 10/23/2035		1,228
	275	6.48%, 10/23/2045		317

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	190	Chemours Co. (The), 7.00%, 05/15/2025		212
		Cheniere Corpus Christi Holdings LLC,
	270	5.88%, 03/31/2025		292
	130	7.00%, 06/30/2024		149
	98	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		101
		Chesapeake Energy Corp.,
	281	4.88%, 04/15/2022		261
	22	5.75%, 03/15/2023		20
	181	6.13%, 02/15/2021		182
	273	8.00%, 01/15/2025 (e)		272
	258	8.00%, 06/15/2027 (e)		251
	210	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		209
	100	Cinemark USA, Inc., 4.88%, 06/01/2023		102
	474	CIT Group, Inc., 5.00%, 08/15/2022		510
	404	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		415
		Citigroup, Inc.,
	985	(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 01/10/2028 (aa)		1,015
	308	4.65%, 07/30/2045		343
	240	Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		273
		Claire’s Stores, Inc.,
	159	6.13%, 03/15/2020 (e)		91
	26	9.00%, 03/15/2019 (e)		16
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.50%, 11/15/2022		15
	55	Series A, 7.63%, 03/15/2020		55
	445	Series B, 6.50%, 11/15/2022		461
	525	Series B, 7.63%, 03/15/2020		524
	390	Clearwater Paper Corp., 4.50%, 02/01/2023		389
	559	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		509
	144	CNO Financial Group, Inc., 5.25%, 05/30/2025		153
	235	Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		289
		Comcast Corp.,
	270	3.40%, 07/15/2046		248
	240	4.00%, 08/15/2047		241
		Commercial Metals Co.,
	79	4.88%, 05/15/2023		82
	81	5.38%, 07/15/2027		84
	303	CommScope Technologies LLC, 6.00%, 06/15/2025 (e)		320
	200	CommScope, Inc., 5.50%, 06/15/2024 (e)		208

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Community Health Systems, Inc.,
	207	6.25%, 03/31/2023		199
	384	6.88%, 02/01/2022		281
	335	7.13%, 07/15/2020		290
	340	Concho Resources, Inc., 4.88%, 10/01/2047		361
	271	CONSOL Energy, Inc., 5.88%, 04/15/2022		276
	26	Consolidated Communications, Inc., 6.50%, 10/01/2022		25
		Continental Resources, Inc.,
	108	3.80%, 06/01/2024		105
	174	4.50%, 04/15/2023		176
	341	4.90%, 06/01/2044		318
	95	5.00%, 09/15/2022		96
	110	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		111
		Covanta Holding Corp.,
	100	5.88%, 03/01/2024		100
	60	5.88%, 07/01/2025		60
	335	Cox Communications, Inc., 4.60%, 08/15/2047 (e)		330
		Crestwood Midstream Partners LP,
	116	5.75%, 04/01/2025		119
	109	6.25%, 04/01/2023		113
	EUR 300	Crown European Holdings SA, Reg. S, 4.00%, 07/15/2022		393
		CSC Holdings LLC,
	270	5.25%, 06/01/2024		269
	63	5.50%, 04/15/2027 (e)		65
	304	6.75%, 11/15/2021		335
	205	10.13%, 01/15/2023 (e)		235
	157	CSI Compressco LP, 7.25%, 08/15/2022		142
	80	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		85
		CURO Financial Technologies Corp.,
	230	12.00%, 03/01/2022 (e)		251
	821	CVR Partners LP, 9.25%, 06/15/2023 (e)		874
		CyrusOne LP,
	155	5.00%, 03/15/2024 (e)		163
	60	5.38%, 03/15/2027 (e)		64
		DaVita, Inc.,
	193	5.13%, 07/15/2024		193
	240	5.75%, 08/15/2022		248
		DCP Midstream Operating LP,
	360	3.88%, 03/15/2023		358
	270	6.75%, 09/15/2037 (e)		290

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	407	Dean Foods Co., 6.50%, 03/15/2023 (e)		408
	406	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		414
		Dell International LLC,
	370	5.88%, 06/15/2021 (e)		387
	393	7.13%, 06/15/2024 (e)		434
	585	8.35%, 07/15/2046 (e)		758
	205	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		219
	450	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		474
	655	Discovery Communications LLC, 5.20%, 09/20/2047		667
		DISH DBS Corp.,
	370	5.00%, 03/15/2023		358
	83	5.88%, 07/15/2022		84
	150	5.88%, 11/15/2024		150
	890	6.75%, 06/01/2021		934
	270	7.75%, 07/01/2026		295
	399	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		431
	111	Dollar Tree, Inc., 5.75%, 03/01/2023		117
	460	Dominion Energy Gas Holdings LLC, 4.60%, 12/15/2044		493
	316	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 07/01/2019 (e)		310
		Dynegy, Inc.,
	500	5.88%, 06/01/2023		516
	200	8.00%, 01/15/2025 (e)		219
	284	8.13%, 01/30/2026 (e)		315
		Eldorado Resorts, Inc.,
	99	6.00%, 04/01/2025		105
	65	7.00%, 08/01/2023		70
	1,812	Embarq Corp., 8.00%, 06/01/2036		1,828
		EMC Corp.,
	126	2.65%, 06/01/2020		125
	385	3.38%, 06/01/2023		372
	220	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		246
		Endo Dac,
	200	5.88%, 10/15/2024 (e)		209
	600	6.00%, 07/15/2023 (e)		486
	250	Endo Finance LLC, 5.38%, 01/15/2023 (e)		201
		Energy Transfer Equity LP,
	122	4.25%, 03/15/2023		124
	115	5.50%, 06/01/2027		122

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	303	5.88%, 01/15/2024		329
	205	Energy Transfer LP, 5.15%, 02/01/2043		201
		Ensco plc,
	55	4.50%, 10/01/2024		45
	214	5.20%, 03/15/2025		180
	13	5.75%, 10/01/2044		9
	1,340	Enterprise Products Operating LLC, 4.90%, 05/15/2046		1,475
		Envision Healthcare Corp.,
	188	5.13%, 07/01/2022 (e)		191
	544	5.63%, 07/15/2022		553
		EP Energy LLC,
	114	7.75%, 09/01/2022		70
	181	8.00%, 11/29/2024 (e)		185
	407	8.00%, 02/15/2025 (e)		301
	413	9.38%, 05/01/2020		347
		Equinix, Inc.,
	EUR 140	2.88%, 10/01/2025		167
	300	5.38%, 01/01/2022		314
	47	5.38%, 04/01/2023		49
	183	5.75%, 01/01/2025		196
	86	5.88%, 01/15/2026		93
	243	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		251
	88	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		90
	390	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		373
	520	Exelon Corp., 4.45%, 04/15/2046		551
	815	Express Scripts Holding Co., 4.80%, 07/15/2046 (j)		846
	200	Fidelity & Guaranty Life Holdings, Inc., 6.38%, 04/01/2021 (e)		206
		First Data Corp.,
	439	5.00%, 01/15/2024 (e)		456
	112	5.75%, 01/15/2024 (e)		117
	503	7.00%, 12/01/2023 (e)		538
	235	FirstEnergy Corp., Series C, 4.85%, 07/15/2047		253
	97	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		100
		Ford Motor Co.,
	1,470	4.75%, 01/15/2043		1,452
	415	5.29%, 12/08/2046		439
		Freeport-McMoRan, Inc.,
	630	3.88%, 03/15/2023		622
	392	5.40%, 11/14/2034		382

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	228	5.45%, 03/15/2043		214
		Frontier Communications Corp.,
	126	8.50%, 04/15/2020		125
	403	9.25%, 07/01/2021		360
	153	10.50%, 09/15/2022		134
	273	11.00%, 09/15/2025		231
	45	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		46
	161	Gartner, Inc., 5.13%, 04/01/2025 (e)		170
	732	Gates Global LLC, 6.00%, 07/15/2022 (e)		753
	75	GCB PENN VA, 8.50%, 05/01/2020 (d) (bb)		—	(h)
	77	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		86
	1,000	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		1,070
		General Motors Co.,
	880	5.00%, 04/01/2035		911
	1,080	5.20%, 04/01/2045		1,104
	337	Genesis Energy LP, 5.63%, 06/15/2024		334
	344	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		388
		GenOn Energy, Inc.,
	205	9.50%, 10/15/2018 (d)		144
	625	9.88%, 10/15/2020 (d)		441
		Gilead Sciences, Inc.,
	785	4.15%, 03/01/2047		803
	630	4.60%, 09/01/2035		701
		Global Partners LP,
	165	6.25%, 07/15/2022		169
	210	7.00%, 06/15/2023 (bb)		212
	225	GLP Capital LP, 5.38%, 11/01/2023		245
	608	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		619
		Goldman Sachs Group, Inc. (The),
	275	3.50%, 11/16/2026		275
	695	3.85%, 01/26/2027		711
	375	4.75%, 10/21/2045		417
	42	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		32
	513	Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027		522
	100	Graphic Packaging International, Inc., 4.13%, 08/15/2024		103
	285	Gray Television, Inc., 5.13%, 10/15/2024 (e)		284
	37	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		39

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Gulfport Energy Corp.,
	406	6.00%, 10/15/2024		406
	75	6.38%, 05/15/2025		76
	74	6.38%, 01/15/2026 (e)		75
	105	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		111
	520	Halliburton Co., 5.00%, 11/15/2045		581
	372	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e) (bb)		347
		Harland Clarke Holdings Corp.,
	200	6.88%, 03/01/2020 (e)		206
	216	8.38%, 08/15/2022 (e)		228
	230	Harris Corp., 5.05%, 04/27/2045		266
	525	HCA Healthcare, Inc., 6.25%, 02/15/2021		564
		HCA, Inc.,
	289	3.75%, 03/15/2019		293
	205	4.25%, 10/15/2019		211
	155	5.50%, 06/15/2047		158
	747	5.88%, 05/01/2023		800
	365	5.88%, 02/15/2026		384
	125	6.50%, 02/15/2020		135
	472	7.50%, 02/15/2022		536
	150	HD Supply, Inc., 5.75%, 04/15/2024 (e)		162
	335	Hecla Mining Co., 6.88%, 05/01/2021		343
	800	Hess Corp., 5.80%, 04/01/2047		863
	512	Hexion, Inc., 6.63%, 04/15/2020		456
	125	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		128
	165	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024 (e)		181
		Hilton Worldwide Finance LLC,
	161	4.63%, 04/01/2025		166
	108	4.88%, 04/01/2027		114
	154	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		161
	57	Hologic, Inc., 4.38%, 10/15/2025 (e)		58
		Hughes Satellite Systems Corp.,
	234	5.25%, 08/01/2026		239
	159	6.63%, 08/01/2026		168
		Icahn Enterprises LP,
	375	5.88%, 02/01/2022		387
	114	6.25%, 02/01/2022		119
	114	6.75%, 02/01/2024		121
	882	iHeartCommunications, Inc., 9.00%, 12/15/2019		650

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	104	IHS Markit Ltd., 4.75%, 02/15/2025 (e)		110
	1,015	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.36%, 12/21/2065 (e) (aa)		979
	485	Infor Software Parent LLC, 7.12%, (cash), 05/01/2021 (e) (v)		498
	404	Infor US, Inc., 6.50%, 05/15/2022		422
	198	Informatica LLC, 7.13%, 07/15/2023 (e)		201
		International Game Technology plc,
	400	6.50%, 02/15/2025 (e)		449
	EUR 450	Reg. S, 4.75%, 02/15/2023		591
		Iron Mountain, Inc.,
	119	4.88%, 09/15/2027 (e)		121
	309	5.75%, 08/15/2024		317
	90	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		95
	230	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		246
	111	Kaiser Aluminum Corp., 5.88%, 05/15/2024		119
	394	KFC Holding Co., 4.75%, 06/01/2027 (e)		404
	375	Kimco Realty Corp., 4.45%, 09/01/2047		374
	96	Koppers, Inc., 6.00%, 02/15/2025 (e)		103
		Kraft Heinz Foods Co.,
	1,415	4.38%, 06/01/2046		1,381
	300	5.00%, 06/04/2042		320
		Kroger Co. (The),
	1,010	3.88%, 10/15/2046		894
	355	4.65%, 01/15/2048		350
		L Brands, Inc.,
	150	6.75%, 07/01/2036		147
	225	6.88%, 11/01/2035		223
		Ladder Capital Finance Holdings LLLP,
	239	5.25%, 03/15/2022 (e)		247
	72	5.25%, 10/01/2025 (e)		72
		Lamar Media Corp.,
	64	5.00%, 05/01/2023		66
	232	5.38%, 01/15/2024		244
		Level 3 Financing, Inc.,
	248	5.13%, 05/01/2023		254
	60	5.25%, 03/15/2026		62
	122	5.38%, 01/15/2024		127
	171	5.38%, 05/01/2025		178
	157	5.63%, 02/01/2023		162
	5	Levi Strauss & Co., 5.00%, 05/01/2025		5
	136	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		172

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Live Nation Entertainment, Inc.,
	335	4.88%, 11/01/2024 (e)		347
	160	5.38%, 06/15/2022 (e)		166
	EUR 175	LKQ Italia Bondco SpA, Reg. S, 3.88%, 04/01/2024		225
	338	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		352
		Mallinckrodt International Finance SA,
	63	4.75%, 04/15/2023		53
	90	5.50%, 04/15/2025 (e)		81
	183	5.75%, 08/01/2022 (e)		179
	255	Marathon Petroleum Corp., 4.75%, 09/15/2044		259
	195	Markel Corp., 4.30%, 11/01/2047		195
	178	Martin Midstream Partners LP, 7.25%, 02/15/2021		181
	140	Masco Corp., 4.50%, 05/15/2047		140
	207	MasTec, Inc., 4.88%, 03/15/2023		212
	189	Mediacom Broadband LLC, 6.38%, 04/01/2023		197
	520	MetLife, Inc., 4.60%, 05/13/2046		581
	95	MGM Growth Properties Operating Partnership LP, 5.63%, 05/01/2024		103
		MGM Resorts International,
	296	4.63%, 09/01/2026		296
	190	6.00%, 03/15/2023		209
	175	7.75%, 03/15/2022		203
	471	Micron Technology, Inc., 5.25%, 08/01/2023 (e)		493
	300	Microsoft Corp., 4.10%, 02/06/2037		328
	35	Momentive Performance Materials USA, Inc., 8.88%, 10/15/2020 (d) (bb)		—
		Morgan Stanley,
	545	3.63%, 01/20/2027		555
	710	4.30%, 01/27/2045		748
	521	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		561
	155	MPLX LP, 5.20%, 03/01/2047		166
	4	Murphy Oil USA, Inc., 6.00%, 08/15/2023		4
	765	Mylan NV, 5.25%, 06/15/2046		803
		Nabors Industries, Inc.,
	17	5.10%, 09/15/2023		16
	209	5.50%, 01/15/2023		200
	233	Nationstar Mortgage LLC, 6.50%, 06/01/2022		239
	791	Navistar International Corp., 8.25%, 11/01/2021		794

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	150	NCI Building Systems, Inc., 8.25%, 01/15/2023 (e)		161
	525	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		310
		Netflix, Inc.,
	96	4.38%, 11/15/2026 (e)		94
	175	4.88%, 04/15/2028 (e)		174
	115	5.75%, 03/01/2024		123
		New Albertson’s, Inc.,
	51	7.45%, 08/01/2029		42
	437	8.00%, 05/01/2031		380
	85	8.70%, 05/01/2030		76
	51	Series C, 6.63%, 06/01/2028		39
	230	New Home Co., Inc. (The), 7.25%, 04/01/2022		240
		Nexstar Broadcasting, Inc.,
	145	5.63%, 08/01/2024 (e)		149
	35	6.13%, 02/15/2022 (e)		36
		NextEra Energy Operating Partners LP,
	46	4.25%, 09/15/2024 (e)		46
	96	4.50%, 09/15/2027 (e)		97
	421	NGL Energy Partners LP, 6.13%, 03/01/2025		399
	140	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		145
	325	Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/2025 (e)		336
	133	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		137
	483	Noble Energy, Inc., 5.05%, 11/15/2044		507
		Novelis Corp.,
	354	5.88%, 09/30/2026 (e)		365
	221	6.25%, 08/15/2024 (e)		233
	625	NRG Energy, Inc., 6.25%, 05/01/2024		662
	180	NRG Yield Operating LLC, 5.00%, 09/15/2026		185
	237	Nuance Communications, Inc., 5.63%, 12/15/2026 (e)		252
	215	Oasis Petroleum, Inc., 6.50%, 11/01/2021		219
	198	Olin Corp., 5.13%, 09/15/2027		208
	505	ONEOK Partners LP, 6.20%, 09/15/2043		597
		Outfront Media Capital LLC,
	33	5.25%, 02/15/2022		34
	195	5.63%, 02/15/2024		205
	55	5.88%, 03/15/2025		59
	880	Owens Corning, 4.30%, 07/15/2047		842
		Owens-Brockway Glass Container, Inc.,
	80	5.00%, 01/15/2022 (e)		85
	105	5.38%, 01/15/2025 (e)		112
	129	Parker Drilling Co., 6.75%, 07/15/2022		105

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	60	Parsley Energy LLC, 5.38%, 01/15/2025 (e)		61
	140	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		145
		PBF Holding Co. LLC,
	105	7.00%, 11/15/2023		109
	325	7.25%, 06/15/2025 (e)		336
	77	PBF Logistics LP, 6.88%, 05/15/2023		80
	92	Peabody Energy Corp., 6.00%, 03/31/2022 (e)		95
	293	Penske Automotive Group, Inc., 5.50%, 05/15/2026		301
		PetSmart, Inc.,
	94	5.88%, 06/01/2025 (e)		82
	74	7.13%, 03/15/2023 (e)		56
	180	8.88%, 06/01/2025 (e)		142
	290	Philip Morris International, Inc., 4.88%, 11/15/2043		328
	970	Phillips 66, 4.88%, 11/15/2044		1,074
	150	Phillips 66 Partners LP, 4.90%, 10/01/2046		155
		Pilgrim’s Pride Corp.,
	47	5.75%, 03/15/2025 (e)		50
	130	5.88%, 09/30/2027 (e)		135
	23	Plantronics, Inc., 5.50%, 05/31/2023 (e)		24
	300	PolyOne Corp., 5.25%, 03/15/2023		322
		Post Holdings, Inc.,
	250	5.00%, 08/15/2026 (e)		251
	265	5.50%, 03/01/2025 (e)		276
	335	5.75%, 03/01/2027 (e)		348
	112	Prestige Brands, Inc., 5.38%, 12/15/2021 (e)		115
	741	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		821
	EUR 100	PSPC Escrow Corp., Reg. S, 6.00%, 02/01/2023		122
		QEP Resources, Inc.,
	22	5.25%, 05/01/2023		22
	75	5.38%, 10/01/2022		75
	118	6.88%, 03/01/2021		125
	166	Qorvo, Inc., 6.75%, 12/01/2023		180
	10	Quad/Graphics, Inc., 7.00%, 05/01/2022		10
	387	Quicken Loans, Inc., 5.75%, 05/01/2025 (e)		410
		Quintiles IMS, Inc.,
	230	4.88%, 05/15/2023 (e)		239
	EUR 400	Reg. S, 3.25%, 03/15/2025		482
	EUR 200	Reg. S, 3.50%, 10/15/2024		245
	210	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		202

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	120	Qwest Corp., 7.25%, 09/15/2025		134
	179	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		189
		Radian Group, Inc.,
	163	4.50%, 10/01/2024		167
	74	7.00%, 03/15/2021		84
		Range Resources Corp.,
	9	5.00%, 08/15/2022		9
	51	5.00%, 03/15/2023		50
		Revlon Consumer Products Corp.,
	110	5.75%, 02/15/2021		94
	647	6.25%, 08/01/2024		477
		Rite Aid Corp.,
	387	6.13%, 04/01/2023 (e)		361
	72	6.75%, 06/15/2021		71
		Rowan Cos., Inc.,
	19	4.75%, 01/15/2024		17
	153	4.88%, 06/01/2022		144
	48	7.38%, 06/15/2025		48
		Sabre GLBL, Inc.,
	40	5.25%, 11/15/2023 (e)		42
	110	5.38%, 04/15/2023 (e)		115
		Sally Holdings LLC,
	75	5.50%, 11/01/2023		76
	92	5.63%, 12/01/2025		91
		SBA Communications Corp.,
	102	4.00%, 10/01/2022 (e)		104
	228	4.88%, 07/15/2022		235
		Scientific Games International, Inc.,
	380	7.00%, 01/01/2022 (e)		402
	290	10.00%, 12/01/2022		320
	202	Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026		216
		Sealed Air Corp.,
	105	4.88%, 12/01/2022 (e)		111
	410	5.13%, 12/01/2024 (e)		440
	100	5.25%, 04/01/2023 (e)		108
	50	5.50%, 09/15/2025 (e)		55
		SemGroup Corp.,
	228	5.63%, 07/15/2022		225
	65	5.63%, 11/15/2023		63
	148	7.25%, 03/15/2026 (e)		152
	315	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		320

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Sensata Technologies BV,
	288	4.88%, 10/15/2023 (e)		303
	110	5.00%, 10/01/2025 (e)		117
		Service Corp. International,
	187	5.38%, 05/15/2024		197
	80	8.00%, 11/15/2021		94
	160	Sherwin-Williams Co. (The), 4.50%, 06/01/2047		170
	EUR 300	Silgan Holdings, Inc., Reg. S, 3.25%, 03/15/2025		363
		Sinclair Television Group, Inc.,
	10	5.38%, 04/01/2021		10
	247	5.63%, 08/01/2024 (e)		251
		Sirius XM Radio, Inc.,
	148	4.63%, 05/15/2023 (e)		152
	275	5.00%, 08/01/2027 (e)		277
	285	5.38%, 04/15/2025 (e)		300
	446	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		459
		SM Energy Co.,
	320	5.00%, 01/15/2024		306
	53	6.13%, 11/15/2022		53
	29	6.50%, 11/15/2021		29
	294	Solera LLC, 10.50%, 03/01/2024 (e)		335
	82	Sonic Automotive, Inc., 6.13%, 03/15/2027		85
	440	Southern Power Co., Series F, 4.95%, 12/15/2046		472
	425	Southwestern Energy Co., 6.70%, 01/23/2025		435
	465	Spectra Energy Partners LP, 4.50%, 03/15/2045		478
	10	Speedway Motorsports, Inc., 5.13%, 02/01/2023		10
	378	Springleaf Finance Corp., 7.75%, 10/01/2021		425
	455	Sprint Capital Corp., 8.75%, 03/15/2032		552
		Sprint Communications, Inc.,
	350	7.00%, 03/01/2020 (e)		380
	236	7.00%, 08/15/2020		255
	278	9.00%, 11/15/2018 (e)		294
		Sprint Corp.,
	404	7.13%, 06/15/2024		437
	697	7.25%, 09/15/2021		760
	650	7.63%, 02/15/2025		716
	492	7.88%, 09/15/2023		550
	225	Standard Industries, Inc., 6.00%, 10/15/2025 (e)		243

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	873	Staples, Inc., 8.50%, 09/15/2025 (e)		770
	116	Station Casinos LLC, 5.00%, 10/01/2025 (e)		116
		Steel Dynamics, Inc.,
	121	5.00%, 12/15/2026		128
	196	5.50%, 10/01/2024		210
	155	Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/2023 (e)		162
	5	Stone Energy Corp., 7.50%, 05/31/2022		5
	545	Summit Materials LLC, 6.13%, 07/15/2023		565
		Summit Midstream Holdings LLC,
	63	5.50%, 08/15/2022		64
	159	5.75%, 04/15/2025		162
	945	Sunoco Logistics Partners Operations LP, 5.35%, 05/15/2045 (j)		942
		Sunoco LP,
	79	6.25%, 04/15/2021		83
	150	6.38%, 04/01/2023		159
		SUPERVALU, Inc.,
	522	6.75%, 06/01/2021		495
	959	7.75%, 11/15/2022		908
	42	Surgery Center Holdings, Inc., 6.75%, 07/01/2025 (e)		38
	214	Symantec Corp., 5.00%, 04/15/2025 (e)		224
		Talen Energy Supply LLC,
	240	6.50%, 06/01/2025		208
	250	9.50%, 07/15/2022 (e)		258
	155	Tallgrass Energy Partners LP, 5.50%, 09/15/2024 (e)		160
		Targa Resources Partners LP,
	431	4.25%, 11/15/2023		429
	85	5.00%, 01/15/2028 (e)		85
	125	5.38%, 02/01/2027		130
	553	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		509
		TEGNA, Inc.,
	200	5.50%, 09/15/2024 (e)		210
	205	6.38%, 10/15/2023		218
	160	Teleflex, Inc., 5.25%, 06/15/2024		169
	265	Tempur Sealy International, Inc., 5.63%, 10/15/2023		280
		Tenet Healthcare Corp.,
	261	4.38%, 10/01/2021		260
	132	4.50%, 04/01/2021		133
	401	4.63%, 07/15/2024 (e)		395
	603	5.13%, 05/01/2025 (e)		587

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	49	6.00%, 10/01/2020		52
	18	6.75%, 02/01/2020		18
	427	6.75%, 06/15/2023		401
	150	7.00%, 08/01/2025 (e)		137
	115	7.50%, 01/01/2022 (e)		121
	285	8.13%, 04/01/2022		285
	407	Terex Corp., 5.63%, 02/01/2025 (e)		433
	300	Terraform Global Operating LLC, 9.75%, 08/15/2022 (e)		332
	487	TerraForm Power Operating LLC, SUB, 6.62%, 06/15/2025 (e)		528
	495	Tesla, Inc., 5.30%, 08/15/2025 (e)		478
	1,000	Texas Company Holdings, 11.50%, 10/01/2020 (d) (bb)		5
	150	Thermo Fisher Scientific, Inc., 4.10%, 08/15/2047		150
	261	Titan International, Inc., 6.88%, 10/01/2020		269
		T-Mobile USA, Inc.,
	862	6.00%, 04/15/2024		922
	696	6.38%, 03/01/2025		752
	400	6.50%, 01/15/2026		443
	120	Toll Brothers Finance Corp., 5.63%, 01/15/2024		132
	181	Tops Holding LLC, 8.00%, 06/15/2022 (e)		109
		TransDigm, Inc.,
	362	5.50%, 10/15/2020		368
	421	6.00%, 07/15/2022		439
	269	6.38%, 06/15/2026		274
	10	6.50%, 07/15/2024		10
	159	6.50%, 05/15/2025		164
	301	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		316
		Transocean, Inc.,
	544	6.80%, 03/15/2038		442
	328	7.50%, 01/15/2026 (e)		338
	88	7.50%, 04/15/2031		79
	472	9.00%, 07/15/2023 (e)		512
	179	9.35%, 12/15/2041		173
	84	SUB, 5.80%, 10/15/2022		82
	99	TriMas Corp., 4.88%, 10/15/2025 (e)		100
	128	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		135
	86	Tronox Finance plc, 5.75%, 10/01/2025 (e)		90
	273	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		294
	207	Tyson Foods, Inc., 4.55%, 06/02/2047		221

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Ultra Resources, Inc.,
	1,129	6.88%, 04/15/2022 (e)		1,140
	311	7.13%, 04/15/2025 (e)		311
	354	Unit Corp., 6.63%, 05/15/2021		355
		United Continental Holdings, Inc.,
	167	4.25%, 10/01/2022		168
	321	5.00%, 02/01/2024		326
		United Rentals North America, Inc.,
	114	4.63%, 10/15/2025		117
	337	4.88%, 01/15/2028		339
	700	5.50%, 07/15/2025		748
	220	5.50%, 05/15/2027		235
	61	5.75%, 11/15/2024		65
	121	United States Steel Corp., 8.38%, 07/01/2021 (e)		132
	92	Uniti Group LP, 6.00%, 04/15/2023 (e)		92
	159	Univar USA, Inc., 6.75%, 07/15/2023 (e)		167
		Univision Communications, Inc.,
	35	5.13%, 05/15/2023 (e)		35
	42	5.13%, 02/15/2025 (e)		42
	196	6.75%, 09/15/2022 (e)		203
	280	US Concrete, Inc., 6.38%, 06/01/2024		301
	114	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		118
		Valeant Pharmaceuticals International, Inc.,
	183	5.50%, 11/01/2025 (e)		187
	708	5.88%, 05/15/2023 (e)		597
	211	6.13%, 04/15/2025 (e)		177
	474	6.38%, 10/15/2020 (e)		471
	162	6.50%, 03/15/2022 (e)		172
	253	6.75%, 08/15/2021 (e)		245
	353	7.00%, 03/15/2024 (e)		382
	259	7.25%, 07/15/2022 (e)		249
	164	7.50%, 07/15/2021 (e)		162
	EUR 325	Reg. S, 4.50%, 05/15/2023		322
	77	Valvoline, Inc., 4.38%, 08/15/2025 (e)		78
	190	Venator Finance Sarl, 5.75%, 07/15/2025 (e)		201
		Verizon Communications, Inc.,
	1,175	4.13%, 08/15/2046		1,065
	330	4.27%, 01/15/2036		324
	650	5.01%, 04/15/2049		663
	235	5.50%, 03/16/2047		260
	160	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		170
	846	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		926

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Viacom, Inc.,
	830	4.38%, 03/15/2043		704
	285	4.85%, 12/15/2034		266
	155	5.25%, 04/01/2044		147
	95	ViaSat, Inc., 5.63%, 09/15/2025 (e)		96
	235	Vulcan Materials Co., 4.50%, 06/15/2047		237
	76	Wabash National Corp., 5.50%, 10/01/2025 (e)		78
		Weatherford International Ltd.,
	114	4.50%, 04/15/2022		103
	96	6.50%, 08/01/2036		80
	34	6.75%, 09/15/2040		28
	54	9.88%, 02/15/2024		58
	334	WellCare Health Plans, Inc., 5.25%, 04/01/2025		352
	51	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		52
		Western Digital Corp.,
	146	7.38%, 04/01/2023 (e)		160
	249	10.50%, 04/01/2024		292
	40	Western Gas Partners LP, 5.45%, 04/01/2044		42
		Whiting Petroleum Corp.,
	203	5.00%, 03/15/2019		205
	243	5.75%, 03/15/2021		245
	189	6.25%, 04/01/2023		188
		Williams Cos., Inc. (The),
	165	3.70%, 01/15/2023		166
	185	5.75%, 06/24/2044		196
	142	7.75%, 06/15/2031		173
	21	Series A, 7.50%, 01/15/2031		26
		Windstream Services LLC,
	19	7.50%, 06/01/2022		14
	109	7.50%, 04/01/2023		81
	400	7.75%, 10/01/2021		302
		WMG Acquisition Corp.,
	75	4.88%, 11/01/2024 (e)		77
	55	5.00%, 08/01/2023 (e)		57
	205	5.63%, 04/15/2022 (e)		213
	230	6.75%, 04/15/2022 (e)		242
	EUR 200	Reg. S, 4.13%, 11/01/2024		247
	225	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		236
		XPO Logistics, Inc.,
	195	6.13%, 09/01/2023 (e)		205
	95	6.50%, 06/15/2022 (e)		100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	20	Xylem, Inc., 4.38%, 11/01/2046		21
		Zayo Group LLC,
	357	5.75%, 01/15/2027 (e)		376
	176	6.00%, 04/01/2023		185
	120	6.38%, 05/15/2025		129
				184,871
		Venezuela, Bolivarian Republic of — 0.0% (g)
		Petroleos de Venezuela SA,
	450	Reg. S, 5.38%, 04/12/2027		129
	50	Reg. S, 5.50%, 04/12/2037		15
	1,110	Reg. S, 6.00%, 11/15/2026		305
	112	Reg. S, 8.50%, 10/27/2020		93
	110	Reg. S, 9.00%, 11/17/2021		48
	100	Reg. S, 9.75%, 05/17/2035		36
	100	Reg. S, 12.75%, 02/17/2022		45
				671
		Total Corporate Bonds (Cost $281,607)		291,393
	Foreign Government Securities — 11.2%
		Angola — 0.0% (g)
		Republic of Angola,
	415	Reg. S, 7.00%, 08/17/2019		427
	600	Reg. S, 9.50%, 11/12/2025		653
				1,080
		Argentina — 0.3%
		Provincia de Buenos Aires,
	610	7.88%, 06/15/2027 (e)		674
	600	Reg. S, 9.95%, 06/09/2021		695
		Provincia de Cordoba,
	450	7.45%, 09/01/2024 (e)		494
	300	Reg. S, 7.13%, 06/10/2021		323
	150	Reg. S, 7.45%, 09/01/2024 (e)		165
	150	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		166
		Republic of Argentina,
	1,492	(Argentina GDP), 0.00%, 12/15/2035 (aa)		167
	900	6.88%, 04/22/2021		982
	300	7.50%, 04/22/2026		339
	351	8.28%, 12/31/2033		409
	1,544	Reg. S, 7.13%, 06/28/2117		1,583
				5,997

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Armenia — 0.0% (g)
	400	Republic of Armenia, Reg. S, 7.15%, 03/26/2025		447
		Australia — 1.5%
	AUD 42,454	Republic of Australia, Reg. S, 5.25%, 03/15/2019		34,023
		Azerbaijan — 0.0% (g)
	200	Republic of Azerbaijan, Reg. S, 4.75%, 03/18/2024		206
		Belarus — 0.1%
		Republic of Belarus,
	240	6.88%, 02/28/2023 (e)		255
	230	7.63%, 06/29/2027 (e)		253
	850	Reg. S, 6.88%, 02/28/2023 (e)		903
	200	Reg. S, 7.63%, 06/29/2027 (e)		220
	1,570	Reg. S, 8.95%, 01/26/2018		1,584
				3,215
		Bermuda — 0.0% (g)
	200	Republic of Bermuda, Reg. S, 4.85%, 02/06/2024		218
		Brazil — 0.0% (g)
		Federative Republic of Brazil,
	200	5.00%, 01/27/2045		186
	650	6.00%, 04/07/2026		722
	200	8.25%, 01/20/2034		261
				1,169
		Cameroon — 0.0% (g)
	200	Republic of Cameroon, Reg. S, 9.50%, 11/19/2025		237
		Canada — 1.6%
		Republic of Canada,
	CAD 15,200	1.50%, 03/01/2020		11,807
	CAD 15,200	1.50%, 06/01/2026		11,409
	CAD 16,515	1.75%, 03/01/2019		12,877
				36,093
		Colombia — 0.1%
		Republic of Colombia,
	400	3.88%, 04/25/2027		404
	790	5.00%, 06/15/2045		813
	500	7.38%, 09/18/2037		659
				1,876

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Costa Rica — 0.1%
	200	Instituto Costarricense de Electricidad, Reg. S, 6.38%, 05/15/2043		187
		Republic of Costa Rica,
	200	Reg. S, 4.25%, 01/26/2023		197
	200	Reg. S, 4.38%, 04/30/2025		196
	400	Reg. S, 7.00%, 04/04/2044		416
	200	Reg. S, 7.16%, 03/12/2045		213
				1,209
		Croatia — 0.1%
		Republic of Croatia,
	300	Reg. S, 6.00%, 01/26/2024		341
	200	Reg. S, 6.38%, 03/24/2021		221
	500	Reg. S, 6.63%, 07/14/2020		547
	200	Reg. S, 6.75%, 11/05/2019		215
				1,324
		Dominican Republic — 0.2%
		Government of Dominican Republic,
	DOP 31,000	11.25%, 02/05/2027 (e) (bb)		698
	100	Reg. S, 5.88%, 04/18/2024		109
	1,320	Reg. S, 6.88%, 01/29/2026		1,508
	870	Reg. S, 7.45%, 04/30/2044		1,032
	250	Reg. S, 7.50%, 05/06/2021		276
				3,623
		Ecuador — 0.1%
		Republic of Ecuador,
	280	8.75%, 06/02/2023 (e)		293
	1,970	8.88%, 10/23/2027 (e)		2,009
	200	Reg. S, 7.95%, 06/20/2024		202
	200	Reg. S, 8.75%, 06/02/2023 (e)		210
	400	Reg. S, 9.65%, 12/13/2026		431
	200	Reg. S, 10.75%, 03/28/2022		226
				3,371
		Egypt — 0.1%
		Republic of Egypt,
	200	Reg. S, 5.88%, 06/11/2025		204
	400	Reg. S, 7.50%, 01/31/2027		442
	750	Reg. S, 8.50%, 01/31/2047		847
				1,493
		El Salvador — 0.1%
		Republic of El Salvador,
	270	Reg. S, 5.88%, 01/30/2025		265

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		El Salvador — continued
	300	Reg. S, 6.38%, 01/18/2027		297
	600	Reg. S, 7.63%, 02/01/2041		623
	85	Reg. S, 7.65%, 06/15/2035		88
	250	Reg. S, 7.75%, 01/24/2023		269
	150	Reg. S, 8.25%, 04/10/2032		166
				1,708
		Ethiopia — 0.0% (g)
	200	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		206
		France — 0.3%
	EUR 4,338	Republic of France, Reg. S, 3.25%, 05/25/2045		6,865
		Gabon — 0.1%
		Republic of Gabonese,
	960	Reg. S, 6.38%, 12/12/2024		940
	450	Reg. S, 6.95%, 06/16/2025		449
				1,389
		Ghana — 0.0% (g)
	200	Republic of Ghana, Reg. S, 10.75%, 10/14/2030		266
		Honduras — 0.0% (g)
		Republic of Honduras,
	200	Reg. S, 7.50%, 03/15/2024		226
	200	Reg. S, 8.75%, 12/16/2020		227
				453
		Hungary — 0.1%
		Republic of Hungary,
	550	5.38%, 03/25/2024		625
	800	5.75%, 11/22/2023		920
				1,545
		Indonesia — 0.2%
		Republic of Indonesia,
	IDR 10,000,000	7.00%, 05/15/2022		754
	IDR   5,800,000	7.50%, 08/15/2032		435
	IDR 16,900,000	8.25%, 05/15/2036		1,344
	IDR 11,225,000	9.00%, 03/15/2029		935
	200	Reg. S, 4.13%, 01/15/2025		209
	200	Reg. S, 4.35%, 01/08/2027		212
	200	Reg. S, 5.88%, 01/15/2024		230
	200	Reg. S, 6.63%, 02/17/2037		257
	400	Reg. S, 6.75%, 01/15/2044		536
				4,912

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Iraq — 0.0% (g)
	500	Republic of Iraq, Reg. S, 5.80%, 01/15/2028		471
		Italy — 0.7%
		Republic of Italy,
	EUR 9,796	0.45%, 06/01/2021		11,508
	EUR 2,402	Reg. S, 3.50%, 03/01/2030 (e)		3,212
	EUR 1,510	Reg. S, 4.75%, 09/01/2044 (e)		2,348
				17,068
		Ivory Coast — 0.1%
		Republic of Ivory Coast,
	200	Reg. S, 6.38%, 03/03/2028		207
	1,033	Reg. S, , SUB, 5.75%, 12/31/2032		1,016
				1,223
		Jamaica — 0.1%
		Government of Jamaica,
	200	6.75%, 04/28/2028		231
	200	7.88%, 07/28/2045		248
	600	8.00%, 03/15/2039		746
				1,225
		Japan — 2.4%
		Government of Japan,
	JPY 4,611,250	0.10%, 06/20/2026		40,824
	JPY 1,790,000	0.10%, 12/20/2026		15,825
				56,649
		Jordan — 0.1%
		Kingdom of Jordan,
	400	7.38%, 10/10/2047 (e)		418
	200	Reg. S, 5.75%, 01/31/2027		200
	1,130	Reg. S, 6.13%, 01/29/2026		1,168
				1,786
		Kazakhstan — 0.0% (g)
		Republic of Kazakhstan,
	200	Reg. S, 3.88%, 10/14/2024		207
	200	Reg. S, 6.50%, 07/21/2045		250
				457
		Kenya — 0.0% (g)
	600	Republic of Kenya, Reg. S, 6.88%, 06/24/2024		623
		Lebanon — 0.2%
		Republic of Lebanon,
	250	6.15%, 06/19/2020		251
	200	6.25%, 05/27/2022		199

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Lebanon — continued
	800	6.38%, 03/09/2020		811
	145	Reg. S, 5.15%, 06/12/2018		146
	2,335	Reg. S, 5.45%, 11/28/2019		2,338
	343	Reg. S, 6.60%, 11/27/2026		330
	1,000	Reg. S, 6.65%, 02/26/2030		939
	700	Reg. S, 8.25%, 04/12/2021		742
				5,756
		Mexico — 0.0% (g)
		United Mexican States,
	200	4.15%, 03/28/2027		208
	300	5.55%, 01/21/2045		335
	100	5.75%, 10/12/2110		105
				648
		Mongolia — 0.0% (g)
		Mongolia Government Bond,
	260	5.63%, 05/01/2023 (e)		260
	430	Reg. S, 8.75%, 03/09/2024		492
	200	Reg. S, 10.88%, 04/06/2021		235
				987
		Namibia — 0.0% (g)
	400	Republic of Namibia, Reg. S, 5.25%, 10/29/2025		407
		Oman — 0.1%
		Oman Government Bond,
	300	Reg. S, 4.75%, 06/15/2026		296
	400	Reg. S, 5.38%, 03/08/2027		410
	1,228	Reg. S, 6.50%, 03/08/2047		1,264
				1,970
		Pakistan — 0.1%
		Republic of Pakistan,
	1,070	Reg. S, 7.25%, 04/15/2019		1,114
	300	Reg. S, 8.25%, 04/15/2024		334
				1,448
		Panama — 0.0% (g)
		Republic of Panama,
	400	6.70%, 01/26/2036		528
	100	8.88%, 09/30/2027		145
	200	9.38%, 04/01/2029		300
				973
		Paraguay — 0.0% (g)
		Republic of Paraguay,
	200	Reg. S, 4.70%, 03/27/2027		210

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Paraguay — continued
	400	Reg. S, 6.10%, 08/11/2044		456
				666
		Peru — 0.0% (g)
		Republic of Peru,
	300	4.13%, 08/25/2027		328
	150	5.63%, 11/18/2050		189
	200	8.75%, 11/21/2033		316
				833
		Philippines — 0.0% (g)
	350	Republic of Philippines, 7.75%, 01/14/2031		503
		Poland — 0.0% (g)
	PLN 1,400	Republic of Poland, 2.50%, 07/25/2027		355
		Romania — 0.1%
		Republic of Romania,
	RON 4,600	3.50%, 12/19/2022		1,164
	500	Reg. S, 4.38%, 08/22/2023		534
				1,698
		Russia — 0.2%
		Russian Federation,
	RUB 164,980	7.75%, 09/16/2026		2,868
	200	Reg. S, 4.88%, 09/16/2023		218
	800	Reg. S, 5.25%, 06/23/2047		819
	400	Reg. S, 5.63%, 04/04/2042		441
	400	Reg. S, 5.88%, 09/16/2043		457
				4,803
		Senegal — 0.0% (g)
	200	Republic of Senegal, Reg. S, 6.25%, 05/23/2033		207
		Serbia — 0.0% (g)
		Republic of Serbia,
	400	Reg. S, 4.88%, 02/25/2020		417
	300	Reg. S, 7.25%, 09/28/2021		345
				762
		South Africa — 0.1%
		Republic of South Africa,
	200	4.30%, 10/12/2028		185
	100	4.67%, 01/17/2024		101
	200	5.38%, 07/24/2044		188
	200	5.50%, 03/09/2020		211
	100	5.88%, 05/30/2022		109
	200	5.88%, 09/16/2025		213

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands, except number of Options contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		South Africa — continued
	ZAR 20,261	8.75%, 02/28/2048		1,252
				2,259
		Spain — 0.5%
	EUR 8,183	Kingdom of Spain, Reg. S, 4.00%, 04/30/2020 (e)		10,527
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	470	6.20%, 05/11/2027 (e)		499
	600	Reg. S, 6.25%, 10/04/2020		640
	300	Reg. S, 6.25%, 07/27/2021		324
	500	Reg. S, 6.85%, 11/03/2025		555
				2,018
		Turkey — 0.2%
		Republic of Turkey,
	TRY 1,262	2.90%, 07/07/2027		335
	810	4.88%, 04/16/2043		699
	200	5.75%, 05/11/2047		191
	800	6.00%, 03/25/2027		843
	200	6.00%, 01/14/2041		200
	200	6.25%, 09/26/2022		217
	400	6.63%, 02/17/2045		427
	450	7.38%, 02/05/2025		517
	100	8.00%, 02/14/2034		122
				3,551
		Ukraine — 0.3%
		Republic of Ukraine,
	300	7.38%, 09/25/2032 (e)		295
	312	Reg. S, (IGDCUKR Index + 1.00% Cap), 0.00%, 05/31/2040 (aa)		179
	950	Reg. S, 7.75%, 09/01/2020		1,012
	770	Reg. S, 7.75%, 09/01/2021		821
	100	Reg. S, 7.75%, 09/01/2023		106
	1,700	Reg. S, 7.75%, 09/01/2024		1,781
	300	Reg. S, 7.75%, 09/01/2025		312
	100	Reg. S, 7.75%, 09/01/2026		103
	1,190	Reg. S, 7.75%, 09/01/2027		1,226
	200	Ukreximbank Via Biz Finance plc, Reg. S, 9.75%, 01/22/2025		218
				6,053
		United Kingdom — 0.8%
	GBP 13,384	United Kingdom Gilt, Reg. S, 1.50%, 07/22/2026		18,161

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Uruguay — 0.1%
		Republic of Uruguay,
	300	4.38%, 10/27/2027		324
	550	5.10%, 06/18/2050		590
	350	7.88%, 01/15/2033		496
				1,410
		Venezuela, Bolivarian Republic of — 0.0% (g)
		Republic of Venezuela,
	50	9.38%, 01/13/2034		17
	70	Reg. S, 6.00%, 12/09/2020		27
	180	Reg. S, 7.65%, 04/21/2025		59
	80	Reg. S, 7.75%, 10/13/2019		37
	150	Reg. S, 8.25%, 10/13/2024		50
	50	Reg. S, 9.00%, 05/07/2023		17
	150	Reg. S, 9.25%, 05/07/2028		49
	120	Reg. S, 11.75%, 10/21/2026		49
	130	Reg. S, 12.75%, 08/23/2022		57
				362
		Vietnam — 0.0% (g)
	200	Republic of Vietnam, Reg. S, 4.80%, 11/19/2024		214
		Zambia — 0.0% (g)
	800	Republic of Zambia, Reg. S, 8.97%, 07/30/2027		870
		Total Foreign Government Securities (Cost $260,736)		259,868
	Loan Assignments — 0.3% (cc)
		Canada — 0.0% (g)
	65	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 10/21/2021 (aa) ^		54
	75	MacDonald, Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 4.10%, 10/05/2024 (aa)		75
	88	MEG Energy Corp 2017, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.50%), 4.83%, 12/31/2023 (aa) ^		89
				218
		United States — 0.3%
	36	Avaya, Inc., Dip Term Loan, (ICE LIBOR USD 1 Month + 7.50%), 8.74%, 01/24/2018 (d) (aa)		36
	145	Avaya, Inc., Extending Tranche Term Loan B-3, (ICE LIBOR USD 3 Month + 4.50%), 5.87%, 01/26/2018 (d) (aa)		120

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Loan Assignments — continued
		United States — continued
	185	Avaya, Inc., Term Loan B-6, (ICE LIBOR USD 3 Month + 5.50%), 6.87%, 03/31/2018 (d) (aa)		153
	1,088	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.61%, 12/31/2021 (aa) ^		1,165
	756	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 8.81%, 08/23/2021 (aa) ^		810
	183	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.75%), 4.99%, 10/02/2024 (aa)		185
	211	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.25%, 10/05/2023 (aa)		207
	232	Cortes NP Acquisition Corporation, Term B Loan, (US Prime Rate + 3.00%), 5.24%, 11/30/2023 (aa)		234
	47	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.50%, 04/19/2019 (aa)		34
	457	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.74%, 04/26/2024 (aa)		458
	283	Genesys Telecom Holdings, 1st Lien Term Loan B2, (ICE LIBOR USD 3 Month + 3.75%), 5.08%, 12/01/2023 (aa)		285
	416	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.24%, 11/29/2023 (aa)		370
	68	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.74%, 08/21/2023 (aa)		68
	96	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%, 3.23% Floor), 3.49%, 03/31/2023 (aa)		96
	204	Petco Animal Supplies, Inc., 1st Lien Term Loan B1, (ICE LIBOR USD 3 Month + 3.00%), 4.38%, 01/26/2023 (aa)		167
	124	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.24%, 03/11/2022 (aa)		106
	163	Quest Software Us Holdings, Inc., Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 7.38%, 10/31/2022 (aa)		165
	190	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 4.74%, 09/07/2023 (aa)		164
	5	Rite Aid Corp., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.00%, 08/21/2020 (aa)		5

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	272	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 4.50%, 06/20/2024 (aa) ^		275
	60	Supervalu, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.74%, 06/02/2024 (aa)		58
	99	Supervalu, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 4.74%, 06/08/2024 (aa)		96
	343	Syniverse Holdings, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.24%, 04/23/2019 (aa)		334
	87	Syniverse Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.33%, 04/23/2019 (aa)		85
	616	Viskase Corp., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.58%, 01/30/2021 (aa)		594
				6,270
		Total Loan Assignments (Cost $6,531)		6,488
	Mortgage-Backed Security — 0.3%
	8,000	FNMA, 3.00%, 11/01/2032 (Cost $8,201)		8,199
NUMBER OF CONTRACTS
	Options Purchased — 1.1%
		Call Options — 1.1%
		Europe — 0.2%
	1,465	Euro STOXX 50 Index, expiring 12/15/2017 at EUR 3,400.00, European Style (a) Notional Amount: EUR 53,823 Exchange Traded		4,898
		Japan — 0.3%
	864	TOPIX Index, expiring 12/08/2017 at JPY 1,700.00, European Style (a) Notional Amount: JPY 2,911,075 Exchange Traded		6,079
		United States — 0.6%
	52,400	iShares MSCI Emerging Markets Fund, expiring 12/15/2017 at USD 45.00, American Style (a) Notional Amount: USD 242,507 Exchange Traded		9,720
	350	Newell Brands Inc., expiring 01/19/2018 at USD 50.00, American Style (a) Notional Amount: USD 1,427 Exchange Traded		4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands, except number of Options contracts)

NUMBER OF CONTRACTS			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Options Purchased — continued
			United States — continued
	508		S&P 500 Index, expiring 12/15/2017 at USD 2,500.00, European Style (a) Notional Amount: USD 130,823 Exchange Traded		4,374
					14,098
			Total Call Options Purchased		25,075
			Put Options— 0.0% (g)
			United States — 0.0% (g)
	75		S&P 500 Index, expiring 12/29/2017 at USD 2,525.00, European Style (a) (o) Notional Amount: USD 19,314 Exchange Traded		162
NOTIONAL AMOUNT
			Europe— 0.0% (g)
	EUR   4,239		Foreign Exchange USD/EUR 12/14/2017 at EUR 1.16, Vanilla, European Style (a) Notional Amount: EUR 4,239 Counterparty: Bank of America NA (o)		29
			United States— 0.0% (g)
	6,200		Foreign Exchange MXN/USD 01/17/2018 at USD 17.98, Vanilla, European Style (a) Notional Amount: USD 6,200 Counterparty: Goldman Sachs International		10
			Total Put Options Purchased		201
			Total Options Purchased (Cost $14,731)		25,276
SHARES
	Preferred Stocks — 0.0% (g)
			Bermuda — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.48%, 12/04/2017 ($1,000 par value) (aa) @		81
			United States — 0.0% (g)
	1		GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.10%, 02/15/2040 ($25 par value) (aa)		17
	3		Goodman Private Preferred (bb)		10
					27
			Total Preferred Stocks (Cost $99)		108
	Supranational — 0.0% (g)
	270		African Export-Import Bank (The), Reg. S, 4.13%, 06/20/2024 (Cost $274)		273

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE
	Rights — 0.0% (g)
		United States — 0.0%
	44	Media General, Inc., CVR (a) (bb)		2
	17	Vistra Energy Corp., expiring 12/31/2049 (a) (bb)		16
		Total Rights (Cost $—)		18
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 2.2%
		U.S. Treasury Bonds,
	9,696	3.63%, 08/15/2043		11,086
	11,646	3.75%, 08/15/2041		13,567
	3,698	5.38%, 02/15/2031		4,927
	2,135	6.13%, 08/15/2029		2,949
		U.S. Treasury Notes,
	12,295	0.75%, 01/31/2018 (k)		12,281
	5,997	2.13%, 05/15/2025		5,935
		Total U.S. Treasury Obligations (Cost $50,833)		50,745
	Short-Term Investments — 10.8%
		Foreign Government Treasury Bills — 0.4%
		Canadian Treasury Bills,
	CAD 4,052	0.63%, 11/16/2017 (n)		3,140
	CAD 4,055	0.64%, 12/14/2017 (n)		3,140
	CAD 4,106	1.35%, 10/18/2018 (n)		3,143
		Total Foreign Government Treasury Bills (Cost $9,386)		9,423
SHARES
		Investment Company — 10.4%
	240,842	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $240,842)		240,842
		Total Short-Term Investments (Cost $250,228)		250,265
		Total Investments — 103.0% (Cost $2,181,685)		2,396,607
		Liabilities in Excess of Other Assets — (3.0)%		(70,222	)
		NET ASSETS — 100.0%	$	2,326,385

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Short Positions — 1.1%
	Common Stocks — 1.1%
		United States — 1.1%
	4	Altria Group, Inc.		259
	16	Cardinal Health, Inc.		961
	10	CBS Corp. (Non-Voting), Class B		559
	32	Church & Dwight Co., Inc.		1,438
	1	CME Group, Inc.		163
	2	Consolidated Edison, Inc.		166
	6	Costco Wholesale Corp.		1,038
	9	Coty, Inc., Class A		132
	1	Crown Castle International Corp.		160
	2	Dominion Energy, Inc.		165
	18	Express Scripts Holding Co. (a)		1,083
	32	General Electric Co.		639
	18	General Mills, Inc.		949
	43	Harley-Davidson, Inc.		2,034
	11	Henry Schein, Inc. (a)		892
	3	International Paper Co.		164
	26	Johnson Controls International plc		1,083
	4	Kellogg Co.		244
	37	Kimberly-Clark Corp.		4,190
	27	Mondelez International, Inc., Class A		1,123
	3	National Fuel Gas Co.		151
	9	Omnicom Group, Inc.		611
	8	Papa John’s International, Inc.		521
	11	Sealed Air Corp.		501
	31	Starbucks Corp.		1,686
	3	Sysco Corp.		143
	21	TJX Cos., Inc. (The)		1,469
	43	United Natural Foods, Inc. (a)		1,682
	6	Walt Disney Co. (The)		562
	2	Welltower, Inc.		149
	6	Whirlpool Corp.		956
	2	WR Berkley Corp.		145
		Total Securities Sold Short (Proceeds $26,995)		26,018

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2017

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		10.8	%
Banks		7.1
Collateralized Mortgage Obligations		5.7
Oil, Gas & Consumable Fuels		4.0
Pharmaceuticals		3.5
Insurance		3.3
Semiconductors & Semiconductor Equipment		2.3
Internet Software & Services		2.2
IT Services		2.1
Capital Markets		2.0
Media		1.9
Software		1.8
Asset-Backed Securities		1.7
Health Care Providers & Services		1.6
Automobiles		1.6
Machinery		1.6
Diversified Telecommunication Services		1.6
Beverages		1.5
U.S. Treasury Bonds		1.4
Metals & Mining		1.3
Chemicals		1.3
Food & Staples Retailing		1.2
Electric Utilities		1.2
Hotels, Restaurants & Leisure		1.2
Technology Hardware, Storage & Peripherals		1.1
Call Options Purchased		1.0
Internet & Direct Marketing Retail		1.0
Household Durables		1.0
Food Products		1.0
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		19.6
Short-Term Investments		10.4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands, except number of Futures contracts)

INDUSTRY (SHORT)	PERCENTAGE
Household Products		21.6	%
Health Care Providers & Services		11.3
Food & Staples Retailing		11.0
Food Products		8.9
Hotels, Restaurants & Leisure		8.5
Automobiles		7.8
Media		6.7
Specialty Retail		5.6

INDUSTRY (SHORT)	PERCENTAGE
Building Products		4.2	%
Household Durables		3.7
Containers & Packaging		2.6
Industrial Conglomerates		2.5
Multi-Utilities		1.3
Equity Real Estate Investment Trusts (REITs)		1.2
Tobacco		1.0
Others (each less than 1.0%)		2.1

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Long Contracts
Hang Seng Index		22			11/2017		HKD	$	3,979		$	(49	)
Australia 10 Year Bond		98			12/2017		AUD		9,665			(9	)
Canada 10 Year Bond		118			12/2017		CAD		12,570			151
EURO STOXX 50 Index		137			12/2017		EUR		5,876			234
Foreign Exchange EUR/USD		725			12/2017		USD		105,859			(3,353	)
Foreign Exchange JPY/USD		537			12/2017		USD		59,161			(3,316	)
FTSE 100 Index		39			12/2017		GBP		3,869			83
Russell 2000 E-Mini Index		251			12/2017		USD		18,859			937
TOPIX Index		53			12/2017		JPY		8,286			301
U.S. Treasury Long Bond		6			12/2017		USD		914			9
												(5,012	)
Short Contracts
EURO STOXX 50 Index		(1,915	)		12/2017		EUR		(82,141	)		(2,283	)
FTSE 100 Index		(245	)		12/2017		GBP		(24,306	)		(481	)
MSCI Emerging Markets E-Mini Index		(176	)		12/2017		USD		(9,893	)		(57	)
MSCI Europe NTR Index		(5,152	)		12/2017		EUR		(131,804	)		(4,744	)
S&P 500 E-Mini Index		(14	)		12/2017		USD		(1,801	)		(8	)
TOPIX Index		(103	)		12/2017		JPY		(16,103	)		(455	)
U.S. Treasury 10 Year Note		(201	)		12/2017		USD		(25,106	)		294
												(7,734	)
												(12,746	)

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)
USD	9,562	CAD	12,105	Citibank, NA		11/29/2017	$	177
USD	68	CAD	84	Morgan Stanley		11/29/2017		2
CLP	197,284	USD	309	Citibank, NA**		12/15/2017		1
CNY	1,824	USD	273	Australia & New Zealand Banking Group Ltd.**		12/15/2017		1
CZK	6,965	EUR	268	Goldman Sachs International		12/15/2017		4
ILS	889	USD	253	Goldman Sachs International		12/15/2017		—	(h)
INR	16,146	USD	248	Citibank, NA**		12/15/2017		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2017

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)
KRW	328,724	USD	291	Goldman Sachs International**		12/15/2017	$	3
PLN	677	USD	186	Royal Bank of Canada		12/15/2017		—	(h)
RUB	9,944	USD	169	Citibank, NA**		12/15/2017		1
TRY	1,112	USD	288	Citibank, NA		12/15/2017		1
TRY	1,565	USD	405	Goldman Sachs International		12/15/2017		2
USD	308	AUD	400	Australia & New Zealand Banking Group Ltd.		12/15/2017		2
USD	292	AUD	374	Citibank, NA		12/15/2017		6
USD	564	AUD	722	Goldman Sachs International		12/15/2017		12
USD	1,161	BRL	3,709	Citibank, NA**		12/15/2017		34
USD	1,469	BRL	4,783	Goldman Sachs International**		12/15/2017		15
USD	283	CAD	353	Australia & New Zealand Banking Group Ltd.		12/15/2017		10
USD	2,185	CAD	2,736	Citibank, NA		12/15/2017		64
USD	285	CAD	357	Credit Suisse International		12/15/2017		8
USD	384	CAD	482	Goldman Sachs International		12/15/2017		11
USD	263	CAD	322	Royal Bank of Canada		12/15/2017		13
USD	913	CLP	570,548	Goldman Sachs International**		12/15/2017		17
USD	249	COP	744,443	Citibank, NA**		12/15/2017		5
USD	32	EUR	26	Australia & New Zealand Banking Group Ltd.		12/15/2017		1
USD	1,205	EUR	1,028	Citibank, NA		12/15/2017		4
USD	1,977	EUR	1,665	Royal Bank of Canada		12/15/2017		33
USD	253	HUF	64,725	Goldman Sachs International		12/15/2017		10
USD	253	ILS	889	Goldman Sachs International		12/15/2017		—	(h)
USD	543	MXN	10,009	Goldman Sachs International		12/15/2017		25
USD	33	MXN	634	State Street Corp.		12/15/2017		—	(h)
USD	253	PHP	13,019	Citibank, NA**		12/15/2017		2
USD	372	PHP	19,273	Goldman Sachs International**		12/15/2017		1
USD	250	PLN	894	Citibank, NA		12/15/2017		5
USD	1,263	PLN	4,507	Royal Bank of Canada		12/15/2017		25
USD	1,230	RON	4,789	Credit Suisse International		12/15/2017		18
USD	1,318	RUB	76,434	Citibank, NA**		12/15/2017		17
USD	256	RUB	14,919	Goldman Sachs International**		12/15/2017		2
USD	1,079	RUB	63,162	Goldman Sachs International**		12/15/2017		5
USD	342	SGD	465	Credit Suisse International		12/15/2017		1
USD	310	SGD	422	State Street Corp.		12/15/2017		—	(h)
USD	5,839	TRY	21,406	Citibank, NA		12/15/2017		268
USD	1,114	TRY	3,947	Goldman Sachs International		12/15/2017		86
USD	558	TRY	2,074	Royal Bank of Canada		12/15/2017		19
USD	2,584	ZAR	34,365	Citibank, NA		12/15/2017		173
USD	274	ZAR	3,776	Credit Suisse International		12/15/2017		9
USD	59	ZAR	819	Goldman Sachs International		12/15/2017		2
USD	2,331	ZAR	31,919	Royal Bank of Canada		12/15/2017		91
USD	605	ZAR	8,462	State Street Corp.		12/15/2017		11
ZAR	9,340	USD	653	Goldman Sachs International		12/15/2017		3
CHF	1,493	USD	1,495	Goldman Sachs International		12/28/2017		8
DKK	5,786	EUR	777	Credit Suisse International		12/28/2017		—	(h)
GBP	3,347	EUR	3,721	Goldman Sachs International		12/28/2017		104
GBP	1,193	EUR	1,357	TD Bank Financial Group		12/28/2017		1
GBP	596	EUR	668	Union Bank of Switzerland AG		12/28/2017		13
GBP	258	USD	339	Australia & New Zealand Banking Group Ltd.		12/28/2017		4
GBP	299	USD	391	Citibank, NA		12/28/2017		6
GBP	254	USD	336	Union Bank of Switzerland AG		12/28/2017		1
USD	47,187	AUD	59,472	Australia & New Zealand Banking Group Ltd.		12/28/2017		1,695
USD	49,670	CAD	61,007	TD Bank Financial Group		12/28/2017		2,353
USD	4,367	CHF	4,204	Goldman Sachs International		12/28/2017		136
USD	697	CHF	688	Royal Bank of Canada		12/28/2017		4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE			UNREALIZED APPRECIATION (DEPRECIATION)
USD	1,059	CHF	1,026	TD Bank Financial Group		12/28/2017		$	27
USD	4,080	DKK	25,188	Goldman Sachs International		12/28/2017			123
USD	615	DKK	3,875	State Street Corp.		12/28/2017			6
USD	7,986	EUR	6,772	Australia & New Zealand Banking Group Ltd.		12/28/2017			72
USD	216,255	EUR	179,445	Barclays Bank plc		12/28/2017			6,523
USD	7,808	EUR	6,616	Goldman Sachs International		12/28/2017			75
USD	118	EUR	100	HSBC Bank, N.A.		12/28/2017			1
USD	142	EUR	119	Morgan Stanley		12/28/2017			3
USD	108	EUR	90	National Australia Bank Ltd.		12/28/2017			3
USD	486	EUR	407	Royal Bank of Canada		12/28/2017			10
USD	106	EUR	90	Standard Chartered Bank		12/28/2017			1
USD	502	EUR	425	Union Bank of Switzerland AG		12/28/2017			6
USD	26,023	GBP	19,130	Australia & New Zealand Banking Group Ltd.		12/28/2017			569
USD	75,670	JPY	8,441,191	State Street Corp.		12/28/2017			1,208
USD	687	SEK	5,615	Deutsche Bank AG		12/28/2017	��		14
USD	127	EUR	107	Citibank, NA		01/18/2018			2
Total unrealized appreciation									14,168
ARS	17,637	USD	984	Citibank, NA**		12/15/2017			(11	)
ARS	4,006	USD	223	Goldman Sachs International**		12/15/2017			(2	)
AUD	375	USD	291	Citibank, NA		12/15/2017			(4	)
AUD	318	USD	250	Goldman Sachs International		12/15/2017			(7	)
BRL	7,821	USD	2,451	Citibank, NA**		12/15/2017			(73	)
BRL	670	USD	211	Goldman Sachs International**		12/15/2017			(7	)
CAD	391	EUR	263	State Street Corp.		12/15/2017			(4	)
CLP	623,029	USD	1,010	Citibank, NA**		12/15/2017			(32	)
CLP	193,864	USD	308	Goldman Sachs International**		12/15/2017			(4	)
CLP	1,574,113	USD	2,536	Goldman Sachs International**		12/15/2017			(64	)
CNY	1,473	USD	223	Citibank, NA**		12/15/2017			(2	)
CNY	6,655	USD	1,013	Goldman Sachs International**		12/15/2017			(13	)
COP	744,443	USD	253	Goldman Sachs International**		12/15/2017			(9	)
CZK	2,162	USD	99	Citibank, NA		12/15/2017			(1	)
CZK	11,062	USD	511	Goldman Sachs International		12/15/2017			(8	)
EUR	2,961	USD	3,562	Australia & New Zealand Banking Group Ltd.		12/15/2017			(104	)
EUR	150	USD	180	Goldman Sachs International		12/15/2017			(5	)
HUF	201,323	EUR	649	Citibank, NA		12/15/2017			(3	)
HUF	64,725	USD	252	Citibank, NA		12/15/2017			(9	)
IDR	5,052,652	USD	372	Goldman Sachs International**		12/15/2017			(1	)
IDR	3,364,616	USD	253	Goldman Sachs International**		12/15/2017			(6	)
INR	64,593	USD	1,001	Goldman Sachs International**		12/15/2017			(7	)
MXN	5,409	USD	294	Citibank, NA		12/15/2017			(14	)
MXN	32,273	USD	1,735	Goldman Sachs International		12/15/2017			(64	)
PLN	1,636	USD	454	Credit Suisse International		12/15/2017			(5	)
PLN	4,489	USD	1,264	Goldman Sachs International		12/15/2017			(30	)
PLN	1,568	USD	439	Royal Bank of Canada		12/15/2017			(9	)
RUB	93,953	USD	1,611	Citibank, NA**		12/15/2017			(13	)
RUB	3,679	USD	64	Goldman Sachs International**		12/15/2017			(1	)
RUB	66,382	USD	1,135	Goldman Sachs International**		12/15/2017			(6	)
TRY	14,234	USD	3,839	Citibank, NA		12/15/2017			(134	)
TRY	9,284	USD	2,563	Goldman Sachs International		12/15/2017			(147	)
USD	1,137	CLP	728,767	Citibank, NA**		12/15/2017			(8	)
USD	1,402	CLP	897,827	Goldman Sachs International**		12/15/2017			(9	)
USD	291	KRW	328,724	Goldman Sachs International**		12/15/2017			(3	)
USD	274	SGD	374	Credit Suisse International		12/15/2017			(1	)
USD	308	ZAR	4,407	State Street Corp.		12/15/2017			(1	)

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2017

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)
ZAR	36,536	USD	2,713	Citibank, NA		12/15/2017	$	(149	)
ZAR	3,938	USD	281	Credit Suisse International		12/15/2017		(4	)
ZAR	10,678	USD	781	Royal Bank of Canada		12/15/2017		(31	)
AUD	14,250	USD	11,382	Australia & New Zealand Banking Group Ltd.		12/28/2017		(482	)
CAD	14,523	USD	11,815	National Australia Bank Ltd.		12/28/2017		(551	)
CHF	2,183	EUR	1,893	Australia & New Zealand Banking Group Ltd.		12/28/2017		(15	)
CHF	961	EUR	842	TD Bank Financial Group		12/28/2017		(17	)
CHF	636	GBP	486	Royal Bank of Canada		12/28/2017		(7	)
CHF	332	USD	337	Australia & New Zealand Banking Group Ltd.		12/28/2017		(3	)
DKK	3,219	USD	520	Goldman Sachs International		12/28/2017		(15	)
DKK	4,941	USD	799	State Street Corp.		12/28/2017		(23	)
DKK	3,804	USD	606	Union Bank of Switzerland AG		12/28/2017		(9	)
EUR	9,214	USD	11,082	Australia & New Zealand Banking Group Ltd.		12/28/2017		(314	)
EUR	743	USD	876	Merrill Lynch International		12/28/2017		(7	)
EUR	158	USD	187	National Australia Bank Ltd.		12/28/2017		(2	)
EUR	3,273	USD	3,894	Societe Generale		12/28/2017		(69	)
GBP	20,835	USD	28,343	Australia & New Zealand Banking Group Ltd.		12/28/2017		(619	)
GBP	112	USD	152	Goldman Sachs International		12/28/2017		(3	)
GBP	4,106	USD	5,553	State Street Corp.		12/28/2017		(90	)
JPY	1,994,996	USD	17,977	National Australia Bank Ltd.		12/28/2017		(379	)
NOK	7,499	USD	965	Goldman Sachs International		12/28/2017		(45	)
SEK	8,471	USD	1,071	Goldman Sachs International		12/28/2017		(55	)
SEK	11,398	USD	1,406	State Street Corp.		12/28/2017		(40	)
USD	5,003	EUR	4,290	Australia & New Zealand Banking Group Ltd.		12/28/2017		(11	)
USD	610	EUR	523	State Street Corp.		12/28/2017		(1	)
USD	5,139	JPY	582,980	BNP Paribas		12/28/2017		(4	)
EUR	107	USD	127	Westpac Banking Corp.		01/18/2018		(2	)
EGP	9,230	USD	505	Citibank, NA**		03/15/2018		(2	)
Total unrealized depreciation								(3,770	)
Net unrealized appreciation								10,398

Over the Counter “OTC” Credit default swap contracts outstanding — buy protection(1) as of October 31, 2017:
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT(3)		UPFRONT PAYMENTS (RECEIPTS) ($) (4)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Republic of Turkey, 11.88%, 01/15/2030	1.00	Quarterly		Goldman Sachs International		12/20/2022		1.84		USD 6,500		289		(40	)		249
United Mexican States, 4.15%, 03/28/2027	1.00	Quarterly		Citigroup Global Markets Holdings, Inc.		12/20/2022		1.06		USD 1,000		6		(4	)		2
United Mexican States, 4.15%, 03/28/2027	1.00	Quarterly		Goldman Sachs International		12/20/2022		1.06		USD 1,200		9		(6	)		3
												304		(50	)		254

⁽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 (i.e. make payment) under the swap contract. Increasing values, in absolute terms

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices 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 payments and receipts generally represent premiums paid 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).

Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2017:
FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
6 Month PRIBOR semi-annually	1.67% annually	Receive		09/05/2027	CZK	50,000		37
1 month TIIE monthly	7.38% monthly	Pay		10/05/2020	MXN	109,000		(37	)
								—

(a) Value of floating rate index at October 31, 2017 was as follows:

FLOATING RATE INDEX	VALUE
6 Month PRIBOR		0.66	%
1 Month TIIE		7.38	%

Written Put Options Contracts as of October 31, 2017:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange USD/EUR

Merrill Lynch International

4,239

EUR

4,239

EUR

1.16

12/14/2017

(30

)

S&P 500 Index

Exchange Traded

75

USD

19,314

USD

2,400.00

12/29/2017

(64

)

Total Written Options Contracts (Premiums Received $116)

(94

)

Total Return Basket Swap Outstanding at October 31, 2017:

COUNTERPARTY

DESCRIPTION

TERMINATION DATE

NOTIONAL VALUE

NET UNREALIZED APPRECIATION (DEPRECIATION)

NET CASH AND OTHER RECEIVABLES (PAYABLES)

VALUE ($)

Bank of America, NA

The Fund receives the total return on a portfolio of long equity positions and pays net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.35% to 1.50%), which is denominated in GBP based on the local currencies of the positions within the swaps.

03/29/2019

$

24,130

$

166

$

104

270

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Switzerland
Glencore plc		649	$	3,131	$	5			0.0	(g)
United Kingdom
Anglo American plc		82		1,541		(13	)		0.0	(g)
Ashtead Group plc		50		1,278		60			0.0	(g)
Aviva plc		208		1,398		20			0.0	(g)
Barratt Developments plc		146		1,270		(2	)		0.0	(g)
Fevertree Drinks plc		39		1,099		(24	)		0.0	(g)
InterContinental Hotels Group plc		28		1,561		21			0.0	(g)
Lloyds Banking Group plc		2,722		2,468		61			0.0	(g)
Man Group plc		536		1,379		35			0.0	(g)
Next plc		21		1,401		(54	)		0.0	(g)
Pearson plc		154		1,441		45			0.0	(g)
Persimmon plc		50		1,859		67			0.0	(g)
Rio Tinto plc		53		2,493		(50	)		0.0	(g)
Taylor Wimpey plc		457		1,210		10			0.0	(g)
Weir Group plc (The)		23		601		(15	)		0.0	(g)
		4,569		20,999		161			0.0	(g)
Total Common Stock		5,218		24,130		166			0.0	(g)
Total Long Positions of Total Return Basket Swap		5,218		24,130		166			0.0	(g)

⁽¹⁾    — Notional value represents market value as of October 31, 2017 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

⁽²⁾    — Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.

The following reference rates, and their values as of period-end, are used for security descriptions:

LIBOR London Interbank Offered Rate 1.38%

Summary of total OTC swap contracts outstanding as of October 31, 2017:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Credit default swap contracts outstanding—buy protection		304		254
Total Return Basket Swaps Outstanding		—		270
Total OTC swap contracts outstanding		304		524

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 51

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.6%
		United States — 4.6%
		ABFC Trust,
	286	Series 2003-OPT1, Class A1A, 2.06%, 04/25/2033 (z) (bb)		282
	1,693	Series 2004-HE1, Class M1, 2.14%, 03/25/2034 (z) (bb)		1,690
	1,046	Series 2004-OPT3, Class M1, 1.99%, 09/25/2033 (z) (bb)		990
	2,796	Series 2004-OPT5, Class A1, 1.94%, 06/25/2034 (z) (bb)		2,727
	1,558	Series 2005-WF1, Class M1, 1.78%, 11/25/2034 (z) (bb)		1,554
	1,063	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, 2.11%, 01/25/2035 (z) (bb)		1,042
		ACE Securities Corp. Home Equity Loan Trust,
	1,115	Series 2003-FM1, Class M1, 2.53%, 11/25/2032 (z) (bb)		1,105
	1,280	Series 2003-HE1, Class M1, 2.21%, 11/25/2033 (z)		1,256
	811	Series 2003-NC1, Class M1, 2.41%, 07/25/2033 (z) (bb)		803
	3,848	Series 2003-OP1, Class M1, 2.29%, 12/25/2033 (z) (bb)		3,806
	1,005	Series 2004-HE2, Class M1, 2.27%, 10/25/2034 (z) (bb)		1,010
	1,454	Series 2004-HE4, Class M2, 2.21%, 12/25/2034 (z) (bb)		1,412
	4,201	Series 2004-OP1, Class M2, 2.81%, 04/25/2034 (z) (bb)		4,140
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	632	Series 2002-AR1, Class M1, 2.31%, 09/25/2032 (z) (bb)		623
	1,207	Series 2003-13, Class M1, 2.26%, 01/25/2034 (z) (bb)		1,176
	524	Series 2003-13, Class M2, 3.79%, 01/25/2034 (z) (bb)		515
	898	Series 2004-R1, Class A2, 1.84%, 02/25/2034 (z) (bb)		862
	3,591	Series 2004-R1, Class M1, 2.03%, 02/25/2034 (z) (bb)		3,606
	484	Series 2004-R1, Class M2, 2.11%, 02/25/2034 (z) (bb)		467
	251	Series 2004-R8, Class M1, 2.20%, 09/25/2034 (z) (bb)		252
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,127	Series 2003-W5, Class M2, 4.01%, 10/25/2033 (z) (bb)		1,083

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	709	Series 2004-W2, Class M2, 3.11%, 04/25/2034 (z) (bb)		727
	523	Series 2004-W2, Class M3, 3.34%, 04/25/2034 (z) (bb)		512
	1,959	Series 2004-W3, Class A3, 2.06%, 02/25/2034 (z) (bb)		1,875
	1,187	Series 2004-W6, Class M1, 2.06%, 05/25/2034 (z) (bb)		1,183
	527	Series 2004-W7, Class M2, 2.14%, 05/25/2034 (z) (bb)		534
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,110	Series 2001-HE3, Class A1, 1.78%, 11/15/2031 (z)		2,041
	147	Series 2003-HE3, Class M2, 4.24%, 06/15/2033 (z) (bb)		143
	1,592	Series 2003-HE4, Class M1, 2.48%, 08/15/2033 (z)		1,599
	1,355	Series 2003-HE4, Class M2, 4.24%, 08/15/2033 (z) (bb)		1,352
	1,718	Series 2004-HE2, Class M2, 3.11%, 04/25/2034 (z) (bb)		1,584
	1,192	Series 2004-HE7, Class M2, 2.81%, 10/25/2034 (z) (bb)		1,188
	500	Series 2005-HE6, Class M4, 2.20%, 07/25/2035 (z) (bb)		499
	705	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.67%, 12/28/2036 (bb)		715
	344	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.64%, 11/28/2036 (bb)		341
	8,889	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN7, Class A1, SUB, 3.10%, 09/28/2032 (e)		8,893
		Bear Stearns Asset-Backed Securities I Trust,
	4,911	Series 2004-HE6, Class M2, 3.11%, 08/25/2034 (z) (bb)		4,894
	2,025	Series 2004-HE11, Class M2, 2.81%, 12/25/2034 (z) (bb)		2,076
		Bear Stearns Asset-Backed Securities Trust,
	777	Series 2003-1, Class M1, 2.89%, 11/25/2042 (z) (bb)		742
	468	Series 2003-SD1, Class A, 2.14%, 12/25/2033 (z) (bb)		460
	869	Series 2003-SD1, Class M1, 2.51%, 12/25/2033 (z) (bb)		836
	1,566	Series 2004-HE2, Class M2, 3.04%, 03/25/2034 (z) (bb)		1,523

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,928	Series 2004-SD4, Class A1, 2.14%, 08/25/2044 (z) (bb)		1,909
	583	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, 2.59%, 08/25/2033 (z)		580
		Centex Home Equity Loan Trust,
	5,410	Series 2004-A, Class M1, 1.84%, 01/25/2034 (z) (bb)		5,354
	742	Series 2004-C, Class M2, 2.03%, 06/25/2034 (z) (bb)		734
	603	Series 2004-D, Class MF2, SUB, 5.56%, 09/25/2034 (bb)		589
	1,640	Series 2004-D, Class MF3, SUB, 5.76%, 09/25/2034 (bb)		1,294
	236	Series 2004-D, Class MV2, 1.93%, 09/25/2034 (z) (bb)		234
		Chase Funding Loan Acquisition Trust,
	1,116	Series 2004-AQ1, Class M1, 2.33%, 05/25/2034 (z) (bb)		1,054
	1,509	Series 2004-OPT1, Class M2, 2.74%, 06/25/2034 (z) (bb)		1,496
		Chase Funding Trust,
	1,373	Series 2003-4, Class 1A5, SUB, 5.28%, 05/25/2033 (bb)		1,392
	151	Series 2003-4, Class 2M1, 2.14%, 03/25/2033 (z) (bb)		145
	380	Series 2003-5, Class 1M2, 5.64%, 09/25/2032 (z) (bb)		326
	2,345	Series 2003-6, Class 2A2, 1.82%, 11/25/2034 (z) (bb)		2,279
	2,227	Series 2003-6, Class 2M1, 1.99%, 11/25/2034 (z) (bb)		2,092
	841	Series 2004-1, Class 1M1, 4.73%, 05/25/2033 (bb)		839
	938	Series 2004-1, Class 2M1, 1.99%, 09/25/2033 (z) (bb)		919
	1,966	Series 2004-2, Class 1M1, 5.70%, 02/26/2035 (z) (bb)		1,977
	1,376	CHEC Loan Trust, Series 2004-1, Class M1, 2.14%, 07/25/2034 (z) (bb)		1,262
		Citigroup Mortgage Loan Trust, Inc.,
	289	Series 2005-OPT1, Class M4, 2.29%, 02/25/2035 (z) (bb)		271
	104	Series 2005-WF2, Class AF7, SUB, 5.25%, 08/25/2035 (bb)		104
	28	Continental Airlines Pass-Through Certificates, Series 2004-ERJ1, 9.56%, 09/01/2019		29
		Countrywide Asset-Backed Certificates,
	58	Series 2002-3, Class M1, 2.36%, 03/25/2032 (z) (bb)		58

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	978	Series 2002-4, Class M1, 2.36%, 12/25/2032 (z) (bb)		966
	1,342	Series 2003-3, Class 3A, 1.78%, 11/25/2033 (z) (bb)		1,271
	8,238	Series 2004-2, Class M1, 1.99%, 05/25/2034 (z) (bb)		8,224
	2,406	Series 2004-3, Class M1, 1.99%, 06/25/2034 (z) (bb)		2,335
	582	Series 2004-3, Class M2, 2.06%, 06/25/2034 (z) (bb)		578
	1,234	Series 2004-BC1, Class M1, 1.99%, 02/25/2034 (z)		1,231
	263	Series 2004-BC4, Class M1, 2.29%, 11/25/2034 (z) (bb)		263
	817	Series 2004-ECC2, Class M2, 2.21%, 12/25/2034 (z) (bb)		818
	3,000	Series 2005-12, Class M2, 1.73%, 02/25/2036 (z) (bb)		2,995
	4,276	Series 2005-AB3, Class 1A1, 1.74%, 02/25/2036 (z) (bb)		4,213
	8,559	Series 2006-19, Class 2A2, 1.40%, 03/25/2037 (z) (bb)		8,478
	1,098	Countrywide Partnership Trust, Series 2004-EC1, Class M2, 2.18%, 01/25/2035 (z) (bb)		1,095
		Credit-Based Asset Servicing & Securitization LLC,
	2,427	Series 2003-CB6, Class M1, 2.29%, 12/25/2033 (z) (bb)		2,389
	1,424	Series 2004-CB2, Class M1, 2.02%, 07/25/2033 (z) (bb)		1,344
	293	Series 2005-CB8, Class AF2, SUB, 3.86%, 12/25/2035 (bb)		292
	1,537	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF6, 4.65%, 02/25/2036 (z) (bb)		1,576
		CWABS, Inc. Asset-Backed Certificates,
	3,389	Series 2003-BC1, Class A1, 2.04%, 03/25/2033 (z) (bb)		3,339
	698	Series 2004-1, Class M2, 2.06%, 03/25/2034 (z) (bb)		693
	1,253	Series 2004-1, Class M3, 2.21%, 02/25/2034 (z) (bb)		1,249
		CWABS, Inc. Asset-Backed Certificates Trust,
	1,814	Series 2004-5, Class M2, 2.24%, 07/25/2034 (z) (bb)		1,841
	702	Series 2004-6, Class M2, 2.21%, 10/25/2034 (z) (bb)		694

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	412	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.87%, 10/25/2034 (bb)		411
	8,631	FFMLT Trust, Series 2005-FF11, Class M1, 1.88%, 11/25/2035 (z) (bb)		8,609
	194	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, 2.18%, 11/25/2034 (z) (bb)		180
	871	First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF3, Class M1, 2.06%, 05/25/2034 (z) (bb)		859
		First Franklin Mortgage Loan Trust,
	4,785	Series 2003-FF5, Class M1, 2.14%, 03/25/2034 (z) (bb)		4,793
	2,130	Series 2004-FF5, Class A1, 1.96%, 08/25/2034 (z) (bb)		2,074
	11,503	Series 2005-FF10, Class A1, 1.54%, 11/25/2035 (z) (bb)		11,124
	1,039	Series 2005-FF10, Class A4, 1.56%, 11/25/2035 (z)		1,039
	1,148	Series 2006-FF8, Class IIA3, 1.39%, 07/25/2036 (z) (bb)		1,140
		Fremont Home Loan Trust,
	1,986	Series 2003-A, Class M1, 2.21%, 08/25/2033 (z) (bb)		1,916
	1,670	Series 2004-2, Class M2, 2.17%, 07/25/2034 (z)		1,682
	3,770	Series 2004-A, Class M1, 2.06%, 01/25/2034 (z) (bb)		3,726
	514	Series 2004-B, Class M2, 2.18%, 05/25/2034 (z) (bb)		516
	868	Series 2004-C, Class M1, 2.21%, 08/25/2034 (z) (bb)		869
	1,799	Series 2004-D, Class M1, 2.11%, 11/25/2034 (z)		1,729
	800	Series 2004-D, Class M2, 2.14%, 11/25/2034 (z)		793
		GCAT LLC,
	5,824	Series 2017-3, Class A1, SUB, 3.35%, 04/25/2047 (e) (bb)		5,857
	5,068	Series 2017-5, Class A1, SUB, 3.23%, 07/25/2047 (e) (bb)		5,091
	874	GSAA Home Equity Trust, Series 2005-6, Class A3, 1.61%, 06/25/2035 (z) (bb)		881
		GSAMP Trust,
	2,150	Series 2003-HE1, Class M1, 2.48%, 06/20/2033 (z)		2,172
	1,365	Series 2003-SEA, Class A1, 1.64%, 02/25/2033 (z) (bb)		1,344

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	571	Series 2005-HE3, Class M2, 2.24%, 06/25/2035 (z) (bb)		573
	1,848	Series 2005-NC1, Class M1, 1.91%, 02/25/2035 (z) (bb)		1,855
	3,117	Series 2006-FM1, Class A2C, 1.40%, 04/25/2036 (z) (bb)		2,373
	6,056	Series 2006-HE3, Class A2C, 1.40%, 05/25/2046 (z)		5,969
	1,970	Series 2006-HE4, Class A2C, 1.39%, 06/25/2036 (z) (bb)		1,949
	6,366	Series 2007-SEA1, Class A, 1.54%, 12/25/2036 (e) (z) (bb)		6,139
		Home Equity Asset Trust,
	3,689	Series 2002-5, Class M1, 2.94%, 05/25/2033 (z) (bb)		3,671
	911	Series 2003-3, Class M1, 2.53%, 08/25/2033 (z) (bb)		898
	443	Series 2004-6, Class M2, 2.14%, 12/25/2034 (z) (bb)		434
	4,100	Series 2005-7, Class M1, 1.69%, 01/25/2036 (z) (bb)		4,105
		Home Equity Mortgage Loan Asset-Backed Trust,
	529	Series 2004-B, Class M2, 2.36%, 11/25/2034 (z) (bb)		528
	8,658	Series 2004-C, Class M1, 2.08%, 03/25/2035 (z)		8,626
	944	Series 2004-C, Class M2, 2.14%, 03/25/2035 (z) (bb)		942
	1,156	Series 2006-B, Class 2A3, 1.43%, 06/25/2036 (z) (bb)		1,123
	220	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, 1.41%, 04/25/2036 (z) (bb)		220
		Long Beach Mortgage Loan Trust,
	791	Series 2001-2, Class M1, 2.08%, 07/25/2031 (z) (bb)		784
	2,567	Series 2002-5, Class M1, 2.48%, 11/25/2032 (z) (bb)		2,519
	331	Series 2003-4, Class M1, 2.26%, 08/25/2033 (z) (bb)		326
	852	Series 2004-3, Class M2, 2.14%, 07/25/2034 (z) (bb)		850
	556	Series 2004-3, Class M4, 2.85%, 07/25/2034 (z) (bb)		561
	597	Series 2004-3, Class M6, 3.38%, 07/25/2034 (z)		567
	1,824	Series 2004-4, Class M1, 2.14%, 10/25/2034 (z)		1,783

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	164	Series 2005-WL2, Class M1, 1.94%, 08/25/2035 (z) (bb)		165
		Mastr Asset-Backed Securities Trust,
	2,750	Series 2003-OPT1, Class M3, 5.36%, 12/25/2032 (z) (bb)		2,843
	1,137	Series 2004-OPT2, Class M1, 2.14%, 09/25/2034 (z) (bb)		1,122
	891	Series 2004-OPT2, Class M2, 2.21%, 09/25/2034 (z) (bb)		870
	1,891	Series 2005-NC1, Class M2, 1.99%, 12/25/2034 (z) (bb)		1,906
	968	Series 2005-NC1, Class M4, 2.38%, 12/25/2034 (z) (bb)		932
		Merrill Lynch Mortgage Investors Trust,
	447	Series 2003-OPT1, Class M1, 2.21%, 07/25/2034 (z) (bb)		439
	335	Series 2004-HE2, Class M1, 2.44%, 08/25/2035 (z) (bb)		338
	92	Series 2004-WMC5, Class M5, 2.96%, 07/25/2035 (z) (bb)		91
	1,916	Series 2005-FM1, Class M1, 1.72%, 05/25/2036 (z)		1,876
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,000	Series 2003-NC10, Class M1, 2.26%, 10/25/2033 (z) (bb)		990
	6,319	Series 2004-HE1, Class M1, 2.09%, 01/25/2034 (z) (bb)		6,262
	398	Series 2004-HE2, Class M2, 3.04%, 03/25/2034 (z) (bb)		374
	1,033	Series 2004-HE2, Class M3, 3.41%, 03/25/2034 (z) (bb)		677
	3,913	Series 2004-HE3, Class M1, 2.09%, 03/25/2034 (z) (bb)		3,804
	1,338	Series 2004-HE3, Class M2, 3.11%, 03/25/2034 (z) (bb)		1,294
	1,097	Series 2004-HE6, Class M1, 2.06%, 08/25/2034 (z)		1,105
	1,223	Series 2004-HE6, Class M2, 2.14%, 08/25/2034 (z) (bb)		1,221
	809	Series 2004-HE6, Class M3, 2.21%, 08/25/2034 (z) (bb)		810
	673	Series 2004-HE7, Class M2, 2.18%, 08/25/2034 (z) (bb)		679
	80	Series 2004-HE7, Class M3, 2.26%, 08/25/2034 (z) (bb)		80
	2,600	Series 2004-HE8, Class M1, 2.20%, 09/25/2034 (z) (bb)		2,589
	602	Series 2004-HE8, Class M2, 2.26%, 09/25/2034 (z) (bb)		610

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	747	Series 2004-HE8, Class M3, 2.36%, 09/25/2034 (z) (bb)		748
	2,497	Series 2004-NC3, Class M1, 2.03%, 03/25/2034 (z) (bb)		2,460
	4,995	Series 2004-NC5, Class M1, 2.14%, 05/25/2034 (z) (bb)		4,965
	663	Series 2004-NC6, Class M2, 3.11%, 07/25/2034 (z) (bb)		630
	620	Series 2004-NC8, Class M3, 2.35%, 09/25/2034 (z) (bb)		610
	1,094	Series 2004-OP1, Class M2, 2.15%, 11/25/2034 (z) (bb)		1,088
	881	Series 2004-OP1, Class M3, 2.26%, 11/25/2034 (z) (bb)		859
	2,024	Series 2004-WMC2, Class M1, 2.15%, 07/25/2034 (z) (bb)		2,020
	876	Series 2004-WMC2, Class M2, 3.04%, 07/25/2034 (z) (bb)		862
	3,341	Series 2004-WMC3, Class M2, 2.03%, 01/25/2035 (z) (bb)		3,297
	421	Series 2005-HE1, Class M2, 1.94%, 12/25/2034 (z) (bb)		390
	1,139	Series 2005-HE1, Class M3, 2.02%, 12/25/2034 (z) (bb)		1,052
	267	Series 2005-NC1, Class M3, 2.00%, 01/25/2035 (z) (bb)		255
		New Century Home Equity Loan Trust,
	416	Series 2003-3, Class M1, 2.42%, 07/25/2033 (z) (bb)		414
	846	Series 2003-B, Class M2, 3.71%, 11/25/2033 (z) (bb)		831
	2,942	Series 2004-1, Class M1, 2.12%, 05/25/2034 (z)		2,919
	207	Series 2004-2, Class M2, 2.17%, 08/25/2034 (z) (bb)		201
	965	Series 2004-2, Class M4, 3.04%, 08/25/2034 (z) (bb)		962
	824	Series 2004-2, Class M6, 3.49%, 08/25/2034 (z) (bb)		818
	1,613	Series 2004-3, Class M2, 2.21%, 11/25/2034 (z) (bb)		1,606
	440	Series 2004-3, Class M3, 2.30%, 11/25/2034 (z) (bb)		443
	4,877	Series 2004-4, Class M1, 2.00%, 02/25/2035 (z) (bb)		4,833
	544	Series 2004-4, Class M2, 2.03%, 02/25/2035 (z) (bb)		539
	292	Series 2005-1, Class M3, 2.02%, 03/25/2035 (z) (bb)		268

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	2,515	Series 2006-2, Class A2B, 1.40%, 08/25/2036 (z) (bb)		2,316
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, 4.01%, 09/25/2033 (z) (bb)		1,182
	240	Series 2003-3, Class M2, 3.71%, 12/25/2033 (z) (bb)		239
	4,245	Series 2004-2, Class M4, 3.04%, 09/25/2034 (z) (bb)		4,165
		Oak Hill Advisors Residential Loan Trust,
	4,968	Series 2017-NPL2, Class A1, SUB, 3.00%, 07/25/2057 (e)		4,980
	6,433	Series 2017-NPL1, Class A1, SUB, 3.00%, 06/25/2057 (e) (bb)		6,432
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	6,040	Series 2003-5, Class A1, 1.88%, 08/25/2033 (z) (bb)		5,774
	484	Series 2003-5, Class A2, 1.88%, 08/25/2033 (z) (bb)		469
	300	Series 2003-5, Class M2, 3.56%, 08/25/2033 (z) (bb)		269
		Option One Mortgage Loan Trust,
	4,519	Series 2002-3, Class A1, 1.74%, 08/25/2032 (z) (bb)		4,403
	767	Series 2002-3, Class A2, 1.78%, 08/25/2032 (z) (bb)		747
	8,619	Series 2004-2, Class M1, 2.03%, 05/25/2034 (z) (bb)		8,605
	671	Series 2004-3, Class M2, 2.09%, 11/25/2034 (z) (bb)		670
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, 2.96%, 10/25/2034 (z) (bb)		1,814
		Pretium Mortgage Credit Partners I LLC,
	3,997	Series 2016-NPL6, Class A1, SUB, 3.50%, 10/27/2031 (e) (bb)		4,007
	14,393	Series 2017-NPL1, Class A1, SUB, 3.50%, 04/29/2032 (e) (bb)		14,463
	6,000	Series 2017-NPL1, Class A2, SUB, 5.50%, 04/29/2032 (e) (bb)		5,866
	10,764	Series 2017-NPL2, Class A1, SUB, 3.25%, 03/28/2057 (e) (bb)		10,803
	2,696	Series 2017-NPL2, Class A2, SUB, 5.50%, 03/28/2057 (e) (bb)		2,678
	5,312	Series 2017-NPL3, Class A1, SUB, 3.25%, 06/29/2032 (e) (bb)		5,335
	8,570	Series 2017-NPL4, Class A1, SUB, 3.25%, 08/27/2032 (e) (bb)		8,613

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,239	RAAC Trust, Series 2005-RP3, Class M1, 2.04%, 05/25/2039 (z) (e) (bb)		1,227
	565	RAMP Trust, Series 2002-RS2, Class AI5, 6.03%, 03/25/2032 (z) (bb)		573
		RASC Trust,
	665	Series 2001-KS3, Class AII, 1.70%, 09/25/2031 (z) (bb)		652
	4,719	Series 2005-EMX1, Class M1, 1.88%, 03/25/2035 (z) (bb)		4,729
	1,224	Series 2006-KS5, Class A3, 1.40%, 07/25/2036 (z) (bb)		1,222
		Renaissance Home Equity Loan Trust,
	1,382	Series 2002-3, Class M1, 2.74%, 12/25/2032 (z) (bb)		1,376
	441	Series 2003-1, Class M1, 2.74%, 06/25/2033 (z) (bb)		432
	1,450	Series 2003-3, Class M1, 1.97%, 12/25/2033 (z) (bb)		1,414
	1,319	Series 2003-3, Class M2F, SUB, 5.68%, 12/25/2033 (bb)		1,360
	2,349	Series 2003-4, Class M1, 2.09%, 03/25/2034 (z) (bb)		2,349
	1,010	Series 2003-4, Class M2F, SUB, 6.24%, 03/25/2034 (bb)		963
	681	Series 2004-1, Class M1, 2.11%, 05/25/2034 (z) (bb)		655
	420	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		429
	1,074	Series 2005-2, Class AV3, 1.61%, 08/25/2035 (z) (bb)		1,021
	801	Series 2005-4, Class A3, SUB, 5.57%, 02/25/2036		803
	722	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, 2.81%, 08/25/2034 (z) (bb)		718
		Saxon Asset Securities Trust,
	5,112	Series 2003-3, Class M1, 2.21%, 12/25/2033 (z) (bb)		4,918
	236	Series 2004-2, Class AF3, 4.50%, 08/25/2035 (z) (bb)		239
	1,930	Series 2004-2, Class MV2, 3.04%, 08/25/2035 (z) (bb)		1,932
	3,766	Series 2005-2, Class M2, 1.90%, 10/25/2035 (z)		3,588
		Securitized Asset-Backed Receivables LLC Trust,
	2,547	Series 2004-NC1, Class M1, 2.02%, 02/25/2034 (z) (bb)		2,565
	847	Series 2004-OP1, Class M2, 2.89%, 02/25/2034 (z) (bb)		813

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States — continued
	3,692		Series 2004-OP2, Class M1, 2.21%, 08/25/2034 (z) (bb)		3,619
	1,154		Series 2005-FR2, Class M2, 2.21%, 03/25/2035 (z) (bb)		1,156
	1,843		Series 2005-OP1, Class M2, 1.91%, 01/25/2035 (z) (bb)		1,809
	2,485		Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, 1.41%, 06/25/2036 (z) (bb)		2,448
			Specialty Underwriting & Residential Finance Trust,
	1,700		Series 2004-BC1, Class M2, 2.84%, 02/25/2035 (z) (bb)		1,689
	1,303		Series 2004-BC3, Class M1, 2.17%, 07/25/2035 (z) (bb)		1,295
	4,267		Stanwich Mortgage Loan Co. LLC, Series 2017-NPA1, Class A1, SUB, 3.60%, 03/16/2022 (e) (bb)		4,267
			Structured Asset Investment Loan Trust,
	338		Series 2003-BC3, Class M1, 2.66%, 04/25/2033 (z) (bb)		337
	2,028		Series 2003-BC6, Class M1, 2.36%, 07/25/2033 (z) (bb)		2,005
	1,070		Series 2003-BC11, Class M2, 3.79%, 10/25/2033 (z) (bb)		1,076
	993		Series 2003-BC12, Class M1, 2.21%, 11/25/2033 (z) (bb)		958
	1,895		Series 2004-1, Class M1, 2.21%, 02/25/2034 (z) (bb)		1,825
	—	(h)	Series 2004-1, Class M2, 3.94%, 02/25/2034 (z) (bb)		—(h)
	2,572		Series 2004-5, Class M3, 2.17%, 05/25/2034 (z) (bb)		2,478
	12,289		Series 2004-6, Class A3, 2.04%, 07/25/2034 (z) (bb)		12,398
	2,144		Series 2004-6, Class M1, 2.14%, 07/25/2034 (z) (bb)		2,114
	1,381		Series 2004-7, Class M1, 2.29%, 08/25/2034 (z) (bb)		1,294
	515		Series 2004-8, Class M2, 2.17%, 09/25/2034 (z) (bb)		515
	247		Series 2004-BNC1, Class A5, 2.48%, 09/25/2034 (z) (bb)		248
	1,872		Series 2005-HE2, Class M1, 1.96%, 07/25/2035 (z) (bb)		1,879
			Structured Asset Securities Corp. Mortgage Loan Trust,
	4,767		Series 2006-BC4, Class A4, 1.41%, 12/25/2036 (z) (bb)		4,592

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	10,077	Series 2006-BC6, Class A4, 1.41%, 01/25/2037 (z)		9,764
	4,146	Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A3, 3.45%, 02/25/2032 (bb)		4,068
	1,817	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		1,828
		VOLT LIX LLC,
	6,289	Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		6,328
	2,000	Series 2017-NPL6, Class A2, SUB, 5.37%, 05/25/2047 (e) (bb)		2,011
	6,330	VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		6,375
	5,646	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.37%, 04/25/2047 (e) (bb)		5,684
	3,134	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.37%, 05/28/2047 (e) (bb)		3,155
		VOLT LX LLC,
	7,151	Series 2017-NPL7, Class A1, SUB, 3.25%, 04/25/2059 (e)		7,187
	14,000	Series 2017-NPL7, Class A2, SUB, 5.37%, 04/25/2059 (e) (bb)		14,075
		VOLT LXI LLC,
	6,321	Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		6,339
	8,500	Series 2017-NPL8, Class A2, SUB, 5.00%, 06/25/2047 (e) (bb)		8,510
	7,050	VOLT LXII LLC, Series 2017-NPL9, Class A1, SUB, 3.13%, 09/25/2047 (e) (bb)		7,046
	3,300	VOLT LXIII LLC, Series 2017-NP10, Class A1, SUB, 3.00%, 10/25/2047 (e)		3,300
	5,951	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.50%, 02/25/2055 (e) (bb)		5,968
	3,421	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		3,421
	3,183	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.88%, 09/25/2045 (e) (bb)		3,193
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	45	Series 2004-2, Class A21B, 2.08%, 10/25/2034 (z) (bb)		45
	905	Series 2004-2, Class M1, 2.14%, 10/25/2034 (z) (bb)		900
	1,398	Series 2004-2, Class M4, 3.04%, 10/25/2034 (z)		1,351
	674	Series 2004-2, Class M5, 3.11%, 10/25/2034 (z) (bb)		655

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	290	Series 2004-2, Class M8A, 5.74%, 10/25/2034 (e) (z) (bb)		287
	290	Series 2004-2, Class M8B, 5.00%, 10/25/2034 (e) (z) (bb)		269
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	447	Series 2004-1, Class M2, 1.87%, 04/25/2034 (z) (bb)		414
	717	Series 2004-1, Class M4, 2.39%, 04/25/2034 (z) (bb)		658
		Total Asset-Backed Securities (Cost $551,061)		581,327
	Collateralized Mortgage Obligations — 3.2%
		United States — 3.2%
		Adjustable Rate Mortgage Trust
	4,271	Series 2004-2, Class 6A1, 3.59%, 02/25/2035 (z)		4,294
	4,868	Series 2004-4, Class 4A1, 3.41%, 03/25/2035 (z)		4,901
	1,801	Series 2005-2, Class 3A1, 3.51%, 06/25/2035 (z)		1,767
		Alternative Loan Trust
	907	Series 2004-12CB, Class 2A1, 6.00%, 06/25/2034		927
	44	Series 2004-16CB, Class 2A1, 5.00%, 08/25/2019		44
	7,028	Series 2004-25CB, Class A1, 6.00%, 12/25/2034		7,236
	472	Series 2004-27CB, Class A1, 6.00%, 12/25/2034		475
	693	Series 2004-28CB, Class 2A4, 5.75%, 01/25/2035		701
	81	Series 2004-28CB, Class 4A1, 5.00%, 01/25/2020		82
	1,337	Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035		1,338
	4,591	Series 2004-32CB, Class 2A5, 5.50%, 02/25/2035		4,667
	174	Series 2005-3CB, Class 1A4, 5.25%, 03/25/2035		173
	12,520	Series 2005-3CB, Class 1A13, 5.50%, 03/25/2035		11,883
	5,690	Series 2005-6CB, Class 1A4, 5.50%, 04/25/2035		5,475
	645	Series 2005-6CB, Class 1A6, 5.50%, 04/25/2035		654
	5,504	Series 2005-10CB, Class 1A5, 5.50%, 05/25/2035		5,213

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,164	Series 2005-10CB, Class 1A8, 5.50%, 05/25/2035		3,104
	2,421	Series 2005-13CB, Class A4, 5.50%, 05/25/2035		2,369
	281	Series 2005-20CB, Class 1A1, 5.50%, 07/25/2035		268
	1,264	Series 2005-21CB, Class A4, 5.25%, 06/25/2035		1,225
	5,626	Series 2005-21CB, Class A17, 6.00%, 06/25/2035		5,640
	2,740	Series 2005-23CB, Class A15, 5.50%, 07/25/2035		2,565
	45	Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		45
	1,117	Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		1,114
	2,827	Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		2,821
	8,607	Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036		8,709
	774	Series 2005-85CB, Class 3A2, 5.25%, 02/25/2021		754
	603	Series 2005-86CB, Class A4, 5.50%, 02/25/2036		535
	228	Series 2005-J1, Class 3A1, 6.50%, 08/25/2032		236
	4,518	Series 2005-J2, Class 1A5, 1.74%, 04/25/2035 (z)		4,024
	304	Series 2005-J3, Class 3A1, 6.50%, 09/25/2034		298
	386	Series 2005-J6, Class 2A1, 5.50%, 07/25/2025		382
	459	Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		450
	527	Series 2005-J14, Class A3, 5.50%, 12/25/2035		448
	1,421	Series 2006-4CB, Class 2A5, 5.50%, 04/25/2036		1,350
	2,201	Series 2006-14CB, Class A1, 6.00%, 06/25/2036		1,946
	886	Series 2006-19CB, Class A15, 6.00%, 08/25/2036		793
	408	Series 2006-25CB, Class A2, 6.00%, 10/25/2036		358
	249	Series 2006-J1, Class 1A13, 5.50%, 02/25/2036		226
	567	Series 2006-J3, Class 4A1, 5.75%, 05/25/2026		501
	280	Series 2007-8CB, Class A9, 6.00%, 05/25/2037		243

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	233	Series 2007-19, Class 1A8, 6.00%, 08/25/2037		190
	244	Series 2007-25, Class 2A1, 6.00%, 11/25/2022		232
	52	Series 2007-9T1, Class 3A1, 5.50%, 05/25/2022		32
	341	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 3.49%, 06/25/2045 (z)		346
		Banc of America Alternative Loan Trust
	562	Series 2004-12, Class 4A1, 5.50%, 01/25/2020		566
	114	Series 2005-3, Class 2A1, 5.50%, 04/25/2020		115
	116	Series 2005-4, Class 3A1, 5.50%, 05/25/2020		114
	76	Series 2005-6, Class 5A4, 5.50%, 07/25/2035		69
	82	Series 2005-6, Class 7A1, 5.50%, 07/25/2020		78
	959	Series 2005-11, Class 4A5, 5.75%, 12/25/2035		867
	494	Series 2005-12, Class 5A1, 5.25%, 01/25/2021		482
	13	Series 2006-4, Class 2A1, 6.00%, 05/25/2021		13
	1,050	Series 2006-4, Class 3CB4, 6.00%, 05/25/2046		976
	711	Series 2006-5, Class CB7, 6.00%, 06/25/2046		644
		Banc of America Funding Trust
	3,152	Series 2005-6, Class 1A2, 5.50%, 10/25/2035		3,010
	863	Series 2005-7, Class 4A7, 6.00%, 11/25/2035		869
	748	Series 2006-2, Class 2A20, 5.75%, 03/25/2036		724
	1,748	Series 2006-A, Class 1A1, 3.49%, 02/20/2036 (z)		1,728
	149	Series 2007-4, Class 8A1, 5.50%, 11/25/2034		140
		Banc of America Mortgage Trust
	909	Series 2004-A, Class 2A2, 3.58%, 02/25/2034 (z)		907
	497	Series 2007-3, Class 1A1, 6.00%, 09/25/2037		482
	497	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 1.40%, 02/25/2034 (z)		462

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	619	Bear Stearns ARM Trust, Series 2005-2, Class A2, 3.64%, 03/25/2035 (z)		625
	790	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, 2.24%, 10/25/2034 (z) (bb)		323
		Chase Mortgage Finance Trust
	1,760	Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,489
	1,252	Series 2006-S4, Class A5, 6.00%, 12/25/2036		1,068
	10,883	Series 2007-A2, Class 3A1, 3.63%, 07/25/2037 (z)		10,944
	330	Series 2007-S2, Class 1A8, 6.00%, 03/25/2037		291
		CHL Mortgage Pass-Through Trust
	190	Series 2003-27, Class A1, 3.82%, 06/25/2033 (z)		190
	411	Series 2003-37, Class 2A1, 3.59%, 09/25/2033 (z)		412
	4,687	Series 2004-25, Class 2A1, 1.92%, 02/25/2035 (z)		4,540
	18	Series 2005-5, Class A2, 5.50%, 03/25/2035		18
	227	Series 2005-20, Class A7, 5.25%, 12/25/2027		218
	3,294	Series 2005-26, Class 1A11, 5.50%, 11/25/2035		2,994
	299	Series 2005-30, Class A5, 5.50%, 01/25/2036		288
	1,853	Series 2005-31, Class 2A1, 3.16%, 01/25/2036 (z)		1,763
	2,160	Series 2006-10, Class 1A16, 6.00%, 05/25/2036		1,866
	146	Series 2006-15, Class A1, 6.25%, 10/25/2036		127
	636	Series 2006-17, Class A2, 6.00%, 12/25/2036		547
	3,939	Series 2006-18, Class 2A4, 6.00%, 12/25/2036		3,555
	4,662	Series 2006-HYB1, Class 2A2C, 3.12%, 03/20/2036 (z)		4,277
	1,843	Series 2006-HYB2, Class 2A1B, 3.23%, 04/20/2036 (z)		1,691
	208	Series 2006-J2, Class 1A1, 6.00%, 04/25/2036		192
	222	Series 2007-2, Class A2, 6.00%, 03/25/2037		196
	1,817	Series 2007-3, Class A18, 6.00%, 04/25/2037		1,603

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	197	Series 2007-10, Class A4, 5.50%, 07/25/2037		167
	502	Series 2007-13, Class A4, 6.00%, 08/25/2037		448
	4,074	Series 2007-16, Class A1, 6.50%, 10/25/2037		3,564
	794	Series 2007-18, Class 2A1, 6.50%, 11/25/2037		664
	1,105	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.00%, 05/25/2037		1,067
	700	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 3.63%, 10/25/2035 (z)		706
		Citigroup Mortgage Loan Trust, Inc.
	359	Series 2005-3, Class 2A2A, 3.47%, 08/25/2035 (z)		360
	948	Series 2005-4, Class A, 3.55%, 08/25/2035 (z)		939
	1,154	Series 2005-6, Class A1, 3.41%, 09/25/2035 (z)		1,166
	1,007	Series 2005-9, Class 2A2, 5.50%, 11/25/2035		1,009
	1,181	Series 2006-8, Class A3, 1.59%, 10/25/2035 (e) (z)		890
		CSFB Mortgage-Backed Pass-Through
	495	Series 2003-29, Class 3A1, 5.50%, 12/25/2033		515
	6,071	Series 2004-4, Class 4A1, 5.50%, 08/25/2034		6,201
	194	Series 2004-8, Class 4A3, 5.50%, 12/25/2034		197
	1,040	Series 2004-AR5, Class 6A1, 3.49%, 06/25/2034 (z)		1,059
	570	Series 2005-10, Class 5A3, 5.50%, 11/25/2035		557
	1,973	Series 2005-10, Class 11A1, 5.50%, 11/25/2020		1,679
	59	Series 2005-10, Class 12A1, 5.25%, 11/25/2020		54
		CSFB Mortgage-Backed Pass-Through Certificates
	797	Series 2004-AR4, Class 2A1, 3.56%, 05/25/2034 (z)		809
	4,400	Series 2004-AR4, Class 4A1, 3.47%, 05/25/2034 (z)		4,480
	5,609	Series 2005-4, Class 2A5, 1.79%, 06/25/2035 (z)		4,781

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,449	CSFB Mortgage-Backed Trust, Series 2004-AR6, Class 7A1, 3.49%, 10/25/2034 (z)		2,497
		CSMC Mortgage-Backed Trust
	88	Series 2006-8, Class 5A1, 5.85%, 10/25/2026 (z)		85
	843	Series 2007-2, Class 3A13, 5.50%, 03/25/2037		777
	164	Series 2007-3, Class 4A5, 5.00%, 04/25/2037		159
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	151	Series 2005-1, Class 2A1, 5.70%, 02/25/2020 (z)		152
	54	Series 2005-2, Class 2A1, 1.54%, 03/25/2020 (z)		52
	3,583	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1.50%, 08/19/2045 (z)		3,368
		FHLMC Structured Agency Credit Risk Debt Notes
	3,000	Series 2016-DNA3, Class M2, 3.24%, 12/25/2028 (z)		3,062
	3,000	Series 2017-DNA1, Class M2, 4.49%, 07/25/2029 (z)		3,155
	4,000	Series 2017-DNA2, Class M2, 4.69%, 10/25/2029 (z)		4,251
	3,000	Series 2017-DNA3, Class M2, 3.74%, 03/25/2030 (z)		3,027
		First Horizon Alternative Mortgage Securities Trust
	111	Series 2005-FA1, Class 1A4, 5.50%, 03/25/2035		107
	3,608	Series 2005-FA10, Class 1A5, 5.50%, 01/25/2036		3,154
	717	Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		697
		First Horizon Mortgage Pass-Through Trust
	379	Series 2004-AR7, Class 4A1, 3.05%, 02/25/2035 (z)		378
	2,464	Series 2005-5, Class 1A6, 5.50%, 10/25/2035		2,390
	602	Series 2006-2, Class 1A3, 6.00%, 08/25/2036		537
	79	Series 2006-2, Class 1A7, 6.00%, 08/25/2036		71
		FNMA, Connecticut Avenue Securities
	4,328	Series 2017-C05, Class 1M1, 1.79%, 01/25/2030 (z)		4,327

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
			United States — continued
	3,000		Series 2017-C05, Class 1M2, 3.44%, 01/25/2030 (z)		2,977
		��	GMACM Mortgage Loan Trust
	940		Series 2004-AR2, Class 3A, 4.09%, 08/19/2034 (z)		910
	549		Series 2005-AR1, Class 3A, 3.91%, 03/18/2035 (z)		554
	1,599		GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (z) (e)		1,126
			GSR Mortgage Loan Trust
	370		Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		394
	400		Series 2005-1F, Class 2A3, 6.00%, 02/25/2035		396
	1,954		Series 2005-6F, Class 3A18, 5.50%, 07/25/2035		2,013
	198		Series 2005-AR3, Class 6A1, 3.53%, 05/25/2035 (z)		194
	4,008		Series 2005-AR4, Class 3A5, 3.41%, 07/25/2035 (z)		3,871
	1,256		Series 2006-1F, Class 2A16, 6.00%, 02/25/2036		1,140
	2,034		Series 2006-1F, Class 2A9, 6.00%, 02/25/2036		1,842
	1,294		Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		1,246
	288		Series 2006-9F, Class 8A1, 5.50%, 08/25/2021		272
	644		Series 2007-1F, Class 3A13, 6.00%, 01/25/2037		614
	412		HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 1.55%, 08/19/2045 (z)		406
			Impac CMB Trust
	1,194		Series 2004-5, Class 1A1, 1.96%, 10/25/2034 (z)		1,163
	435		Series 2004-5, Class 1M2, 2.11%, 10/25/2034 (z) (bb)		410
	2,757		Series 2004-6, Class 1A2, 2.02%, 10/25/2034 (z)		2,698
	1,109		Series 2004-7, Class 1A2, 2.16%, 11/25/2034 (z)		1,078
	4,615		Series 2004-9, Class 1A1, 2.00%, 01/25/2035 (z)		4,544
	1,192		Series 2004-10, Class 2A, 1.88%, 03/25/2035 (z)		1,115
	3,365		Series 2004-10, Class 3A1, 1.94%, 03/25/2035 (z)		3,181
	740		Series 2005-1, Class 1A1, 1.76%, 04/25/2035 (z)		704

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	905	Series 2005-1, Class 1A2, 1.86%, 04/25/2035 (z)		840
	875	Series 2005-2, Class 1A2, 1.86%, 04/25/2035 (z)		837
	694	Series 2005-4, Class 1A1A, 1.78%, 05/25/2035 (z)		695
	405	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.75%, 08/25/2033		385
		Impac Secured Assets Trust
	4,395	Series 2007-3, Class A1B, 1.48%, 09/25/2037 (z)		3,645
	7,364	Series 2007-3, Class A1C, 1.60%, 09/25/2037 (z)		6,157
		IndyMac INDX Mortgage Loan Trust
	569	Series 2005-AR3, Class 3A1, 3.08%, 04/25/2035 (z)		561
	1,601	Series 2005-AR14, Class 2A1A, 1.54%, 07/25/2035 (z)		1,556
		JP Morgan Mortgage Trust
	239	Series 2004-A6, Class 1A1, 3.28%, 12/25/2034 (z)		235
	807	Series 2005-A3, Class 6A6, 3.54%, 06/25/2035 (z)		792
	942	Series 2005-A6, Class 1A2, 3.58%, 09/25/2035 (z)		948
	283	Series 2005-A8, Class 1A1, 3.44%, 11/25/2035 (z)		272
	1,294	Series 2006-A7, Class 2A4, 3.54%, 01/25/2037 (z)		1,300
	167	Series 2006-S2, Class 2A1, 5.00%, 06/25/2021		159
	74	Series 2006-S3, Class 2A4, 5.50%, 08/25/2021		73
	468	Series 2007-A1, Class 2A2, 3.57%, 07/25/2035 (z)		472
	73	Series 2007-S3, Class 2A3, 6.00%, 08/25/2022		75
	1,619	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,514
		Lehman XS Trust
	9,828	Series 2005-5N, Class 3A1A, 1.54%, 11/25/2035 (z)		9,419
	6,711	Series 2005-7N, Class 1A1A, 1.51%, 12/25/2035 (z)		6,653
	4,000	LSTAR Securities Investment Ltd., Series 2017-7, Class A, 0.00%, 10/01/2022 (z) (e)		4,000

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		MASTR Alternative Loan Trust
	663	Series 2004-8, Class 1A1, 6.50%, 09/25/2034		721
	1,716	Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,786
	556	Series 2005-3, Class 1A1, 5.50%, 04/25/2035		571
	358	Series 2005-5, Class 3A1, 5.75%, 08/25/2035		306
	1,018	Series 2005-6, Class 1A2, 5.50%, 12/25/2035		980
	777	Series 2006-3, Class 3A1, 5.50%, 06/25/2021		779
		Merrill Lynch Mortgage Investors Trust
	147	Series 2005-1, Class 2A1, 3.15%, 04/25/2035 (z)		144
	463	Series 2005-1, Class 2A2, 3.15%, 04/25/2035 (z)		449
	2,111	Series 2006-1, Class 2A1, 3.09%, 02/25/2036 (z)		2,100
	454	Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		380
		Morgan Stanley Mortgage Loan Trust
	1,456	Series 2004-8AR, Class 4A1, 3.42%, 10/25/2034 (z)		1,480
	922	Series 2004-9, Class 1A, 5.42%, 11/25/2034 (z)		965
	107	Series 2005-4, Class 1A, 5.00%, 08/25/2035		106
	1,468	Series 2006-2, Class 1A, 5.25%, 02/25/2021		1,430
		MortgageIT Trust
	5,400	Series 2005-3, Class A1, 1.84%, 08/25/2035 (z)		5,269
	745	Series 2005-5, Class A1, 1.50%, 12/25/2035 (z)		744
	64	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.16%, 03/25/2035		66
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	657	Series 2005-4, Class 1A2, 1.63%, 11/25/2035 (z)		644
	2,950	Series 2005-5, Class 1APT, 1.52%, 12/25/2035 (z)		2,867
		Opteum Mortgage Acceptance Corp. Trust
	3,266	Series 2006-1, Class 1AC1, 1.54%, 04/25/2036 (z)		3,133

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	913	Series 2006-1, Class 1APT, 1.45%, 04/25/2036 (z)		866
		Provident Funding Mortgage Loan Trust,
	1,298	Series 2005-1, Class 2A1, 3.45%, 05/25/2035 (z)		1,267
	27	Series 2003-QS20, Class CB, 5.00%, 11/25/2018		28
	258	Series 2004-QS15, Class A2, 1.64%, 11/25/2034 (z)		255
	2,698	Series 2005-QA5, Class A2, 4.66%, 04/25/2035 (z)		2,552
	135	Series 2005-QS2, Class A1, 5.50%, 02/25/2035		133
	2,716	Series 2005-QS6, Class A1, 5.00%, 05/25/2035		2,556
	1,417	Series 2005-QS17, Class A3, 6.00%, 12/25/2035		1,376
	2,443	Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036		2,290
	2,746	Series 2006-QS4, Class A2, 6.00%, 04/25/2036		2,494
	85	Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		82
		Residential Asset Securitization Trust
	117	Series 2004-A6, Class A1, 5.00%, 08/25/2019		118
	41	Series 2004-A8, Class A1, 5.25%, 11/25/2034		41
	4,436	Series 2005-A3, Class A2, 5.50%, 04/25/2035		3,894
	2,603	Series 2005-A8CB, Class A11, 6.00%, 07/25/2035		2,424
	211	Series 2005-A14, Class A1, 5.50%, 12/25/2035		186
		RFMSI Trust
	325	Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		326
	174	Series 2005-S7, Class A6, 5.50%, 11/25/2035		172
	825	Series 2005-SA1, Class 3A, 3.52%, 03/25/2035 (z)		824
	3,457	Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		3,328
	3,580	Series 2006-SA4, Class 2A1, 4.70%, 11/25/2036 (z)		3,413
	354,172	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class AIO, IO, 0.21%, 07/25/2056 (z) (e) (bb)		1,806

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,412	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, 1.44%, 07/20/2036 (z)		1,343
		Structured Adjustable Rate Mortgage Loan Trust
	1,039	Series 2004-16, Class 5A2, 3.43%, 11/25/2034 (z)		1,046
	632	Series 2005-1, Class 1A1, 3.01%, 02/25/2035 (z)		610
	129	Series 2005-17, Class 4A3, 3.45%, 08/25/2035 (z)		128
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	882	Series 2003-35, Class B1, 5.45%, 12/25/2033 (z) (bb)		807
	6,561	Series 2004-10, Class 1A1, 5.34%, 06/25/2034 (z)		6,692
		WaMu Mortgage Pass-Through Certificates Trust
	1,720	Series 2004-AR10, Class A1B, 1.66%, 07/25/2044 (z)		1,711
	2,160	Series 2004-AR11, Class A, 3.28%, 10/25/2034 (z)		2,165
	5,759	Series 2005-AR5, Class A6, 3.01%, 05/25/2035 (z)		5,795
	2,084	Series 2005-AR7, Class A3, 3.22%, 08/25/2035 (z)		2,095
	3,119	Series 2005-AR14, Class 1A3, 3.06%, 12/25/2035 (z)		3,033
	2,080	Series 2005-AR14, Class 1A4, 3.06%, 12/25/2035 (z)		2,028
	68	Series 2005-AR15, Class A1A1, 1.50%, 11/25/2045 (z)		67
	1,256	Series 2005-AR16, Class 1A1, 2.93%, 12/25/2035 (z)		1,221
	146	Series 2005-AR18, Class 1A3A, 2.94%, 01/25/2036 (z)		147
	579	Series 2006-AR2, Class 1A1, 2.95%, 03/25/2036 (z)		551
		Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
	1,374	Series 2005-1, Class 1A3, 5.50%, 03/25/2035		1,327
	893	Series 2005-4, Class CB7, 5.50%, 06/25/2035		841
	1,386	Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		1,349
	969	Series 2006-3, Class 5A2, 5.50%, 03/25/2021		948
	305	Series 2006-5, Class 2CB5, 6.50%, 07/25/2036		268

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,623	Series 2007-1, Class 2A1, 6.00%, 01/25/2022		1,561
		Wells Fargo Mortgage-Backed Securities Trust
	3,029	Series 2004-M, Class A1, 3.50%, 08/25/2034 (z)		3,112
	4,746	Series 2004-N, Class A6, 3.48%, 08/25/2034 (z)		4,781
	4,507	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		4,540
	869	Series 2004-Q, Class 1A1, 3.60%, 09/25/2034 (z)		880
	536	Series 2004-Q, Class 1A2, 3.60%, 09/25/2034 (z)		545
	674	Series 2004-BB, Class A5, 3.17%, 01/25/2035 (z)		682
	6,599	Series 2004-DD, Class 1A1, 3.12%, 01/25/2035 (z)		6,835
	696	Series 2004-DD, Class 2A6, 3.13%, 01/25/2035 (z)		715
	151	Series 2005-AR2, Class 2A2, 3.22%, 03/25/2035 (z)		153
	677	Series 2005-AR3, Class 2A1, 3.53%, 03/25/2035 (z)		685
	374	Series 2005-AR4, Class 2A2, 3.35%, 04/25/2035 (z)		376
	1,952	Series 2005-AR5, Class 1A1, 3.27%, 04/25/2035 (z)		1,954
	137	Series 2005-AR7, Class 2A1, 3.30%, 05/25/2035 (z)		137
	3,521	Series 2005-AR8, Class 1A1, 3.36%, 06/25/2035 (z)		3,589
	2,535	Series 2005-AR10, Class 1A1, 3.38%, 06/25/2035 (z)		2,651
	1,004	Series 2005-AR11, Class 1A1, 3.47%, 06/25/2035 (z)		1,011
	613	Series 2005-AR15, Class 1A6, 3.56%, 09/25/2035 (z)		587
	2,071	Series 2005-AR16, Class 6A3, 3.45%, 10/25/2035 (z)		2,081
	308	Series 2005-AR16, Class 7A1, 3.63%, 10/25/2035 (z)		303
	553	Series 2006-4, Class 1A9, 5.75%, 04/25/2036		555
	1,905	Series 2006-AR2, Class 2A1, 3.26%, 03/25/2036 (z)		1,926
	336	Series 2006-AR2, Class 2A3, 3.26%, 03/25/2036 (z)		338
	1,639	Series 2006-AR6, Class 5A1, 3.37%, 03/25/2036 (z)		1,640

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	447	Series 2006-AR19, Class A3, 3.36%, 12/25/2036 (z)		416
	316	Series 2007-2, Class 1A13, 6.00%, 03/25/2037		314
	596	Series 2007-15, Class A1, 6.00%, 11/25/2037		592
		Total Collateralized Mortgage Obligations (Cost $402,424)		411,973
	Commercial Mortgage-Backed Securities — 0.7%
		United States — 0.7%
	1,620	Banc of America Commercial Mortgage Trust, Series 2007-3, Class B, 5.71%, 06/10/2049 (z) (bb)		1,633
		Bear Stearns Commercial Mortgage Securities Trust,
	7,165	Series 2006-PW13, Class C, 5.68%, 09/11/2041 (e) (z) (bb)		6,906
	411	Series 2007-PW17, Class AJ, 6.37%, 06/11/2050 (z)		411
	1,238	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, 5.26%, 07/15/2044 (z) (bb)		1,236
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, 6.34%, 11/15/2044 (z) (bb)		2,421
	3,159	Series 2007-CD5, Class D, 6.34%, 11/15/2044 (e) (z) (bb)		3,206
	5,400	COMM Mortgage Trust, Series 2015-CR23, Class CMC, 3.68%, 05/10/2048 (z) (e) (bb)		5,444
	4,855	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.42%, 02/15/2040		4,914
	2,596	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		2,441
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,289	Series 2005-LDP2, Class E, 4.98%, 07/15/2042 (z)		1,322
	4,112	Series 2007-LD11, Class AM, 5.99%, 06/15/2049 (z)		4,212
	1,534	Series 2007-LDPX, Class AM, 5.46%, 01/15/2049 (z)		1,537
	439	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 5.90%, 07/15/2044 (z)		439
		LB-UBS Commercial Mortgage Trust,
	2,410	Series 2006-C6, Class B, 5.47%, 09/15/2039 (z) (bb)		213

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	6,701	Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		5,352
	9,200	Series 2007-C6, Class AJ, 6.24%, 07/15/2040 (z)		9,497
		Morgan Stanley Capital I Trust,
	907	Series 2006-HQ8, Class C, 5.46%, 03/12/2044 (z) (bb)		900
	1,000	Series 2006-HQ8, Class D, 5.46%, 03/12/2044 (z) (bb)		875
	2,801	Series 2006-HQ9, Class D, 5.86%, 07/12/2044 (z) (bb)		2,798
	3,523	Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		3,525
	2,922	Series 2007-HQ11, Class B, 5.54%, 02/12/2044 (z) (bb)		2,326
	3,233	Series 2007-HQ11, Class AJ, 5.51%, 02/12/2044 (z)		3,159
		Wachovia Bank Commercial Mortgage Trust,
	1,080	Series 2006-C29, Class AJ, 5.37%, 11/15/2048 (z)		1,087
	5,825	Series 2007-C31, Class C, 5.97%, 04/15/2047 (z) (bb)		5,963
	4,440	Series 2007-C31, Class AJ, 5.66%, 04/15/2047 (z)		4,508
	2,075	Series 2007-C33, Class AJ, 6.00%, 02/15/2051 (z)		2,128
	2,650	Series 2007-C33, Class B, 6.00%, 02/15/2051 (z) (bb)		2,541
	6,313	Series 2007-C33, Class C, 6.00%, 02/15/2051 (z) (bb)		5,657
	1,500	Series 2007-C34, Class B, 6.16%, 05/15/2046 (z) (bb)		1,534
	2,500	Series 2007-C34, Class AJ, 6.09%, 05/15/2046 (z)		2,557
		Total Commercial Mortgage-Backed Securities (Cost $96,072)		90,742
SHARES
	Common Stocks — 43.6%
		Australia — 0.5%
	768	BHP Billiton plc		13,906
	2,234	Goodman Group		14,323
	7,634	Mirvac Group		14,110
	6,906	Scentre Group		21,294
				63,633
		Belgium — 0.1%
	84	KBC Group NV		6,985
	116	Proximus SADP		3,845

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			Belgium — continued
	37		Warehouses De Pauw, CVA		4,024
					14,854
			Brazil — 0.6%
	4,364		Ambev SA, ADR		27,621
	2,400		BB Seguridade Participacoes SA		20,256
	1,364		Cielo SA		9,316
	1,445		Engie Brasil Energia SA		15,923
	249		Smiles Fidelidade SA (a)		6,420
					79,536
			Canada — 0.3%
	369		Allied Properties REIT		11,823
	340	��	Canadian Apartment Properties REIT		8,967
	484		TransCanada Corp.		22,993
					43,783
			Chile — 0.2%
	773		Banco Santander Chile, ADR		24,176
			China — 1.4%
	1,591		China Mobile Ltd.		15,998
	11,642		China Resources Power Holdings Co. Ltd.		22,388
	30,234		CNOOC Ltd.		41,281
	4,988		Fuyao Glass Industry Group Co. Ltd., Class A		20,422
	2,470		Fuyao Glass Industry Group Co. Ltd., Reg. S, Class H (e)		9,419
	1,455		Henan Shuanghui Investment & Development Co. Ltd., Class A		5,781
	3,668		Huayu Automotive Systems Co. Ltd., Class A		14,075
	754		Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		12,553
	3,753		Midea Group Co. Ltd., Class A		28,885
	2,008		Zhengzhou Yutong Bus Co. Ltd., Class A		7,710
					178,512
			Czech Republic — 0.3%
	425		Komercni banka A/S		18,263
	5,349		Moneta Money Bank A/S, Reg. S (e)		18,284
					36,547
			Denmark — 0.5%
	655		Danske Bank A/S		24,980
	375		Novo Nordisk A/S, Class B		18,671
	99		Pandora A/S		9,335
	367		Tryg A/S		8,735
					61,721

SHARES		SECURITY DESCRIPTION	VALUE
		Finland — 0.8%
	213	Elisa OYJ		8,578
	475	Fortum OYJ		10,081
	105	Neste OYJ		5,844
	203	Nokian Renkaat OYJ		9,319
	223	Sampo OYJ, Class A		11,685
	443	Stora Enso OYJ, Class R		6,926
	1,674	UPM-Kymmene OYJ		50,281
				102,714
		France — 2.4%
	557	AXA SA		16,816
	265	BNP Paribas SA		20,683
	102	Bouygues SA		4,900
	128	Cie de Saint-Gobain		7,499
	191	Cie Generale des Etablissements Michelin		27,689
	243	CNP Assurances		5,653
	369	Credit Agricole SA		6,447
	386	Electricite de France SA		5,049
	645	Engie SA		10,894
	307	Eutelsat Communications SA		7,694
	86	Fonciere Des Regions		8,794
	190	Klepierre SA		7,553
	1,171	Natixis SA		9,185
	238	Peugeot SA		5,649
	61	Renault SA		6,095
	201	Sanofi		18,998
	232	Schneider Electric SE (a)		20,420
	228	SCOR SE		9,470
	253	Societe Generale SA		14,095
	500	TOTAL SA		27,877
	171	Unibail-Rodamco SE		42,705
	232	Veolia Environnement SA		5,507
	207	Vinci SA		20,321
				309,993
		Germany — 1.8%
	197	Allianz SE (Registered)		45,879
	1,196	Aroundtown SA		8,399
	60	Axel Springer SE		4,036
	157	BASF SE		17,167
	86	Bayerische Motoren Werke AG		8,805
	516	Daimler AG (Registered)		43,041
	608	Deutsche Telekom AG (Registered)		11,010
	281	Deutsche Wohnen SE		12,041
	685	E.ON SE		8,119
	78	Hannover Rueck SE		9,837

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Germany — continued
	51	HUGO BOSS AG		4,577
	107	Innogy SE, Reg. S (e)		4,977
	123	METRO AG (a)		2,326
	32	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		7,262
	252	RWE AG (a)		6,341
	221	Schaeffler AG (Preference)		3,526
	139	Siemens AG (Registered)		19,930
	544	TUI AG		9,824
	140	Vonovia SE		6,206
				233,303
		Hong Kong — 0.6%
	869	Hang Seng Bank Ltd.		20,593
	10,124	HKT Trust & HKT Ltd.		12,367
	1,136	Hongkong Land Holdings Ltd.		8,236
	1,539	Link REIT		12,935
	3,476	Sands China Ltd.		16,401
				70,532
		Hungary — 0.2%
	580	OTP Bank plc		23,366
		India — 0.4%
	2,650	Coal India Ltd.		11,725
	1,321	Infosys Ltd., ADR		19,624
	2,330	ITC Ltd.		9,566
	344	Tata Consultancy Services Ltd.		13,925
				54,840
		Indonesia — 0.2%
	64,570	Telekomunikasi Indonesia Persero Tbk. PT		19,266
		Ireland — 0.0% (g)
	561	Bank of Ireland Group plc		4,395
	29	Frontera Energy Corp. SL (a)		866
				5,261
		Italy — 0.6%
	380	Assicurazioni Generali SpA		6,915
	174	Atlantia SpA		5,686
	4,826	Enel SpA		29,929
	4,279	Intesa Sanpaolo SpA		14,386
	421	Mediobanca SpA		4,607
	1,198	Poste Italiane SpA, Reg. S (e)		8,758
	1,325	Snam SpA		6,765
	844	Terna Rete Elettrica Nazionale SpA		5,094
				82,140

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — 1.0%
	2	Activia Properties, Inc.		8,986
	438	Bridgestone Corp.		20,909
	404	Daiwa House Industry Co. Ltd.		14,789
	3	Daiwa House REIT Investment Corp.		6,644
	279	Japan Airlines Co. Ltd.		9,549
	16	Japan Hotel REIT Investment Corp.		10,549
	571	Japan Tobacco, Inc.		18,897
	7	Nippon Prologis REIT, Inc.		14,746
	336	Nippon Telegraph & Telephone Corp.		16,240
	4	Orix JREIT, Inc.		5,000
				126,309
		Mexico — 0.3%
	2,046	Bolsa Mexicana de Valores SAB de CV		3,413
	6,894	Fibra Uno Administracion SA de CV		10,816
	9,419	Kimberly-Clark de Mexico SAB de CV, Class A		16,203
	5,488	Wal-Mart de Mexico SAB de CV		12,286
				42,718
		Netherlands — 1.4%
	174	ABN AMRO Group NV, Reg. S, CVA (e)		5,371
	1,642	Aegon NV		9,692
	70	Akzo Nobel NV		6,360
	61	Eurocommercial Properties NV, CVA		2,539
	1,543	ING Groep NV		28,519
	1,376	Koninklijke Ahold Delhaize NV		25,900
	1,861	Koninklijke KPN NV		6,403
	717	NN Group NV		30,008
	76	Randstad Holding NV		4,670
	1,456	Royal Dutch Shell plc, Class B		46,868
	164	Vastned Retail NV		7,185
				173,515
		New Zealand — 0.0% (g)
	65	UCI Holdings LLC (a) (bb)		1,230
		Norway — 0.2%
	335	DNB ASA		6,466
	163	Gjensidige Forsikring ASA		3,061
	573	Statoil ASA		11,646
	488	Telenor ASA		10,356
				31,529
		Portugal — 0.1%
	1,200	EDP — Energias de Portugal SA		4,278
	297	Galp Energia SGPS SA		5,519
				9,797

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Russia — 0.6%
	257	LUKOIL PJSC, ADR		13,631
	572	MMC Norilsk Nickel PJSC, ADR		10,534
	11,156	Moscow Exchange MICEX-RTS PJSC		22,498
	283	PhosAgro PJSC, Reg. S, GDR		3,889
	4,533	Sberbank of Russia PJSC		15,022
	794	Sberbank of Russia PJSC, ADR		11,387
	271	Severstal PJSC, Reg. S, GDR		4,132
	20	Severstal PJSC, Reg. S, GDR		311
				81,404
		Singapore — 0.3%
	992	Ascendas REIT		1,996
	6,482	CapitaLand Commercial Trust		8,256
	858	City Developments Ltd.		8,147
	917	DBS Group Holdings Ltd.		15,308
	301	UOL Group Ltd.		1,995
				35,702
		South Africa — 0.7%
	1,873	AVI Ltd.		13,059
	1,378	Barclays Africa Group Ltd.		13,655
	454	Bid Corp. Ltd.		9,978
	5,971	FirstRand Ltd.		21,673
	631	Investec plc		4,317
	1,968	MMI Holdings Ltd.		2,617
	179	Mondi plc		4,329
	338	SPAR Group Ltd. (The)		3,977
	985	Vodacom Group Ltd.		10,705
				84,310
		South Korea — 0.5%
	186	Kangwon Land, Inc.		5,711
	196	KT&G Corp.		18,512
	9	Samsung Electronics Co. Ltd.		22,728
	30	Samsung Fire & Marine Insurance Co. Ltd.		7,223
	481	SK Telecom Co. Ltd., ADR		12,577
				66,751
		Spain — 1.2%
	506	Abertis Infraestructuras SA		10,936
	128	ACS Actividades de Construccion y Servicios SA		5,034
	26	Aena SME SA, Reg. S (e)		4,807
	1,305	Banco Bilbao Vizcaya Argentaria SA		11,413
	2,981	Banco de Sabadell SA		5,969
	2,689	Banco Santander SA		18,227
	819	Bankia SA		3,910
	459	Bankinter SA		4,336

SHARES		SECURITY DESCRIPTION	VALUE
		Spain — continued
	1,206	CaixaBank SA		5,641
	324	Enagas SA		9,329
	327	Endesa SA		7,474
	295	Gas Natural SDG SA		6,310
	4,837	Iberdrola SA		39,087
	623	Repsol SA		11,677
	901	Telefonica SA		9,451
				153,601
		Sweden — 0.6%
	141	Electrolux AB, Series B		4,986
	134	ICA Gruppen AB		4,954
	147	Kinnevik AB, Class B		4,833
	1,046	Nordea Bank AB		12,645
	843	Skandinaviska Enskilda Banken AB, Class A		10,394
	765	Svenska Handelsbanken AB, Class A		10,962
	427	Swedbank AB, Class A		10,597
	125	Swedish Match AB		4,715
	773	Tele2 AB, Class B		9,827
				73,913
		Switzerland — 1.6%
	437	Ferguson plc		30,576
	2,555	Glencore plc (a)		12,322
	323	LafargeHolcim Ltd. (Registered) (a)		18,222
	881	Novartis AG (Registered)		72,702
	521	Swiss Re AG		49,076
	697	UBS Group AG (Registered) (a)		11,864
	32	Zurich Insurance Group AG		9,624
				204,386
		Taiwan — 1.3%
	1,004	Asustek Computer, Inc.		8,695
	1,275	Chicony Electronics Co. Ltd.		3,194
	1,771	Delta Electronics, Inc.		8,523
	1,396	MediaTek, Inc.		15,886
	11,120	Mega Financial Holding Co. Ltd.		8,741
	2,644	Novatek Microelectronics Corp.		9,793
	1,594	President Chain Store Corp.		14,333
	8,355	Quanta Computer, Inc.		19,683
	5,188	Taiwan Mobile Co. Ltd.		18,497
	518	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		21,909
	737	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		31,202
	5,228	Vanguard International Semiconductor Corp.		9,928
				170,384

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Thailand — 0.3%
	971	Siam Cement PCL (The) (Registered)		14,267
	3,760	Siam Commercial Bank PCL (The)		16,583
	2,428	Thai Oil PCL		7,456
				38,306
		Turkey — 0.2%
	262	Ford Otomotiv Sanayi A/S		3,700
	973	Tofas Turk Otomobil Fabrikasi A/S		7,940
	230	Tupras Turkiye Petrol Rafinerileri A/S		8,273
				19,913
		United Arab Emirates — 0.1%
	4,278	First Abu Dhabi Bank PJSC		12,056
		United Kingdom — 5.0%
	425	3i Group plc		5,420
	491	Anglo American plc		9,256
	1,676	Assura plc		1,344
	1,802	Aviva plc		12,087
	1,155	Barratt Developments plc		10,041
	281	Berkeley Group Holdings plc		13,974
	3,650	BP plc		24,760
	580	British American Tobacco plc		37,503
	2,413	British Land Co. plc (The)		19,265
	1,993	Centrica plc		4,494
	361	Compass Group plc		7,929
	7,702	Direct Line Insurance Group plc		38,013
	221	easyJet plc		3,927
	1,411	G4S plc		5,264
	945	GKN plc		3,982
	977	GlaxoSmithKline plc		17,538
	566	Hammerson plc		3,939
	7,086	HSBC Holdings plc		69,212
	256	IMI plc		4,149
	598	International Consolidated Airlines Group SA		5,048
	1,406	J Sainsbury plc		4,528
	334	Land Securities Group plc		4,284
	3,204	Legal & General Group plc		11,360
	19,415	Lloyds Banking Group plc		17,598
	574	LondonMetric Property plc		1,345
	623	Meggitt plc		4,290
	1,033	NewRiver REIT plc		4,595
	104	Next plc		6,801
	1,991	Old Mutual plc		5,052
	960	Persimmon plc		35,720
	493	Prudential plc		12,095
	1,377	Rio Tinto plc		65,065

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	574	RSA Insurance Group plc		4,796
	1,856	Safestore Holdings plc		10,963
	95	Schroders plc		4,427
	1,617	Segro plc		11,675
	144	Severn Trent plc		4,031
	220	Smiths Group plc		4,587
	287	St James’s Place plc		4,493
	1,817	Standard Life Aberdeen plc		10,367
	8,736	Taylor Wimpey plc		23,151
	2,455	Tritax Big Box REIT plc		4,804
	448	Unilever plc		25,371
	19,434	Vodafone Group plc		55,588
				634,131
		United States — 17.3%
	26	3M Co.		6,069
	272	Accenture plc, Class A		38,704
	63	Air Products & Chemicals, Inc.		10,086
	93	Alexandria Real Estate Equities, Inc.		11,482
	914	Altria Group, Inc.		58,729
	53	American Tower Corp.		7,611
	223	Analog Devices, Inc.		20,325
	34	Apartment Investment & Management Co., Class A		1,512
	249	Apple, Inc.		42,134
	61	Arthur J Gallagher & Co.		3,875
	970	AT&T, Inc.		32,654
	79	Automatic Data Processing, Inc.		9,134
	188	AvalonBay Communities, Inc.		34,165
	1,086	Bank of America Corp.		29,734
	311	BB&T Corp.		15,295
	636	Brandywine Realty Trust		11,124
	142	Bristol-Myers Squibb Co.		8,728
	352	Brixmor Property Group, Inc.		6,154
	453	Caesars Entertainment Corp. (a)		5,864
	248	Camden Property Trust		22,637
	170	Chevron Corp.		19,688
	81	Chubb Ltd.		12,244
	110	Cincinnati Financial Corp.		7,712
	288	CME Group, Inc.		39,485
	207	CMS Energy Corp.		9,999
	206	Coca-Cola Co. (The)		9,484
	1,156	Comcast Corp., Class A		41,645
	403	ConocoPhillips		20,624
	313	Digital Realty Trust, Inc.		37,130
	86	Dover Corp.		8,164

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States — continued
	482		DowDuPont, Inc.		34,847
	135		Dr Pepper Snapple Group, Inc.		11,587
	23		DTE Energy Co.		2,581
	134		Duke Realty Corp.		3,813
	3		Dynegy, Inc. (a)		31
	328		Eaton Corp. plc		26,250
	90		Edison International		7,202
	122		Eli Lilly & Co.		9,968
	51		Equity LifeStyle Properties, Inc.		4,554
	89		Equity Residential		5,980
	164		Extra Space Storage, Inc.		13,404
	178		Exxon Mobil Corp.		14,798
	138		Fidelity National Information Services, Inc.		12,838
	1,494		Ford Motor Co.		18,332
	—	(h)	Gener8 Maritime, Inc. (a)		—	(h)
	49		General Dynamics Corp.		9,894
	198		General Motors Co.		8,504
	45		Gilead Sciences, Inc.		3,393
	53		Goodman Private (a) (bb)		—	(h)
	346		Gramercy Property Trust		10,267
	279		Halcon Resources Corp. (a)		1,837
	824		HCP, Inc.		21,299
	287		Healthcare Trust of America, Inc., Class A		8,633
	278		Highwoods Properties, Inc.		14,185
	268		Home Depot, Inc. (The)		44,383
	108		Honeywell International, Inc.		15,626
	970		Host Hotels & Resorts, Inc.		18,967
	740		HP, Inc.		15,947
	121		Illinois Tool Works, Inc.		18,986
	263		International Business Machines Corp.		40,529
	92		JBG SMITH Properties (a)		2,863
	468		Johnson & Johnson		65,275
	641		Kimco Realty Corp.		11,635
	733		Kinder Morgan, Inc.		13,270
	240		KLA-Tencor Corp.		26,151
	253		LaSalle Hotel Properties		7,143
	332		Liberty Property Trust		14,233
	45		M&T Bank Corp.		7,534
	224		Macerich Co. (The)		12,256
	417		Merck & Co., Inc.		22,968
	364		MetLife, Inc.		19,517
	1,096		Microsoft Corp.		91,185
	190		Mid-America Apartment Communities, Inc.		19,486
	258		Mondelez International, Inc., Class A		10,681
	802		Morgan Stanley		40,118

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	219		National Health Investors, Inc.		16,689
	3		Nebraska Book Holdings, Inc. (a) (bb)		—	(h)
	319		NextEra Energy, Inc.		49,448
	178		NII Holdings, Inc. (a)		78
	259		NiSource, Inc.		6,831
	170		Northern Trust Corp.		15,939
	1,267		Occidental Petroleum Corp.		81,793
	10		Penn Virginia Corp. (a)		406
	12		Penn Virginia Corp. (a)		472
	429		PepsiCo, Inc.		47,313
	2,454		Pfizer, Inc.		86,051
	334		Philip Morris International, Inc.		34,966
	175		PNC Financial Services Group, Inc. (The)		23,889
	135		PPG Industries, Inc.		15,650
	44		Procter & Gamble Co. (The)		3,764
	605		Prologis, Inc.		39,095
	159		Prudential Financial, Inc.		17,534
	138		Public Storage		28,673
	182		Quality Care Properties, Inc. (a)		2,881
	131		Realty Income Corp.		7,044
	115		Regency Centers Corp.		7,052
	131		Republic Services, Inc.		8,539
	271		RLJ Lodging Trust		5,864
	—	(h)	Sabine Oil & Gas Holdings, Inc. (a)		20
	275		Senior Housing Properties Trust		5,065
	148		Simon Property Group, Inc.		22,997
	38		SL Green Realty Corp.		3,589
	17		Stone Energy Corp. (a)		485
	154		STORE Capital Corp.		3,814
	146		Sunstone Hotel Investors, Inc.		2,387
	137		T Rowe Price Group, Inc.		12,725
	543		Texas Instruments, Inc.		52,477
	40		Time Warner, Inc.		3,971
	191		Travelers Cos., Inc. (The)		25,301
	183		UnitedHealth Group, Inc.		38,415
	457		US Bancorp		24,842
	340		Valero Energy Corp.		26,843
	40		Validus Holdings Ltd.		2,064
	40		Ventas, Inc.		2,481
	382		Verizon Communications, Inc.		18,277
	514		VICI Properties, Inc. (a)		9,513
	259		Vistra Energy Corp.		5,038
	183		Vornado Realty Trust		13,732
	1,072		Wells Fargo & Co.		60,189

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	754	Xcel Energy, Inc.		37,344
				2,216,681
		Total Common Stocks (Cost $4,672,985)		5,580,813
PRINCIPAL AMOUNT/UNITS
	Convertible Bonds — 1.4%
		Cyprus — 0.0% (g)
	GBP 2,200	Volcan Holdings plc, Reg. S, 4.13%, 04/11/2020		3,251
		France — 0.0% (g)
	EUR 576	Rallye SA, Reg. S, 1.00%, 10/02/2020 (d)		709
		Germany — 0.1%
	EUR 3,300	Bayer Capital Corp. BV, 5.63%, 11/22/2019 (e)		4,589
	EUR 2,200	Rocket Internet SE, Reg. S, 3.00%, 07/22/2022		2,650
				7,239
		Hong Kong — 0.1%
	6,000	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/2023		6,375
	1,531	PB Issuer No. 4 Ltd., Reg. S, 3.25%, 07/03/2021		1,529
				7,904
		Japan — 0.0% (g)
	1,300	Shizuoka Bank Ltd. (The), Reg. S, Zero Coupon, 04/25/2018		1,285
		Malaysia — 0.0% (g)
	2,558	Cahaya Capital Ltd., Reg. S, Zero Coupon, 09/18/2021		2,527
		Mexico — 0.1%
	EUR 3,700	America Movil BV, Reg. S, Series KPN, 5.50%, 09/17/2018		3,857
		Monaco — 0.0% (g)
	4,277	Scorpio Tankers, Inc., 2.38%, 07/01/2019 (e)		3,823
		Netherlands — 0.0% (g)
	EUR 1,100	OCI NV, Reg. S, Series OCI, 3.88%, 09/25/2018		1,303
		Russia — 0.0% (g)
	1,368	Yandex NV, 1.13%, 12/15/2018		1,364
		Singapore — 0.1%
	2,600	BW Group Ltd., Reg. S, 1.75%, 09/10/2019		2,480

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
		Singapore — continued
		CapitaLand Ltd.,
	SGD 4,250	Reg. S, 1.85%, 06/19/2020		3,102
	SGD 5,000	Reg. S, 2.95%, 06/20/2022		3,723
				9,305
		South Africa — 0.1%
	GBP 4,200	Brait SE, Reg. S, 2.75%, 09/18/2020		5,126
	GBP 2,000	Remgro Jersey GBP Ltd., Reg. S, 2.63%, 03/22/2021		2,568
	EUR 1,800	Steinhoff Finance Holding GmbH, Reg. S, 1.25%, 10/21/2023		1,847
				9,541
		Spain — 0.0% (g)
	EUR 1,800	Sacyr SA, Reg. S, 4.00%, 05/08/2019		2,096
		Taiwan — 0.0% (g)
	2,500	TPK Holding Co. Ltd., Reg. S, Zero Coupon, 04/08/2020		2,569
		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
	EUR 5,000	Reg. S, Series UCG, 0.50%, 03/27/2020		5,333
	EUR 2,600	Reg. S, Series UCG, 1.00%, 03/27/2022		2,621
	4,800	DP World Ltd., Reg. S, 1.75%, 06/19/2024		5,058
				13,012
		United Kingdom — 0.1%
	GBP 4,600	Intu Jersey 2 Ltd., Reg. S, 2.88%, 11/01/2022		5,807
	GBP 2,800	Vodafone Group plc, Reg. S, 2.00%, 02/25/2019		4,105
				9,912
		United States — 0.7%
	917	Ares Capital Corp., 4.75%, 01/15/2018		919
	1,246	BlackRock Capital Investment Corp., 5.00%, 06/15/2022		1,297
	2,888	Chesapeake Energy Corp., 5.50%, 09/15/2026 (e)		2,558
		Colony NorthStar, Inc.,
	1,455	3.88%, 01/15/2021		1,463
	2,459	5.00%, 04/15/2023		2,530
		DISH Network Corp.,
	5,179	2.38%, 03/15/2024 (e)		4,975
	2,415	3.38%, 08/15/2026		2,598
	1,573	Echo Global Logistics, Inc., 2.50%, 05/01/2020		1,557
		Ensco Jersey Finance Ltd.,
	6,124	3.00%, 01/31/2024 (e)		5,175

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
	3,578	Extra Space Storage LP, 3.13%, 10/01/2035 (e)		3,898
	6,958	FireEye, Inc., Series B, 1.63%, 06/01/2035		6,475
	3,031	Hercules Capital, Inc., 4.38%, 02/01/2022 (e)		3,097
	1,218	IAS Operating Partnership LP, 5.00%, 03/15/2018 (e)		1,232
	1,293	Intercept Pharmaceuticals, Inc., 3.25%, 07/01/2023		1,009
		Liberty Interactive LLC,
	320	3.75%, 02/15/2030		221
	6,966	4.00%, 11/15/2029		4,867
	3,772	Macquarie Infrastructure Corp., 2.00%, 10/01/2023		3,616
	2,706	Nabors Industries, Inc., 0.75%, 01/15/2024 (e)		1,996
	68	Nebraska Book Holdings, Inc., 2.02%, 04/01/2026 (e) (d) (bb)		—
	2,561	NRG Yield, Inc., 3.25%, 06/01/2020 (e)		2,561
		Nuance Communications, Inc.,
	561	1.00%, 12/15/2035		515
	1,017	2.75%, 11/01/2031		1,017
		Pandora Media, Inc.,
	1,336	1.75%, 12/01/2020		1,248
	505	Redwood Trust, Inc., 4.63%, 04/15/2018		508
	1,476	RH, Zero Coupon, 07/15/2020 (e)		1,397
	1,680	RWT Holdings, Inc., 5.63%, 11/15/2019		1,707
	1,083	SolarCity Corp., 1.63%, 11/01/2019		1,021
		Spirit Realty Capital, Inc.,
	1,350	2.88%, 05/15/2019		1,348
	3,821	3.75%, 05/15/2021		3,898
	2,540	Starwood Property Trust, Inc., 4.38%, 04/01/2023		2,578
		SunPower Corp.,
	6	0.75%, 06/01/2018		6
	2,278	0.88%, 06/01/2021		1,798
		TCP Capital Corp.,
	1,131	4.63%, 03/01/2022		1,174
	1,736	5.25%, 12/15/2019		1,819
	959	TPG Specialty Lending, Inc., 4.50%, 08/01/2022 (e)		1,001
		Twitter, Inc.,
	2,642	0.25%, 09/15/2019		2,503
	4,079	1.00%, 09/15/2021		3,761
	2,406	Veeco Instruments, Inc., 2.70%, 01/15/2023		2,199

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
		United States — continued
		VEREIT, Inc.,
	379	3.00%, 08/01/2018		380
	3,104	3.75%, 12/15/2020		3,222
	5,157	Weatherford International Ltd., 5.88%, 07/01/2021		5,202
	1,441	Whiting Petroleum Corp., 1.25%, 04/01/2020		1,292
				91,638
		Total Convertible Bonds (Cost $171,155)		171,335
SHARES
	Convertible Preferred Stocks — 0.7%
		China — 0.1%
	35	Mandatory Exchangeable Trust, 5.75%, 06/03/2019 ($100 par value) (e)		7,331
		Israel — 0.0% (g)
	4	Teva Pharmaceutical Industries Ltd., 7.00%, 12/15/2018 ($1000 par value)		1,053
		United States — 0.6%
	8	Allergan plc, Series A, 5.50%, 03/01/2018 ($1000 par value)		4,984
	42	American Tower Corp., 5.50%, 02/15/2018 ($100 par value)		5,305
	71	Anthem, Inc., 5.25%, 05/01/2018 ($50 par value)		3,809
	7	Bank of America Corp., Series L, 7.25% ($1000 par value)		9,062
	82	Becton Dickinson and Co., Series A, 6.13%, 05/01/2020 ($50 par value)		4,633
	34	Belden, Inc., 6.75%, 07/15/2019 ($100 par value)		3,691
	8	Bunge Ltd., 4.88% ($100 par value)		810
	3	Crown Castle International Corp., Series A, 6.88%, 08/01/2020 ($1000 par value)		3,840
	97	Dominion Energy, Inc., Series A, 6.75%, 08/15/2019 ($50 par value)		5,092
	67	DTE Energy Co., 6.50%, 10/01/2019 ($50 par value)		3,683
	20	Frontier Communications Corp., Series A, 11.13%, 06/29/2018 ($100 par value)		392
	51	Hess Corp., 8.00%, 02/01/2019 ($50 par value)		2,810
	101	Kinder Morgan, Inc., Series A, 9.75%, 10/26/2018 ($49 par value)		3,793
	103	NextEra Energy, Inc., 6.12%, 09/01/2019 ($25 par value)		5,884

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Convertible Preferred Stocks — continued
		United States — continued
	47	Stanley Black & Decker, Inc., 5.38%, 05/15/2020 ($100 par value)		5,525
	22	Stericycle, Inc., 5.25%, 09/15/2018 ($100 par value)		1,247
	18	T-Mobile US, Inc., 5.50%, 12/15/2017 ($50 par value)		1,737
	22	VICI Properties, Inc., Series A, Zero Coupon, 11/06/2017 (a) (e)		1,740
	7	Wells Fargo & Co., Series L, 7.50% ($1000 par value)		8,956
	46	Welltower, Inc., Series I, 6.50% ($50 par value)		2,836
				79,829
		Total Convertible Preferred Stocks (Cost $87,165)		88,213
PRINCIPAL AMOUNT
	Corporate Bonds — 37.9%
		Argentina — 0.1%
	1,290	Pampa Energia SA, 7.38%, 07/21/2023 (e)		1,411
		YPF SA,
	2,800	Reg. S, 8.50%, 03/23/2021		3,167
	2,750	Reg. S, 8.75%, 04/04/2024		3,186
				7,764
		Australia — 0.2%
	12,431	Australia & New Zealand Banking Group Ltd., (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 06/15/2026 (e) (x) (y) (aa)		14,282
	1,720	BHP Billiton Finance USA Ltd., (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (e) (aa)		2,025
		FMG Resources August 2006 Pty. Ltd.,
	1,285	4.75%, 05/15/2022 (e)		1,312
	1,389	5.13%, 05/15/2024 (e)		1,429
	3,835	9.75%, 03/01/2022 (e)		4,286
	1,215	Nufarm Australia Ltd., 6.38%, 10/15/2019 (e)		1,236
				24,570
		Azerbaijan — 0.0% (g)
	1,700	Southern Gas Corridor CJSC, Reg. S, 6.88%, 03/24/2026		1,922
	1,700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/2030		1,870
				3,792

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Belgium — 0.1%
	2,025	Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/2046		2,273
	4,870	Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048		5,151
				7,424
		Brazil — 0.3%
	1,954	Banco Daycoval SA, Reg. S, 5.75%, 03/19/2019		2,009
	1,750	GTL Trade Finance, Inc., Reg. S, 5.89%, 04/29/2024		1,891
		JBS USA LUX SA,
	4,689	5.75%, 06/15/2025 (e)		4,572
	4,448	5.88%, 07/15/2024 (e)		4,399
	6,065	7.25%, 06/01/2021 (e)		6,183
	538	8.25%, 02/01/2020 (e)		545
		Petrobras Global Finance BV,
	1,700	6.85%, 06/05/2115		1,614
	5,790	7.38%, 01/17/2027		6,414
	4,950	8.38%, 05/23/2021		5,699
	1,500	Suzano Austria GmbH, Reg. S, 5.75%, 07/14/2026		1,613
	1,306	Vale Overseas Ltd., 5.88%, 06/10/2021		1,432
	2,090	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		2,234
				38,605
		Canada — 1.6%
	4,604	1011778 BC ULC, 4.25%, 05/15/2024 (e)		4,637
	2,332	ATS Automation Tooling Systems, Inc., 6.50%, 06/15/2023 (e)		2,443
		Baytex Energy Corp.,
	200	5.13%, 06/01/2021 (e)		189
	364	5.63%, 06/01/2024 (e)		339
		Bombardier, Inc.,
	1,868	6.00%, 10/15/2022 (e)		1,840
	3,228	6.13%, 01/15/2023 (e)		3,218
	5,401	7.50%, 03/15/2025 (e)		5,576
	188	7.75%, 03/15/2020 (e)		202
	5,208	8.75%, 12/01/2021 (e)		5,794
	2,950	Brookfield Finance, Inc., 4.70%, 09/20/2047		3,013
		Cascades, Inc.,
	1,420	5.50%, 07/15/2022 (e)		1,463
	585	5.75%, 07/15/2023 (e)		614
		Cenovus Energy, Inc.,
	6,990	5.40%, 06/15/2047 (e)		7,225
	4,425	6.75%, 11/15/2039		5,278

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
		Concordia International Corp.,
	4,231	7.00%, 04/15/2023 (e)		455
	3,244	9.00%, 04/01/2022 (e)		2,846
	2,468	Cott Holdings, Inc., 5.50%, 04/01/2025 (e)		2,545
	20,130	Emera, Inc., Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 06/15/2076 (aa)		23,024
	13,030	Enbridge, Inc., (ICE LIBOR USD 3 Month + 3.42%), 5.50%, 07/15/2077 (aa)		13,421
	1,200	Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024 (e)		1,272
	10,055	GW Honos Security Corp., 8.75%, 05/15/2025 (e)		10,708
	930	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		1,002
	5,207	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		5,017
		Mattamy Group Corp.,
	2,850	6.50%, 10/01/2025 (e)		2,971
	532	6.88%, 12/15/2023 (e)		559
		MEG Energy Corp.,
	12,466	6.38%, 01/30/2023 (e)		11,406
	2,890	6.50%, 01/15/2025 (e)		2,876
	1,000	7.00%, 03/31/2024 (e)		907
		NOVA Chemicals Corp.,
	3,320	4.88%, 06/01/2024 (e)		3,382
	2,646	5.00%, 05/01/2025 (e)		2,679
	1,500	5.25%, 06/01/2027 (e)		1,526
		Open Text Corp.,
	1,957	5.63%, 01/15/2023 (e)		2,048
	1,065	5.88%, 06/01/2026 (e)		1,154
		Precision Drilling Corp.,
	1,025	5.25%, 11/15/2024		958
	555	6.50%, 12/15/2021		561
	10,208	Quebecor Media, Inc., 5.75%, 01/15/2023		11,076
	50	Quebecor World Capital Corp., 6.13%, 01/15/2016 (d) (bb)		—
	50	Quebecor, Inc., 9.75%, 01/15/2016 (d) (bb)		—
	2,406	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		2,430
		Teck Resources Ltd.,
	1,635	4.75%, 01/15/2022		1,725
	1,455	5.40%, 02/01/2043		1,484
	1,875	6.00%, 08/15/2040		2,079
	2,070	6.13%, 10/01/2035		2,344
	1,383	8.50%, 06/01/2024 (e)		1,584
	5,610	TransCanada PipeLines Ltd., 4.63%, 03/01/2034		6,217

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Transcanada Trust,
	13,375	(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 03/15/2077 (aa)		13,913
	9,855	(ICE LIBOR USD 3 Month + 3.53%), 5.63%, 05/20/2075 (aa)		10,498
	9,359	Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 08/15/2076 (aa)		10,225
	1,098	Trinidad Drilling Ltd., 6.63%, 02/15/2025 (e)		1,068
		Videotron Ltd.,
	1,365	5.00%, 07/15/2022		1,474
	1,560	5.13%, 04/15/2027 (e)		1,640
	6,818	5.38%, 06/15/2024 (e)		7,364
				208,269
		Chile — 0.0% (g)
	1,550	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		1,555
	2,950	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		3,116
				4,671
		Colombia — 0.1%
		Ecopetrol SA,
	3,600	5.38%, 06/26/2026		3,846
	2,862	7.38%, 09/18/2043		3,313
				7,159
		Croatia — 0.0% (g)
	1,340	Hrvatska Elektroprivreda, 5.88%, 10/23/2022 (e)		1,482
		Finland — 0.0% (g)
		Nokia OYJ,
	335	3.38%, 06/12/2022		334
	335	4.38%, 06/12/2027		335
	276	5.38%, 05/15/2019		287
	1,452	6.63%, 05/15/2039		1,657
				2,613
		France — 0.5%
		Credit Agricole SA,
	10,535	(USD Swap Semi 5 Year + 4.70%), 6.63%, 09/23/2019 (e) (x) (y) (aa)		11,075
	6,835	(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (e) (x) (y) (aa)		8,227
		SFR Group SA,
	18,441	6.00%, 05/15/2022 (e)		19,225
	3,730	6.25%, 05/15/2024 (e)		3,907
	3,201	7.38%, 05/01/2026 (e)		3,441

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		France — continued
		Societe Generale SA,
	12,990	(USD Swap Semi 5 Year + 6.24%), 7.37%, 09/13/2021 (e) (x) (y) (aa)		14,354
	4,730	(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 09/29/2025 (e) (x) (y) (aa)		5,522
				65,751
		Germany — 0.1%
		Fresenius Medical Care US Finance II, Inc.,
	1,160	4.75%, 10/15/2024 (e)		1,250
	1,152	5.88%, 01/31/2022 (e)		1,286
	400	6.50%, 09/15/2018 (e)		416
	1,850	Fresenius Medical Care US Finance, Inc., 5.75%, 02/15/2021 (e)		2,025
	1,630	IHO Verwaltungs GmbH, 4.50% (Cash), 09/15/2023 (e) (v)		1,681
	2,988	Unitymedia GmbH, 6.13%, 01/15/2025 (e)		3,183
	2,010	Unitymedia Hessen GmbH & Co. KG, 5.50%, 01/15/2023 (e)		2,065
	5,090	ZF North America Capital, Inc., 4.50%, 04/29/2022 (e)		5,319
				17,225
		Guatemala — 0.0% (g)
	3,420	Comcel Trust, Reg. S, 6.88%, 02/06/2024		3,604
	1,847	Energuate Trust, Reg. S, 5.88%, 05/03/2027		1,915
				5,519
		Hungary — 0.0% (g)
	2,420	MFB Magyar Fejlesztesi Bank Zrt., 6.25%, 10/21/2020 (e)		2,663
	2,250	MOL Group Finance SA, Reg. S, 6.25%, 09/26/2019		2,405
				5,068
		India — 0.1%
		Axis Bank Ltd.,
	1,550	Reg. S, 2.88%, 06/01/2021		1,546
	1,748	Reg. S, 3.25%, 05/21/2020		1,768
	1,130	Bharti Airtel International Netherlands BV, Reg. S, 5.13%, 03/11/2023		1,212
	2,830	Reliance Holding USA, Inc.,
		Reg. S, 5.40%, 02/14/2022		3,104
				7,630
		Indonesia — 0.2%
	1,400	Majapahit Holding BV, Reg. S, 7.75%, 01/20/2020		1,547
	2,584	Minejesa Capital BV, 4.63%, 08/10/2030 (e)		2,637

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Indonesia — continued
		Pertamina Persero PT,
	4,500	Reg. S, 4.30%, 05/20/2023		4,753
	4,540	Reg. S, 5.25%, 05/23/2021		4,896
	4,250	Reg. S, 6.00%, 05/03/2042		4,864
	5,190	Reg. S, 6.45%, 05/30/2044		6,265
				24,962
		Ireland — 0.2%
	4,030	AerCap Global Aviation Trust, (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 06/15/2045 (e) (aa)		4,393
		Ardagh Packaging Finance plc,
	6,560	6.00%, 02/15/2025 (e)		6,962
	6,475	7.25%, 05/15/2024 (e)		7,114
		Fly Leasing Ltd.,
	608	5.25%, 10/15/2024		611
	425	6.75%, 12/15/2020		441
	3,365	James Hardie International Finance DAC, 5.88%, 02/15/2023 (e)		3,533
		Park Aerospace Holdings Ltd.,
	1,224	4.50%, 03/15/2023 (e)		1,226
	1,402	5.25%, 08/15/2022 (e)		1,458
	3,512	5.50%, 02/15/2024 (e)		3,644
				29,382
		Israel — 0.1%
	15,080	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/2046		12,004
		Italy — 0.3%
	3,605	Enel Finance International NV, 4.75%, 05/25/2047 (e)		3,832
	8,600	Enel SpA, (USD Swap Semi 5 Year + 5.88%), 8.75%, 09/24/2073 (e) (aa)		10,621
		Telecom Italia Capital SA,
	1,283	6.00%, 09/30/2034		1,437
	1,928	6.38%, 11/15/2033		2,237
	660	7.20%, 07/18/2036		818
	267	7.72%, 06/04/2038		345
		Wind Acquisition Finance SA,
	4,500	4.75%, 07/15/2020 (e)		4,553
	4,500	7.38%, 04/23/2021 (e)		4,675
	2,665	Wind Tre SpA, 5.00%, 01/20/2026 (e)		2,682
				31,200
		Jamaica — 0.0% (g)
	2,098	Digicel Group Ltd., Reg. S, 7.13%, 04/01/2022		1,978

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Japan — 0.0% (g)
	2,049	SoftBank Group Corp., 4.50%, 04/15/2020 (e)		2,116
		Kazakhstan — 0.1%
	1,325	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		1,484
		KazMunayGas National Co. JSC,
	4,650	Reg. S, 4.75%, 04/19/2027		4,757
	3,776	Reg. S, 6.38%, 04/09/2021		4,129
	1,100	Reg. S, 9.13%, 07/02/2018		1,147
	2,350	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.00%, 08/15/2026		2,306
				13,823
		Luxembourg — 0.8%
		Altice Financing SA,
	724	6.50%, 01/15/2022 (e)		747
	6,577	6.63%, 02/15/2023 (e)		6,933
	6,985	7.50%, 05/15/2026 (e)		7,675
		Altice Luxembourg SA,
	1,515	7.63%, 02/15/2025 (e)		1,644
	13,763	7.75%, 05/15/2022 (e)		14,572
		ArcelorMittal,
	2,478	6.13%, 06/01/2025		2,858
	2,673	6.75%, 02/25/2022		3,074
	927	7.25%, 03/01/2041		1,138
	2,770	7.50%, 10/15/2039		3,459
	6,920	INEOS Group Holdings SA, 5.63%, 08/01/2024 (e)		7,214
		Intelsat Jackson Holdings SA,
	7,518	5.50%, 08/01/2023		6,418
	26,512	7.25%, 10/15/2020		25,510
	11,870	7.50%, 04/01/2021		11,247
	4,475	8.00%, 02/15/2024 (e)		4,766
	1,585	9.75%, 07/15/2025 (e)		1,597
				98,852
		Malaysia — 0.0% (g)
	1,200	Petronas Capital Ltd., Reg. S, 4.50%, 03/18/2045		1,338
		Mexico — 0.6%
		Alfa SAB de CV,
	2,412	6.88%, 03/25/2044 (e)		2,650
	2,700	Reg. S, 5.25%, 03/25/2024		2,866
	600	Banco Nacional de Comercio Exterior SNC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 08/11/2026 (e) (aa)		596

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
	2,600	BBVA Bancomer SA, Reg. S, 6.75%, 09/30/2022		2,942
	995	CEMEX Finance LLC, 6.00%, 04/01/2024 (e)		1,052
		Cemex SAB de CV,
	3,104	5.70%, 01/11/2025 (e)		3,267
	8,730	6.13%, 05/05/2025 (e)		9,315
	5,260	7.75%, 04/16/2026 (e)		5,957
	3,100	Grupo KUO SAB de CV, 5.75%, 07/07/2027 (e)		3,158
	480	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		476
		Petroleos Mexicanos,
	5,499	5.63%, 01/23/2046		4,986
	5,650	6.38%, 02/04/2021		6,147
	1,500	6.38%, 01/23/2045		1,492
	340	6.50%, 03/13/2027 (e)		371
	7,450	6.63%, 06/15/2035		7,858
	5,940	6.75%, 09/21/2047 (e)		6,123
	5,850	Reg. S, 5.38%, 03/13/2022		6,206
	3,900	Reg. S, 6.50%, 03/13/2027		4,253
				69,715
		Morocco — 0.0% (g)
		OCP SA,
	2,020	Reg. S, 5.63%, 04/25/2024		2,169
	2,221	Reg. S, 6.88%, 04/25/2044		2,504
				4,673
		Netherlands — 0.3%
	1,685	Constellium NV, 6.63%, 03/01/2025 (e)		1,748
	1,650	GTH Finance BV, Reg. S, 7.25%, 04/26/2023		1,869
	5,458	ING Groep NV, Reg. S, (USD Swap Semi 5 Year + 5.12%), 6.87%, 04/16/2022 (x) (y) (aa)		6,082
		NXP BV,
	2,665	4.63%, 06/15/2022 (e)		2,855
	2,780	4.63%, 06/01/2023 (e)		2,995
	6,874	5.75%, 03/15/2023 (e)		7,149
	840	UPC Holding BV, 5.50%, 01/15/2028 (e)		836
	7,770	UPCB Finance IV Ltd., 5.38%, 01/15/2025 (e)		7,945
	940	Ziggo Bond Finance BV, 5.88%, 01/15/2025 (e)		967
	1,694	Ziggo Secured Finance BV, 5.50%, 01/15/2027 (e)		1,728
				34,174

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		New Zealand — 0.1%
		Reynolds Group Issuer, Inc.,
	1,000	5.13%, 07/15/2023 (e)		1,041
	9,725	5.75%, 10/15/2020		9,895
	3,079	6.88%, 02/15/2021		3,160
	1,745	7.00%, 07/15/2024 (e)		1,863
				15,959
		Nigeria — 0.0% (g)
	2,631	Sea Trucks Group Ltd., Reg. S, 9.00%, 03/26/2018 (e) (d)		816
		Peru — 0.1%
	1,850	Banco de Credito del Peru, Reg. S, 4.25%, 04/01/2023		1,956
	1,800	BBVA Banco Continental SA, Reg. S, 5.00%, 08/26/2022		1,958
	1,124	Consorcio Transmantaro SA, Reg. S, 4.38%, 05/07/2023		1,166
	1,500	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		1,587
	3,100	Petroleos del Peru SA, 5.63%, 06/19/2047 (e)		3,263
	2,830	Southern Copper Corp., 5.88%, 04/23/2045		3,308
				13,238
		Qatar — 0.0% (g)
		ABQ Finance Ltd.,
	2,570	Reg. S, 3.50%, 02/22/2022		2,535
	1,550	Reg. S, 3.63%, 04/13/2021		1,542
	1,103	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		1,142
				5,219
		Russia — 0.1%
	1,100	Gazprom OAO Via Gaz Capital SA, Reg. S, 9.25%, 04/23/2019		1,199
	3,150	Metalloinvest Finance DAC, Reg. S, 4.85%, 05/02/2024		3,207
	2,750	MMC Norilsk Nickel OJSC, Reg. S, 6.63%, 10/14/2022		3,094
	3,100	Novolipetsk Steel, Reg. S, 4.50%, 06/15/2023		3,204
	550	Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.75%, 05/29/2018		565
	4,400	Vnesheconombank Via VEB Finance plc, Reg. S, 5.94%, 11/21/2023		4,768
	1,781	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.95%, 10/17/2022		1,937
				17,974

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Korea — 0.0% (g)
	3,805	MagnaChip Semiconductor Corp., 6.63%, 07/15/2021		3,672
		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria SA,
	EUR 1,000	Reg. S, (EUR Swap Annual 5 Year + 6.60%), 6.75%, 02/18/2020 (x) (y) (aa)		1,259
	EUR 1,800	Reg. S, (EUR Swap Annual 5 Year + 6.16%), 7.00%, 02/19/2019 (x) (y) (aa)		2,215
	2,000	Reg. S, (USD Swap Semi 5 Year + 8.26%), 9.00%, 05/09/2018 (x) (y) (aa)		2,068
	9,530	Telefonica Emisiones SAU, 5.21%, 03/08/2047		10,486
	GBP 4,400	Telefonica Europe BV, Reg. S, (GBP Swap 5 Year + 4.46%), 6.75%, 11/26/2020 (x) (y) (aa)		6,471
				22,499
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, Reg. S, (USD Swap Semi 5 Year + 3.85%), 5.75%, 05/13/2020 (x) (y) (aa)		5,225
	5,000	Svenska Handelsbanken AB, Reg. S, (USD Swap Semi 5 Year + 3.34%), 5.25%, 03/01/2021 (x) (y) (aa)		5,165
	5,000	Swedbank AB, Reg. S, (USD Swap Semi 5 Year + 3.77%), 5.50%, 03/17/2020 (x) (y) (aa)		5,194
				15,584
		Switzerland — 0.3%
		Credit Suisse Group AG,
	8,385	(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (x) (y) (aa)		9,171
	4,646	(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (x) (y) (aa)		5,401
		UBS Group AG,
	5,215	Reg. S, (USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 03/22/2021 (x) (y) (aa)		5,684
	5,000	Reg. S, (USD Swap Semi 5 Year + 4.59%), 6.87%, 08/07/2025 (x) (y) (aa)		5,613
	5,000	Reg. S, (USD Swap Semi 5 Year + 4.87%), 7.00%, 02/19/2025 (x) (y) (aa)		5,729
	2,000	Reg. S, (USD Swap Semi 5 Year + 5.46%), 7.13%, 02/19/2020 (x) (y) (aa)		2,155
				33,753
		Trinidad and Tobago — 0.0% (g)
	365	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.75%, 08/14/2019		385

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Turkey — 0.1%
	2,350	Finansbank A/S, Reg. S, 4.88%, 05/19/2022		2,315
	2,900	KOC Holding A/S, Reg. S, 5.25%, 03/15/2023		3,029
	2,300	Turkiye Is Bankasi, Reg. S, 5.00%, 04/30/2020		2,311
	3,050	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.25%, 05/09/2020		3,092
				10,747
		United Arab Emirates — 0.1%
		DAE Funding LLC,
	1,205	4.50%, 08/01/2022 (e)		1,228
	1,284	5.00%, 08/01/2024 (e)		1,311
	4,811	Shelf Drilling Holdings Ltd., 9.50%, 11/02/2020 (e)		4,883
				7,422
		United Kingdom — 1.0%
	3,075	Afren plc, Reg. S, 6.63%, 12/09/2020 (d)		1
		Ashtead Capital, Inc.,
	505	4.13%, 08/15/2025 (e)		509
	523	4.38%, 08/15/2027 (e)		531
	3,560	5.63%, 10/01/2024 (e)		3,788
		Barclays plc,
	GBP 6,299	Reg. S, (GBP Swap 5 Year + 6.46%), 7.25%, 03/15/2023 (x) (y) (aa)		9,163
	5,397	Reg. S, (USD Swap Semi 5 Year + 6.77%), 7.88%, 03/15/2022 (x) (y) (aa)		6,018
	8,345	BAT Capital Corp., 4.54%, 08/15/2047 (e)		8,508
	8,944	Fiat Chrysler Automobiles NV, 5.25%, 04/15/2023		9,503
		HSBC Holdings plc,
	4,840	(USD ICE Swap Rate 5 Year + 3.71%), 6.38%, 09/17/2024 (x) (y) (aa)		5,257
	6,000	(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 03/30/2025 (x) (y) (aa)		6,556
	6,852	(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 06/01/2021 (x) (y) (aa)		7,546
	2,140	Jaguar Land Rover Automotive plc, 4.50%, 10/01/2027 (e)		2,119
		KCA Deutag UK Finance plc,
	2,208	7.25%, 05/15/2021 (e)		2,125
	2,560	9.88%, 04/01/2022 (e)		2,679
	12,498	Lloyds Banking Group plc, (USD Swap Semi 5 Year + 4.76%), 7.50%, 06/27/2024 (x) (y) (aa)		14,263
	GBP 3,809	Nationwide Building Society, Reg. S, (GBP Swap 5 Year + 4.88%), 6.88%, 06/20/2019 (x) (y) (aa)		5,344

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
		Noble Holding International Ltd.,
	169	5.25%, 03/15/2042		107
	1,121	6.20%, 08/01/2040		757
	6,790	Reynolds American, Inc., 5.85%, 08/15/2045		8,340
		Royal Bank of Scotland Group plc,
	3,900	5.13%, 05/28/2024		4,173
	1,194	6.00%, 12/19/2023		1,330
	14,647	6.13%, 12/15/2022		16,284
	2,642	TI Group Automotive Systems LLC, 8.75%, 07/15/2023 (e)		2,853
	2,548	Virgin Media Finance plc, 6.38%, 04/15/2023 (e)		2,656
		Virgin Media Secured Finance plc,
	975	5.25%, 01/15/2026 (e)		1,012
	1,300	5.50%, 01/15/2025 (e)		1,365
	640	5.50%, 08/15/2026 (e)		669
				123,456
		United States — 30.1%
		21st Century Fox America, Inc.,
	5,790	4.75%, 09/15/2044		6,168
	4,795	4.95%, 10/15/2045		5,297
	5,720	Abbott Laboratories, 4.90%, 11/30/2046		6,408
		AbbVie, Inc.,
	3,545	4.45%, 05/14/2046		3,726
	3,359	4.70%, 05/14/2045		3,642
		Acadia Healthcare Co., Inc.,
	170	5.13%, 07/01/2022		173
	700	5.63%, 02/15/2023		719
	528	6.13%, 03/15/2021		540
	3,004	6.50%, 03/01/2024		3,166
	3,495	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		3,622
	4,931	ACE Cash Express, Inc., 11.00%, 02/01/2019 (e)		4,906
	3,420	ACI Worldwide, Inc., 6.38%, 08/15/2020 (e)		3,484
	3,720	Adient Global Holdings Ltd., 4.88%, 08/15/2026 (e)		3,827
		ADT Corp. (The),
	2,335	3.50%, 07/15/2022		2,332
	9,092	4.13%, 06/15/2023		9,240
	519	Advanced Micro Devices, Inc., 7.00%, 07/01/2024		549
		AECOM,
	2,414	5.13%, 03/15/2027		2,484
	9,298	5.88%, 10/15/2024		10,260

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		AES Corp.,
	1,795	5.13%, 09/01/2027		1,843
	1,800	5.50%, 04/15/2025		1,903
	1,500	6.00%, 05/15/2026		1,616
	3,731	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		3,414
	4,805	Air Medical Group Holdings, Inc., 6.38%, 05/15/2023 (e)		4,637
	1,200	Airxcel, Inc., 8.50%, 02/15/2022 (e)		1,272
		AK Steel Corp.,
	1,878	7.00%, 03/15/2027		1,892
	1,159	7.50%, 07/15/2023		1,255
		Albertsons Cos. LLC,
	3,424	5.75%, 03/15/2025		3,013
	15,471	6.63%, 06/15/2024		14,543
		Alcoa Nederland Holding BV,
	2,996	6.75%, 09/30/2024 (e)		3,330
	900	7.00%, 09/30/2026 (e)		1,026
	3,955	Alere, Inc., 6.50%, 06/15/2020		4,019
		Aleris International, Inc.,
	240	7.88%, 11/01/2020		239
	1,505	9.50%, 04/01/2021 (e)		1,605
	7,310	Allergan Funding SCS, 4.85%, 06/15/2044		7,821
		Alliance Data Systems Corp.,
	1,939	5.38%, 08/01/2022 (e)		1,978
	1,505	5.88%, 11/01/2021 (e)		1,557
	808	Allison Transmission, Inc., 4.75%, 10/01/2027 (e)		816
	19,105	Allstate Corp. (The), (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 08/15/2053 (aa)		20,872
		Ally Financial, Inc.,
	4,599	4.13%, 02/13/2022		4,783
	20,407	4.63%, 05/19/2022		21,580
	11,685	4.63%, 03/30/2025		12,430
	4,730	5.13%, 09/30/2024		5,179
	2,855	5.75%, 11/20/2025		3,155
	3,175	8.00%, 11/01/2031		4,199
	1,740	Alta Mesa Holdings LP, 7.88%, 12/15/2024 (e)		1,888
		Altice US Finance I Corp.,
	3,800	5.38%, 07/15/2023 (e)		3,961
	3,893	5.50%, 05/15/2026 (e)		4,049
		Amazon.com, Inc.,
	4,955	4.05%, 08/22/2047 (e)		5,112
	8,140	4.25%, 08/22/2057 (e)		8,542
		AMC Entertainment Holdings, Inc.,
	5,890	5.75%, 06/15/2025		5,728

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,000	5.88%, 02/15/2022		1,015
	1,665	5.88%, 11/15/2026		1,626
	1,079	6.13%, 05/15/2027		1,068
		AMC Networks, Inc.,
	2,100	4.75%, 12/15/2022		2,155
	831	4.75%, 08/01/2025		830
	7,430	5.00%, 04/01/2024		7,565
		American Axle & Manufacturing, Inc.,
	1,600	6.25%, 03/15/2021		1,642
	6,537	6.25%, 04/01/2025 (e)		6,700
	6,391	6.50%, 04/01/2027 (e)		6,527
	1,900	6.63%, 10/15/2022		1,967
	3,450	7.75%, 11/15/2019		3,769
	18,070	American Express Co., Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 03/15/2020 (x) (y) (aa)		18,544
	1,946	American Greetings Corp., 7.88%, 02/15/2025 (e)		2,115
		American International Group, Inc.,
	4,240	4.50%, 07/16/2044		4,404
	8,805	4.80%, 07/10/2045		9,644
		AmeriGas Partners LP,
	4,278	5.50%, 05/20/2025		4,374
	1,309	5.75%, 05/20/2027		1,337
	1,039	5.88%, 08/20/2026		1,081
	4,850	Amgen, Inc., 4.40%, 05/01/2045		5,105
		Amkor Technology, Inc.,
	8,949	6.38%, 10/01/2022		9,229
	2,278	6.63%, 06/01/2021		2,323
	1,312	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		1,355
	805	Analog Devices, Inc., 4.50%, 12/05/2036		846
		Andeavor Logistics LP,
	3,871	5.88%, 10/01/2020		3,939
	4,415	6.13%, 10/15/2021		4,558
	2,410	6.25%, 10/15/2022		2,567
	1,540	6.38%, 05/01/2024		1,686
	4,501	Anixter, Inc., 5.50%, 03/01/2023		4,917
	2,380	Antero Midstream Partners LP, 5.38%, 09/15/2024		2,481
		Antero Resources Corp.,
	4,982	5.13%, 12/01/2022		5,119
	849	5.38%, 11/01/2021		871
	4,205	5.63%, 06/01/2023		4,405
		Anthem, Inc.,
	3,295	4.65%, 08/15/2044		3,545
	2,280	5.10%, 01/15/2044		2,630

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	930	Archrock Partners LP, 6.00%, 10/01/2022		924
		Arconic, Inc.,
	9,295	5.13%, 10/01/2024		9,976
	2,540	5.87%, 02/23/2022		2,775
	3,992	Ashland LLC, 4.75%, 08/15/2022		4,212
		AT&T, Inc.,
	5,380	4.35%, 06/15/2045		4,804
	8,215	4.75%, 05/15/2046		7,739
	1,175	5.15%, 03/15/2042		1,177
	5,175	5.30%, 08/14/2058		5,120
	4,210	5.65%, 02/15/2047		4,506
	1,975	Avantor, Inc., 6.00%, 10/01/2024 (e)		2,014
		Avaya, Inc.,
	5,950	7.00%, 04/01/2019 (e) (d)		4,998
	2,160	10.50%, 03/01/2021 (e) (d)		132
		Avis Budget Car Rental LLC,
	845	5.25%, 03/15/2025 (e)		826
	5,840	5.50%, 04/01/2023		5,913
	5,730	6.38%, 04/01/2024 (e)		5,945
	3,030	Axalta Coating Systems LLC, 4.88%, 08/15/2024 (e)		3,166
	1,764	B&G Foods, Inc., 5.25%, 04/01/2025		1,801
	1,962	Ball Corp., 5.25%, 07/01/2025		2,156
		Bank of America Corp.,
	12,340	Series K, (ICE LIBOR USD 3 Month + 3.63%), 8.00%, 01/30/2018 (x) (y) (aa)		12,510
	7,015	Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 06/01/2023 (x) (y) (aa)		7,313
	23,045	Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.12%, 06/17/2019 (x) (y) (aa)		23,737
	11,220	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		12,496
	13,130	Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (x) (y) (aa)		15,018
	11,168	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		12,466
		Bank of New York Mellon Corp. (The),
	9,636	Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 06/20/2023 (x) (y) (aa)		9,715
	15,050	Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 06/20/2020 (x) (y) (aa)		15,727
	10,966	Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 09/20/2026 (x) (y) (aa)		11,281
	4,260	Becton Dickinson and Co., 4.67%, 06/06/2047		4,450
		Berry Global, Inc.,
	1,875	5.13%, 07/15/2023		1,969
	500	6.00%, 10/15/2022		529

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,620	Biogen, Inc., 5.20%, 09/15/2045		3,009
	3,972	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		4,836
	6,162	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		6,424
	920	Boise Cascade Co., 5.63%, 09/01/2024 (e)		957
	870	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		887
		Boyd Gaming Corp.,
	970	6.38%, 04/01/2026		1,064
	6,100	6.88%, 05/15/2023		6,550
	8,435	Brighthouse Financial, Inc., 4.70%, 06/22/2047 (e)		8,345
	1,504	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		1,496
	4,295	BWAY Holding Co., 5.50%, 04/15/2024 (e)		4,472
	4,322	Cablevision Systems Corp., 8.00%, 04/15/2020		4,787
		CalAtlantic Group, Inc.,
	682	5.25%, 06/01/2026		726
	600	5.38%, 10/01/2022		654
	2,247	5.88%, 11/15/2024		2,503
	295	8.38%, 01/15/2021		343
	1,259	Caleres, Inc., 6.25%, 08/15/2023		1,325
	1,111	California Resources Corp., 8.00%, 12/15/2022 (e)		736
	1,630	Callon Petroleum Co., 6.13%, 10/01/2024		1,695
		Calpine Corp.,
	3,015	5.25%, 06/01/2026 (e)		3,019
	1,500	5.50%, 02/01/2024		1,436
	1,140	5.75%, 01/15/2025		1,082
	2,000	5.88%, 01/15/2024 (e)		2,070
	175	Calumet Specialty Products Partners LP, 6.50%, 04/15/2021		171
	2,720	Camelot Finance SA, 7.88%, 10/15/2024 (e)		2,924
	21,570	Capital One Financial Corp., Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 06/01/2020 (x) (y) (aa)		22,622
	4,230	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		4,304
	676	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		686
	1,212	CB Escrow Corp., 8.00%, 10/15/2025 (e)		1,251
	1,857	CBS Corp., 4.60%, 01/15/2045		1,861
	1,340	CBS Radio, Inc., 7.25%, 11/01/2024 (e)		1,402
	662	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		688
		CCO Holdings LLC,
	7,378	5.00%, 02/01/2028 (e)		7,323
	1,585	5.13%, 05/01/2023 (e)		1,652

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,517	5.13%, 05/01/2027 (e)		2,539
	2,565	5.38%, 05/01/2025 (e)		2,661
	9,670	5.50%, 05/01/2026 (e)		9,912
	8,916	5.75%, 02/15/2026 (e)		9,320
	32,692	5.88%, 04/01/2024 (e)		34,817
	875	CDK Global, Inc., 4.88%, 06/01/2027 (e)		912
		CDW LLC,
	2,242	5.00%, 09/01/2023		2,340
	635	5.50%, 12/01/2024		703
		Cedar Fair LP,
	575	5.38%, 06/01/2024		605
	490	5.38%, 04/15/2027 (e)		518
	5,670	Celgene Corp., 4.35%, 11/15/2047 (w)		5,655
		Centene Corp.,
	100	4.75%, 05/15/2022		105
	2,850	4.75%, 01/15/2025		2,943
	2,570	5.63%, 02/15/2021		2,666
	1,745	6.13%, 02/15/2024		1,876
	2,850	Central Garden & Pet Co., 6.13%, 11/15/2023		3,039
		CenturyLink, Inc.,
	780	Series S, 6.45%, 06/15/2021		823
	7,426	Series T, 5.80%, 03/15/2022		7,537
	7,294	Series W, 6.75%, 12/01/2023		7,588
	606	Series Y, 7.50%, 04/01/2024		644
		CF Industries, Inc.,
	881	4.50%, 12/01/2026 (e)		927
	3,310	5.15%, 03/15/2034		3,302
	10,605	Charles Schwab Corp. (The), (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/01/2027 (x) (y) (aa)		10,724
	13,850	Charter Communications Operating LLC, 6.48%, 10/23/2045		15,967
		Chemours Co. (The),
	3,080	6.63%, 05/15/2023		3,265
	1,665	7.00%, 05/15/2025		1,856
		Cheniere Corpus Christi Holdings LLC,
	2,195	5.13%, 06/30/2027 (e)		2,264
	4,945	5.88%, 03/31/2025		5,353
	492	7.00%, 06/30/2024		561
	1,008	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		1,038
		Chesapeake Energy Corp.,
	3,424	4.88%, 04/15/2022		3,185
	226	5.75%, 03/15/2023		206
	2,303	6.13%, 02/15/2021		2,320

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	4,012	8.00%, 12/15/2022 (e)		4,317
	2,314	8.00%, 01/15/2025 (e)		2,303
	4,690	8.00%, 06/15/2027 (e)		4,555
	1,989	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		1,984
	4,090	Cinemark USA, Inc., 4.88%, 06/01/2023		4,167
	4,041	CIT Group, Inc., 5.00%, 08/15/2022		4,344
	2,775	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		2,851
		Citigroup, Inc.,
	14,725	Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 05/15/2023 (x) (y) (aa)		15,406
	10,670	Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 05/15/2024 (x) (y) (aa)		11,599
	18,705	Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019 (x) (y) (aa)		19,570
	4,785	Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		5,009
	10,235	(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 01/30/2023 (x) (y) (aa)		11,164
	10,785	Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 05/15/2025 (x) (y) (aa)		11,800
	1,670	Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.12%, 11/15/2020 (x) (y) (aa)		1,791
	5,475	Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		6,235
		Claire’s Stores, Inc.,
	1,150	6.13%, 03/15/2020 (e)		655
	6,088	9.00%, 03/15/2019 (e)		3,729
	1,490	Clean Harbors, Inc., 5.13%, 06/01/2021		1,510
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.50%, 11/15/2022		1,729
	115	Series A, 7.63%, 03/15/2020		115
	31,795	Series B, 6.50%, 11/15/2022		32,908
	17,307	Series B, 7.63%, 03/15/2020		17,285
		Clearwater Paper Corp.,
	2,125	4.50%, 02/01/2023		2,120
	900	5.38%, 02/01/2025 (e)		904
	4,235	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		3,854
	3,065	CNO Financial Group, Inc., 5.25%, 05/30/2025		3,257
	2,669	Cogent Communications Finance, Inc., 5.63%, 04/15/2021 (e)		2,736
	5,075	Cogent Communications Group, Inc., 5.38%, 03/01/2022 (e)		5,360
	3,290	Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		4,039
	2,595	Comcast Corp., 4.00%, 08/15/2047		2,608

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Commercial Metals Co.,
	952	4.88%, 05/15/2023		988
	690	5.38%, 07/15/2027		712
		CommScope Technologies LLC,
	1,505	5.00%, 03/15/2027 (e)		1,466
	9,092	6.00%, 06/15/2025 (e)		9,592
		CommScope, Inc.,
	2,355	5.00%, 06/15/2021 (e)		2,402
	4,348	5.50%, 06/15/2024 (e)		4,527
		Community Health Systems, Inc.,
	1,615	6.25%, 03/31/2023		1,550
	3,017	6.88%, 02/01/2022		2,206
	2,575	7.13%, 07/15/2020		2,234
	3,525	Concho Resources, Inc., 4.88%, 10/01/2047		3,748
	2,856	CONSOL Energy, Inc., 5.88%, 04/15/2022		2,913
	652	Consolidated Communications, Inc., 6.50%, 10/01/2022		639
		Continental Resources, Inc.,
	1,072	3.80%, 06/01/2024		1,041
	7,557	4.50%, 04/15/2023		7,652
	2,147	4.90%, 06/01/2044		1,999
	2,925	Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		3,035
	2,400	CoreCivic, Inc., 4.63%, 05/01/2023		2,454
	873	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		884
		Covanta Holding Corp.,
	240	5.88%, 03/01/2024		241
	379	5.88%, 07/01/2025		375
	1,180	Covey Park Energy LLC, 7.50%, 05/15/2025 (e)		1,224
	3,940	Cox Communications, Inc., 4.60%, 08/15/2047 (e)		3,877
		Crestwood Midstream Partners LP,
	2,091	5.75%, 04/01/2025		2,146
	319	6.25%, 04/01/2023		332
	1,065	Crown Americas LLC, 4.25%, 09/30/2026		1,070
		CSC Holdings LLC,
	2,074	5.25%, 06/01/2024		2,065
	2,510	5.50%, 04/15/2027 (e)		2,585
	1,400	6.63%, 10/15/2025 (e)		1,534
	2,504	6.75%, 11/15/2021		2,761
	942	8.63%, 02/15/2019		1,009
	7,952	10.13%, 01/15/2023 (e)		9,105
	1,182	10.88%, 10/15/2025 (e)		1,448
	1,341	CSI Compressco LP, 7.25%, 08/15/2022		1,214

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	4,820	CSX Corp., 4.25%, 11/01/2066		4,733
	640	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		680
		CURO Financial Technologies Corp.,
	2,011	12.00%, 03/01/2022 (e)		2,198
	6,818	CVR Partners LP, 9.25%, 06/15/2023 (e)		7,261
		CyrusOne LP,
	1,408	5.00%, 03/15/2024 (e)		1,476
	985	5.38%, 03/15/2027 (e)		1,053
	1,375	Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (e)		1,458
	4,320	Dana Financing Luxembourg SARL, 6.50%, 06/01/2026 (e)		4,698
		Dana, Inc.,
	1,250	5.50%, 12/15/2024		1,319
	6,125	6.00%, 09/15/2023		6,454
		DaVita, Inc.,
	4,830	5.00%, 05/01/2025		4,757
	3,502	5.13%, 07/15/2024		3,511
	1,275	5.75%, 08/15/2022		1,315
		DCP Midstream Operating LP,
	4,359	3.88%, 03/15/2023		4,326
	702	4.95%, 04/01/2022		729
	1,825	6.75%, 09/15/2037 (e)		1,962
	5,558	Dean Foods Co., 6.50%, 03/15/2023 (e)		5,572
	3,243	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		3,304
		Dell International LLC,
	7,581	5.45%, 06/15/2023 (e)		8,305
	1,420	5.88%, 06/15/2021 (e)		1,487
	9,926	6.02%, 06/15/2026 (e)		11,081
	1,465	7.13%, 06/15/2024 (e)		1,617
	6,310	8.35%, 07/15/2046 (e)		8,172
	2,315	Delphi Technologies plc, 5.00%, 10/01/2025 (e)		2,332
		Denbury Resources, Inc.,
	3,495	4.63%, 07/15/2023		1,983
	570	5.50%, 05/01/2022		358
	950	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		1,016
	246	Diamondback Energy, Inc., 4.75%, 11/01/2024		250
	4,400	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		4,631
	11,644	Discover Financial Services, Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (x) (y) (aa)		11,877

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	6,775	Discovery Communications LLC, 5.20%, 09/20/2047		6,901
		DISH DBS Corp.,
	11,489	5.00%, 03/15/2023		11,101
	20,576	5.88%, 07/15/2022		20,705
	14,506	5.88%, 11/15/2024		14,524
	9,887	6.75%, 06/01/2021		10,381
	3,029	7.75%, 07/01/2026		3,313
	6,950	DJO Finco, Inc., 8.13%, 06/15/2021 (e)		6,637
	2,774	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		2,996
	4,748	Dollar Tree, Inc., 5.75%, 03/01/2023		4,991
	2,229	Dominion Energy Gas Holdings LLC, 4.60%, 12/15/2044		2,391
	17,485	Dominion Energy, Inc., (ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/01/2054 (aa)		18,969
	2,164	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 07/01/2019 (e)		2,121
	2,738	Dr Pepper Snapple Group, Inc., 4.50%, 11/15/2045 (e)		2,875
		Dynegy, Inc.,
	6,393	5.88%, 06/01/2023		6,601
	1,300	7.38%, 11/01/2022		1,393
	3,515	7.63%, 11/01/2024		3,840
	3,755	8.00%, 01/15/2025 (e)		4,107
	2,192	8.13%, 01/30/2026 (e)		2,433
		Eldorado Resorts, Inc.,
	1,551	6.00%, 04/01/2025		1,636
	560	7.00%, 08/01/2023		605
	18,551	Embarq Corp., 8.00%, 06/01/2036		18,713
		EMC Corp.,
	1,129	2.65%, 06/01/2020		1,115
	133	3.38%, 06/01/2023		129
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		2,042
		Endo Dac,
	930	5.88%, 10/15/2024 (e)		974
	10,650	6.00%, 07/15/2023 (e)		8,627
	1,770	6.00%, 02/01/2025 (e)		1,407
		Endo Finance LLC,
	2,306	5.75%, 01/15/2022 (e)		2,018
	46	7.25%, 01/15/2022 (e)		42
	6,565	Energizer Holdings, Inc., 5.50%, 06/15/2025 (e)		6,893

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Energy Transfer Equity LP,
	1,233	4.25%, 03/15/2023		1,255
	4,312	5.88%, 01/15/2024		4,678
	3,020	Energy Transfer LP, 5.15%, 02/01/2043		2,954
	8,060	EnLink Midstream Partners LP, Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (x) (y) (aa)		8,130
		Ensco plc,
	546	4.50%, 10/01/2024		448
	1,805	5.20%, 03/15/2025		1,520
	136	5.75%, 10/01/2044		93
	4,938	Entegris, Inc., 6.00%, 04/01/2022 (e)		5,160
		Enterprise Products Operating LLC,
	2,890	4.85%, 03/15/2044		3,132
	10,280	4.90%, 05/15/2046		11,316
	10,945	Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.87%, 08/16/2077 (aa)		11,284
	11,815	Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 08/16/2077 (aa)		12,140
		Envision Healthcare Corp.,
	3,316	5.13%, 07/01/2022 (e)		3,366
	2,303	5.63%, 07/15/2022		2,343
		EP Energy LLC,
	2,327	7.75%, 09/01/2022		1,431
	4,557	8.00%, 11/29/2024 (e)		4,648
	6,186	8.00%, 02/15/2025 (e)		4,578
	7,696	9.38%, 05/01/2020		6,462
		Equinix, Inc.,
	3,098	5.38%, 01/01/2022		3,237
	950	5.38%, 04/01/2023		981
	948	5.75%, 01/01/2025		1,017
	293	5.88%, 01/15/2026		317
	8,015	ERAC USA Finance LLC, 4.20%, 11/01/2046 (e)		7,680
	500	Escrow GCB Penn VA, 7.25%, 04/15/2019 (d) (bb)		1
	5,352	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		5,533
	720	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		740
	3,365	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		3,222
	4,100	Exelon Corp., 4.45%, 04/15/2046		4,341
		Express Scripts Holding Co.,
	7,130	4.80%, 07/15/2046		7,402
	1,556	6.13%, 11/15/2041		1,870
	2,170	FedEx Corp., 4.55%, 04/01/2046		2,312

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.38%, 04/01/2021 (e)		1,653
	17,625	Fifth Third Bancorp, (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 06/30/2023 (x) (y) (aa)		18,022
		First Data Corp.,
	4,520	5.00%, 01/15/2024 (e)		4,695
	17,493	5.38%, 08/15/2023 (e)		18,193
	22,483	5.75%, 01/15/2024 (e)		23,523
	3,478	7.00%, 12/01/2023 (e)		3,721
	542	FirstCash, Inc., 5.38%, 06/01/2024 (e)		566
	2,750	FirstEnergy Corp., Series C, 4.85%, 07/15/2047		2,962
	681	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		704
	19,265	Ford Motor Co., 4.75%, 01/15/2043		19,027
		Freeport-McMoRan, Inc.,
	1,530	3.55%, 03/01/2022		1,515
	5,935	3.88%, 03/15/2023		5,853
	1,714	4.00%, 11/14/2021		1,727
	5,505	4.55%, 11/14/2024		5,491
	375	5.40%, 11/14/2034		366
	2,310	5.45%, 03/15/2043		2,171
		Frontier Communications Corp.,
	1,428	6.25%, 09/15/2021		1,178
	7,180	6.88%, 01/15/2025		5,338
	692	8.50%, 04/15/2020		684
	3,217	9.25%, 07/01/2021		2,875
	1,526	10.50%, 09/15/2022		1,339
	13,023	11.00%, 09/15/2025		11,021
	456	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		462
	3,429	Gartner, Inc., 5.13%, 04/01/2025 (e)		3,626
	5,143	Gates Global LLC, 6.00%, 07/15/2022 (e)		5,291
	1,100	GCB PENN VA, 8.50%, 05/01/2020 (d) (bb)		1
	4,460	GCI, Inc., 6.75%, 06/01/2021		4,572
	2,522	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		2,825
	1,630	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		1,744
	5,695	General Cable Corp., 5.75%, 10/01/2022		5,837
	38,057	General Electric Co., Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 01/21/2021 (x) (y) (aa)		39,615
		General Motors Co.,
	6,370	6.25%, 10/02/2043		7,373
	8,720	6.75%, 04/01/2046		10,664
	13,675	General Motors Financial Co., Inc., Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 09/30/2027 (x) (y) (aa)		14,273

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Genesis Energy LP,
	1,553	5.63%, 06/15/2024		1,537
	1,054	6.00%, 05/15/2023		1,057
	780	6.75%, 08/01/2022		805
	3,640	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		4,109
		GenOn Energy, Inc.,
	975	9.50%, 10/15/2018 (d)		688
	3,355	9.88%, 10/15/2020 (d)		2,365
		GEO Group, Inc. (The),
	8,165	5.88%, 01/15/2022		8,440
	2,215	6.00%, 04/15/2026		2,315
		Gilead Sciences, Inc.,
	755	4.15%, 03/01/2047		773
	8,795	4.75%, 03/01/2046		9,961
		Global Partners LP,
	1,085	6.25%, 07/15/2022		1,109
	1,995	7.00%, 06/15/2023 (bb)		2,020
	2,370	GLP Capital LP, 5.38%, 11/01/2023		2,577
	5,204	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		5,295
		Goldman Sachs Group, Inc. (The),
	23,810	Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 05/10/2019 (x) (y) (aa)		24,584
	14,640	Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 05/10/2020 (x) (y) (aa)		15,173
	16,295	Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (x) (y) (aa)		17,476
	22,110	Series P, (ICE LIBOR USD 3 Month + 2.87%), 1.00%, 11/10/2022 (x) (y) (aa)		22,066
	895	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		680
		Goodyear Tire & Rubber Co. (The),
	5,526	4.88%, 03/15/2027		5,623
	2,385	5.00%, 05/31/2026		2,444
		Gray Television, Inc.,
	2,285	5.13%, 10/15/2024 (e)		2,279
	1,445	5.88%, 07/15/2026 (e)		1,481
	1,905	Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022		2,000
	1,310	Group 1 Automotive, Inc., 5.25%, 12/15/2023 (e)		1,349
	363	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		387
		Gulfport Energy Corp.,
	5,130	6.00%, 10/15/2024		5,130
	755	6.38%, 05/15/2025		766
	728	6.38%, 01/15/2026 (e)		735

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,067	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		1,127
	3,945	Halcon Resources Corp., 6.75%, 02/15/2025 (e)		4,044
	7,955	Halliburton Co., 5.00%, 11/15/2045		8,893
	3,046	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e) (bb)		2,844
	1,466	Harland Clarke Holdings Corp., 8.38%, 08/15/2022 (e)		1,545
	3,740	Harris Corp., 5.05%, 04/27/2045		4,320
	3,847	HCA Healthcare, Inc., 6.25%, 02/15/2021		4,136
		HCA, Inc.,
	2,318	3.75%, 03/15/2019		2,353
	1,410	4.25%, 10/15/2019		1,452
	1,976	5.00%, 03/15/2024		2,079
	2,175	5.25%, 04/15/2025		2,316
	400	5.25%, 06/15/2026		425
	34,831	5.38%, 02/01/2025		35,822
	3,230	5.50%, 06/15/2047		3,287
	4,959	5.88%, 03/15/2022		5,430
	2,040	5.88%, 05/01/2023		2,185
	6,435	5.88%, 02/15/2026		6,765
	16,768	7.50%, 02/15/2022		19,032
	1,527	HD Supply, Inc., 5.75%, 04/15/2024 (e)		1,647
		HealthSouth Corp.,
	3,470	5.75%, 11/01/2024		3,552
	3,650	5.75%, 09/15/2025		3,764
	2,986	Hecla Mining Co., 6.88%, 05/01/2021		3,061
		Herc Rentals, Inc.,
	3,088	7.50%, 06/01/2022 (e)		3,343
	3,815	7.75%, 06/01/2024 (e)		4,187
		Hertz Corp. (The),
	6,255	5.50%, 10/15/2024 (e)		5,630
	1,551	6.25%, 10/15/2022		1,487
	7,435	7.38%, 01/15/2021		7,454
	5,140	7.63%, 06/01/2022 (e)		5,359
	5,595	Hess Corp., 5.80%, 04/01/2047		6,035
	11,854	Hexion, Inc., 6.63%, 04/15/2020		10,550
	2,309	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		2,297
	865	Hillman Group, Inc. (The), 6.38%, 07/15/2022 (e)		859
		Hill-Rom Holdings, Inc.,
	685	5.00%, 02/15/2025 (e)		700
	6,428	5.75%, 09/01/2023 (e)		6,766
	2,235	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		2,282

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,190	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024 (e)		2,404
		Hilton Worldwide Finance LLC,
	3,023	4.63%, 04/01/2025		3,118
	1,512	4.88%, 04/01/2027		1,591
	1,540	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		1,613
	1,112	Hologic, Inc., 4.38%, 10/15/2025 (e)		1,130
	1,000	HRG Group, Inc., 7.88%, 07/15/2019		1,010
		Hughes Satellite Systems Corp.,
	5,855	5.25%, 08/01/2026		5,987
	1,690	6.63%, 08/01/2026		1,783
		Huntsman International LLC,
	560	4.88%, 11/15/2020		588
	9,478	5.13%, 11/15/2022		10,189
		Icahn Enterprises LP,
	3,124	5.88%, 02/01/2022		3,225
	800	6.25%, 02/01/2022		836
	800	6.75%, 02/01/2024		847
		iHeartCommunications, Inc.,
	2,116	9.00%, 12/15/2019		1,560
	2,067	9.00%, 03/01/2021		1,486
	900	IHS Markit Ltd., 4.75%, 02/15/2025 (e)		952
	8,163	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%), 4.36%, 12/21/2065 (e) (aa)		7,877
	2,205	ILFC E-Capital Trust II, (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 4.61%, 12/21/2065 (e) (aa)		2,139
	8,769	Infor Software Parent LLC, 7.12% (Cash), 05/01/2021 (e) (v)		9,010
		Infor US, Inc.,
	1,248	5.75%, 08/15/2020 (e)		1,285
	17,265	6.50%, 05/15/2022		18,038
	5,823	Informatica LLC, 7.13%, 07/15/2023 (e)		5,925
		International Game Technology plc,
	925	6.25%, 02/15/2022 (e)		1,017
	9,020	6.50%, 02/15/2025 (e)		10,125
	4,020	Interval Acquisition Corp., 5.63%, 04/15/2023		4,201
		Iron Mountain, Inc.,
	1,207	4.88%, 09/15/2027 (e)		1,228
	1,530	5.75%, 08/15/2024		1,568
	1,250	6.00%, 08/15/2023		1,316
	782	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		823

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	8,360	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		8,924
	400	JC Penney Corp., Inc., 5.88%, 07/01/2023 (e)		379
	993	Kaiser Aluminum Corp., 5.88%, 05/15/2024		1,069
	2,892	KFC Holding Co., 4.75%, 06/01/2027 (e)		2,968
	4,425	Kimco Realty Corp., 4.45%, 09/01/2047		4,419
	2,000	Kinder Morgan Energy Partners LP, 5.63%, 09/01/2041		2,119
	7,460	Kindred Healthcare, Inc., 8.75%, 01/15/2023		7,274
	3,075	Kinetic Concepts, Inc., 7.88%, 02/15/2021 (e)		3,206
	6,400	KLX, Inc., 5.88%, 12/01/2022 (e)		6,696
	1,160	Koppers, Inc., 6.00%, 02/15/2025 (e)		1,244
		Kraft Heinz Foods Co.,
	5,875	4.38%, 06/01/2046		5,733
	1,045	5.00%, 06/04/2042		1,114
	8,927	5.20%, 07/15/2045		9,727
	3,574	Kratos Defense & Security Solutions, Inc., 7.00%, 05/15/2019		3,632
		Kroger Co. (The),
	10,245	3.88%, 10/15/2046		9,071
	2,375	4.65%, 01/15/2048		2,339
		L Brands, Inc.,
	4,550	6.75%, 07/01/2036		4,448
	1,606	6.88%, 11/01/2035		1,594
		Ladder Capital Finance Holdings LLLP,
	1,514	5.25%, 03/15/2022 (e)		1,567
	757	5.25%, 10/01/2025 (e)		754
		Lamar Media Corp.,
	363	5.00%, 05/01/2023		375
	258	5.38%, 01/15/2024		271
	467	5.75%, 02/01/2026		504
	2,900	Laredo Petroleum, Inc., 7.38%, 05/01/2022		3,020
	1,000	Level 3 Communications, Inc., 5.75%, 12/01/2022		1,028
		Level 3 Financing, Inc.,
	5,636	5.13%, 05/01/2023		5,770
	1,943	5.25%, 03/15/2026		2,008
	4,086	5.38%, 01/15/2024		4,244
	10,230	5.38%, 05/01/2025		10,691
	561	5.63%, 02/01/2023		579
	75	Levi Strauss & Co., 5.00%, 05/01/2025		79
	870	Liberty Interactive LLC, 8.25%, 02/01/2030		957
	2,538	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		3,217

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,387	LIN Television Corp., 5.88%, 11/15/2022		1,444
	4,250	Live Nation Entertainment, Inc., 4.88%, 11/01/2024 (e)		4,397
	2,469	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		2,568
	3,265	LSB Industries, Inc., SUB, 8.50%, 08/01/2019		3,200
	5,407	LTF Merger Sub, Inc., 8.50%, 06/15/2023 (e)		5,772
	4,372	LYB International Finance BV, 4.88%, 03/15/2044		4,773
		Mallinckrodt International Finance SA,
	160	3.50%, 04/15/2018		160
	539	4.75%, 04/15/2023		454
	6,105	5.50%, 04/15/2025 (e)		5,479
	2,585	5.63%, 10/15/2023 (e)		2,414
	1,610	5.75%, 08/01/2022 (e)		1,576
	5,645	Marathon Petroleum Corp., 4.75%, 09/15/2044		5,734
	4,280	Markel Corp., 5.00%, 04/05/2046		4,785
	1,527	Martin Midstream Partners LP, 7.25%, 02/15/2021		1,554
	1,625	Masco Corp., 4.50%, 05/15/2047		1,624
	3,357	MasTec, Inc., 4.88%, 03/15/2023		3,441
	890	Match Group, Inc., 6.38%, 06/01/2024		967
	1,840	Mediacom Broadband LLC, 6.38%, 04/01/2023		1,914
		MetLife, Inc.,
	12,815	6.40%, 12/15/2036		14,785
	17,944	Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 06/15/2020 (x) (y) (aa)		18,767
		MGM Growth Properties Operating Partnership LP,
	995	4.50%, 09/01/2026		999
	555	4.50%, 01/15/2028 (e)		554
	2,630	5.63%, 05/01/2024		2,840
		MGM Resorts International,
	15,020	6.00%, 03/15/2023		16,468
	2,630	6.63%, 12/15/2021		2,939
	15,259	7.75%, 03/15/2022		17,724
		Micron Technology, Inc.,
	3,706	5.25%, 08/01/2023 (e)		3,879
	7,546	5.25%, 01/15/2024 (e)		7,933
	70	5.50%, 02/01/2025		75
	3,380	7.50%, 09/15/2023		3,743
	1,628	Microsemi Corp., 9.13%, 04/15/2023 (e)		1,852
	1,350	Momentive Performance Materials USA, Inc., 8.88%, 10/15/2020 (d) (bb)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Morgan Stanley,
	26,170	Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 07/15/2019 (x) (y) (aa)		27,143
	26,955	Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 07/15/2020 (x) (y) (aa)		28,303
		Motors Liquidation Co.,
	10	0.00%, 05/01/2028 (d) (bb)		—
	11	7.75%, 03/15/2036 (d) (bb)		—
	115	8.38%, 07/15/2033 (d) (bb)		—
	5,316	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		5,721
		MPLX LP,
	3,485	5.20%, 03/01/2047		3,729
	1,900	5.50%, 02/15/2023		1,956
	1,939	MSCI, Inc., 5.25%, 11/15/2024 (e)		2,050
	10,774	Mylan NV, 5.25%, 06/15/2046		11,302
		Nabors Industries, Inc.,
	174	5.10%, 09/15/2023		164
	3,210	5.50%, 01/15/2023		3,074
	2,473	National Rural Utilities Cooperative Finance Corp., (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 04/20/2046 (aa)		2,670
		Nationstar Mortgage LLC,
	1,372	6.50%, 07/01/2021		1,392
	1,028	6.50%, 06/01/2022		1,054
	4,858	Navistar International Corp., 8.25%, 11/01/2021		4,877
	1,460	NCI Building Systems, Inc., 8.25%, 01/15/2023 (e)		1,564
		Neiman Marcus Group Ltd. LLC,
	5,712	8.00%, 10/15/2021 (e)		3,370
	5,159	9.50% (PIK), 10/15/2021 (e) (v)		2,763
		Netflix, Inc.,
	1,786	4.38%, 11/15/2026 (e)		1,750
	4,905	4.88%, 04/15/2028 (e)		4,875
	645	5.75%, 03/01/2024		691
	200	5.88%, 02/15/2025		216
		New Albertson’s, Inc.,
	692	7.45%, 08/01/2029		573
	645	7.75%, 06/15/2026		565
	2,280	8.00%, 05/01/2031		1,981
	2,042	8.70%, 05/01/2030		1,820
	455	Series C, 6.63%, 06/01/2028		349
	2,332	New Home Co., Inc. (The), 7.25%, 04/01/2022		2,437

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Newfield Exploration Co.,
	2,010	5.63%, 07/01/2024		2,173
	210	5.75%, 01/30/2022		226
	880	Nexstar Broadcasting, Inc., 6.13%, 02/15/2022 (e)		913
		NextEra Energy Operating Partners LP,
	467	4.25%, 09/15/2024 (e)		472
	986	4.50%, 09/15/2027 (e)		992
		NGL Energy Partners LP,
	445	5.13%, 07/15/2019		445
	1,977	6.13%, 03/01/2025		1,873
	1,109	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		1,148
	7,664	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		7,893
	3,150	Noble Energy, Inc., 5.25%, 11/15/2043		3,362
	9,480	Northern Trust Corp., Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/01/2026 (x) (y) (aa)		9,812
		Novelis Corp.,
	4,835	5.88%, 09/30/2026 (e)		4,983
	4,710	6.25%, 08/15/2024 (e)		4,969
		NRG Energy, Inc.,
	2,000	6.25%, 05/01/2024		2,120
	500	6.63%, 03/15/2023		518
	5,313	6.63%, 01/15/2027		5,658
	2,465	NRG Yield Operating LLC, 5.00%, 09/15/2026		2,539
		Nuance Communications, Inc.,
	1,229	5.38%, 08/15/2020 (e)		1,246
	1,250	5.63%, 12/15/2026 (e)		1,328
	730	NWH Escrow Corp., 7.50%, 08/01/2021 (e) (bb)		669
		Oasis Petroleum, Inc.,
	8,338	6.50%, 11/01/2021		8,484
	1,100	6.88%, 03/15/2022		1,130
	935	6.88%, 01/15/2023		956
	2,185	Olin Corp., 5.13%, 09/15/2027		2,297
	3,600	ONEOK Partners LP, 6.20%, 09/15/2043		4,253
		Oshkosh Corp.,
	1,300	5.38%, 03/01/2022		1,352
	4,609	5.38%, 03/01/2025		4,886
		Outfront Media Capital LLC,
	748	5.25%, 02/15/2022		772
	1,650	5.63%, 02/15/2024		1,737
	750	5.88%, 03/15/2025		794
	6,810	Owens Corning, 4.30%, 07/15/2047		6,517

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Owens-Brockway Glass Container, Inc.,
	810	5.00%, 01/15/2022 (e)		856
	545	5.38%, 01/15/2025 (e)		582
	584	5.88%, 08/15/2023 (e)		641
	1,084	6.38%, 08/15/2025 (e)		1,225
	839	Parker Drilling Co., 6.75%, 07/15/2022		682
		Parsley Energy LLC,
	1,235	5.25%, 08/15/2025 (e)		1,248
	603	5.38%, 01/15/2025 (e)		612
	1,165	5.63%, 10/15/2027 (e)		1,202
	1,940	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		2,013
		PBF Holding Co. LLC,
	1,431	7.00%, 11/15/2023		1,488
	2,675	7.25%, 06/15/2025 (e)		2,766
	1,089	PBF Logistics LP, 6.88%, 05/15/2023		1,127
	627	Peabody Energy Corp., 6.00%, 03/31/2022 (e)		644
	2,399	Penske Automotive Group, Inc., 5.50%, 05/15/2026		2,468
		PetSmart, Inc.,
	2,949	5.88%, 06/01/2025 (e)		2,566
	10,750	7.13%, 03/15/2023 (e)		8,197
	3,830	8.88%, 06/01/2025 (e)		3,016
	9,426	Phillips 66, 4.88%, 11/15/2044		10,433
	3,815	Phillips 66 Partners LP, 4.90%, 10/01/2046		3,953
		Pilgrim’s Pride Corp.,
	2,313	5.75%, 03/15/2025 (e)		2,449
	1,300	5.88%, 09/30/2027 (e)		1,352
		Plains All American Pipeline LP,
	1,560	4.70%, 06/15/2044		1,440
	1,490	4.90%, 02/15/2045		1,413
	16,150	Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.12%, 11/15/2022 (x) (y) (aa)		16,462
	3,521	Plantronics, Inc., 5.50%, 05/31/2023 (e)		3,671
		PNC Financial Services Group, Inc. (The),
	9,215	Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 06/01/2023 (x) (y) (aa)		9,538
	10,675	Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/01/2026 (x) (y) (aa)		11,315
	3,084	PolyOne Corp., 5.25%, 03/15/2023		3,315
		Post Holdings, Inc.,
	1,997	5.00%, 08/15/2026 (e)		2,007
	2,145	5.50%, 03/01/2025 (e)		2,231
	4,288	5.75%, 03/01/2027 (e)		4,454
	1,725	Prestige Brands, Inc., 5.38%, 12/15/2021 (e)		1,774

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	7,355	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		8,151
		Prudential Financial, Inc.,
	7,920	(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 03/15/2044 (aa)		8,445
	5,006	(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 05/15/2045 (aa)		5,385
	23,245	(ICE LIBOR USD 3 Month + 3.92%), 5.62%, 06/15/2043 (aa)		25,256
	15,685	(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 09/15/2042 (aa)		17,301
		QEP Resources, Inc.,
	186	5.25%, 05/01/2023		184
	2,663	5.38%, 10/01/2022		2,643
	1,010	6.88%, 03/01/2021		1,073
	1,660	Qorvo, Inc., 6.75%, 12/01/2023		1,797
	1,000	Quad/Graphics, Inc., 7.00%, 05/01/2022		1,035
	4,479	Quicken Loans, Inc., 5.75%, 05/01/2025 (e)		4,748
		Quintiles IMS, Inc.,
	1,255	4.88%, 05/15/2023 (e)		1,305
	5,110	5.00%, 10/15/2026 (e)		5,430
	1,115	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		1,070
	580	Qwest Corp., 7.25%, 09/15/2025		647
	7,082	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		7,458
		Radian Group, Inc.,
	1,645	4.50%, 10/01/2024		1,686
	588	7.00%, 03/15/2021		668
	3,985	Rain CII Carbon LLC, 7.25%, 04/01/2025 (e)		4,314
		Range Resources Corp.,
	6,810	4.88%, 05/15/2025		6,572
	96	5.00%, 08/15/2022		95
	1,891	5.00%, 03/15/2023		1,872
	1,500	Realogy Group LLC, 5.25%, 12/01/2021 (e)		1,553
		Regal Entertainment Group,
	3,640	5.75%, 03/15/2022		3,767
	1,200	5.75%, 06/15/2023		1,247
	315	5.75%, 02/01/2025		321
		Revlon Consumer Products Corp.,
	1,340	5.75%, 02/15/2021		1,149
	1,271	6.25%, 08/01/2024		937
		RHP Hotel Properties LP,
	2,950	5.00%, 04/15/2021		3,024
	3,828	5.00%, 04/15/2023		3,952

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Rite Aid Corp.,
	9,998	6.13%, 04/01/2023 (e)		9,323
	725	6.75%, 06/15/2021		721
	5,850	Riverbed Technology, Inc., 8.88%, 03/01/2023 (e)		5,236
	1,405	Rowan Cos., Inc., 7.38%, 06/15/2025		1,416
	58	RR Donnelley & Sons Co., 7.00%, 02/15/2022		60
	7,778	RSI Home Products, Inc., 6.50%, 03/15/2023 (e)		8,147
	1,135	RSP Permian, Inc., 5.25%, 01/15/2025 (e)		1,155
		Sabre GLBL, Inc.,
	2,542	5.25%, 11/15/2023 (e)		2,663
	8,087	5.38%, 04/15/2023 (e)		8,472
		Sally Holdings LLC,
	575	5.50%, 11/01/2023		582
	325	5.63%, 12/01/2025		323
	495	Sanchez Energy Corp., 6.13%, 01/15/2023		413
		SBA Communications Corp.,
	314	4.00%, 10/01/2022 (e)		319
	2,791	4.88%, 07/15/2022		2,881
	3,930	4.88%, 09/01/2024		4,038
		Scientific Games International, Inc.,
	9,100	7.00%, 01/01/2022 (e)		9,623
	3,325	10.00%, 12/01/2022		3,674
		Scotts Miracle-Gro Co. (The),
	1,672	5.25%, 12/15/2026		1,785
	8,168	6.00%, 10/15/2023		8,740
		Sealed Air Corp.,
	1,400	4.88%, 12/01/2022 (e)		1,484
	1,750	5.13%, 12/01/2024 (e)		1,877
	1,233	5.25%, 04/01/2023 (e)		1,325
	384	SEATRK, 14.00%, 06/30/2018 (bb)		388
		SemGroup Corp.,
	1,146	5.63%, 07/15/2022		1,129
	1,070	5.63%, 11/15/2023		1,046
	1,509	7.25%, 03/15/2026 (e)		1,546
	4,456	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		4,523
		Sensata Technologies BV,
	4,678	4.88%, 10/15/2023 (e)		4,912
	470	5.00%, 10/01/2025 (e)		500
	2,034	5.63%, 11/01/2024 (e)		2,258
	8,376	Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/2026 (e)		9,193

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Service Corp. International,
	2,865	5.38%, 01/15/2022		2,944
	5,865	5.38%, 05/15/2024		6,187
	2,735	7.50%, 04/01/2027		3,279
	1,240	8.00%, 11/15/2021		1,457
	408	Shearer’s Foods LLC, 9.00%, 11/01/2019 (e)		418
	2,050	Sherwin-Williams Co. (The), 4.50%, 06/01/2047		2,174
		Sinclair Television Group, Inc.,
	2,835	5.13%, 02/15/2027 (e)		2,697
	6,195	5.38%, 04/01/2021		6,357
	2,589	5.63%, 08/01/2024 (e)		2,628
	3,230	6.13%, 10/01/2022		3,331
		Sirius XM Radio, Inc.,
	2,336	4.63%, 05/15/2023 (e)		2,394
	3,314	5.00%, 08/01/2027 (e)		3,343
	10,110	5.38%, 04/15/2025 (e)		10,653
	2,855	5.38%, 07/15/2026 (e)		3,009
	7,571	6.00%, 07/15/2024 (e)		8,082
	5,185	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		5,334
		SM Energy Co.,
	2,852	5.00%, 01/15/2024		2,724
	549	6.13%, 11/15/2022		552
	1,544	6.50%, 11/15/2021		1,559
	2,915	Solera LLC, 10.50%, 03/01/2024 (e)		3,323
	671	Sonic Automotive, Inc., 6.13%, 03/15/2027		693
	7,550	Southern Power Co., Series F, 4.95%, 12/15/2046		8,094
		Southwestern Energy Co.,
	1,510	4.10%, 03/15/2022		1,483
	7,901	6.70%, 01/23/2025		8,079
	1,165	7.50%, 04/01/2026		1,209
	1,165	7.75%, 10/01/2027		1,212
	1,605	Spectra Energy Partners LP, 4.50%, 03/15/2045		1,651
		Spectrum Brands, Inc.,
	2,159	6.13%, 12/15/2024		2,305
	3,202	6.63%, 11/15/2022		3,329
	1,075	Speedway Motorsports, Inc., 5.13%, 02/01/2023		1,113
		Springleaf Finance Corp.,
	2,264	7.75%, 10/01/2021		2,544
	1,688	8.25%, 12/15/2020		1,903
	15,840	Sprint Capital Corp., 8.75%, 03/15/2032		19,206

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Sprint Communications, Inc.,
	5,328	6.00%, 11/15/2022		5,594
	3,660	7.00%, 03/01/2020 (e)		3,971
	2,524	7.00%, 08/15/2020		2,726
	305	11.50%, 11/15/2021		382
		Sprint Corp.,
	2,829	7.13%, 06/15/2024		3,058
	3,678	7.25%, 09/15/2021		4,009
	19,641	7.63%, 02/15/2025		21,654
	34,952	7.88%, 09/15/2023		39,059
		SPX FLOW, Inc.,
	1,370	5.63%, 08/15/2024 (e)		1,449
	2,175	5.88%, 08/15/2026 (e)		2,311
	2,304	Standard Industries, Inc., 6.00%, 10/15/2025 (e)		2,491
	12,489	Staples, Inc., 8.50%, 09/15/2025 (e)		11,022
	1,650	State Street Corp., Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 09/15/2020 (x) (y) (aa)		1,739
	1,197	Station Casinos LLC, 5.00%, 10/01/2025 (e)		1,198
		Steel Dynamics, Inc.,
	1,085	5.00%, 12/15/2026		1,147
	625	5.25%, 04/15/2023		645
	2,600	5.50%, 10/01/2024		2,785
	1,945	Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/2023 (e)		2,028
	195	Stone Energy Corp., 7.50%, 05/31/2022		192
		Summit Materials LLC,
	88	5.13%, 06/01/2025 (e)		89
	5,180	6.13%, 07/15/2023		5,374
		Summit Midstream Holdings LLC,
	1,559	5.50%, 08/15/2022		1,578
	4,125	5.75%, 04/15/2025		4,208
		Sunoco Logistics Partners Operations LP,
	3,655	5.30%, 04/01/2044		3,632
	5,915	5.35%, 05/15/2045		5,894
		Sunoco LP,
	3,029	6.25%, 04/15/2021		3,173
	1,055	6.38%, 04/01/2023		1,121
		SunTrust Banks, Inc.,
	12,540	(ICE LIBOR USD 3 Month + 3.86%), 5.62%, 12/15/2019 (x) (y) (aa)		13,167
	8,680	Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 06/15/2022 (x) (y) (aa)		8,901
		SUPERVALU, Inc.,
	4,952	6.75%, 06/01/2021		4,692
	9,400	7.75%, 11/15/2022		8,901

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	367	Surgery Center Holdings, Inc., 6.75%, 07/01/2025 (e)		335
	2,330	Symantec Corp., 5.00%, 04/15/2025 (e)		2,435
	2,415	Sysco Corp., 4.50%, 04/01/2046		2,573
		Talen Energy Supply LLC,
	2,351	6.50%, 06/01/2025		2,039
	2,630	9.50%, 07/15/2022 (e)		2,709
		Tallgrass Energy Partners LP,
	2,150	5.50%, 09/15/2024 (e)		2,222
	1,860	5.50%, 01/15/2028 (e)		1,909
		Targa Resources Partners LP,
	2,483	4.25%, 11/15/2023		2,471
	2,590	5.00%, 01/15/2028 (e)		2,606
	4,214	5.13%, 02/01/2025		4,340
	850	5.25%, 05/01/2023		875
	2,750	6.75%, 03/15/2024		2,963
	3,743	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		3,444
		TEGNA, Inc.,
	1,415	4.88%, 09/15/2021 (e)		1,447
	2,210	5.50%, 09/15/2024 (e)		2,320
	5,470	6.38%, 10/15/2023		5,805
		Teleflex, Inc.,
	368	4.88%, 06/01/2026		387
	875	5.25%, 06/15/2024		925
		Tempur Sealy International, Inc.,
	6,355	5.50%, 06/15/2026		6,546
	2,786	5.63%, 10/15/2023		2,939
		Tenet Healthcare Corp.,
	2,284	4.38%, 10/01/2021		2,276
	10,946	4.50%, 04/01/2021		11,056
	3,003	4.63%, 07/15/2024 (e)		2,954
	1,220	4.75%, 06/01/2020		1,251
	4,486	5.13%, 05/01/2025 (e)		4,368
	995	5.50%, 03/01/2019		1,009
	1,329	6.00%, 10/01/2020		1,395
	1,070	6.75%, 02/01/2020		1,089
	12,239	6.75%, 06/15/2023		11,489
	1,085	7.00%, 08/01/2025 (e)		994
	1,980	7.50%, 01/01/2022 (e)		2,084
	15,155	8.13%, 04/01/2022		15,174
	1,223	Tennant Co., 5.63%, 05/01/2025 (e)		1,277
	5,243	Terex Corp., 5.63%, 02/01/2025 (e)		5,584
	1,939	Terraform Global Operating LLC, 9.75%, 08/15/2022 (e)		2,147

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		TerraForm Power Operating LLC,
	1,000	SUB, 6.38%, 02/01/2023 (e)		1,047
	1,500	SUB, 6.62%, 06/15/2025 (e)		1,628
	3,890	Tesla, Inc., 5.30%, 08/15/2025 (e)		3,754
		Texas Competitive Electric Holdings Co. LLC,
	29,250	8.50%, 05/01/2020 (d) (bb)		146
	1,760	Thermo Fisher Scientific, Inc., 4.10%, 08/15/2047		1,763
	2,510	Time, Inc., 7.50%, 10/15/2025 (e)		2,519
	1,887	Titan International, Inc., 6.88%, 10/01/2020		1,944
		T-Mobile USA, Inc.,
	3,110	6.00%, 03/01/2023		3,277
	5,377	6.38%, 03/01/2025		5,807
	1,080	6.50%, 01/15/2024		1,153
	11,360	6.50%, 01/15/2026		12,568
	3,388	6.63%, 04/01/2023		3,557
	2,682	6.84%, 04/28/2023		2,830
		Toll Brothers Finance Corp.,
	345	4.88%, 11/15/2025		362
	935	5.63%, 01/15/2024		1,025
	1,517	Tops Holding LLC, 8.00%, 06/15/2022 (e)		910
		TransDigm, Inc.,
	1,000	5.50%, 10/15/2020		1,016
	2,325	6.00%, 07/15/2022		2,423
	1,584	6.38%, 06/15/2026		1,616
	3,677	6.50%, 07/15/2024		3,797
	3,785	6.50%, 05/15/2025		3,903
	3,996	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		4,190
		Transocean, Inc.,
	5,396	6.80%, 03/15/2038		4,384
	4,452	7.50%, 01/15/2026 (e)		4,591
	824	7.50%, 04/15/2031		735
	4,654	9.00%, 07/15/2023 (e)		5,050
	1,594	9.35%, 12/15/2041		1,538
	857	SUB, 5.80%, 10/15/2022		838
	3,815	TreeHouse Foods, Inc., 6.00%, 02/15/2024 (e)		4,082
	2,180	TriMas Corp., 4.88%, 10/15/2025 (e)		2,205
	3,194	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		3,362
		Triumph Group, Inc.,
	3,425	4.88%, 04/01/2021		3,391
	1,686	5.25%, 06/01/2022		1,669
	1,965	7.75%, 08/15/2025 (e)		2,100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	869	Tronox Finance plc, 5.75%, 10/01/2025 (e)		908
	2,148	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		2,317
	2,435	Tyson Foods, Inc., 4.55%, 06/02/2047		2,604
		Ultra Resources, Inc.,
	7,131	6.88%, 04/15/2022 (e)		7,202
	2,660	7.13%, 04/15/2025 (e)		2,660
	3,327	Unit Corp., 6.63%, 05/15/2021		3,339
		United Continental Holdings, Inc.,
	1,680	4.25%, 10/01/2022		1,688
	3,454	5.00%, 02/01/2024		3,506
		United Rentals North America, Inc.,
	1,160	4.63%, 10/15/2025		1,187
	7,133	4.88%, 01/15/2028		7,169
	3,281	5.50%, 07/15/2025		3,507
	4,235	5.50%, 05/15/2027		4,531
	4,880	5.75%, 11/15/2024		5,173
	1,845	5.88%, 09/15/2026		2,012
	988	United States Steel Corp., 8.38%, 07/01/2021 (e)		1,078
		Uniti Group LP,
	4,380	6.00%, 04/15/2023 (e)		4,386
	1,210	7.13%, 12/15/2024 (e)		1,116
	7,040	8.25%, 10/15/2023		6,758
	2,125	Univar USA, Inc., 6.75%, 07/15/2023 (e)		2,237
		Univision Communications, Inc.,
	3,600	5.13%, 05/15/2023 (e)		3,645
	516	5.13%, 02/15/2025 (e)		513
	648	6.75%, 09/15/2022 (e)		671
	2,251	US Concrete, Inc., 6.38%, 06/01/2024		2,420
	952	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		988
		Valeant Pharmaceuticals International, Inc.,
	4,490	5.38%, 03/15/2020 (e)		4,423
	383	5.50%, 03/01/2023 (e)		322
	3,453	5.50%, 11/01/2025 (e)		3,526
	29,413	5.88%, 05/15/2023 (e)		24,817
	3,963	6.13%, 04/15/2025 (e)		3,329
	3,278	6.38%, 10/15/2020 (e)		3,257
	1,266	6.50%, 03/15/2022 (e)		1,344
	7,317	6.75%, 08/15/2021 (e)		7,088
	5,817	7.00%, 03/15/2024 (e)		6,297
	7,934	7.25%, 07/15/2022 (e)		7,627
	14,482	7.50%, 07/15/2021 (e)		14,283
	608	Valvoline, Inc., 4.38%, 08/15/2025 (e)		614
	1,935	Venator Finance Sarl, 5.75%, 07/15/2025 (e)		2,046

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,115	Veritas US, Inc., 7.50%, 02/01/2023 (e)		1,185
		Verizon Communications, Inc.,
	11,025	4.52%, 09/15/2048		10,572
	9,145	5.01%, 04/15/2049		9,328
	2,415	5.50%, 03/16/2047		2,669
	1,525	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		1,624
	8,436	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		9,237
		Viacom, Inc.,
	8,410	4.38%, 03/15/2043		7,135
	2,795	4.85%, 12/15/2034		2,605
	1,615	5.25%, 04/01/2044		1,537
	4,865	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		4,817
	4,385	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		4,349
	835	ViaSat, Inc., 5.63%, 09/15/2025 (e)		844
		VICI Properties 1 LLC,
	939	(ICE LIBOR USD 3 Month + 3.50%), 4.85%, 10/15/2022 (aa)		943
	3,367	8.00%, 10/15/2023		3,746
	7,330	Vista Outdoor, Inc., 5.88%, 10/01/2023		7,568
		Voya Financial, Inc.,
	3,660	4.80%, 06/15/2046		3,904
	13,110	(ICE LIBOR USD 3 Month + 3.58%), 5.65%, 05/15/2053 (aa)		13,841
	2,755	Vulcan Materials Co., 4.50%, 06/15/2047		2,777
	1,545	Wabash National Corp., 5.50%, 10/01/2025 (e)		1,576
	4,870	Walgreens Boots Alliance, Inc., 4.80%, 11/18/2044		5,074
		Weatherford International Ltd.,
	1,822	4.50%, 04/15/2022		1,649
	777	6.50%, 08/01/2036		647
	233	6.75%, 09/15/2040		195
	1,011	7.00%, 03/15/2038		879
	1,355	9.88%, 02/15/2024		1,450
	1,550	WellCare Health Plans, Inc., 5.25%, 04/01/2025		1,631
		Wells Fargo & Co.,
	15,705	Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 06/15/2024 (x) (y) (aa)		17,221
	15,275	Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 06/15/2025 (x) (y) (aa)		17,078
	398	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		403

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Western Digital Corp.,
	7,666	7.38%, 04/01/2023 (e)		8,394
	14,250	10.50%, 04/01/2024		16,723
	770	Western Gas Partners LP, 5.45%, 04/01/2044		811
		Whiting Petroleum Corp.,
	2,821	5.00%, 03/15/2019		2,846
	6,112	5.75%, 03/15/2021		6,158
	5,392	6.25%, 04/01/2023		5,378
	3,060	WildHorse Resource Development Corp., 6.88%, 02/01/2025 (e)		3,037
		Williams Cos., Inc. (The),
	2,210	3.70%, 01/15/2023		2,229
	1,790	5.75%, 06/24/2044		1,897
	162	Series A, 7.50%, 01/15/2031		197
	1,144	7.75%, 06/15/2031		1,396
		Windstream Services LLC,
	140	6.38%, 08/01/2023		102
	18,331	7.50%, 06/01/2022		13,656
	854	7.50%, 04/01/2023		634
	9,426	7.75%, 10/01/2021		7,117
		WMG Acquisition Corp.,
	865	4.88%, 11/01/2024 (e)		891
	2,420	5.00%, 08/01/2023 (e)		2,517
	3,823	5.63%, 04/15/2022 (e)		3,966
	3,408	6.75%, 04/15/2022 (e)		3,590
		WPX Energy, Inc.,
	3,475	6.00%, 01/15/2022		3,618
	2,681	7.50%, 08/01/2020		2,909
	800	8.25%, 08/01/2023		901
	9,290	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		9,755
		XPO Logistics, Inc.,
	2,130	6.13%, 09/01/2023 (e)		2,242
	8,485	6.50%, 06/15/2022 (e)		8,911
	540	Xylem, Inc., 4.38%, 11/01/2046		562
		Zayo Group LLC,
	3,665	5.75%, 01/15/2027 (e)		3,862
	12,312	6.00%, 04/01/2023		12,943
	1,053	6.38%, 05/15/2025		1,133
	1,633	Zebra Technologies Corp., 7.25%, 10/15/2022		1,725
				3,847,515
		Total Corporate Bonds (Cost $4,674,732)		4,849,998

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 3.2%
		Angola — 0.1%
		Republic of Angola,
	3,225	Reg. S, 7.00%, 08/17/2019		3,322
	3,900	Reg. S, 9.50%, 11/12/2025		4,241
				7,563
		Argentina — 0.2%
		Provincia de Buenos Aires,
	2,950	7.88%, 06/15/2027 (e)		3,260
	4,910	Reg. S, 9.95%, 06/09/2021		5,683
	3,159	Reg. S, 10.88%, 01/26/2021		3,617
	5,000	Provincia de Cordoba, Reg. S, 7.45%, 09/01/2024		5,488
		Republic of Argentina,
	2,060	6.25%, 04/22/2019		2,159
	4,397	7.13%, 06/28/2117 (e)		4,507
	890	7.50%, 04/22/2026		1,006
	3,365	8.28%, 12/31/2033		3,923
				29,643
		Armenia — 0.0% (g)
	1,200	Republic of Armenia, Reg. S, 7.15%, 03/26/2025		1,341
		Aruba — 0.0% (g)
	1,620	Government of Aruba, 4.63%, 09/14/2023 (e)		1,695
		Bahrain — 0.0% (g)
	3,000	Kingdom of Bahrain, Reg. S, 7.00%, 10/12/2028		3,079
		Belarus — 0.1%
		Republic of Belarus,
	2,710	6.88%, 02/28/2023 (e)		2,879
	3,571	7.63%, 06/29/2027 (e)		3,933
	2,200	Reg. S, 8.95%, 01/26/2018		2,219
				9,031
		Brazil — 0.1%
		Federative Republic of Brazil,
	2,140	4.25%, 01/07/2025		2,177
	2,280	4.88%, 01/22/2021		2,437
	2,810	6.00%, 04/07/2026		3,122
	4,305	8.25%, 01/20/2034		5,613
				13,349
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, Reg. S, 9.50%, 11/19/2025		711

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Colombia — 0.1%
		Republic of Colombia,
	3,020	3.88%, 04/25/2027		3,046
	1,600	4.00%, 02/26/2024		1,664
	2,450	6.13%, 01/18/2041		2,882
	2,400	7.38%, 09/18/2037		3,165
				10,757
		Costa Rica — 0.1%
		Republic of Costa Rica,
	4,720	7.16%, 03/12/2045 (e)		5,015
	2,920	Reg. S, 6.95%, 11/10/2021		3,161
	1,930	Reg. S, 10.00%, 08/01/2020		2,241
				10,417
		Croatia — 0.1%
		Republic of Croatia,
	1,150	Reg. S, 5.50%, 04/04/2023		1,269
	2,150	Reg. S, 6.00%, 01/26/2024		2,446
	1,700	Reg. S, 6.63%, 07/14/2020		1,860
	1,590	Reg. S, 6.75%, 11/05/2019		1,711
				7,286
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	5,490	6.88%, 01/29/2026 (e)		6,272
	6,725	7.45%, 04/30/2044 (e)		7,977
	3,340	Reg. S, 7.50%, 05/06/2021		3,687
				17,936
		Ecuador — 0.1%
		Republic of Ecuador,
	4,980	8.75%, 06/02/2023 (e)		5,223
	1,240	8.88%, 10/23/2027 (e)		1,264
	3,150	Reg. S, 10.50%, 03/24/2020		3,418
	4,500	Reg. S, 10.75%, 03/28/2022		5,091
				14,996
		Egypt — 0.1%
		Republic of Egypt,
	4,160	6.13%, 01/31/2022 (e)		4,342
	3,350	Reg. S, 7.50%, 01/31/2027		3,706
	5,294	Reg. S, 8.50%, 01/31/2047		5,976
				14,024
		El Salvador — 0.1%
		Republic of El Salvador,
	700	Reg. S, 6.38%, 01/18/2027		694
	1,200	Reg. S, 7.38%, 12/01/2019		1,245

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		El Salvador — continued
	500	Reg. S, 7.63%, 02/01/2041		519
	3,450	Reg. S, 7.75%, 01/24/2023		3,704
				6,162
		Ethiopia — 0.0% (g)
	4,707	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		4,848
		Gabon — 0.0% (g)
		Republic of Gabonese,
	2,910	Reg. S, 6.38%, 12/12/2024		2,849
	450	Reg. S, 6.95%, 06/16/2025		449
				3,298
		Ghana — 0.0% (g)
	2,750	Republic of Ghana, Reg. S, 10.75%, 10/14/2030		3,651
		Honduras — 0.1%
		Republic of Honduras,
	2,050	Reg. S, 7.50%, 03/15/2024		2,316
	2,730	Reg. S, 8.75%, 12/16/2020		3,099
				5,415
		Hungary — 0.0% (g)
		Republic of Hungary,
	600	5.38%, 03/25/2024		682
	1,434	5.75%, 11/22/2023		1,649
	852	7.63%, 03/29/2041		1,312
				3,643
		Indonesia — 0.1%
		Republic of Indonesia,
	2,880	6.75%, 01/15/2044 (e)		3,858
	3,000	Reg. S, 4.13%, 01/15/2025		3,138
	3,000	Reg. S, 4.35%, 01/08/2027		3,178
	2,392	Reg. S, 11.63%, 03/04/2019		2,697
				12,871
		Iraq — 0.0% (g)
		Republic of Iraq,
	3,455	Reg. S, 5.80%, 01/15/2028		3,256
				3,256
		Ivory Coast — 0.0% (g)
	3,571	Republic of Ivory Coast, Reg. S, SUB, 5.75%, 12/31/2032		3,512
		Jamaica — 0.1%
		Government of Jamaica,
	420	7.88%, 07/28/2045		520

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Jamaica — continued
	4,173	8.00%, 03/15/2039		5,190
				5,710
		Jordan — 0.1%
		Kingdom of Jordan,
	1,250	Reg. S, 5.75%, 01/31/2027		1,248
	4,170	Reg. S, 6.13%, 01/29/2026		4,311
				5,559
		Kenya — 0.0% (g)
		Republic of Kenya,
	600	Reg. S, 5.88%, 06/24/2019		617
	1,920	Reg. S, 6.88%, 06/24/2024		1,995
				2,612
		Lebanon — 0.2%
		Republic of Lebanon,
	2,070	Reg. S, 5.15%, 06/12/2018		2,080
	1,500	Reg. S, 5.15%, 11/12/2018		1,509
	6,542	Reg. S, 5.45%, 11/28/2019		6,550
	3,870	Reg. S, 6.60%, 11/27/2026		3,725
	4,656	Reg. S, 6.65%, 02/26/2030		4,371
	8,630	Reg. S, 8.25%, 04/12/2021		9,148
				27,383
		Mexico — 0.1%
		United Mexican States,
	4,750	4.60%, 01/23/2046		4,631
	2,500	5.55%, 01/21/2045		2,794
				7,425
		Mongolia — 0.0% (g)
		Mongolia Government Bond,
	420	5.63%, 05/01/2023 (e)		420
	1,634	Reg. S, 8.75%, 03/09/2024		1,869
				2,289
		Morocco — 0.0% (g)
	1,050	Kingdom of Morocco, Reg. S, 5.50%, 12/11/2042		1,175
		Nigeria — 0.0% (g)
	1,200	Republic of Nigeria, Reg. S, 7.88%, 02/16/2032		1,315
		Oman — 0.1%
		Oman Government Bond,
	3,150	Reg. S, 4.75%, 06/15/2026		3,106
	2,950	Reg. S, 5.38%, 03/08/2027		3,026

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Oman — continued
	3,550	Reg. S, 6.50%, 03/08/2047		3,655
				9,787
		Pakistan — 0.1%
		Republic of Pakistan,
	1,150	Reg. S, 6.75%, 12/03/2019		1,198
	4,150	Reg. S, 7.25%, 04/15/2019		4,322
	3,150	Reg. S, 8.25%, 04/15/2024		3,507
	1,670	Reg. S, 8.25%, 09/30/2025		1,871
				10,898
		Panama — 0.1%
		Republic of Panama,
	1,400	3.75%, 03/16/2025		1,459
	2,150	4.30%, 04/29/2053		2,204
	3,000	4.50%, 05/15/2047		3,173
	1,400	6.70%, 01/26/2036		1,850
	680	8.88%, 09/30/2027		983
				9,669
		Paraguay — 0.0% (g)
	1,100	Republic of Paraguay, Reg. S, 6.10%, 08/11/2044		1,254
	2,200	Republic Of Paraguay, Reg. S, 4.70%, 03/27/2027		2,307
				3,561
		Peru — 0.0% (g)
	3,000	Republic of Peru, 5.63%, 11/18/2050		3,783
		Philippines — 0.0% (g)
	1,860	Republic of the Philippines, 10.63%, 03/16/2025		2,832
		Romania — 0.0% (g)
		Republic of Romania,
	2,780	Reg. S, 6.13%, 01/22/2044		3,531
				3,531
		Russia — 0.1%
		Russian Federation,
	1,400	Reg. S, 4.50%, 04/04/2022		1,491
	4,400	Reg. S, 5.88%, 09/16/2043		5,022
	3,340	Reg. S, 12.75%, 06/24/2028		5,853
				12,366
		Serbia — 0.1%
		Republic of Serbia,
	2,950	Reg. S, 4.88%, 02/25/2020		3,075
	5,180	Reg. S, 7.25%, 09/28/2021		5,957
				9,032

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Slovenia — 0.0% (g)
	2,190	Republic of Slovenia, Reg. S, 5.85%, 05/10/2023		2,529
		South Africa — 0.1%
		Republic of South Africa,
	5,360	4.88%, 04/14/2026		5,320
	3,150	5.88%, 05/30/2022		3,437
	4,244	5.88%, 09/16/2025		4,520
	3,800	6.25%, 03/08/2041		3,985
				17,262
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	4,350	Reg. S, 5.88%, 07/25/2022		4,644
	2,690	Reg. S, 6.25%, 10/04/2020		2,872
	2,000	Reg. S, 6.25%, 07/27/2021		2,157
	2,900	Reg. S, 6.85%, 11/03/2025		3,219
				12,892
		Turkey — 0.3%
		Republic of Turkey,
	6,850	6.00%, 03/25/2027		7,218
	7,620	6.00%, 01/14/2041		7,620
	2,800	6.25%, 09/26/2022		3,045
	5,800	6.63%, 02/17/2045		6,192
	8,240	7.38%, 02/05/2025		9,466
	1,500	Turkey Government Bond, 5.13%, 03/25/2022		1,556
				35,097
		Ukraine — 0.2%
		Republic of Ukraine,
	5,300	Reg. S, 7.75%, 09/01/2020		5,645
	5,540	Reg. S, 7.75%, 09/01/2021		5,907
	5,200	Reg. S, 7.75%, 09/01/2022		5,559
	3,650	Reg. S, 7.75%, 09/01/2023		3,878
	4,450	Reg. S, 7.75%, 09/01/2024		4,661
	900	Reg. S, 7.75%, 09/01/2027		927
				26,577
		Uruguay — 0.1%
		Republic of Uruguay,
	570	4.38%, 10/27/2027		615
	4,810	5.10%, 06/18/2050		5,159
	1,680	7.63%, 03/21/2036		2,369
	768	8.00%, 11/18/2022		934
				9,077

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Zambia — 0.0% (g)
		Republic of Zambia,
	750	Reg. S, 8.50%, 04/14/2024		802
	1,460	Reg. S, 8.97%, 07/30/2027		1,588
				2,390
		Total Foreign Government Securities (Cost $401,152)		413,235
	Loan Assignments — 0.5% (cc)
		United States — 0.5%
	180	Alon USA Partners LP, MLP Term Loans, (ICE LIBOR USD 1 Month + 8.00%), 9.25%, 11/26/2018 (aa)		181
	837	Avaya, Inc., DIP Term Loan, (ICE LIBOR USD 1 Month + 7.50%), 8.74%, 01/24/2018 (d) (aa)		838
	1,020	Avaya, Inc., Extending Tranche Term Loan B-3, (ICE LIBOR USD 3 Month + 4.50%), 5.87%, 01/26/2018 (d) (aa)		845
	1,565	Avaya, Inc., Term Loan B-6, (ICE LIBOR USD 3 Month + 5.50%), 6.87%, 03/31/2018 (d) (aa)		1,296
	1,260	Avaya, Inc., Term Loan B-7, (ICE LIBOR USD 3 Month + 5.25%), 6.62%, 05/29/2020 (d) (aa)		1,045
	9,490	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.61%, 12/31/2021 (aa) ^		10,163
	6,489	Chesapeake Energy Corp., 1st Lien Last Out Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 8.81%, 08/23/2021 (aa) ^		6,954
	1,421	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.75%), 4.99%, 10/02/2024 (aa)		1,438
	975	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 10/21/2021 (aa) ^		812
	1,471	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.25%, 10/05/2023 (aa)		1,447
	1,869	Cortes NP Acquisition Corp., Term B Loan, (US Prime Rate + 3.00%), 5.24%, 11/30/2023 (aa)		1,882
	794	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.50%, 04/19/2019 (aa)		573
	2,062	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.74%, 04/26/2024 (aa)		2,070
	903	Genesys Telecom Holdings, 1st Lien Term Loan B2, (ICE LIBOR USD 3 Month + 3.75%), 5.08%, 12/01/2023 (aa)		909

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,053	Golden Nugget, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 4.53% 10/04/2023 (aa)		1,064
	5,407	iHeartCommunications, Inc., Term Loan D, (ICE LIBOR USD 3 Month + 6.75%), 8.08% 01/30/2019 (aa)		4,042
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 8.83%, 07/30/2019 (aa)		1,401
	374	Infor US, Inc., Tranche B-6 Term Loan, (ICE LIBOR USD 3 Month + 2.75%), 4.08% 02/01/2022 (aa)		375
	635	MacDonald, Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 4.10%, 10/05/2024 (aa)		639
	3,397	MEG Energy Corp., 1st Lien Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.83%, 12/31/2023 (aa) ^		3,406
	4,155	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.24%, 11/29/2023 (aa)		3,698
	580	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.74%, 08/21/2023 (aa)		583
	839	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.49%, 03/31/2023 (aa)		842
	951	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.24%, 03/11/2022 (aa)		958
	1,105	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.24%, 03/11/2022 (aa)		942
	1,292	Quest Software U.S. Holdings, Inc., Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 7.38%, 10/31/2022 (aa)		1,304
	1,586	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 4.74%, 09/07/2023 (aa)		1,366
	395	Rite Aid Corp., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.00%, 08/21/2020 (aa)		397
	2,381	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 4.50%, 06/20/2024 (aa) ^		2,409
	511	Securus Technologies Holdings, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 8.00%), 9.00%, 06/20/2025 (aa) ^		514
	733	Signode Industrial Group Lux SA, Initial Term B Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.04%, 05/01/2021 (aa)		740

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
			United States — continued
	680		Supervalu, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 4.74%, 06/02/2024 (aa)		660
	1,133		Supervalu, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 4.74%, 06/08/2024 (aa)		1,099
	2,296		Syniverse Holdings, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.24%, 04/23/2019 (aa)		2,233
	803		Syniverse Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.33%, 04/23/2019 (aa)		781
	842		The Go Daddy Group, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 3.74%, 02/15/2024 (aa)		846
	240		Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.24%, 12/27/2020 (aa)		240
	—	(h)	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.31%, 04/12/2024 (aa) ^		—
	754		Vertis, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 8.75%), 0.00%, 12/21/2015 (d) (aa) (bb)		—	(h)
	2,119		Viskase Cos., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.58%, 01/30/2021 (aa)		2,042
			Total Loan Assignments (Cost $65,867)		63,034
SHARES
	Preferred Stocks — 0.8%
			Bermuda — 0.0% (g)
	3		XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.48%, 12/04/2017 ($1,000 par value) (aa) @		3,197
			United States — 0.8%
	508		BB&T Corp., Series F, 5.20%, 02/01/2018 ($25 par value) @		12,813
	52		BB&T Corp., Series G, 5.20%, 06/01/2018 ($25 par value) @		1,320
	156		Capital One Financial Corp., Series D, 6.70%, 12/01/2019 ($25 par value) @		4,228
	71		Discover Financial Services, Series B, 6.50%, 12/01/2017 ($25 par value) @		1,795
	213		Dominion Energy, Inc., Series A, 5.25%, 07/30/2076 ($25 par value)		5,395
	12		GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.10%, 02/15/2040 ($25 par value) (aa)		315

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	260	Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 05/10/2023 ($25 par value) (aa) @		6,968
	64	Goodman Private Preferred Shares (bb)		218
	23	Hartford Financial Services Group, Inc. (The), (ICE LIBOR USD 3 Month + 5.60%), 7.88%, 04/15/2042 ($25 par value) (aa)		677
	310	Morgan Stanley, Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (aa) @		8,680
	508	Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 04/15/2027 ($25 par value) (aa) @		13,711
	239	SCE Trust II, 5.10%, 03/15/2018 ($25 par value) @		6,174
	281	Southern Co. (The), 5.25%, 10/01/2076 ($25 par value)		7,129
	301	State Street Corp., Series D, 5.90%, 03/15/2024 ($25 par value) (aa) @		8,346
	315	State Street Corp., Series E, 6.00%, 12/15/2019 ($25 par value) @		8,483
	128	State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/2026 ($25 par value) (aa) @		3,482
	38	Vici Properties, Inc. (bb)		3,017
	42	Vornado Realty Trust, Series G, 6.63%, 12/04/2017 ($25 par value) @		1,083
	269	Wells Fargo & Co., Series Y, 5.63%, 06/15/2022 ($25 par value) @		6,951
				100,785
		Total Preferred Stocks (Cost $94,289)		103,982
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	2,689	Banco Santander SA, expiring 11/01/2017 (a)		128
		United States — 0.0% (g)
	483	Vistra Energy Corp., expiring 12/31/2049 (a) (bb)		447
		Total Rights (Cost $124)		575

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS OCTOBER 31, 2017

NUMBER OF WARRANTS			SECURITY DESCRIPTION	VALUE
	Warrants — 0.0% (g)
			United States — 0.0% (g)
	—	(h)	Jack Cooper Enterprises, Inc., expiring 10/29/2027 (Strike Price $1.00) (a) (bb)		—
	1		Nebraska Book Co., Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—
	—	(h)	Nebraska Book Holdings, Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—
			Sabine Oil & Gas Holdings, Inc.,
	—	(h)	expiring 04/13/2026 (a)		2
	1		expiring 04/13/2026 (Strike Price $1.00) (a)		9
			Total Warrants (Cost $9)		11
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.3%
	35,374		U.S. Treasury Notes, 0.75%, 01/31/2018 (k) (Cost $35,363)		35,335
SHARES
	Short-Term Investments — 2.0%
			Time Deposit — 0.1%
	18,800		Credit Agricole Corporate and Investment Bank, 1.17%, 11/01/2017 (n)		18,800
			Investment Company — 1.9%
	239,514		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $239,514)		239,514
			Total Short-Term Investments (Cost $258,314)		258,314
			Total Investments — 98.9% (Cost $11,510,712)		12,648,887
			Other Assets in Excess of Liabilities — 1.1%		140,849
			NET ASSETS — 100.0%	$	12,789,736

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		8.5
Equity Real Estate Investment Trusts (REITs)		6.8
Insurance		4.7
Asset-Backed Securities		4.6
Diversified Telecommunication Services		4.0
Capital Markets		3.9
Media		3.9
Pharmaceuticals		3.6
Foreign Government Securities		3.3
Collateralized Mortgage Obligations		3.3
Wireless Telecommunication Services		2.2
Electric Utilities		2.2
Health Care Providers & Services		2.1
Semiconductors & Semiconductor Equipment		2.0
Chemicals		1.6
IT Services		1.6
Metals & Mining		1.6
Hotels, Restaurants & Leisure		1.6
Tobacco		1.6
Auto Components		1.4
Technology Hardware, Storage & Peripherals		1.4
Software		1.3
Automobiles		1.2
Food & Staples Retailing		1.2
Household Durables		1.1
Consumer Finance		1.0
Beverages		1.0
Others (each less than 1.0%)		16.1
Short-Term Investments		2.0

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		191			12/2017		EUR		8,193			123
FTSE 100 Index		81			12/2017		GBP		8,036			(15	)
												108
Short Contracts
Foreign Exchange EUR/USD		(1,677	)		12/2017		USD		(244,863	)		7,617
Foreign Exchange GBP/USD		(4,847	)		12/2017		USD		(402,937	)		692
U.S. Treasury 5 Year Note		(7,607	)		12/2017		USD		(891,208	)		7,650
												15,959
												16,067

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS OCTOBER 31, 2017

J.P. Morgan Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

ADR	—  American Depositary Receipt
ARM	—  Adjustable Rate Mortgage
ARS	—  Argentine Peso
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CLP	—  Chilean Peso
CNY	—  China Yuan
COP	—  Colombian Peso
CSMC	—  Credit Suisse Mortgage Trust
CVA	—  Dutch Certification
CZK	—  Czech Republic Koruna
DIP	—  Debtor-in-possession
DKK	—  Danish Krone
DOP	—  Dominican Republic Peso
EGP	—  Egyptian Pound
EUR	—  Euro
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GDP	—  Gross Domestic Product
GDR	—  Global Depositary Receipt
GMAC	—  General Motors Acceptance Corp.
GNMA	—  Government National Mortgage Association
HKD	—  Hong Kong Dollar
HUF	—  Hungarian Forint
ICE	—  Intercontinental Exchange
IDR	—  Indonesian Rupiah
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of October 31, 2017. The rate may be subject to a cap and floor.
IGDCUKR	—  IMF Ukraine GDP Constant Annual Percentage Change
ILS	—  Israeli Shekel
INR	—  Indian Rupee
JPY	—  Japanese Yen
KRW	—  Korean Republic Won
LIBOR	—  London Interbank Offered Rate
MLP	—  Master Limited Partnership
MSCI	—  Morgan Stanley Capital International
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NTR	—  Net Total Return
PHP	—  Philippine Peso
PIK	—  Payment-in-kind
PJSC	—  Public Joint Stock Company
PLN	—  Polish Zloty
PRIBOR	—  Prague Interbank Offered Rate
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
REMIC	—  Real Estate Mortgage Investment Conduit
RON	—  Romanian Leu
RUB	—  Russian Ruble
SEK	—  Swedish Krona
SGD	—  Singapore Dollar

STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2017.
TIIE	—  Interbank Equilibrium Interest Rate
TOPIX	—  Tokyo Stock Price Index
TRY	—  Turkish Lira
USD	—  United States Dollar
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security. 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. 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 and cash segregated as collateral JPMorgan Global Allocation Fund is approximately $33,106,000 and $9,000 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 October 31, 2017.
(n)	—  The rate shown is the effective yield as of October 31, 2017.
(o)	—  All or a portion of the security is segregated for options written.
(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 October 31, 2017.
(y)	—  Security is an interest bearing note with preferred security characteristics.
(z)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2017.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2017.
(bb)	—  Security has been valued using significant unobservable inputs.
(cc)	—  Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
^	—  All or a portion of the security is unsettled as of October 31, 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 October 31, 2017.
**	—  Non-Deliverable Forward. See Note 2.D. in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 99

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	2,130,489		$	12,409,373
Investments in affiliates, at value		240,842			239,514
Options purchased, at value		25,276			—
Restricted cash for securities sold short		9			—
Cash		125			77,449
Foreign currency, at value		23,076			7,779
Deposits at broker for futures contracts		8,411			1,010
Deposits at broker for securities sold short		23,808			—
Deposits at broker for centrally cleared swaps		139			—
Receivables:
Due from custodian		1,594			—
Investment securities sold		22,762			13,865
Fund shares sold		4,869			13,174
Interest and dividends from non-affiliates		8,499			91,258
Dividends from affiliates		165			179
Tax reclaims		529			4,807
Variation margin on futures contracts		—			1,892
Unrealized appreciation on forward foreign currency exchange contracts		14,168			—
Outstanding OTC swap contracts, at value (net upfront payments of $304)		524			—
Total Assets		2,505,285			12,860,300
LIABILITIES:
Payables:
Due to custodian		293			—
Securities sold short, at value		26,018			—
Dividend expense to non-affiliates on securities sold short		9			—
Investment securities purchased		142,671			38,910
Investment securities purchased — delayed delivery securities		1,924			5,655
Fund shares redeemed		782			15,817
Variation margin on futures contracts		1,375			—
Unrealized depreciation on forward foreign currency exchange contracts		3,770			—
Outstanding options written, at fair value		94			—
Variation margin on centrally cleared swaps		129			—
Accrued liabilities:
Investment advisory fees		786			3,192
Distribution fees		323			3,756
Service fees		476			2,030
Custodian and accounting fees		109			316
Collateral management fees		5			—
Trustees’ and Chief Compliance Officer’s fees		—	(a)		29
Deferred India capital gains tax		—			130
Other		136			729
Total Liabilities		178,900			70,564
Net Assets	$	2,326,385		$	12,789,736

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS OCTOBER 31, 2017

	Global Allocation Fund			Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	2,093,906		$	12,010,965
Accumulated undistributed (distributions in excess of) net investment income		(2,535	)		(3,441	)
Accumulated net realized gains (losses)		21,180			(372,009	)
Net unrealized appreciation (depreciation)		213,834			1,154,221
Total Net Assets	$	2,326,385		$	12,789,736
Net Assets:
Class A	$	305,300		$	3,731,312
Class C		406,887			4,609,784
Class I (formerly Select Class)		1,611,736			4,448,619
Class R2		2,441			—
Class T		21			21
Total	$	2,326,385		$	12,789,736
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,391			351,491
Class C		22,131			435,402
Class I (formerly Select Class)		86,151			418,486
Class R2		131			—
Class T		1			2
Net Asset Value (a):
Class A — Redemption price per share	$	18.63		$	10.62
Class C — Offering price per share (b)		18.39			10.59
Class I (formerly Select Class) — Offering and redemption price per share		18.71			10.63
Class R2 — Offering and redemption price per share		18.57			—
Class T — Redemption price per share		18.60			10.62
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)]		19.51			11.12
Class T maximum sales charge		2.50	%		2.50	%
Class T maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.08		$	10.89
Cost of investments in non-affiliates	$	1,926,112		$	11,271,198
Cost of investments in affiliates		240,842			239,514
Cost of options purchased		14,731			—
Cost of foreign currency		23,076			7,781
Proceeds from securities sold short		26,995			—
Premiums received from options written		116			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 101

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	28,040		$	397,169
Interest income from affiliates		14			75
Dividend income from non-affiliates		20,340			199,059
Dividend income from affiliates		3,311			1,271
Interest income from non-affiliates on securities sold short		128			—
Foreign taxes withheld		(1,133	)		(10,353	)
Total investment income		50,700			587,221
EXPENSES:
Investment advisory fees		10,306			55,397
Administration fees		1,402			10,054
Distribution fees:
Class A		680			9,327
Class C		2,820			35,889
Class R2		6			—
Class T		—	(a)		—	(a)
Service fees:
Class A		680			9,327
Class C		940			11,963
Class I (formerly Select Class)		2,672			9,486
Class R2		3			—
Class T		—	(a)		—	(a)
Custodian and accounting fees		387			1,452
Interest expense to affiliates		5			8
Professional fees		175			357
Collateral management fees		18			—
Interest expense to non-affiliates		4			1
Trustees’ and Chief Compliance Officer’s fees		30			54
Printing and mailing costs		145			980
Registration and filing fees		120			250
Transfer agency fees (See Note 2.I.)		63			385
Sub-transfer agency fees (See Note 2.I.)		324			2,641
Other		35			221
Dividend expense to non-affiliates on securities sold short		383			—
Total expenses		21,198			147,792
Less fees waived		(4,132	)		(37,540	)
Less earnings credit		—	(a)		(1	)
Net expenses		17,066			110,251
Net investment income (loss)		33,634			476,970
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		25,868			139,221	(b)
Investments in affiliates		(1,522	)		—
Options purchased		17,882			—
Futures contracts		10,038			(3,455	)
Securities sold short		(770	)		—
Foreign currency transactions		103			(125	)
Forward foreign currency exchange contracts		(12,633	)		(131	)
Swaps		272			—
Net realized gain (loss)		39,238			135,510
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		167,101			684,678	(c)
Investments in affiliates		414			—
Options purchased		14,800			—
Futures contracts		(8,583	)		(23,248	)
Foreign currency translations		93			541
Forward foreign currency exchange contracts		5,412			—
Options written		22			—
Securities sold short		977			—
Swaps		220			—
Change in net unrealized appreciation/depreciation		180,456			661,971
Net realized/unrealized gains (losses)		219,694			797,481
Change in net assets resulting from operations	$	253,328		$	1,274,451

(a) Amount rounds to less than 500.

(b) Net of India capital gains tax of approximately $(446,000) for Income Builder Fund.

(c) Net of change in India capital gains tax of approximately $(6,000) for Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS OCTOBER 31, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

		Global Allocation Fund						Income Builder Fund
		Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)		$	33,634		$	26,895		$	476,970		$	490,117
Net realized gain (loss)			39,238			(19,802	)		135,510			(287,553	)
Change in net unrealized appreciation/depreciation			180,456			28,891			661,971			256,068
Change in net assets resulting from operations			253,328			35,984			1,274,451			458,632
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income			(5,118	)		(5,458	)		(149,575	)		(170,221	)
From net realized gains			—			(294	)		—			—
Class C
From net investment income			(5,591	)		(4,931	)		(168,512	)		(186,131	)
From net realized gains			—			(305	)		—			—
Class I (formerly Select Class)	��
From net investment income			(19,280	)		(14,844	)		(158,509	)		(130,456	)
From net realized gains			—			(602	)		—			—
Class R2
From net investment income			(17	)		(9	)		—			—
From net realized gains			—			—	(a)		—			—
Class T (b)
From net investment income			—	(a)		—			—	(a)		—
Total distributions to shareholders			(30,006	)		(26,443	)		(476,596	)		(486,808	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions			672,281			646,824			(166,713	)		(334,580	)
NET ASSETS:
Change in net assets			895,603			656,365			631,142			(362,756	)
Beginning of period			1,430,782			774,417			12,158,594			12,521,350
End of period		$	2,326,385		$	1,430,782		$	12,789,736		$	12,158,594
Accumulated undistributed (distributions in excess of) net investment income		$	(2,535	)	$	5,383		$	(3,441	)	$	(8,740	)

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective June 6, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	129,930		$	181,480		$	852,334		$	915,563
Distributions reinvested		4,965			5,561			143,621			163,299
Cost of shares redeemed		(154,312	)		(108,810	)		(1,497,215	)		(1,338,823	)
						��
Change in net assets resulting from Class A capital transactions	$	(19,417	)	$	78,231		$	(501,260	)	$	(259,961	)
Class C
Proceeds from shares issued	$	135,092		$	224,926		$	590,089		$	779,657
Distributions reinvested		4,726			4,306			147,508			159,414
Cost of shares redeemed		(138,369	)		(72,706	)		(1,406,579	)		(1,085,374	)
Change in net assets resulting from Class C capital transactions	$	1,449		$	156,526		$	(668,982	)	$	(146,303	)
Class I (formerly Select Class)
Proceeds from shares issued	$	858,489		$	649,914		$	1,822,163		$	1,099,505
Distributions reinvested		15,322			11,914			125,226			101,768
Cost of shares redeemed		(185,095	)		(250,299	)		(943,880	)		(1,129,589	)
Change in net assets resulting from Class I capital transactions	$	688,716		$	411,529		$	1,003,509		$	71,684
Class R2
Proceeds from shares issued	$	1,824		$	613		$	—		$	—
Distributions reinvested		17			9			—			—
Cost of shares redeemed		(328	)		(84	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1,513		$	538		$	—		$	—
Class T (a)
Proceeds from shares issued	$	20		$	—		$	20		$	—
Distributions reinvested		—	(b)		—			—	(b)		—
Change in net assets resulting from Class T capital transactions	$	20		$	—		$	20		$	—
Total change in net assets resulting from capital transactions	$	672,281		$	646,824		$	(166,713	)	$	(334,580	)

(a) Commencement of offering of class of shares effective June 6, 2017.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS OCTOBER 31, 2017

	Global Allocation Fund						Income Builder Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		7,353			11,294			82,663			93,520
Reinvested		295			344			14,009			16,679
Redeemed		(8,958	)		(6,755	)		(146,422	)		(137,075	)
Change in Class A Shares		(1,310	)		4,883			(49,750	)		(26,876	)
Class C
Issued		7,783			14,164			57,603			79,830
Reinvested		284			269			14,422			16,325
Redeemed		(8,015	)		(4,554	)		(137,312	)		(111,214	)
Change in Class C Shares		52			9,879			(65,287	)		(15,059	)
Class I (formerly Select Class)
Issued		48,350			40,365			177,387			111,834
Reinvested		898			734			12,162			10,378
Redeemed		(10,666	)		(15,562	)		(92,124	)		(116,050	)
Change in Class I Shares		38,582			25,537			97,425			6,162
Class R2
Issued		103			38			—			—
Reinvested		1			1			—			—
Redeemed		(19	)		(5	)		—			—
Change in Class R2 Shares		85			34			—			—
Class T (a)
Issued		1			—			2			—
Reinvested		—	(b)		—			—	(b)		—
Change in Class T Shares		1			—			2			—

(a) Commencement of offering of class of shares effective June 6, 2017.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Allocation Fund
Class A
Year Ended October 31, 2017	$	16.38	$	0.34	$	2.23		$	2.57	$	(0.32	)	$	—		$	(0.32	)
Year Ended October 31, 2016		16.47		0.34		(0.10	)(i)		0.24		(0.31	)		(0.02	)		(0.33	)
Year Ended October 31, 2015		17.15		0.23		(0.01	)		0.22		(0.34	)		(0.56	)		(0.90	)
Year Ended October 31, 2014		16.45		0.26		0.97			1.23		(0.16	)		(0.37	)		(0.53	)
Year Ended October 31, 2013		14.52		0.19		2.15			2.34		(0.41	)		—			(0.41	)
Class C
Year Ended October 31, 2017		16.20		0.25		2.20			2.45		(0.26	)		—			(0.26	)
Year Ended October 31, 2016		16.30		0.26		(0.10	)(i)		0.16		(0.24	)		(0.02	)		(0.26	)
Year Ended October 31, 2015		17.04		0.15		(0.02	)		0.13		(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.39		0.16		0.98			1.14		(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.49		0.16		2.09			2.25		(0.35	)		—			(0.35	)
Class I (formerly Select Class)
Year Ended October 31, 2017		16.45		0.38		2.23			2.61		(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.53		0.39		(0.10	)(i)		0.29		(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2015		17.19		0.27		(0.01	)		0.26		(0.36	)		(0.56	)		(0.92	)
Year Ended October 31, 2014		16.47		0.30		0.97			1.27		(0.18	)		(0.37	)		(0.55	)
Year Ended October 31, 2013		14.53		0.33		2.04			2.37		(0.43	)		—			(0.43	)
Class R2
Year Ended October 31, 2017		16.36		0.28		2.22			2.50		(0.29	)		—			(0.29	)
Year Ended October 31, 2016		16.44		0.31		(0.10	)(i)		0.21		(0.27	)		(0.02	)		(0.29	)
Year Ended October 31, 2015		17.13		0.19		(0.01	)		0.18		(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.44		0.22		0.96			1.18		(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.51		0.25		2.04			2.29		(0.36	)		—			(0.36	)
Class T
June 6, 2017 (j) through October 31, 2017		17.90		0.10		0.72			0.82		(0.12	)		—			(0.12	)

(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) Calculated based upon average shares outstanding.

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

(e) 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.

(f) Does not include expenses of Underlying Funds.

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

(h) The net expenses and expenses without waivers (excluding dividend expense for securities sold short) for Class A are 1.02% and 1.27%, Class C are 1.52% and 1.77%, Class I are 0.77% and 1.00%, Class R2 are 1.27% and 1.60% and Class T are 1.02% and 1.28%, respectively, for the year ended October 31, 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 in the Statement of Changes in Net Assets due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (including dividend expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (d)			Portfolio turnover rate (including securities sold short) (d)
$	18.63		15.88	%	$	305,300		1.04	%(h)		1.96	%		1.29	%(h)		83	%		95	%
	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			—
	18.39		15.29			406,887		1.54	(h)		1.45			1.79	(h)		83			95
	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			—
	18.71		16.12			1,611,736		0.79	(h)		2.14			1.02	(h)		83			95
	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			—
	18.57		15.50			2,441		1.29	(h)		1.58			1.62	(h)		83			95
	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			—
	18.60		4.64			21		1.04	(h)		1.37			1.30	(h)		83			95

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 107

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
Year Ended October 31, 2017	$	9.95	$	0.41	(e)	$	0.67		$	1.08		$	(0.41	)	$	—		$	—		$	(0.41	)
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	)
Class C
Year Ended October 31, 2017		9.92		0.36	(e)		0.67			1.03			(0.36	)		—			—			(0.36	)
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	)
Class I (formerly Select Class)
Year Ended October 31, 2017		9.96		0.43	(e)		0.67			1.10			(0.43	)		—			—			(0.43	)
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	)
Class T
June 6, 2017 (g) through October 31, 2017		10.42		0.15	(e)		0.21			0.36			(0.16	)		—			—			(0.16	)

(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 $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS OCTOBER 31, 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)
$	10.62		11.11	%	$	3,731,312		0.75	%		4.02	%		1.08	%		52	%
	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
	10.59		10.58			4,609,784		1.25			3.53			1.59			52
	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
	10.63		11.26			4,448,619		0.60			4.15			0.83			52
	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
	10.62		3.48			21		0.75			3.62			1.09			52

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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
Global Allocation Fund	Class A, Class C, Class I*, Class R2, Class R6** and Class T***	Diversified
Income Builder Fund	Class A, Class C, Class I*, Class R6** and Class T***	Diversified

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

** Class R6 commenced operations on November 1, 2017.

*** Class T commenced operations on June 6, 2017.

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 and Class T 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 I, Class R2 and Class R6 Shares. 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 automatically convert to Class A Shares after ten years. 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.

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 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

110 J.P. MORGAN FUNDS OCTOBER 31, 2017

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, 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 October 31, 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	$	—	$	26,926	$	—	$	26,926
Austria		—		5,455		—		5,455
Belgium		—		8,629		—		8,629
Brazil		11,093		—		—		11,093
Canada		12,245		—		—		12,245
Chile		1,409		—		—		1,409
China		9,749		14,482		—		24,231
Denmark		—		12,706		—		12,706
Finland		3,115		9,115		—		12,230
France		7,931		86,775		—		94,706
Germany		3,139		79,931		—		83,070
Hong Kong		—		20,708		—		20,708
India		15,425		433		—		15,858
Indonesia		709		4,146		—		4,855
Ireland		2,955		—		—		2,955
Israel		986		—		—		986
Italy		—		21,328		—		21,328
Japan		—		121,318		—		121,318
Luxembourg		—		3,628		—		3,628
Malaysia		—		735		—		735
Mexico		2,042		—		—		2,042
Netherlands		—		41,732		—		41,732
Norway		—		2,050		—		2,050

OCTOBER 31, 2017 J.P. MORGAN FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Global Allocation Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Peru	$	1,613	$	—	$	—		$	1,613
Russia		—		4,108		—			4,108
Singapore		—		5,432		—			5,432
South Africa		3,008		7,043		—			10,051
South Korea		—		7,557		—			7,557
Spain		—		17,229		—			17,229
Sweden		—		8,281		—			8,281
Switzerland		—		72,644		—			72,644
Taiwan		7,507		4,303		—			11,810
Thailand		1,052		1,274		—			2,326
Turkey		—		540		—			540
United Kingdom		565		92,949		—			93,514
United States		549,984		6,421		—	(a)		556,405
Total Common Stocks		634,527		687,878		—	(a)		1,322,405
Preferred Stocks
Bermuda		—		81		—			81
United States		17		—		10			27
Total Preferred Stocks		17		81		10			108
Debt Securities
Asset-Backed Securities
United States		—		5,710		34,178			39,888
Collateralized Mortgage Obligations
United States		—		135,263		1,489			136,752
Commercial Mortgage-Backed Securities
United States		—		3,797		1,024			4,821
Convertible Bonds
United States		—		108		—			108
Corporate Bonds
Argentina		—		1,453		—			1,453
Australia		—		208		—			208
Azerbaijan		—		220		—			220
Bahrain		—		299		—			299
Belgium		—		1,692		—			1,692
Brazil		—		5,192		—			5,192
Canada		—		10,696		—			10,696
Chile		—		939		—			939
China		—		2,712		—			2,712
Colombia		—		883		—			883
Congo, Democratic Republic of the		—		257		—			257
Costa Rica		—		208		—			208
Ecuador		—		193		—			193
Finland		—		316		—			316
France		—		8,012		—			8,012
Germany		—		5,632		—			5,632
Greece		—		747		—			747
Guatemala		—		327		—			327
Hong Kong		—		421		—			421
Hungary		—		220		—			220
India		—		652		—			652
Indonesia		—		2,153		—			2,153
Ireland		—		3,881		—			3,881
Israel		—		1,118		—			1,118
Italy		—		5,422		—			5,422

112 J.P. MORGAN FUNDS OCTOBER 31, 2017

Global Allocation Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Jamaica	$	—	$	198	$	—	$	198
Japan		—		1,346		—		1,346
Jordan		—		374		—		374
Kazakhstan		—		1,733		—		1,733
Luxembourg		—		9,421		—		9,421
Mauritius		—		482		—		482
Mexico		—		7,680		—		7,680
Morocco		—		226		—		226
Netherlands		—		2,518		—		2,518
New Zealand		—		493		—		493
Nigeria		—		589		—		589
Norway		—		197		—		197
Panama		—		199		—		199
Peru		—		988		—		988
Portugal		—		130		—		130
Qatar		—		1,390		—		1,390
Russia		—		1,373		—		1,373
Singapore		—		304		—		304
South Africa		—		1,196		—		1,196
Spain		—		5,098		—		5,098
Sweden		—		805		—		805
Switzerland		—		495		—		495
Trinidad and Tobago		—		158		—		158
Tunisia		—		497		—		497
Turkey		—		1,603		—		1,603
Ukraine		—		213		—		213
United Arab Emirates		—		2,073		—		2,073
United Kingdom		—		10,219		—		10,219
United States		—		184,275		596		184,871
Venezuela, Bolivarian Republic of		—		671		—		671
Total Corporate Bonds		—		290,797		596		291,393
Loan Assignments
Canada		—		218		—		218
United States		—		6,270		—		6,270
Total Loan Assignments		—		6,488		—		6,488
Foreign Government Securities		—		259,170		698		259,868
Mortgage-Backed Security		—		8,199		—		8,199
Supranational		—		273		—		273
U.S. Treasury Obligations		—		50,745		—		50,745
Options Purchased
Call Options Purchased		14,098		10,977		—		25,075
Put Options Purchased		162		39		—		201
Total Options Purchased		14,260		11,016		—		25,276
Rights
United States		—		—		18		18
Short-Term Investments
Foreign Government Treasury Bills		—		9,423		—		9,423
Investment Company		240,842		—		—		240,842
Total Short-Term Investments		240,842		9,423		—		250,265
Total Investments in Securities	$	889,646	$	1,468,948	$	38,013	$	2,396,607

OCTOBER 31, 2017 J.P. MORGAN FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Global Allocation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Liabilities
Common Stocks
United States	$	(26,018	)	$	—		$	—	$	(26,018	)
Total Liabilities in Securities Sold Short		(26,018	)		—			—		(26,018	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	14,168		$	—	$	14,168
Futures Contracts		1,391			618			—		2,009
Swaps		43			160			—		203
Total Appreciation in Other Financial Instruments	$	1,434		$	14,946		$	—	$	16,380
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,770	)	$	—	$	(3,770	)
Futures Contracts		(6,743	)		(8,012	)		—		(14,755	)
Options Written
Put Options		(64	)		(30	)		—		(94	)
Swaps		—			(87	)		—		(87	)
Total Depreciation in Other Financial Instruments	$	(6,807	)	$	(11,899	)	$	—	$	(18,706	)

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	$	—	$	63,633	$	—	$	63,633
Belgium		4,024		10,830		—		14,854
Brazil		79,536		—		—		79,536
Canada		43,783		—		—		43,783
Chile		24,176		—		—		24,176
China		14,075		164,437		—		178,512
Czech Republic		36,547		—		—		36,547
Denmark		—		61,721		—		61,721
Finland		—		102,714		—		102,714
France		16,989		293,004		—		309,993
Germany		8,399		224,904		—		233,303
Hong Kong		12,367		58,165		—		70,532
Hungary		—		23,366		—		23,366
India		19,624		35,216		—		54,840
Indonesia		—		19,266		—		19,266
Ireland		5,261		—		—		5,261
Italy		13,852		68,288		—		82,140
Japan		8,986		117,323		—		126,309
Mexico		42,718		—		—		42,718
Netherlands		35,624		137,891		—		173,515
New Zealand		—		—		1,230		1,230
Norway		—		31,529		—		31,529
Portugal		—		9,797		—		9,797
Russia		33,885		47,519		—		81,404
Singapore		—		35,702		—		35,702
South Africa		16,572		67,738		—		84,310
South Korea		31,089		35,662		—		66,751
Spain		—		153,601		—		153,601
Sweden		—		73,913		—		73,913
Switzerland		—		204,386		—		204,386
Taiwan		53,111		117,273		—		170,384

114 J.P. MORGAN FUNDS OCTOBER 31, 2017

Income Builder Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Thailand	$	24,039	$	14,267	$	—		$	38,306
Turkey		—		19,913		—			19,913
United Arab Emirates		12,056		—		—			12,056
United Kingdom		61,782		572,349		—			634,131
United States		2,216,661		20		—	(b)		2,216,681
Total Common Stocks		2,815,156		2,764,427		1,230			5,580,813
Convertible Preferred Stocks
China		—		7,331		—			7,331
Israel		1,053		—		—			1,053
United States		75,022		4,807		—			79,829
Total Convertible Preferred Stocks		76,075		12,138		—			88,213
Preferred Stocks
Bermuda		—		3,197		—			3,197
United States		97,550		—		3,235			100,785
Total Preferred Stocks		97,550		3,197		3,235			103,982
Debt Securities
Asset-Backed Securities
United States		—		76,862		504,465			581,327
Collateralized Mortgage Obligations
Collateralized Mortgage Obligations
United States		—		408,627		3,346			411,973
Commercial Mortgage-Backed Securities
United States		—		47,089		43,653			90,742
Convertible Bonds
Cyprus		—		3,251		—			3,251
France		—		709		—			709
Germany		—		7,239		—			7,239
Hong Kong		—		7,904		—			7,904
Japan		—		1,285		—			1,285
Malaysia		—		2,527		—			2,527
Mexico		—		3,857		—			3,857
Monaco		—		3,823		—			3,823
Netherlands		—		1,303		—			1,303
Russia		—		1,364		—			1,364
Singapore		—		9,305		—			9,305
South Africa		—		9,541		—			9,541
Spain		—		2,096		—			2,096
Taiwan		—		2,569		—			2,569
United Arab Emirates		—		13,012		—			13,012
United Kingdom		—		9,912		—			9,912
United States		—		91,638		—	(a)		91,638
Total Convertible Bonds		—		171,335		—	(a)		171,335
Corporate Bonds
Argentina		—		7,764		—			7,764
Australia		—		24,570		—			24,570
Azerbaijan		—		3,792		—			3,792
Belgium		—		7,424		—			7,424
Brazil		—		38,605		—			38,605
Canada		—		208,269		—	(a)		208,269
Chile		—		4,671		—			4,671
Colombia		—		7,159		—			7,159
Croatia		—		1,482		—			1,482
Finland		—		2,613		—			2,613
France		—		65,751		—			65,751
Germany		—		17,225		—			17,225

OCTOBER 31, 2017 J.P. MORGAN FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Income Builder Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Guatemala	$	—	$	5,519		$	—		$	5,519
Hungary		—		5,068			—			5,068
India		—		7,630			—			7,630
Indonesia		—		24,962			—			24,962
Ireland		—		29,382			—			29,382
Israel		—		12,004			—			12,004
Italy		—		31,200			—			31,200
Jamaica		—		1,978			—			1,978
Japan		—		2,116			—			2,116
Kazakhstan		—		13,823			—			13,823
Luxembourg		—		98,852			—			98,852
Malaysia		—		1,338			—			1,338
Mexico		—		69,715			—			69,715
Morocco		—		4,673			—			4,673
Netherlands		—		34,174			—			34,174
New Zealand		—		15,959			—			15,959
Nigeria		—		816			—			816
Peru		—		13,238			—			13,238
Qatar		—		5,219			—			5,219
Russia		—		17,974			—			17,974
South Korea		—		3,672			—			3,672
Spain		—		22,499			—			22,499
Sweden		—		15,584			—			15,584
Switzerland		—		33,753			—			33,753
Trinidad and Tobago		—		385			—			385
Turkey		—		10,747			—			10,747
United Arab Emirates		—		7,422			—			7,422
United Kingdom		—		123,456			—			123,456
United States		—		3,840,766			6,749			3,847,515
Total Corporate Bonds		—		4,843,249			6,749			4,849,998
Loan Assignments
United States		—		63,034			—	(b)		63,034
Foreign Government Securities		—		413,235			—			413,235
U.S. Treasury Obligations		—		35,335			—			35,335
Rights
Spain		128		—			—			128
United States		—		—			447			447
Total Rights		128		—			447			575
Warrants
United States		9		2			—	(b)		11
Short-Term Investments
Investment Company		239,514		—			—			239,514
Time Deposit		—		18,800			—			18,800
Total Short-Term Investments		239,514		18,800			—			258,314
Total Investments in Securities	$	3,228,432	$	8,857,330		$	563,125		$	12,648,887
Appreciation in Other Financial Instruments
Futures Contracts	$	15,959	$	123		$	—		$	16,082
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(15	)	$	—		$	(15	)

(a) Value is zero.

(b) Amount rounds to less than 500.

116 J.P. MORGAN FUNDS OCTOBER 31, 2017

Transfers between fair value levels are valued utilizing values as of the beginning of the year.

For Global Allocation Fund, there were no significant transfers among any levels during the year ended October 31, 2017.

For Income Builder Fund, transfers from level 2 to level 1 in the amount of approximately $115,423,000 are due to the non-application of the fair value factors to certain securities during the year ended October 31, 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 October 31, 2017
Asset-Backed Securities — United States	$	30,046		$	234		$	1,010		$	116		$	10,021	$	(14,425	)	$	7,176	$	—		$	34,178
Collateralized Mortgage Obligations — United States		—			—			59			7			1,098		(252	)		577		—			1,489
Commercial Mortgage-Backed Security — United States		—			—			59			—	(a)		1		—			964		—			1,024
Common Stocks — United States		42			—			—			—			—		—			—		(42	)		—	(a)
Corporate Bonds — Bahamas		50			(142	)		166			—			—		(74	)		—		—			—
Corporate Bonds — United States		278			(11	)		50			6			233		(78	)		239		(121	)		596
Foreign Government Securities		—			—			17			—			681		—			—		—			698
Preferred Stocks — Ireland		67			—			—			—			—		—			—		(67	)		—
Preferred Stocks — United States		—			—			—			—			10		—			—		—			10
Rights — United States		—			—			18			—			—		—			—		—			18
Total	$	30,483		$	81		$	1,379		$	129		$	12,044	$	(14,829	)	$	8,956	$	(230	)	$	38,013
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 October 31, 2017
Investments in Securities
Asset-Backed Securities	$	382,859		$	107		$	12,707		$	1,740		$	186,783	$	(160,142	)	$	82,861	$	(2,450	)	$	504,465
Collateralized Mortgage Obligations		3,134			73			26			50			1,807		(1,744	)		—		—			3,346
Commercial Mortgage-Backed Securities		59,561			—			(769	)		(1	)		4,758		(25,060	)		6,655		(1,491	)		43,653
Common Stocks — New Zealand		—			—			453			—			777		—			—		—			1,230
Common Stocks — United States		963			(92	)		19			—			—		—			—		(890	)		—	(b)
Convertible Bond — United States		10			—			(12	)		—			2		—			—		—			—
Corporate Bonds — Bahamas		969			(3,363	)		3,825			—			—		(1,431	)		—		—			—
Corporate Bonds — Canada		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — United States		30,254			5,735			1,417			46			2,044		(32,233	)		2,813		(3,327	)		6,749
Foreign Government Security		558			(246	)		193			—			—		(505	)		—		—			—
Loan Assignment — United States		—	(b)		—			—			—	(b)		—		—			—		—			—	(b)
Preferred Stocks — Bermuda		2,655			—			—			—			—		—			—		(2,655	)		—
Preferred Stocks — United States		—	(a)		157			2,241			—			1,233		(396	)		—		—			3,235
Rights — United States		—			—			447			—			—		—			—		—			447
Warrants — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Total	$	480,963		$	2,371		$	20,547		$	1,835		$	197,404	$	(221,511	)	$	92,329	$	(10,813	)	$	563,125

(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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

For Income Builder Fund, transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year ended October 31, 2017.

For Income Builder Fund, there were no significant transfers among any other levels during the year ended October 31, 2017.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2017, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	1,335
Income Builder Fund		14,846

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
		$34,177		Discounted Cash Flow	Constant Prepayment Rate		1.00% - 20.00% (8.17%)
					Constant Default Rate		0.00% - 10.00% (3.51%)
					Yield (Discount Rate of Cash Flows)		2.49% - 7.66% (4.01%)
Asset-Backed Securities		34,177
		1,024		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(1.73%) ((1.73%))
Commercial Mortgage Backed Securities		1,024
		1,489		Discounted Cash Flow	Constant Prepayment Rate		1.00% - 14.90% (10.15%)
					Constant Default Rate		2.46% - 2.80% (2.65%)
					Yield (Discount Rate of Cash Flows)		5.34% - 5.50% (5.45%)
Collateralized Mortgage Obligation		1,489
		591		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		6.60% - 15.59% (8.87%)
		—	(a)	Pending Distribution	Discount for Potential Outcome		100.00% (100.00%)
Corporate Bonds		591
		10		Market Comparable Companies	EBITDA Multiple (b)		6.4x (6.4x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stock		10
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)		6.4x (6.4x)
					Liquidity Discount		30.00% (30.00%)
Common Stock		—	(c)
		2		Pending Distribution	Expected Distribution Amount		$0.05 ($0.05)
Rights		2
Total		$37,293

# The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2017, the value of these investments was approximately $720,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Value is zero.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

The significant unobservable inputs used in the fair value measurement of the Fund’s 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 constant prepayment rate may decrease or increase the fair value measurement.

118 J.P. MORGAN FUNDS OCTOBER 31, 2017

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(a)	Market Comparable Companies	EBITDA Multiple (b)		6.4x (6.4x)
					Liquidity Discount		30.00% (30.00%)
Common Stock		—
		218		Market Comparable Companies	EBITDA Multiple (b)		6.4x (6.4x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stock		218
		—	(c)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Convertible Bond		—	(c)
		6,213		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		6.60% - 15.59% (9.37%)
		—	(c)	Pending Distribution	Discount for potential outcome (d)		100.00% (100.00%)
Corporate Bond		6,213
		500,197		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (9.50%)
					Constant Default Rate		0.00% - 11.25% (3.11%)
					Yield (Discount Rate of Cash Flows)		1.67% - 12.48% (3.57%)
Asset-Backed Securities		500,197
		1,541		Discounted Cash Flow	Constant Prepayment Rate		15.00% - 19.43% (16.39%)
					Constant Default Rate		2.09% - 8.84% (4.44%)
					Yield (Discount Rate of Cash Flows)		(44.74%) - 7.25% (-4.30%)
Collateralized Mortgage Obligations		1,541
		43,653		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(46.54%) - 199.00% (16.08%)
Commercial Mortgage-Backed Securities		43,653
		—		Intrinsic Value	Expected Recovery		0.00% (0.00%)
Warrants		—
		—	(c)	Pending Distribution	Projected Losses		100.00% (100.00%)
Loan Assignments		—	(c)
Total	$	551,822

# The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2017, the value of these investments was approximately $11,303,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.    

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Value is zero.

(d) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s 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 enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, yield, and default rate may decrease (increase) the fair value measurement. A significant change in the constant prepayment rate 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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

As of October 31, 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. 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 year ended October 31, 2017
Affiliate	Value at October 31, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at October 31, 2017		Value at October 31, 2017
Global Allocation Fund
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	85,580	$	7,780	$	92,252	$	(1,522	)	$	2,327		—	$	—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		58,351		1,773,351		1,590,861		—			984		240,842		240,842
	$	143,931					$	(1,522	)	$	3,311			$	240,842
			For the year ended October 31, 2017
Affiliate	Value at October 31, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at October 31, 2017		Value at October 31, 2017
Income Builder Fund
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	267,810	$	2,806,181	$	2,834,477	$	—		$	1,271		239,514	$	239,514

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

120 J.P. MORGAN FUNDS OCTOBER 31, 2017

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

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

Options Written — Premiums received by the Fund for options written are included on the Statements 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 is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statements 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.

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.

(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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 used 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.

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 Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Global Allocation Fund engaged in various swap transactions, including interest rate swaps, credit default swaps and total return basket swaps, to manage interest rate (e.g., duration, yield curve), credit risks and total return 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 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 OTC swaps.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

Global Allocation Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a 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 Statements 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

Global Allocation 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

122 J.P. MORGAN FUNDS OCTOBER 31, 2017

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.

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 agreement, 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.

Swaps involve 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 swap consists 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.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 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	Statement of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps			OTC Swaps		Options (a)			Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	—		$	—	$	25,237		$	1,555		$	—		$	26,792
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		37			270		—			454			—			761
Foreign exchange contracts	Receivables		—			—		39			—			14,168			14,207
Credit contracts	Receivables		—			254		—			—			—			254
Total		$	37		$	524	$	25,276		$	2,009		$	14,168		$	42,014
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—		$	—	$	(64	)	$	(8,077	)	$	—		$	(8,141	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(37	)		—		—			(9	)		—			(46	)
Foreign exchange contracts	Payables		—			—		(30	)		(6,669	)		(3,770	)		(10,469	)
Total		$	(37	)	$	—	$	(94	)	$	(14,755	)	$	(3,770	)	$	(18,656	)

(a) The market value of options purchased is reported as an investment in non-affiliates, at value on the Statements of Assets and Liabilities.

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (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 October 31, 2017 (amounts in thousands):

Global Allocation 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 To Counterparty (Not less than zero)
Australia & New Zealand Banking Group Limited	$	2,354	$	(1,548	)	$	—	$	806
Bank of America, NA		270		—			—		270
Barclays Bank plc		6,523		—			—		6,523
Citibank, NA		766		(455	)		—		311
Citigroup Global Markets Holdings, Inc.		2		—			—		2
Credit Suisse International		36		(10	)		—		26
Deutsche Bank AG		14		—			—		14
Goldman Sachs International		896		(511	)		—		385
HSBC Bank, N.A.		1		—			—		1
Morgan Stanley		5		—			—		5
National Australia Bank Ltd.		3		(3	)		—		—
Royal Bank of Canada		195		(47	)		—		148
Standard Chartered Bank		1		—			—		1
State Street Corp.		1,225		(159	)		—		1,066
TD Bank Financial Group		2,381		(17	)		—		2,364
Union Bank of Switzerland AG		20		(9	)		—		11
	$	14,692	$	(2,759	)	$	—	$	11,933
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 & New Zealand Banking Group Limited	$	1,548	$	(1,548	)	$	—	$	—
BNP Paribas		4		—			—		4
Citibank, NA		455		(455	)		—		—
Credit Suisse International		10		(10	)		—		—
Goldman Sachs International		511		(511	)		—		—
Merrill Lynch International		7		—			—		7
National Australia Bank Ltd.		932		(3	)		—		929
Royal Bank of Canada		47		(47	)		—		—
Societe Generale		69		—			—		69
State Street Corp.		159		(159	)		—		—
TD Bank Financial Group		17		(17	)		—		—
Union Bank of Switzerland AG		9		(9	)		—		—
Westpac Banking Corp.		2		—			—		2
	$	3,770	$	(2,759	)	$	—	$	1,011

(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.

124 J.P. MORGAN FUNDS OCTOBER 31, 2017

Income Builder Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	123
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		7,650
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		8,309
Total		$	16,082
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(15	)

(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 year ended October 31, 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
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	17,882	$	3,511		$	—		$	427		$	21,820
Foreign exchange contracts		—		8,290			(12,633	)		—			(4,343	)
Interest rate contracts		—		(1,763	)		—			(32	)		(1,795	)
Credit contracts		—		—			—			(18	)		(18	)
Total	$	17,882	$	10,038		$	(12,633	)	$	377		$	15,664

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Equity contracts	$	14,824		$	(2,553	)	$	—	$	—		$	12,271
Foreign exchange contracts		(2	)		(6,669	)		5,412		—			(1,259	)
Interest rate contracts		—			639			—		166			805
Credit contracts		—			—			—		(50	)		(50	)
Total	$	14,822		$	(8,583	)	$	5,412	$	116		$	11,767

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	$	(579	)	$	—		$	(579	)
Foreign exchange contracts		(12,220	)		(131	)		(12,351	)
Interest rate contracts		9,344			—			9,344
Total	$	(3,455	)	$	(131	)	$	(3,586	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	123
Foreign exchange contracts		(24,567	)
Interest rate contracts		1,196
Total	$	(23,248	)

OCTOBER 31, 2017 J.P. MORGAN FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 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	$	111,318		$	7,820
Ending Notional Balance Short		112,789			—
Ending Notional Balance Long		40,869			16,229
Ending Notional Balance Short		266,048			—
Foreign Exchange
Average Notional Balance Long		106,025	(a)		—
Average Notional Balance Short		63,911	(b)		635,378
Ending Notional Balance Long		165,020			—
Ending Notional Balance Short		—			647,800
Interest Rate
Average Notional Balance Long		16,422			—
Average Notional Balance Short		77,261			1,153,461
Ending Notional Balance Long		23,149			—
Ending Notional Balance Short		25,106			891,208
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		63,434			—
Average Settlement Value Sold		320,223			—
Ending Settlement Value Purchased		149,235			—
Ending Settlement Value Sold		500,174			—
Exchange-Traded Options:
Average Number of Contracts Purchased		31,753			—
Average Number of Contracts Written		75	(c)		—
Ending Number of Contracts Purchased		55,662			—
Ending Number of Contracts Written		75			—
Swaptions & OTC Options:
Average Notional Balance Purchased		7,340	(d)		—
Average Notional Balance Written		4,239	(c)		—
Ending Notional Balance Purchased		10,440			—
Ending Notional Balance Written		4,239			—
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed rate		2,983	(d)		—
Average Notional Balance — Receives Fixed rate		5,685	(c)		—
Ending Notional Balance — Pays Fixed Rate		2,270			—
Ending Notional Balance — Receives Fixed Rate		5,685			—
Credit Default Swaps:
Average Notional Balance — Buy Protection		6,350	(d)		—
Ending Notional Balance — Buy Protection		8,700			—
Total Return Basket Swap:
Average Notional Balance Long		16,194	(e)		—
Ending Notional Balance Long		24,130			—

(a) For the period March 1, 2017 through October 31, 2017.

(b) For the period December 1, 2016 through January 31, 2017.

(c) For the period October 1, 2017 through October 31, 2017.

(d) For the period September 1, 2017 through October 31, 2017.

(e) For the period April 1, 2017 through October 31, 2017.

The Funds may be required to post or receive collateral based on the net value of the Funds’ 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

126 J.P. MORGAN FUNDS OCTOBER 31, 2017

amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. Cash collateral posted by the Funds is reported on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A., 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 October 31, 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. 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). Security 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. The 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 on 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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended October 31, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2			Class T			Total
Global Allocation Fund
Transfer agency fees	$	19	$	24	$	19	$	1		$	—	(a)	$	63
Sub-transfer agency fees		78		97		149		—	(a)		—			324
Income Builder Fund
Transfer agency fees		141		173		71		—			—	(a)		385
Sub-transfer agency fees		689		1,151		801		—			—			2,641

(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 October 31, 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 following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net  investment income			Accumulated net realized gains (losses)
Global Allocation Fund	$	—		$	(11,546	)	$	11,546
Income Builder Fund		(11,461	)		4,925			6,536

The reclassifications for the Funds relate primarily to return of capital distributions, foreign currency gains or losses and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to 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.G.

128 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 year ended October 31, 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.G.

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”), an indirect, 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, Class R2 and Class T 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			Class T
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			0.25

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 year ended October 31, 2017, the JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	144	$	1
Income Builder Fund		933		10

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			Class T
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Income Builder Fund		0.25			0.25			0.25			n/a			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.G.

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.

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Global Allocation 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. 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 I			Class R2			Class T
Global Allocation Fund		1.03	%		1.53	%		0.78	%		1.28	%		1.03	%
Income Builder Fund		0.75			1.25			0.60			n/a			0.75

OCTOBER 31, 2017 J.P. MORGAN FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

The expense limitation agreements were in effect for the year ended October 31, 2017 and are in place until at least February 28, 2018. Effective March 1, 2018, the contractual expense limitation will increase from 1.28% to 1.40% for Class R2 Shares of the Global Allocation Fund and will be in place until at least February 28, 2019.

For the year ended October 31, 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
Global Allocation Fund	$	2,407	$	1,370	$	111	$	3,888
Income Builder Fund		18,662		10,054		8,445		37,161

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 year ended October 31, 2017 was as follows (amounts in thousands):

Global Allocation Fund	$	244
Income Builder Fund		379

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 year ended October 31, 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 year ended October 31, 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.

4. Investment Transactions

During the year ended October 31, 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	$	1,810,353	$	1,254,241	$	50,732	$	26,444	$	182,617	$	156,392
Income Builder Fund		6,239,117		6,433,517		35,328		38,600		—		—

130 J.P. MORGAN FUNDS OCTOBER 31, 2017

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	2,174,364	$	242,107	$	47,916	$	194,191
Income Builder Fund		11,558,348		1,275,785		169,179		1,106,606

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in perpetual bonds, mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of options and investments in PFICs.

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	30,006	$	—	$	30,006
Income Builder Fund		476,596		—		476,596

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	25,242	$	1,201	$	26,443
Income Builder Fund		486,808		—		486,808

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	27,668	$	23,613		$	181,210
Income Builder Fund		849		(328,563	)		1,106,585

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of options, straddle loss deferrals, investments in perpetual bonds and investments in PFICs.

As of October 31, 2017, the following Fund had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
��	Short-Term		Long-Term
Income Builder Fund	$	322,530	$	6,033

During the year ended October 31, 2017, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

Global Allocation Fund	$	19,917
Income Builder Fund		115,000

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to 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 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 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 October 31, 2017, the Funds had omnibus accounts which owned more than 10% of the respective 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		—		—	%		5		26.4	%
Income Builder Fund		2		13.8			5		26.2

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. 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.

132 J.P. MORGAN FUNDS OCTOBER 31, 2017

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.

The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds.”) These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to Funds’ financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 133

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Global Allocation and JPMorgan Income Builder Fund (each a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

134 J.P. MORGAN FUNDS OCTOBER 31, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

OCTOBER 31, 2017 J.P. MORGAN FUNDS 135

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

136 J.P. MORGAN FUNDS OCTOBER 31, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 137

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,074.10	$	5.44		1.04	%
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class C
Actual		1,000.00		1,071.40		8.04		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class I (formerly Select Class)
Actual		1,000.00		1,075.70		4.13		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R2
Actual		1,000.00		1,072.50		6.74		1.29
Hypothetical		1,000.00		1,018.70		6.56		1.29
Class T
Actual		1,000.00		1,046.40		4.29		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04
Income Builder Fund
Class A
Actual*		1,000.00		1,053.90		3.88		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class C
Actual*		1,000.00		1,050.40		6.46		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class I (formerly Select Class)
Actual*		1,000.00		1,053.60		3.11		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class T
Actual**		1,000.00		1,034.80		3.07		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75

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

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 147/365 (to reflect the actual period). Commencement of operations was June 6, 2017.

138 J.P. MORGAN FUNDS OCTOBER 31, 2017

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds in which the Funds may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense analyses compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 139

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Funds.

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser and JPMIM, earn fees from each Fund and/or Underlying Funds for providing shareholder and administrative services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for each Fund and/or Underlying Funds.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

140 J.P. MORGAN FUNDS OCTOBER 31, 2017

are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

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

The Trustees noted that the Global Allocation Fund’s performance for Class A shares was in the fifth, fourth and fourth quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and first quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Income Builder Fund’s performance for Class A shares was in the second, third, and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2016, respectively, and in the second quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2016. The Trustees noted that performance for Class I shares was in the second, first and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2016, respectively, and in the second quintile based upon the

Universe, for each of the one-, three-, and five-year periods ended December 31, 2016. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Global Allocation Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory, in light of the services provided to the Fund, and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the Income Builder Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that actual total expenses for Class I shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory, in light of the services provided to the Fund, and that

OCTOBER 31, 2017 J.P. MORGAN FUNDS 141

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.

142 J.P. MORGAN FUNDS OCTOBER 31, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2017:

	Dividend Received Deduction
Global Allocation Fund		17.64	%
Income Builder Fund		17.81

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017 (amounts in thousands):

	Qualified Dividend Income
Global Allocation Fund	$	22,683
Income Builder Fund		209,175

OCTOBER 31, 2017 J.P. MORGAN FUNDS 143

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017 AN-IB-GAL-1017

Annual Report

J.P. Morgan Funds

October 31, 2017

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
Report of Independent Registered Public Accounting Firm	39
Trustees	40
Officers	42
Schedule of Shareholder Expenses	43
Board Approval of Investment Advisory Agreements	44
Privacy Policy — Located at the back of this Annual Report

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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		5.40%
J.P. Morgan Emerging Markets Bond Index Global Diversified		6.32%
JPMorgan Emerging Markets Strategic Debt Composite Benchmark		5.94%
Net Assets as of 10/31/2017 (In Thousands)	$	661,013
Duration as of 10/31/2017		6.7 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 performance but underperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) for the twelve months ended October 31, 2017.

Relative to the Index, the Fund’s overweight allocation to the U.S. was a leading detractor from performance as yields on U.S. Treasury bonds remained relatively low during the reporting period. Additionally, the Fund’s U.S. position included a hedge against rising interest rates via credit default swaps, which hurt relative performance as interest rates remained relatively low during the reporting period. The Fund’s overweight allocations to Russia, Turkey and the United Arab Emirates also detracted from relative performance as the economies in those countries underperformed other emerging market economies.

The Fund’s allocation to Latin America, particularly Argentina, Brazil and Mexico, was a leading contributor to absolute performance during the reporting period. Economic fundamentals improved in Argentina as the country experienced accelerating

growth and declining inflation during the reporting period. Brazil’s economy stabilized during the reporting period and Brazilian financial assets appreciated substantially amid investor expectations for economic reforms and monetary easing. The Fund’s exposure to interest rates and the peso in Mexico also contributed to absolute performance as investor concerns about potential protectionist U.S. trade policies receded. Additionally, the Fund’s allocation to Indonesia, which benefited from positive economic fundamentals, also contributed to absolute performance.

The Fund’s allocation to the U.S. was the largest detractor from absolute performance. The Fund’s allocation to Venezuela also detracted from absolute performance, as protracted economic and social conflict within the country increased the probability of a disorderly debt restructuring. The Fund’s allocation to bonds in Malaysia and the Philippines also detracted from absolute performance as low bond yields failed to attract investors.

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 Indonesia, Russia and South Africa and underweight in the currencies of the U.S., Chile and the European Union. In terms of sovereign debt, the Fund was overweight at the end of the reporting period in Argentina, Belarus and Ukraine and was underweight in the Philippines, Malaysia and Poland.

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

2 J.P. MORGAN FUNDS OCTOBER 31, 2017

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	67.2	%
Corporate Bonds	28.8
Options Purchased	0.0	(a)
Short-Term Investment	4.0

PORTFOLIO COMPOSITION BY COUNTRY***
Argentina	6.2	%
Indonesia	5.8
Mexico	5.4
Russia	5.2
Ukraine	5.0
Lebanon	4.7
Turkey	4.3
Brazil	3.9
Dominican Republic	3.1
South Africa	3.1
Ecuador	2.8
Colombia	2.7
Belarus	2.6
Sri Lanka	2.1
China	1.9
Jordan	1.7
Kazakhstan	1.7
Oman	1.5
Peru	1.5
Romania	1.4
Hungary	1.4
Pakistan	1.3
Egypt	1.3
Uruguay	1.2
El Salvador	1.2
Gabon	1.2
Qatar	1.2
Jamaica	1.1
United Arab Emirates	1.1
Croatia	1.0
Costa Rica	1.0
Ivory Coast	1.0
Panama	1.0
Others (each less than 1.0%)	14.4
Short-Term Investment	4.0

(a) Amount rounds to less than 0.05%.

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

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

*** Percentages indicated are based on total investments as of October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		June 29, 2012
With Sales Charge*				1.25	%		(3.92	)%		(3.10	)%
Without Sales Charge				5.21			(3.18	)		(2.41	)
CLASS C SHARES		June 29, 2012
With CDSC**				3.56			(3.66	)		(2.90	)
Without CDSC				4.56			(3.66	)		(2.90	)
CLASS I SHARES		June 29, 2012		5.40			(2.95	)		(2.17	)
CLASS R2 SHARES		June 29, 2012		4.83			(3.44	)		(2.66	)
CLASS R5 SHARES		June 29, 2012		5.56			(2.75	)		(1.98	)
CLASS R6 SHARES		June 29, 2012		5.73			(2.69	)		(1.91	)

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (6/29/12 TO 10/31/17)

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 were 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 October 31, 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 and 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 OCTOBER 31, 2017

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 28.7%
		Argentina — 1.2%
		Pampa Energia SA,
	270	7.50%, 01/24/2027 (e)		294
	620	Reg. S, 7.38%, 07/21/2023		678
	600	Reg. S, 7.50%, 01/24/2027		654
		YPF SA,
	540	6.95%, 07/21/2027 (e)		577
	3,000	Reg. S, 8.50%, 03/23/2021		3,394
	2,050	Reg. S, 8.75%, 04/04/2024		2,375
				7,972
		Azerbaijan — 0.2%
	1,300	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/2030		1,430
		Bahrain — 0.3%
	1,650	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		1,643
		Brazil — 3.0%
		Banco do Brasil SA,
	660	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 6.36%), 9.00%, 06/18/2024 (x) (y) (aa)		724
	200	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.33%), 9.25%, 04/15/2023 (x) (y) (aa)		226
	1,800	Caixa Economica Federal,
		Reg. S, 4.50%, 10/03/2018		1,830
	1,520	JSL Europe SA, 7.75%, 07/26/2024 (e)		1,616
	660	Minerva Luxembourg SA, Reg. S, 6.50%, 09/20/2026		690
		Petrobras Global Finance BV,
	3,255	6.00%, 01/27/2028 (e)		3,309
	800	6.13%, 01/17/2022		865
	3,550	6.85%, 06/05/2115		3,371
	1,210	7.38%, 01/17/2027		1,340
	3,668	8.38%, 05/23/2021		4,223
	220	8.75%, 05/23/2026		266
	560	Suzano Austria GmbH, 7.00%, 03/16/2047 (e)		625
	750	Votorantim Cimentos SA,
		Reg. S, 7.25%, 04/05/2041		801
				19,886
		Chile — 0.8%
	232	AES Gener SA, Reg. S, 5.25%, 08/15/2021		246
	1,500	Corp. Nacional del Cobre de Chile,
		Reg. S, 4.50%, 09/16/2025		1,614

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Chile — continued
	1,110	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		1,114
	400	Empresa Nacional del Petroleo, Reg. S, 3.75%, 08/05/2026		398
	970	Geopark Ltd., 6.50%, 09/21/2024 (e)		993
	660	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		697
				5,062
		China — 1.9%
	440	Baoxin Auto Finance I Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 12.62%), 8.75%, 12/15/2019 (x) (y) (aa)		469
	270	Bluestar Finance Holdings Ltd., Reg. S, 3.13%, 09/30/2019		271
	470	CCCI Treasure Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.19%), 3.50%, 04/21/2020 (x) (y) (aa)		475
	580	Fortune Star BVI Ltd., Reg. S, 5.25%, 03/23/2022		581
	200	GOME Electrical Appliances Holding Ltd., Reg. S, 5.00%, 03/10/2020		203
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		198
	200	Huarong Finance II Co. Ltd., Reg. S, 2.75%, 06/03/2019		199
	760	Keen Idea Global Ltd., Reg. S, 4.38%, 03/08/2020		764
	2,660	Logan Property Holdings Co. Ltd., Reg. S, 5.25%, 02/23/2023		2,607
	280	Moon Wise Global Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 12.37%), 9.00%, 01/28/2019 (x) (y) (aa)		296
	1,270	Rock International Investment, Inc.,
		Reg. S, 6.63%, 03/27/2020		1,235
	750	Sinochem Overseas Capital Co. Ltd.,
		Reg. S, 4.50%, 11/12/2020		793
	800	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.10%, 04/28/2045		816
	1,000	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.70%, 06/10/2025		1,035
	200	Tianjin Infrastructure Construction & Investment Group Co. Ltd., Reg. S, 2.75%, 06/15/2019		199
	450	Times Property Holdings Ltd., Reg. S, 6.25%, 01/23/2020		463

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		China — continued
	900	Top Wise Excellence Enterprise Co. Ltd., Reg. S, 6.00%, 03/16/2020		925
	640	Vanke Real Estate Hong Kong Co. Ltd., Reg. S, 3.95%, 12/23/2019		655
	270	Wealth Driven Ltd., Reg. S, 5.50%, 08/17/2023		272
				12,456
		Colombia — 1.1%
	910	Banco GNB Sudameris SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 04/03/2027 (e) (aa)		942
	2,550	Bancolombia SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 4.88%, 10/18/2027 (aa)		2,546
		Ecopetrol SA,
	2,340	5.38%, 06/26/2026		2,500
	1,300	5.88%, 09/18/2023		1,466
				7,454
		Congo, Democratic Republic of the — 0.2%
		HTA Group Ltd.,
	309	9.13%, 03/08/2022 (e)		331
	1,080	Reg. S, 9.13%, 03/08/2022		1,157
				1,488
		Costa Rica — 0.1%
	500	Republic of Costa Rica, Reg. S, 5.88%, 04/25/2021		520
		Ecuador — 0.0% (g)
	310	Petroamazonas EP, 4.63%, 02/16/2020 (e)		299
		Guatemala — 0.2%
		Central American Bottling Corp.,
	300	5.75%, 01/31/2027 (e)		316
	380	Reg. S, 5.75%, 01/31/2027		401
	670	Comcel Trust, Reg. S, 6.88%, 02/06/2024		706
				1,423
		Hong Kong — 0.4%
	1,050	Bank of East Asia Ltd. (The), Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.68%), 5.63%, 05/18/2022 (x) (y) (aa)		1,087
	600	King Power Capital Ltd., Reg. S, 5.63%, 11/03/2024		679
	1,190	Radiant Access Ltd., Reg. S, 4.60%, 05/18/2020 (x) (y)		1,161
				2,927

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hungary — 0.1%
	600	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.25%, 10/21/2020		660
		India — 0.8%
	929	Azure Power Energy Ltd., 5.50%, 11/03/2022 (e)		959
	1,200	Greenko Dutch BV, 5.25%, 07/24/2024 (e)		1,223
	900	IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019		905
	1,480	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		1,525
		UPL Corp. Ltd.,
	200	3.25%, 10/13/2021 (e)		200
	690	Reg. S, 3.25%, 10/13/2021		691
				5,503
		Indonesia — 1.8%
	1,610	APL Realty Holdings Pte. Ltd., Reg. S, 5.95%, 06/02/2024		1,640
		Listrindo Capital BV,
	200	4.95%, 09/14/2026 (e)		203
	410	Reg. S, 4.95%, 09/14/2026		416
		Minejesa Capital BV,
	1,711	4.63%, 08/10/2030 (e)		1,746
	1,900	5.63%, 08/10/2037 (e)		2,018
		Pertamina Persero PT,
	1,500	Reg. S, 6.45%, 05/30/2044		1,810
	800	Reg. S, 6.50%, 05/27/2041		966
	700	Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027		705
		Saka Energi Indonesia PT,
	1,155	4.45%, 05/05/2024 (e)		1,174
	440	Reg. S, 4.45%, 05/05/2024		448
	660	Theta Capital Pte. Ltd., Reg. S, 7.00%, 04/11/2022		684
				11,810
		Ireland — 0.2%
	1,230	C&W Senior Financing Designated Activity Co., 6.88%, 09/15/2027 (e)		1,285
		Jamaica — 0.1%
		Digicel Group Ltd.,
	580	Reg. S, 7.13%, 04/01/2022		547
	200	Reg. S, 8.25%, 09/30/2020		197
				744
		Jordan — 0.4%
	2,360	Hikma Pharmaceuticals plc, Reg. S, 4.25%, 04/10/2020		2,384

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Kazakhstan — 1.2%
	2,350	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		2,632
		KazMunayGas National Co. JSC,
	1,100	Reg. S, 3.88%, 04/19/2022		1,114
	1,000	Reg. S, 4.75%, 04/19/2027		1,023
	450	Reg. S, 6.38%, 04/09/2021		492
	1,700	Reg. S, 7.00%, 05/05/2020		1,853
	960	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		997
				8,111
		Kuwait — 0.1%
	439	Kuwait Projects Co. SPC Ltd., Reg. S, 4.50%, 02/23/2027		440
		Macau — 0.1%
	771	Wynn Macau Ltd., 4.88%, 10/01/2024 (e)		785
		Mauritius — 0.4%
	1,628	Liquid Telecommunications Financing plc, 8.50%, 07/13/2022 (e)		1,730
		Neerg Energy Ltd.,
	200	6.00%, 02/13/2022 (e)		206
	550	Reg. S, 6.00%, 02/13/2022		566
				2,502
		Mexico — 4.8%
		Banco Mercantil del Norte SA,
	1,200	(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.45%), 5.75%, 10/04/2031 (e) (aa)		1,219
	1,500	(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.35%), 7.63%, 01/10/2028 (e) (x) (y) (aa)		1,630
	910	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.45%), 5.75%, 10/04/2031 (aa)		925
		Banco Nacional de Comercio Exterior SNC,
	500	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 08/11/2026 (aa)		497
	500	Reg. S, 4.38%, 10/14/2025		517
	1,210	Grupo KUO SAB de CV, 5.75%, 07/07/2027 (e)		1,233
		Mexichem SAB de CV,
	1,100	5.50%, 01/15/2048 (e)		1,065
	1,990	Reg. S, 5.88%, 09/17/2044		2,058
	1,480	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		1,468

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
		Petroleos Mexicanos,
	700	4.88%, 01/24/2022		728
	149	(ICE LIBOR USD 3 Month + 3.65%), 4.97%, 03/11/2022 (e) (aa)		162
	1,150	5.50%, 01/21/2021		1,222
	2,180	6.50%, 03/13/2027 (e)		2,378
	6,313	6.75%, 09/21/2047 (e)		6,507
	1,550	6.88%, 08/04/2026		1,741
	500	Reg. S, (ICE LIBOR USD 3 Month + 3.65%), 4.97%, 03/11/2022 (aa)		545
	5,500	Reg. S, 5.38%, 03/13/2022		5,835
	2,100	Reg. S, 6.50%, 03/13/2027		2,290
				32,020
		Morocco — 0.2%
	900	OCP SA, Reg. S, 6.88%, 04/25/2044		1,015
		Nigeria — 0.5%
	1,653	Fidelity Bank plc, 10.50%, 10/16/2022 (e)		1,678
	1,720	IHS Netherlands Holdco BV,
		Reg. S, 9.50%, 10/27/2021		1,823
				3,501
		Norway — 0.1%
	500	DNO ASA, Reg. S, 8.75%, 06/18/2020 (e)		493
		Panama — 0.2%
	1,210	Banistmo SA, 3.65%, 09/19/2022 (e)		1,206
	330	Global Bank Corp., Reg. S, 4.50%, 10/20/2021		338
				1,544
		Peru — 0.6%
	1,000	Fondo MIVIVIENDA SA, Reg. S, 3.50%, 01/31/2023		1,019
		Nexa Resources SA,
	260	5.38%, 05/04/2027 (e)		275
	400	Reg. S, 5.38%, 05/04/2027		423
		Petroleos del Peru SA,
	730	4.75%, 06/19/2032 (e)		747
	600	5.63%, 06/19/2047 (e)		631
	460	Transportadora de Gas del Peru SA, Reg. S, 4.25%, 04/30/2028		474
	460	Union Andina de Cementos SAA,
		Reg. S, 5.88%, 10/30/2021		483
				4,052

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Qatar — 1.2%
		ABQ Finance Ltd.,
	2,610	Reg. S, 3.50%, 02/22/2022		2,574
	760	Reg. S, 3.63%, 04/13/2021		756
	1,650	Ooredoo Tamweel Ltd., Reg. S, 3.04%, 12/03/2018		1,661
	2,606	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		2,697
				7,688
		Russia — 1.1%
	1,910	Credit Bank of Moscow, Reg. S, (USD Swap Semi 5 Year + 5.42%), 7.50%, 10/05/2027 (aa)		1,762
	1,500	GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024		1,526
	836	Metalloinvest Finance DAC, 4.85%, 05/02/2024 (e)		851
	400	Sberbank of Russia, Reg. S, 6.13%, 02/07/2022		437
	400	Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022		438
	1,900	Vnesheconombank, Reg. S, 6.03%, 07/05/2022		2,069
				7,083
		Singapore — 0.3%
	1,650	DBS Group Holdings Ltd., Reg. S, (USD Swap Semi 5 Year + 2.39%), 3.60%, 09/07/2021 (x) (y) (aa)		1,657
		South Africa — 1.2%
		Eskom Holdings SOC Ltd.,
	1,100	Reg. S, 6.75%, 08/06/2023		1,125
	800	Reg. S, 7.13%, 02/11/2025		819
	2,020	MTN Mauritius Investment Ltd.,
		Reg. S, 6.50%, 10/13/2026		2,187
		Stillwater Mining Co.,
	2,596	6.13%, 06/27/2022 (e)		2,635
	713	7.13%, 06/27/2025 (e)		732
		Transnet SOC Ltd.,
	400	Reg. S, 4.00%, 07/26/2022		390
				7,888
		South Korea — 0.2%
		Woori Bank,
	270	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.31%), 4.50%, 09/27/2021 (x) (y) (aa)		269

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Korea — continued
	860	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 05/16/2022 (x) (y) (aa)		873
				1,142
		Sri Lanka — 0.1%
	400	National Savings Bank, Reg. S, 8.88%, 09/18/2018		418
		Trinidad and Tobago — 0.3%
	1,650	Petroleum Co. of Trinidad & Tobago Ltd.,
		Reg. S, 9.75%, 08/14/2019		1,741
		Tunisia — 0.3%
	1,192	Banque Centrale de Tunisie International Bond, Reg. S, 5.75%, 01/30/2025		1,186
	1,108	Republic of Banque Centrale de Tunisie, Reg. S, 5.75%, 01/30/2025		1,103
				2,289
		Turkey — 1.3%
	3,280	Finansbank A/S, Reg. S, 4.88%, 05/19/2022		3,231
	2,420	TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e)		2,372
	1,570	Turkiye Is Bankasi, 6.13%, 04/25/2024 (e)		1,564
		Turkiye Sise ve Cam Fabrikalari A/S,
	1,330	Reg. S, 4.25%, 05/09/2020		1,348
				8,515
		Ukraine — 0.1%
		State Savings Bank of Ukraine,
	500	Reg. S, , SUB, 9.38%, 03/10/2023		534
	400	Reg. S, , SUB, 9.62%, 03/20/2025		431
				965
		United Arab Emirates — 1.0%
	2,751	EA Partners I BV, Reg. S, 6.88%, 09/28/2020		2,132
	1,076	EA Partners II BV, Reg. S, 6.75%, 06/01/2021		823
	3,850	MAF Global Securities Ltd., Reg. S, (USD Swap Semi 5 Year + 5.70%), 7.13%, 10/29/2018 (x) (y) (aa)		3,970
				6,925
		Venezuela, Bolivarian Republic of — 0.6%
		Petroleos de Venezuela SA,
	2,930	Reg. S, 5.38%, 04/12/2027		839
	200	Reg. S, 5.50%, 04/12/2037		58
	6,670	Reg. S, 6.00%, 11/15/2026		1,834
	697	Reg. S, 8.50%, 10/27/2020		576
	490	Reg. S, 9.00%, 11/17/2021		215

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Venezuela, Bolivarian Republic of — continued
	630	Reg. S, 9.75%, 05/17/2035		227
	620	Reg. S, 12.75%, 02/17/2022		280
				4,029
		Total Corporate Bonds (Cost $187,768)		189,749
	Foreign Government Securities — 67.2%
		Angola — 0.9%
		Republic of Angola,
	2,650	Reg. S, 7.00%, 08/17/2019		2,729
	2,800	Reg. S, 9.50%, 11/12/2025		3,045
				5,774
		Argentina — 5.0%
		Provincia de Buenos Aires,
	3,639	7.88%, 06/15/2027 (e)		4,021
	3,050	Reg. S, 9.95%, 06/09/2021		3,530
		Provincia de Cordoba,
	670	7.13%, 08/01/2027 (e)		712
	3,600	7.45%, 09/01/2024 (e)		3,951
	500	Reg. S, 7.13%, 06/10/2021		539
	700	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		777
		Republic of Argentina,
	9,516	(Argentina GDP), 0.00%, 0.00%, 12/15/2035 (aa)		1,066
	4,500	6.88%, 04/22/2021		4,912
	8,204	7.13%, 06/28/2117 (e)		8,409
	1,400	7.50%, 04/22/2026		1,582
	2,103	8.28%, 12/31/2033		2,452
	ARS         1,900	15.50%, 10/17/2026		112
	ARS       11,258	18.20%, 10/03/2021		654
				32,717
		Armenia — 0.4%
	2,100	Republic of Armenia, Reg. S, 7.15%, 03/26/2025		2,347
		Azerbaijan — 0.1%
	700	Republic of Azerbaijan,
		Reg. S, 4.75%, 03/18/2024		719
		Belarus — 2.6%
		Republic of Belarus,
	3,730	6.88%, 02/28/2023 (e)		3,963
	3,930	7.63%, 06/29/2027 (e)		4,328
	8,880	Reg. S, 8.95%, 01/26/2018		8,958
				17,249

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Bermuda — 0.2%
	1,100	Republic of Bermuda,
		Reg. S, 4.85%, 02/06/2024		1,198
		Brazil — 0.9%
		Federative Republic of Brazil,
	1,000	5.00%, 01/27/2045		930
	3,350	6.00%, 04/07/2026		3,723
	1,120	8.25%, 01/20/2034		1,460
				6,113
		Cameroon — 0.1%
	500	Republic of Cameroon,
		Reg. S, 9.50%, 11/19/2025		593
		Colombia — 1.6%
		Republic of Colombia,
	2,100	3.88%, 04/25/2027		2,118
	400	4.50%, 01/28/2026		426
	5,100	5.00%, 06/15/2045		5,248
	2,100	7.38%, 09/18/2037		2,769
				10,561
		Costa Rica — 0.9%
	1,100	Instituto Costarricense de Electricidad,
		Reg. S, 6.38%, 05/15/2043		1,031
		Republic of Costa Rica,
	500	Reg. S, 4.25%, 01/26/2023		493
	1,216	Reg. S, 4.38%, 04/30/2025		1,190
	1,300	Reg. S, 7.00%, 04/04/2044		1,354
	2,000	Reg. S, 7.16%, 03/12/2045		2,125
				6,193
		Croatia — 1.0%
		Republic of Croatia,
	1,680	Reg. S, 6.00%, 01/26/2024		1,911
	1,300	Reg. S, 6.38%, 03/24/2021		1,433
	1,400	Reg. S, 6.63%, 07/14/2020		1,531
	1,900	Reg. S, 6.75%, 11/05/2019		2,045
				6,920
		Dominican Republic — 3.1%
		Government of Dominican Republic,
	DOP     199,000	11.25%, 02/05/2027 (e)		4,485
	1,200	Reg. S, 5.88%, 04/18/2024		1,305
	6,900	Reg. S, 6.88%, 01/29/2026		7,883
	4,440	Reg. S, 7.45%, 04/30/2044		5,267
	1,500	Reg. S, 7.50%, 05/06/2021		1,656
				20,596

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Ecuador — 2.8%
		Republic of Ecuador,
	3,580	8.75%, 06/02/2023 (e)		3,755
	10,800	8.88%, 10/23/2027 (e)		11,014
	600	Reg. S, 7.95%, 06/20/2024		605
	1,500	Reg. S, 9.65%, 12/13/2026		1,616
	1,200	Reg. S, 10.75%, 03/28/2022		1,358
				18,348
		Egypt — 1.3%
		Republic of Egypt,
	1,000	Reg. S, 5.88%, 06/11/2025		1,021
	2,200	Reg. S, 7.50%, 01/31/2027		2,434
	4,418	Reg. S, 8.50%, 01/31/2047		4,987
				8,442
		El Salvador — 1.2%
		Republic of El Salvador,
	960	Reg. S, 5.88%, 01/30/2025		942
	1,800	Reg. S, 6.38%, 01/18/2027		1,784
	1,678	Reg. S, 7.63%, 02/01/2041		1,741
	711	Reg. S, 7.65%, 06/15/2035		740
	1,470	Reg. S, 7.75%, 01/24/2023		1,578
	1,158	Reg. S, 8.25%, 04/10/2032		1,281
				8,066
		Ethiopia — 0.1%
	600	Republic of Ethiopia,
		Reg. S, 6.63%, 12/11/2024		618
		Gabon — 1.2%
		Republic of Gabonese,
	5,204	Reg. S, 6.38%, 12/12/2024		5,094
	2,701	Reg. S, 6.95%, 06/16/2025		2,697
				7,791
		Ghana — 0.3%
	1,400	Republic of Ghana,
		Reg. S, 10.75%, 10/14/2030		1,858
		Honduras — 0.4%
		Republic of Honduras,
	1,400	Reg. S, 7.50%, 03/15/2024		1,582
	1,000	Reg. S, 8.75%, 12/16/2020		1,135
				2,717
		Hungary — 1.3%
		Republic of Hungary,
	1,600	5.38%, 02/21/2023		1,790
	1,700	5.38%, 03/25/2024		1,932

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hungary — continued
	4,324	5.75%, 11/22/2023		4,972
				8,694
		Indonesia — 4.0%
		Republic of Indonesia,
	IDR 56,512,000	7.00%, 05/15/2022		4,260
	IDR 32,500,000	7.50%, 08/15/2032		2,438
	IDR 91,106,000	8.25%, 05/15/2036		7,247
	IDR   1,302,000	8.38%, 03/15/2024		104
	IDR 60,511,000	9.00%, 03/15/2029		5,043
	1,400	Reg. S, 4.13%, 01/15/2025		1,465
	1,500	Reg. S, 4.35%, 01/08/2027		1,589
	300	Reg. S, 5.88%, 01/15/2024		344
	300	Reg. S, 5.95%, 01/08/2046		371
	1,600	Reg. S, 6.63%, 02/17/2037		2,054
	1,100	Reg. S, 6.75%, 01/15/2044		1,473
				26,388
		Iraq — 0.3%
	2,355	Republic of Iraq,
		Reg. S, 5.80%, 01/15/2028		2,220
		Ivory Coast — 1.0%
		Republic of Ivory Coast,
	200	Reg. S, 5.38%, 07/23/2024		202
	6,369	Reg. S, , SUB, 5.75%, 12/31/2032		6,266
				6,468
		Jamaica — 1.0%
		Government of Jamaica,
	1,200	6.75%, 04/28/2028		1,389
	1,280	7.88%, 07/28/2045		1,586
	335	8.00%, 06/24/2019		355
	2,511	8.00%, 03/15/2039		3,123
				6,453
		Jordan — 1.4%
		Kingdom of Jordan,
	1,403	7.38%, 10/10/2047 (e)		1,468
	1,400	Reg. S, 5.75%, 01/31/2027		1,398
	6,000	Reg. S, 6.13%, 01/29/2026		6,203
				9,069
		Kazakhstan — 0.5%
		Republic of Kazakhstan,
	752	Reg. S, 3.88%, 10/14/2024		776
	1,500	Reg. S, 5.13%, 07/21/2025		1,667

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Kazakhstan — continued
	600	Reg. S, 6.50%, 07/21/2045		752
				3,195
		Kenya — 0.5%
	3,300	Republic of Kenya,
		Reg. S, 6.88%, 06/24/2024		3,428
		Lebanon — 4.7%
		Republic of Lebanon,
	1,570	6.15%, 06/19/2020		1,578
	2,450	6.25%, 05/27/2022		2,434
	4,960	6.38%, 03/09/2020		5,028
	825	Reg. S, 5.15%, 06/12/2018		829
	10,957	Reg. S, 5.45%, 11/28/2019		10,971
	2,474	Reg. S, 6.60%, 11/27/2026		2,381
	4,900	Reg. S, 6.65%, 02/26/2030		4,600
	2,900	Reg. S, 8.25%, 04/12/2021		3,074
				30,895
		Malaysia — 0.1%
	1,000	1MDB Global Investments Ltd., Reg. S, 4.40%, 03/09/2023		957
		Mexico — 0.6%
		United Mexican States,
	1,300	4.15%, 03/28/2027		1,351
	1,850	5.55%, 01/21/2045		2,068
	400	5.75%, 10/12/2110		418
				3,837
		Mongolia — 0.9%
		Mongolia Government Bond,
	1,800	5.63%, 05/01/2023 (e)		1,802
	2,859	8.75%, 03/09/2024 (e)		3,270
	900	Reg. S, 10.88%, 04/06/2021		1,055
				6,127
		Morocco — 0.1%
	400	Kingdom of Morocco,
		Reg. S, 5.50%, 12/11/2042		447
		Namibia — 0.4%
	2,400	Republic of Namibia, Reg. S, 5.25%, 10/29/2025		2,442
		Oman — 1.5%
		Oman Government Bond,
	6,224	6.50%, 03/08/2047 (e)		6,407
	2,300	Reg. S, 4.75%, 06/15/2026		2,268
	1,100	Reg. S, 5.38%, 03/08/2027		1,129
				9,804

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Pakistan — 1.3%
		Republic of Pakistan,
	5,960	Reg. S, 7.25%, 04/15/2019		6,208
	2,118	Reg. S, 8.25%, 04/15/2024		2,358
				8,566
		Panama — 0.7%
		Republic of Panama,
	500	4.50%, 05/15/2047		529
	1,400	6.70%, 01/26/2036		1,850
	200	8.88%, 09/30/2027		289
	1,400	9.38%, 04/01/2029		2,101
				4,769
		Paraguay — 0.6%
		Republic of Paraguay,
	200	4.70%, 03/27/2027 (e)		210
	1,100	Reg. S, 5.00%, 04/15/2026		1,184
	2,000	Reg. S, 6.10%, 08/11/2044		2,280
				3,674
		Peru — 0.9%
		Republic of Peru,
	1,300	4.13%, 08/25/2027		1,422
	1,750	5.63%, 11/18/2050		2,207
	1,300	8.75%, 11/21/2033		2,052
				5,681
		Philippines — 0.5%
	2,150	Republic of Philippines, 7.75%, 01/14/2031		3,087
		Poland — 0.3%
	PLN         9,000	Republic of Poland, 2.50%, 07/25/2027		2,283
		Romania — 1.4%
		Republic of Romania,
	RON      25,000	3.50%, 12/19/2022		6,324
	2,150	Reg. S, 4.38%, 08/22/2023		2,298
	800	Reg. S, 4.88%, 01/22/2024		879
				9,501
		Russia — 4.1%
		Russian Federation,
	RUB       30,000	7.00%, 01/25/2023		505
	RUB     880,000	7.75%, 09/16/2026		15,298
	1,800	Reg. S, 4.88%, 09/16/2023		1,960
	4,600	Reg. S, 5.25%, 06/23/2047		4,710
	2,200	Reg. S, 5.63%, 04/04/2042		2,428
	2,200	Reg. S, 5.88%, 09/16/2043		2,511
				27,412

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Senegal — 0.2%
	1,300	Republic of Senegal,
		6.25%, 05/23/2033 (e)		1,344
		Serbia — 0.7%
		Republic of Serbia,
	1,800	Reg. S, 4.88%, 02/25/2020		1,876
	2,500	Reg. S, 7.25%, 09/28/2021		2,875
				4,751
		South Africa — 1.9%
		Republic of South Africa,
	1,200	4.30%, 10/12/2028		1,107
	600	5.00%, 10/12/2046		532
	900	5.38%, 07/24/2044		846
	1,000	5.50%, 03/09/2020		1,055
	600	5.88%, 05/30/2022		655
	1,400	5.88%, 09/16/2025		1,491
	100	6.25%, 03/08/2041		105
	ZAR     108,876	8.75%, 02/28/2048		6,726
				12,517
		Sri Lanka — 2.0%
		Republic of Sri Lanka,
	2,600	6.20%, 05/11/2027 (e)		2,758
	600	Reg. S, 5.88%, 07/25/2022		641
	1,900	Reg. S, 6.25%, 10/04/2020		2,028
	2,200	Reg. S, 6.25%, 07/27/2021		2,373
	3,000	Reg. S, 6.83%, 07/18/2026		3,325
	1,800	Reg. S, 6.85%, 11/03/2025		1,999
				13,124
		Tajikistan — 0.0% (g)
	320	Republic of Tajikistan International Bond, 7.13%, 09/14/2027 (e)		308
		Turkey — 3.0%
		Republic of Turkey,
	TRY      8,120	2.90%, 07/07/2027		2,159
	5,100	4.88%, 04/16/2043		4,399
	300	5.63%, 03/30/2021		316
	500	5.75%, 05/11/2047		477
	3,850	6.00%, 03/25/2027		4,057
	1,700	6.00%, 01/14/2041		1,700
	1,000	6.25%, 09/26/2022		1,087
	2,400	6.63%, 02/17/2045		2,562
	2,600	7.38%, 02/05/2025		2,987
	100	8.00%, 02/14/2034		122
				19,866

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ukraine — 4.8%
		Republic of Ukraine,
	1,600	7.38%, 09/25/2032 (e)		1,576
	1,849	Reg. S, (IGDCUKR Index 1.00% Cap), 0.00% 0.00%, 05/31/2040 (aa)		1,062
	6,600	Reg. S, 7.75%, 09/01/2020		7,029
	2,950	Reg. S, 7.75%, 09/01/2021		3,145
	500	Reg. S, 7.75%, 09/01/2023		531
	7,310	Reg. S, 7.75%, 09/01/2024		7,657
	1,920	Reg. S, 7.75%, 09/01/2025		1,997
	2,850	Reg. S, 7.75%, 09/01/2026		2,936
	5,000	Reg. S, 7.75%, 09/01/2027		5,150
		Ukreximbank Via Biz Finance plc,
	700	Reg. S, 9.75%, 01/22/2025		764
				31,847
		Uruguay — 1.2%
		Republic of Uruguay,
	1,900	4.38%, 10/27/2027		2,052
	2,800	5.10%, 06/18/2050		3,003
	2,200	7.88%, 01/15/2033		3,121
				8,176
		Venezuela, Bolivarian Republic of — 0.3%
		Republic of Venezuela,
	170	9.38%, 01/13/2034		58
	310	Reg. S, 6.00%, 12/09/2020		121
	1,030	Reg. S, 7.65%, 04/21/2025		337
	521	Reg. S, 7.75%, 10/13/2019		239
	870	Reg. S, 8.25%, 10/13/2024		289
	90	Reg. S, 9.00%, 05/07/2023		30
	800	Reg. S, 9.25%, 05/07/2028		264
	170	Reg. S, 11.75%, 10/21/2026		69
	620	Reg. S, 12.75%, 08/23/2022		271
				1,678
		Vietnam — 0.2%
	1,100	Republic of Vietnam, Reg. S, 4.80%, 11/19/2024		1,179
		Zambia — 0.7%
	4,400	Republic of Zambia, Reg. S, 8.97%, 07/30/2027		4,785
		Total Foreign Government Securities (Cost $439,193)		443,792

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Options Purchased — 0.0% (g)
		Call Options — 0.0% (g)
		United States — 0.0% (g)
	31,518	Foreign Exchange SGD/USD 11/09/2017 at USD 1.40, Vanilla, European Style (a) Notional Amount: USD 31,518 Counterparty: Bank of America NA		2
	5,573	Foreign Exchange TWD/USD 11/16/2017 at USD 31.20, Vanilla, European Style (a) Notional Amount: USD 5,573 Counterparty: Goldman Sachs International		—	(h)
		Total Call Options Purchased		2
		Put Options — 0.0% (g)
		European Union — 0.0% (g)
	27,201	Foreign Exchange USD/EUR, 12/14/2017 at EUR 1.16, Vanilla, European Style (a) Notional Amount: EUR 27,201 Counterparty: Bank of America NA		190
		United States — 0.0% (g)
	33,314	Foreign Exchange MXN/USD 01/17/2018 at USD 17.99, Vanilla, European Style (a) Notional Amount: USD 33,314 Counterparty: Goldman Sachs International		51
		Total Put Options Purchased		241
		Total Options Purchased (Cost $445)		243

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 4.0%
		Investment Company — 4.0%
	26,336	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.19% (b) (l) (Cost $26,341)		26,341
		Total Investments — 99.9% (Cost $653,747)		660,125
		Other Assets in Excess of Liabilities — 0.1%		888
		NET ASSETS — 100.0%	$	661,013

Percentages indicated are based on net assets.

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION		NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
	Long Contracts
	U.S. Treasury Long Bond	32		12/2017		USD		4,877		48
										48

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CLP	1,058,860	USD	1,660	Citibank, NA**		12/15/2017		3
CNH	11,063	USD	1,658	HSBC Bank, NA**		12/15/2017		5
CZK	40,654	EUR	1,566	HSBC Bank, NA		12/15/2017		22
ILS	5,676	USD	1,612	HSBC Bank, NA		12/15/2017		2
KRW	1,873,680	USD	1,657	Goldman Sachs International**		12/15/2017		19
TRY	7,159	USD	1,858	Citibank, NA		12/15/2017		5
TRY	10,069	USD	2,606	Goldman Sachs International		12/15/2017		15
USD	1,669	AUD	2,136	Citibank, NA		12/15/2017		36
USD	3,230	AUD	4,112	Goldman Sachs International		12/15/2017		84

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	6,626	BRL	21,167	Citibank, NA**		12/15/2017		191
USD	7,801	BRL	25,372	Goldman Sachs International**		12/15/2017		88
USD	13,245	CAD	16,583	Citibank, NA		12/15/2017		385
USD	1,630	CAD	1,997	Credit Suisse International		12/15/2017		81
USD	1,795	CAD	2,250	Goldman Sachs International		12/15/2017		50
USD	1,615	CAD	2,014	HSBC Bank, NA		12/15/2017		54
USD	6,175	CLP	3,860,939	Goldman Sachs International**		12/15/2017		112
USD	1,592	COP	4,761,322	Citibank, NA**		12/15/2017		34
USD	959	EUR	807	Australia & New Zealand Banking Group Ltd.		12/15/2017		17
USD	7,849	EUR	6,700	Citibank, NA		12/15/2017		24
USD	1,673	EUR	1,414	Credit Suisse International		12/15/2017		22
USD	9,693	EUR	8,154	Royal Bank of Canada		12/15/2017		171
USD	1,617	HUF	414,025	Goldman Sachs International		12/15/2017		65
USD	1,619	ILS	5,676	HSBC Bank, NA		12/15/2017		5
USD	3,322	MXN	61,228	Goldman Sachs International		12/15/2017		152
USD	1,619	PHP	83,470	Citibank, NA**		12/15/2017		11
USD	1,731	PHP	89,645	Goldman Sachs International**		12/15/2017		4
USD	6,486	PLN	23,158	Deutsche Bank AG		12/15/2017		123
USD	3,212	PLN	11,441	HSBC Bank, NA		12/15/2017		68
USD	6,677	RON	26,004	Credit Suisse International		12/15/2017		97
USD	6,159	RUB	357,347	Citibank, NA**		12/15/2017		80
USD	6,697	RUB	391,820	Goldman Sachs International**		12/15/2017		32
USD	3,323	SGD	4,523	TD Bank Financial Group		12/15/2017		3
USD	22,548	TRY	85,296	Barclays Bank plc		12/15/2017		349
USD	6,746	TRY	23,812	Citibank, NA		12/15/2017		549
USD	1,654	TRY	6,068	HSBC Bank, NA		12/15/2017		75
USD	16,168	ZAR	214,747	Citibank, NA		12/15/2017		1,095
USD	1,860	ZAR	25,663	Credit Suisse International		12/15/2017		59
USD	2,927	ZAR	41,104	Standard Chartered Bank		12/15/2017		42
USD	13,063	ZAR	179,012	State Street Corp.		12/15/2017		499
ZAR	51,742	USD	3,617	Goldman Sachs International		12/15/2017		15
Total unrealized appreciation								4,743
ARS	70,628	USD	3,955	Citibank, NA**		12/15/2017		(59	)
AUD	2,137	USD	1,657	Citibank, NA		12/15/2017		(23	)
AUD	1,960	USD	1,541	Goldman Sachs International		12/15/2017		(42	)
BRL	46,539	USD	14,582	Citibank, NA**		12/15/2017		(434	)
CAD	2,100	EUR	1,412	State Street Corp.		12/15/2017		(20	)
CLP	11,010,588	USD	17,721	Goldman Sachs International**		12/15/2017		(429	)
CLP	3,982,972	USD	6,458	Merrill Lynch International**		12/15/2017		(203	)
CNH	39,434	USD	6,005	HSBC Bank, NA**		12/15/2017		(76	)
COP	4,761,322	USD	1,619	Goldman Sachs International**		12/15/2017		(61	)
CZK	65,532	USD	3,027	Goldman Sachs International		12/15/2017		(45	)
EUR	884	USD	1,043	Goldman Sachs International		12/15/2017		(11	)
EUR	204	USD	242	Merrill Lynch International		12/15/2017		(4	)
EUR	18,552	USD	22,316	Royal Bank of Canada		12/15/2017		(651	)
EUR	650	USD	769	State Street Corp.		12/15/2017		(10	)
HUF	1,149,091	EUR	3,703	Citibank, NA		12/15/2017		(17	)
HUF	414,025	USD	1,612	HSBC Bank, NA		12/15/2017		(60	)
IDR	45,074,626	USD	3,350	Goldman Sachs International**		12/15/2017		(41	)
INR	381,344	USD	5,912	Goldman Sachs International**		12/15/2017		(45	)
MXN	30,905	USD	1,679	Citibank, NA		12/15/2017		(79	)
MXN	181,090	USD	9,757	Goldman Sachs International		12/15/2017		(383	)
PLN	10,325	USD	2,867	Credit Suisse International		12/15/2017		(30	)
PLN	23,082	USD	6,486	Goldman Sachs International		12/15/2017		(144	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2017

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
PLN	5,708	USD	1,619	HSBC Bank, NA		12/15/2017		(51	)
PLN	9,283	USD	2,601	Royal Bank of Canada		12/15/2017		(50	)
RUB	554,346	USD	9,500	Citibank, NA**		12/15/2017		(71	)
RUB	92,223	USD	1,577	Deutsche Bank AG**		12/15/2017		(9	)
RUB	186,003	USD	3,181	Goldman Sachs International**		12/15/2017		(17	)
TRY	42,776	USD	11,796	Citibank, NA		12/15/2017		(665	)
TRY	7,300	USD	1,960	Goldman Sachs International		12/15/2017		(60	)
TRY	20,939	USD	5,498	HSBC Bank, NA		12/15/2017		(48	)
TRY	13,359	USD	3,592	Merrill Lynch International		12/15/2017		(116	)
TRY	5,645	USD	1,545	TD Bank Financial Group		12/15/2017		(75	)
USD	1,652	AUD	2,162	Goldman Sachs International		12/15/2017		(2	)
USD	7,065	CLP	4,531,280	Deutsche Bank AG**		12/15/2017		(50	)
USD	8,680	CLP	5,560,062	Goldman Sachs International**		12/15/2017		(51	)
USD	1,659	KRW	1,873,680	Goldman Sachs International**		12/15/2017		(17	)
USD	1,662	SGD	2,270	BNP Paribas		12/15/2017		(4	)
USD	1,657	ZAR	23,670	State Street Corp.		12/15/2017		(5	)
ZAR	45,552	USD	3,332	Citibank, NA		12/15/2017		(135	)
ZAR	22,392	USD	1,596	Credit Suisse International		12/15/2017		(24	)
ZAR	46,103	USD	3,306	HSBC Bank, NA		12/15/2017		(70	)
ZAR	21,641	USD	1,651	National Australia Bank Ltd.		12/15/2017		(132	)
ZAR	171,602	USD	12,791	Standard Chartered Bank		12/15/2017		(746	)
EGP	59,221	USD	3,241	Citibank, NA**		03/15/2018		(10	)
Total unrealized depreciation								(5,275	)
Net unrealized depreciation								(532	)

Over the Counter (“OTC”) Credit default swap contracts outstanding — buy protection ⁽¹⁾  as of October 31, 2017:

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)		UPFRONT PAYMENTS (RECEIPTS) ($) (4)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Republic of Turkey, 11.88%, 01/15/2030		1.00		Quarterly		Goldman Sachs International		12/20/2022		1.84		USD 36,000		1,562		(179	)		1,383
United Mexican States, 4.15%, 03/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2022		1.06		USD   7,000		80		(66	)		14
United Mexican States, 4.15%, 03/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2022		1.06		USD   7,000		60		(46	)		14
														1,702		(291	)		1,411

^[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 (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 indicies 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 payments and receipts generally represent premiums paid 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).

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 15

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

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

(Amounts in thousands)

OTC Interest rate swap contracts outstanding as of October 31, 2017:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

6 Month PRIBOR semi-annually

1.19 annually

Receive

Bank of America NA

06/30/2027

CZK  40,000

91

6 Month PRIBOR semi-annually

1.58 annually

Receive

Bank of America NA

06/22/2027

CZK 40,000

96

187

Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2017:
FLOATING RATE INDEX (a)	FIXED RATE		PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
6 Month PRIBOR semi-annually		1.67% annually		Receive		09/05/2027		CZK 300,000		221
1 Month TIIE monthly		7.03% monthly		Pay		10/05/2020		MXN 659,000		(223	)
										(2	)

(a) Value of floating rate index at October 31, 2017 was as follows:

FLOATING RATE INDEX	VALUE
6 Month PRIBOR		0.66	%
1 Month TIIE		7.38	%

Written Put Options Contracts as of October 31, 2017:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange USD/EUR

Merrill Lynch International

27,201

EUR 27,201

EUR 1.16

12/14/2017

(190

)

Total Written Options Contracts (Premiums Received $239)

(190

)

Summary of total swap OTC contracts outstanding as of October 31, 2017:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		1,702		1,411
OTC Interest rate swap contracts outstanding		—		187
Total OTC swap contracts outstanding		1,702		1,598

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2017

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

ARS	—  Argentine Peso
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CLP	—  Chilean Peso
CNH	—  China Renminbi
COP	—  Colombian Peso
CZK	—  Czech Republic Koruna
DOP	—  Dominican Republic Peso
EGP	—  Egyptian Pound
EUR	—  Euro
GDP	—  Gross Domestic Product
HUF	—  Hungarian Forint
ICE	—  Intercontinental Exchange
IDR	—  Indonesian Rupiah
IGDCUKR	—  IMF Ukraine GDP Constant Annual Percentage Change
ILS	—  Israeli Shekel
INR	—  Indian Rupee
KRW	—  Korean Republic Won
LIBOR	—  London Interbank Offered Rate
MXN	—  Mexican Peso
PHP	—  Philippine Peso
PLN	—  Polish Zloty
PRIBOR	—  Prague Interbank Offered Rate
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, 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 October 31, 2017.
TIIE	—  Interbank Equilibrium Interest Rate
TRY	—  Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act. 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 October 31, 2017.
(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 October 31, 2017.
(y)	—  Security is an interest bearing note with preferred security characteristics.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2017.
**	—  Non-deliverable forward. See note 2.C in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 17

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	633,541
Investments in affiliates, at value		26,341
Options purchased, at value		243
Restricted cash for OTC derivatives		340
Foreign currency, at value		1,209
Deposits at broker for futures contracts		96
Receivables:
Due from broker		4,321
Due from custodian		1,970
Investment securities sold		1,887
Fund shares sold		94
Interest and dividends from non-affiliates		9,504
Dividends from affiliates		20
Tax reclaims		17
Variation margin on futures contracts		1
Variation margin on centrally cleared swaps		780
Unrealized appreciation on forward foreign currency exchange contracts		4,743
Outstanding swap contracts, at value		1,598
Total Assets		686,705
LIABILITIES:
Payables:
Due to custodian		5,884
Investment securities purchased		11,813
Fund shares redeemed		1,470
Unrealized depreciation on forward foreign currency exchange contracts		5,275
Outstanding options written, at fair value		190
Accrued liabilities:
Investment advisory fees		362
Administration fees		27
Distribution fees		16
Service fees		16
Custodian and accounting fees		68
Collateral management fees		7
Trustees’ and Chief Compliance Officer’s fees		19
Deferred India capital gains tax		29
Other		516
Total Liabilities		25,692
Net Assets	$	661,013

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2017

	Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	671,623
Accumulated undistributed (distributions in excess of) net investment income		657
Accumulated net realized gains (losses)		(17,049	)
Net unrealized appreciation (depreciation)		5,782
Total Net Assets	$	661,013
Net Assets:
Class A	$	75,732
Class C		301
Class I (formerly Select Class)		12,211
Class R2		21
Class R5		21
Class R6		572,727
Total	$	661,013
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,118
Class C		37
Class I (formerly Select Class)		1,459
Class R2		2
Class R5		2
Class R6		67,817
Net Asset Value (a):
Class A — Redemption price per share	$	8.31
Class C — Offering price per share (b)		8.15
Class I (formerly Select Class) — Offering and redemption price per share		8.37
Class R2 — Offering and redemption price per share		8.23
Class R5 — Offering and redemption price per share		8.43
Class R6 — Offering and redemption price per share		8.45
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share		—
[net asset value per share/(100% — maximum sales charge)]	$	8.63
Cost of investments in non-affiliates	$	626,961
Cost of investments in affiliates		26,341
Cost of options purchased		445
Cost of foreign currency		1,216
Premiums paid on swaps		1,702
Premiums received from options written		239

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 19

STATEMENT OF OPERATIONS

AS OF OCTOBER 31, 2017

(Amounts in thousands, except per share amounts)

	Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	17,305
Interest income from affiliates		7
Dividend income from affiliates		169
Foreign taxes withheld		(117	)
Total investment income		17,364
EXPENSES:
Investment advisory fees		2,157
Administration fees		251
Distribution fees:
Class A		61
Class C		1
Class R2		—	(a)
Service fees:
Class A		61
Class C		—	(a)
Class I (formerly Select Class)		20
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		143
Interest expense to affiliates		1
Professional fees		340
Collateral management fees		27
Interest expense to non-affiliates		—	(a)
Trustees’ and Chief Compliance Officer’s fees		45
Printing and mailing costs		88
Registration and filing fees		218
Transfer agency fees (See Note 2.F.)		11
Sub-transfer agency fees (See Note 2.F.)		—	(a)
Other		19
Total expenses		3,443
Less fees waived		(985	)
Less expense reimbursements		(185	)
Net expenses		2,273
Net investment income (loss)		15,091
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,751	)(b)
Investments in affiliates		178
Options purchased		(235	)
Futures		(336	)
Foreign currency transactions		(152	)
Forward foreign currency contracts		1,473
Options written		76
Swaps		(1,545	)
Net realized gain (loss)		(2,292	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		7,943	(c)
Investments in affiliates		—	(a)
Options purchased		(229	)
Futures		37
Foreign currency translations		(15	)
Forward foreign currency contracts		(526	)
Options Written		49
Swaps		(106	)
Change in net unrealized appreciation/depreciation		7,153
Net realized/unrealized gains (losses)		4,861
Change in net assets resulting from operations	$	19,952

(a) Amount rounds to less than 500.

(b) Net of India capital gains tax of approximately $(8).

(c) Net of change in India capital gains tax of approximately $(38).

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2017

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,091		$	3,816
Net realized gain (loss)		(2,292	)		(30,132	)
Change in net unrealized appreciation/depreciation		7,153			28,813
Change in net assets resulting from operations		19,952			2,497
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,069	)		—
Class C
From net investment income		(4	)		—
Class I
From net investment income		(333	)		—
Class R2
From net investment income		—	(a)		—
Class R5
From net investment income		(1	)		—
Class R6
From net investment income		(12,532	)		—
Total distributions to shareholders		(13,939	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		573,874			(113,392	)
NET ASSETS:
Change in net assets		579,887			(110,895	)
Beginning of period		81,126			192,021
End of period	$	661,013		$	81,126
Accumulated undistributed (distributions in excess of) net investment income	$	657		$	(409	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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
	Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	79,092		$	4,105
Distributions reinvested		1,069			—
Cost of shares redeemed		(5,873	)		(29,577	)
Change in net assets resulting from Class A capital transactions	$	74,288		$	(25,472	)
Class C
Proceeds from shares issued	$	273		$	31
Distributions reinvested		4			—
Cost of shares redeemed		(26	)		—	(a)
Change in net assets resulting from Class C capital transactions	$	251		$	31
Class I
Proceeds from shares issued	$	12,733		$	4,088
Distributions reinvested		333			—
Cost of shares redeemed		(4,790	)		(30,007	)
Change in net assets resulting from Class I capital transactions	$	8,276		$	(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		1			—
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	1		$	—	(a)
Class R6
Proceeds from shares issued	$	504,216		$	21,768
Distributions reinvested		12,532			—
Cost of shares redeemed		(25,690	)		(83,800	)
Change in net assets resulting from Class R6 capital transactions	$	491,058		$	(62,032	)
Total change in net assets resulting from capital transactions	$	573,874		$	(113,392	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2017

	Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
SHARE TRANSACTIONS:
Class A
Issued		9,574			544
Reinvested		129			—
Redeemed		(712	)		(4,056	)
Change in Class A Shares		8,991			(3,512	)
Class C
Issued		33			4
Reinvested		—	(a)		—
Redeemed		(3	)		—
Change in Class C Shares		30			4
Class I
Issued		1,537			518
Reinvested		40			—
Redeemed		(569	)		(3,933	)
Change in Class I Shares		1,008			(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		60,334			2,815
Reinvested		1,492			—
Redeemed		(3,178	)		(11,296	)
Change in Class R6 Shares		58,648			(8,481	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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) (a)			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
Year Ended October 31, 2017	$	8.18	$	0.37		$	0.05		$	0.42		$	(0.29	)	$	—		$	—		$	(0.29	)
Year Ended October 31, 2016		7.56		0.28			0.34	(d)		0.62			—			—			—			—
Year Ended October 31, 2015		9.30		0.31	(e)		(2.05	)		(1.74	)		—			—			—	(f)		—	(f)
Year Ended October 31, 2014		9.69		0.39			(0.78	)		(0.39	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.33			(0.76	)		(0.43	)		(0.03	)		(0.01	)		(0.11	)		(0.15	)
Class C
Year Ended October 31, 2017		8.05		0.33			0.03			0.36			(0.26	)		—			—			(0.26	)
Year Ended October 31, 2016		7.47		0.24			0.34	(d)		0.58			—			—			—			—
Year Ended October 31, 2015		9.23		0.28	(e)		(2.04	)		(1.76	)		—			—			—			—
Year Ended October 31, 2014		9.67		0.33			(0.77	)		(0.44	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.27			(0.75	)		(0.48	)		(0.03	)		(0.01	)		(0.08	)		(0.12	)
Class I (formerly Select Class)
Year Ended October 31, 2017		8.25		0.39			0.05			0.44			(0.32	)		—			—			(0.32	)
Year Ended October 31, 2016		7.61		0.31			0.33	(d)		0.64			—			—			—			—
Year Ended October 31, 2015		9.33		0.34	(e)		(2.05	)		(1.71	)		—	(f)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.70		0.40			(0.77	)		(0.37	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.36			(0.76	)		(0.40	)		(0.04	)		(0.01	)		(0.12	)		(0.17	)
Class R2
Year Ended October 31, 2017		8.12		0.33			0.05			0.38			(0.27	)		—			—			(0.27	)
Year Ended October 31, 2016		7.52		0.26			0.34	(d)		0.60			—			—			—			—
Year Ended October 31, 2015		9.27		0.30	(e)		(2.05	)		(1.75	)		—			—			—			—
Year Ended October 31, 2014		9.68		0.35			(0.76	)		(0.41	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.30			(0.75	)		(0.45	)		(0.04	)		(0.01	)		(0.09	)		(0.14	)
Class R5
Year Ended October 31, 2017		8.31		0.40			0.05			0.45			(0.33	)		—			—			(0.33	)
Year Ended October 31, 2016		7.64		0.32			0.35	(d)		0.67			—			—			—			—
Year Ended October 31, 2015		9.36		0.37	(e)		(2.08	)		(1.71	)		—	(f)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.71		0.42			(0.77	)		(0.35	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.37			(0.75	)		(0.38	)		(0.04	)		(0.01	)		(0.13	)		(0.18	)
Class R6
Year Ended October 31, 2017		8.32		0.42			0.05			0.47			(0.34	)		—			—			(0.34	)
Year Ended October 31, 2016		7.65		0.32			0.35	(d)		0.67			—			—			—			—
Year Ended October 31, 2015		9.37		0.36	(e)		(2.07	)		(1.71	)		—	(f)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.72		0.43			(0.78	)		(0.35	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.38			(0.75	)		(0.37	)		(0.04	)		(0.01	)		(0.13	)		(0.18	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) 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.

(e) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(f) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	8.31		5.21	%	$	75,732		1.19	%		4.50	%		1.48	%		148	%
	8.18		8.20			1,036		1.13			3.70			2.43			189
	7.56		(18.67	)		27,511		1.16			3.75	(e)		1.91			134
	9.30		(4.02	)		25,334		1.21			4.06			1.41			145
	9.69		(4.26	)		170		1.21	(g)		3.33	(g)		1.59	(g)		221
	8.15		4.56			301		1.69			4.03			2.66			148
	8.05		7.76			52		1.63			3.14			3.65			189
	7.47		(19.07	)		18		1.67			3.37	(e)		2.24			134
	9.23		(4.55	)		54		1.71			3.48			2.04			145
	9.67		(4.75	)		49		1.72	(g)		2.72	(g)		2.31	(g)		221
	8.37		5.40			12,211		0.94			4.67			1.43			148
	8.25		8.41			3,723		0.89			3.99			1.51			189
	7.61		(18.38	)		29,405		0.92			4.04	(e)		1.21			134
	9.33		(3.81	)		135,397		0.96			4.21			1.30			145
	9.70		(4.03	)		141,078		0.97	(g)		3.63	(g)		1.46	(g)		221
	8.23		4.83			21		1.44			4.12			3.49			148
	8.12		7.98			20		1.38			3.37			4.61			189
	7.52		(18.88	)		18		1.41			3.61	(e)		2.00			134
	9.27		(4.24	)		47		1.46			3.71			1.80			145
	9.68		(4.53	)		49		1.47	(g)		2.97	(g)		2.06	(g)		221
	8.43		5.56			21		0.74			4.82			2.82			148
	8.31		8.77			20		0.68			4.07			3.86			189
	7.64		(18.29	)		19		0.71			4.31	(e)		1.29			134
	9.36		(3.60	)		48		0.76			4.41			1.10			145
	9.71		(3.82	)		50		0.77	(g)		3.67	(g)		1.36	(g)		221
	8.45		5.73			572,727		0.69			4.94			1.08			148
	8.32		8.76			76,275		0.63			4.12			1.25			189
	7.65		(18.26	)		135,050		0.66			4.29	(e)		0.97			134
	9.37		(3.60	)		153,222		0.71			4.51			0.93			145
	9.72		(3.70	)		9,086		0.71	(g)		3.75	(g)		1.11	(g)		221

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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 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. 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 automatically convert to Class A Shares after ten years. 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.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

26 J.P. MORGAN FUNDS OCTOBER 31, 2017

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset value per share (“NAV”) as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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):

JPMorgan Emerging Markets Strategic Debt Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Argentina	$	–	$	7,972	$	–	$	7,972
Azerbaijan		–		1,430		–		1,430
Bahrain		–		1,643		–		1,643
Brazil		–		19,886		–		19,886
Chile		–		5,062		–		5,062
China		–		12,456		–		12,456
Colombia		–		7,454		–		7,454
Congo, Democratic Republic of the		–		1,488		–		1,488
Costa Rica		–		520		–		520
Ecuador		–		299		–		299
Guatemala		–		1,423		–		1,423
Hong Kong		–		2,927		–		2,927
Hungary		–		660		–		660
India		–		5,503		–		5,503
Indonesia		–		11,810		–		11,810
Ireland		–		1,285		–		1,285
Jamaica		–		744		–		744
Jordan		–		2,384		–		2,384
Kazakhstan		–		8,111		–		8,111
Kuwait		–		440		–		440
Macau		–		785		–		785
Mauritius		–		2,502		–		2,502
Mexico		–		32,020		–		32,020
Morocco		–		1,015		–		1,015
Nigeria		–		3,501		–		3,501
Norway		–		493		–		493
Panama		–		1,544		–		1,544
Peru		–		4,052		–		4,052
Qatar		–		7,688		–		7,688
Russia		–		7,083		–		7,083
Singapore		–		1,657		–		1,657
South Africa		–		7,888		–		7,888
South Korea		–		1,142		–		1,142
Sri Lanka		–		418		–		418
Trinidad and Tobago		–		1,741		–		1,741
Tunisia		–		2,289		–		2,289
Turkey		–		8,515		–		8,515
Ukraine		–		965		–		965
United Arab Emirates		–		6,925		–		6,925
Venezuela, Bolivarian Republic of		–		4,029		–		4,029
Total Corporate Bonds		–		189,749		–		189,749

OCTOBER 31, 2017 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Foreign Government Securities	$	—	$	439,307		$	4,485		$	443,792
Options Purchased
Call Options Purchased		—		2			—			2
Put Options Purchased		—		241			—			241
Total Options Purchased		—		243			—			243
Short-Term Investment
Investment Company		26,341		—			—			26,341
Total Investments in Securities	$	26,341	$	629,299		$	4,485	*	$	660,125
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	4,743		$	—		$	4,743
Futures Contracts	$	48	$	—		$	—		$	48
Swaps	$	—	$	408		$	—		$	408
Total Appreciation in Other Financial Instruments	$	48	$	5,151		$	—		$	5,199
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(5,275	)	$	—		$	(5,275	)
Options Written
Put Options	$	—	$	(190	)	$	—		$	(190	)
Swaps	$	—	$	(514	)	$	—		$	(514	)
Total Depreciation in Other Financial Instruments	$	—	$	(5,979	)	$	—		$	(5,979	)

* Level 3 securities are valued by brokers and pricing services. At October 31, 2017, the value of these securities was approximately $4,485,000. 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.

There were no transfers among any levels during the year ended October 31, 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 October 31, 2017
Debt Securities — Foreign Government Securities	$	446	$	(197	)	$	257	$	(3	)	$	4,386	$	(404	)	$	—	$	—	$	4,485
Total	$	446	$	(197	)	$	257	$	(3	)	$	4,386	$	(404	)	$	—	$	—	$	4,485

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 October 31, 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 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

28 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 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.

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 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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 OTC 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 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

30 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 October 31, 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			Futures Contracts (a)		Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—		$	48	$	—		$	221		$	187	$	456
Foreign exchange contracts	Receivables		243			—		4,743			—			—		4,986
Credit contracts	Receivables		—			—		—			—			1,411		1,411
Total		$	243		$	48	$	4,743		$	221		$	1,598	$	6,853
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—		$	—	$	—		$	(223	)	$	—	$	(223	)
Foreign exchange contracts	Payables		(190	)		—		(5,275	)		—			—		(5,465	)
Credit contracts	Payables		—			—		—			—			—		—
Total		$	(190	)	$	—	$	(5,275	)	$	(223	)	$	—	$	(5,688	)

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

(b) This amount represents the value of centrally cleared swaps 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 October 31, 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)
Australia and New Zealand Banking Group Limited	$	17	$	—		$	—	$	17
Bank of America NA		187		—			—		187
Barclays Bank plc		349		—			—		349
Citibank, N.A.		2,413		(1,493	)		—		920
Credit Suisse International		259		(54	)		—		205
Deutsche Bank AG		123		(59	)		—		64
Goldman Sachs International		2,047		(1,348	)		—		699
HSBC Bank, N.A.		231		(231	)		—		—
Royal Bank of Canada		171		(171	)		—		—
Standard Chartered Bank		42		(42	)		—		—
State Street Corp.		499		(35	)		—		464
TD Bank Financial Group		3		(3	)		—		—
	$	6,341	$	(3,436	)	$	—	$	2,905

OCTOBER 31, 2017 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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	$	4	$	—		$	—	$	4
Citibank, N.A.		1,493		(1,493	)		—		—
Credit Suisse International		54		(54	)		—		—
Deutsche Bank AG		59		(59	)		—		—
Goldman Sachs International		1,348		(1,348	)		—		—
HSBC Bank, N.A.		305		(231	)		—		74
Merrill Lynch International		323		—			—		323
National Australia Bank		132		—			—		132
Royal Bank of Canada		701		(171	)		—		530
Standard Chartered Bank		746		(42	)		—		704
State Street Corp.		35		(35	)		—		—
TD Bank Financial Group		75		(3	)		—		72
	$	5,275	$	(3,436	)	$	—	$	1,839

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.

The following table presents the effect of derivatives on the Statement of Operations for the year ended October 31, 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			Swaps			Total
Interest rate contracts	$	—		$	(336	)	$	—		$	8		$	(328	)
Foreign exchange contracts		(159	)		—			1,473			—			1,314
Credit contracts		—			—			—			(1,553	)		(1,553	)
Total	$	(159	)	$	(336	)	$	1,473		$	(1,545	)	$	(567	)
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			Swaps			Total
Interest rate contracts	$	—		$	37		$	—		$	185		$	222
Foreign exchange contracts		(180	)		—			(526	)		—			(706	)
Credit contracts		—			—			—			(291	)		(291	)
Total	$	(180	)	$	37		$	(526	)	$	(106	)	$	(775	)

The Fund’s derivatives contracts held at October 31, 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 year ended October 31, 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	$	1,410
Average Notional Balance Short		57,556	(a)
Ending Notional Balance Long		4,877
Ending Notional Balance Short

32 J.P. MORGAN FUNDS OCTOBER 31, 2017

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	87,689
Average Settlement Value Sold		77,619
Ending Settlement Value Purchased		203,854
Ending Settlement Value Sold		195,356
OTC Options:
Average Notional Balance Purchased	$	24,307
Average Notional Balance Written		3,098
Ending Notional Balance Purchased		97,606
Ending Notional Balance Written		27,201
Credit Default Swaps
Average Notional Balance — Buy Protection	$	25,162
Average Notional Balance — Sell Protection		808
Ending Notional Balance — Buy Protection		50,000
Ending Notional Balance — Sell Protection
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed Rate	$	8,691	(b)
Average Notional Balance — Receives Fixed Rate		6,919
Ending Notional Balance — Pays Fixed Rate		17,250
Ending Notional Balance — Receives Fixed Rate		34,373

(a) For the period November 1, 2016 through June 30, 2017.

(b) For the period November 1, 2016 through October 31, 2017.

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.

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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (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 Fund for the year ended October 31, 2017 are as follows (amounts in thousands):

	Class A		Class C			Class I		R2			R5			R6		Total
Transfer agency fees	$	4	$	1		$	4	$	—	(a)	$	—	(a)	$	2	$	11
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 October 31, 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.

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.

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

Paid-in-Capital		Accumulated undistributed (distributions) in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(85	)	$	85

The reclassifications for the Fund relate primarily to foreign currency gains or losses.

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 year ended October 31, 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”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares.

34 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 year ended October 31, 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.

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 year ended October 31, 2017 and are in place until at least February 28, 2018.

For the year ended October 31, 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
$	794	$	154	$	9	$	957	$	185

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/reimbursements resulting from investments in these money market funds for the year ended October 31, 2017 was approximately $28.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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)
$974,301	$	432,386

During the year ended October 31, 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 investments held at October 31, 2017 were as follows (amounts in thousands):

Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$655,002	$	17,022	$	10,976	$	6,046

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of forward foreign currency contracts.

The tax character of distributions paid during the year ended October 31, 2017 was as follows (amounts in thousands):

	Ordinary Income*	Total Distributions Paid
JPMorgan Emerging Markets Strategic Debt Fund	$13,939	$	13,939

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income	Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$256	$	(16,716	)	$	5,860

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts.

36 J.P. MORGAN FUNDS OCTOBER 31, 2017

At October 31, 2017, 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
$	7,237	*	$	9,479	*

* Amount includes capital loss carryforward, which are limited in futures years under Internal Revenue Code sections 381-384.

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 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2017. Average borrowings from the Facility for, or at any time during the year ended October 31, 2017, were as follows (amounts in thousands, except number of days outstanding).

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, 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

As of October 31, 2017, the Funds had a non-affiliated omnibus account, which collectively represented the following percentage of Fund’s net assets:

Number of Non-affiliated Omnibus Account		% of the Fund
	1		10.5	%

As of October 31, 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
	66.6	%

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 October 31, 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.

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to Fund’s financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations

38 J.P. MORGAN FUNDS OCTOBER 31, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Emerging Markets Strategic Debt Fund

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Markets Strategic Debt Fund (a separate series of JPMorgan Trust I) (the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

OCTOBER 31, 2017 J.P. MORGAN FUNDS 39

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

40 J.P. MORGAN FUNDS OCTOBER 31, 2017

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 41

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

42 J.P. MORGAN FUNDS OCTOBER 31, 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, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,030.90	$	6.09		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class C
Actual		1,000.00		1,027.80		8.64		1.69
Hypothetical		1,000.00		1,016.69		8.59		1.69
Class I (formerly Select Class)
Actual		1,000.00		1,030.60		4.81		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R2
Actual		1,000.00		1,028.50		7.41		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class R5
Actual		1,000.00		1,032.60		3.84		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R6
Actual		1,000.00		1,032.80		3.54		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense analyses compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

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

44 J.P. MORGAN FUNDS OCTOBER 31, 2017

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share

potential economies of scale from the Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the contractual Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the contractual Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the

OCTOBER 31, 2017 J.P. MORGAN FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

The Trustees noted that, based upon the Universe, the Fund’s performance for Class A shares was in the second and fourth quintiles for the one- and three-year periods ended December 31, 2016, respectively, and that the performance for Class I shares was in the second and third quintiles for the one- and three-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, including the changes to the Fund’s investment strategies that took effect on September 30, 2016, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Fund’s net advisory fee for Class A shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

46 J.P. MORGAN FUNDS OCTOBER 31, 2017

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-EMSD-1017

Annual Report

J.P. Morgan Funds

October 31, 2017

JPMorgan Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	10
Consolidated Financial Highlights	16
Notes to Consolidated Financial Statements	18
Report of Independent Registered Public Accounting Firm	27
Trustees	28
Officers	30
Schedule of Shareholder Expenses	31
Board Approval of Investment Advisory Agreement	32
Privacy Policy — Located at back of this Annual Report

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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*	1.58%
Bloomberg Commodity Index Total Return	2.35%
Net Assets as of 10/31/2017	$170,502,047

INVESTMENT OBJECTIVE**

The JPMorgan Commodities Strategy Fund (the “Fund”) seeks total return.

HOW DID THE COMMODITIES MARKET PERFORM DURING THE REPORTING PERIOD?

Overall, commodity prices ended the twelve month reporting period higher. Prices for natural gas ended lower as market participants priced in higher production levels year-over-year. In addition, demand for natural gas in the U.S. was seasonally weak during the 2016/2017 winter, leading to elevated inventories relative to the market’s expectations.

Prices for petroleum products ended the period higher. The OPEC agreement to cut member state production along with a few voluntary non-OPEC members kept a floor under the market during the year. In addition, a robust global economy including better than expected growth in emerging markets helped increase demand more than market expectations.

Prices for precious metals, including gold, were lower during the reporting period. In 4Q17, gold prices retreated quickly as higher growth expectations via fiscal stimulus in the U.S. dominated headlines. However as 2018 progressed, increased geopolitical tensions and a lack of confidence in U.S. fiscal stimulus helped gold prices outperform other metals.

Agricultural commodity prices were mixed with grains and soft commodities all ending the reporting period lower while livestock prices were significantly stronger. Global inventory buildup in the grain and oilseed markets due to higher production in both North and South America were the largest weight on agricultural commodity prices. Soft commodities including sugar and coffee saw their prices lower during the reporting period as market expectations of inventory tightening did not materialize. Lean hog and live cattle prices were significantly higher as robust global growth helped support the demand side for both meats.

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

The Fund’s Class I Shares underperformed the Bloomberg Commodity Index Total Return Index (the “Benchmark”) for the

twelve months ended October 31, 2017. During the twelve month period, the Fund used swaps contracts to obtain exposure to different parts of the futures curve, which measures the price of contracts of different maturities for a specific commodity.

The Fund’s tactical trading in oil and oil-price spreads detracted from performance as U.S. inventories of crude oil remained higher than expected and geopolitical tensions led to market price volatility. The Fund’s tactical trading in gold detracted from relative performance as the Fund failed to capture returns from sporadic gold volatility driven by geopolitical and/or central bank liquidity driven events.

The Fund’s long bias positioning in lean hogs contributed to performance relative to the Benchmark as inventories remained tight due to processing plant shutdowns in the U.S. The Fund’s short positions in natural gas price spreads also contributed to relative performance as the 2016-17 winter proved to be warmer than the market expected, leaving natural gas inventories elevated.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund invested in a wholly owned subsidiary that invested in commodity-linked derivative instruments and provided exposure to the investment returns of the commodities markets without investing directly in physical commodities. The Fund also invested in a portfolio of high-quality, fixed income securities, such as commercial debt or other short-term instruments that generally had a weighted average maturity of 90 days or less.

The Fund’s portfolio managers combined top-down research with fundamental and quantitative analysis to establish overweight and underweight positions in commodities. In addition, the Fund’s portfolio managers had the ability to adjust the Fund’s overall exposure to commodities relative to the Benchmark, based on their views of macroeconomic conditions.

2 J.P. MORGAN FUNDS OCTOBER 31, 2017

CASH INVESTMENTS***
Commercial Paper	70.1	%
Certificates of Deposit	10.7
Investment Companies	19.2
PORTFOLIO COMPOSITION BY COUNTRY***
United States	69.5	%
Japan	6.4
Canada	6.1
Australia	3.9
United Kingdom	3.3
Switzerland	2.9
Germany	2.4
France	2.0
China	1.5
Jersey	1.4
Others (each less than 1.0%)	0.6
COMMODITY MATURITY***
0 - 3 Months	39.6	%
3 - 6 Months	45.8
> 6 Months	14.6
COMMODITY-LINKED INVESTMENTS****
Energy	30.5	%
Brent Crude	8.5
Heating Oil	4.0
Natural Gas	7.2
Unleaded Gas	3.7
WTI Crude Oil	7.1
Agricultural	28.9
Coffee	2.0
Corn	7.4
Cotton	1.3
Kansas Wheat	1.1
Soybean Meal	3.0
Soybean Oil	2.8
Soybeans	5.6
Sugar	2.3
Wheat	3.4
Industrial Metals	22.0
Aluminum	5.7
Copper	10.0
Nickel	3.0
Zinc	3.3
Precious Metals	15.6
Gold	11.7
Silver	3.9
Livestock	7.2
Lean Hogs	2.2
Live Cattle	5.0

FIXED INCOME MATURITY***
< One Month	54.3	%
1 - 3 Months	28.2
3 - 6 Months	7.0
> 6 Months	10.5

COMMODITY ALLOCATION	Index			Fund****
Energy		29.7	%		30.5	%
Agricultural		27.8			28.9
Industrial Metals		20.6			22.0
Precious Metals		15.6			15.6
Livestock		6.3			7.2

¹  Effective 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 October 31, 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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	December 17, 2012
With Sales Charge*			(3.99	)%		(11.82	)%		(11.15	)%
Without Sales Charge			1.37			(10.22	)		(10.16	)
CLASS C SHARES	December 17, 2012
With CDSC**			(0.19	)		(10.67	)		(10.60	)
Without CDSC			0.81			(10.67	)		(10.60	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	December 17, 2012		1.58			(10.00	)		(9.93	)
CLASS R6 SHARES	December 17, 2012		1.68			(9.90	)		(9.81	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/17/12 TO 10/31/17)

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 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 October 31, 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 OCTOBER 31, 2017

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 95.7%
		Certificates of Deposit — 10.2%
	1,762,000	BNP Paribas SA, (France), (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 07/23/2018 (aa)		1,761,797
	500,000	Credit Industriel et Commercial, (France), (ICE LIBOR USD 1 Month + 0.17%), 1.41%, 03/09/2018 (aa)		500,132
	2,400,000	Industrial & Commercial Bank of China Ltd., (China), 1.55%, 11/02/2017		2,400,019
	1,000,000	Mitsubishi UFJ Trust & Banking Corp., (Japan), (ICE LIBOR USD 1 Month + 0.19%), 1.43%, 12/04/2017 (aa)		1,000,219
	1,000,000	Natixis SA, (France), (ICE LIBOR USD 1 Month + 0.16%), 1.40%, 03/28/2018 (aa)		1,000,164
	3,600,000	Norinchukin Bank (The), (Japan), (ICE LIBOR USD 1 Month + 0.16%), 1.40%, 11/30/2017 (aa)		3,600,620
	2,700,000	Standard Chartered Bank, (United Kingdom), 1.40%, 02/20/2018		2,699,777
	1,000,000	Sumitomo Mitsui Trust Bank Ltd., (Japan), (ICE LIBOR USD 1 Month + 0.19%), 1.44%, 04/03/2018 (aa)		1,000,056
	3,500,000	Wells Fargo Bank NA, (ICE LIBOR USD 1 Month + 0.19%), 1.43%, 06/01/2018 (aa)		3,500,497
		Total Certificates of Deposit (Cost $17,462,000)		17,463,281
		Commercial Paper — 67.1% (n)
	2,300,000	Alpine Securitization Ltd., (Switzerland), (ICE LIBOR USD 1 Month + 0.30%), 1.56%, 12/01/2017 (e) (aa)		2,300,685
		American Honda Finance Corp.,
	2,940,000	1.15%, 11/17/2017		2,938,416
	1,002,000	1.22%, 12/21/2017		1,000,338
	2,300,000	Antalis SA, (Jersey), 1.37%, 12/06/2017		2,297,052
	3,500,000	Apple, Inc., 1.17%, 12/15/2017 (e)		3,495,034
	1,000,000	ASB Finance Ltd., (New Zealand), (ICE LIBOR USD 1 Month + 0.10%), 1.36%, 12/12/2017 (aa)		1,000,150
		Automatic Data Processing, Inc.,
	2,254,000	1.10%, 11/01/2017		2,253,930
	3,960,000	1.12%, 11/02/2017		3,959,753
	3,970,000	BMW US Capital LLC, (Germany), 1.13%, 12/06/2017		3,965,411
	3,453,000	Bridgestone Americas, Inc., (Japan), 1.09%, 11/01/2017		3,452,896
	2,400,000	Cancara Asset Securitisation LLC, 1.32%, 11/22/2017 (e)		2,398,212
	2,500,000	CDP Financial, Inc., (Canada), 1.46%, 03/08/2018 (e)		2,487,893

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Paper — continued
	3,920,000	Coca-Cola Co. (The), 1.15%, 12/11/2017		3,914,951
	4,900,000	Colgate Palmolive Co Corporate Commercial Paper, 1.08%, 11/02/2017		4,899,702
	2,630,000	Commonwealth Bank of Australia, (Australia), (ICE LIBOR USD 1 Month + 0.18%), 1.45%, 08/17/2018 (aa)		2,630,268
	3,900,000	Exxon Mobil Corp., 1.08%, 11/02/2017		3,899,771
	3,000,000	Fairway Finance Co. LLC, (ICE LIBOR USD 1 Month + 0.12%), 1.38%, 12/18/2017 (aa)		3,000,552
	3,900,000	General Electric Co., 1.20%, 12/06/2017		3,895,398
	2,630,000	Honeywell International Corporate Commercial Paper, 1.13%, 11/01/2017		2,629,918
	2,000,000	Intl Business Machine Corp, 1.22%, 12/22/2017		1,996,701
	5,200,000	Johnson & Johnson, 1.10%, 11/10/2017		5,198,405
	5,000,000	Liberty Street Funding LLC, 1.20%, 11/13/2017		4,997,783
	2,400,000	LMA-Americas LLC, 1.43%, 02/09/2018		2,390,425
	2,400,000	Macquarie Bank Ltd., (Australia), 1.39%, 12/19/2017		2,395,554
	3,970,000	MetLife Short Term Funding LLC, 1.16%, 11/15/2017		3,968,147
	3,700,000	Mont Blanc Capital Corp., 1.34%, 12/14/2017		3,694,130
	2,482,000	Nestle Capital Corp., (Switzerland), 1.17%, 12/04/2017		2,479,295
	3,000,000	Ontario Teachers’ Finance Trust, (Canada), 1.41%, 01/08/2018		2,992,519
	3,950,000	PACCAR Financial Corp., 1.14%, 11/20/2017		3,947,351
	3,500,000	Thunder Bay Funding LLC, (ICE LIBOR USD 1 Month + 0.22%), 1.48%, 05/31/2018 (aa)		3,500,000
		Toronto-Dominion Bank (The),
	1,300,000	(ICE LIBOR USD 1 Month + 0.19%), 1.44%, 10/03/2018 (aa)		1,299,883
	1,800,000	(ICE LIBOR USD 1 Month + 0.20%), 1.46%, 08/21/2018 (aa)		1,799,854
	1,300,000	(ICE LIBOR USD 1 Month + 0.13%), 1.60%, 03/02/2018 (aa)		1,300,181
	4,000,000	Toyota Motor Credit Corp., 1.16%, 12/11/2017		3,994,702
	1,300,000	Toyota Motor Finance Netherlands BV, (Japan), (ICE LIBOR USD 1 Month + 0.20%), 1.46%, 05/24/2018 (aa)		1,300,321
	2,650,000	Unilever Capital Corp., (United Kingdom), 1.22%, 01/08/2018		2,643,900
	2,700,000	Victory Receivables Corp., 1.25%, 11/03/2017		2,699,732

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — continued
	3,970,000	Wal-Mart Stores, Inc., 1.14%, 11/20/2017		3,967,523
	1,400,000	Westpac Banking Corp., (Australia), (ICE LIBOR USD 1 Month + 0.18%), 1.44%, 08/16/2018 (aa)		1,399,721
		Total Commercial Paper (Cost $114,385,250)		114,386,457
SHARES
		Investment Companies — 18.4%
	7,346,026	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.19% (b) (l) †		7,349,514

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Companies — continued
	24,011,235	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l)		24,011,235
		Total Investment Companies (Cost $31,360,748)		31,360,749
		Total Investments — 95.7% (Cost $163,207,998)		163,210,487
		Other Assets in Excess of Liabilities — 4.3%		7,291,560
		NET ASSETS — 100.0%	$	170,502,047

Percentages indicated are based on net assets.

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
100 oz Gold		11			12/2017		USD		1,397,550			(6,829	)
Copper		32			12/2017		USD		2,480,800			111,342
Lean Hogs		135			12/2017		USD		3,672,000			584,782
Natural Gas		200			12/2017		USD		6,052,000			(426,522	)
Silver		2			12/2017		USD		166,930			165
WTI Crude Oil		106			12/2017		USD		5,786,540			262,293
Brent Crude Oil		240			01/2018		USD		14,505,600			1,270,338
LME Aluminum Base Metal		10			01/2018		USD		539,625			8,059
LME Nickel Base Metal		4			01/2018		USD		295,104			41,427
LME Zinc Base Metal		4			01/2018		USD		327,600			13,475
Natural Gas		255			02/2018		USD		7,650,000			(454,566	)
Sugar No. 11		7			02/2018		USD		115,562			4,997
WTI Crude Oil		113			02/2018		USD		6,183,360			283,198
WTI Crude Oil		508			02/2018		USD		27,797,760			29,154
Coffee ‘C’		2			03/2018		USD		96,450			(2,294	)
Wheat		5			03/2018		USD		109,000			(7,640	)
Live Cattle		6			04/2018		USD		306,180			4,482
												1,715,861
Short Contracts
Natural Gas		(4	)		12/2017		USD		(121,040	)		9,510
RBOB Gasoline		(3	)		12/2017		USD		(215,775	)		(15,821	)
WTI Crude Oil		(508	)		12/2017		USD		(27,731,720	)		(36,886	)
Natural Gas		(41	)		02/2018		USD		(1,230,000	)		81,086
												37,889
												1,753,750

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2017

Over the Counter (“OTC”) Return swap contracts on Commodities and Commodities Indices outstanding as of October 31, 2017:

REFERENCE ENTITY

PAYMENTS MADE BY FUND

PAYMENTS RECEIVED BY FUND

FREQUENCY OF PAYMENTS MADE/RECEIVED

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

BBG Heating Oil Index

0.14% and decreases in total return of the reference entity

Increases in total return of the reference entity

At termination

Macquarie Bank Ltd.

07/12/2018

USD

6,390,000

427,899

BBG Industrial Metals Index

0.18% and decreases in total return of the reference entity

Increases in total return of the reference entity

At termination

Macquarie Bank Ltd.

12/21/2017

USD

32,500,000

1,444,346

CBOT Soybean Oil May 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

04/26/2018

USD

4,708,800

57,659

CME Live Cattle April 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

04/05/2018

USD

8,092,665

122,441

COMEX Gold December 2017 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

11/28/2017

USD

18,437,099

112,093

Macquarie Commodity Product Index

0.22% and decreases in total return of the reference entity

Increases in total return of the reference entity

At termination

Macquarie Bank Ltd.

12/04/2017

USD

5,211,000

1,328,491

3,492,929

BBG Softs Index

0.14% and decreases in total return of the reference entity

Increases in total return of the reference entity

At termination

Macquarie Bank Ltd.

12/21/2017

USD

9,450,000

(254,631

)

CBOT Corn May 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

04/26/2018

USD

12,796,656

(182,852

)

CBOT HRW Wheat March 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

02/26/2018

USD

2,032,313

(76,731

)

CBOT Soybean March 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

02/26/2018

USD

9,622,256

(20,418

)

CBOT Soybean Meal March 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

02/26/2018

USD

5,128,800

(54,944

)

CBOT Wheat March 2018 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

02/26/2018

USD

6,803,875

(1,130,989

)

COMEX Silver December 2017 Futures

Increases in total return of reference entity

Decreases in total return of reference entity

At termination

Macquarie Bank Ltd.

11/28/2017

USD

6,592,365

(82,016

)

(1,802,581

)

1,690,348

Summary of total swap contracts outstanding as of October 31, 2017:
	VALUE ($)
Assets
OTC Return swap contracts on Commodities and Commodities Indices outstanding		3,492,929
Total OTC swap contracts outstanding		3,492,929
Liabilities
OTC Return swap contracts on Commodities and Commodities Indices outstanding		(1,802,581	)
Total OTC swap contracts outstanding		(1,802,581	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 7

JPMorgan Commodities Strategy Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

BBG	—  Bloomberg
Brent	—  Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—  Chicago Board of Trade
CME	—  Chicago Mercantile Exchange
COMEX	—  Commodity Exchange, Inc.
ICE	—  Intercontinental Exchange
LIBOR	—  London Interbank Offered Rate
LME	—  London Metal Exchange
RBOB	—  Reformulated Blendstock for Oxygenate Blending
USD	—  United States Dollar
WTI	—  West Texas Intermediate

(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act. 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 October 31, 2017.
(n)	—  The rate shown is the effective yield as of October 31, 2017.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2017.
†	—  The value of investments restricted as collateral for swaps to the broker is $7,341,029.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2017 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

	Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	131,849,738
Investments in affiliates, at value		24,019,720
Investments in affiliates — restricted, at value		7,341,029
Cash		2,822,514
Deposits at broker for futures contracts		2,555,000
Receivables:
Investment securities sold		270,010
Fund shares sold		1,432,920
Interest from non-affiliates		30,053
Dividends from affiliates		17,671
Variation margin on futures contracts		5,425
Outstanding OTC swap contracts, at value		3,492,929
Total Assets		173,837,009
LIABILITIES:
Payables:
Investment securities purchased		1,271,105
Outstanding OTC swap contracts, at value		1,802,581
Accrued liabilities:
Investment advisory fees		61,212
Administration fees		3,128
Distribution fees		508
Service fees		335
Custodian and accounting fees		26,537
Trustees’ and Chief Compliance Officer’s fees		220
Other		169,336
Total Liabilities		3,334,962
Net Assets	$	170,502,047

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2017

	Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	168,711,827
Accumulated undistributed (distributions in excess of) net investment income		74,710
Accumulated net realized gains (losses)		(1,731,077	)
Net unrealized appreciation (depreciation)		3,446,587
Total Net Assets	$	170,502,047
Net Assets:
Class A	$	1,247,492
Class C		354,748
Class I (formerly Select Class)		2,414,485
Class R6		166,485,322
Total	$	170,502,047
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		140,240
Class C		40,847
Class I (formerly Select Class)		267,986
Class R6		18,349,809
Net Asset Value (a):
Class A — Redemption price per share	$	8.90
Class C — Offering price per share (b)		8.68
Class I (formerly Select Class) — Offering and redemption price per share		9.01
Class R6 — Offering and redemption price per share		9.07
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.39
Cost of investments in non-affiliates	$	131,847,250
Cost of investments in affiliates		24,018,248
Cost of investments in affiliates — restricted		7,342,500

(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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 11

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

	Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	962,648
Interest income from affiliates		11
Dividend income from affiliates		164,190
Total investment income		1,126,849
EXPENSES:
Investment advisory fees		1,482,169
Administration fees		148,141
Distribution fees:
Class A		2,854
Class C		2,711
Service fees:
Class A		2,854
Class C		903
Class I (formerly Select Class)		2,414
Custodian and accounting fees		72,350
Professional fees		137,059
Trustees’ and Chief Compliance Officer’s fees		40,427
Printing and mailing costs		18,981
Registration and filing fees		91,665
Transfer agency fees (See Note 2.D)		4,629
Sub-transfer agency fees (See Note 2.D)		13
Other		6,080
Total expenses		2,013,250
Less fees waived		(845,102	)
Less expense reimbursements		(699	)
Net expenses		1,167,449
Net investment income (loss)		(40,600	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		300
Investments in affiliates		5,721
Options Purchased		(79,984	)
Futures contracts		(2,728,014	)
Swaps		(1,283,992	)
Net realized gain (loss)		(4,085,969	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,164
Investments in affiliates		(2,147	)
Options Purchased		40,852
Futures contracts		1,968,526
Swaps		3,557,364
Change in net unrealized appreciation/depreciation		5,565,759
Net realized/unrealized gains (losses)		1,479,790
Change in net assets resulting from operations	$	1,439,190

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2017

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Commodities Strategy Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(40,600	)	$	(388,133	)
Net realized gain (loss)		(4,085,969	)		(1,744,207	)
Change in net unrealized appreciation/depreciation		5,565,759			(713,251	)
Change in net assets resulting from operations		1,439,190			(2,845,591	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		84,593,830			36,984,504
NET ASSETS:
Change in net assets		86,033,020			34,138,913
Beginning of period		84,469,027			50,330,114
End of period	$	170,502,047		$	84,469,027
Accumulated undistributed (distributions in excess of) net investment income	$	74,710		$	39,386

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 13

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Commodities Strategy Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	523,744		$	757,403
Cost of shares redeemed		(455,798	)		(393,348	)
Change in net assets resulting from Class A capital transactions	$	67,946		$	364,055
Class C
Proceeds from shares issued	$	214,430		$	346,153
Cost of shares redeemed		(163,200	)		(104,040	)
Change in net assets resulting from Class C capital transactions	$	51,230		$	242,113
Class I (formerly Select Class)
Proceeds from shares issued	$	1,911,822		$	357,196
Cost of shares redeemed		(450,569	)		(31,446,336	)
Change in net assets resulting from Class I capital transactions	$	1,461,253		$	(31,089,140	)
Class R6
Proceeds from shares issued	$	99,190,693		$	75,257,628
Cost of shares redeemed		(16,177,292	)		(7,790,152	)
Change in net assets resulting from Class R6 capital transactions	$	83,013,401		$	67,467,476
Total change in net assets resulting from capital transactions	$	84,593,830		$	36,984,504
SHARE TRANSACTIONS:
Class A
Issued		59,284			87,935
Redeemed		(52,284	)		(46,134	)
Change in Class A Shares		7,000			41,801
Class C
Issued		24,914			39,759
Redeemed		(19,095	)		(12,329	)
Change in Class C Shares		5,819			27,430
Class I (formerly Select Class)
Issued		211,690			43,536
Redeemed		(49,275	)		(3,490,837	)
Change in Class I Shares		162,415			(3,447,301	)
Class R6
Issued		10,903,155			8,184,048
Redeemed		(1,754,004	)		(869,295	)
Change in Class R6 Shares		9,149,151			7,314,753

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2017 J.P. MORGAN FUNDS 15

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Commodities Strategy Fund
Class A
Year Ended October 31, 2017	$	8.78	$	(0.04	)	$	0.16		$	0.12		$	—
Year Ended October 31, 2016		9.01		(0.08	)		(0.15	)		(0.23	)		—
Year Ended October 31, 2015		12.30		(0.11	)		(3.18	)		(3.29	)		—
Year Ended October 31, 2014		13.18		(0.16	)		(0.72	)		(0.88	)		—
December 17, 2012 (f) through October 31, 2013		15.00		(0.14	)		(1.68	)		(1.82	)		—
Class C
Year Ended October 31, 2017		8.62		(0.08	)		0.14			0.06			—
Year Ended October 31, 2016		8.88		(0.13	)		(0.13	)		(0.26	)		—
Year Ended October 31, 2015		12.19		(0.17	)		(3.14	)		(3.31	)		—
Year Ended October 31, 2014		13.12		(0.22	)		(0.71	)		(0.93	)		—
December 17, 2012 (f) through October 31, 2013		15.00		(0.20	)		(1.68	)		(1.88	)		—
Class I (formerly Select Class)
Year Ended October 31, 2017		8.87		(0.02	)		0.16			0.14			—
Year Ended October 31, 2016		9.08		(0.06	)		(0.15	)		(0.21	)		—
Year Ended October 31, 2015		12.36		(0.10	)		(3.18	)		(3.28	)		—
Year Ended October 31, 2014		13.21		(0.13	)		(0.72	)		(0.85	)		—
December 17, 2012 (f) through October 31, 2013		15.00		(0.11	)		(1.68	)		(1.79	)		—
Class R6
Year Ended October 31, 2017		8.92		—	(h)		0.15			0.15			—
Year Ended October 31, 2016		9.12		(0.05	)		(0.15	)		(0.20	)		—
Year Ended October 31, 2015		12.40		(0.08	)		(3.20	)		(3.28	)		—
Year Ended October 31, 2014		13.22		(0.10	)		(0.72	)		(0.82	)		—	(h)
December 17, 2012 (f) through October 31, 2013		15.00		(0.09	)		(1.69	)		(1.78	)		—

(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.

16 J.P. MORGAN FUNDS OCTOBER 31, 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		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	8.90		1.37	%	$	1,247,492		1.21	%		(0.47	)%		1.98	%		0	%
	8.78		(2.55	)		1,170,180		1.21			(0.99	)		2.53			0
	9.01		(26.75	)		823,931		1.21			(1.14	)		2.30			0
	12.30		(6.68	)		160,388		1.20			(1.16	)		2.03			0
	13.18		(12.13	)		43,924		1.22	(g)		(1.16	)(g)		2.74	(g)		0
	8.68		0.70			354,748		1.71			(0.94	)		2.58			0
	8.62		(2.93	)		301,866		1.73			(1.51	)		3.25			0
	8.88		(27.15	)		67,492		1.73			(1.68	)		2.84			0
	12.19		(7.09	)		74,710		1.71			(1.67	)		2.53			0
	13.12		(12.53	)		43,733		1.72	(g)		(1.66	)(g)		3.24	(g)		0
	9.01		1.58			2,414,485		0.96			(0.21	)		1.81			0
	8.87		(2.31	)		936,623		0.92			(0.72	)		2.14			0
	9.08		(26.54	)		32,246,991		0.98			(0.92	)		1.90			0
	12.36		(6.43	)		74,890,429		0.97			(0.93	)		1.79			0
	13.21		(11.93	)		92,256,260		0.97	(g)		(0.91	)(g)		2.10	(g)		0
	9.07		1.68			166,485,322		0.81			(0.02	)		1.40			0
	8.92		(2.19	)		82,060,358		0.83			(0.61	)		1.85			0
	9.12		(26.45	)		17,191,700		0.82			(0.77	)		1.64			0
	12.40		(6.19	)		48,113,945		0.82			(0.78	)		1.53			0
	13.22		(11.87	)		38,913,194		0.82	(g)		(0.76	)(g)		1.86	(g)		0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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 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. 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 automatically convert to Class A Shares after ten years. 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.

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. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the

Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

estimates.

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

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

potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist or is limited, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

18 J.P. MORGAN FUNDS OCTOBER 31, 2017

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

associated with investing in those instruments.

The following table represents each valuation input as presented on the CSOI:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	31,360,749		$	131,849,738		$	—	$	163,210,487
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2,704,308		$	—		$	—	$	2,704,308
Swaps (a)		—			3,492,929			—		3,492,929
Total Appreciation in Other Financial Instruments	$	2,704,308		$	3,492,929		$	—	$	6,197,237
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(950,558	)	$	—		$	—	$	(950,558	)
Swaps (a)		—			(1,802,581	)		—		(1,802,581	)
Total Depreciation in Other Financial Instruments	$	(950,558	)	$	(1,802,581	)	$	—	$	(2,753,139	)

(a) Portfolio holdings designated as level 1 and level 2 are disclosed individually on the CSOI. Level 1 consists of money market mutual funds that are held for daily investments of cash. Please refer to the CSOI for industry specifics of portfolio holdings.

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes B(1) — B(3) below describe the various derivatives used by the Fund. These derivatives expose the Fund to commodity risk.

(1). Futures Contracts — The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the 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

20 J.P. MORGAN FUNDS OCTOBER 31, 2017

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.).

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2017 is as follows:

Counterparty		Value of swap contracts		Collateral amount
Macquarie Bank Ltd.	Collateral Posted	$	1,690,348	$	7,341,029

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 October 31, 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.	$	3,492,929	$	(1,802,581	)	$	—	$	1,690,348
Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Macquarie Bank Ltd.	$	1,802,581	$	(1,802,581	)	$	—	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the CSAL.

Derivatives Volume — The table below discloses the volume of the Fund’s futures contracts, options and swap activity during the year ended October 31, 2017.

Futures Contracts — Interest rate:
Average Notional Balance Long	$	365,436	(a)
Futures Contracts — Commodities:
Average Notional Balance Long	$	97,348,654
Average Notional Balance Short		62,754,876
Ending Notional Balance Long		77,482,061
Ending Notional Balance Short		29,298,535
Exchange-Traded Options:
Average Number of Contracts Purchased		16
Return Swaps on Commodities:
Average Notional Balance Long	$	60,687,036
Average Notional Balance Short		2,931,138	(b)
Ending Notional Balance Long		74,214,829
Return Swaps on Commodity Indices:
Average Notional Balance Long	$	44,960,692
Ending Notional Balance Long		53,551,000

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

(b) For the period November 1, 2016 through Feb 28, 2017.

The Fund’s derivatives contracts held at October 31, 2017 are not accounted for as hedging instruments under GAAP.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (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 year ended October 31, 2017 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	917	$	634	$	1,545	$	1,533	$	4,629
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 October 31, 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.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(2,432,976	)	$	75,924	$	2,357,052

The reclassifications for the Fund relate primarily to investments in the Subsidiary.

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

22 J.P. MORGAN FUNDS OCTOBER 31, 2017

(excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2017, the effective rate was 0.10% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

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

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 year ended October 31, 2017, JPMDS retained the following amounts:

Front-End Sales Charge		CDSC
$	596	$	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	%

Effective November 1, 2017, the contractual expense limitations were lowered to 0.95%, 1.45%, 0.70% and 0.55% for Class A, Class C, Class I and Class R6 Shares, respectively, and is in place until at least October 31, 2019.

For the year ended October 31, 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
$	669,377	$	116,655	$	4,851	$	790,883	$	699

OCTOBER 31, 2017 J.P. MORGAN FUNDS 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 year ended October 31, 2017 were $54,219.

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.

The Fund may use related party broker-dealers. For the year ended October 31, 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 year ended October 31, 2017, purchases of long-term investments were $5,300,000. Additionally, during the year ended October 31, 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 investments, including the Subsidiary, held at October 31, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	223,184,736	$	—	$	46,649,183	$	(46,649,183	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in the Subsidiary.

The Federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s

investment in the Subsidiary of approximately $46.7 million, which, if realized, is not deductible for income tax purposes.

During the years ended October 31, 2017 and October 31, 2016, the Fund did not make any distributions.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	84,707	$	(1,861	)	$	1,717,371

The cumulative timing differences primarily consist of investments in the Subsidiary.

During the year ended October 31, 2017 the Subsidiary had approximately $2.2 million of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

As of October 31, 2017, the Fund had net capital loss carryforwards as follows:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	1,861	$	—

During the year ended October 31, 2017, the Fund utilized capital loss carryforwards in the amount of $300.

24 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 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 October 31, 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
	11.3	%		75.4	%

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Fund’s financial statements as of October 31, 2017. The adoption had no effect on the Fund’s net assets or results of operations.

26 J.P. MORGAN FUNDS OCTOBER 31, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Commodities Strategy Fund

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Commodities Strategy Fund (a separate series of JPMorgan Trust I) and its subsidiary (the “Fund”) as of October 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

OCTOBER 31, 2017 J.P. MORGAN FUNDS 27

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

28 J.P. MORGAN FUNDS OCTOBER 31, 2017

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 29

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

30 J.P. MORGAN FUNDS OCTOBER 31, 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, May 1, 2017, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	1,021.80	$	6.06		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class C
Actual		1,000.00		1,017.60		8.65		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70
Class I (formerly Select Class)
Actual		1,000.00		1,021.50		4.84		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class R6
Actual		1,000.00		1,022.50		4.08		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the

material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

32 J.P. MORGAN FUNDS OCTOBER 31, 2017

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 33

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

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

The Trustees noted that the Fund’s performance for Class A shares was in the fourth quintile for the one-year period ended December 31, 2016 based upon the Peer Group, and in the third quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2016. The Trustees noted that the Fund’s performance for Class I shares was in the third quintile based upon the Universe for both the one- and three-year periods ended December 31, 2016. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that, the Fund’s net advisory fee for Class A shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that net advisory fee and actual total expenses for Class I shares were in the second and third quintiles based upon the Universe, respectively. The Trustees also noted that the Fund’s contractual Fee Caps were lowered effective November 1, 2017. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

34 J.P. MORGAN FUNDS OCTOBER 31, 2017

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-CSTRAT-1017

Annual Report

J.P. Morgan Funds

October 31, 2017

JPMorgan Systematic Alpha Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	70
Consolidated Financial Highlights	76
Notes to Consolidated Financial Statements	78
Report of Independent Registered Public Accounting Firm	90
Trustees	91
Officers	93
Schedule of Shareholder Expenses	94
Board Approval of Investment Advisory Agreement	95
Tax Letter	98
Privacy Policy — Located at back of this Annual Report

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

December 8, 2017 (Unaudited)

Dear Shareholder,

Global economic growth accelerated through the twelve months ended October 31, 2017, generally driving both asset prices and corporate profits to higher ground. Overall, financial markets provided positive returns and investor sentiment appeared to be largely immune to both intermittent and ongoing geo-political tensions.

  “Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period.” — George C.W. Gatch

Economic data in the U.S., the European Union (EU) and the U.K. were sufficiently strong enough that each of their respective central banks began to move away from monetary stimulus and toward more normalized monetary policies. During the reporting period, the U.S. Federal Reserve raised interest rates three times and began to unwind its balance sheet of assets purchased under its Quantitative Easing program. In October 2017, the European Central Bank announced it would cut its own asset purchasing program by half to 30 billion euros a month, starting in January 2018. Subsequent to the end of the reporting period, the Bank of England raised its benchmark interest rate for the first time in a decade.

Meanwhile, global demand for goods and services, combined with historically low interest rates and stable oil prices drove robust growth in corporate earnings, particularly in the U.S., Europe and Asia.

In the U.S., third quarter 2017 gross domestic product (GDP) rose by 3.3%, the largest increase in two years. Meanwhile, the U.S. unemployment rate fell to 4.1% from 4.8% during the twelve month reporting period. Corporate earnings surged higher in the second half of the reporting period and business investment in new equipment and facilities grew amid a weakening U.S. dollar and synchronized global economic growth. U.S. consumer confidence stood at its highest level in nearly 17 years at the end of October 2017.

While powerful hurricanes struck Texas, Florida and then Puerto Rico late in the reporting period, economic data showed little lasting impact on the broader U.S. economy. Similarly, while geo-political events led to brief spikes in financial market volatility — in early November 2016 at the election victory of President Donald Trump and in late August 2017 amid rising military tensions between the U.S. and North Korea — there appeared to be little long-term effect on asset prices. Throughout the reporting period, leading equity market indexes reached fresh highs and

for the twelve months ended October 31, 2017, the Standard & Poor’s 500 Index returned 23.6%.

In the EU, business and consumer sentiment in October 2017 reached their highest levels since early 2001. Corporate profits rose on improving global demand and unemployment across the EU fell to 8.8% in October 2017, its lowest level since early 2009. GDP rose to 2.6% in the third quarter of 2017 from 1.9% in the fourth quarter of 2016. Despite a range of political uncertainties across Europe — including the U.K.’s planned exit from EU, a Catalan separatist movement in Spain and a challenge to EU legal and immigration policies from populist political parties in Poland, Hungary and Austria — for the twelve month reporting period, the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned 24.0%.

The economies of most emerging market nations continued to expand with the rest of the global economy and emerging market equities generally outperformed equities in the U.S. and other developed markets. Global economic growth led to accelerated export growth in China during the reporting period, which allowed policymakers to reduce their reliance on debt financing and fixed asset investment. China’s GDP growth remained at 6.9% for the first half of 2017 and slowed to 6.8% in the third quarter of 2017 amid government efforts to curb financial speculation in the domestic real estate market and reduce corporate borrowing. For the twelve month reporting period, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 26.9%.

Globally, improvement in business and consumer confidence underpinned increases in business investment, trade and industrial output during the reporting period. By October 2017, the International Monetary Fund lifted its forecast for global economic growth by 0.1% to 3.6% for the full year 2017 and 3.7% for 2018. Amid the global economic expansion, there remain challenges as investors adapt to changes in central bank policies and face geo-political events. Against this backdrop, we believe the best-positioned investors are those who remain fully invested, properly diversified and patient.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2017 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*		1.18%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.72%
Net Assets as of 10/31/2017	$	473,098,941

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming the U.S. and other developed equities markets. The world’s leading economies continued to expand through October 2017, lifting corporate profits and capital investment as well as business and consumer sentiment. While low interest rates generally weighed on developed market bond prices, investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index (the “S&P 500”) hit fresh highs on 11 of the 22 trading days in October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (“EU”) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and a snap election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Overall, global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations.

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 twelve months ended October 31, 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 modest positive performance, with gains from its equity market neutral and event driven strategies partially offset by losses from the Fund’s macro strategies.

The Fund’s equity market neutral strategy was the leading contributor to absolute performance. From a return perspective, the momentum factor led the way, outpacing weakness from the value factor in a reversal from the environment in 2016.

The Fund’s event-driven strategy generated a positive overall return. During the reporting period, 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 conglomerate discount arbitrage sub-strategies detracted from absolute performance, partially offsetting gains from the merger arbitrage sub-strategy.

The Fund’s macro investment strategies generated negative returns, with losses from relative value fixed income, foreign exchange and commodity-based return factors offsetting gains from time-series momentum factors.

The Fund’s convertible bond arbitrage strategy was flat over the reporting period.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund’s risk was diversified across its investment strategies. Risk within the event-driven strategy remained below the historical average, reflecting below average activity levels. In the equity market neutral strategy, aggregate risk was at the lower end of the typical range for much of the period, however the macro strategy was running near long-term target risk levels.

2 J.P. MORGAN FUNDS OCTOBER 31, 2017

RISK ALLOCATION AS OF OCTOBER 31, 2017
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		8.6	%
Equity Market Neutral (2)		48.4
Event Driven (3)		12.7
Macro Based (4)		30.3

TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	Rockwell Collins, Inc.	1.4	%
	2.	Calpine Corp.	1.3
	3.	Monsanto Co.	1.3
	4.	Scripps Networks Interactive, Inc., Class A	1.3
	5.	Akorn, Inc.	1.2
	6.	Brocade Communications Systems, Inc.	1.2
	7.	VWR Corp.	0.9
	8.	NXP Semiconductors NV (Netherlands)	0.8
	9.	WGL Holdings, Inc.	0.7
	10.	Gigamon, Inc.	0.6

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 October 31, 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 October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017

	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
With Sales Charge*				(3.61	)%		(0.82	)%		1.28	%
Without Sales Charge				0.93			0.70			2.27
CLASS C SHARES		February 12, 2013
With CDSC**				(0.53	)		0.21			1.76
Without CDSC				0.47			0.21			1.76
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		February 12, 2013		1.18			0.94			2.52
CLASS R6 SHARES		February 12, 2013		1.41			1.20			2.73

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (2/12/13 TO 10/31/17)

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 October 31, 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 OCTOBER 31, 2017

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 46.5%
		Consumer Discretionary — 7.1%
		Auto Components — 0.6%
	12,573	BorgWarner, Inc.		662,848
	1,777	Cooper-Standard Holdings, Inc. (a)		198,100
	11,600	Delphi Automotive plc		1,152,808
	31,675	Gentex Corp.		614,812
	576	Lear Corp.		101,140
	3,708	Linamar Corp., (Canada)		224,992
				2,954,700
		Diversified Consumer Services — 0.1%
	25,613	H&R Block, Inc.		633,666
		Hotels, Restaurants & Leisure — 1.5%
	45,300	Bloomin’ Brands, Inc.		805,434
	7,500	Buffalo Wild Wings, Inc. (a)		886,500
	3,900	Churchill Downs, Inc.		813,345
	27,900	ILG, Inc.		827,793
	62,600	La Quinta Holdings, Inc. (a)		1,103,012
	18,600	SeaWorld Entertainment, Inc. (a)		213,528
	12,200	Six Flags Entertainment Corp.		766,038
	13,876	Wyndham Worldwide Corp.		1,482,651
				6,898,301
		Household Durables — 0.6%
	14,700	Garmin Ltd.		832,167
	5,741	KB Home		157,476
	2,139	MDC Holdings, Inc.		79,228
	29,400	PulteGroup, Inc.		888,762
	28,892	Taylor Morrison Home Corp., Class A (a)		697,742
				2,655,375
		Leisure Products — 0.2%
	15,300	Bandai Namco Holdings, Inc., (Japan)		524,301
	25,300	Heiwa Corp., (Japan)		466,525
				990,826
		Media — 1.9%
	14,800	AMC Networks, Inc., Class A (a)		753,024
	11,996	John Wiley & Sons, Inc., Class A		655,582
	9,766	Meredith Corp.		517,598
	8,969	Omnicom Group, Inc.		602,627
	67,225	Scripps Networks Interactive, Inc., Class A		5,598,498
	21,669	Sinclair Broadcast Group, Inc., Class A		686,907
				8,814,236
		Multiline Retail — 0.3%
	1,949	Big Lots, Inc.		100,003
	23,699	Dillard’s, Inc., Class A		1,203,909

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — continued
	5,943	Target Corp.		350,875
				1,654,787
		Specialty Retail — 1.4%
	15,405	Aaron’s, Inc.		566,904
	33,599	American Eagle Outfitters, Inc.		437,459
	2,283	Best Buy Co., Inc.		127,802
	87,370	Chico’s FAS, Inc.		698,086
	1,482	Children’s Place, Inc. (The)		161,242
	25,169	Dick’s Sporting Goods, Inc.		615,886
	39,800	Michaels Cos., Inc. (The) (a)		772,916
	3,900	O’Reilly Automotive, Inc. (a)		822,705
	93,913	Rent-A-Center, Inc.		933,495
	48,400	Sally Beauty Holdings, Inc. (a)		837,804
	13,000	Signet Jewelers Ltd.		852,410
				6,826,709
		Textiles, Apparel & Luxury Goods — 0.5%
	3,400	Deckers Outdoor Corp. (a)		232,016
	15,300	Michael Kors Holdings Ltd. (a)		746,793
	5,204	PVH Corp.		659,919
	23,321	Wolverine World Wide, Inc.		636,663
				2,275,391
		Total Consumer Discretionary		33,703,991
		Consumer Staples — 3.6%
		Beverages — 0.3%
	7,327	Dr Pepper Snapple Group, Inc.		627,631
	5,808	PepsiCo, Inc.		640,216
				1,267,847
		Food & Staples Retailing — 0.8%
	8,769	CVS Health Corp.		600,940
	7,300	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		524,965
	221,374	Metcash Ltd., (Australia)		457,315
	16,178	United Natural Foods, Inc. (a)		627,221
	9,738	Walgreens Boots Alliance, Inc.		645,337
	7,574	Wal-Mart Stores, Inc.		661,286
	23,722	Woolworths Ltd., (Australia)		470,281
				3,987,345
		Food Products — 1.6%
	30,626	Bob Evans Farms, Inc.		2,364,021
	14,424	Campbell Soup Co.		683,265
	19,384	Conagra Brands, Inc.		662,157
	35,032	Flowers Foods, Inc.		666,659
	2,894	Fresh Del Monte Produce, Inc.		128,812

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food Products — continued
	1,100	Lamb Weston Holdings, Inc.		56,089
	6,586	McCormick & Co., Inc. (Non-Voting)		655,505
	18,500	Nichirei Corp., (Japan)		476,233
	87,500	Nippon Suisan Kaisha Ltd., (Japan)		535,374
	4,404	Sanderson Farms, Inc.		658,706
	9,164	Tyson Foods, Inc., Class A		668,147
				7,554,968
		Household Products — 0.7%
	17,596	Central Garden & Pet Co., Class A (a)		649,469
	13,841	Church & Dwight Co., Inc.		625,198
	5,663	Kimberly-Clark Corp.		637,144
	7,145	Procter & Gamble Co. (The)		616,899
	5,947	Spectrum Brands Holdings, Inc.		653,694
				3,182,404
		Personal Products — 0.2%
	10,270	Nu Skin Enterprises, Inc., Class A		653,275
	1,149	USANA Health Sciences, Inc. (a)		75,489
				728,764
		Tobacco — 0.0% (g)
	3,789	Universal Corp.		217,299
		Total Consumer Staples		16,938,627
		Energy — 2.5%
		Energy Equipment & Services — 1.4%
	54,083	Archrock, Inc.		648,996
	4,800	Basic Energy Services, Inc. (a)		90,528
	12,847	Helmerich & Payne, Inc.		697,721
	92,282	Nabors Industries Ltd.		519,548
	19,202	National Oilwell Varco, Inc.		656,516
	138,155	Noble Corp. plc (a)		574,725
	26,313	Oceaneering International, Inc.		532,049
	31,257	Patterson-UTI Energy, Inc.		618,263
	29,201	RPC, Inc.		709,876
	7,300	Tidewater, Inc. (a)		198,925
	64,346	Transocean Ltd. (a)		675,633
	31,465	Unit Corp. (a)		589,025
				6,511,805
		Oil, Gas & Consumable Fuels — 1.1%
	4,500	Bonanza Creek Energy, Inc. (a)		152,235
	113,065	CONSOL Energy, Inc. (a)		1,823,739
	23,840	CVR Energy, Inc.		654,408
	3,300	Energen Corp. (a)		170,610
	18,112	HollyFrontier Corp.		669,238

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	11,461	Marathon Petroleum Corp.		684,680
	6,800	Peabody Energy Corp. (a)		210,052
	2,500	SandRidge Energy, Inc. (a)		46,925
	41,900	Showa Shell Sekiyu KK, (Japan)		494,305
	9,900	Stone Energy Corp. (a)		291,258
	2,200	Valero Energy Corp.		173,558
				5,371,008
		Total Energy		11,882,813
		Financials — 3.1%
		Banks — 0.7%
	7,880	Bank of Montreal, (Canada)		603,659
	7,743	Bank of Nova Scotia (The), (Canada)		499,835
	14,400	CIT Group, Inc.		671,328
	6,550	Royal Bank of Canada, (Canada)		512,130
	8,555	Toronto-Dominion Bank (The), (Canada)		486,337
	55,411	Valley National Bancorp		637,226
				3,410,515
		Capital Markets — 0.2%
	41,313	BGC Partners, Inc., Class A		626,718
	13,892	IGM Financial, Inc., (Canada)		489,628
				1,116,346
		Consumer Finance — 0.2%
	66,400	Navient Corp.		827,344
		Diversified Financial Services — 0.2%
	20,500	Voya Financial, Inc.		823,280
		Insurance — 1.8%
	12,600	American International Group, Inc.		814,086
	6,470	Assurant, Inc.		651,205
	17,340	Assured Guaranty Ltd.		643,314
	12,027	Athene Holding Ltd., Class A (a)		626,968
	26,548	CNO Financial Group, Inc.		636,356
	2,758	Everest Re Group Ltd.		654,887
	23,569	Fidelity & Guaranty Life		732,996
	12,920	First American Financial Corp.		703,106
	33,235	Old Republic International Corp.		674,338
	9,600	Principal Financial Group, Inc.		632,160
	5,971	Prudential Financial, Inc.		659,557
	10,400	State National Cos., Inc.		218,608
	12,517	Unum Group		651,385
				8,298,966
		Total Financials		14,476,451

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 5.9%
		Biotechnology — 0.0% (g)
	9,000	Acorda Therapeutics, Inc. (a)		239,175
	393	AquaBounty Technologies, Inc. (a)		2,476
				241,651
		Health Care Equipment & Supplies — 1.5%
	2,772	Cooper Cos., Inc. (The)		666,001
	58,910	Getinge AB, (Sweden), Class B		1,159,561
	15,064	Halyard Health, Inc. (a)		634,948
	8,149	Hill-Rom Holdings, Inc.		657,706
	17,648	Hologic, Inc. (a)		667,977
	7,623	Masimo Corp. (a)		668,994
	4,519	Natus Medical, Inc. (a)		191,605
	67,234	NxStage Medical, Inc. (a)		1,811,956
	2,704	Teleflex, Inc.		640,794
				7,099,542
		Health Care Providers & Services — 1.1%
	6,261	Aetna, Inc.		1,064,558
	440	Chemed Corp.		98,309
	3,477	Cigna Corp.		685,734
	36,600	Community Health Systems, Inc. (a)		215,940
	5,374	Express Scripts Holding Co. (a)		329,373
	14,103	HealthSouth Corp.		650,712
	792	Humana, Inc.		202,237
	10,058	Owens & Minor, Inc.		247,125
	28,921	PharMerica Corp. (a)		847,385
	1,915	Quest Diagnostics, Inc.		179,589
	759	UnitedHealth Group, Inc.		159,557
	3,692	WellCare Health Plans, Inc. (a)		730,056
				5,410,575
		Life Sciences Tools & Services — 1.4%
	9,785	Agilent Technologies, Inc.		665,674
	12,453	Cambrex Corp. (a)		538,592
	9,176	PerkinElmer, Inc.		663,608
	8,000	Quintiles IMS Holdings, Inc. (a)		864,800
	113,809	VWR Corp. (a)		3,767,078
				6,499,752
		Pharmaceuticals — 1.9%
	171,359	Akorn, Inc. (a)		5,581,163
	858	Johnson & Johnson		119,614
	32,046	Mallinckrodt plc (a)		1,014,897
	10,265	Merck & Co., Inc.		565,499
	20,700	Mitsubishi Tanabe Pharma Corp., (Japan)		455,594
	18,057	Pfizer, Inc.		633,078

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	4,425	STADA Arzneimittel AG, (Germany)		425,501
				8,795,346
		Total Health Care		28,046,866
		Industrials — 6.3%
		Aerospace & Defense — 1.4%
	3,489	L3 Technologies, Inc.		653,071
	42,212	Rockwell Collins, Inc.		5,723,947
				6,377,018
		Airlines — 0.6%
	12,520	Delta Air Lines, Inc.		626,376
	16,340	Hawaiian Holdings, Inc. (a)		547,390
	32,173	JetBlue Airways Corp. (a)		616,113
	107,017	Qantas Airways Ltd., (Australia)		505,081
	10,947	United Continental Holdings, Inc. (a)		640,180
				2,935,140
		Building Products — 0.0% (g)
	1,810	Owens Corning		149,669
		Commercial Services & Supplies — 0.6%
	17,086	Brady Corp., Class A		650,122
	2,446	Deluxe Corp.		170,364
	18,331	Herman Miller, Inc.		615,922
	28,626	Quad/Graphics, Inc.		652,386
	10,281	Republic Services, Inc.		668,985
				2,757,779
		Construction & Engineering — 0.2%
	40,420	Chicago Bridge & Iron Co. NV		563,455
	76,600	Penta-Ocean Construction Co. Ltd., (Japan)		506,753
				1,070,208
		Electrical Equipment — 0.7%
	9,567	AMETEK, Inc.		645,677
	8,388	Eaton Corp. plc		671,208
	9,549	EnerSys		662,414
	90,000	Fuji Electric Co. Ltd., (Japan)		652,061
	8,257	Regal Beloit Corp.		670,055
				3,301,415
		Industrial Conglomerates — 0.2%
	7,900	Honeywell International, Inc.		1,138,864
		Machinery — 1.9%
	37,784	Allison Transmission Holdings, Inc.		1,605,442	��
	1,313	Barnes Group, Inc.		85,463
	7,909	Crane Co.		657,396

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — continued
	3,733	Cummins, Inc.		660,293
	12,907	Greenbrier Cos., Inc. (The)		673,745
	4,591	Hillenbrand, Inc.		181,574
	7,185	Ingersoll-Rand plc		636,591
	7,519	Oshkosh Corp.		688,440
	16,100	Pentair plc, (United Kingdom)		1,134,406
	4,164	Stanley Black & Decker, Inc.		672,694
	16,700	Terex Corp.		786,737
	12,984	Timken Co. (The)		612,196
	7,200	Trinity Industries, Inc.		234,144
	8,656	Wabash National Corp.		194,760
				8,823,881
		Professional Services — 0.1%
	5,334	ManpowerGroup, Inc.		657,576
		Trading Companies & Distributors — 0.6%
	15,600	AerCap Holdings NV, (Ireland) (a)		821,184
	10,075	Applied Industrial Technologies, Inc.		641,274
	13,864	Rush Enterprises, Inc., Class A (a)		704,014
	4,532	United Rentals, Inc. (a)		641,187
				2,807,659
		Total Industrials		30,019,209
		Information Technology — 9.7%
		Communications Equipment — 1.8%
	477,358	Brocade Communications Systems, Inc.		5,561,221
	6,886	Cisco Systems, Inc.		235,157
	5,575	F5 Networks, Inc. (a)		676,080
	8,737	InterDigital, Inc.		640,859
	25,345	Juniper Networks, Inc.		629,316
	14,468	Plantronics, Inc.		656,269
				8,398,902
		Electronic Equipment, Instruments & Components — 1.2%
	21,110	Benchmark Electronics, Inc. (a)		653,354
	11,640	Corning, Inc.		364,448
	10,991	Dolby Laboratories, Inc., Class A		636,819
	14,663	Insight Enterprises, Inc. (a)		660,568
	3,782	Methode Electronics, Inc.		177,376
	14,985	Orbotech Ltd., (Israel) (a)		670,129
	16,866	Sanmina Corp. (a)		551,940
	7,097	Tech Data Corp. (a)		658,389
	42,743	TTM Technologies, Inc. (a)		674,485
	30,941	Vishay Intertechnology, Inc.		688,437
				5,735,945

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 0.6%
	653	Alphabet, Inc., Class A (a)		674,575
	48,555	Bankrate, Inc. (a)		674,915
	26,229	Blucora, Inc. (a)		569,169
	8,773	j2 Global, Inc.		650,430
	8,500	Mixi, Inc., (Japan)		414,391
				2,983,480
		IT Services — 0.9%
	4,280	Amdocs Ltd.		278,628
	1,700	Automatic Data Processing, Inc.		197,642
	19,257	Convergys Corp.		495,482
	14,600	DST Systems, Inc.		855,852
	12,500	DXC Technology Co.		1,144,000
	52,000	MoneyGram International, Inc. (a)		808,600
	2,823	Science Applications International Corp.		207,039
	12,715	Western Union Co. (The)		252,520
				4,239,763
		Semiconductors & Semiconductor Equipment — 2.8%
	1,549	Advanced Energy Industries, Inc. (a)		131,231
	7,369	Analog Devices, Inc.		672,790
	11,827	Applied Materials, Inc.		667,398
	7,832	Intel Corp.		356,278
	29,611	Kulicke & Soffa Industries, Inc., (Singapore) (a)		670,689
	3,256	Lam Research Corp.		679,104
	13,065	Maxim Integrated Products, Inc.		686,435
	7,033	Microchip Technology, Inc.		666,728
	31,725	NXP Semiconductors NV, (Netherlands) (a)		3,713,411
	17,064	Semtech Corp. (a)		700,477
	7,436	Silicon Laboratories, Inc. (a)		705,676
	6,334	Skyworks Solutions, Inc.		721,189
	10,528	Teradyne, Inc.		451,546
	7,003	Texas Instruments, Inc.		677,120
	9,100	Ulvac, Inc., (Japan)		644,681
	16,720	Versum Materials, Inc.		703,578
	29,449	Xperi Corp.		677,327
				13,525,658
		Software — 2.1%
	50,721	BroadSoft, Inc. (a)		2,782,047
	7,909	Citrix Systems, Inc. (a)		653,362
	74,516	Gigamon, Inc. (a)		2,868,866
	17,400	Nexon Co. Ltd., (Japan)		468,045
	5,213	Oracle Corp.		265,342
	21,582	Progress Software Corp.		913,566
	28,255	Silver Spring Networks, Inc. (a)		455,471

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	7,848	Synopsys, Inc. (a)		679,009
	5,574	VMware, Inc., Class A (a)		667,152
				9,752,860
		Technology Hardware, Storage & Peripherals — 0.3%
	656	Apple, Inc.		110,890
	29,800	HP, Inc.		642,190
	17,663	NCR Corp. (a)		566,806
				1,319,886
		Total Information Technology		45,956,494
		Materials — 4.3%
		Chemicals — 2.6%
	11,175	Cabot Corp.		681,228
	31,890	Calgon Carbon Corp.		692,013
	7,370	Eastman Chemical Co.		669,270
	18,800	Hitachi Chemical Co. Ltd., (Japan)		536,097
	22,581	Huntsman Corp.		723,044
	12,504	Innophos Holdings, Inc.		611,821
	25,400	Kuraray Co. Ltd., (Japan)		500,242
	1,193	LyondellBasell Industries NV, Class A		123,511
	22,000	Mitsubishi Gas Chemical Co., Inc., (Japan)		538,179
	46,550	Monsanto Co.		5,637,205
	102,500	Platform Speciality Products (a)		1,096,750
	21,000	Tosoh Corp., (Japan)		453,196
	1,384	Trinseo SA		98,264
				12,360,820
		Containers & Packaging — 0.5%
	11,677	Greif, Inc., Class A		648,424
	25,503	Owens-Illinois, Inc. (a)		609,267
	5,612	Packaging Corp. of America		652,507
	10,980	WestRock Co.		673,403
				2,583,601
		Metals & Mining — 1.0%
	52,802	BlueScope Steel Ltd., (Australia)		519,837
	29,977	Commercial Metals Co.		583,952
	102,515	Fortescue Metals Group Ltd., (Australia)		364,503
	6,546	Kaiser Aluminum Corp.		649,232
	143,089	Regis Resources Ltd., (Australia)		425,067
	44,200	Sandstorm Gold Ltd., (Canada) (a)		190,491
	22,335	Schnitzer Steel Industries, Inc., Class A		657,766
	17,321	Steel Dynamics, Inc.		644,515
	70,278	Westgold Resources Ltd., (Australia) (a)		100,440
	14,568	Worthington Industries, Inc.		662,844
				4,798,647

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.2%
	23,659	Louisiana-Pacific Corp. (a)		643,051
	3,503	Schweitzer-Mauduit International, Inc.		147,932
				790,983
		Total Materials		20,534,051
		Real Estate — 0.3%
		Real Estate Management & Development — 0.3%
	5,300	CBRE Group, Inc., Class A (a)		208,396
	29,571	First Capital Realty, Inc., (Canada)		468,973
	24,600	Nomura Real Estate Holdings, Inc., (Japan)		541,460
		Total Real Estate		1,218,829
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.5%
	13,207	Straight Path Communications, Inc., Class B (a)		2,397,203
		Wireless Telecommunication Services — 0.1%
	19,700	NTT DOCOMO, Inc., (Japan)		477,109
		Total Telecommunication Services		2,874,312
		Utilities — 3.1%
		Electric Utilities — 0.3%
	10,545	Eversource Energy		660,539
	18,470	Hawaiian Electric Industries, Inc.		673,416
				1,333,955
		Gas Utilities — 0.8%
	13,537	UGI Corp.		647,881
	39,747	WGL Holdings, Inc.		3,406,318
				4,054,199
		Independent Power and Renewable Electricity Producers — 1.5%
	57,963	AES Corp.		616,147
	382,015	Calpine Corp. (a)		5,707,304
	34,716	NRG Yield, Inc., Class C		645,717
				6,969,168
		Multi-Utilities — 0.5%
	2,454	Ameren Corp.		152,123
	36,266	Avista Corp.		1,894,536
	5,493	CenterPoint Energy, Inc.		162,483
				2,209,142
		Total Utilities		14,566,464
		Total Common Stocks (Cost $207,046,037)		220,218,107

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Convertible Preferred Stocks — 1.9%
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	9,898	Hess Corp., 8.00%, 02/01/2019 ($50 par value)		546,369
	13,190	Kinder Morgan, Inc., Series A, 9.75%, 10/26/2018 ($49 par value)		495,944
	19,901	Southwestern Energy Co., Series B, 6.25%, 01/15/2018 ($50 par value)		253,340
		Total Energy		1,295,653
		Financials — 0.2%
		Banks — 0.2%
	459	Bank of America Corp., Series L, 7.25% ($1,000 par value)		595,305
	460	Wells Fargo & Co., Series L, 7.50% ($1,000 par value)		602,600
		Total Financials		1,197,905
		Health Care — 0.4%
		Health Care Equipment & Supplies — 0.1%
	10,550	Becton Dickinson and Co., Series A, 6.13%, 05/01/2020 ($50 par value)		598,924
		Health Care Providers & Services — 0.1%
	11,455	Anthem, Inc., 5.25%, 05/01/2018 ($50 par value)		610,322
		Pharmaceuticals — 0.2%
	1,109	Allergan plc, Series A, 5.50%, 03/01/2018 ($1,000 par value)		713,852
		Total Health Care		1,923,098
		Industrials — 0.3%
		Commercial Services & Supplies — 0.1%
	9,300	Stericycle, Inc., 5.25%, 09/15/2018 ($100 par value)		529,542
		Machinery — 0.2%
	5,700	Stanley Black & Decker, Inc., 5.38%, 05/15/2020 ($100 par value)		674,139
		Total Industrials		1,203,681
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	6,100	Welltower, Inc., Series I, 6.50% ($50 par value)		374,113
		Telecommunication Services — 0.2%
		Wireless Telecommunication Services — 0.2%
	11,100	T-Mobile US, Inc., 5.50%, 12/15/2017 ($50 par value)		1,074,480

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 0.4%
		Electric Utilities — 0.1%
	8,800	NextEra Energy, Inc., 6.37%, 09/01/2018 ($50 par value)		613,800
		Multi-Utilities — 0.3%
	11,350	Dominion Energy, Inc., Series A, 6.75%, 08/15/2019 ($50 par value)		593,946
	10,700	DTE Energy Co., 6.50%, 10/01/2019 ($50 par value)		587,751
				1,181,697
		Total Utilities		1,795,497
		Total Convertible Preferred Stocks (Cost $9,087,116)		8,864,427
PRINCIPAL AMOUNT
	Convertible Bonds — 7.4%
		Consumer Discretionary — 0.4%
		Internet & Direct Marketing Retail — 0.4%
		Priceline Group, Inc. (The),
	191,000	0.35%, 06/15/2020		284,113
	193,000	1.00%, 03/15/2018		389,136
	819,000	Shutterfly, Inc., 0.25%, 05/15/2018		809,274
	690,000	Vipshop Holdings Ltd., (China), 1.50%, 03/15/2019		675,769
		Total Consumer Discretionary		2,158,292
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	836,000	Cheniere Energy, Inc., 4.25%, 03/15/2045		581,542
	612,000	Oasis Petroleum, Inc., 2.63%, 09/15/2023		673,965
		Total Energy		1,255,507
		Financials — 0.6%
		Capital Markets — 0.2%
	906,000	Prospect Capital Corp., 4.75%, 04/15/2020		907,132
		Insurance — 0.2%
	573,000	Old Republic International Corp., 3.75%, 03/15/2018		752,421
	36,000	Wellpoint, Inc. Cnv Bd Usd, 2.75%, 10/15/2042		102,960
				855,381
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
		Starwood Property Trust, Inc.,
	494,000	4.00%, 01/15/2019		544,635
	339,000	4.55%, 03/01/2018		352,984
				897,619
		Total Financials		2,660,132

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Health Care — 2.0%
		Biotechnology — 0.9%
	1,002,000	Acorda Therapeutics, Inc., 1.75%, 06/15/2021		926,223
	599,000	AMAG Pharmaceuticals, Inc., 3.25%, 06/01/2022		546,588
		BioMarin Pharmaceutical, Inc.,
	530,000	0.75%, 10/15/2018		558,819
	478,000	1.50%, 10/15/2020		542,231
	770,000	Intercept Pharmaceuticals, Inc., 3.25%, 07/01/2023		601,081
	847,000	Ionis Pharmaceuticals, Inc., 1.00%, 11/15/2021		953,404
				4,128,346
		Health Care Equipment & Supplies — 0.1%
	471,000	NuVasive, Inc., 2.25%, 03/15/2021		545,182
		Health Care Providers & Services — 0.5%
	133,000	Anthem, Inc., 2.75%, 10/15/2042		380,380
	833,000	Brookdale Senior Living, Inc., 2.75%, 06/15/2018		828,835
		Molina Healthcare, Inc.,
	348,000	1.13%, 01/15/2020		594,428
	470,000	1.63%, 08/15/2044		580,156
				2,383,799
		Health Care Technology — 0.2%
	759,000	Allscripts Healthcare Solutions, Inc., 1.25%, 07/01/2020		786,514
		Life Sciences Tools & Services — 0.0% (g)
	240,000	Illumina, Inc., 0.50%, 06/15/2021		275,550
		Pharmaceuticals — 0.3%
	180,000	Impax Laboratories, Inc., 2.00%, 06/15/2022		178,200
	1,016,000	Jazz Investments I Ltd., 1.88%, 08/15/2021		1,045,210
				1,223,410
		Total Health Care		9,342,801
		Industrials — 0.2%
		Machinery — 0.2%
	593,000	Trinity Industries, Inc., 3.88%, 06/01/2036		824,270
		Information Technology — 3.4%
		Communications Equipment — 0.3%
	596,000	InterDigital, Inc., 1.50%, 03/01/2020		696,203
	456,000	Palo Alto Networks, Inc., Zero Coupon, 07/01/2019		635,550
				1,331,753

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 0.4%
	823,000	Akamai Technologies, Inc., Zero Coupon, 02/15/2019		808,598
	737,000	j2 Global, Inc., 3.25%, 06/15/2029		911,116
				1,719,714
		IT Services — 0.1%
	530,000	Euronet Worldwide, Inc., 1.50%, 10/01/2044		722,787
		Semiconductors & Semiconductor Equipment — 1.7%
	565,000	Integrated Device Technology, Inc., 0.88%, 11/15/2022		650,457
		Intel Corp.,
	270,000	3.25%, 08/01/2039		587,250
	284,000	3.49%, 12/15/2035		476,410
	349,000	Lam Research Corp., 1.25%, 05/15/2018		1,206,013
	544,000	Microchip Technology, Inc., 1.63%, 02/15/2025		999,940
	1,203,000	Micron Technology, Inc., Series G, 3.00%, 11/15/2043		1,864,650
	129,000	Novellus Systems, Inc., 2.63%, 05/15/2041		799,558
	800,000	NXP Semiconductors NV, (Netherlands), 1.00%, 12/01/2019		985,500
	559,000	Veeco Instruments, Inc., 2.70%, 01/15/2023		510,786
				8,080,564
		Software — 0.8%
	562,000	Citrix Systems, Inc., 0.50%, 04/15/2019		689,152
	608,000	Red Hat, Inc., 0.25%, 10/01/2019		1,008,140
	427,000	salesforce.com, Inc., 0.25%, 04/01/2018		655,979
	694,000	Verint Systems, Inc., 1.50%, 06/01/2021		679,686
	463,000	Workday, Inc., 0.75%, 07/15/2018		625,629
				3,658,586
		Technology Hardware, Storage & Peripherals — 0.1%
	688,000	Electronics For Imaging, Inc., 0.75%, 09/01/2019		670,800
		Total Information Technology		16,184,204
		Materials — 0.1%
		Metals & Mining — 0.1%
	561,000	Royal Gold, Inc., 2.88%, 06/15/2019		614,646
		Total Materials		614,646

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
		Spirit Realty Capital, Inc.,
	354,000	2.88%, 05/15/2019		353,557
	392,000	3.75%, 05/15/2021		399,840
		Total Real Estate		753,397
		Utilities — 0.2%
		Independent Power and Renewable Electricity Producers — 0.2%
	973,000	NRG Yield, Inc., 3.50%, 02/01/2019 (e)		992,460
		Total Convertible Bonds (Cost $32,019,988)		34,785,709
NUMBER OF RIGHTS
	Rights — 0.0%
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics, Inc., CVR, (Denmark) (a) (bb) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 40.8%
		Investment Company — 40.8%
	193,204,806	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (l) (Cost $193,204,806)		193,204,806
		Total Investments — 96.6% (Cost $441,357,947)		457,073,049
		Other Assets in Excess of Liabilities — 3.4%		16,025,892
		NET ASSETS — 100.0%	$	473,098,941

Percentages indicated are based on net assets.

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Long Contracts
CAC 40 10 Euro Index		17		11/2017		EUR	$	1,089,483	$	23,468
LME Nickel Base Metal		3		11/2017		USD		220,707		9,450
LME Zinc Base Metal		50		11/2017		USD		4,136,250		127,086
100 oz Gold		15		12/2017		USD		1,905,750		(4,110	)
Australia 10 Year Bond		920		12/2017		AUD		90,728,257		(235,318	)
Canada 10 Year Bond		174		12/2017		CAD		18,535,633		(440	)
Cocoa		4		12/2017		USD		83,760		(1,942	)
Copper		17		12/2017		USD		1,317,925		53,605
Cotton No. 2		3		12/2017		USD		102,570		1,431
DAX Index		3		12/2017		EUR		1,159,012		52,652
EURO STOXX 50 Index		28		12/2017		EUR		1,201,016		44,183
Euro-Bobl		52		12/2017		EUR		7,982,204		28,483
Euro-Bund		17		12/2017		EUR		3,222,849		27,331
FTSE 100 Index		27		12/2017		GBP		2,678,686		27,384
FTSE/MIB Index		12		12/2017		EUR		1,590,599		41,379
Hang Seng Index		1		12/2017		HKD		180,975		(66	)
Japan 10 Year Bond Mini		1		12/2017		JPY		132,351		68
Lean Hogs		13		12/2017		USD		353,600		59,412

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2017

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Long Contracts (continued)
Live Cattle		1			12/2017		USD	$	50,250		$	3,957
LME Aluminum Base Metal		39			12/2017		USD		2,098,688			17,844
LME Nickel Base Metal		11			12/2017		USD		810,315			73,176
LME Zinc Base Metal		68			12/2017		USD		5,593,000			105,026
S&P 500 E-Mini Index		23			12/2017		USD		2,958,605			84,651
SPI 200 Index		6			12/2017		AUD		677,829			18,329
U.S. Treasury 10 Year Note		609			12/2017		USD		76,067,906			(765,496	)
U.S. Treasury 5 Year Note		57			12/2017		USD		6,677,906			(43,635	)
U.S. Treasury Long Bond		14			12/2017		USD		2,133,688			(19,633	)
Feeder Cattle		62			01/2018		USD		4,946,825			176,342
LME Zinc Base Metal		22			01/2018		USD		1,801,800			9,284
WTI Crude Oil		15			01/2018		USD		820,350			5,060
Cocoa		48			03/2018		USD		1,002,720			6,895
Copper		22			03/2018		USD		1,716,550			74,229
Cotton No. 2		89			03/2018		USD		3,041,130			(38,563	)
Feeder Cattle		24			03/2018		USD		1,872,900			16,254
100 oz Gold		12			04/2018		USD		1,534,320			(7,952	)
Sugar No. 11		93			06/2018		USD		1,553,026			9,744
												(20,432	)
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Short Contracts
IBEX 35 Index		(1	)		11/2017		EUR	$	(122,798	)	$	(4,345	)
LME Nickel Base Metal		(3	)		11/2017		USD		(220,707	)		(17,250	)
LME Zinc Base Metal		(50	)		11/2017		USD		(4,136,250	)		(22,026	)
Natural Gas		(23	)		11/2017		USD		(666,080	)		61,659
Australia 10 Year Bond		(17	)		12/2017		AUD		(1,676,500	)		(18,000	)
Australia 3 Year Bond		(96	)		12/2017		AUD		(8,198,988	)		(20,924	)
Canada 10 Year Bond		(30	)		12/2017		CAD		(3,195,799	)		22,114
Coffee ‘C’		(17	)		12/2017		USD		(797,512	)		101,237
Corn		(58	)		12/2017		USD		(1,002,675	)		129,404
Euro-Bund		(354	)		12/2017		EUR		(67,111,085	)		(283,508	)
Euro-Buxl		(9	)		12/2017		EUR		(1,741,544	)		4,156
Japan 10 Year Bond Mini		(569	)		12/2017		JPY		(75,307,867	)		183,285
Live Cattle		(30	)		12/2017		USD		(1,507,500	)		(137,878	)
LME Aluminum Base Metal		(12	)		12/2017		USD		(645,750	)		(6,225	)
LME Nickel Base Metal		(2	)		12/2017		USD		(147,330	)		(16,128	)
LME Zinc Base Metal		(5	)		12/2017		USD		(411,250	)		(18,703	)
Long Gilt		(141	)		12/2017		GBP		(23,283,173	)		369,090
Natural Gas		(115	)		12/2017		USD		(3,479,900	)		155,334
S&P 500 E-Mini Index		(539	)		12/2017		USD		(69,334,265	)		(1,748,784	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Short Contracts (continued)
Silver		(4	)		12/2017		USD	$	(333,860	)	$	4,929
Wheat		(28	)		12/2017		USD		(585,900	)		87,267
Natural Gas		(46	)		01/2018		USD		(1,393,800	)		32,928
Soybean		(11	)		01/2018		USD		(541,613	)		1,730
Lean Hogs		(51	)		02/2018		USD		(1,489,200	)		(170,831	)
Live Cattle		(41	)		02/2018		USD		(2,124,620	)		(186,391	)
Sugar No. 11		(32	)		02/2018		USD		(528,282	)		(14,365	)
Coffee ‘C’		(32	)		03/2018		USD		(1,543,200	)		127,141
Corn		(97	)		03/2018		USD		(1,743,575	)		11,701
Wheat		(123	)		03/2018		USD		(2,681,400	)		27,962
Lean Hogs		(32	)		04/2018		USD		(958,720	)		(2,674	)
Sugar No. 11		(90	)		04/2018		USD		(1,493,856	)		(39,180	)
Corn		(63	)		05/2018		USD		(1,159,987	)		6,752
Wheat		(79	)		05/2018		USD		(1,774,538	)		101,817
												(1,278,706	)
												(1,299,138	)

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
INR	211,687,357	USD	3,248,931	Goldman Sachs International**		11/22/2017	$	16,224
INR	57,863,218	USD	887,024	Goldman Sachs International**		11/22/2017		5,483
USD	543,085	AUD	691,832	Citibank, NA		11/22/2017		13,704
USD	6,708,263	AUD	8,542,369	HSBC Bank, NA		11/22/2017		171,753
USD	4,959	BRL	15,834	Citibank, NA**		11/22/2017		132
USD	4,038,156	CAD	5,062,118	HSBC Bank, NA		11/22/2017		113,682
USD	3,598,238	CHF	3,524,392	Goldman Sachs International		11/22/2017		60,841
USD	12,403,167	CHF	12,090,682	HSBC Bank, NA		11/22/2017		267,870
USD	846,388	EUR	718,201	Citibank, NA		11/22/2017		8,877
USD	873,895	HUF	227,632,831	Barclays Bank plc		11/22/2017		21,631
USD	3,249,268	HUF	848,075,183	Standard Chartered Bank		11/22/2017		74,048
USD	886	ILS	3,106	Royal Bank of Canada		11/22/2017		3
USD	14,630,691	JPY	1,638,432,531	Barclays Bank plc		11/22/2017		208,754
USD	1,408,539	JPY	159,422,924	Royal Bank of Canada		11/22/2017		5,254
USD	384,926	JPY	43,495,117	Standard Chartered Bank		11/22/2017		2,070
USD	1,629,581	NZD	2,332,184	Goldman Sachs International		11/22/2017		34,291
USD	5,206,767	NZD	7,246,577	HSBC Bank, NA		11/22/2017		249,872
USD	3,267,292	PLN	11,756,110	HSBC Bank, NA		11/22/2017		37,682
USD	847,155	PLN	3,045,959	Royal Bank of Canada		11/22/2017		10,377
USD	4,126,375	RON	16,066,345	Barclays Bank plc		11/22/2017		61,317
USD	479,555	SEK	3,895,295	Barclays Bank plc		11/22/2017		13,738
Total unrealized appreciation								1,377,603

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	15,992	USD	4,997	Citibank, NA**		11/22/2017	$	(122	)
CAD	4,093,250	USD	3,273,447	Goldman Sachs International		11/22/2017		(100,101	)
CAD	15,000,631	USD	11,967,895	HSBC Bank, NA		11/22/2017		(338,456	)
EUR	449,107	USD	529,265	Citibank, NA		11/22/2017		(5,551	)
EUR	126,334	USD	149,327	Standard Chartered Bank		11/22/2017		(2,006	)
ILS	3,106	USD	889	Deutsche Bank AG		11/22/2017		(7	)
JPY	33,653,729	USD	301,613	HSBC Bank, NA		11/22/2017		(5,384	)
JPY	98,938,916	USD	881,823	National Australia Bank Ltd.		11/22/2017		(10,935	)
MXN	58,560,341	USD	3,058,766	Deutsche Bank AG		11/22/2017		(15,357	)
MXN	19,433,997	USD	1,024,973	Goldman Sachs International		11/22/2017		(14,978	)
NOK	27,066,730	USD	3,393,839	Merrill Lynch International		11/22/2017		(78,493	)
NOK	95,823,284	USD	12,092,881	TD Bank Financial Group		11/22/2017		(355,691	)
RUB	185,675,873	USD	3,216,893	Citibank, NA**		11/22/2017		(48,172	)
RUB	52,035,269	USD	899,130	Goldman Sachs International**		11/22/2017		(11,103	)
SEK	31,467,975	USD	3,874,064	Barclays Bank plc		11/22/2017		(110,980	)
SEK	8,873,363	USD	1,089,525	Goldman Sachs International		11/22/2017		(28,408	)
TRY	15,171,736	USD	4,105,064	HSBC Bank, NA		11/22/2017		(129,106	)
USD	704,900	EUR	604,951	TD Bank Financial Group		11/22/2017		(547	)
USD	4,552,049	GBP	3,429,679	Citibank, NA		11/22/2017		(5,716	)
USD	1,376,746	GBP	1,047,387	Royal Bank of Canada		11/22/2017		(15,147	)
USD	878,711	KRW	995,219,824	Citibank, NA**		11/22/2017		(11,472	)
USD	3,261,512	KRW	3,690,563,708	Goldman Sachs International**		11/22/2017		(39,546	)
USD	694,034	SEK	5,816,094	Citibank, NA		11/22/2017		(1,481	)
USD	3,240,144	TWD	97,748,665	Citibank, NA**		11/22/2017		(7,516	)
USD	903,601	TWD	27,321,290	Goldman Sachs International**		11/22/2017		(4,138	)
ZAR	43,582,689	USD	3,242,850	HSBC Bank, NA		11/22/2017		(171,670	)
ZAR	12,568,250	USD	917,171	Royal Bank of Canada		11/22/2017		(31,513	)
Total unrealized depreciation								(1,543,596	)
Net unrealized depreciation								(165,993	)

Over the Counter (“OTC”) Total return swap contracts outstanding as of October 31, 2017:

REFERENCE ENTITY

PAYMENTS MADE BY FUND

PAYMENTS RECEIVED BY FUND

FREQUENCY OF PAYMENTS MADE/ RECEIVED

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)

Media Gen, Inc., CVR

Total appreciation of the position at maturity

Total depreciation of the position at maturity

At Termination

Union Bank of Switzerland AG

10/18/2018

USD 48,548

$

—

$

2,379

—

2,379

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

Total Return Basket Swaps Outstanding at October 31, 2017
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.		10/31/2018	$	(3,153,090	)	$	1,618	$	—	$	1,618

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
William Hill plc		40,526		139,066		(17	)		0.0	(g)
Household Durables
Barratt Developments plc		62,799		546,026		131			0.0	(g)
Bellway plc		10,814		524,326		90			0.0	(g)
Crest Nicholson Holdings plc		73,108		550,128		66			0.0	(g)
Persimmon plc		14,574		542,368		—			0.0	(g)
Redrow plc		59,219		512,023		—			0.0	(g)
Taylor Wimpey plc		191,779		508,230		81			0.0	(g)
		412,293		3,183,101		368			0.0	(g)
Specialty Retail
WH Smith plc		17,742		482,356		—			0.0	(g)
Textiles, Apparel & Luxury Goods
Burberry Group plc		20,388		514,948		(81	)		0.0	(g)
Total Consumer Discretionary		490,949		4,319,471		270			0.0	(g)
Consumer Staples
Household Products
Reckitt Benckiser Group plc		5,686		508,707		90			0.0	(g)
Energy
Energy Equipment & Services
Petrofac Ltd.		50,642		282,129		107			0.0	(g)
Financials
Capital Markets
Close Brothers Group plc		27,720		511,246		(132	)		0.0	(g)
Investec plc		64,036		438,174		(256	)		0.0	(g)
Total Financials		91,756		949,420		(388	)		0.0	(g)
Industrials
Airlines
Wizz Air Holdings plc (a)		12,856		559,232		36			0.0	(g)
Commercial Services & Supplies
Mitie Group plc		158,345		498,267		(158	)		0.0	(g)
Total Industrials		171,201		1,057,499		(122	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Spectris plc		14,815		503,687		(32	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Internet Software & Services
Moneysupermarket.com Group plc		117,860			508,585			—			0.0	(g)
Total Information Technology		132,675			1,012,272			(32	)		0.0	(g)
Materials
Metals & Mining
Rio Tinto plc		10,124			478,467			1,329			0.0	(g)
Paper & Forest Products
Mondi plc		17,331			419,137			(24	)		0.0	(g)
Total Materials		27,455			897,604			1,305			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
BT Group plc		141,977			489,186			(1,653	)		0.0	(g)
Inmarsat plc		55,628			458,848			39			0.0	(g)
Total Telecommunication Services		197,605			948,034			(1,614	)		0.0	(g)
Utilities
Multi-Utilities
Centrica plc		222,464			501,694			(6	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		1,390,433			10,476,830			(390	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Domino’s Pizza Group plc		(149,924	)		(668,384	)		67			0.0	(g)
Greene King plc		(91,155	)		(654,999	)		(24	)		0.0	(g)
Merlin Entertainments plc		(64,343	)		(323,665	)		47			0.0	(g)
Whitbread plc		(5,250	)		(257,494	)		11			0.0	(g)
		(310,672	)		(1,904,542	)		101			0.0	(g)
Internet & Direct Marketing Retail
Ocado Group plc (a)		(43,936	)		(167,861	)		22			0.0	(g)
Multiline Retail
B&M European Value Retail SA		(35,418	)		(186,886	)		5			0.0	(g)
Total Consumer Discretionary		(390,026	)		(2,259,289	)		128			0.0	(g)
Consumer Staples
Food Products
Associated British Foods plc		(14,709	)		(651,009	)		(77	)		0.0	(g)
Tobacco
British American Tobacco plc		(10,088	)		(651,784	)		851			0.0	(g)
Total Consumer Staples		(24,797	)		(1,302,793	)		774			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Tullow Oil plc (a)		(131,060	)		(317,119	)		(317	)		0.0	(g)
Financials
Banks
Barclays plc		(252,061	)		(622,014	)		499			0.0	(g)
Standard Chartered plc		(12,339	)		(122,895	)		81			0.0	(g)
		(264,400	)		(744,909	)		580			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Capital Markets
Ashmore Group plc		(130,465	)		(667,054	)		(111	)		0.0	(g)
Hargreaves Lansdown plc		(31,765	)		(667,263	)		162			0.0	(g)
NEX Group plc		(78,446	)		(660,178	)		895			0.0	(g)
St James’s Place plc		(8,303	)		(129,775	)		20			0.0	(g)
		(248,979	)		(2,124,270	)		966			0.0	(g)
Total Financials		(513,379	)		(2,869,179	)		1,546			0.0	(g)
Industrials
Aerospace & Defense
Cobham plc		(344,964	)		(636,848	)		—			0.0	(g)
Commercial Services & Supplies
Aggreko plc		(54,693	)		(680,643	)		(1	)		0.0	(g)
Construction & Engineering
Balfour Beatty plc		(180,562	)		(656,864	)		225			0.0	(g)
Electrical Equipment
Melrose Industries plc		(220,199	)		(643,169	)		(56	)		0.0	(g)
Industrial Conglomerates
DCC plc		(6,803	)		(645,151	)		(23	)		0.0	(g)
Trading Companies & Distributors
Ashtead Group plc		(3,246	)		(83,615	)		21			0.0	(g)
Total Industrials		(810,467	)		(3,346,290	)		166			0.0	(g)
Information Technology
Internet Software & Services
Just Eat plc (a)		(70,180	)		(727,068	)		(33	)		0.0	(g)
Materials
Chemicals
Croda International plc		(12,597	)		(700,075	)		(62	)		0.0	(g)
Johnson Matthey plc		(14,384	)		(645,780	)		130			0.0	(g)
		(26,981	)		(1,345,855	)		68			0.0	(g)
Containers & Packaging
RPC Group plc		(51,717	)		(647,215	)		168			0.0	(g)
Metals & Mining
Fresnillo plc		(15,347	)		(265,415	)		(27	)		0.0	(g)
Total Materials		(94,045	)		(2,258,485	)		209			0.0	(g)
Real Estate
Real Estate Management & Development
Capital & Counties Properties plc		(93,832	)		(331,815	)		(443	)		0.0	(g)
Utilities
Water Utilities
Pennon Group plc		(20,659	)		(217,882	)		(22	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,148,445	)		(13,629,920	)		2,008			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(758,012	)		(3,153,090	)		1,618			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.		10/29/2018	$	(6,608,727	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
Parkland Fuel Corp.		22,099			448,798			—		0.0	(g)
Financials
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		16,538			513,920			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		38,637			962,718			—		0.0	(g)
Short Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
MEG Energy Corp. (a)		(47,370	)		(210,395	)		—		0.0	(g)
Raging River Exploration, Inc. (a)		(118,402	)		(698,426	)		—		0.0	(g)
Seven Generations Energy Ltd. (a)		(21,224	)		(320,474	)		—		0.0	(g)
Total Energy		(186,996	)		(1,229,295	)		—		0.0	(g)
Financials
Diversified Financial Services
Element Fleet Management Corp.		(45,688	)		(352,018	)		—		0.0	(g)
Insurance
Fairfax Financial Holdings Ltd.		(1,244	)		(655,132	)		—		0.0	(g)
Total Financials		(46,932	)		(1,007,150	)		—		0.0	(g)
Industrials
Aerospace & Defense
Bombardier, Inc. (a)		(85,841	)		(181,649	)		—		0.0	(g)
Construction & Engineering
SNC-Lavalin Group, Inc.		(13,969	)		(629,314	)		—		0.0	(g)
Total Industrials		(99,810	)		(810,963	)		—		0.0	(g)
Materials
Chemicals
Potash Corp. of Saskatchewan, Inc.		(7,547	)		(146,892	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Metals & Mining
Alamos Gold, Inc.		(57,718	)		(365,519	)		—		0.0	(g)
Eldorado Gold Corp.		(295,141	)		(370,613	)		—		0.0	(g)
Endeavour Mining Corp. (a)		(11,290	)		(200,666	)		—		0.0	(g)
First Quantum Minerals Ltd.		(12,931	)		(144,636	)		—		0.0	(g)
Franco-Nevada Corp.		(2,451	)		(194,773	)		—		0.0	(g)
Goldcorp, Inc.		(48,626	)		(635,104	)		—		0.0	(g)
New Gold, Inc. (a)		(180,658	)		(597,946	)		—		0.0	(g)
Pan American Silver Corp.		(37,935	)		(619,851	)		—		0.0	(g)
		(646,750	)		(3,129,108	)		—		0.0	(g)
Total Materials		(654,297	)		(3,276,000	)		—		0.0	(g)
Utilities
Electric Utilities
Hydro One Ltd.		(35,668	)		(630,639	)		—		0.0	(g)
Independent Power and Renewable Electricity Producers
Algonquin Power & Utilities Corp.		(57,676	)		(617,398	)		—		0.0	(g)
Total Utilities		(93,344	)		(1,248,037	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,081,379	)		(7,571,445	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,042,742	)		(6,608,727	)		—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.		10/29/2018	$	(63,754,189	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Visteon Corp. (a)		(3,666	)		(462,063	)		—		0.0	(g)
Distributors
Core-Mark Holding Co., Inc.		(14,431	)		(491,520	)		—		0.0	(g)
LKQ Corp. (a)		(14,077	)		(530,562	)		—		0.0	(g)
		(28,508	)		(1,022,082	)		—		0.0	(g)
Diversified Consumer Services
Houghton Mifflin Harcourt Co. (a)		(38,352	)		(379,685	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc. (a)		(868	)		(236,009	)		—		0.0	(g)
Fiesta Restaurant Group, Inc. (a)		(24,620	)		(407,461	)		—		0.0	(g)
MGM Resorts International		(14,629	)		(458,619	)		—		0.0	(g)
Planet Fitness, Inc.		(19,758	)		(526,353	)		—		0.0	(g)
Red Robin Gourmet Burgers, Inc. (a)		(7,056	)		(482,630	)		—		0.0	(g)
Shake Shack, Inc. (a)		(3,134	)		(118,967	)		—		0.0	(g)
		(70,065	)		(2,230,039	)		—		0.0	(g)
Household Durables
Tempur Sealy International, Inc. (a)		(9,665	)		(631,801	)		—		0.0	(g)
Universal Electronics, Inc. (a)		(4,380	)		(262,800	)		—		0.0	(g)
		(14,045	)		(894,601	)		—		0.0	(g)
Internet & Direct Marketing Retail
Groupon, Inc. (a)		(130,366	)		(621,846	)		—		0.0	(g)
Netflix, Inc. (a)		(2,337	)		(459,057	)		—		0.0	(g)
TripAdvisor, Inc. (a)		(5,166	)		(193,725	)		—		0.0	(g)
		(137,869	)		(1,274,628	)		—		0.0	(g)
Leisure Products
Mattel, Inc.		(25,860	)		(365,143	)		—		0.0	(g)
Media
Liberty Broadband Corp. (a)		(4,778	)		(417,072	)		—		0.0	(g)
Lions Gate Entertainment Corp. (a)		(16,115	)		(467,657	)		—		0.0	(g)
		(20,893	)		(884,729	)		—		0.0	(g)
Specialty Retail
Advance Auto Parts, Inc.		(5,477	)		(447,690	)		—		0.0	(g)
CarMax, Inc. (a)		(7,159	)		(537,641	)		—		0.0	(g)
L Brands, Inc.		(11,144	)		(479,638	)		—		0.0	(g)
Monro, Inc.		(8,295	)		(409,358	)		—		0.0	(g)
		(32,075	)		(1,874,327	)		—		0.0	(g)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		(9,345	)		(513,882	)		—		0.0	(g)
Total Consumer Discretionary		(380,678	)		(9,901,179	)		—		0.0	(g)
Consumer Staples
Beverages
Coca-Cola Bottling Co. Consolidated		(2,343	)		(528,487	)		—		0.0	(g)
Molson Coors Brewing Co.		(5,531	)		(447,292	)		—		0.0	(g)
Monster Beverage Corp. (a)		(8,703	)		(504,165	)		—		0.0	(g)
		(16,577	)		(1,479,944	)		—		0.0	(g)
Food & Staples Retailing
Casey’s General Stores, Inc.		(4,177	)		(478,559	)		—		0.0	(g)
Costco Wholesale Corp.		(592	)		(95,359	)		—		0.0	(g)
		(4,769	)		(573,918	)		—		0.0	(g)
Food Products
Blue Buffalo Pet Products, Inc. (a)		(16,059	)		(464,587	)		—		0.0	(g)
Lancaster Colony Corp.		(3,823	)		(478,716	)		—		0.0	(g)
		(19,882	)		(943,303	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Personal Products
Avon Products, Inc. (a)		(195,232	)		(445,129	)		—		0.0	(g)
Coty, Inc.		(29,339	)		(451,821	)		—		0.0	(g)
Edgewell Personal Care Co. (a)		(1,480	)		(96,096	)		—		0.0	(g)
elf Beauty, Inc. (a)		(20,985	)		(444,672	)		—		0.0	(g)
		(247,036	)		(1,437,718	)		—		0.0	(g)
Tobacco
Vector Group Ltd.		(756	)		(15,710	)		—		0.0	(g)
Total Consumer Staples		(289,020	)		(4,450,593	)		—		0.0	(g)
Energy
Energy Equipment & Services
Weatherford International plc (a)		(92,730	)		(321,773	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Anadarko Petroleum Corp.		(9,538	)		(470,891	)		—		0.0	(g)
Antero Resources Corp. (a)		(26,593	)		(515,904	)		—		0.0	(g)
Carrizo Oil & Gas, Inc. (a)		(27,300	)		(482,937	)		—		0.0	(g)
Chesapeake Energy Corp. (a)		(124,377	)		(485,070	)		—		0.0	(g)
EQT Corp.		(2,062	)		(128,957	)		—		0.0	(g)
Extraction Oil & Gas, Inc. (a)		(30,653	)		(488,915	)		—		0.0	(g)
Hess Corp.		(11,086	)		(489,558	)		—		0.0	(g)
Laredo Petroleum, Inc. (a)		(36,950	)		(440,444	)		—		0.0	(g)
Matador Resources Co. (a)		(17,599	)		(467,253	)		—		0.0	(g)
Oasis Petroleum, Inc. (a)		(55,118	)		(520,865	)		—		0.0	(g)
Parsley Energy, Inc. (a)		(17,437	)		(463,824	)		—		0.0	(g)
PDC Energy, Inc. (a)		(2,929	)		(149,174	)		—		0.0	(g)
QEP Resources, Inc. (a)		(53,964	)		(482,978	)		—		0.0	(g)
Range Resources Corp.		(23,009	)		(416,693	)		—		0.0	(g)
RSP Permian, Inc. (a)		(2,787	)		(95,901	)		—		0.0	(g)
SM Energy Co.		(14,984	)		(319,609	)		—		0.0	(g)
WPX Energy, Inc. (a)		(14,740	)		(166,267	)		—		0.0	(g)
		(471,126	)		(6,585,240	)		—		0.0	(g)
Total Energy		(563,856	)		(6,907,013	)		—		0.0	(g)
Financials
Capital Markets
Financial Engines, Inc.		(334	)		(12,057	)		—		0.0	(g)
Interactive Brokers Group, Inc.		(9,808	)		(529,828	)		—		0.0	(g)
		(10,142	)		(541,885	)		—		0.0	(g)
Consumer Finance
LendingClub Corp. (a)		(25,464	)		(144,890	)		—		0.0	(g)
PRA Group, Inc. (a)		(16,045	)		(447,656	)		—		0.0	(g)
		(41,509	)		(592,546	)		—		0.0	(g)
Insurance
Markel Corp. (a)		(432	)		(468,418	)		—		0.0	(g)
RLI Corp.		(7,988	)		(472,011	)		—		0.0	(g)
		(8,420	)		(940,429	)		—		0.0	(g)
Thrifts & Mortgage Finance
PHH Corp. (a)		(9,038	)		(119,392	)		—		0.0	(g)
Total Financials		(69,109	)		(2,194,252	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Health Care
Health Care Equipment & Supplies
DexCom, Inc. (a)		(7,005	)		(315,015	)		—		0.0	(g)
Glaukos Corp. (a)		(19,716	)		(696,172	)		—		0.0	(g)
Nevro Corp. (a)		(5,764	)		(504,811	)		—		0.0	(g)
Penumbra, Inc. (a)		(6,778	)		(681,528	)		—		0.0	(g)
		(39,263	)		(2,197,526	)		—		0.0	(g)
Health Care Providers & Services
Teladoc, Inc. (a)		(19,950	)		(659,348	)		—		0.0	(g)
Tenet Healthcare Corp. (a)		(48,338	)		(690,267	)		—		0.0	(g)
		(68,288	)		(1,349,615	)		—		0.0	(g)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. (a)		(8,519	)		(526,048	)		—		0.0	(g)
Dermira, Inc. (a)		(17,285	)		(462,719	)		—		0.0	(g)
Intra-Cellular Therapies, Inc. (a)		(27,871	)		(434,509	)		—		0.0	(g)
Medicines Co. (The) (a)		(11,298	)		(324,705	)		—		0.0	(g)
Nektar Therapeutics (a)		(7,827	)		(188,552	)		—		0.0	(g)
Pacira Pharmaceuticals, Inc. (a)		(3,591	)		(115,092	)		—		0.0	(g)
		(76,391	)		(2,051,625	)		—		0.0	(g)
Total Health Care		(183,942	)		(5,598,766	)		—		0.0	(g)
Industrials
Aerospace & Defense
Axon Enterprise, Inc. (a)		(26,211	)		(602,067	)		—		0.0	(g)
Cubic Corp.		(8,815	)		(480,858	)		—		0.0	(g)
Mercury Systems, Inc. (a)		(8,756	)		(441,915	)		—		0.0	(g)
TransDigm Group, Inc.		(1,968	)		(546,120	)		—		0.0	(g)
		(45,750	)		(2,070,960	)		—		0.0	(g)
Air Freight & Logistics
Hub Group, Inc. (a)		(12,647	)		(547,615	)		—		0.0	(g)
Airlines
Spirit Airlines, Inc. (a)		(4,554	)		(168,908	)		—		0.0	(g)
Building Products
Armstrong World Industries, Inc. (a)		(204	)		(10,424	)		—		0.0	(g)
Commercial Services & Supplies
Clean Harbors, Inc. (a)		(9,361	)		(500,907	)		—		0.0	(g)
Covanta Holding Corp.		(2,360	)		(37,996	)		—		0.0	(g)
Healthcare Services Group, Inc.		(9,639	)		(509,807	)		—		0.0	(g)
		(21,360	)		(1,048,710	)		—		0.0	(g)
Construction & Engineering
Dycom Industries, Inc. (a)		(6,371	)		(559,565	)		—		0.0	(g)
Granite Construction, Inc.		(8,885	)		(565,886	)		—		0.0	(g)
		(15,256	)		(1,125,451	)		—		0.0	(g)
Electrical Equipment
Acuity Brands, Inc.		(2,669	)		(446,257	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Machinery
CIRCOR International, Inc.		(9,675	)		(425,216	)		—		0.0	(g)
EnPro Industries, Inc.		(5,677	)		(475,392	)		—		0.0	(g)
Flowserve Corp.		(2,406	)		(106,032	)		—		0.0	(g)
REV Group, Inc.		(16,221	)		(418,502	)		—		0.0	(g)
Welbilt, Inc. (a)		(20,526	)		(452,804	)		—		0.0	(g)
		(54,505	)		(1,877,946	)		—		0.0	(g)
Marine
Matson, Inc.		(16,177	)		(440,500	)		—		0.0	(g)
Professional Services
Advisory Board Co. (The) (a)		(8,602	)		(463,863	)		—		0.0	(g)
Road & Rail
AMERCO		(1,373	)		(539,095	)		—		0.0	(g)
Avis Budget Group, Inc. (a)		(13,910	)		(573,788	)		—		0.0	(g)
Hertz Global Holdings, Inc. (a)		(26,243	)		(652,663	)		—		0.0	(g)
Werner Enterprises, Inc.		(14,752	)		(525,909	)		—		0.0	(g)
		(56,278	)		(2,291,455	)		—		0.0	(g)
Trading Companies & Distributors
Beacon Roofing Supply, Inc. (a)		(8,830	)		(489,270	)		—		0.0	(g)
Herc Holdings, Inc. (a)		(9,252	)		(448,352	)		—		0.0	(g)
SiteOne Landscape Supply, Inc. (a)		(7,458	)		(473,658	)		—		0.0	(g)
		(25,540	)		(1,411,280	)		—		0.0	(g)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(6,669	)		(463,829	)		—		0.0	(g)
Total Industrials		(270,211	)		(12,367,198	)		—		0.0	(g)
Information Technology
Communications Equipment
Infinera Corp. (a)		(51,166	)		(428,259	)		—		0.0	(g)
Quantenna Communications, Inc. (a)		(26,857	)		(416,015	)		—		0.0	(g)
ViaSat, Inc. (a)		(5,362	)		(349,066	)		—		0.0	(g)
		(83,385	)		(1,193,340	)		—		0.0	(g)
Electronic Equipment, Instruments & Components
Fitbit, Inc. (a)		(23,207	)		(142,491	)		—		0.0	(g)
Internet Software & Services
2U, Inc. (a)		(173	)		(11,008	)		—		0.0	(g)
Benefitfocus, Inc. (a)		(14,730	)		(403,602	)		—		0.0	(g)
Box, Inc. (a)		(24,336	)		(534,175	)		—		0.0	(g)
Cimpress NV (a)		(709	)		(77,380	)		—		0.0	(g)
Cornerstone OnDemand, Inc. (a)		(11,459	)		(439,567	)		—		0.0	(g)
Etsy, Inc. (a)		(30,220	)		(504,674	)		—		0.0	(g)
GrubHub, Inc. (a)		(12,465	)		(760,614	)		—		0.0	(g)
GTT Communications, Inc. (a)		(13,782	)		(502,354	)		—		0.0	(g)
MINDBODY, Inc. (a)		(22,643	)		(730,237	)		—		0.0	(g)
New Relic, Inc. (a)		(14	)		(719	)		—		0.0	(g)
Nutanix, Inc. (a)		(24,499	)		(698,222	)		—		0.0	(g)
Pandora Media, Inc. (a)		(58,376	)		(426,729	)		—		0.0	(g)
Q2 Holdings, Inc. (a)		(12,118	)		(515,621	)		—		0.0	(g)
SPS Commerce, Inc. (a)		(8,020	)		(394,263	)		—		0.0	(g)
Twilio, Inc. (a)		(20,607	)		(658,394	)		—		0.0	(g)
Zillow Group, Inc. (a)		(12,322	)		(508,652	)		—		0.0	(g)
		(266,473	)		(7,166,211	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
IT Services
InterXion Holding NV (a)		(1,247	)		(66,577	)		—		0.0	(g)
Syntel, Inc. (a)		(23,654	)		(552,557	)		—		0.0	(g)
WEX, Inc. (a)		(4,016	)		(496,337	)		—		0.0	(g)
		(28,917	)		(1,115,471	)		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Cavium, Inc. (a)		(7,747	)		(534,466	)		—		0.0	(g)
Software
Blackline, Inc. (a)		(5,357	)		(190,281	)		—		0.0	(g)
FireEye, Inc. (a)		(15,557	)		(263,224	)		—		0.0	(g)
Globant SA (a)		(7,791	)		(293,877	)		—		0.0	(g)
Imperva, Inc. (a)		(4,056	)		(173,191	)		—		0.0	(g)
Paylocity Holding Corp. (a)		(10,252	)		(547,559	)		—		0.0	(g)
Pegasystems, Inc.		(9,192	)		(535,894	)		—		0.0	(g)
RingCentral, Inc. (a)		(2,307	)		(97,240	)		—		0.0	(g)
ServiceNow, Inc. (a)		(4,254	)		(537,578	)		—		0.0	(g)
Splunk, Inc. (a)		(1,749	)		(117,708	)		—		0.0	(g)
Tableau Software, Inc. (a)		(1,567	)		(127,068	)		—		0.0	(g)
Workday, Inc. (a)		(551	)		(61,155	)		—		0.0	(g)
Zendesk, Inc. (a)		(3,940	)		(122,140	)		—		0.0	(g)
		(66,573	)		(3,066,915	)		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Cray, Inc. (a)		(23,922	)		(493,989	)		—		0.0	(g)
Pure Storage, Inc. (a)		(3,670	)		(60,298	)		—		0.0	(g)
		(27,592	)		(554,287	)		—		0.0	(g)
Total Information Technology		(503,894	)		(13,773,181	)		—		0.0	(g)
Materials
Chemicals
CF Industries Holdings, Inc.		(13,550	)		(514,629	)		—		0.0	(g)
GCP Applied Technologies, Inc. (a)		(14,698	)		(429,917	)		—		0.0	(g)
RPM International, Inc.		(10,059	)		(536,446	)		—		0.0	(g)
		(38,307	)		(1,480,992	)		—		0.0	(g)
Construction Materials
Martin Marietta Materials, Inc.		(2,247	)		(487,262	)		—		0.0	(g)
Vulcan Materials Co.		(4,378	)		(533,022	)		—		0.0	(g)
		(6,625	)		(1,020,284	)		—		0.0	(g)
Containers & Packaging
Ball Corp.		(11,079	)		(475,621	)		—		0.0	(g)
Metals & Mining
Alcoa Corp.		(11,136	)		(532,078	)		—		0.0	(g)
Carpenter Technology Corp.		(9,376	)		(466,831	)		—		0.0	(g)
Coeur Mining, Inc. (a)		(52,478	)		(398,308	)		—		0.0	(g)
Compass Minerals International, Inc.		(9,974	)		(654,294	)		—		0.0	(g)
Hecla Mining Co.		(6,117	)		(28,872	)		—		0.0	(g)
		(89,081	)		(2,080,383	)		—		0.0	(g)
Paper & Forest Products
Clearwater Paper Corp. (a)		(11,715	)		(540,647	)		—		0.0	(g)
Total Materials		(156,807	)		(5,597,927	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Utilities
Electric Utilities
Southern Co. (The)		(9,997	)		(521,843	)		—		0.0	(g)
Westar Energy, Inc.		(9,210	)		(492,551	)		—		0.0	(g)
		(19,207	)		(1,014,394	)		—		0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(179	)		(14,524	)		—		0.0	(g)
NiSource, Inc.		(18,351	)		(483,916	)		—		0.0	(g)
		(18,530	)		(498,440	)		—		0.0	(g)
Water Utilities
American Water Works Co., Inc.		(5,602	)		(491,632	)		—		0.0	(g)
Aqua America, Inc.		(13,515	)		(479,512	)		—		0.0	(g)
California Water Service Group		(11,431	)		(480,102	)		—		0.0	(g)
		(30,548	)		(1,451,246	)		—		0.0	(g)
Total Utilities		(68,285	)		(2,964,080	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,485,802	)		(63,754,189	)		—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, which is denominated in EUR based on the local currencies of the positions within the swaps.		10/31/2018	$	(22,616,587	)	$	(4,502	)	$	—	$	(4,502	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Automobiles
Peugeot SA		4,758		112,886		16			0.0	(g)
Media
Mediaset Espana Comunicacion SA		46,403		504,353		(65	)		0.0	(g)
Total Consumer Discretionary		51,161		617,239		(49	)		0.0	(g)
Materials
Chemicals
Covestro AG		5,699		547,843		1,097			0.0	(g)
Utilities
Electric Utilities
Enel SpA		79,276		491,644		(91	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		136,136		1,656,726		957			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Accor SA		(2,322	)		(115,840	)		20			0.0	(g)
Melia Hotels International SA		(36,149	)		(494,478	)		293			0.0	(g)
		(38,471	)		(610,318	)		313			0.0	(g)
Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA (a)		(4,811	)		(179,708	)		183			0.0	(g)
Zalando SE (a)		(3,922	)		(197,438	)		(1,196	)		0.0	(g)
		(8,733	)		(377,146	)		(1,013	)		0.0	(g)
Leisure Products
Amer Sports OYJ (a)		(26,179	)		(651,352	)		318			0.0	(g)
Media
Altice NV (a)		(6,589	)		(124,259	)		40			0.0	(g)
Axel Springer SE		(8,007	)		(539,112	)		919			0.0	(g)
JCDecaux SA		(16,749	)		(640,720	)		186			0.0	(g)
Telenet Group Holding NV (a)		(9,303	)		(643,394	)		84			0.0	(g)
Vivendi SA		(25,856	)		(642,051	)		223			0.0	(g)
		(66,504	)		(2,589,536	)		1,452			0.0	(g)
Textiles, Apparel & Luxury Goods
Salvatore Ferragamo SpA		(24,654	)		(647,025	)		283			0.0	(g)
Total Consumer Discretionary		(164,541	)		(4,875,377	)		1,353			0.0	(g)
Consumer Staples
Beverages
Anheuser-Busch InBev SA/NV		(1,873	)		(229,670	)		(475	)		0.0	(g)
Davide Campari-Milano SpA		(85,326	)		(683,185	)		632			0.0	(g)
Remy Cointreau SA		(5,106	)		(663,173	)		(1	)		0.0	(g)
		(92,305	)		(1,576,028	)		156			0.0	(g)
Food & Staples Retailing
Carrefour SA		(30,414	)		(612,095	)		97			0.0	(g)
Kesko OYJ		(11,825	)		(603,887	)		118			0.0	(g)
		(42,239	)		(1,215,982	)		215			0.0	(g)
Food Products
Viscofan SA		(10,727	)		(649,329	)		179			0.0	(g)
Total Consumer Staples		(145,271	)		(3,441,339	)		550			0.0	(g)
Energy
Energy Equipment & Services
Vallourec SA (a)		(70,796	)		(387,213	)		464			0.0	(g)
Financials
Banks
Banco BPM SpA (a)		(175,704	)		(611,782	)		997			0.0	(g)
Banco Comercial Portugues SA (a)		(208,422	)		(62,283	)		(10	)		0.0	(g)
UniCredit SpA (a)		(31,860	)		(608,865	)		887			0.0	(g)
		(415,986	)		(1,282,930	)		1,874			0.0	(g)
Capital Markets
Deutsche Bank AG (Registered)		(38,007	)		(622,904	)		(5,304	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Diversified Financial Services
Banca Mediolanum SpA		(77,350	)		(659,058	)		32			0.0	(g)
Wendel SA		(891	)		(150,276	)		9			0.0	(g)
		(78,241	)		(809,334	)		41			0.0	(g)
Total Financials		(532,234	)		(2,715,168	)		(3,389	)		0.0	(g)
Health Care
Life Sciences Tools & Services
Eurofins Scientific SE		(1,013	)		(633,689	)		(33	)		0.0	(g)
MorphoSys AG (a)		(2,025	)		(175,748	)		125			0.0	(g)
Total Health Care		(3,038	)		(809,437	)		92			0.0	(g)
Industrials
Commercial Services & Supplies
Societe BIC SA		(5,958	)		(629,110	)		156			0.0	(g)
Construction & Engineering
Ferrovial SA		(29,407	)		(638,621	)		230			0.0	(g)
Electrical Equipment
Nexans SA		(10,311	)		(674,829	)		176			0.0	(g)
OSRAM Licht AG		(8,554	)		(654,978	)		(534	)		0.0	(g)
		(18,865	)		(1,329,807	)		(358	)		0.0	(g)
Machinery
Alstom SA		(4,415	)		(178,615	)		47			0.0	(g)
GEA Group AG		(13,515	)		(652,877	)		(1,198	)		0.0	(g)
KION Group AG		(8,259	)		(661,775	)		(750	)		0.0	(g)
		(26,189	)		(1,493,267	)		(1,901	)		0.0	(g)
Professional Services
Bureau Veritas SA		(24,099	)		(645,330	)		179			0.0	(g)
Teleperformance		(4,489	)		(655,593	)		125			0.0	(g)
		(28,588	)		(1,300,923	)		304			0.0	(g)
Trading Companies & Distributors
Brenntag AG		(2,795	)		(158,576	)		(298	)		0.0	(g)
Transportation Infrastructure
Aeroports de Paris		(3,887	)		(654,436	)		280			0.0	(g)
Groupe Eurotunnel SE (Registered)		(13,221	)		(166,171	)		—			0.0	(g)
		(17,108	)		(820,607	)		280			0.0	(g)
Total Industrials		(128,910	)		(6,370,911	)		(1,587	)		0.0	(g)
Information Technology
Internet Software & Services
United Internet AG (Registered)		(10,265	)		(651,011	)		(1,616	)		0.0	(g)
Semiconductors & Semiconductor Equipment
ASML Holding NV		(3,685	)		(664,883	)		(408	)		0.0	(g)
Software
Dassault Systemes SE		(6,301	)		(668,891	)		271			0.0	(g)
Total Information Technology		(20,251	)		(1,984,785	)		(1,753	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Materials
Chemicals
Air Liquide SA		(5,258	)		(669,470	)		(31	)		0.0	(g)
Symrise AG		(8,405	)		(654,973	)		(865	)		0.0	(g)
Umicore SA		(14,582	)		(651,673	)		74			0.0	(g)
		(28,245	)		(1,976,116	)		(822	)		0.0	(g)
Containers & Packaging
Huhtamaki OYJ		(15,199	)		(647,399	)		234			0.0	(g)
Metals & Mining
thyssenkrupp AG		(6,808	)		(182,632	)		(989	)		0.0	(g)
Total Materials		(50,252	)		(2,806,147	)		(1,577	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Iliad SA		(885	)		(220,913	)		59			0.0	(g)
Utilities
Electric Utilities
Fortum OYJ		(30,525	)		(647,876	)		329			0.0	(g)
Total Common Stocks		(1,146,703	)		(24,259,166	)		(5,459	)		0.0	(g)
Right
Industrials
Construction & Engineering
Ferrovial SA (a)		(29,407	)		(14,147	)		—			0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,176,110	)		(24,273,313	)		(5,459	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,039,974	)		(22,616,587	)		(4,502	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in JPY based on the local currencies of the positions within the swaps.		10/29/2018	$	(25,807,962	)	$	(162,708	)	$	—	$	(162,708	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
TS Tech Co. Ltd.		14,100		504,976		3,995		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Health Care
Pharmaceuticals
Astellas Pharma, Inc.		39,600			527,031			1,666			0.0	(g)
Kaken Pharmaceutical Co. Ltd.		10,300			521,983			2,023			0.0	(g)
Total Health Care		49,900			1,049,014			3,689			0.0	(g)
Industrials
Trading Companies & Distributors
Sumitomo Corp.		34,100			493,226			3,341			0.0	(g)
Materials
Chemicals
Mitsui Chemicals, Inc.		16,100			496,459			3,710			0.0	(g)
Utilities
Electric Utilities
Kansai Electric Power Co., Inc. (The)		34,800			476,555			2,934			0.0	(g)
Total Long Positions of Total Return Basket Swap		149,000			3,020,230			17,669			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(19,400	)		(649,612	)		(2,121	)		0.0	(g)
Leisure Products
Sankyo Co. Ltd.		(19,400	)		(626,185	)		(2,580	)		0.0	(g)
Multiline Retail
Don Quijote Holdings Co. Ltd.		(15,900	)		(666,926	)		(4,805	)		0.0	(g)
Isetan Mitsukoshi Holdings Ltd.		(9,900	)		(107,918	)		(999	)		0.0	(g)
Marui Group Co. Ltd.		(42,800	)		(655,039	)		(5,727	)		0.0	(g)
		(68,600	)		(1,429,883	)		(11,531	)		0.0	(g)
Specialty Retail
Bic Camera, Inc.		(10,700	)		(131,802	)		(810	)		0.0	(g)
Fast Retailing Co. Ltd.		(2,000	)		(669,150	)		(7,614	)		0.0	(g)
United Arrows Ltd.		(17,800	)		(667,140	)		(3,387	)		0.0	(g)
		(30,500	)		(1,468,092	)		(11,811	)		0.0	(g)
Total Consumer Discretionary		(137,900	)		(4,173,772	)		(28,043	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Aeon Co. Ltd.		(41,900	)		(648,086	)		(3,031	)		0.0	(g)
Sugi Holdings Co. Ltd.		(12,400	)		(629,324	)		(1,172	)		0.0	(g)
Tsuruha Holdings, Inc.		(5,200	)		(644,710	)		(3,084	)		0.0	(g)
		(59,500	)		(1,922,120	)		(7,287	)		0.0	(g)
Food Products
Ezaki Glico Co. Ltd.		(11,600	)		(643,367	)		(1,671	)		0.0	(g)
Kewpie Corp.		(12,800	)		(319,300	)		(1,622	)		0.0	(g)
Kikkoman Corp.		(19,700	)		(676,114	)		(3,884	)		0.0	(g)
Nissin Foods Holdings Co. Ltd.		(10,200	)		(642,264	)		(2,662	)		0.0	(g)
Yamazaki Baking Co. Ltd.		(34,300	)		(617,398	)		(2,016	)		0.0	(g)
		(88,600	)		(2,898,443	)		(11,855	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Personal Products
Shiseido Co. Ltd.		(15,100	)		(622,838	)		(2,265	)		0.0	(g)
Total Consumer Staples		(163,200	)		(5,443,401	)		(21,407	)		0.0	(g)
Financials
Banks
Kyushu Financial Group, Inc.		(106,200	)		(675,025	)		(5,350	)		0.0	(g)
Suruga Bank Ltd.		(30,000	)		(683,059	)		(5,516	)		0.0	(g)
		(136,200	)		(1,358,084	)		(10,866	)		0.0	(g)
Capital Markets
Japan Exchange Group, Inc.		(34,600	)		(623,784	)		(5,759	)		0.0	(g)
Consumer Finance
Acom Co. Ltd. (a)		(32,200	)		(133,865	)		(766	)		0.0	(g)
Aiful Corp. (a)		(50,700	)		(176,851	)		(1,616	)		0.0	(g)
		(82,900	)		(310,716	)		(2,382	)		0.0	(g)
Insurance
Sony Financial Holdings, Inc.		(39,100	)		(649,587	)		(7,234	)		0.0	(g)
Total Financials		(292,800	)		(2,942,171	)		(26,241	)		0.0	(g)
Health Care
Health Care Equipment & Supplies
Sysmex Corp.		(9,600	)		(657,022	)		(4,386	)		0.0	(g)
Pharmaceuticals
Chugai Pharmaceutical Co. Ltd.		(13,800	)		(657,939	)		(2,559	)		0.0	(g)
Santen Pharmaceutical Co. Ltd.		(39,800	)		(632,432	)		(2,730	)		0.0	(g)
		(53,600	)		(1,290,371	)		(5,289	)		0.0	(g)
Total Health Care		(63,200	)		(1,947,393	)		(9,675	)		0.0	(g)
Industrials
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(14,100	)		(288,286	)		(1,648	)		0.0	(g)
Construction & Engineering
JGC Corp.		(39,500	)		(662,512	)		(6,292	)		0.0	(g)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(21,100	)		(644,724	)		(2,659	)		0.0	(g)
Machinery
FANUC Corp.		(2,900	)		(678,089	)		(5,533	)		0.0	(g)
Road & Rail
Keio Corp.		(6,000	)		(261,771	)		(1,625	)		0.0	(g)
Kintetsu Group Holdings Co. Ltd.		(16,700	)		(642,164	)		(3,274	)		0.0	(g)
Odakyu Electric Railway Co. Ltd.		(15,300	)		(299,303	)		(1,928	)		0.0	(g)
		(38,000	)		(1,203,238	)		(6,827	)		0.0	(g)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(16,000	)		(440,602	)		(2,978	)		0.0	(g)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(10,700	)		(277,136	)		(1,885	)		0.0	(g)
Total Industrials		(142,300	)		(4,194,587	)		(27,822	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Information Technology
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(23,400	)		(716,135	)		(7,169	)		0.0	(g)
Internet Software & Services
GMO internet, Inc.		(14,100	)		(217,835	)		(1,694	)		0.0	(g)
Kakaku.com, Inc.		(46,800	)		(642,612	)		(3,411	)		0.0	(g)
Yahoo Japan Corp.		(137,600	)		(615,190	)		(1,645	)		0.0	(g)
		(198,500	)		(1,475,637	)		(6,750	)		0.0	(g)
Software
Capcom Co. Ltd.		(26,500	)		(674,224	)		(5,111	)		0.0	(g)
Nintendo Co. Ltd.		(1,100	)		(426,758	)		(3,030	)		0.0	(g)
		(27,600	)		(1,100,982	)		(8,141	)		0.0	(g)
Technology Hardware, Storage & Peripherals
Ricoh Co. Ltd.		(63,000	)		(584,630	)		(5,077	)		0.0	(g)
Total Information Technology		(312,500	)		(3,877,384	)		(27,137	)		0.0	(g)
Materials
Chemicals
Kansai Paint Co. Ltd.		(26,400	)		(678,558	)		(3,611	)		0.0	(g)
Taiyo Nippon Sanso Corp.		(54,000	)		(648,386	)		(5,829	)		0.0	(g)
Tokuyama Corp.		(27,900	)		(791,717	)		(5,300	)		0.0	(g)
Tokyo Ohka Kogyo Co. Ltd.		(1,800	)		(65,826	)		(526	)		0.0	(g)
Toray Industries, Inc.		(66,900	)		(677,138	)		(4,343	)		0.0	(g)
		(177,000	)		(2,861,625	)		(19,609	)		0.0	(g)
Metals & Mining
Sumitomo Metal Mining Co. Ltd.		(17,100	)		(674,622	)		(4,488	)		0.0	(g)
UACJ Corp.		(7,100	)		(209,362	)		(2,053	)		0.0	(g)
		(24,200	)		(883,984	)		(6,541	)		0.0	(g)
Total Materials		(201,200	)		(3,745,609	)		(26,150	)		0.0	(g)
Real Estate
Real Estate Management & Development
Ichigo, Inc.		(187,800	)		(667,870	)		(3,909	)		0.0	(g)
Utilities
Electric Utilities
Chubu Electric Power Co., Inc.		(51,000	)		(657,721	)		(4,214	)		0.0	(g)
Chugoku Electric Power Co., Inc. (The)		(20,400	)		(227,463	)		(1,225	)		0.0	(g)
Hokkaido Electric Power Co., Inc. (a)		(36,100	)		(284,482	)		(1,599	)		0.0	(g)
Hokuriku Electric Power Co.		(5,800	)		(51,249	)		(240	)		0.0	(g)
		(113,300	)		(1,220,915	)		(7,278	)		0.0	(g)
Gas Utilities
Toho Gas Co. Ltd.		(22,000	)		(615,090	)		(2,715	)		0.0	(g)
Total Utilities		(135,300	)		(1,836,005	)		(9,993	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,636,200	)		(28,828,192	)		(180,377	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,487,200	)		(25,807,962	)		(162,708	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/29/2018	$	(3,954,419	)	$	(3,301	)	$	—	$	(3,301	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
Caltex Australia Ltd.		18,829			494,382			669			0.0	(g)
Woodside Petroleum Ltd.		23,487			553,659			1,264			0.0	(g)
Total Energy		42,316			1,048,041			1,933			0.0	(g)
Materials
Metals & Mining
OZ Minerals Ltd.		21,925			135,389			307			0.0	(g)
South32 Ltd.		198,374			518,164			6,512			0.0	(g)
Total Materials		220,299			653,553			6,819			0.0	(g)
Total Long Positions of Total Return Basket Swap		262,615			1,701,594			8,752			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Distributors
Bapcor Ltd.		(146,013	)		(608,766	)		(840	)		0.0	(g)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(2,544	)		(90,955	)		(242	)		0.0	(g)
Star Entertainment Grp Ltd. (The)		(155,692	)		(686,540	)		(1,377	)		0.0	(g)
		(158,236	)		(777,495	)		(1,619	)		0.0	(g)
Total Consumer Discretionary		(304,249	)		(1,386,261	)		(2,459	)		0.0	(g)
Consumer Staples
Beverages
Treasury Wine Estates Ltd.		(54,731	)		(656,988	)		(1,435	)		0.0	(g)
Financials
Capital Markets
BT Investment Management Ltd.		(74,529	)		(616,580	)		(1,680	)		0.0	(g)
Diversified Financial Services
AMP Ltd.		(37,661	)		(143,526	)		(272	)		0.0	(g)
Total Financials		(112,190	)		(760,106	)		(1,952	)		0.0	(g)
Health Care
Health Care Providers & Services
Healthscope Ltd.		(217,823	)		(327,200	)		(447	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals
Mayne Pharma Group Ltd. (a)		(145,565	)		(76,451	)		(136	)		0.0	(g)
Total Health Care		(363,388	)		(403,651	)		(583	)		0.0	(g)
Industrials
Commercial Services & Supplies
Brambles Ltd.		(35,267	)		(255,730	)		(390	)		0.0	(g)
Professional Services
ALS Ltd.		(26,215	)		(157,391	)		(292	)		0.0	(g)
Total Industrials		(61,482	)		(413,121	)		(682	)		0.0	(g)
Materials
Chemicals
Incitec Pivot Ltd.		(218,631	)		(641,297	)		(2,100	)		0.0	(g)
Nufarm Ltd.		(93,203	)		(648,773	)		(1,070	)		0.0	(g)
		(311,834	)		(1,290,070	)		(3,170	)		0.0	(g)
Metals & Mining
Iluka Resources Ltd.		(85,542	)		(616,410	)		(1,651	)		0.0	(g)
Independence Group NL		(33,345	)		(102,458	)		(121	)		0.0	(g)
		(118,887	)		(718,868	)		(1,772	)		0.0	(g)
Total Materials		(430,721	)		(2,008,938	)		(4,942	)		0.0	(g)
Total Common Stocks		(1,326,761	)		(5,629,065	)		(12,053	)		0.0	(g)
Right
Materials
Chemicals
Nufarm Ltd. (a)		(20,712	)		(26,948	)		—			0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,347,473	)		(5,656,013	)		(12,053	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,084,858	)		(3,954,419	)		(3,301	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in CHF based on the local currencies of the positions within the swaps.		10/31/2018	$	(2,037,846	)	$	(128	)	$	—	$	(128	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Financials
Insurance
Baloise Holding AG (Registered)		3,025		476,913		(40	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Health Care
Pharmaceuticals
Novartis AG (Registered)		5,568			459,245			477			0.0	(g)
Roche Holding AG		22			5,112			1			0.0	(g)
Total Health Care		5,590			464,357			478			0.0	(g)
Industrials
Machinery
Schindler Holding AG		2,160			489,471			(55	)		0.0	(g)
VAT Group AG		3,505			456,321			(51	)		0.0	(g)
Total Industrials		5,665			945,792			(106	)		0.0	(g)
Real Estate
Real Estate Management & Development
Swiss Prime Site AG (Registered)		5,989			511,165			—			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Sunrise Communications Group AG		5,859			487,409			(34	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		26,128			2,885,636			298			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Specialty Retail
Dufry AG (Registered) (a)		(910	)		(135,452	)		1			0.0	(g)
Consumer Staples
Food Products
Chocoladefabriken Lindt & Spruengli AG (Registered)		(9	)		(624,795	)		13			0.0	(g)
Financials
Capital Markets
Credit Suisse Group AG (Registered) (a)		(40,081	)		(631,630	)		329			0.0	(g)
Health Care
Pharmaceuticals
Vifor Pharma AG		(5,199	)		(668,700	)		(97	)		0.0	(g)
Industrials
Professional Services
SGS SA (Registered)		(270	)		(666,777	)		70			0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment ams AG (a)		(9,788	)		(893,026	)		(710	)		0.0	(g)
Chemicals
Clariant AG (Registered)		(25,785	)		(648,748	)		(20	)		0.0	(g)
Givaudan SA (Registered)		(293	)		(654,354	)		(12	)		0.0	(g)
Total Materials		(26,078	)		(1,303,102	)		(32	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(82,335	)		(4,923,482	)		(426	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(56,207	)		(2,037,846	)		(128	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.		10/31/2018	$	5,600,207	$	(177	)	$	—	$	(177	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Sky plc		281,985			3,531,655			(54	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Booker Group plc		443,284			1,184,560			—			0.0	(g)
Financials
Capital Markets
Sole Realisation Co. plc (a)		5,123			4,763			—			0.0	(g)
Information Technology
IT Services
Paysafe Group plc (a)		229,950			1,789,692			—			0.0	(g)
Total Long Positions of Total Return Basket Swap		960,342			6,510,670			(54	)		0.0	(g)
Short Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Tesco plc		(377,850	)		(910,463	)		(123	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		582,492			5,600,207			(177	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.		10/29/2018	$	8,128,249	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Internet & Direct Marketing Retail
HSN, Inc.		59,382			2,238,701			—		0.0	(g)
Media
Time Warner, Inc.		46,015			4,522,814			—		0.0	(g)
Total Consumer Discretionary		105,397			6,761,515			—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Rice Energy, Inc. (a)		188,271			5,337,483			—		0.0	(g)
Financials
Banks
MainSource Financial Group, Inc.		8,467			319,121			—		0.0	(g)
Health Care
Health Care Equipment & Supplies
CR Bard, Inc.		14,820			4,847,177			—		0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment
IXYS Corp. (a)		12,946			319,766			—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Level 3 Communications, Inc. (a)		28,575			1,532,477			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		358,476			19,117,539			—		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Internet & Direct Marketing Retail
Liberty Interactive Corp. QVC Group (a)		(97,000	)		(2,203,840	)		—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
EQT Corp.		(60,346	)		(3,774,039	)		—		0.0	(g)
Financials
Banks
First Financial Bancorp		(11,630	)		(317,499	)		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
Becton Dickinson and Co.		(7,449	)		(1,554,383	)		—		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Littelfuse, Inc.		(810	)		(169,290	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
AT&T, Inc.		(65,462	)		(2,202,796	)		—		0.0	(g)
CenturyLink, Inc.		(40,413	)		(767,443	)		—		0.0	(g)
Total Telecommunication Services		(105,875	)		(2,970,239	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(283,110	)		(10,989,290	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		75,366			8,128,249			—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 37

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.		10/29/2018	$	819,325	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Jean Coutu Group PJC, Inc. (The)		32,100			609,106			—		0.0	(g)
Materials
Metals & Mining
Richmont Mines, Inc. (a)		41,674			362,762			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		73,774			971,868			—		0.0	(g)
Short Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Metro, Inc.		(4,846	)		(152,543	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		68,928			819,325			—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month EURIBOR on short positions respectively, which is denominated in EUR based on the local currencies of the positions within the swaps.		10/31/2018	$	(1,210,363	)	$	(1,158	)	$	—	$	(1,158	)

REFERENCE ENTITY

SHARES

NOTIONAL VALUE($) (1)

UNREALIZED APPRECIATION (DEPRECIATION)($) (2)

PERCENTAGE OF NET ASSETS(%)

Short Positions

Common Stocks

Industrials

Construction & Engineering

HOCHTIEF AG

(6,852

)

(1,210,363

)

(1,158

)

0.0

(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/29/2018	$	88,478	$	322	$	—	$	322

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Tatts Group Ltd.		187,621			599,758			964			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Tabcorp Holdings Ltd.		(148,596	)		(511,280	)		(642	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		39,025			88,478			322			0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		03/19/2018	$	4,960,018	$	167	$	—	$	167

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Sky plc		176,594		2,211,710		(34	)		0.0	(g)
Financials
Banks
Aldermore Group plc (a)		120,922		483,414		—			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 39

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Health Care
Health Care Providers & Services
Spire Healthcare Group plc		189,284			746,852			201		0.0	(g)
Information Technology
IT Services
Paysafe Group plc (a)		153,261			1,192,824			—		0.0	(g)
Semiconductors & Semiconductor Equipment
Imagination Technologies Group plc (a)		275,836			661,265			—		0.0	(g)
Total Information Technology		429,097			1,854,089			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		915,897			5,296,065			167		0.0	(g)
Short Positions
Common Stocks
Health Care
Health Care Providers & Services
Mediclinic International plc		(43,474	)		(336,047	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		872,423			4,960,018			167		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		03/16/2018 — 03/19/2018	$	4,115,349	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Diversified Consumer Services
Capella Education Co.		11,598		944,657		—		0.0	(g)
Household Durables
CalAtlantic Group, Inc.		90,100		4,445,534		—		0.0	(g)
Internet & Direct Marketing Retail
HSN, Inc.		29,584		1,115,317		—		0.0	(g)
Media
Time Warner, Inc.		9,567		940,340		—		0.0	(g)
Total Consumer Discretionary		140,849		7,445,848		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Health Care
Health Care Equipment & Supplies
CR Bard, Inc.		2,535			829,122			—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Level 3 Communications, Inc. (a)		79,052			4,239,559			—		0.0	(g)
Utilities
Independent Power and Renewable Electricity Producers
Dynegy, Inc. (a)		239,700			2,984,265			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		462,136			15,498,794			—		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Diversified Consumer Services
Strayer Education, Inc.		(10,047	)		(941,705	)		—		0.0	(g)
Household Durables
Lennar Corp.		(60,900	)		(3,390,303	)		—		0.0	(g)
Internet & Direct Marketing Retail
Liberty Interactive Corp. QVC Group (a)		(48,325	)		(1,097,944	)		—		0.0	(g)
Total Consumer Discretionary		(119,272	)		(5,429,952	)		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
Becton Dickinson and Co.		(1,274	)		(265,846	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
AT&T, Inc.		(13,610	)		(457,977	)		—		0.0	(g)
CenturyLink, Inc.		(111,804	)		(2,123,158	)		—		0.0	(g)
		(125,414	)		(2,581,135	)		—		0.0	(g)
Utilities
Independent Power and Renewable Electricity Producers
Vistra Energy Corp.		(159,800	)		(3,106,512	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(405,760	)		(11,383,445	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		56,376			4,115,349			—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long positions and pays or receives the net of one month CDOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		03/19/2018	$	1,259,780	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 41

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Industrials
Construction & Engineering
Aecon Group, Inc.		83,646		1,259,780		—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.25% to 0.75%), which is denominated in EUR based on the local currencies of the positions within the swaps.		03/19/2018 — 12/03/2019	$	10,928,795	$	(2,413	)	$	—	$	(2,413	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Staples
Beverages
Refresco Group NV		26,176		605,248		—			0.0	(g)
Health Care
Pharmaceuticals
STADA Arzneimittel AG		7,111		683,782		—			0.0	(g)
Industrials
Aerospace & Defense
Zodiac Aerospace		125,724		3,593,547		(1,791	)		0.0	(g)
Machinery
Pfeiffer Vacuum Technology AG		3,373		541,618		—			0.0	(g)
Transportation Infrastructure
Abertis Infraestructuras SA		254,503		5,504,600		(622	)		0.0	(g)
Total Industrials		383,600		9,639,765		(2,413	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		416,887		10,928,795		(2,413	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in JPY based on the local currencies of the positions within the swaps.		03/19/2018	$	464,025	$	3,535	$	—	$	3,535

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Asatsu-DK, Inc.		14,000		464,025		3,535		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.		03/19/2018	$	1,027,978	$	1,778	$	—	$	1,778

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Mantra Group Ltd.		252,833			755,459			787			0.0	(g)
Tatts Group Ltd.		577,881			1,847,282			2,969			0.0	(g)
Total Long Positions of Total Return Basket Swap		830,714			2,602,741			3,756			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Tabcorp Holdings Ltd.		(457,681	)		(1,574,763	)		(1,978	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		373,033			1,027,978			1,778			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 43

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month CIBOR on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in DKK based on the local currencies of the positions within the swaps.		09/25/2020	$	2,252,392	$	14,716	$	—	$	14,716

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Information Technology
IT Services
Nets A/S (a)		88,221		2,252,392		14,716		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		03/19/2018	$	5,159,139	$	255	$	—	$	255

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Carnival plc		9,992		658,756		387			0.0	(g)
William Hill plc		156,849		538,230		(66	)		0.0	(g)
		166,841		1,196,986		321			0.0	(g)
Household Durables
Barratt Developments plc		8,471		73,654		18			0.0	(g)
Bellway plc		2,548		123,542		21			0.0	(g)
Berkeley Group Holdings plc		12,561		624,107		—			0.0	(g)
Crest Nicholson Holdings plc		10,956		82,443		10			0.0	(g)
Persimmon plc		2,850		106,062		—			0.0	(g)
Redrow plc		17,327		149,814		—			0.0	(g)
Taylor Wimpey plc		49,895		132,226		21			0.0	(g)
		104,608		1,291,848		70			0.0	(g)
Specialty Retail
WH Smith plc		6,378		173,400		—			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Textiles, Apparel & Luxury Goods
Burberry Group plc		5,738		144,927		(23	)		0.0	(g)
Total Consumer Discretionary		283,565		2,807,161		368			0.0	(g)
Consumer Staples
Food & Staples Retailing
Wm Morrison Supermarkets plc		211,503		629,795		—			0.0	(g)
Household Products
Reckitt Benckiser Group plc		1,751		156,656		28			0.0	(g)
Total Consumer Staples		213,254		786,451		28			0.0	(g)
Energy
Energy Equipment & Services
Petrofac Ltd.		64,692		360,402		136			0.0	(g)
Financials
Capital Markets
3i Group plc		52,865		674,671		(73	)		0.0	(g)
Close Brothers Group plc		7,312		134,857		(35	)		0.0	(g)
Investec plc		25,486		174,391		(102	)		0.0	(g)
Total Financials		85,663		983,919		(210	)		0.0	(g)
Industrials
Airlines
International Consolidated Airlines Group SA		75,041		633,786		(88	)		0.0	(g)
Wizz Air Holdings plc (a)		2,255		98,092		6			0.0	(g)
		77,296		731,878		(82	)		0.0	(g)
Commercial Services & Supplies
Mitie Group plc		50,401		158,598		(50	)		0.0	(g)
Professional Services
RELX plc		29,183		671,527		(173	)		0.0	(g)
Trading Companies & Distributors
Howden Joinery Group plc		122,810		668,815		(99	)		0.0	(g)
Total Industrials		279,690		2,230,818		(404	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Electrocomponents plc		70,411		649,402		(69	)		0.0	(g)
Spectris plc		5,201		176,826		(11	)		0.0	(g)
		75,612		826,228		(80	)		0.0	(g)
Internet Software & Services
Moneysupermarket.com Group plc		39,327		169,702		—			0.0	(g)
Total Information Technology		114,939		995,930		(80	)		0.0	(g)
Materials
Metals & Mining
BHP Billiton plc		35,343		639,908		339			0.0	(g)
Centamin plc		342,580		634,032		220			0.0	(g)
Rio Tinto plc		3,511		165,932		461			0.0	(g)
		381,434		1,439,872		1,020			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 45

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Paper & Forest Products
Mondi plc		8,823			213,377			(12	)		0.0	(g)
Total Materials		390,257			1,653,249			1,008			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
BT Group plc		40,589			139,851			(473	)		0.0	(g)
Inmarsat plc		24,825			204,769			17			0.0	(g)
Total Telecommunication Services		65,414			344,620			(456	)		0.0	(g)
Utilities
Multi-Utilities
Centrica plc		66,812			150,673			(2	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		1,564,286			10,313,223			388			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Merlin Entertainments plc		(66,575	)		(334,892	)		49			0.0	(g)
Whitbread plc		(7,190	)		(352,644	)		15			0.0	(g)
		(73,765	)		(687,536	)		64			0.0	(g)
Internet & Direct Marketing Retail
Ocado Group plc (a)		(120,107	)		(458,878	)		61			0.0	(g)
Multiline Retail
B&M European Value Retail SA		(86,622	)		(457,069	)		13			0.0	(g)
Total Consumer Discretionary		(280,494	)		(1,603,483	)		138			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Tullow Oil plc (a)		(136,574	)		(330,461	)		(330	)		0.0	(g)
Financials
Banks
Standard Chartered plc		(51,531	)		(513,242	)		338			0.0	(g)
Capital Markets
St James’s Place plc		(33,428	)		(522,477	)		81			0.0	(g)
Total Financials		(84,959	)		(1,035,719	)		419			0.0	(g)
Industrials
Aerospace & Defense
Rolls-Royce Holdings plc (Preference) (a)		(28,556	)		(38	)		—			0.0	(g)
Trading Companies & Distributors
Ashtead Group plc		(22,709	)		(584,973	)		150			0.0	(g)
Total Industrials		(51,265	)		(585,011	)		150			0.0	(g)
Materials
Metals & Mining
Fresnillo plc		(19,643	)		(339,711	)		(34	)		0.0	(g)
Real Estate
Real Estate Management & Development
Capital & Counties Properties plc		(91,516	)		(323,625	)		(432	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Telecommunication Services
Diversified Telecommunication Services
TalkTalk Telecom Group plc		(179,656	)		(509,433	)		—			0.0	(g)
Utilities
Water Utilities
Pennon Group plc		(40,453	)		(426,641	)		(44	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(884,560	)		(5,154,084	)		(133	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		679,726			5,159,139			255			0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		03/16/2018 — 03/19/2018	$	(27,514,915	)	$	(3,249	)	$	—	$	(3,249	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Cooper-Standard Holdings, Inc. (a)		4,152		462,865		—		0.0	(g)
Lear Corp.		3,217		564,873		—		0.0	(g)
		7,369		1,027,738		—		0.0	(g)
Hotels, Restaurants & Leisure
Wyndham Worldwide Corp.		2,511		268,300		—		0.0	(g)
Household Durables
KB Home		18,469		506,605		—		0.0	(g)
MDC Holdings, Inc.		15,775		584,306		—		0.0	(g)
		34,244		1,090,911		—		0.0	(g)
Multiline Retail
Big Lots, Inc.		10,626		545,220		—		0.0	(g)
Dillard’s, Inc.		4,933		250,596		—		0.0	(g)
Target Corp.		4,886		288,469		—		0.0	(g)
		20,445		1,084,285		—		0.0	(g)
Specialty Retail
American Eagle Outfitters, Inc.		16,856		219,465		—		0.0	(g)
Best Buy Co., Inc.		9,517		532,762		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 47

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Specialty Retail — continued
Children’s Place, Inc. (The)		4,841		526,701		—		0.0	(g)
		31,214		1,278,928		—		0.0	(g)
Total Consumer Discretionary		95,783		4,750,162		—		0.0	(g)
Consumer Staples
Food Products
Fresh Del Monte Produce, Inc.		11,032		491,034		—		0.0	(g)
Personal Products
USANA Health Sciences, Inc. (a)		9,641		633,414		—		0.0	(g)
Tobacco
Universal Corp.		7,662		439,416		—		0.0	(g)
Total Consumer Staples		28,335		1,563,864		—		0.0	(g)
Energy
Energy Equipment & Services
Nabors Industries Ltd.		3,112		17,521		—		0.0	(g)
Noble Corp. plc (a)		27,937		116,218		—		0.0	(g)
Patterson-UTI Energy, Inc.		3,313		65,531		—		0.0	(g)
Unit Corp. (a)		5,012		93,825		—		0.0	(g)
		39,374		293,095		—		0.0	(g)
Oil, Gas & Consumable Fuels
Valero Energy Corp.		6,230		491,485		—		0.0	(g)
Total Energy		45,604		784,580		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
Natus Medical, Inc. (a)		11,882		503,797		—		0.0	(g)
Health Care Providers & Services
Aetna, Inc.		3,090		525,393		—		0.0	(g)
Chemed Corp.		2,690		601,027		—		0.0	(g)
Express Scripts Holding Co. (a)		5,765		353,337		—		0.0	(g)
Humana, Inc.		1,904		486,186		—		0.0	(g)
Owens & Minor, Inc.		12,823		315,061		—		0.0	(g)
Quest Diagnostics, Inc.		5,104		478,653		—		0.0	(g)
UnitedHealth Group, Inc.		2,461		517,351		—		0.0	(g)
		33,837		3,277,008		—		0.0	(g)
Pharmaceuticals
Johnson & Johnson		3,749		522,648		—		0.0	(g)
Mallinckrodt plc (a)		12,793		405,154		—		0.0	(g)
		16,542		927,802		—		0.0	(g)
Total Health Care		62,261		4,708,607		—		0.0	(g)
Industrials
Airlines
Alaska Air Group, Inc.		5,694		375,975		—		0.0	(g)
Building Products
Owens Corning		6,448		533,185		—		0.0	(g)
Commercial Services & Supplies
Deluxe Corp.		6,506		453,143		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Machinery
Barnes Group, Inc.		7,852		511,087		—		0.0	(g)
Hillenbrand, Inc.		12,232		483,776		—		0.0	(g)
Wabash National Corp.		21,157		476,033		—		0.0	(g)
		41,241		1,470,896		—		0.0	(g)
Total Industrials		59,889		2,833,199		—		0.0	(g)
Information Technology
Communications Equipment
Cisco Systems, Inc.		12,504		427,012		—		0.0	(g)
Electronic Equipment, Instruments & Components
Corning, Inc.		10,130		317,170		—		0.0	(g)
Methode Electronics, Inc.		10,664		500,142		—		0.0	(g)
		20,794		817,312		—		0.0	(g)
IT Services
Amdocs Ltd.		5,631		366,578		—		0.0	(g)
Convergys Corp.		6,196		159,423		—		0.0	(g)
Science Applications International Corp.		6,547		480,157		—		0.0	(g)
Western Union Co. (The)		20,236		401,887		—		0.0	(g)
		38,610		1,408,045		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Advanced Energy Industries, Inc. (a)		5,739		486,208		—		0.0	(g)
Intel Corp.		8,491		386,256		—		0.0	(g)
Teradyne, Inc.		6,226		267,033		—		0.0	(g)
Xperi Corp.		708		16,284		—		0.0	(g)
		21,164		1,155,781		—		0.0	(g)
Software
Oracle Corp.		8,047		409,592		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Apple, Inc.		3,539		598,233		—		0.0	(g)
Total Information Technology		104,658		4,815,975		—		0.0	(g)
Materials
Chemicals
Innophos Holdings, Inc.		838		41,003		—		0.0	(g)
LyondellBasell Industries NV		5,391		558,130		—		0.0	(g)
Trinseo SA		7,762		551,102		—		0.0	(g)
		13,991		1,150,235		—		0.0	(g)
Paper & Forest Products
Schweitzer-Mauduit International, Inc.		12,251		517,360		—		0.0	(g)
Total Materials		26,242		1,667,595		—		0.0	(g)
Utilities
Multi-Utilities
Ameren Corp.		8,176		506,830		—		0.0	(g)
CenterPoint Energy, Inc.		16,504		488,188		—		0.0	(g)
Total Utilities		24,680		995,018		—		0.0	(g)
Total Long Positions of Total Return Basket Swap		447,452		22,119,000		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 49

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)				UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Visteon Corp. (a)		(1,580	)		(199,143	)			—		0.0	(g)
Distributors
Core-Mark Holding Co., Inc.		(4,798	)		(163,420	)			—		0.0	(g)
LKQ Corp. (a)		(3,256	)		(122,719	)			—		0.0	(g)
		(8,054	)		(286,139	)			—		0.0	(g)
Diversified Consumer Services							��
Houghton Mifflin Harcourt Co. (a)		(23,997	)		(237,570	)			—		0.0	(g)
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc. (a)		(1,116	)		(303,440	)			—		0.0	(g)
Fiesta Restaurant Group, Inc. (a)		(13,228	)		(218,923	)			—		0.0	(g)
MGM Resorts International		(6,543	)		(205,123	)			—		0.0	(g)
Planet Fitness, Inc.		(5,033	)		(134,079	)			—		0.0	(g)
Red Robin Gourmet Burgers, Inc. (a)		(2,490	)		(170,316	)			—		0.0	(g)
Shake Shack, Inc. (a)		(15,474	)		(587,393	)			—		0.0	(g)
Wynn Resorts Ltd.		(4,434	)		(653,971	)			—		0.0	(g)
		(48,318	)		(2,273,245	)			—		0.0	(g)
Internet & Direct Marketing Retail
Netflix, Inc. (a)		(970	)		(190,537	)			—		0.0	(g)
TripAdvisor, Inc. (a)		(10,776	)		(404,100	)			—		0.0	(g)
		(11,746	)		(594,637	)			—		0.0	(g)
Leisure Products
Mattel, Inc.		(14,957	)		(211,193	)			—		0.0	(g)
Media
Liberty Broadband Corp. (a)		(2,157	)		(188,285	)			—		0.0	(g)
Lions Gate Entertainment Corp. (a)		(5,274	)		(153,051	)			—		0.0	(g)
		(7,431	)		(341,336	)			—		0.0	(g)
Specialty Retail
Advance Auto Parts, Inc.		(1,947	)		(159,148	)			—		0.0	(g)
CarMax, Inc. (a)		(1,464	)		(109,946	)			—		0.0	(g)
L Brands, Inc.		(4,221	)		(181,672	)			—		0.0	(g)
Monro, Inc.		(4,044	)		(199,571	)			—		0.0	(g)
		(11,676	)		(650,337	)			—		0.0	(g)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		(2,902	)		(159,581	)			—		0.0	(g)
Total Consumer Discretionary		(130,661	)		(4,953,181	)			—		0.0	(g)
Consumer Staples
Beverages
Coca-Cola Bottling Co. Consolidated		(516	)		(116,389	)			—		0.0	(g)
Molson Coors Brewing Co.		(2,190	)		(177,105	)			—		0.0	(g)
Monster Beverage Corp. (a)		(2,822	)		(163,478	)			—		0.0	(g)
		(5,528	)		(456,972	)			—		0.0	(g)
Food & Staples Retailing
Casey’s General Stores, Inc.		(1,621	)		(185,718	)			—		0.0	(g)
Costco Wholesale Corp.		(3,480	)		(560,558	)			—		0.0	(g)
		(5,101	)		(746,276	)			—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Food Products
Blue Buffalo Pet Products, Inc. (a)		(7,062	)		(204,304	)		—		0.0	(g)
Lancaster Colony Corp.		(1,600	)		(200,352	)		—		0.0	(g)
		(8,662	)		(404,656	)		—		0.0	(g)
Personal Products
Avon Products, Inc. (a)		(90,304	)		(205,893	)		—		0.0	(g)
Coty, Inc.		(11,426	)		(175,960	)		—		0.0	(g)
Edgewell Personal Care Co. (a)		(8,058	)		(523,206	)		—		0.0	(g)
		(109,788	)		(905,059	)		—		0.0	(g)
Tobacco
Vector Group Ltd.		(30,358	)		(630,839	)		—		0.0	(g)
Total Consumer Staples		(159,437	)		(3,143,802	)		—		0.0	(g)
Energy
Energy Equipment & Services
Weatherford International plc (a)		(81,679	)		(283,426	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Anadarko Petroleum Corp.		(3,721	)		(183,706	)		—		0.0	(g)
Antero Resources Corp. (a)		(6,348	)		(123,151	)		—		0.0	(g)
Carrizo Oil & Gas, Inc. (a)		(14,279	)		(252,596	)		—		0.0	(g)
Cheniere Energy, Inc. (a)		(13,786	)		(644,358	)		—		0.0	(g)
Chesapeake Energy Corp. (a)		(43,673	)		(170,325	)		—		0.0	(g)
Concho Resources, Inc. (a)		(4,879	)		(654,811	)		—		0.0	(g)
EQT Corp.		(6,555	)		(409,950	)		—		0.0	(g)
Extraction Oil & Gas, Inc. (a)		(10,086	)		(160,872	)		—		0.0	(g)
Hess Corp.		(3,238	)		(142,990	)		—		0.0	(g)
Kosmos Energy Ltd. (a)		(85,699	)		(658,168	)		—		0.0	(g)
Laredo Petroleum, Inc. (a)		(17,784	)		(211,985	)		—		0.0	(g)
Matador Resources Co. (a)		(7,374	)		(195,780	)		—		0.0	(g)
Oasis Petroleum, Inc. (a)		(20,093	)		(189,879	)		—		0.0	(g)
Parsley Energy, Inc. (a)		(7,278	)		(193,595	)		—		0.0	(g)
PDC Energy, Inc. (a)		(10,726	)		(546,275	)		—		0.0	(g)
QEP Resources, Inc. (a)		(22,859	)		(204,588	)		—		0.0	(g)
Range Resources Corp.		(10,955	)		(198,395	)		—		0.0	(g)
RSP Permian, Inc. (a)		(16,407	)		(564,565	)		—		0.0	(g)
SM Energy Co.		(20,395	)		(435,025	)		—		0.0	(g)
WPX Energy, Inc. (a)		(45,683	)		(515,304	)		—		0.0	(g)
		(371,818	)		(6,656,318	)		—		0.0	(g)
Total Energy		(453,497	)		(6,939,744	)		—		0.0	(g)
Financials
Capital Markets
Charles Schwab Corp. (The)		(14,914	)		(668,744	)		—		0.0	(g)
Financial Engines, Inc.		(17,322	)		(625,324	)		—		0.0	(g)
Interactive Brokers Group, Inc.		(3,250	)		(175,565	)		—		0.0	(g)
TD Ameritrade Holding Corp.		(13,617	)		(680,714	)		—		0.0	(g)
		(49,103	)		(2,150,347	)		—		0.0	(g)
Consumer Finance
LendingClub Corp. (a)		(82,448	)		(469,129	)		—		0.0	(g)
PRA Group, Inc. (a)		(6,677	)		(186,288	)		—		0.0	(g)
		(89,125	)		(655,417	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 51

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Insurance
Markel Corp. (a)		(175	)		(189,753	)		—			0.0	(g)
RLI Corp.		(2,819	)		(166,575	)		—			0.0	(g)
		(2,994	)		(356,328	)		—			0.0	(g)
Thrifts & Mortgage Finance
PHH Corp. (a)		(37,996	)		(501,927	)		—			0.0	(g)
Total Financials		(179,218	)		(3,664,019	)		—			0.0	(g)
Health Care
Health Care Equipment & Supplies
DexCom, Inc. (a)		(7,342	)		(330,170	)		—			0.0	(g)
Insulet Corp. (a)		(10,413	)		(612,389	)		—			0.0	(g)
Nevro Corp. (a)		(1,320	)		(115,606	)		—			0.0	(g)
Wright Medical Group NV (a)		(24,379	)		(638,974	)		(3,245	)		0.0	(g)
		(43,454	)		(1,697,139	)		(3,245	)		0.0	(g)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. (a)		(1,432	)		(88,426	)		—			0.0	(g)
Dermira, Inc. (a)		(5,168	)		(138,347	)		—			0.0	(g)
Intra-Cellular Therapies, Inc. (a)		(12,235	)		(190,744	)		—			0.0	(g)
Medicines Co. (The) (a)		(7,434	)		(213,653	)		—			0.0	(g)
Nektar Therapeutics (a)		(19,436	)		(468,213	)		—			0.0	(g)
Pacira Pharmaceuticals, Inc. (a)		(15,905	)		(509,755	)		—			0.0	(g)
		(61,610	)		(1,609,138	)		—			0.0	(g)
Total Health Care		(105,064	)		(3,306,277	)		(3,245	)		0.0	(g)
Industrials
Aerospace & Defense
Cubic Corp.		(3,430	)		(187,107	)		—			0.0	(g)
Mercury Systems, Inc. (a)		(3,743	)		(188,909	)		—			0.0	(g)
TransDigm Group, Inc.		(472	)		(130,980	)		—			0.0	(g)
		(7,645	)		(506,996	)		—			0.0	(g)
Air Freight & Logistics
Hub Group, Inc. (a)		(3,690	)		(159,777	)		—			0.0	(g)
Airlines
Spirit Airlines, Inc. (a)		(14,606	)		(541,737	)		—			0.0	(g)
Building Products
Armstrong World Industries, Inc. (a)		(11,858	)		(605,944	)		—			0.0	(g)
Commercial Services & Supplies
Clean Harbors, Inc. (a)		(2,123	)		(113,602	)		—			0.0	(g)
Covanta Holding Corp.		(39,956	)		(643,292	)		—			0.0	(g)
Healthcare Services Group, Inc.		(2,855	)		(151,001	)		—			0.0	(g)
		(44,934	)		(907,895	)		—			0.0	(g)
Construction & Engineering
Dycom Industries, Inc. (a)		(1,257	)		(110,402	)		—			0.0	(g)
Granite Construction, Inc.		(2,305	)		(146,805	)		—			0.0	(g)
		(3,562	)		(257,207	)		—			0.0	(g)
Electrical Equipment
Acuity Brands, Inc.		(1,341	)		(224,215	)		—			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Machinery
CIRCOR International, Inc.		(2,355	)		(103,502	)		—			0.0	(g)
EnPro Industries, Inc.		(2,541	)		(212,783	)		—			0.0	(g)
Flowserve Corp.		(12,099	)		(533,203	)		—			0.0	(g)
REV Group, Inc.		(7,425	)		(191,565	)		—			0.0	(g)
SPX FLOW, Inc. (a)		(10,943	)		(451,180	)		—			0.0	(g)
Welbilt, Inc. (a)		(9,433	)		(208,092	)		—			0.0	(g)
		(44,796	)		(1,700,325	)		—			0.0	(g)
Marine
Matson, Inc.		(7,315	)		(199,187	)		—			0.0	(g)
Professional Services
Advisory Board Co. (The) (a)		(3,370	)		(181,727	)		—			0.0	(g)
Road & Rail
AMERCO		(356	)		(139,780	)		—			0.0	(g)
Avis Budget Group, Inc. (a)		(1,776	)		(73,260	)		—			0.0	(g)
Genesee & Wyoming, Inc. (a)		(9,000	)		(646,020	)		—			0.0	(g)
Hertz Global Holdings, Inc. (a)		—			(10	)		(4	)		0.0	(g)
Werner Enterprises, Inc.		(3,375	)		(120,319	)		—			0.0	(g)
		(14,507	)		(979,389	)		(4	)		0.0	(g)
Trading Companies & Distributors
Beacon Roofing Supply, Inc. (a)		(2,948	)		(163,349	)		—			0.0	(g)
Herc Holdings, Inc. (a)		(4,064	)		(196,949	)		—			0.0	(g)
SiteOne Landscape Supply, Inc. (a)		(2,986	)		(189,641	)		—			0.0	(g)
		(9,998	)		(549,939	)		—			0.0	(g)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(2,388	)		(166,016	)		—			0.0	(g)
Total Industrials		(170,010	)		(6,980,354	)		(4	)		0.0	(g)
Information Technology
Communications Equipment
Infinera Corp. (a)		(24,932	)		(208,681	)		—			0.0	(g)
Quantenna Communications, Inc. (a)		(13,374	)		(207,163	)		—			0.0	(g)
ViaSat, Inc. (a)		(4,652	)		(302,845	)		—			0.0	(g)
		(42,958	)		(718,689	)		—			0.0	(g)
Electronic Equipment, Instruments & Components
Fitbit, Inc. (a)		(82,409	)		(505,991	)		—			0.0	(g)
Internet Software & Services
2U, Inc. (a)		(10,495	)		(667,797	)		—			0.0	(g)
Benefitfocus, Inc. (a)		(6,816	)		(186,758	)		—			0.0	(g)
Box, Inc. (a)		(7,005	)		(153,760	)		—			0.0	(g)
Cimpress NV (a)		(5,277	)		(575,932	)		—			0.0	(g)
Cornerstone OnDemand, Inc. (a)		(4,882	)		(187,274	)		—			0.0	(g)
Etsy, Inc. (a)		(9,639	)		(160,971	)		—			0.0	(g)
Gogo, Inc. (a)		(53,646	)		(533,241	)		—			0.0	(g)
GTT Communications, Inc. (a)		(5,862	)		(213,670	)		—			0.0	(g)
MuleSoft, Inc. (a)		(27,678	)		(647,388	)		—			0.0	(g)
New Relic, Inc. (a)		(12,480	)		(640,598	)		—			0.0	(g)
Pandora Media, Inc. (a)		(26,645	)		(194,775	)		—			0.0	(g)
Q2 Holdings, Inc. (a)		(3,718	)		(158,201	)		—			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 53

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Internet Software & Services — continued
SPS Commerce, Inc. (a)		(2,833	)		(139,270	)		—		0.0	(g)
Zillow Group, Inc. (a)		(3,345	)		(138,082	)		—		0.0	(g)
		(180,321	)		(4,597,717	)		—		0.0	(g)
IT Services
InterXion Holding NV (a)		(10,894	)		(581,631	)		—		0.0	(g)
Syntel, Inc. (a)		(3,245	)		(75,803	)		—		0.0	(g)
WEX, Inc. (a)		(1,310	)		(161,903	)		—		0.0	(g)
		(15,449	)		(819,337	)		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Cavium, Inc. (a)		(1,604	)		(110,660	)		—		0.0	(g)
Software
Autodesk, Inc. (a)		(5,410	)		(676,034	)		—		0.0	(g)
Blackline, Inc. (a)		(13,872	)		(492,733	)		—		0.0	(g)
FireEye, Inc. (a)		(22,809	)		(385,928	)		—		0.0	(g)
Globant SA (a)		(8,103	)		(305,645	)		—		0.0	(g)
HubSpot, Inc. (a)		(7,596	)		(657,434	)		—		0.0	(g)
Imperva, Inc. (a)		(11,364	)		(485,243	)		—		0.0	(g)
Paylocity Holding Corp. (a)		(2,547	)		(136,035	)		—		0.0	(g)
Pegasystems, Inc.		(1,690	)		(98,527	)		—		0.0	(g)
RingCentral, Inc. (a)		(13,452	)		(567,002	)		—		0.0	(g)
ServiceNow, Inc. (a)		(1,088	)		(137,491	)		—		0.0	(g)
Splunk, Inc. (a)		(8,401	)		(565,387	)		—		0.0	(g)
Tableau Software, Inc. (a)		(6,641	)		(538,519	)		—		0.0	(g)
Workday, Inc. (a)		(5,493	)		(609,668	)		—		0.0	(g)
Zendesk, Inc. (a)		(17,315	)		(536,765	)		—		0.0	(g)
		(125,781	)		(6,192,411	)		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Cray, Inc. (a)		(10,222	)		(211,084	)		—		0.0	(g)
Pure Storage, Inc. (a)		(35,440	)		(582,279	)		—		0.0	(g)
		(45,662	)		(793,363	)		—		0.0	(g)
Total Information Technology		(494,184	)		(13,738,168	)		—		0.0	(g)
Materials
Chemicals
CF Industries Holdings, Inc.		(4,213	)		(160,010	)		—		0.0	(g)
GCP Applied Technologies, Inc. (a)		(7,326	)		(214,286	)		—		0.0	(g)
RPM International, Inc.		(2,370	)		(126,392	)		—		0.0	(g)
		(13,909	)		(500,688	)		—		0.0	(g)
Construction Materials
Martin Marietta Materials, Inc.		(833	)		(180,636	)		—		0.0	(g)
Summit Materials, Inc. (a)		(20,447	)		(642,036	)		—		0.0	(g)
Vulcan Materials Co.		(998	)		(121,507	)		—		0.0	(g)
		(22,278	)		(944,179	)		—		0.0	(g)
Containers & Packaging
Ball Corp.		(4,308	)		(184,942	)		—		0.0	(g)
Metals & Mining
Alcoa Corp.		(2,730	)		(130,439	)		—		0.0	(g)
Carpenter Technology Corp.		(3,569	)		(177,701	)		—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Metals & Mining — continued
Coeur Mining, Inc. (a)		(24,620	)		(186,866	)		—			0.0	(g)
Hecla Mining Co.		(121,415	)		(573,079	)		—			0.0	(g)
		(152,334	)		(1,068,085	)		—			0.0	(g)
Paper & Forest Products
Clearwater Paper Corp. (a)		(3,171	)		(146,342	)		—			0.0	(g)
Total Materials		(196,000	)		(2,844,236	)		—			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Zayo Group Holdings, Inc. (a)		(17,896	)		(645,330	)		—			0.0	(g)
Wireless Telecommunication Services
Sprint Corp. (a)		(91,275	)		(596,939	)		—			0.0	(g)
Total Telecommunication Services		(109,171	)		(1,242,269	)		—			0.0	(g)
Utilities
Electric Utilities
Southern Co. (The)		(2,413	)		(125,959	)		—			0.0	(g)
Westar Energy, Inc.		(2,980	)		(159,370	)		—			0.0	(g)
		(5,393	)		(285,329	)		—			0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(7,892	)		(640,357	)		—			0.0	(g)
NiSource, Inc.		(5,764	)		(151,997	)		—			0.0	(g)
Sempra Energy		(5,656	)		(664,580	)		—			0.0	(g)
		(19,312	)		(1,456,934	)		—			0.0	(g)
Water Utilities
American States Water Co.		(11,554	)		(621,028	)		—			0.0	(g)
American Water Works Co., Inc.		(1,795	)		(157,529	)		—			0.0	(g)
Aqua America, Inc.		(4,395	)		(155,935	)		—			0.0	(g)
California Water Service Group		(3,455	)		(145,110	)		—			0.0	(g)
		(21,199	)		(1,079,602	)		—			0.0	(g)
Total Utilities		(45,904	)		(2,821,865	)		—			0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,043,146	)		(49,633,915	)		(3,249	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,595,694	)		(27,514,915	)		(3,249	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		03/19/2018	$	9,096,021	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 55

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Linamar Corp.		6,624		401,928			—			0.0	(g)
Magna International, Inc.		11,972		653,119			—			0.0	(g)
Total Consumer Discretionary		18,596		1,055,047			—			0.0	(g)
Consumer Staples
Food & Staples Retailing
George Weston Ltd.		7,404		621,658			—	��		0.0	(g)
Loblaw Cos. Ltd.		11,913		614,811			—			0.0	(g)
Total Consumer Staples		19,317		1,236,469			—			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Enbridge Income Fund Holdings, Inc.		26,197		610,607			—			0.0	(g)
Enerplus Corp.		75,307		690,553			—			0.0	(g)
Inter Pipeline Ltd.		31,572		642,159			—			0.0	(g)
Parkland Fuel Corp.		11,443		232,390			—			0.0	(g)
Total Energy		144,519		2,175,709			—			0.0	(g)
Financials
Banks
Bank of Nova Scotia (The)		2,354		151,958			—			0.0	(g)
Laurentian Bank of Canada		13,485		627,161			—			0.0	(g)
National Bank of Canada		13,241		642,601			—			0.0	(g)
Royal Bank of Canada		1,554		121,504			—			0.0	(g)
Toronto-Dominion Bank (The)		2,800		159,175			—			0.0	(g)
		33,434		1,702,399			—			0.0	(g)
Capital Markets
IGM Financial, Inc.		4,844		170,728			—			0.0	(g)
Insurance
Manulife Financial Corp.		31,450		632,364			—			0.0	(g)
Power Financial Corp.		22,887		640,609			—			0.0	(g)
		54,337		1,272,973			—			0.0	(g)
					��
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		4,306		133,809			—			0.0	(g)
Total Financials		96,921		3,279,909			—			0.0	(g)
Industrials
Machinery
New Flyer Industries, Inc.		15,344		651,058			—			0.0	(g)
Road & Rail
Canadian National Railway Co.		7,961		640,595			—			0.0	(g)
Trading Companies & Distributors
Finning International, Inc.		26,869		655,220			—			0.0	(g)
Total Industrials		50,174		1,946,873			—			0.0	(g)
Information Technology
IT Services
CGI Group, Inc. (a)		12,212		648,890			—			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Materials
Paper & Forest Products
Norbord, Inc.		17,563			633,036			—		0.0	(g)
West Fraser Timber Co. Ltd.		10,896			662,746			—		0.0	(g)
Total Materials		28,459			1,295,782			—		0.0	(g)
Real Estate
Real Estate Management & Development
First Capital Realty, Inc.		10,999			174,436			—		0.0	(g)
Telecommunication Services
Wireless Telecommunication Services
Rogers Communications, Inc.		12,371			641,900			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		393,568			12,455,015			—		0.0	(g)
Short Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
MEG Energy Corp. (a)		(102,395	)		(454,789	)		—		0.0	(g)
Seven Generations Energy Ltd. (a)		(22,400	)		(338,231	)		—		0.0	(g)
Total Energy		(124,795	)		(793,020	)		—		0.0	(g)
Financials
Diversified Financial Services
Element Fleet Management Corp.		(40,395	)		(311,237	)		—		0.0	(g)
Industrials
Aerospace & Defense
Bombardier, Inc. (a)		(203,991	)		(431,668	)		—		0.0	(g)
Materials
Chemicals
Potash Corp. of Saskatchewan, Inc.		(25,969	)		(505,450	)		—		0.0	(g)
Metals & Mining
Endeavour Mining Corp. (a)		(23,291	)		(413,970	)		—		0.0	(g)
First Quantum Minerals Ltd.		(40,677	)		(454,980	)		—		0.0	(g)
Franco-Nevada Corp.		(5,646	)		(448,669	)		—		0.0	(g)
		(69,614	)		(1,317,619	)		—		0.0	(g)
Total Materials		(95,583	)		(1,823,069	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(464,764	)		(3,358,994	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(71,196	)		9,096,021			—		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 57

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.25% to 0.75%), which is denominated in EUR based on the local currencies of the positions within the swaps.		03/19/2018 — 12/03/2019	$	25,632,270	$	(361	)	$	—	$	(361	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Cie Generale des Etablissements Michelin		3,513		508,495		254			0.0	(g)
Faurecia		9,293		675,559		(27	)		0.0	(g)
		12,806		1,184,054		227			0.0	(g)
Automobiles
Peugeot SA		22,664		537,716		77			0.0	(g)
Media
Mediaset Espana Comunicacion SA		12,229		132,917		(17	)		0.0	(g)
Mediaset SpA (a)		180,267		661,899		(390	)		0.0	(g)
		192,496		794,816		(407	)		0.0	(g)
Total Consumer Discretionary		227,966		2,516,586		(103	)		0.0	(g)
Energy
Energy Equipment & Services
SBM Offshore NV		37,506		669,337		24			0.0	(g)
Tecnicas Reunidas SA		21,506		692,433		266			0.0	(g)
		59,012		1,361,770		290			0.0	(g)
Oil, Gas & Consumable Fuels
Neste OYJ		13,399		745,940		(582	)		0.0	(g)
OMV AG		10,869		652,286		(756	)		0.0	(g)
Repsol SA		36,325		680,709		102			0.0	(g)
Saras SpA		249,900		666,870		(323	)		0.0	(g)
TOTAL SA		12,060		672,202		(280	)		0.0	(g)
		322,553		3,418,007		(1,839	)		0.0	(g)
Total Energy		381,565		4,779,777		(1,549	)		0.0	(g)
Financials
Banks
Credit Agricole SA		36,445		636,083		138			0.0	(g)
ING Groep NV		38,709		715,322		192			0.0	(g)
		75,154		1,351,405		330			0.0	(g)
Insurance
Allianz SE (Registered)		2,811		656,253		3,503			0.0	(g)
ASR Nederland NV		16,268		666,901		(131	)		0.0	(g)
AXA SA		21,674		654,304		(350	)		0.0	(g)
CNP Assurances		27,538		640,603		(147	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Insurance — continued
Mapfre SA		143,621		469,713		(224	)		0.0	(g)
SCOR SE		15,621		648,481		(119	)		0.0	(g)
Societa Cattolica di Assicurazioni SC		61,056		661,782		—			0.0	(g)
Talanx AG		16,052		630,409		—			0.0	(g)
		304,641		5,028,446		2,532			0.0	(g)
Total Financials		379,795		6,379,851		2,862			0.0	(g)
Health Care
Health Care Equipment & Supplies
Koninklijke Philips NV		15,761		642,307		561			0.0	(g)
Health Care Providers & Services
Fresenius Medical Care AG & Co. KGaA		6,705		649,192		779			0.0	(g)
Life Sciences Tools & Services
Evotec AG (a)		26,902		572,465		7,933			0.0	(g)
Pharmaceuticals
Bayer AG (Registered)		4,675		608,119		(163	)		0.0	(g)
Ipsen SA		4,784		578,422		(18	)		0.0	(g)
Merck KGaA		5,845		627,127		1,490			0.0	(g)
Sanofi		6,556		620,766		(26	)		0.0	(g)
		21,860		2,434,434		1,283			0.0	(g)
Total Health Care		71,228		4,298,398		10,556			0.0	(g)
Industrials
Aerospace & Defense
Dassault Aviation SA		320		498,952		(162	)		0.0	(g)
Airlines
Deutsche Lufthansa AG (Registered)		21,456		689,336		4,527			0.0	(g)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		16,723		659,205		(283	)		0.0	(g)
Electrical Equipment
Philips Lighting NV		17,319		656,407		247			0.0	(g)
Machinery
Cargotec OYJ		10,005		590,629		(245	)		0.0	(g)
Fincantieri SpA (a)		575,954		715,767		(754	)		0.0	(g)
Valmet OYJ		34,247		664,009		(203	)		0.0	(g)
Wartsila OYJ Abp		9,191		592,049		—			0.0	(g)
		629,397		2,562,454		(1,202	)		0.0	(g)
Transportation Infrastructure
Aena SME SA		3,604		661,239		36			0.0	(g)
Fraport AG Frankfurt Airport Services Worldwide		6,836		649,582		923			0.0	(g)
		10,440		1,310,821		959			0.0	(g)
Total Industrials		695,655		6,377,175		4,086			0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		9,052		711,327		119			0.0	(g)
Materials
Chemicals
Covestro AG		1,992		191,490		384			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 59

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Chemicals — continued
Lenzing AG		4,964			671,905			—			0.0	(g)
		6,956			863,395			384			0.0	(g)
Paper & Forest Products
UPM-Kymmene OYJ		22,696			681,613			(473	)		0.0	(g)
Total Materials		29,652			1,545,008			(89	)		0.0	(g)
Real Estate
Real Estate Management & Development
Nexity SA (a)		8,672			533,000			142			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		35,925			650,506			(3,985	)		0.0	(g)
Proximus SADP		19,421			644,902			(67	)		0.0	(g)
Telefonica Deutschland Holding AG		120,754			615,950			2,249			0.0	(g)
Telefonica SA		62,370			653,979			(322	)		0.0	(g)
Total Telecommunication Services		238,470			2,565,337			(2,125	)		0.0	(g)
Utilities
Electric Utilities
EDP—Energias de Portugal SA		184,163			656,766			(316	)		0.0	(g)
Endesa SA		28,760			658,266			(30	)		0.0	(g)
Enel SpA		27,942			173,287			(32	)		0.0	(g)
Iberdrola SA		82,876			669,722			(59	)		0.0	(g)
Terna Rete Elettrica Nazionale SpA		109,877			662,989			—			0.0	(g)
		433,618			2,821,030			(437	)		0.0	(g)
Gas Utilities
Gas Natural SDG SA		22,370			478,663			(17	)		0.0	(g)
Multi-Utilities
Engie SA		38,444			649,779			—			0.0	(g)
Hera SpA		200,354			644,554			(48	)		0.0	(g)
Innogy SE		14,038			652,851			(418	)		0.0	(g)
		252,836			1,947,184			(466	)		0.0	(g)
Total Utilities		708,824			5,246,877			(920	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		2,750,879			34,953,336			12,979			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Accor SA		(10,741	)		(535,846	)		91			0.0	(g)
Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA (a)		(12,044	)		(449,888	)		458			0.0	(g)
Zalando SE (a)		(9,080	)		(457,098	)		(2,770	)		0.0	(g)
		(21,124	)		(906,986	)		(2,312	)		0.0	(g)
Media
Altice NV (a)		(24,977	)		(471,031	)		153			0.0	(g)
Total Consumer Discretionary		(56,842	)		(1,913,863	)		(2,068	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Consumer Staples
Beverages
Anheuser-Busch InBev SA/NV		(3,243	)		(397,661	)		(823	)		0.0	(g)
Financials
Banks
Banco Comercial Portugues SA (a)		(1,900,026	)		(567,786	)		(89	)		0.0	(g)
Banco Espirito Santo SA (Registered) (a)		(35,937	)		—			—			0.0	(g)
		(1,935,963	)		(567,786	)		(89	)		0.0	(g)
Diversified Financial Services
Wendel SA		(3,052	)		(514,751	)		30			0.0	(g)
Total Financials		(1,939,015	)		(1,082,537	)		(59	)		0.0	(g)
Health Care
Life Sciences Tools & Services
MorphoSys AG (a)		(5,347	)		(464,062	)		331			0.0	(g)
Industrials
Commercial Services & Supplies
Bilfinger SE		(15,708	)		(633,730	)		(1,736	)		0.0	(g)
Machinery
Alstom SA		(11,024	)		(445,990	)		117			0.0	(g)
Konecranes OYJ		(13,391	)		(616,572	)		505			0.0	(g)
		(24,415	)		(1,062,562	)		622			0.0	(g)
Trading Companies & Distributors
Brenntag AG		(8,564	)		(485,885	)		(913	)		0.0	(g)
Transportation Infrastructure
Groupe Eurotunnel SE (Registered)		(37,649	)		(473,200	)		—			0.0	(g)
Total Industrials		(86,336	)		(2,655,377	)		(2,027	)		0.0	(g)
Information Technology
Internet Software & Services
Rocket Internet SE (a)		(25,608	)		(658,424	)		(4,860	)		0.0	(g)
Materials
Chemicals
K+S AG (Registered)		(26,097	)		(634,465	)		(1,556	)		0.0	(g)
OCI NV (a)		(27,182	)		(644,835	)		(19	)		0.0	(g)
		(53,279	)		(1,279,300	)		(1,575	)		0.0	(g)
Metals & Mining
thyssenkrupp AG		(16,346	)		(438,500	)		(2,374	)		0.0	(g)
Total Materials		(69,625	)		(1,717,800	)		(3,949	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Iliad SA		(1,728	)		(431,342	)		115			0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,187,744	)		(9,321,066	)		(13,340	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		563,135			25,632,270			(361	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 61

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.		03/20/2018	$	2,401,362	$	214	$	—	$	214

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Financials
Insurance
Baloise Holding AG (Registered)		1,097			172,950			(15	)		0.0	(g)
Swiss Life Holding AG (Registered)		1,855			644,741			(88	)		0.0	(g)
Total Financials		2,952			817,691			(103	)		0.0	(g)
Health Care
Pharmaceuticals
Novartis AG (Registered)		2,036			167,928			174			0.0	(g)
Roche Holding AG		2,683			623,481			96			0.0	(g)
Total Health Care		4,719			791,409			270			0.0	(g)
Industrials
Machinery
Georg Fischer AG (Registered)		527			649,301			92			0.0	(g)
Schindler Holding AG		745			168,822			(19	)		0.0	(g)
VAT Group AG		1,280			166,645			(19	)		0.0	(g)
Total Industrials		2,552			984,768			54			0.0	(g)
Real Estate
Real Estate Management & Development
Swiss Prime Site AG (Registered)		1,513			129,135			—			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Sunrise Communications Group AG		2,074			172,536			(12	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		13,810			2,895,539			209			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Specialty Retail
Dufry AG (Registered) (a)		(3,320	)		(494,177	)		5			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		10,490			2,401,362			214			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in JPY based on the local currencies of the positions within the swaps.		03/19/2018	$	16,231,883	$	111,722	$	—	$	111,722

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Bridgestone Corp.		13,400		640,123		4,918		0.0	(g)
NHK Spring Co. Ltd.		58,000		663,759		6,761		0.0	(g)
Sumitomo Rubber Industries Ltd.		35,300		670,267		4,656		0.0	(g)
TS Tech Co. Ltd.		4,700		168,325		1,332		0.0	(g)
Unipres Corp.		24,100		650,695		8,481		0.0	(g)
		135,500		2,793,169		26,148		0.0	(g)
Household Durables
Sekisui Chemical Co. Ltd.		32,500		655,990		5,447		0.0	(g)
Leisure Products
Bandai Namco Holdings, Inc.		3,500		119,938		660		0.0	(g)
Heiwa Corp.		7,800		143,830	��	527		0.0	(g)
		11,300		263,768		1,187		0.0	(g)
Total Consumer Discretionary		179,300		3,712,927		32,782		0.0	(g)
Consumer Staples
Beverages
Kirin Holdings Co. Ltd.		27,000		648,104		5,903		0.0	(g)
Suntory Beverage & Food Ltd.		14,300		657,977		5,262		0.0	(g)
		41,300		1,306,081		11,165		0.0	(g)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		1,600		115,061		519		0.0	(g)
Food Products
Nichirei Corp.		6,500		167,325		859		0.0	(g)
Nippon Suisan Kaisha Ltd.		21,900		133,996		1,100		0.0	(g)
Prima Meat Packers Ltd.		99,000		646,920		1,750		0.0	(g)
		127,400		948,241		3,709		0.0	(g)
Personal Products
Pola Orbis Holdings, Inc.		19,800		631,115		4,230		0.0	(g)
Total Consumer Staples		190,100		3,000,498		19,623		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Showa Shell Sekiyu KK		16,400		193,475		1,357		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 63

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Financials
Banks
Aozora Bank Ltd.		17,100		669,325		3,853		0.0	(g)
Health Care
Pharmaceuticals
Astellas Pharma, Inc.		9,000		119,780		379		0.0	(g)
Kaken Pharmaceutical Co. Ltd.		2,200		111,492		432		0.0	(g)
Mitsubishi Tanabe Pharma Corp.		7,300		160,669		551		0.0	(g)
Tsumura & Co.		17,600		654,129		2,478		0.0	(g)
Total Health Care		36,100		1,046,070		3,840		0.0	(g)
Industrials
Building Products
Asahi Glass Co. Ltd.		17,200		674,071		3,951		0.0	(g)
Nichias Corp.		53,000		690,111		2,586		0.0	(g)
		70,200		1,364,182		6,537		0.0	(g)
Construction & Engineering
Kinden Corp.		38,800		655,250		3,493		0.0	(g)
Maeda Corp.		54,900		688,304		2,688		0.0	(g)
Nishimatsu Construction Co. Ltd.		22,300		673,242		2,506		0.0	(g)
Penta-Ocean Construction Co. Ltd.		26,000		172,005		1,195		0.0	(g)
Toda Corp.		85,000		692,512		4,020		0.0	(g)
		227,000		2,881,313		13,902		0.0	(g)
Electrical Equipment
Fuji Electric Co. Ltd.		19,000		137,657		1,137		0.0	(g)
Road & Rail
Sankyu, Inc.		15,900		657,357		2,927		0.0	(g)
Trading Companies & Distributors
Kanamoto Co. Ltd.		19,800		650,944		5,774		0.0	(g)
Sumitomo Corp.		12,400		179,355		1,215		0.0	(g)
		32,200		830,299		6,989		0.0	(g)
Total Industrials		364,300		5,870,808		31,492		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Oki Electric Industry Co. Ltd.		47,700		666,351		4,370		0.0	(g)
Omron Corp.		11,900		666,823		5,392		0.0	(g)
		59,600		1,333,174		9,762		0.0	(g)
Internet Software & Services
Mixi, Inc.		5,000		243,760		1,026		0.0	(g)
Semiconductors & Semiconductor Equipment
Disco Corp.		3,000		695,180		5,765		0.0	(g)
SCREEN Holdings Co. Ltd.		8,800		689,732		7,897		0.0	(g)
Ulvac, Inc.		1,000		70,844		575		0.0	(g)
		12,800		1,455,756		14,237		0.0	(g)
Software
Nexon Co. Ltd.		8,000		215,193		1,306		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions — continued
Common Stocks — continued
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		26,800			652,127			6,551			0.0	(g)
Total Information Technology		112,200			3,900,010			32,882			0.0	(g)
Materials
Chemicals
Hitachi Chemical Co. Ltd.		5,600			159,689			1,349			0.0	(g)
Kuraray Co. Ltd.		8,700			171,343			1,253			0.0	(g)
Mitsubishi Chemical Holdings Corp.		65,900			688,346			5,903			0.0	(g)
Mitsubishi Gas Chemical Co., Inc.		5,700			139,437			1,129			0.0	(g)
Mitsui Chemicals, Inc.		6,100			188,099			1,406			0.0	(g)
NOF Corp.		22,700			656,038			5,213			0.0	(g)
Sumitomo Bakelite Co. Ltd.		84,000			683,104			4,190			0.0	(g)
Tokai Carbon Co. Ltd.		69,800			697,501			7,512			0.0	(g)
Tosoh Corp.		8,500			183,436			1,184			0.0	(g)
		277,000			3,566,993			29,139			0.0	(g)
Metals & Mining
Nippon Light Metal Holdings Co. Ltd.		221,100			650,778			5,202			0.0	(g)
Paper & Forest Products
Oji Holdings Corp.		124,000			726,765			4,826			0.0	(g)
Total Materials		622,100			4,944,536			39,167			0.0	(g)
Real Estate
Real Estate Management & Development
Nomura Real Estate Holdings, Inc.		6,300			138,667			926			0.0	(g)
Telecommunication Services
Wireless Telecommunication Services
NTT DOCOMO, Inc.		8,000			193,750			900			0.0	(g)
Utilities
Electric Utilities
Kansai Electric Power Co., Inc. (The)		12,900			176,654			1,088			0.0	(g)
Tokyo Electric Power Co. Holdings, Inc. (a)		159,000			652,635			3,798			0.0	(g)
Total Utilities		171,900			829,289			4,886			0.0	(g)
Total Long Positions of Total Return Basket Swap		1,723,800			24,499,355			171,708			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Multiline Retail
Isetan Mitsukoshi Holdings Ltd.		(47,800	)		(521,057	)		(4,823	)		0.0	(g)
Specialty Retail
Bic Camera, Inc.		(40,600	)		(500,107	)		(3,074	)		0.0	(g)
Total Consumer Discretionary		(88,400	)		(1,021,164	)		(7,897	)		0.0	(g)
Consumer Staples
Food Products
Kewpie Corp.		(13,300	)		(331,773	)		(1,686	)		0.0	(g)
Financials
Consumer Finance
Acom Co. Ltd. (a)		(123,900	)		(515,088	)		(2,947	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 65

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Financials — continued
Aiful Corp. (a)		(135,200	)		(471,602	)		(4,308	)		0.0	(g)
Total Financials		(259,100	)		(986,690	)		(7,255	)		0.0	(g)
Industrials
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(18,500	)		(378,247	)		(2,162	)		0.0	(g)
Road & Rail
Keio Corp.		(9,000	)		(392,657	)		(2,437	)		0.0	(g)
Odakyu Electric Railway Co. Ltd.		(18,000	)		(352,121	)		(2,268	)		0.0	(g)
		(27,000	)		(744,778	)		(4,705	)		0.0	(g)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(7,500	)		(206,532	)		(1,396	)		0.0	(g)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(14,500	)		(375,559	)		(2,554	)		0.0	(g)
Total Industrials		(67,500	)		(1,705,116	)		(10,817	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Japan Display, Inc. (a)		(146,700	)		(316,459	)		(2,945	)		0.0	(g)
Internet Software & Services
GMO internet, Inc.		(31,400	)		(485,108	)		(3,773	)		0.0	(g)
Software
Nintendo Co. Ltd.		(600	)		(232,777	)		(1,653	)		0.0	(g)
Total Information Technology		(178,700	)		(1,034,344	)		(8,371	)		0.0	(g)
Materials
Chemicals
Tokyo Ohka Kogyo Co. Ltd.		(15,400	)		(563,179	)		(4,496	)		0.0	(g)
Metals & Mining
Kobe Steel Ltd.		(84,200	)		(710,887	)		(7,400	)		0.0	(g)
UACJ Corp.		(16,000	)		(471,801	)		(4,627	)		0.0	(g)
		(100,200	)		(1,182,688	)		(12,027	)		0.0	(g)
Total Materials		(115,600	)		(1,745,867	)		(16,523	)		0.0	(g)
Utilities
Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(37,500	)		(418,130	)		(2,252	)		0.0	(g)
Hokkaido Electric Power Co., Inc. (a)		(52,400	)		(412,932	)		(2,322	)		0.0	(g)
Hokuriku Electric Power Co.		(69,200	)		(611,456	)		(2,863	)		0.0	(g)
Total Utilities		(159,100	)		(1,442,518	)		(7,437	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(881,700	)		(8,267,472	)		(59,986	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		842,100			16,231,883			111,722			0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.		03/19/2018	$	(370,933	)	$	6,153	$	—	$	6,153

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Aristocrat Leisure Ltd.		36,403			658,104			1,976			0.0	(g)
Consumer Staples
Food & Staples Retailing
Metcash Ltd.		94,396			195,003			662			0.0	(g)
Woolworths Ltd.		8,804			174,536			153			0.0	(g)
Total Consumer Staples		103,200			369,539			815			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Caltex Australia Ltd.		5,952			156,278			212			0.0	(g)
Woodside Petroleum Ltd.		4,906			115,649			264			0.0	(g)
Total Energy		10,858			271,927			476			0.0	(g)
Health Care
Health Care Providers & Services
Primary Health Care Ltd.		248,845			652,229			878			0.0	(g)
Industrials
Airlines
Qantas Airways Ltd.		23,442			110,638			298			0.0	(g)
Materials
Metals & Mining
BlueScope Steel Ltd.		13,623			134,119			244			0.0	(g)
Fortescue Metals Group Ltd.		66,579			236,729			292			0.0	(g)
OZ Minerals Ltd.		76,034			469,516			1,065			0.0	(g)
Regis Resources Ltd.		72,320			214,837			(475	)		0.0	(g)
Rio Tinto Ltd.		12,071			643,219			1,602			0.0	(g)
South32 Ltd.		62,953			164,437			2,067			0.0	(g)
Total Materials		303,580			1,862,857			4,795			0.0	(g)
Total Long Positions of Total Return Basket Swap		726,328			3,925,294			9,238			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(14,053	)		(502,435	)		(1,338	)		0.0	(g)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 67

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS(%)
Short Positions — continued
Common Stocks — continued
Financials
Diversified Financial Services
AMP Ltd.		(124,161	)		(473,178	)		(896	)		0.0	(g)
Health Care
Health Care Providers & Services
Healthscope Ltd.		(221,778	)		(333,141	)		(455	)		0.0	(g)
Pharmaceuticals
Mayne Pharma Group Ltd. (a)		(641,865	)		(337,109	)		(602	)		0.0	(g)
Total Health Care		(863,643	)		(670,250	)		(1,057	)		0.0	(g)
Industrials
Commercial Services & Supplies
Brambles Ltd.		(52,653	)		(381,801	)		(582	)		0.0	(g)
Professional Services
ALS Ltd.		(75,524	)		(453,434	)		(842	)		0.0	(g)
Transportation Infrastructure
Qube Holdings Ltd.		(327,512	)		(645,345	)		(1,146	)		0.0	(g)
Total Industrials		(455,689	)		(1,480,580	)		(2,570	)		0.0	(g)
Materials
Metals & Mining
Independence Group NL		(156,945	)		(482,241	)		(568	)		0.0	(g)
Saracen Mineral Holdings Ltd. (a)		(620,418	)		(687,543	)		3,344			0.0	(g)
Total Materials		(777,363	)		(1,169,784	)		2,776			0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,234,909	)		(4,296,227	)		(3,085	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,508,581	)		(370,933	)		6,153			0.0	(g)

The following reference rates, and their values as of period-end, are used for security descriptions:	VALUE
BA		1.26	%
BBR		1.26
BBSW		1.69
CDOR		1.32
CIBOR		0.36
EURIBOR		0.37
LIBOR		1.38
STIBOR		0.46

Summary of total swap contracts outstanding as of October 31, 2017:
	NET UPFRONT PAYMENTS (RECEIPTS)		VALUE
Assets
OTC Total return basket swaps outstanding	$	—	$	140,480
OTC Total return swap contracts outstanding		—		2,379
Total OTC swap contracts outstanding		—		142,859
Liabilities
Total OTC Total return basket swaps outstanding		—		(177,997	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2017

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Bill Rate
BBSW	—  ASX Australia Bank Bill Swap Rate
BRL	—  Brazilian Real
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
CDOR	—  Canada Dollar Offered Rate
CHF	—  Swiss Franc
CIBOR	—  Copenhagen Interbank Offered Rate
CVR	—  Contingent Value Rights.
DAX	—  Deutscher Aktien Index
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
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
INR	—  Indian Rupee
JPY	—  Japanese Yen
KRW	—  Korean Won
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
RON	—  Romanian Leu
RUB	—  Russian Ruble
S&P	—  Standard & Poor’s

SEK	—  Swedish Krona
SPI	—  Australian Securities Exchange
STIBOR	—  Stockholm Interbank Offered Rate
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. 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 October 31, 2017.
(bb)	—  Security has been valued using significant unobservable inputs.
**	—  Non-deliverable forward. See Note 2.C.(2). in the Notes to Financial Statements.
(1)	—  Notional value represents market value as of October 31, 2017 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 69

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

	Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	263,868,243
Investments in affiliates, at value		193,204,806
Restricted cash for OTC derivatives		680,000
Cash		2,572,093
Foreign currency, at value		3,098,333
Deposits at broker for futures contracts		11,059,000
Receivables:
Investment securities sold		1,101,499
Fund shares sold		101,000
Interest and dividends from non-affiliates		323,454
Dividends from affiliates		117,315
Tax reclaims		27,401
Variation margin on futures contracts		630,435
Unrealized appreciation on forward foreign currency exchange contracts		1,377,603
Outstanding swap contracts, at value		142,859
Due from counterparty for swap contracts		249,210
Total Assets		478,553,251
LIABILITIES:
Payables:
Investment securities purchased		920,133
Fund shares redeemed		109,495
Unrealized depreciation on forward foreign currency exchange contracts		1,543,596
Outstanding swap contracts, at value		177,997
Due to counterparty for swap contracts		2,293,406
Accrued liabilities:
Investment advisory fees		139,093
Administration fees		4,587
Distribution fees		8,319
Service fees		26,848
Custodian and accounting fees		68,376
Trustees’ and Chief Compliance Officer’s fees		56
Other		162,404
Total Liabilities		5,454,310
Net Assets	$	473,098,941

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2017

	Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	468,842,236
Accumulated undistributed (distributions in excess of) net investment income		(10,668,795	)
Accumulated net realized gains (losses)		589,109
Net unrealized appreciation (depreciation)		14,336,391
Total Net Assets	$	473,098,941
Net Assets:
Class A	$	37,842,572
Class C		336,344
Class I (formerly Select Class)		149,359,860
Class R6		285,560,165
Total	$	473,098,941
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		2,526,849
Class C		22,911
Class I (formerly Select Class)		9,690,350
Class R6		18,671,538
Net Asset Value (a):
Class A — Redemption price per share	$	14.98
Class C — Offering price per share (b)		14.68
Class I (formerly Select Class) — Offering and redemption price per share		15.41
Class R6 — Offering and redemption price per share		15.29
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.69
Cost of investments in non-affiliates	$	248,153,141
Cost of investments in affiliates		193,204,806
Cost of foreign currency		3,003,123

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 71

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

	Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,112,055
Dividend income from affiliates		760,513
Interest income from non-affiliates		599,074
Interest income from affiliates		12,967
Foreign taxes withheld		(110,117	)
Total investment income		5,374,492
EXPENSES:
Investment advisory fees		3,129,179
Administration fees		349,739
Distribution fees:
Class A		122,937
Class C		3,395
Service fees:
Class A		122,937
Class C		1,132
Class I (formerly Select Class)		124,735
Custodian and accounting fees		223,906
Interest expense to non-affiliates		453
Interest expense to affiliates		5,702
Professional fees		185,076
Trustees’ and Chief Compliance Officer’s fees		42,057
Printing and mailing costs		22,039
Registration and filing fees		81,770
Transfer agency fees (See Note 2.F.)		5,241
Sub-transfer agency fees (See Note 2.F.)		8,659
Other		12,256
Total expenses		4,441,213
Less fees waived		(1,513,068	)
Less earnings credits		(734	)
Less expense reimbursements		(67	)
Net expenses		2,927,344
Net investment income (loss)		2,447,148
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		13,254,673
Futures		(8,579,384	)
Foreign currency transactions		251,917
Forward foreign exchange currency contracts		923,827
Swaps		(13,184,188	)
Net realized gain (loss)		(7,333,155	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		12,895,197
Futures		(2,384,722	)
Foreign currency translations		128,520
Forward foreign exchange currency contracts		(1,271,767	)
Swaps		(83,409	)
Change in net unrealized appreciation/depreciation		9,283,819
Net realized/unrealized gains (losses)		1,950,664
Change in net assets resulting from operations	$	4,397,812

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2017

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Systematic Alpha Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,447,148		$	1,982,641
Net realized gain (loss)		(7,333,155	)		(7,924,104	)
Change in net unrealized appreciation/depreciation		9,283,819			4,956,512
Change in net assets resulting from operations		4,397,812			(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		134,120,198			23,949,299
NET ASSETS:
Change in net assets		137,236,458			15,596,670
Beginning of period		335,862,483			320,265,813
End of period	$	473,098,941		$	335,862,483
Accumulated undistributed (distributions in excess of) net investment income	$	(10,668,795	)	$	(6,080,342	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 73

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Systematic Alpha Fund
	Year Ended October 31, 2017			Year Ended October 31, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	32,952,328		$	34,490,135
Distributions reinvested		83,124			988,643
Cost of shares redeemed		(38,464,433	)		(39,177,739	)
Change in net assets resulting from Class A capital transactions	$	(5,428,981	)	$	(3,698,961	)
Class C
Proceeds from shares issued	$	311,362		$	587,296
Distributions reinvested		1,193			13,623
Cost of shares redeemed		(748,831	)		(269,858	)
Change in net assets resulting from Class C capital transactions	$	(436,276	)	$	331,061
Class I (formerly Select Class)
Proceeds from shares issued	$	154,782,803		$	39,913,331
Distributions reinvested		76,067			—
Cost of shares redeemed		(38,672,056	)		(268,520,160	)
Change in net assets resulting from Class I capital transactions	$	116,186,814		$	(228,606,829	)
Class R6
Proceeds from shares issued	$	32,746,928		$	271,927,080
Distributions reinvested		1,080,846			6,365,412
Cost of shares redeemed		(10,029,133	)		(22,368,464	)
Change in net assets resulting from Class R6 capital transactions	$	23,798,641		$	255,924,028
Total change in net assets resulting from capital transactions	$	134,120,198		$	23,949,299
SHARE TRANSACTIONS:
Class A
Issued		2,184,437			2,319,369
Reinvested		5,508			66,219
Redeemed		(2,563,239	)		(2,633,244	)
Change in Class A Shares		(373,294	)		(247,656	)
Class C
Issued		21,044			39,656
Reinvested		80			922
Redeemed		(50,473	)		(18,540	)
Change in Class C Shares		(29,349	)		22,038
Class I (formerly Select Class)
Issued		10,024,006			2,616,027
Reinvested		4,900			—
Redeemed		(2,501,526	)		(17,537,819	)
Change in Class I Shares		7,527,380			(14,921,792	)
Class R6
Issued		2,134,447			17,544,824
Reinvested		70,226			420,437
Redeemed		(655,828	)		(1,470,170	)
Change in Class R6 Shares		1,548,845			16,495,091

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2017 J.P. MORGAN FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Systematic Alpha Fund
Class A
Year Ended October 31, 2017	$	14.85	$	0.04	(e)	$	0.12		$	0.16		$	—		$	(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
Year Ended October 31, 2017		14.63		(0.04	)(e)		0.12			0.08			—			(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 Select Class)
Year Ended October 31, 2017		15.26		0.08	(e)		0.11			0.19			(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
Year Ended October 31, 2017		15.13		0.12	(e)		0.11			0.23			(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.

76 J.P. MORGAN FUNDS OCTOBER 31, 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)
$	14.98		1.07	%	$	37,842,572		1.19	%		0.28	%		1.60	%		147	%
	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
	14.68		0.53			336,344		1.70			(0.27	)		2.25			147
	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
	15.41		1.24			149,359,860		0.94			0.50			1.38			147
	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
	15.29		1.48			285,560,165		0.69			0.77			1.10			147
	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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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 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. 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 automatically convert to Class A after ten years. 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.

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. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

78 J.P. MORGAN FUNDS OCTOBER 31, 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	$	32,713,165	$	990,826	$	—	$	33,703,991
Consumer Staples		14,474,459		2,464,168		—		16,938,627
Energy		11,388,508		494,305		—		11,882,813
Financials		14,476,451		—		—		14,476,451
Health Care		26,431,711		1,615,155		—		28,046,866
Industrials		28,355,314		1,663,895		—		30,019,209
Information Technology		44,429,377		1,527,117		—		45,956,494
Materials		17,096,490		3,437,561		—		20,534,051
Real Estate		677,369		541,460		—		1,218,829
Telecommunication Services		2,397,203		477,109		—		2,874,312
Utilities		14,566,464		—		—		14,566,464
Total Common Stocks		207,006,511		13,211,596		—		220,218,107
Convertible Preferred Stocks
Energy		1,295,653		—		—		1,295,653
Financials		1,197,905		—		—		1,197,905
Health Care		1,747,008		176,090		—		1,923,098
Industrials		1,203,681		—		—		1,203,681
Real Estate		374,113		—		—		374,113
Telecommunication Services		1,074,480		—		—		1,074,480
Utilities		1,795,497		—		—		1,795,497
Total Convertible Preferred Stocks		8,688,337		176,090		—		8,864,427

OCTOBER 31, 2017 J.P. MORGAN FUNDS 79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Debt Securities
Convertible Bonds
Consumer Discretionary	$	—		$	2,158,292		$	—		$	2,158,292
Energy		—			1,255,507			—			1,255,507
Financials		—			2,660,132			—			2,660,132
Health Care		—			9,342,801			—			9,342,801
Industrials		—			824,270			—			824,270
Information Technology		—			16,184,204			—			16,184,204
Materials		—			614,646			—			614,646
Real Estate		—			753,397			—			753,397
Utilities		—			992,460			—			992,460
Total Convertible Bonds		—			34,785,709			—			34,785,709
Rights
Health Care		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Companies		193,204,806			—			—			193,204,806
Total Investments in Securities	$	408,899,654		$	48,173,395		$	—		$	457,073,049
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,377,603		$	—		$	1,377,603
Futures Contracts		2,317,834			207,395			—			2,525,229
Swaps		—			140,480			2,379			142,859
Total Appreciation in Other Financial Instruments	$	2,317,834		$	1,725,478		$	2,379		$	4,045,691
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,543,596	)	$	—		$	(1,543,596	)
Futures Contracts		(3,819,956	)		(4,411	)		—			(3,824,367	)
Swaps		—			(177,997	)		—			(177,997	)
Total Depreciation in Other Financial Instruments	$	(3,819,956	)	$	(1,726,004	)	$	—		$	(5,545,960	)

(a) Value is Zero

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no significant transfers among any levels during the year ended October 31, 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 October 31, 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”).

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

80 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to the Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury and commodity futures to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sale of futures contracts will tend to offset both positive and negative market price changes. The Fund also used index, equity or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to seek to enhance portfolio performance.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation in the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the CSOP at the closing or expiration of the futures contract. 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. dollars without the delivery of foreign currency.

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in various swap transactions, including total return swaps and total return basket swaps, to manage credit and total return 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 CSAL 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 CSAL 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 CSOI and cash deposited is recorded on the CSAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL. 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 CSOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Total Return Swaps

The Fund used total return swaps to gain long or short exposure to underlying stock. To the extent the total return of the stock underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying stock and interest rate obligations.

Total Return Basket Swaps

The Fund entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, 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.

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.

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 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	$	634,527		$	—		$	—		$	634,527
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		292,046			—			142,859			434,905
Foreign exchange contracts	Receivables		—			1,377,603			—			1,377,603
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		1,598,656			—			—			1,598,656
Total		$	2,525,229		$	1,377,603		$	142,859		$	4,045,691
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,386,954	)	$	—		$	—		$	(1,386,954	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,753,195	)		—			(177,997	)		(1,931,192	)
Foreign exchange contracts	Payables		—			(1,543,596	)		—			(1,543,596	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(684,218	)		—			—			(684,218	)
Total		$	(3,824,367	)	$	(1,543,596	)	$	(177,997	)	$	(5,545,960	)

(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.

82 J.P. MORGAN FUNDS OCTOBER 31, 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 October 31, 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)
Bank of America, N.A.	$	1,940	$	(1,940	)	$	—	$	—
Barclays Bank plc		305,440		(110,980	)		—		194,460
Citibank, N.A.		22,713		(22,713	)		—		—
Goldman Sachs International		116,839		(116,839	)		—		—
HSBC Bank, N.A.		840,859		(644,616	)		—		196,243
Royal Bank of Canada		15,634		(15,634	)		—		—
Standard Chartered Bank		76,118		(2,006	)		—		74,112
Union Bank of Switzerland AG		140,919		(6,023	)		—		134,896
	$	1,520,462	$	(920,751	)	$	—	$	599,711
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, N.A.	$	171,974	$	(1,940	)	$	—	$	170,034
Barclays Bank plc		110,980		(110,980	)		—		—
Citibank, N.A.		80,030		(22,713	)		—		57,317
Deutsche Bank AG		15,364		—			—		15,364
Goldman Sachs International		198,274		(116,839	)		—		81,435
HSBC Bank, N.A.		644,616		(644,616	)		—		—
Merrill Lynch International		78,493		—			—		78,493
National Australia Bank Ltd.		10,935		—			—		10,935
Royal Bank of Canada		46,660		(15,634	)		—		31,026
Standard Chartered Bank		2,006		(2,006	)		—		—
TD Bank Financial Group		356,238		—			—		356,238
Union Bank of Switzerland AG		6,023		(6,023	)		—		—
	$	1,721,593	$	(920,751	)	$	—	$	800,842

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

The following tables present the effect of derivatives on the CSOP for the year months ended October 31, 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	$	(875,116	)	$	—		$	—		$	(875,116	)
Equity contracts		(5,116,494	)		—			(13,184,188	)		(18,300,682	)
Foreign exchange contracts		—			923,827			—			923,827
Commodity contracts		(2,587,774	)		—			—			(2,587,774	)
Total	$	(8,579,384	)	$	923,827		$	(13,184,188	)	$	(20,839,745	)
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	$	(225,720	)	$	—		$	—		$	(225,720	)
Equity contracts		(2,755,680	)		—			(83,409	)		(2,839,089	)
Foreign exchange contracts		—			(1,271,767	)		—			(1,271,767	)
Commodity contracts		596,678			—			—			596,678
Total	$	(2,384,722	)	$	(1,271,767	)	$	(83,409	)	$	(3,739,898	)

The Fund’s derivatives contracts held at October 31, 2017 are not accounted for as hedging instruments under GAAP.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Derivatives Volume

The table discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 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	$	25,810,407
Average Notional Balance Short		24,689,055
Ending Notional Balance Long		34,962,436
Ending Notional Balance Short		31,367,505
Equity
Average Notional Balance Long	$	15,537,616
Average Notional Balance Short		53,435,264
Ending Notional Balance Long		11,536,205
Ending Notional Balance Short		69,457,063
Interest
Average Notional Balance Long	$	128,266,103
Average Notional Balance Short		112,387,715
Ending Notional Balance Long		205,480,794
Ending Notional Balance Short		180,514,956
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	52,048,724
Average Settlement Value Sold		93,632,838
Ending Settlement Value Purchased		58,160,369
Ending Settlement Value Sold		79,858,881
Total Return Swaps:
Average Notional Balance Long	$	48,548	(a)
Ending Notional Balance Long		48,548
Total Return Basket Swaps:
Average Notional Balance Long	$	157,731,354
Average Notional Balance Short		203,002,910
Ending Notional Balance Long		197,366,920
Ending Notional Balance Short		256,230,680

(a) For the period October 1, 2017 through October 31, 2017.

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.

84 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 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 year ended October 31, 2017 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	920	$	425	$	1,790	$	2,106	$	5,241
Sub-transfer agency fees		6		259		8,394		—		8,659

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions and has determined that as of October 31, 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.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(3,011,204	)	$	(6,404,319	)	$	9,415,523

The reclassifications for the Fund relate primarily to foreign currency gains or losses, investments in contingent payment debt securities, net operating losses, investment in the subsidiary and investments in swap contracts.

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.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 year ended October 31, 2017, the effective rate was 0.10% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an 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”), an indirect, 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.

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 year ended October 31, 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 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% 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 year ended October 31, 2017, and is in place until at least February 28, 2018.

For the year ended October 31, 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		Contractual Reimbursements
$	989,324	$	300,576	$	10,971	$	1,300,871	$	67

86 J.P. MORGAN FUNDS OCTOBER 31, 2017

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 year ended October 31, 2017 was $212,197.

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.

The Fund may use related party broker-dealers. For the year ended October 31, 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 year ended October 31, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	360,522,182	$	344,310,857

During the year ended October 31, 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 investments, including the Subsidiary, held at October 31, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	446,970,997	$	26,926,795	$	15,904,459	$	11,022,336

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in contingent payment debt securities, mark to market of future contracts and investment in the subsidiary.

The federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its subsidiary of $(3,987,694), which, if realized, is not deductible for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2017 was as follows:

Ordinary* Income		Net Long-Term Capital Gains		Total Distributions Paid
$	1,208,130	$	73,422	$	1,281,552

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows:

Ordinary* Income		Net Long-Term Capital Gains		Total Distributions Paid
$	7,367,678	$	—	$	7,367,678

* Short-term gain distributions are treated as ordinary income for income tax purposes.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	—	$	—	$	15,049,022

The cumulative timing differences primarily consist of late year ordinary loss deferrals, mark to market of futures contracts, investments in contingent payment debt securities and straddle loss deferrals.

During the year ended October 31, 2017, the subsidiary had $1,640,195 of net losses for tax purposes. The subsidiary’s net losses for the current year are not available to offset its future losses.

Net 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, 2017, the Fund deferred to November 1, 2017 late year ordinary losses of $10,781,960.

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 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 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 October 31, 2017, the Fund had affiliated omnibus accounts, which owned more than 10% of the Fund’s outstanding shares as follows:

Number of Non-affiliated Omnibus Accounts		% of the Fund
	3		22.2	%

88 J.P. MORGAN FUNDS OCTOBER 31, 2017

In addition, as of October 31, 2017, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 58.2% 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 begun to raise interest rates, 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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Fund’s financial statements as of October 31, 2017. The adoption had no effect on the Fund’s net assets or results of operations.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 89

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Systematic Alpha Fund

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Systematic Alpha Fund (a separate series of JPMorgan Trust I) and its subsidiary (the “Fund”) as of October 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

90 J.P. MORGAN FUNDS OCTOBER 31, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	143	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	143	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	143	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	143	None
Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	143	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	143	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	143	None
Marilyn McCoy*** (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	143	None

OCTOBER 31, 2017 J.P. MORGAN FUNDS 91

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	143	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	143	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo**** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	143	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	143	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	143	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (143 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

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

**** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

92 J.P. MORGAN FUNDS OCTOBER 31, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP from 2006 to 2012.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Acting Treasurer and Principal Financial Officer (2017), formerly Assistant Treasurer (2011-2017)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 93

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2017 and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	986.80	$	5.96		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class C
Actual		1,000.00		983.90		8.45		1.69
Hypothetical		1,000.00		1,016.69		8.59		1.69
Class I (formerly Select Class)
Actual		1,000.00		987.20		4.66		0.93
Hypothetical		1,000.00		1,020.52		4.74		0.93
Class R6
Actual		1,000.00		989.00		3.46		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69

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

94 J.P. MORGAN FUNDS OCTOBER 31, 2017

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the

material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

OCTOBER 31, 2017 J.P. MORGAN FUNDS 95

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the contractual Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the contractual Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

96 J.P. MORGAN FUNDS OCTOBER 31, 2017

Investment Performance

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

The Trustees noted that the Fund’s performance for Class A shares was in the second and first quintiles based upon the Peer Group, and in the third and first quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2016, and in the third and first quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the

Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the both the Peer Group and Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2017 J.P. MORGAN FUNDS 97

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

The Fund had 100.00% or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend

received deduction for corporate rate shareholders for the fiscal year ended October 31, 2017.

Long Term Capital Gain

The Fund distributed $73,422, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2017.

Qualified Dividend Income (QDI)

The Fund had $1,208,130 or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017.

98 J.P. MORGAN FUNDS OCTOBER 31, 2017

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-SA-1017

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Effective October 31, 2017, Dennis P. Harrington replaced James Schonbachler as the audit committee financial expert. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2017 – $1,465,997

2016 – $1,524,080

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2017 – $280,317

2016 – $298,597

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2017 – $372,639

2016 – $329,655

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2017 and 2016, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2017 – Not applicable

2016 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the

services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2017 – 0.0%

2016 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2017 - $29.0 million

2016 - $29.8 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	December 29, 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
	December 29, 2017
By:	/s/ Matthew J. Plastina
	Matthew J. Plastina
	Acting Treasurer and Principal Financial Officer
	December 29, 2017